Number One in WarsawNarrow moat

Warsaw is the largest, deepest, and most profitable residential market in Poland, and Dom Development is its largest developer: 2 015 units sold in 2025, a 13,2% share of the market², exactly the share it held in 2024³. That is leadership of a fragmented market, one sale in eight, not dominance. Dominance in the home market is the anchor of the whole business: it is where Dom has the deepest land bank, the strongest brand, the best local relationships, and the greatest scale, and those advantages feed on one another in a way that is hard for any rival to dislodge. A leadership position built over decades in the capital is the sturdiest single piece of Dom's moat.

Leadership in Warsaw also throws off the profits and the credibility that fund everything else — the expansion into new cities, the counter-cyclical land buying, the dividend. A company that dominates the richest market in its country has a powerful base from which to operate, and Dom's Warsaw franchise is exactly that: not a monopoly, for the market is competitive, but a durable first place — nationally, Dom was the largest developer by revenue in 2024¹ — that has held through cycle after cycle and shows no sign of yielding.