Services expand as reported revenue declines
Rising Stone earned €8.3 million in the six months ended June 30, 2026, compared with €4.1 million a year earlier. Its net margin reached 27.5%, up from 11.6% in the first half of 2025 and 14.2% for that full year. The unaudited results, prepared under French accounting standards, were approved by the board on October 27.
Revenue fell 14% to €30.3 million from €35.1 million. The comparison includes a €7.6 million sale of land for the Annapurna project in the first half of 2025; excluding that transaction, revenue grew 10%. L'Alba, Le Lac Bleu and Ferragudo Bay were the principal developments contributing to revenue, with sales of off-plan units recognized over time.
Services generated €15.4 million, a 76% increase, and accounted for 51% of revenue, compared with 25% for full-year 2025. These activities include project management assistance, construction management, interior architecture and services for property owners. Founder and CEO Jean-Thomas Olano attributed the shift to the company's integrated approach to designing, building, fitting out and operating properties.
Operating profit increased 20% to €9.9 million, lifting the operating margin to 32.6% from 23.5%. The financial result improved to a loss of €0.5 million, while the company recorded no non-recurring items, versus a €1.0 million non-recurring loss a year earlier. After €2.8 million in corporate income tax, consolidated entities produced net profit of €6.6 million, up 58%.
A further €1.7 million in profit from equity-accounted investments, mainly Allodis, brought consolidated net income to €8.3 million. Allodis contributes through both this investment accounting and service fees billed to the project, rather than being fully consolidated. First-half earnings per share rose to €3.24 from €2.01, and the half-year net income equaled 82% of the total earned in 2025.
IPO proceeds strengthen the balance sheet
At June 30, shareholders' equity stood at €77.2 million, an increase of €31.8 million since the end of 2025. Rising Stone attributed the gain to first-half earnings and the capital increase accompanying its February IPO.
The company, which trades under the ticker ALRIS, joined Euronext Growth Paris on February 23, 2026. Its €58.30 offer price implied a market capitalization of approximately €150 million, and the offering raised around €35.5 million. Euronext identified it as the eighth listing on its exchanges that year.
Cash and cash equivalents totaled €28.1 million at midyear, against financial debt of €79.2 million. Debt included €50.5 million in bank facilities and shareholder loans associated with ongoing developments. Net financial debt was €51.1 million, reducing net gearing to 66% from 87% at the end of 2025 and 146% at the end of 2024.
Inventories totaled €120.5 million. Rising Stone said its inventory balance is typically high at midyear because most properties are delivered toward year-end, before the winter season. Deferred income was €7.7 million.
Shareholders received a dividend of €1.55 per share in July for fiscal 2025, following approval at the June 29 annual meeting. The €4.0 million distribution represented 40% of consolidated net income.
Land acquisitions expand the development pipeline
Rising Stone's pipeline at June 30 consisted of 16 projects with projected business volume of €1.035 billion through 2030. More than 95% of that volume came from mountain developments, concentrated in the Trois Vallées and Tignes–Val d'Isère ski areas.
The group owned the land for more than 85% of its pipeline projects, compared with the 60% land-ownership commitment made at the IPO. First-half purchases included a property in Val d'Isère, land in the hills above Nice, and sites for Les Grangettes, Ferragudo Bay and Les Terrasses du Planay.
Another Val d'Isère transaction is approaching its next stage. Rising Stone expects to sign a preliminary sale agreement for a town-center property in early November 2026, followed by the final deed in the first quarter of 2027. The planned development is expected to generate business volume well above €100 million, taking the overall pipeline above €1.1 billion.
Founded by Olano in 2016, Rising Stone had delivered and marketed more than 22,000 square meters of luxury property by its February listing, according to Euronext. At that point, its portfolio included 15 new luxury developments encompassing 335 chalets and apartments and more than 46,000 square meters, alongside three third-party contracts. Its team numbered 52 professionals.
Eight months after listing, the company said it had met or exceeded all its IPO commitments. In addition to the increase in land ownership, it cited 2025 net income of €10.1 million, above the €9 million estimate presented at the IPO.
December delivery planned for Le Lac Bleu
Le Lac Bleu in Méribel is scheduled for delivery in December 2026. The project has 28 apartments spanning 4,050 square meters, projected business volume of €113 million and a sales rate of 75%. Rising Stone increased its stake from 34% to 64% in September.
Allodis is expected to be watertight and windtight by year-end. In Nice, work is starting on two villas scheduled for delivery in March 2028. Elsewhere, Fleur des Alpes in Méribel is fully sold, and sales have opened at Les Terrasses du Planay in Val d'Isère.
The group's hospitality business operates seven residences in Méribel, where winter-season occupancy ranges from 75% to 85%.
Alpine market studies show differing price trends
Recent research offers several views of the market surrounding Rising Stone's developments, using different property segments and measurement periods. Knight Frank's Alpine Report 2026/27, published October 22, put French prime Alpine residential prices 12% above their level five years earlier, compared with a 29% increase in Switzerland.
Among French resorts, Knight Frank reported the strongest annual growth in Courchevel Village at 6.1%, followed by Courchevel Moriond at 5.2% and Val d'Isère at 5.0%. The firm noted an initial wave of serious buyer demand from Asia and identified the 2030 Winter Olympics as another catalyst.
Knight Frank also reported a record 399 million skier visits worldwide, including 168.5 million in the Alps. Large and major resorts accounted for around 90% of Alpine visits. Its report noted that average Alpine snowfall declined 34% between 1920 and 2020, even as visitor numbers and prime property values in leading resorts continued to rise.
UBS's European Alpine Property Focus 2026, published June 4, estimated upscale vacation-home prices at about €20,300 per square meter in Courchevel, €16,100 in Val d'Isère and €14,500 in Méribel. It put French Alpine vacation-home prices roughly 30% above 2019 levels, but said growth in France's leading destinations slowed to about 1% in 2025.
Taxation was among the demand risks identified by UBS. The bank said more French municipalities were choosing to impose the maximum permitted 60% tax surcharge on vacation homes.
The Savills Ski Report 2025–2026 placed average prices in Méribel at €21,100 per square meter for high-end homes and €41,200 for ultra-prime properties. Savills reported a 197% increase in the French Alpine market over two decades and a 31% rise over five years, alongside a 10% correction in the past year. French buyers accounted for 60% of transactions and international buyers for 40%, while gross rental yields generally ranged from 3% to 4%.
Full-year earnings and dividend targets maintained
Rising Stone maintained its 2026 consolidated net income forecast of €15.2 million to €16.0 million. That would represent growth of 50% to 58% from the €10.1 million earned in 2025 and exceed the €15 million target set at the IPO. Using the current share count, the forecast corresponds to earnings of €5.84 to €6.15 per share.
The company's Himalaya plan continues to target €30 million in consolidated net income in 2028. Rising Stone also reaffirmed a minimum target dividend payout of 40% of consolidated net income for fiscal 2026 and subsequent years.
