Elevated LeverageA leverage ratio near 2.5x leaves the business sensitive to interest rates, refinancing risk, and downturns in property markets. Even with improvement, heavy debt constrains capital flexibility and increases the odds that adverse cash swings require asset sales or additional borrowing over the medium term.
Negative Operating & Free Cash FlowA return to negative operating and free cash flow highlights working-capital and project timing volatility typical in development. Persistent cash burn elevates liquidity and funding risk, potentially forcing reliance on debt or equity issuance and limiting ability to self-fund new projects over months ahead.
Margin Volatility; Development RiskDependence on development projects creates cyclical margin swings and uneven earnings visibility. This structural variability undermines predictability of profits and cash conversion, making multi-quarter planning harder and elevating execution risk for delivering consistent returns in the medium term.