Cash-flow And Refinancing PressureTiming mismatches, seasonal revenue patterns, rising capital requirements and higher interest costs weaken cash-flow predictability and increase refinancing pressure as assets age.
Loss-making Landfill OperationsEMK's landfill business remains loss-making, creating a drag on overall profitability and cash flow.
Throughput Shortfall RiskPipeline throughput falling below contracted minimum volumes would materially reduce income and could be aggravated by adverse weather or unfavorable policy changes.