Elevated LeverageHigher net debt to EBITDA raises financial leverage and interest-rate sensitivity, constraining flexibility for reinvestment or dividends. Even with a target to reduce leverage, a multiyear timeline leaves the company exposed to macro shocks and refinancing risk which can pressure cash flow allocation.
NTA Per Share DeclineA decline in NTA per share, driven by disposals, signals a reduction in the per-share asset base and may reflect realized losses or lower valuation of sold assets. Persisting NTA erosion can limit NAV-driven returns and curb long-term shareholder value if not offset by higher income yields.
Cash Flow VolatilityWhile free cash flow recovered in 2025, volatility in FCF and fluctuations in operating cash versus net income indicate unstable cash conversion. This undermines predictability for debt reduction, dividends and development funding, raising execution risk for strategic targets.