Weak And Volatile Cash GenerationOperating cash flow turned negative and free cash flow fell sharply in FY2025, indicating poor cash conversion of reported profits. Persistent cash volatility strains the ability to fund capex, working capital and dividends internally, raises refinancing risk, and undermines earnings quality over the medium term.
Choppy Revenue / Project Timing VolatilitySignificant year-on-year revenue swings point to project timing and demand variability typical in construction. This undermines predictability of backlog conversion, complicates capacity planning, pressures working capital, and makes multi-quarter margin and cash forecasts less reliable for investors and lenders.
Rising LeverageLeverage has more than doubled over the period, reducing financial flexibility. In combination with weak cash flow, higher debt increases interest and refinancing pressure, narrows liquidity buffers, and raises the risk that future project delays or cost overruns will require external funding or asset adjustments.