Elevated LeverageDebt levels materially exceed typical utility-like peers and rose in 2025, constraining financial flexibility. Elevated leverage increases refinancing and interest-rate exposure, limiting capacity to self-fund new developments and raising solvency risk if cash generation weakens.
Weak Cash GenerationOperating and free cash flows turning negative and staying weak mean the business is not currently self-funding. Persistent negative cash conversion forces reliance on external financing for capex and working capital, increasing execution, liquidity, and financing-cost risks over the medium term.
Volatile Revenue & ReturnsSignificant year-to-year swings reflect the transaction-driven nature of development and timing of asset sales. This lumpy revenue and return profile complicates forecasting, covenant management, and long-term planning, and can raise the company’s effective cost of capital versus steadier peers.