Earnings VolatilityLarge historic swings—including a major 2023 loss—show that profitability is volatile across cycles. For an EPC contractor, variability raises execution and contract‑pricing risk, complicates forecasting and increases the chance that future project overruns or timing shifts could materially hit earnings.
High Absolute DebtAlthough ratios improved, ~€1.8bn of absolute debt still exposes the company to interest, refinancing and covenant risk, especially given cyclical project cash flows. High nominal leverage can constrain capital spending, bid capacity and flexibility during downturns or delayed payments.
Choppy Cash GenerationInconsistent free cash flow and a marked weakening in operating cash coverage in 2025 reduce the predictability of internally generated funds. For a project-centric business this hampers bond/bid liquidity, stress-tests balance sheet resilience, and raises the need for external financing when working capital peaks.