• Rising Stone, a developer and builder of high-end apartments and chalets in Alpine resorts and premium holiday destinations

• A highly resilient ultra-luxury real estate market, driven by the strong appeal of the French Alps, limited supply, and significant renovation needs

• Strong visibility over the coming years, supported by a sales pipeline of 15 projects and 3 third-party development contracts representing an estimated total business volume[1]
  of over €1 billion through 2030

• An integrated business model covering a broad range of the value chain, enabling tight operational control over projects in terms of quality, costs, and delivery schedules

• A clearly defined growth trajectory through 2028, targeting at least €155 million in revenue and €30 million in net income, representing a threefold increase over the 2026–2028 period compared with 2025

• An attractive dividend distribution policy, with a minimum payout ratio of 40% of net income starting in 2026 for the 2025 fiscal year

• A commitment to sustainability in addressing the environmental challenges specific to the mountains, alongside an accelerated ESG policy in connection with the IPO

• €5.6 million in subscription commitments already received as part of the planned IPO on Euronext Growth^® in Paris

• Rising Stone, a new listed player in the luxury sector, dedicated to high-end real estate

Rising Stone (the « Group »), luxury real estate creator & developer in Alpine resorts and premium holiday destinations, announces the approval by the French Financial Markets Authority (Autorité des marchés financiers, the « AMF ») of its Registration Document under number I. 26-001 on January 23, 2026.

The approval of the Registration Document is the first step of Rising Stone's planned IPO on the Euronext Growth^® market in Paris, subject to market conditions and AMF's approval of the IPO related prospectus.

This planned IPO aims to support the continuation of Rising Stone's growth strategy by accelerating its development in Alpine luxury real estate and, in the future, expanding into other premium geographies. It also seeks to strengthen the Group's financial structure and increase its visibility among both institutional and private investors.

Jean-Thomas Olano, Founder & CEO of Rising Stone, stated:

“Rising Stone's vision of luxury is built around the creation of living spaces where families and their loved ones can come together, recharge, and share unforgettable moments of togetherness, connection, and enjoyment. By adhering to these values, Rising Stone develops real estate assets in which every detail, from architecture to materials, is carefully selected to enhance the experience within a warm and refined environment.

Since 2016, we have built an integrated, differentiated, and resilient business model that delivers operational excellence and strong financial performance. This model is based on securing rare premium land assets, vertical integration of expertise, and long-term trust-based relationships with our clients and ecosystem. In 2025, we entered a major phase of our development, notably launching construction of our flagship project in Méribel, L'Allodis, scheduled for delivery at the end of 2027.

Our current portfolio of 15 development projects and 3 third-party contracts, with deliveries extending through 2030, represents a total projected business volume of €1 billion. This portfolio, which will drive our growth over the coming years, positions us to target a threefold increase in both revenue and net income by 2028 compared with estimated 2025 figures.

We wish to associate institutional and individual investors with these well-managed prospects by offering them the opportunity to become shareholders of Rising Stone, and to share, beyond our value creation trajectory, a unique, long-term, wealth-driven vision of luxury real estate in the mountains. We have already received expressions of interest from investors, translating to date into subscription commitments totaling €5.6 million. In this regard, I am pleased to welcome the Fideas ACT For Climate SICAV as a future shareholder of Rising Stone, which will also support us in defining and steering our strategy to reduce greenhouse gas emissions.

By combining architectural excellence, a unique living experience, and sustainable long-term asset performance, Rising Stone offers a new investment opportunity in the luxury sector.”

Rising Stone, a creator and developer of luxury real estate in the heart of the French Alps

Founded in 2016 by Jean-Thomas Olano, Rising Stone imagines, designs and builds chalets and apartments to the highest luxury standards in prestigious Alpine resorts (Méribel, Courchevel, Val d'Isère, Megève, etc.) as well as in premium holiday destinations.

The Group stands out through a unique positioning defined by a fully integrated offering: sourcing and acquisition of ultra-premium land assets, high-end design and construction, interior architecture and renovation services, tailored wealth advisory support, and excellence-driven services (high-end para-hotel services, concierge services).

Since its inception, Rising Stone has designed, built and marketed more than 22,000 sqm of real estate projects.

