Negative Operating & Free Cash FlowOperating cash flow turned negative in 2025 and free cash flow was -1,154m, showing a persistent cash-conversion shortfall. Negative FCF constrains fleet renewal, capital expenditure and debt servicing capacity, increasing reliance on external financing and long-term liquidity risk.
Rising Reliance On DebtThe equity ratio fell to ~49.5% and the analysis flags increased debt levels as a risk. Greater leverage raises interest and refinancing exposure, reduces flexibility to absorb demand shocks, and could force higher finance costs or asset sales if cash generation does not improve.
EBIT Margin PressureA slight decline in EBIT margin from 2024 to 2025 signals operating-cost pressure or utilization challenges. For road logistics, sustained EBIT erosion (fuel, driver costs, lower utilization) can blunt the benefit of revenue growth and delay conversion of top-line gains into durable profits and cash flow.