Rising LeverageLeverage roughly doubled in 2025, materially reducing financial flexibility. Higher debt increases interest burden and refinancing risk, limiting ability to invest or withstand cyclical downturns. In a volatile commodities sector, elevated leverage significantly raises solvency and liquidity risk.
Cash-flow Volatility And Recent Cash BurnThe sharp reversal to negative operating cash flow highlights unstable cash conversion and working-capital stress. Persistent cash burn forces reliance on external funding or asset sales, raising mid-term liquidity and execution risk and weakening the company’s ability to self-fund operations.
Margin Compression And Weak ProfitabilityMargins contracted sharply in 2025, leaving very thin buffers against cost rises or demand shocks. Low gross and net margins curtail internal cash generation, reduce resilience to commodity price swings, and constrain ability to rebuild liquidity or invest for growth over the medium term.