Rising LeverageDebt-to-equity near 5.9x signals a highly leveraged capital structure that sharply reduces financial flexibility. Elevated leverage increases interest burden and refinancing risk, heightening vulnerability to rate moves or slower sales cycles and making balance-sheet repair a multi-quarter challenge.
Loss-making OperationsA switch to meaningful net losses and negative operating profit reflects weak project-level margins and earnings quality. Persistent unprofitability erodes equity, limits reinvestment capacity, and forces reliance on external financing or asset disposals, constraining long-term growth options.
Volatile Cash FlowMarked year-to-year volatility in operating and free cash flow complicates planning and makes debt servicing uncertain. Even with 2025 improvement, unpredictable cash timing from projects increases the likelihood of funding gaps, stressing liquidity and raising the cost of capital over multiple quarters.