Among the Group's flagship developments are the Village de l'Orée, a residence of over 4,100 sq.m comprising 25 apartments with concierge services and a restaurant; the Grands Chalets des Pistes, a 4,400 sq.m complex bringing together 25 apartments and three chalets with concierge services and wellness areas; and Alba, a recently completed 3,200 sq.m residence featuring 18 apartments, wellness facilities, concierge services and a retail gallery. In addition to these projects, the Group has delivered numerous private chalets, including the 620 sq.m Himalaya Chalet, whose architectural quality and guest experience were the subject of a feature broadcast on Netflix.

These achievements illustrate Rising Stone's ability to simultaneously manage large-scale projects over long development cycles while maintaining an uncompromising level of quality and standards.

To date, Rising Stone holds a land portfolio currently under development, comprising 15 real estate projects and 3 third-party development contracts, which will contribute to the Group's activity through 2030.

The Rising Stone signature, from architectural design to material selection

Every project developed by Rising Stone is conceived as a unique creation, featuring an original, elegant and timeless architectural signature, designed for demanding environments.

The choice of materials is a key element, reflecting the Group's commitment to quality, aesthetics and environmental responsibility. Each property incorporates noble and durable materials such as solid wood and natural stone, which harmonize perfectly with the surrounding mountain landscape. These carefully selected materials preserve the authenticity of the buildings while ensuring their longevity.

Each property is the result of expert craftsmanship and close collaboration between architects, interior designers and artisans, in order to reflect the refined art of living sought by clients. Rising Stone's interior architects provide an exceptional level of service at every stage of the project, from spatial design to the selection of finishes, creating residences that embody their clients' lifestyles and aspirations.

The French Alps: an attractive luxury real estate market driven by rare and exclusive assets

Over the past twenty years, luxury real estate has become firmly established in many high-end ski resorts in the French Alps. Buyers are increasingly drawn to high-standard properties offering wellness and leisure facilities, lifestyle experiences, and private concierge services.

Interest from HNWIs (High Net Worth Individuals) in high-altitude resorts continues to strengthen. For this growing population segment (23.8 million HNWIs worldwide in 2024, up +2.6%, including 2.4 million individuals with assets exceeding USD 5 million[2]), luxury real estate assets are viewed as truly exclusive investments offering long-term value appreciation, comparable to works of art, collectible automobiles or fine watchmaking pieces.

In this context, the mountain luxury real estate market has experienced sustained growth in recent years. Between 2019 and 2024, the cumulative increase in the average price per square meter in the French Alps reached +42%[3]. Over the same period, prices in resorts such as Courchevel, Val d'Isère and Méribel rose by +30% to +45%³. This trend has been largely driven by price increases in the heart of premium resorts, particularly for very high-end and ultra-luxury properties.

Over a twenty-year period, real estate in French Alpine resorts have increased in value by +197%[4], positioning France just behind the United States (+228%) and ahead of Austria (+95%) and Switzerland (+94%).

This momentum reflects the lasting appeal of premium resorts in the French Alps, the world's leading ski destination, supported by “snow-sure[5]” high-altitude resorts that are increasingly evolving into year-round, four-season destinations.

A luxury real estate market in the French Alps valued between €3.4 bn and €3.9 bn

The mountain luxury real estate market is made up of two complementary segments: the development of new properties and the renovation of existing prestigious assets. Together, these two segments represent a total market estimated between €3.4 bn and €3.9 bn per year[6].

With 1,300 to 1,500[7] new luxury properties sold annually in the French Alps, concentrated in premium resorts, the new-build segment accounts for approximately 75% of the luxury real estate market. The renovation of prestigious properties, with 1,500 to 2,000⁷ units currently renovated per year, represents only 25% of the market, but is expected to grow in the coming years due to the significant volume of mountain properties requiring restructuring and modernization.

This dual dynamic, developing new programs and renovating historic luxury assets, offers a wide range of opportunities, at the core of Rising Stone's development strategy.

