Volatile Free Cash FlowInconsistent free cash flow generation—FCF covering only about half of net income and prior negative FCF—reduces the predictability of internally funded capex, weakens buffers against fuel-cost or tariff timing shocks, and constrains reliable shareholder distributions or opportunistic investments.
Inconsistent Revenue TrendsHistorical swings in top-line growth, despite recent acceleration, undermine forward earnings visibility for a capital-heavy utility. Unstable revenue makes multi-year planning for network upgrades, tariff negotiations and long-term contracts harder, raising execution and regulatory risk.
Sizable Absolute Debt ExposureEven with improved ratios, substantial nominal debt leaves the company exposed to interest-rate moves and refinancing cycles. High absolute leverage can limit incremental borrowing for capex, heighten vulnerability to adverse regulatory decisions, and constrain strategic optionality over the medium term.