Very High LeverageThe company’s heavy reliance on debt (D/E 6.6) and low equity ratio materially increases refinancing and interest-rate sensitivity. Levered capital structure reduces financial flexibility and raises default or covenant risk if operating cash flow weakens or financing costs rise over the medium term.
Persistently Negative Free Cash FlowLarge negative free cash flow driven by ongoing capex means the company must rely on external financing to fund growth. This structural cash deficit increases exposure to debt markets and dilutive equity issuance, amplifying balance sheet and liquidity risks during periods of tighter credit.
EBIT Margin VolatilityA notable drop in EBIT margin signals variability in operational efficiency or rising project-level costs. Persistent margin swings can weaken earnings predictability and suggest that commissioning, integration, or operating-cost pressures could impair long-term profitability stability.