Increased CompetitionProsus' acquisition of JustEatTakeaway.com intensifies competition for DHER in key European markets such as Spain, Italy, and Poland.
Legal And Financial RisksGlovo's reclassification of its riders' status in Spain from freelance to full employment is expected to negatively impact DHER's adjusted EBITDA by approximately €100 million in FY25E.
Market Share ChallengesMeituan-backed Keeta’s aggressive expansion in Saudi Arabia poses a threat to DHER’s market share, with Keeta becoming one of the most downloaded apps in the region.