WrocławThin moat

Dom Development (DOM) — moat facet

The fastest-growing city, with a land bank that fell 38% in a year to under two years of sales.

No line of Dom's has grown like Wrocław. Revenue there rose 71,4% in 2025 to 581,0 million złoty, 17,8% of the group's12. It is the fastest-growing of Dom's four lines, compounding at about 40% a year from 54,2 million in 20183, and also the one whose future supply is shrinking fastest.

Wroclaw segment revenue (zl m)242017542018602019162202020920211772022300202333920245812025Dom Development consolidated financial statements, segment notes, 2017-2025
From 24 million to 581 million in eight years: the fastest-growing city Dom has.

Dom entered Wrocław in 20084. For its first decade it was a small operation: 24,2 million złoty of revenue in 2017 at a gross margin of 12,4%56. Scale changed the economics. Revenue reached 161,7 million in 2020, 299,9 million in 2023 and 581,0 million in 2025789, and the margin rose to 31,6% in 2024 and 31,1% in 202510. In 2025 that was still the lowest margin of Dom's four cities11, and Wrocław produced 16,1% of gross profit in 2025 on 17,8% of revenue12.

Its market position is strong but slipping. Dom Development Wrocław was the city's largest developer in 2025 with a 12,4% share on 816 transactions13, down from a 15,5% share in 202414.

The series has two weak years worth knowing. Revenue fell 15,2% in 2022 to 177,1 million złoty1516, the year Polish rates rose and mortgage lending froze17. And in 2023, although revenue rose 69,4% to 299,9 million, the gross margin fell to 17,3%1819, the lowest since 2017. Growth that fast does not arrive evenly, and in Wrocław it has not.

The latest two quarters were a strong one and a weak one. Revenue was 272,9 million złoty in the first quarter of 2026 against 243,5 million, up 12%, then 47,2 million in the second against 173,1 million, down 73%202122. For the half it fell 23% to 320,1 million at a gross margin of 26,3%, against 31,4%2324. Deliveries fell 24% to 474 units25.

What should concern a reader is not the revenue but the pipeline behind it. Wrocław sales fell 8% in the half to 403 units, the only city where they fell, and the land bank dropped 38% in a year to 1 423 units, with 1 274 under construction26. The company recorded stock falling 18%27. Dom has been building Wrocław faster than it has been buying land there.

At 1 423 units, the Wrocław land bank covers less than two years of the 816 units sold in 202528, well under the four years the board says the group should hold29. The next few land purchases in Wrocław decide whether 2025's 581 million złoty was a new base or a peak. If the bank is not rebuilt above 2 000 units within a year, this line will shrink regardless of demand.

Moat trajectory: Narrowing

Wroclaw sales fell 8% in H1 2026 and the land bank 38%, to 1 423 units.

The number that tests this moat
Reported
Wroclaw land bank
1 423 units at 30 June 2026, -38% in a year

Below two years of 2025 sales; without new land the fastest-growing line shrinks.

