Elevated Total LiabilitiesDespite low leverage ratios, sizable absolute liabilities raise structural risk if market conditions deteriorate or if asset quality weakens. Over 2–6 months this can constrain flexibility, require stricter cash management, and amplify the impact of any adverse operational shocks.
Significant Capital ExpendituresOngoing large capex needs reduce free cash flow and may limit discretionary spending capacity. Structurally, high investment intensity can pressure liquidity and slow balance sheet de‑risking, forcing prioritisation between growth projects, dividends, or further borrowing in the medium term.
Modest Profitability & ReturnsLow net margins and single‑digit ROE imply limited earnings power relative to capital employed. Over the medium term, this constrains ability to generate high shareholder returns and offers a smaller buffer against rising input costs or competitive pricing pressure in the regulated gas sector.