Weak Cash GenerationPersistent negative operating and free cash flow undermines the firm's ability to fund capital needs, pay dividends, or invest in logistics and digitalization without relying on financing or asset sales, creating a medium-term strategic constraint.
Revenue Declines And VolatilityRecent negative revenue growth reflects secular pressure on mail volumes and inconsistent performance across segments. Sustained top-line weakness makes long-term margin and earnings expansion harder, increasing dependence on cost cuts and financial engineering.
Eroding Shareholders' EquityA downward trend in equity reduces the capital buffer needed for banking and insurance risks, constrains leverage capacity, and may signal cumulative losses or payouts exceeding retained earnings, elevating regulatory and financial flexibility risks long term.