WarsawNarrow moat

Dom Development (DOM) — moat facet

Half the revenue, the slowest growth, and a land bank shrinking 8% a year in a city short of plots.

Warsaw brought in 1 602,4 million złoty in 2025, 49,2% of the group's revenue, and 533,9 million of gross profit, 47,6% of the total12. It is still the biggest line by a wide distance, and it is the one that has grown least: about 2,9% a year from 2017 to 20253.

Warsaw segment revenue (zl m)1 27320171 26420181 35920191 25920201 23820211 40620221 48420231 78420241 6022025Dom Development consolidated financial statements, segment notes, 2017-2025
Eight years of Warsaw revenue grew about 3% a year, and fell in four of them.

What the line contains is the parent company's own building programme. Dom has built in Warsaw since 1996, and its projects there run from the affordable end, such as Metro Zachód and Mokotów Sportowy, to premium apartments. The company describes Warsaw as the largest and most expensive housing market in Poland4, and it pays that way: the average Warsaw transaction in 2023 was 844 thousand złoty against 744 thousand for the group5. The market-position argument, a 13,2% share that makes Dom the capital's largest developer but not a dominant one, is made on the Number One in Warsaw page and is not repeated here.

The unit that gets priced is the flat, sold off plan and paid for in stages. Buyers' payments sit on the balance sheet as deferred income until the keys change hands, and only then do they become revenue6. So Warsaw revenue in any year is the sum of the buildings Dom finished that year.

It is a profitable line. The gross margin was 28,1% in 2017, 35,2% in 2021 and 2022, 29,9% in 2024 and 33,3% in 202578910. Warsaw carries none of the acquisition accounting that depressed the Tricity's and Kraków's early margins, because nothing was bought here. What the margin cannot show is overhead. Dom does not allocate its 300,6 million złoty of selling and administrative costs to cities11, and most of that head office sits in Warsaw.

The filed series has four down years out of eight. Revenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 20241213141516. The company gave a reason for the 2025 fall. The parent, which builds in Warsaw, put its 9,8% revenue decline down to the completion of a construction contract for an institutional rental investor and lower land sales, and it handed over 1 915 units to individual buyers, 3% fewer than a year earlier17.

The two latest quarters ran the other way. Warsaw revenue was 496,5 million złoty in the first quarter of 2026 against 317,1 million, and 256,5 million in the second against 153,7 million, up 57% and 67%181920. Deliveries in the half rose 88% to 935 units21. The gross margin held at 34,0% for the half, against 33,7%22.

The outlook depends on land more than on buyers. Dom sold 1 081 Warsaw units in the first half of 2026, up 24%, and had 4 227 under construction at 30 June23. But its Warsaw land bank fell 8% in a year to 8 651 units24, and the company's own risk section warns of a shortage of development land with a clear legal status in the capital25. A developer cannot sell flats it has no land to build.

That makes the Warsaw land bank the figure to watch. At 8 651 units it covers a little over four years of the 2 015 units sold in 202526. If it keeps shrinking at 8% a year, Warsaw's share of the group will fall because it runs out of plots rather than because the regions win.

Moat trajectory: Narrowing

Warsaw revenue grew about 2,9% a year from 2017 to 2025, and its land bank fell 8% in a year to 8 651 units.

The number that tests this moat
Moat Explorer calc
Warsaw segment revenue, latest quarter
256,5m zł in Q2 2026, from 153,7m zł

Revenue follows handovers; a sustained fall with the land bank shrinking would mean Warsaw is running out of plots.

