Rising Stone Exceeds 2025 Targets with a Consolidated Net Result of €10.1M
In its first fiscal year as a listed company, Rising Stone recorded a consolidated net result of €10.1M, surpassing the €9M scenario projected at its IPO by about €1M. Revenue reached €71.2M, up 3% year-on-year. The 2025 revenue exceeded the forecast shared during the IPO, mainly due to the sale of lots from the Fleur des Alpes program not included in the initial target and higher-than-expected revenue recognition from Ferragudo Hills. The group now aims for a consolidated revenue of €155M in 2028, up from €71.2M in 2025.
Net Result Tripled, Driven by New Programs and Service Offerings
Rising Stone recorded a consolidated net result of €10.1M in 2025, a 214% increase from €3.2M in 2024. Operating income stood at €14.8M, up 73%, with an operating margin increased to 20.8% from 12.5% the previous year. This significant profitability improvement stems from the contribution of new programs and the growth in service revenues, which reached €17.9M, up 64%. These service revenues (project setup fees, interior design, property management) support the realization of real estate programs and reflect the group's integrated business model. The financial result improved to -€1.4M (from -€2.7M in 2024), thanks to reduced financial expenses. After taxes and accounting for the share of results from equity-accounted entities (€1.6M, notably from the Allodis program), the consolidated net result amounted to €10.1M.
Moderate Revenue Growth but Exceeding Initial Estimates
The consolidated revenue for 2025 was €71.2M, a 3% increase from €68.8M in 2024. This outcome substantially exceeds the €48M forecast communicated at the IPO, due to three factors: the sale of lots from the Fleur des Alpes program not included in the initial target, higher-than-expected revenue recognition for the Ferragudo Hills program in Portugal, and the impact of error corrections related to the fiscal years 2023 and 2024, identified during enhanced audit procedures linked to the listing. The group clarifies that these error corrections, identified during the enhanced audit procedures related to the listing, do not affect its future trajectory. The net margin improved to 14.2% from 4.7% a year earlier. On the balance sheet, equity increased by €10M to €45.4M, while net debt decreased from €51.8M to €39.5M.
An Ambitious Development Plan with Ongoing Land Acquisitions
Rising Stone aims to establish itself as a leading player in luxury Alpine real estate through its Himalaya development plan, supported by a portfolio of €1.009 billion in projected business volume through 2030. The group reports having 15 ongoing real estate programs (335 chalets and apartments) plus 3 contracts for third parties. The financial targets announced are: €75M in revenue and a consolidated net result of over €15M in 2026, then €100M and over €22M in 2027, and finally €155M and over €30M in 2028. Since its IPO, Rising Stone has announced the acquisition of two new assets: a real estate complex in Val d'Isère (Savoie) and a plot in Nice (Alpes-Maritimes) intended for two luxury villas. The group proposes a dividend of €1.55 per share (yield of 3.2% as of April 28, 2026), representing 40% of the consolidated net result, in line with its policy announced at the listing. Three analysis offices have initiated coverage of the stock with a Buy recommendation and price targets between €67 and €73.
