Uneven Cash-flow HistoryHistoric swings to negative free cash flow in 2022–2023 show cash generation is not yet fully stable. If the improvement reverses, it could constrain reinvestment, dividends or debt reduction and force reliance on external financing during weaker periods.
Rising Absolute Debt In 2025An increase in absolute debt raises interest and rollover risk even if leverage ratios improved. Higher nominal debt limits flexibility for M&A or capex without further cash generation, and heightens sensitivity to interest-rate or revenue shocks.
Limited Segment And Product DisclosureLack of granular segment or product disclosure reduces visibility into revenue quality, customer concentration, and margin drivers. This opacity makes it harder to assess competitive advantages or the sustainability of growth across business lines over the medium term.