An integrated, vertically structured, and value-creating model

Since its inception, Rising Stone has built its business around an integrated model, covering a wide scope of the luxury real estate value chain:

• Sourcing & acquisition of premium and ultra-premium land assets;

• High-end design & construction (project management and project engineering, technical architecture and urban planning, construction economics, site supervision, etc.);

• Interior architecture & renovation services (custom layouts, design & decoration, etc.);

• Tailored wealth advisory services (financial engineering, taxation, legal structuring, succession planning – in partnership with notaries and tax lawyers);

• Rising Stone excellence services (real estate transactions, rental management, property management, five-star para-hotel services, high-end concierge services, etc.);

Rising Stone relies on a multidisciplinary team of 52 experienced professionals[8], including architects, construction economists, structural engineers, interior designers, and in wealth management specialists. Dedicated teams for rental management, property management[9], and concierge services provide ongoing support to clients throughout the ownership of their property.

This operational expertise, critical in the challenging mountain environment (temperature variations, logistical constraints, and specific thermal regulations), is complemented by collaboration with specialized external experts, such as soil analysis and structural studies, as well as a network of qualified local craftsmen selected for their mastery of traditional techniques (timber framing, roofing, natural stone).

Vertical integration of expertise as a driver of financial performance

Rising Stone's choice of an integrated model allows the company to maintain full control over the value chain, limiting reliance on external providers and thereby retaining a significant portion of value creation at each stage of its projects. By internalizing key expertise, Rising Stone ensures impeccable execution quality, better control over project timelines, and optimized project costs.

Beyond economic efficiency, this integrated model provides Rising Stone with a competitive advantage in the luxury real estate market: the ability to design, produce, and deliver unique, flawlessly executed properties while generating high margins, significantly above those of traditional real estate developers[10].

In the first half of 2025, Rising Stone recorded consolidated revenues of €35.1 m (vs. €37.3 m in H1 2024), with an operating profit of €8.3 m, representing an operating margin of 23.5% (vs. €5.4 m and 14.6% in H1 2024), and a reported net profit (group share) of €4.1 m, or 11.8% net margin (vs. €3.4 m and 9.0% in H1 2024).

For the full year 2025, Rising Stone expects consolidated revenues of €48?m (vs. €68.8?m in 2024[11]) and a consolidated net profit of €9 m[12] (vs. €3.3 m in 2024).

On the balance sheet side, as of 30 June 2025, Rising Stone's equity amounted to €39.1 m, financial debt to €57.8 m (mainly consisting of construction drawdowns for real estate programs of €25.0 m and bond loans of €21.4 m), and available cash of €8.1 m.

Strengthened governance and accelerated CSR commitment with the IPO project

In preparation for its IPO, Rising Stone has established a strengthened governance, with a Board of Directors composed of five members, including three independent directors, as well as two specialized committees: an Audit & Risk Committee and a CSR Committee.

Rising Stone's presence in the heart of the French Alps, on exceptional natural sites, carries significant environmental responsibility. Corporate Social Responsibility (CSR), and in particular the sustainability approach, is a core commitment for the Group as part of its development. Each project is designed to harmonize with its natural and architectural environment, following principles of restraint and landscape integration:

• Noble and durable materials: reused aged timber, local stone, and natural slate, selected for their durability, low carbon footprint, and heritage value;

• Low-carbon techniques: use of lower-carbon concrete, thermal and energy optimization, and systematic waste sorting and recycling on construction sites;

• Renewable energy: integration of solar, geothermal, and wood-energy solutions, adapted to Alpine constraints;

• Water management policy: whenever possible, Rising Stone implements systems to reinject water into streams to maintain groundwater levels without disturbing local flora and fauna;

• Bioclimatic design: orientation, thermal inertia, and natural light are exploited to reduce energy consumption. Rising Stone pursues stringent certification standards: several flagship projects (notably Lac Bleu and Allodis) are seeking BREEAM certification (Building Research Establishment Environmental Assessment Method), the international benchmark for environmental building performance.

A secured pipeline of 15 luxury real estate programs and 3 third-party contracts, representing a projected business volume of €1 bn

With nearly 10 years of experience and growing recognition, Rising Stone aims to establish itself as the leading integrated and structured player in prestige real estate across premium resort destinations, particularly in the French Alps.

To date, Rising Stone's development portfolio consists of 15 new luxury real estate programs in which the Group owns, or is in the process of acquiring, the land, along with 3 third-party contracts[13] on behalf of private investors or family offices. These projects will underpin the Company's development through 2030.

