Weak Cash GenerationRepeated negative OCF/FCF in 2025 and prior years shows cash conversion is volatile and currently weak. Persistent outflows force reliance on external funding, constrain capex or dividends, and make earnings less reliable as a source of internal liquidity over the medium term.
Rising LeverageRapid increase in leverage reduces financial flexibility and raises refinancing and interest-rate risk. If cash generation remains uneven, higher debt amplifies the risk of funding pressure during project slowdowns or cost overruns, limiting strategic optionality.
Choppy Revenue TrendsVolatile top-line performance undermines predictability of margins and returns. Swinging revenue complicates backlog planning and resource allocation in construction projects, making sustaining earnings growth and efficient capacity utilization more challenging over the medium term.