Severe Cash-flow DeteriorationA collapse in operating cash flow and FCF in 2025 (OCF ~12.4M from ~117M; FCF ~3.3M) signals weak cash conversion and potential working-capital strain. This undermines funding for capex, dividends and servicing debt, raising medium-term liquidity and execution risk if persistent.
Margin CompressionNotable gross and net margin deterioration in 2025 points to rising input costs or pricing pressure. Narrower margins reduce the company's ability to absorb project overruns or cyclical downturns and increase reliance on volume growth to sustain profits over the medium term.
Rising Leverage And Execution RiskDebt-to-equity increased and expansion pace has accelerated, raising execution and refinancing risk especially given volatile cash generation. Higher leverage amplifies the impact of any future margin or revenue setbacks on solvency and strategic flexibility.