Market Leadership & Geographic ReachNarrow moat

Dom Development is the clear leader of Polish residential development — the largest by revenue nationally and the leader in Warsaw¹, its home market. In 2025 it was first in three of its four markets, with 13,2% of Warsaw sales, 12,4% of Wrocław's and 12,5% of the Tricity's, and second in Kraków at 7,8%³. Leadership of a fragmented industry is a real, if modest, advantage: the leader wins a disproportionate share of the best plots and projects, enjoys the greatest scale economies, and holds the strongest brand in the market that matters most. In a business without a dominant national champion, being the clearest number one is worth having.

What turns leadership from a static fact into a growth story is geographic expansion. For most of its life Dom was a Warsaw company; over the past two decades it has deliberately and carefully extended into the other large, growing Polish markets — Wrocław from 2008, the Tri-City through its 260 million złoty acquisition of Euro Styl in 2017, and Kraków through the purchases of Sento and Buma in 2021² — usually by buying strong local builders rather than starting from scratch. That diversification across cities reduces dependence on any single local market's cycle and opens a long runway of growth as the company replicates its disciplined model in each.

The reach also reinforces every other part of the moat. More cities mean more land opportunities, more scale in purchasing and construction, a broader base to amortize the brand and overhead, and more targets to acquire in the next downturn. Local knowledge — of plots, permits, planners, and buyers — is itself a barrier in each market, and Dom acquires it by acquiring the locals who already have it. None of this makes Poland a one-company market; it remains competitive everywhere. But the combination of clear national leadership, a dominant home market, and a proven method for entering and winning in new cities is the growth engine that keeps the narrow moat compounding rather than merely holding.