EBIT And EBITDA Margin DeteriorationA material dip in core operating margins signals eroding operating efficiency or rising input/overhead costs that compress earnings power. If persistent, margin deterioration reduces cash generation, weakens return on capital, and limits reinvestment capacity or remuneration to shareholders.
Negative Free Cash Flow In 2025Negative free cash flow is a structural concern for funding capex, servicing debt, or supporting working capital without external financing. Prolonged negative FCF can force higher leverage, equity dilution, or cutbacks in strategic investments, undermining long-term competitiveness.
Raw-material Price ExposureRevenue and margin are structurally tied to volatile scrap and alloy prices. Large input-cost swings can compress margins if pass-through to customers is delayed or limited. This volatility complicates forecasting and can produce cyclical earnings and working-capital pressure.