Pressure On Net Profit MarginA declining net margin signals that higher operating costs, non-operating items or timing of fuel-pass-throughs are eroding bottom-line returns. Persisting margin compression could limit retained earnings, constrain ROE improvement and reduce reinvestment flexibility.
High Absolute Debt LevelWhile leverage ratios are moderate, the sizeable absolute debt stock raises exposure to interest-rate moves and refinancing needs. Large debt servicing or funding for network capex could pressure cash flow if free cash flow weakens or capital requirements rise.
Exposure To LNG Procurement And Demand VolatilityReliance on LNG markets and weather-driven volume swings creates structural earnings volatility. Even with tariff mechanisms, timing mismatches, market liberalization and industrial demand changes can compress margins and complicate long-term revenue predictability.