Financial Result PressuresA negative financial result despite solid net income highlights exposure to interest or currency-related costs that could weigh on earnings if not addressed.
Regulatory Dependency RiskSignificant exposure to the regulated market creates execution risk if anticipated liberalization is delayed or unfolds more slowly than expected, limiting potential valuation upside.
Rising Operating ExpensesA notable increase in manageable operating expenses, rising by about twenty percent quarter over quarter, could compress margins and reduce near-term profitability.