Thin Margins & Outcome VolatilityPersistently slim net margins leave limited buffer against cost overruns, material price inflation, or project delays. Given past swings into losses, a modest margin base increases the probability that adverse contract or input-cost shocks could erase profits over the next several quarters.
Historic Cashflow SwingsPrior periods of negative operating and free cash flow demonstrate that cash conversion can reverse quickly in weaker market conditions. This elevates refinancing and working-capital risk on long projects and can constrain bidding or growth unless cash buffers remain intact.
Project-driven Revenue SensitivityRevenue and profit depend on order intake, contract pricing, procurement and execution quality. The project-based model is inherently lumpy and sensitive to procurement cycles and cost overruns, increasing structural risk to steady revenue and margin visibility over coming quarters.