Material Cash-flow DeteriorationA swing to large negative operating and free cash flow raises durable concerns about working-capital management and project timing. Persistent weak cash conversion could force external financing, constrain reinvestment, and amplify risk during slower bidding cycles.
Rising LeverageDebt growth has lifted leverage, reducing financial flexibility. With weaker cash generation, elevated debt heightens refinancing and interest-rate sensitivity, potentially limiting ability to pursue larger projects or absorb margin pressure over the medium term.
Cyclical Margins And Project SensitivityProfitability swings with project composition and cost pressures, creating earnings volatility. This structural sensitivity reduces predictability of free cash flow and makes long-term margin sustainability dependent on disciplined bidding and cost controls.