Cash Flow VolatilitySharp swings in operating and free cash flow undermine predictability of internally generated funds for capex, R&D and debt servicing. Reliance on episodic cash inflows raises the odds management must seek external financing during downturns, weakening long-term resilience.
Historical Leverage SpikesPrior periods of heavy leverage and a notable increase in absolute debt in 2025 elevate execution risk if markets soften. Higher debt burdens can constrain capital allocation, increase interest sensitivity, and reduce headroom for strategic investments during adverse cycles.
Share Capital Restructuring & Dilution RiskProposed reclassification, enlarged authorized capital and multi-year consolidation authority create governance and dilution risks. Such structural changes can alter shareholder rights, enable future dilutive issuances, and introduce uncertainty for minority holders over the medium term.