High And Rising LeverageVery high and rising debt materially increases refinancing and interest rate exposure, limiting financial flexibility. Elevated leverage can constrain new investment, raise funding costs for projects, and heighten default risk if operating cash generation weakens.
Severe Cash Flow DeteriorationA collapse in operating cash flow and deeply negative free cash flow indicates cash outlays far exceed cash generation. This forces reliance on external financing, increases liquidity risk, and can impair ability to service debt or fund maintenance capex over the medium term.
Volatile ProfitabilityLarge year-to-year swings in profitability reduce forecast reliability and complicate capital allocation. Volatility may reflect project timing, one-off items or tariff variability, making sustainable margin planning and debt servicing projections more uncertain.