Weak Revenue TrendTwo consecutive years of declining revenue suggest persistent demand or traffic pressure that cost cuts alone may not fix. Continued top-line weakness can limit scale benefits, constrain margin expansion potential, and cap long-term earnings and investment capacity.
Inconsistent Cash ConversionDespite recent cash-flow improvement, low OCF-to-income and historical volatility signal working-capital swings and inconsistent conversion. This undermines predictability of free cash available for strategic uses and raises execution risk on funding commitments over time.
Asset Efficiency ConcernsGrowing asset bases alongside declining revenue can compress asset turnover and pressure return metrics. If sustained, lower capital efficiency may require management action—asset rationalization or reprioritized investments—to avoid eroding ROE and long-term shareholder returns.