Wind Segment LossesPersistent, large losses in Wind represent a structural drag on consolidated profitability and cash generation. Continued underperformance requires capital, restructuring or pricing fixes and diverts management focus from higher‑margin businesses, limiting near‑term margin sustainability and free cash flow consistency.
Tariff & Regulatory HeadwindsOngoing tariff exposure creates a durable cost overhang and uncertainty for project economics, especially in Onshore Wind and supply chains. Structural trade and policy risks can force more expensive sourcing, contractual renegotiations, and margin pressure, increasing execution complexity over multiple years.
Variable Cash Conversion & Earnings QualityVolatile free cash flow relative to reported earnings and indications that net income outpaces operating profit suggest earnings may be aided by non‑operating or timing items. Inconsistent cash conversion raises risk to funding for capex, acquisitions, and returns, and complicates reliable long‑term cash planning.