The Revenue LinesNarrow moat

Dom Development (DOM) — moat facet

Dom's revenue lines are four cities; Warsaw still earns half the profit, and the regions supply the growth.

Dom Development sells one product, a new flat, so the lines worth separating are the places it sells them. The consolidated statements report four segments, and they are cities: in 2025 Warsaw brought in 1 602,4 million złoty, the Tricity 776,6 million, Wrocław 581,0 million and Kraków 295,5 million, for 3 255,6 million in all1. By type the picture is simpler still: 3 133,6 million came from finished homes, 107,6 million from construction services for an institutional rental investor, and 14,4 million from selling land2. Homes are 96,3% of revenue3.

Gross margin by city, 2025 (%)39,7%Tricity33,3%Warsaw33,1%Krakow31,1%WroclawDom Development consolidated financial statements, segment notes, 2025
The second-largest city earns the richest margin; Warsaw earns the most money.

One accounting rule governs every line. Dom counts a sale as revenue only when the flat is handed over and the price has been paid in full4. A city's revenue is therefore a record of which buildings happened to finish in the year, not of how many buyers signed. That is why the lines swing so hard from one year to the next, and why the sales and land figures on the pages below matter as much as the revenue.

Profit follows revenue less closely than you might expect. Warsaw produced 533,9 million złoty of gross profit in 2025, 47,6% of the group's, on 49,2% of its revenue; the Tricity produced 308,3 million, 27,5% of the profit on 23,9% of the revenue56. The Tricity earned a gross margin of 39,7%, against 33,3% for Warsaw, 33,1% for Kraków and 31,1% for Wrocław7. Selling and administrative costs of 300,6 million złoty are not allocated to any city8, so gross profit is as far down the income statement as the segment note goes.

Growth runs almost in the opposite order to size. Warsaw's revenue grew about 2,9% a year from 2017 to 2025, the Tricity's about 12,7% a year from 2018, its first full year in the group, and Wrocław's about 40% a year over the same stretch, from 54,2 million złoty to 581,0 million9. Warsaw was 90,7% of revenue in 2017 and 49,2% in 202510, and it did not get smaller to get there. The other three cities grew around it.

The first half of 2026 shows how lumpy the lines are. Warsaw's revenue rose 60% to 753,0 million złoty and Kraków's reached 346,8 million, more than the whole of 2025, while the Tricity's fell 58% to 140,9 million and Wrocław's 23% to 320,1 million1112. None of that says much about demand: group sales rose 17% in the same half13. Poznań was added as a fifth segment in 2026 and has no revenue yet14; its prospects are argued on the Future Bets page, and the case for spreading across cities is made under Multi-City Diversification.

The number that would change the reading of this page is Warsaw's share of gross profit. It fell from 89,4% in 2017 to 47,6% in 202515. If the regional cities keep taking share at margins near Warsaw's, Dom is a national developer. If Warsaw's share climbs back toward two-thirds, the diversification was a phase and the company is still a Warsaw builder with branches.

Moat trajectory: Holding steady

Warsaw's share of gross profit fell from 89,4% in 2017 to 47,6% in 2025, then rose to 53,0% in H1 2026 on delivery timing.

The number that tests this moat
Moat Explorer calc
Warsaw's share of segment gross profit
53,0% in H1 2026; 47,6% in 2025, from 89,4% in 2017

If Warsaw's share climbs back toward two-thirds, the regional expansion was a phase rather than a change in the business.

How it's calculated: Warsaw segment gross profit / total segment gross profit
Source: Dom Development consolidated and interim financial statements, segment notes ↗
Dig deeper
DIG DEEPER 01
Warsaw
Half the revenue, the slowest growth, and a land bank shrinking 8% a year in a city short of plots.
DIG DEEPER 02
Tricity
Bought in 2017 and the richest margin every year since, though its first half of 2026 was its weakest in years.
DIG DEEPER 03
Wrocław
The fastest-growing city, with a land bank that fell 38% in a year to under two years of sales.
DIG DEEPER 04
Kraków
Five years after the purchase, Kraków's first half of 2026 brought in more revenue than all of 2025.
References
  1. ReportedThe consolidated statements report four segments, and they are cities: in 2025 Warsaw brought in 1 602,4 million złoty, the Tricity 776,6 million, Wrocław 581,0 million and Kraków 295,5 million, for 3 255,6 million in all.
    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. ReportedBy type the picture is simpler still: 3 133,6 million came from finished homes, 107,6 million from construction services for an institutional rental investor, and 14,4 million from selling land.
    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 ↗
  3. Moat Explorer calcHomes are 96,3% of revenue.
    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. ReportedDom counts a sale as revenue only when the flat is handed over and the price has been paid in full.
    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 ↗
  5. ReportedWarsaw produced 533,9 million złoty of gross profit in 2025, 47,6% of the group's, on 49,2% of its revenue; the Tricity produced 308,3 million, 27,5% of the profit on 23,9% of the 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 ↗
  6. Moat Explorer calcWarsaw produced 533,9 million złoty of gross profit in 2025, 47,6% of the group's, on 49,2% of its revenue; the Tricity produced 308,3 million, 27,5% of the profit on 23,9% of the revenue.
    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
  7. Moat Explorer calcThe Tricity earned a gross margin of 39,7%, against 33,3% for Warsaw, 33,1% for Kraków and 31,1% for Wrocław.
    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
  8. ReportedSelling and administrative costs of 300,6 million złoty are not allocated to any city, so gross profit is as far down the income statement as the segment note goes.
    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 ↗
  9. Moat Explorer calcWarsaw's revenue grew about 2,9% a year from 2017 to 2025, the Tricity's about 12,7% a year from 2018, its first full year in the group, and Wrocław's about 40% a year over the same stretch, from 54,2 million złoty to 581,0 million.
    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
  10. Moat Explorer calcWarsaw was 90,7% of revenue in 2017 and 49,2% in 2025, and it did not get smaller to get there.
    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. ReportedWarsaw's revenue rose 60% to 753,0 million złoty and Kraków's reached 346,8 million, more than the whole of 2025, while the Tricity's fell 58% to 140,9 million and Wrocław's 23% to 320,1 million.
    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 ↗
  12. Moat Explorer calcWarsaw's revenue rose 60% to 753,0 million złoty and Kraków's reached 346,8 million, more than the whole of 2025, while the Tricity's fell 58% to 140,9 million and Wrocław's 23% to 320,1 million.
    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
  13. ReportedNone of that says much about demand: group sales rose 17% in the same half.
    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 ↗
  14. ReportedPoznań was added as a fifth segment in 2026 and has no revenue yet; its prospects are argued on the Future Bets page, and the case for spreading across cities is made under Multi-City Diversification.
    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 ↗
  15. Moat Explorer calcIt fell from 89,4% in 2017 to 47,6% 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