Sharp Revenue ContractionA halving of revenue in 2025 materially reduces scale economics and undercuts the firm's ability to spread fixed costs. Structural volume declines increase execution risk on development projects, constrain cashflow resilience if one-offs reverse, and make sustained margin recovery harder without clear order/pipeline restoration.
Deeply Negative Operating MarginsExtremely negative reported EBIT margin indicates core operations are loss-making independent of financing or one-off items. Persistent operational losses erode equity, force reliance on asset sales or non-recurring gains to report net income, and raise structural questions about competitiveness and pricing or cost control.
Earnings And Cash VolatilityA history of volatile earnings and intermittent large losses undermines forecasting and capital-raising ability. The company's cash generation has been uneven historically, implying working-capital swings or one-offs drive results, which elevates execution risk and reduces the durability of any short-term improvements.