Revenue DeclinesTop-line contraction in 2024–2025 undermines scale economics and the sustainability of recent profit recovery. Continued revenue weakness would make it harder to cover fixed costs, erode bargaining power, and limit organic funding for development projects over the medium term.
Very Thin MarginsExtremely low net and EBIT margins leave the business highly sensitive to small cost increases or pricing pressure. Thin operating cushions constrain reinvestment, depress returns on equity, and make profitability fragile during normal industry cyclicality.
Cash Flow VolatilityA 34% drop in free cash flow in 2025 reflects sensitivity to working-capital swings and project timing. Volatile cash flows complicate planning, elevate refinancing risk in downturns, and may force sporadic external funding, undermining long-term financial stability.