Very Low Leverage And Strong Equity BaseExtremely low leverage and a high equity ratio provide durable financial flexibility. This foundation reduces refinancing and solvency risk, supports continued capex or service investments during downturns, and preserves capacity to pursue growth or pay dividends over months.
Improving Operating Cash GenerationA 14.7% rise in operating cash flow and an FCF-to-net-income ratio of 0.81 show stronger cash conversion. Sustained cash generation enhances funding for maintenance capex, working capital, and shareholder returns, reducing reliance on external finance in cyclic end markets.
Healthy Gross And EBIT Margins From Efficient OperationsStable gross and EBIT margins indicate solid cost structure and pricing power in refractory products. Margin durability supports reinvestment in service and engineering, sustains profitability through industrial cycles, and underpins long-term free cash flow generation.