How it's calculated: H1 2026 segment revenue less Q1 2026 segment revenue
Source: Dom Development Q1 and H1 2026 interim financial statements ↗
References
  1. ReportedWarsaw brought in 1 602,4 million złoty in 2025, 49,2% of the group's revenue, and 533,9 million of gross profit, 47,6% of the total.
    Dom Development Group consolidated financial statements for 2025 - segment note (Warsaw, Wroclaw, Tricity, Krakow revenue and gross profit, 2025 and 2024), revenue by type (finished products, services, land), revenue recognised on handover when paid in full — FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcWarsaw brought in 1 602,4 million złoty in 2025, 49,2% of the group's revenue, and 533,9 million of gross profit, 47,6% of the total.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  3. Moat Explorer calcIt is still the biggest line by a wide distance, and it is the one that has grown least: about 2,9% a year from 2017 to 2025.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  4. ReportedThe company describes Warsaw as the largest and most expensive housing market in Poland, and it pays that way: the average Warsaw transaction in 2023 was 844 thousand złoty against 744 thousand for the group.
    Dom Development H1 2026 management report - construction material prices +1,1% in H1 2026 and +3,5% year on year in June (OSB and timber +11%, insulation +5%, PSB data); group gross margin 30,9% against 35,2%, attributed to project mix; BIK housing-loan enquiries +15,8% by value in June 2026, average amount PLN 506,6k (+6,2%); 49% of Q2 2026 units bought with buyers' own funds only; optimal land bank at least four years of sales; annual dividends since the 2006 listing — H1 2026 · publ. 2026 · source ↗
  5. ReportedThe company describes Warsaw as the largest and most expensive housing market in Poland, and it pays that way: the average Warsaw transaction in 2023 was 844 thousand złoty against 744 thousand for the group.
    Dom Development 2023 results presentation - average transaction value 2023: Warsaw PLN 844k, group PLN 744k — FY2022-FY2023 · publ. March 2024 · source ↗
  6. ReportedBuyers' payments sit on the balance sheet as deferred income until the keys change hands, and only then do they become revenue.
    Dom Development Group consolidated financial statements for 2025 - segment note (Warsaw, Wroclaw, Tricity, Krakow revenue and gross profit, 2025 and 2024), revenue by type (finished products, services, land), revenue recognised on handover when paid in full — FY2025 · publ. March 2026 · source ↗
  7. ReportedThe gross margin was 28,1% in 2017, 35,2% in 2021 and 2022, 29,9% in 2024 and 33,3% in 2025.
    Dom Development Group consolidated financial statements for 2018 - segment note for 2018 and 2017, Euro Styl purchase-price allocation PLN 51 614 thousand (2018) and PLN 14 363 thousand (2017) — FY2017-FY2018 · publ. March 2019 · source ↗
  8. ReportedThe gross margin was 28,1% in 2017, 35,2% in 2021 and 2022, 29,9% in 2024 and 33,3% in 2025.
    Dom Development Group consolidated financial statements for 2022 - segment note for 2022 and 2021, gross profit before and after purchase-price allocation — FY2022 · publ. March 2023 · source ↗
  9. ReportedThe gross margin was 28,1% in 2017, 35,2% in 2021 and 2022, 29,9% in 2024 and 33,3% in 2025.
    Dom Development Group consolidated financial statements for 2025 - segment note (Warsaw, Wroclaw, Tricity, Krakow revenue and gross profit, 2025 and 2024), revenue by type (finished products, services, land), revenue recognised on handover when paid in full — FY2025 · publ. March 2026 · source ↗
  10. Moat Explorer calcThe gross margin was 28,1% in 2017, 35,2% in 2021 and 2022, 29,9% in 2024 and 33,3% in 2025.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  11. ReportedDom does not allocate its 300,6 million złoty of selling and administrative costs to cities, and most of that head office sits in Warsaw.
    Dom Development Group consolidated financial statements for 2025 - segment note (Warsaw, Wroclaw, Tricity, Krakow revenue and gross profit, 2025 and 2024), revenue by type (finished products, services, land), revenue recognised on handover when paid in full — FY2025 · publ. March 2026 · source ↗
  12. ReportedRevenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 2024.
    Dom Development Group consolidated financial statements for 2018 - segment note for 2018 and 2017, Euro Styl purchase-price allocation PLN 51 614 thousand (2018) and PLN 14 363 thousand (2017) — FY2017-FY2018 · publ. March 2019 · source ↗
  13. ReportedRevenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 2024.
    Dom Development Group consolidated financial statements for 2020 - segment note for 2020 and 2019 (Warsaw, Wroclaw, Tricity) — FY2020 · publ. March 2021 · source ↗
  14. ReportedRevenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 2024.
    Dom Development Group consolidated financial statements for 2022 - segment note for 2022 and 2021, gross profit before and after purchase-price allocation — FY2022 · publ. March 2023 · source ↗
  15. ReportedRevenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 2024.
