Delivery Hero SE said Glovo management decided to change from a freelance model to an employment based model for its delivery riders in Spain to avoid further legal uncertainties leading to an increase of contingencies. The operational model change, limited to Glovo's business in Spain, is expected to have an impact of approximately 100 million euros on adjusted EBITDA for fiscal 2025. Despite the impact, Glovo is projected to generate a positive adjusted EBITDA in Spain in fiscal 2025.
The company's Spanish subsidiaries operating their food delivery business under the Glovo brand in Spain expect to receive reclassification decisions for alleged misclassification of delivery riders under Glovo's operational model as introduced in August 2021 from the Spanish Labour Authorities in the near future.
The company expects to increase overall contingency to 440 million euros-770 million euros in the company's 2024 full year financial report, up from 330 million euros-550 million euros already disclosed in its 2024 half year financial report.
Delivery Hero confirmed its fiscal 2024 guidance.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.