High LeverageLarge increase in absolute debt and elevated leverage raises refinancing, interest coverage and concentration risks. Over the medium term, high leverage makes earnings and solvency sensitive to funding market stress or margin compression, requiring disciplined liability management.
Negative Operating Cash FlowPersistent negative operating and free cash flows imply the franchise relies on external financing to fund growth. This reduces internal liquidity buffers and increases dependence on capital markets; if financing conditions tighten, growth and provisioning flexibility could be materially constrained.
Funding Cost SensitivityBusiness economics are structurally tied to the NII spread, making profitability sensitive to funding cost volatility and rate cycles. If borrowing costs rise faster than lending yields or competition compresses spreads, medium-term margins and cash generation could be pressured.