Weak Cash GenerationFree cash flow swung from +8.22bn in 2024 to -9.43bn in 2025, revealing a material deterioration in cash conversion. Persistently negative FCF undermines ability to finance operations, dividends, or strategic investments without raising debt or selling assets.
Declining Equity TrendA downward trend in shareholders' equity erodes the capital buffer that supports trading, underwriting and margin activities. Over months this raises regulatory and financing risks, constrains growth initiatives and could force deleveraging or capital raises if it persists.
Earnings PressureDespite revenue gains, net margin fell and EPS contracted sharply (-41.4%), pointing to rising costs, one-off items or trading losses. Continued margin compression would limit retained earnings, reduce reinvestment capacity and weaken long-term profitability trends.