Rising LeverageMaterial rise in leverage to roughly 0.8–0.9 reduces financial flexibility, increases interest burden and constrains capacity to bid for large projects or absorb cost overruns. If earnings remain thin, higher leverage elevates long-term funding and solvency risk.
Negative Free Cash FlowPersistent negative free cash flow after investments signals limited internal funding for fleet upkeep or expansion. Over months this may force reliance on external funding, raising refinancing and cost risks and potentially delaying necessary capex for competitive fleet availability.
Thin, Volatile ProfitabilityMargins are fragile and historically volatile, with only a nominal net margin in 2026. Such thin profitability leaves limited buffer against project delays, cost inflation or bid pricing pressure, hindering ability to build reserves and service higher debt levels.