Materially Negative Free Cash FlowA large negative FCF (~-€1.25B) indicates structural cash conversion weakness from heavy capex or working-capital demands. Persistent negative FCF undermines internal funding of investments, increases reliance on external financing, and limits capacity for dividends or buybacks over the medium term.
Negative EBITNegative EBIT despite positive EBITDA suggests that depreciation, amortization, restructuring, or persistent overhead are eroding operating profits. This gap signals structural issues converting operational margins into true operating income, limiting sustainable profitability and return on capital.
Declining Revenue TrendA multi-year downward revenue trend since the 2022 peak points to structural demand headwinds or market share pressures in core businesses. Falling top-line reduces operating leverage benefits, stresses fixed-cost absorption, and constrains long-term margin and return improvements unless growth stabilizes or reverses.