Persistent LossesLarge, persistent net losses through 2023–2025 indicate the asset base has not yet generated sustainable returns, eroding ROE and retained earnings. Continued losses will hamper internal capital formation, force reliance on external funding or disposals, and slow progress toward durable profitability absent structural margin improvements.
Materially Higher LeverageDebt increasing from near-zero to above-equity levels raises refinancing and interest-rate exposure for a business still loss-making. Higher leverage reduces financial flexibility, tightens covenant risk, and increases sensitivity to cash-flow swings, making the company more vulnerable if property market conditions soften or funding costs rise.
Inconsistent Cash Flow HistoryHistoric volatility in operating and free cash flow shows cash conversion is uneven and not yet reliable. This inconsistency complicates planning for multi-year development projects, raises the risk of cash shortfalls during downturns, and undermines confidence that recent positive cash flow is sustainable without structural changes.