Weak Cash GenerationInconsistent and recently negative operating and free cash flow point to working-capital and project-timing risk. That volatility weakens self-funding capacity for capex and dividends, increases reliance on external financing, and raises the chance of constrained liquidity during slower contract periods.
Rising LeverageDebt increased materially year-over-year, reducing balance-sheet flexibility. Higher leverage raises interest and covenant sensitivity, limits ability to finance large projects internally, and increases risk if project cash flows or public tender volumes soften.
Choppy Margins & Execution SensitivityProfitability depends heavily on project mix and execution quality, leading to volatile margins and earnings. In a project-based model this structural sensitivity increases downside risk: overruns or unfavorable contracts can quickly compress modest net margins and impair multi-period earnings visibility.