Source: Dom Development H1 2026 management report ↗
References
  1. ReportedRevenue there rose 71,4% in 2025 to 581,0 million złoty, 17,8% 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 ↗
  2. Moat Explorer calcRevenue there rose 71,4% in 2025 to 581,0 million złoty, 17,8% 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
  3. Moat Explorer calcIt is the fastest-growing of Dom's four lines, compounding at about 40% a year from 54,2 million in 2018, and also the one whose future supply is shrinking fastest.
    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 entered Wrocław in 2008.
    Dom Development corporate history — founded 1996, listed on the Warsaw Stock Exchange October 2006; 40 000+ flats delivered; Wrocław entry 2008; Tri-City via the 260m zł Euro Styl acquisition (2017); Kraków via Sento (77% for 35,4m zł, July 2021) and Buma — 1996-2026 · source ↗
  5. ReportedFor its first decade it was a small operation: 24,2 million złoty of revenue in 2017 at a gross margin of 12,4%.
    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 ↗
  6. Moat Explorer calcFor its first decade it was a small operation: 24,2 million złoty of revenue in 2017 at a gross margin of 12,4%.
    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
  7. ReportedRevenue reached 161,7 million in 2020, 299,9 million in 2023 and 581,0 million in 2025, and the margin rose to 31,6% in 2024 and 31,1% in 2025.
    Dom Development Group consolidated financial statements for 2020 - segment note for 2020 and 2019 (Warsaw, Wroclaw, Tricity) — FY2020 · publ. March 2021 · source ↗
  8. ReportedRevenue reached 161,7 million in 2020, 299,9 million in 2023 and 581,0 million in 2025, and the margin rose to 31,6% in 2024 and 31,1% 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 ↗
  9. ReportedRevenue reached 161,7 million in 2020, 299,9 million in 2023 and 581,0 million in 2025, and the margin rose to 31,6% in 2024 and 31,1% 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 calcRevenue reached 161,7 million in 2020, 299,9 million in 2023 and 581,0 million in 2025, and the margin rose to 31,6% in 2024 and 31,1% 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. Moat Explorer calcIn 2025 that was still the lowest margin of Dom's four cities, and Wrocław produced 16,1% of gross profit in 2025 on 17,8% 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
  12. Moat Explorer calcIn 2025 that was still the lowest margin of Dom's four cities, and Wrocław produced 16,1% of gross profit in 2025 on 17,8% 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
  13. ReportedDom Development Wrocław was the city's largest developer in 2025 with a 12,4% share on 816 transactions, down from a 15,5% share in 2024.
    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 ↗
  14. ReportedDom Development Wrocław was the city's largest developer in 2025 with a 12,4% share on 816 transactions, down from a 15,5% share in 2024.
    Dom Development Management Board's report on 2024 activities - NPS 67 points in 2024; 13,2% of the Warsaw market; 4 269 units sold — FY2024 · publ. March 2025 · source ↗
  15. ReportedRevenue fell 15,2% in 2022 to 177,1 million złoty, the year Polish rates rose and mortgage lending froze.
    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 ↗
  16. Moat Explorer calcRevenue fell 15,2% in 2022 to 177,1 million złoty, the year Polish rates rose and mortgage lending froze.
    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. ReportedRevenue fell 15,2% in 2022 to 177,1 million złoty, the year Polish rates rose and mortgage lending froze.
    The Polish rate-and-subsidy cycle — NBP raised its reference rate from 0,1% to 6,75% (2021–22); new mortgage lending roughly halved in 2022 (applications −71% YoY in Aug 2022); the state's 'Bezpieczny Kredyt 2%' subsidy (July 2023) re-ignited demand before lapsing — 2021-2024 · publ. 2022-2023 · source ↗
  18. ReportedAnd in 2023, although revenue rose 69,4% to 299,9 million, the gross margin fell to 17,3%, the lowest since 2017.
    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 ↗
  19. Moat Explorer calcAnd in 2023, although revenue rose 69,4% to 299,9 million, the gross margin fell to 17,3%, the lowest since 2017.
    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
  20. ReportedRevenue was 272,9 million złoty in the first quarter of 2026 against 243,5 million, up 12%, then 47,2 million in the second against 173,1 million, down 73%.
    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 ↗
  21. ReportedRevenue was 272,9 million złoty in the first quarter of 2026 against 243,5 million, up 12%, then 47,2 million in the second against 173,1 million, down 73%.
    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 ↗
  22. Moat Explorer calcRevenue was 272,9 million złoty in the first quarter of 2026 against 243,5 million, up 12%, then 47,2 million in the second against 173,1 million, down 73%.
    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. ReportedFor the half it fell 23% to 320,1 million at a gross margin of 26,3%, against 31,4%.
    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 ↗
  24. Moat Explorer calcFor the half it fell 23% to 320,1 million at a gross margin of 26,3%, against 31,4%.
    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
  25. ReportedDeliveries fell 24% to 474 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 ↗
  26. ReportedWrocław sales fell 8% in the half to 403 units, the only city where they fell, and the land bank dropped 38% in a year to 1 423 units, with 1 274 under construction.
    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 ↗
  27. ReportedThe company recorded stock falling 18%.
    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 calcAt 1 423 units, the Wrocław land bank covers less than two years of the 816 units sold in 2025, well under the four years the board says the group should hold.
    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. ReportedAt 1 423 units, the Wrocław land bank covers less than two years of the 816 units sold in 2025, well under the four years the board says the group should hold.
    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