High LeverageTotal debt remains very large relative to equity and the capital structure is highly geared. High leverage increases sensitivity to earnings swings and interest-rate moves, raising refinancing and liquidity risk and constraining long-term strategic flexibility and investment capacity.
Uneven Cash GenerationOperating cash flow recovered versus prior year but free cash flow turned slightly negative in 2026 and remains volatile. Weak cash conversion relative to the debt load limits self-funded reinvestment, increases reliance on external financing, and amplifies the impact of any future earnings weakness.
Inconsistent Net ProfitabilityNet results have swung between profits and losses and the latest year’s net margin remains very thin despite operating improvements. Persistent earnings volatility undermines predictability of free cash flow, makes debt servicing more precarious, and complicates long-term planning.