High LeverageHigh leverage can limit financial flexibility and increase risk, potentially affecting Phoenix's ability to weather economic downturns or invest in growth opportunities.
Profitability ChallengesOngoing profitability challenges, as indicated by IFRS losses, may hinder Phoenix's ability to generate sustainable earnings and return value to shareholders.
Retail Business ChallengesNegative net flows in the retail business highlight difficulties in retaining customers and growing assets under management, impacting long-term revenue potential.