Low Leverage / Strong Balance SheetA very low debt-to-equity ratio provides durable financial flexibility for a capital-intensive marine business. It lowers default risk through cycles, supports funding of shipbuilding capex or repairs, and enables opportunistic investment or contract fulfilment without dependence on external debt.
Improved Free Cash Flow GenerationMarked improvement in free cash flow and high FCF-to-net-income conversion strengthen internal funding for maintenance, capex and dividends. Reliable cash conversion reduces refinancing needs and increases capacity to absorb contract timing variability in marine projects.
Diversified Marine Business Model And Steady RevenueA mix of newbuilds, engineering projects and recurring maintenance creates multiple revenue streams, reducing single-market dependence. Combined with steady top-line growth, this supports more predictable backlog conversion, improving resilience to shipping-cycle swings over the medium term.