Elevated Leverage And Rising DebtHigher absolute debt and only partially normalised leverage leave the balance sheet more exposed to cyclical downturns and cost shocks. Rising debt in 2025 reduces financial flexibility, raises refinancing and interest risks and limits the buffer for adverse demand or prolonged disruptions.
Multi-year CapEx Ramp And Execution RiskA prolonged and sizable increase in aircraft and cabin investment heightens execution, delivery and timing risk. The capex ramp raises ownership costs and working capital needs, increasing sensitivity to delivery delays or demand weakness and constraining free cash flow volatility.
Operational Disruptions And Cost VolatilityStructural exposure to volatile fuel, currency movements and technical/engine availability can reduce capacity, raise unit costs and depress yields. Persistent engine constraints and higher fuel/carbon costs materially impair revenue and margins if issues last across multiple quarters.