Free Cash Flow RecoveryA ¥13.9B free cash flow result in 2025 marks a durable shift to positive cash generation. Sustained FCF strengthens capacity to fund renewable capex, pay down debt, or support distributions, improving financial flexibility and resilience to earnings cyclicality.
Improved Operating MarginsRecovery to positive gross, EBIT and net margins demonstrates improving operational control and cost structure. If maintained, these margins enable reinvestment in projects and enhance the firm's ability to generate sustainable profits after prior-year losses.
Balanced Capital StructureModerate leverage and a ~42% equity ratio indicate a stable capital base. This balance reduces refinancing pressure, preserves borrowing optionality for capital-intensive renewable projects, and lowers solvency risk over the medium term.