Meaningful LeverageDebt roughly in line with equity is workable for telecoms but limits strategic flexibility. Elevated leverage raises interest and refinancing risk, constrains M&A and capex optionality, and makes the company more sensitive to earnings or currency shocks over the medium term.
Multi-year Revenue And Margin VolatilityLarge swings in revenue and margins reduce predictability of earnings and complicate capital allocation. Persistent volatility suggests exposure to cyclical demand, FX and regulatory factors, making sustained margin improvement and planning harder over the coming quarters.
Inconsistent Cash ConversionAlthough 2025 cash flow strengthened, uneven cash conversion across years and sensitivity to working capital and investment needs mean free cash flow may remain lumpy. That inconsistency limits reliable debt paydown, dividends or reinvestment pacing over the medium term.