Competitive PressureThe acquisition of JustEatTakeaway.com by Prosus raises a more serious competitor for DHER in Spain, Italy, and Poland.
Geographical PerformanceKorea continues to lag in geographical segment performance, impacting the overall growth.
Regulatory And Operational ChallengesGlovo'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.