Sharp Cash-flow Deterioration In 2025Operating cash flow plunged to ~€204m and free cash flow collapsed to ~€22m in 2025, with FCF covering only ~11% of net income. This materially reduces liquidity and constrains capex, dividend flexibility and debt reduction until cash conversion normalizes.
Margin CompressionNet and operating margins have meaningfully declined versus prior years, signaling pricing pressure or rising structural costs. Persistent margin erosion reduces per-unit profitability, limits reinvestment capacity and weakens long-term return generation unless cost or pricing dynamics improve.
Declining Return On EquityROE dropped to ~7.6% in 2025 from double-digit levels in 2021–2023, indicating lower capital efficiency. Continued weaker ROE can inhibit organic growth, reduce shareholder returns and limit strategic flexibility unless operational improvements restore higher returns on invested capital.