Ongoing Operating And Net LossesDespite EBITDA recovery, persistent EBIT and net losses mean the company cannot yet rebuild retained earnings organically. Continued operating losses reduce the ability to self-fund strategic investments or weather traffic setbacks, making long-term recovery dependent on sustained margin improvement and cost control.
Rising LeverageThe material increase in debt-to-equity over five years elevates refinancing and interest-rate exposure for an asset sensitive to traffic cycles. Higher leverage constrains balance-sheet flexibility to pursue opportunistic capex or absorb shocks, and raises the importance of consistent cash generation to avoid funding stress in the medium term.
Cash Flow Volatility And Weak CoverageLarge swings in free cash flow and limited operating cash coverage of debt indicate unstable cash conversion. This variability undermines predictability for concession payouts, maintenance capex, and debt servicing, meaning the company remains exposed until cash flows consistently cover obligations over multiple quarters.