EBITDA Margins Lag PeersDespite profit improvement, EBITDA margins remain below industry leaders, indicating weaker operating efficiency or pricing power. Persistent margin gap could limit competitive flexibility and long-term return potential unless operational scale or mix improvements are achieved.
Fluctuating Net Debt LevelsReported swings in net debt introduce refinancing and liquidity uncertainty. Even with improving leverage metrics, variability in net debt can stress cash planning and raise funding costs during adverse conditions, reducing long-run predictability of financial commitments.
Suboptimal Free Cash Flow ConversionFCF/net income of ~0.63 suggests a meaningful share of earnings is tied up in working capital or capex. Lower conversion constrains discretionary spending and increases sensitivity to revenue shocks, making durable investment or payout policies harder to sustain.