Sharp 2026 Debt IncreaseA large 2026 jump in total debt more than doubles leverage versus 2025, materially raising refinancing and interest-rate sensitivity. This structural increase reduces financial flexibility, elevates rollover risk for development projects, and persists until refinancing or deleveraging occurs.
Very Negative Free Cash FlowRepeated negative operating cash flow and a very large FCF shortfall in 2026 signal persistent cash burn. For a capital-intensive developer this means ongoing reliance on external financing or asset sales, constraining reinvestment and increasing vulnerability to funding cost rises and market dislocations.
Volatile Revenue / Visibility RiskRevenue swings, including a ~9% drop in 2026, reduce predictability of project cash flows and earnings. For a development business, volatile top-line timing heightens funding needs and makes multi-quarter planning difficult, increasing execution and refinancing risk across cycles.