Persistent Negative Free Cash FlowConsistent negative free cash flow signals the business is not generating surplus cash after reinvestment, implying reliance on external funding or equity issuance to fund growth. Over months this pressure can limit strategic flexibility, dividend capacity, and options to reduce leverage.
Weak Cash ConversionOCF covering ~70% of net income means reported earnings are not fully translating into cash. This structural cash conversion gap raises concerns about quality of earnings, constrains self-funding of capex and working capital, and increases dependency on external finance over the medium term.
Rising Debt In 2025Notable rise in total debt in 2025 increases leverage risk, especially given persistent negative FCF. If cash generation fails to improve, higher debt may pressure liquidity, increase refinancing needs and interest costs, and reduce financial flexibility over the coming quarters.