Revenue Rebound And Returned To ProfitabilityA clear FY2025 revenue rebound and return to net profit demonstrate recovered contract wins and improved project execution. This durable recovery reduces solvency risk, supports margin stabilization and gives management latitude to pursue bids and rebuild reserves over the next several quarters.
Positive Operating And Free Cash FlowOperating and free cash flow turned positive in FY2025, signaling improved cash generation from core operations. Sustained FCF supports reinvestment, working-capital needs and distributions without reliance on new debt, strengthening financial flexibility in a project-driven business.
Improved Leverage With Equity CushionReduced debt and a debt/equity ratio near 0.40 provide a healthier balance sheet for a cyclical contractor. A stable ~480M equity base offers room to absorb project overruns, backstop bidding capacity and support working-capital swings across cycles without materially impairing credit profile.