Profitability VolatilityThe swing from healthy 2024 profitability (net margin ~11.8%) to losses in 2025 highlights earnings inconsistency. Such volatility signals execution and contract-margin risk, making future return on equity and predictable earnings unreliable for investors and lenders over the medium term.
Deteriorated Cash Flow2025's flip to negative operating cash flow and deeply negative free cash flow materially raises funding and liquidity risk. Even with low balance-sheet leverage, sustained cash outflows could force external financing, constrain bidding capacity, or delay capex and working-capital needs.
Gross Margin CompressionGross margin compression from 2024 to 2025 indicates rising cost pressure or weakened pricing power on projects. Lower structural margins reduce the firm's ability to rebuild reserves, impair cash conversion and magnify earnings sensitivity to contract execution over time.