Declining Revenue TrendA sustained double-digit revenue decline weakens scale economics for a capital-intensive OOH business, eroding advertiser demand and making it harder to cover fixed site and maintenance costs. Persistent revenue contraction undermines margin recovery and long-term cash generation.
Weak Cash GenerationA >55% drop in free cash flow and low cash conversion indicate limited internal funding for reinvestment, debt service, or strategic initiatives. For an asset-heavy advertising operator, continued weak cash flow risks deferred maintenance, inhibited digital rollout, or the need for dilutive financing.
Negative Profitability And ROENegative net margins and ROE show the company is not generating returns from equity capital, reflecting structural issues in pricing, utilization, or cost base. Prolonged negative profitability limits reinvestment, harms investor confidence, and complicates long-term recovery plans.