Very High LeverageA debt-to-equity of 6.6 and low equity ratio show heavy reliance on debt financing. This high leverage increases interest and refinancing risk, reduces financial flexibility for opportunistic investments, and amplifies vulnerability to rate rises or counterparty payment delays over the medium term.
Persistent Negative Free Cash FlowLarge negative free cash flow (-164.1B) driven by capex means the company must repeatedly access external financing to fund growth. Over time this can increase leverage, raise financing costs, and create execution risk if capital markets tighten or project commissioning lags expected timelines.
EBIT Margin VolatilityA sharp EBIT margin decline year-over-year signals variability in project-level profitability or higher operating/administrative loads during scale-up. Margin swings reduce predictability of operating cash available for debt service and capex, complicating long-term planning and stress-testing of the capital structure.