Elevated LeverageHigh and persistent leverage leaves the company sensitive to interest rates and refinancing cycles. Debt exceeding equity historically constrains strategic flexibility, increases fixed financial charges, and raises the risk that sustained weak profitability would force tougher tradeoffs between capex, dividends, and deleveraging.
Recurring Net LossesRepeated net losses despite meaningful EBITDA indicate structural pressure from non‑operating costs (depreciation, interest, other charges). This undermines earnings quality and long‑term capacity to build retained earnings, increasing reliance on cash generation and external financing to fund growth and distributions.
Fixed/residential Revenue PressurePersistent weakness in fixed/broadband revenue and negative net adds point to structural headwinds in the residential segment. This reduces service revenue resilience and ARPU, limiting the company's ability to offset mobile commoditization and pressuring medium‑term top‑line and margin sustainability without successful mitigants.