Negative Cash GenerationOperating and free cash flow turned negative in FY2025, a material reversal from prior positive free cash flow. Persistent negative cash conversion raises funding risk, could force external financing, and threatens the sustainability of dividends and capital investments over the medium term.
Margin CompressionMargins have compressed meaningfully versus prior years (net margin down from ~8.2% to ~4.4%), implying pricing pressure or rising input/operating costs. Lower margins reduce internal cash generation and leave less room to absorb shocks or fund growth without eroding returns.
Working-capital Stress & Weaker Equity CushionInterim filings show rising receivables and inventories and higher current liabilities while shareholders' equity declined. That shift increases short-term obligations and working-capital strain, heightening liquidity risk and potentially pressuring supplier terms and operating continuity if sustained.