Negative Free Cash FlowRecent negative free cash flow is a material structural concern: it limits organic funding for capex, modernization and dividends, and increases reliance on external financing. Sustained negative FCF reduces strategic flexibility and heightens vulnerability to rate rises or cyclical downturns in packaging demand.
Declining Returns On Equity And Net MarginA halving of ROE and compressed net margin to ~2.5% signal weakening profitability efficiency. Lower returns reduce shareholder capital productivity and limit buffer for reinvestment. If persistent, this trend undermines long-term value creation and raises questions on operational or pricing effectiveness.
Rising Total Debt LevelsAn upward trend in total debt, alongside negative FCF, raises leverage risk and interest-service pressure. Higher indebtedness can constrain strategic moves, increase refinancing risk in tighter credit markets, and amplify earnings volatility if margins continue to compress or demand weakens over the medium term.