KrakówThin moat

Dom Development (DOM) — moat facet

Five years after the purchase, Kraków's first half of 2026 brought in more revenue than all of 2025.

Kraków is the smallest of Dom's four lines, 295,5 million złoty of revenue in 2025 and 9,1% of the total12. It is also the least predictable. Its revenue went 43,5 million in 2021, 305,9 million in 2022, 137,1 million in 2023, 326,1 million in 2024 and 295,5 million in 2025345. And in the first half of 2026 alone it reached 346,8 million, more than the whole of 20256.

Krakow segment revenue (zl m)4420213062022137202332620242962025347H1 2026Dom Development consolidated financial statements, segment notes; H1 2026 interim statements
Revenue swings with handovers; one half of 2026 beat the whole of 2025.

The line was bought, in two steps. On 1 July 2021 Dom acquired 77% of Sento, a Kraków developer, for an initial price of 35 379 thousand złoty7. On 28 February 2022 it bought the Buma group companies for a transaction value of 209,5 million złoty, of which 58,1 million was for taking over loans the seller had made to them8. The acquisition accounting cost 77,0 million złoty of gross profit between 2021 and 20239101112. After it, Kraków's gross profit was negative in 2021, at minus 1,2 million, and only 3,5% of revenue in 20221314.

Once that charge passed, the underlying margin came through. Before acquisition accounting the Kraków gross margin was 29,8% in 2023, 29,6% in 2024 and 33,1% in 202515, level with Warsaw's. In 2025 the city produced 97,9 million złoty of gross profit, 8,7% of the group's1617.

Dom sells there in a market it calls more fragmented than other major metropolitan areas18. Dom ranked second there in 2025 with a 7,8% share on 535 units19, its only city where it is not first.

The yearly swings are handover timing, not demand. Revenue fell 55,2% in 2023 and 9,4% in 202520, and in neither year did the business shrink in any other sense. The latest two quarters show the same effect in reverse. Revenue was 105,3 million złoty in the first quarter of 2026 against 62,3 million, and 241,6 million in the second against 9,1 million212223. Deliveries in the half rose to 361 units from 8224. The gross margin for the half was 28,9%, against 34,4%2526.

The outlook is steadier than the revenue line suggests. Kraków sales rose 26% in the first half of 2026 to 287 units, 1 036 units were under construction, and the land bank stood at 1 580 units, 12% lower than a year earlier27. That is about three years of the 535 units sold in 202528, thinner than the group's four-year rule29 but not yet a constraint.

The purchase is five years old, and the measure of whether it worked is Kraków's gross profit on a full-year basis. The 2025 figure was 97,9 million złoty. If 2026 finishes well above it, the 245 million-odd złoty spent on Sento and Buma bought a real second-tier city business; if it falls back below 100 million, Dom paid for a presence it has not yet turned into earnings.

Moat trajectory: Widening

Krakow revenue in H1 2026, 346,8 million złoty, exceeded all of 2025, and sales rose 26%.

The number that tests this moat
Reported
Krakow segment revenue, H1 2026
346,8m zł, from 71,3m zł; 295,5m zł in all of 2025

Five years after the purchase, full-year gross profit above 2025's 97,9m zł would show the acquisitions earning.

