Rising Leverage Since 2023Higher debt levels reduce financial flexibility and raise interest and refinancing risk, limiting ability to invest or absorb project delays. Over months this makes capital allocation and bid competitiveness more sensitive to cash flow swings and interest costs.
Volatile Cash-flow ConversionLarge working-capital swings and inconsistent FCF weaken predictability of funds available for capex, dividends or debt repayment. This variability can force reactive financing or constrain bidding capacity, increasing operational and financial risk over the medium term.
Thin, Cyclical MarginsRelatively thin and cyclical margins leave earnings exposed to pricing pressure, project cost overruns and competitive tendering. Over 2–6 months this can compress free cash and returns, making earnings sensitive to execution and demand changes in telecom project cycles.