CompetitionThe acquisition of JustEatTakeaway.com by Prosus raises a more serious competitor for DHER in Spain, Italy, and Poland.
Legal And Financial ImpactGlovo's management decision to reclassify the legal status of its riders in Spain from freelance to full employment will have a negative impact of ~€100m on the group's adjusted EBITDA in FY25E.
Market RisksThere are further risks that Meituan expands into other MENA markets and this is expected to constrain DHER’s longer-term margin profile in its most profitable market.