Elevated Financial LeverageSignificant leverage constrains strategic flexibility and increases exposure to interest rate and refinancing risk. Even with targets to reduce leverage, elevated indebtedness limits capacity for aggressive M&A, increases fixed costs, and can amplify downside in cyclical revenue dips.
B2B Tailored Solutions And Wholesale HeadwindsStructural weakness in tailored solutions and legacy wholesale copper losses signal revenue mix risk and timing uncertainty. These trends reduce near‑term visibility for B2B growth, may compress margins in higher‑value segments, and shift growth reliance to Consumer and fiber execution.
Rising Cash Taxes And Interest CostsHigher recurring cash taxes and interest materially reduce net cash available for reinvestment and returns over time. This persistent drag can offset planned FCF gains, slow deleveraging, and force tradeoffs between dividends, buybacks and network investment if not addressed structurally.