Source: Dom Development H1 2026 interim financial statements ↗
References
  1. ReportedKraków is the smallest of Dom's four lines, 295,5 million złoty of revenue in 2025 and 9,1% 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 calcKraków is the smallest of Dom's four lines, 295,5 million złoty of revenue in 2025 and 9,1% 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. ReportedIts revenue went 43,5 million in 2021, 305,9 million in 2022, 137,1 million in 2023, 326,1 million in 2024 and 295,5 million 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 ↗
  4. ReportedIts revenue went 43,5 million in 2021, 305,9 million in 2022, 137,1 million in 2023, 326,1 million in 2024 and 295,5 million in 2025.
    Dom Development Group consolidated financial statements for 2024 - segment note for 2024 and 2023, including the 2023 Krakow purchase-price allocation of PLN 20 983 thousand — FY2024 · publ. March 2025 · source ↗
  5. ReportedIts revenue went 43,5 million in 2021, 305,9 million in 2022, 137,1 million in 2023, 326,1 million in 2024 and 295,5 million 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 ↗
  6. ReportedAnd in the first half of 2026 alone it reached 346,8 million, more than the whole of 2025.
    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 ↗
  7. ReportedOn 1 July 2021 Dom acquired 77% of Sento, a Kraków developer, for an initial price of 35 379 thousand złoty.
    Dom Development Group consolidated financial statements for 2021 - acquisition of 77% of Sento S.A. on 1 July 2021 (initial price PLN 35 379 thousand); Buma group acquisition of 28 February 2022, transaction value PLN 209,5 million incl. PLN 58,1 million of loans taken over — FY2021 · publ. March 2022 · source ↗
  8. ReportedOn 28 February 2022 it bought the Buma group companies for a transaction value of 209,5 million złoty, of which 58,1 million was for taking over loans the seller had made to them.
    Dom Development Group consolidated financial statements for 2021 - acquisition of 77% of Sento S.A. on 1 July 2021 (initial price PLN 35 379 thousand); Buma group acquisition of 28 February 2022, transaction value PLN 209,5 million incl. PLN 58,1 million of loans taken over — FY2021 · publ. March 2022 · source ↗
  9. ReportedThe acquisition accounting cost 77,0 million złoty of gross profit between 2021 and 2023.
    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 ↗
  10. ReportedThe acquisition accounting cost 77,0 million złoty of gross profit between 2021 and 2023.
    Dom Development Group consolidated financial statements for 2023 - segment note for 2023 and 2022, including the 2022 purchase-price allocations (Tricity PLN 2 341 thousand, Krakow PLN 43 476 thousand) — FY2023 · publ. March 2024 · source ↗
  11. ReportedThe acquisition accounting cost 77,0 million złoty of gross profit between 2021 and 2023.
    Dom Development Group consolidated financial statements for 2024 - segment note for 2024 and 2023, including the 2023 Krakow purchase-price allocation of PLN 20 983 thousand — FY2024 · publ. March 2025 · source ↗
  12. Moat Explorer calcThe acquisition accounting cost 77,0 million złoty of gross profit between 2021 and 2023.
    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. ReportedAfter it, Kraków's gross profit was negative in 2021, at minus 1,2 million, and only 3,5% of revenue in 2022.
    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 ↗
  14. Moat Explorer calcAfter it, Kraków's gross profit was negative in 2021, at minus 1,2 million, and only 3,5% of revenue in 2022.
    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
  15. Moat Explorer calcBefore acquisition accounting the Kraków gross margin was 29,8% in 2023, 29,6% in 2024 and 33,1% in 2025, level with Warsaw's.
    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
  16. ReportedIn 2025 the city produced 97,9 million złoty of gross profit, 8,7% of the group's.
    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 ↗
  17. Moat Explorer calcIn 2025 the city produced 97,9 million złoty of gross profit, 8,7% of the group's.
    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
  18. ReportedDom sells there in a market it calls more fragmented than other major metropolitan areas.
    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 ↗
  19. ReportedDom ranked second there in 2025 with a 7,8% share on 535 units, its only city where it is not first.
    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 ↗
  20. Moat Explorer calcRevenue fell 55,2% in 2023 and 9,4% in 2025, and in neither year did the business shrink in any other sense.
    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. ReportedRevenue was 105,3 million złoty in the first quarter of 2026 against 62,3 million, and 241,6 million in the second against 9,1 million.
    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 ↗
  22. ReportedRevenue was 105,3 million złoty in the first quarter of 2026 against 62,3 million, and 241,6 million in the second against 9,1 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 ↗
  23. Moat Explorer calcRevenue was 105,3 million złoty in the first quarter of 2026 against 62,3 million, and 241,6 million in the second against 9,1 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
  24. ReportedDeliveries in the half rose to 361 units from 82.
    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. ReportedThe gross margin for the half was 28,9%, against 34,4%.
    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 ↗
  26. Moat Explorer calcThe gross margin for the half was 28,9%, against 34,4%.
    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
  27. ReportedKraków sales rose 26% in the first half of 2026 to 287 units, 1 036 units were under construction, and the land bank stood at 1 580 units, 12% lower than a year earlier.
    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 ↗
  28. Moat Explorer calcThat is about three years of the 535 units sold in 2025, thinner than the group's four-year rule but not yet a constraint.
    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
  29. ReportedThat is about three years of the 535 units sold in 2025, thinner than the group's four-year rule but not yet a constraint.
    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 ↗
Sources
Generated September 24, 2026