High LeverageA debt-to-equity ratio of 6.6 indicates substantial leverage, increasing interest and refinancing exposure. High leverage constrains financial flexibility, raises covenant and liquidity risk, and makes the company more sensitive to counterparty payment delays or rate shocks over the coming months.
Negative Free Cash FlowPersistently negative free cash flow (-164.1bn in 2025) driven by heavy capex means growth is not self-financing. Continued negative FCF increases dependence on external debt or equity, heightening refinancing, dilution and covenant risks as the company scales its asset base.
Low Equity RatioAn equity ratio of ~10.9% shows the asset base is largely debt-funded, leaving limited equity cushion. Low equity share reduces shock absorption capacity, limits ability to pursue new tenders without fresh financing, and elevates the probability of covenant strain under stress.