Negative And Volatile Free Cash FlowRecurring negative and volatile free cash flow driven by heavy capex weakens internal funding for growth and debt reduction. This elevates reliance on external financing or equity, raising execution and refinancing risk and limiting cushion against downturns over the medium term.
Elevated Total Debt RiskAlthough leverage ratios have improved, absolute total debt remains elevated. High debt levels can constrain liquidity, increase interest expense sensitivity, and reduce strategic flexibility, raising solvency and refinancing risks if operating cash flow weakens.
Raw-material (copper) Price ExposureThe business is structurally exposed to copper price volatility; revenues move with metal prices while margins depend on the company's ability to pass costs through. Prolonged adverse copper moves or lagged pass-through can compress conversion margins and erode profitability.