    Dom Development Group consolidated financial statements for 2025 - segment note (Warsaw, Wroclaw, Tricity, Krakow revenue and gross profit, 2025 and 2024), revenue by type (finished products, services, land), revenue recognised on handover when paid in full — FY2025 · publ. March 2026 · source ↗
  16. Moat Explorer calcRevenue fell 0,8% in 2018, 7,3% in 2020 to 1 259,1 million, 1,7% in 2021, and 10,2% in 2025 to 1 602,4 million after a record 1 783,6 million in 2024.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  17. ReportedThe parent, which builds in Warsaw, put its 9,8% revenue decline down to the completion of a construction contract for an institutional rental investor and lower land sales, and it handed over 1 915 units to individual buyers, 3% fewer than a year earlier.
    Dom Development Management Board's report on 2025 activities - NPS 69 points; 2025 market shares: Warsaw 13,2% (2 015 units), Wroclaw 12,4% (816), Tricity 12,5% (1 082), Krakow 7,8% (535, second) — FY2025 · publ. March 2026 · source ↗
  18. ReportedWarsaw revenue was 496,5 million złoty in the first quarter of 2026 against 317,1 million, and 256,5 million in the second against 153,7 million, up 57% and 67%.
    Dom Development Group interim condensed consolidated financial statements for Q1 2026 - segment revenue and gross profit for the three months to 31 March 2026 and 2025 — Q1 2026 · publ. May 2026 · source ↗
  19. ReportedWarsaw revenue was 496,5 million złoty in the first quarter of 2026 against 317,1 million, and 256,5 million in the second against 153,7 million, up 57% and 67%.
    Dom Development Group interim condensed consolidated financial statements for H1 2026 - segment revenue and gross profit for the six months to 30 June 2026 and 2025 (Poznan added as a fifth segment); revenue by type — H1 2026 · publ. September 2026 · source ↗
  20. Moat Explorer calcWarsaw revenue was 496,5 million złoty in the first quarter of 2026 against 317,1 million, and 256,5 million in the second against 153,7 million, up 57% and 67%.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  21. ReportedDeliveries in the half rose 88% to 935 units.
    Dom Development H1 2026 management report - construction material prices +1,1% in H1 2026 and +3,5% year on year in June (OSB and timber +11%, insulation +5%, PSB data); group gross margin 30,9% against 35,2%, attributed to project mix; BIK housing-loan enquiries +15,8% by value in June 2026, average amount PLN 506,6k (+6,2%); 49% of Q2 2026 units bought with buyers' own funds only; optimal land bank at least four years of sales; annual dividends since the 2006 listing — H1 2026 · publ. 2026 · source ↗
  22. Moat Explorer calcThe gross margin held at 34,0% for the half, against 33,7%.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
  23. ReportedDom sold 1 081 Warsaw units in the first half of 2026, up 24%, and had 4 227 under construction at 30 June.
    Dom Development H1 2026 management report - construction material prices +1,1% in H1 2026 and +3,5% year on year in June (OSB and timber +11%, insulation +5%, PSB data); group gross margin 30,9% against 35,2%, attributed to project mix; BIK housing-loan enquiries +15,8% by value in June 2026, average amount PLN 506,6k (+6,2%); 49% of Q2 2026 units bought with buyers' own funds only; optimal land bank at least four years of sales; annual dividends since the 2006 listing — H1 2026 · publ. 2026 · source ↗
  24. ReportedBut its Warsaw land bank fell 8% in a year to 8 651 units, and the company's own risk section warns of a shortage of development land with a clear legal status in the capital.
    Dom Development H1 2026 management report - construction material prices +1,1% in H1 2026 and +3,5% year on year in June (OSB and timber +11%, insulation +5%, PSB data); group gross margin 30,9% against 35,2%, attributed to project mix; BIK housing-loan enquiries +15,8% by value in June 2026, average amount PLN 506,6k (+6,2%); 49% of Q2 2026 units bought with buyers' own funds only; optimal land bank at least four years of sales; annual dividends since the 2006 listing — H1 2026 · publ. 2026 · source ↗
  25. ReportedBut its Warsaw land bank fell 8% in a year to 8 651 units, and the company's own risk section warns of a shortage of development land with a clear legal status in the capital.
    Dom Development H1 2026 management report - construction material prices +1,1% in H1 2026 and +3,5% year on year in June (OSB and timber +11%, insulation +5%, PSB data); group gross margin 30,9% against 35,2%, attributed to project mix; BIK housing-loan enquiries +15,8% by value in June 2026, average amount PLN 506,6k (+6,2%); 49% of Q2 2026 units bought with buyers' own funds only; optimal land bank at least four years of sales; annual dividends since the 2006 listing — H1 2026 · publ. 2026 · source ↗
  26. Moat Explorer calcAt 8 651 units it covers a little over four years of the 2 015 units sold in 2025.
    Moat Explorer calculations from Dom Development's filed segment revenue and gross profit (consolidated financial statements 2017-2025, Q1 and H1 2026 interim statements) — 2017 - H1 2026 · publ. 2026 · source ↗
    Method: Shares = segment / total; gross margin = segment gross profit / segment revenue (before purchase-price allocation for annual years); CAGR = (end/start)^(1/years) - 1; Q2 = H1 less Q1; land-bank years = city land bank / 2025 units sold
Sources
Generated September 24, 2026