High Leverage And Low Equity RatioSignificant leverage increases financing risk and sensitivity to interest rates, limiting strategic flexibility. High debt levels make the company more exposed to rising rates and increase refinancing and covenant risk, which can pressure distributions and capital investment priorities over the medium term.
Declining Net Income And Revenue HeadwindsFalling net income and weakening top-line trends undermine internal funding capacity and can erode return on equity. If sustained, weaker profits constrain reinvestment, increase reliance on external funding, and may limit the durability of distribution growth despite strong underlying EBITDA metrics.
Customer Contracting And Policy Uncertainty On Major ProjectsDelays in customer offtake decisions and policy reviews create material underwriting and merchant risk for large-capex projects (eg Stage 3B). Protracted contracting timelines can defer revenue ramps, raise execution risk, and force contingency spending or asset redeployment choices.