Material Revenue DeclineA near 30% drop in revenue is a persistent structural concern: lower volumes or tariffs erode the base that underpins margins and fixed-cost absorption. If the decline continues, profitability and the ability to fund maintenance or new projects will be materially impaired.
Negative Free Cash Flow And Weak Cash ConversionNegative FCF and weak conversion mean reported profits are not translating into cash, limiting internal funding for capex, debt service or dividends. Reliance on external financing increases, raising refinancing and liquidity risk if market conditions tighten.
Rising Total Debt Needs MonitoringAlthough leverage is currently low, a rising debt trend reduces the margin of safety over time. With weak cash flow and falling revenues, incremental debt could pressure interest coverage and financial flexibility, constraining growth and raising solvency risk if unchecked.