Rising Stone: Half-Year Profit Doubled to €8.3 Million Despite Declining Revenue
Rising Stone published its first half-year accounts as a listed company on October 28, 2026. The figures reveal a discrepancy: revenue is declining while profitability is increasing at each level of the income statement. The Alpine property developer-constructor also confirmed targeting net income between €15.2 million and €16.0 million in 2026.
This discrepancy is based on two elements from the press release. The first half of 2025 included the sale of a building plot for €7.6 million, with no equivalent this year. Service provision now represents 51% of revenues, an integrated model that explains, according to management, the level of its margins.
Net Income of €8.3 Million, Up 104%
The consolidated revenue for the first half of 2026 stood at €30.3 million, compared with €35.1 million a year earlier. Excluding the sale of land related to the Annapurna project, activity increased by 10%. The L'Alba, Le Lac Bleu and Ferragudo Bay programs contributed mainly to revenues, recognized on a percentage-of-completion basis.
Service provision (owner's representative, project management, interior architecture, owner services) reached €15.4 million, up 76%. They represent 51% of revenue, compared with 25% for the full fiscal year 2025.
Operating profit increased by 20% to €9.9 million, representing an operating margin of 32.6%, compared with 23.5% in the first half of 2025. Financial result stood at -€0.5 million and exceptional result was nil, compared with -€1.0 million a year earlier.
After €2.8 million in tax, net income from consolidated entities came to €6.6 million (+58%). The share of equity-accounted companies, mainly related to the Allodis program, added €1.7 million. The consolidated net income thus reached €8.3 million, compared with €4.1 million.
Net margin stood at 27.5%, compared with 11.6% a year earlier. This result exceeds the range of €8.0 million to €8.2 million that the group had announced before publishing its accounts. Net earnings per share came to €3.24.
Net Debt Reduced to 66% of Equity
Shareholders' equity was increased to €77.2 million as of June 30, 2026, up €31.8 million compared with end of 2025. This increase stems from the semester's results and the capital increase carried out in February 2026 during the listing on Euronext Growth.
Cash reached €28.1 million and financial debt €79.2 million, of which €50.5 million in drawdowns on bank financing for ongoing programs. Net financial debt stood at €51.1 million, representing a ratio of 66% of equity, compared with 87% at end of 2025 and 146% at end of 2024.
Inventories amounted to €120.5 million. The group notes that they are structurally high on June 30, with most deliveries occurring at year-end for the winter season. Deferred revenue, which corresponds to remaining revenue to be recognized on signed sales, reached €7.7 million.
In July, Rising Stone paid a dividend of €1.55 per share for 2025, totaling €4.0 million with a payout ratio of 40%. The group also owns the land for more than 85% of its programs, compared with 60% at the time of the listing.
2026 Target Confirmed Between €15.2 Million and €16.0 Million Net Income
Rising Stone confirms targeting consolidated net income between €15.2 million and €16.0 million in 2026, up 50% to 58% compared with the €10.1 million achieved in 2025. This range exceeds the €15 million targeted at the listing and represents earnings of €5.84 to €6.15 per share.
The consensus of surveyed analysts expected earnings per share of €6.09 for the current fiscal year, a level within this range. On this basis, the stock is trading at approximately 6.9 times expected 2026 earnings.
For the second half, the group plans to deliver Lac Bleu in Méribel in December 2026 (€113 million in business volume, 75% marketed), a program in which its stake increased from 34% to 64% in September. Allodis should be weathertight and airtight by year-end.
The signing of the promise of sale for the hypercentre project in Val d'Isère is scheduled for early November 2026, with the final deed expected in the first quarter of 2027. This program would bring the portfolio's projected business volume to beyond €1.1 billion, compared with €1,035 million on June 30, 2026.
The Himalaya plan targets net income of €30 million in 2028, with a minimum distribution rate of 40%. The group notes that its estimates depend on the progress of programs and commercial operations planned for the second half. First-half results already represent 82% of the full fiscal year 2025 net income.
