Earnings And Cash Flow VolatilityMaterial year-to-year swings in earnings and cash flows undermine predictability of core performance. For investors and management this raises the risk that strong recent results may reverse, complicating capital allocation, dividend policy and long-term planning across cycles.
Historic Negative Operating Cash FlowMulti-year periods of negative operating cash flow indicate the business has struggled to convert accounting profits into cash consistently. Even with 2025 improvement, past negative OCF reduces confidence in steady free cash flow generation and increases reliance on non-recurring items.
Profitability Affected By One-offsEvidence of one-off or non-operating items driving reported profits weakens assessment of underlying earnings power. If margins are supported by irregular items, sustainable profitability and forecasting become uncertain, hindering long-term performance visibility.