Rising LeverageLeverage increased notably in 2025 as debt climbed to 28.5B and debt/equity rose to ~1.22. Higher gearing can amplify stress in downturns, constrain strategic flexibility, increase funding and capital costs, and heighten regulatory and market sensitivity over the medium term.
Volatile Cash FlowsMaterial swings in operating and free cash flow, including a negative year in 2023 and a ~31.9% FCF drop in 2025, reduce predictability for capital allocation. Volatility can force greater reliance on market funding and complicate dividend, investment and provisioning plans.
Earnings Sensitivity / Prior Loss YearA prior loss year (2021) and variability in profitability indicate sensitivity to credit and operating cycles. This undermines long-term earnings predictability, increases provisioning uncertainty, and could pressure capital ratios or strategic initiatives if adverse conditions recur.