The 15 new-build programs, located in Méribel, Courchevel, Val d'Isère, Auron, and Ferragudo (Portugal), comprise a total of 335 apartments and chalets covering more than 46,000?sqm. Several emblematic projects are included within these 15 programs:

• Le Lac Bleu: a new construction replacing the current Le Lac Bleu hotel in Méribel at 1,600?m altitude, featuring 28 apartments across 4,050?sqm;

• Allodis: situated in the prestigious Belvédère district, at the highest point of Méribel (1,750?m altitude), the Allodis Residence is an exceptional-scale project comprising 23 private apartments (150–400?sqm) with 5-star hotel services, totaling 6,000?sqm;

• Le Fontany: in the heart of Méribel-Mottaret Village, Le Fontany is Rising Stone's first full renovation project for resale as apartments (35 new units over 1,800 sqm), including energy performance improvements aimed at achieving an Energy Performance Index of B.

All projects are scheduled for delivery by 2030 and are at various stages of construction and pre-sales. The total projected business volume is €1,009?M (for the 2023–2030 period), with an average projected project margin[14] of 18.1%.

Rising Stone also leverages its expertise through three third-party projects, including a real estate development contract (CPI) for the construction of an exceptional chalet in Courchevel, and two service agreements for the construction of a 5-star hotel in Méribel (Hôtel Le Belvédère) and the full renovation of a 5-star hotel in Val d'Isère (Hôtel Le Christiania), all scheduled for delivery by 2027.

Acquiring new premium land assets and supporting team development and structuring

The IPO project[15] marks a major milestone in Rising Stone's development. It aims to provide the company with new financial resources, notably for the acquisition of additional premium land assets.

To date, Rising Stone has identified a pipeline of more than 130 potential land opportunities, mainly located in premium resorts in the French Alps (Méribel, Courchevel, Val d'Isère, Megève, etc.), in other high-potential international resorts, and additional leisure destinations in France (Riviera, Côte d'Azur) and abroad (Portugal, Dubai). This international expansion reflects the Group's strategy to export its unique expertise, built on the combination of luxury, bespoke craftsmanship, and the art of living.

Beyond the need to secure a portfolio of premium locations, the Group intends to strengthen its teams by recruiting strategic profiles to support the anticipated growth in activity.

The IPO will serve as a powerful lever for visibility, reputation, and credibility, enhancing Rising Stone's attractiveness to leading public and private counterparts, family offices, and institutional investors, whether to co-invest in future real estate projects or to establish strategic partnerships in the form of real estate development contracts (CPI) or service agreements.

A well-established growth trajectory: targeting at least €155 m in revenue and € 30 m in net income by 2028, combined with an attractive and sustainable dividend policy

Rising Stone sets out ambitious targets for 2028, based on the 15 luxury real estate programs currently under development and the 3 third-party contracts already underway.

The financial objectives associated with this development plan are as follows:

• 2026: achieve consolidated revenue of €75 m (vs. estimated €48 m for 2025) and consolidated net income above €15 m (vs. estimated €9 m[16] for 2025);

• 2027: reach consolidated revenue of €100 m and consolidated net income above €22 m;

• 2028: exceed €155 m in consolidated revenue and achieve consolidated net income above €30 m.

This development trajectory aims to triple both revenue and net income between 2026 and 2028 compared with the estimated 2025 figures.

Rising Stone has also established an attractive dividend policy, targeting a minimum payout ratio of 40% of consolidated net income starting with the fiscal year ending 31 December 2025, subject to legal and financial constraints.

Subscription commitments totaling €5.6 m

As of the date of the registration document and within the framework of its planned IPO on the Euronext Growth^® market in Paris, the Company has already received subscription commitments from Fideas Capital, specifically on behalf of the Fideas ACT for Climate SICAV, for a total amount of €3.5 m, and from Banque Transatlantique for an amount €2.1 m, representing total commitments of €5.6 m.

The subscription commitments are valid at a price of €58.30 per share, corresponding to a pre-money valuation of the Company of €120 m, prior to the completion of the capital increase as part of the IPO.

These subscription commitments will lapse if the Company's IPO is not completed by 30 June 2026 for Fideas Capital and by 28 February 2026 for Banque Transatlantique. The subscription commitments are intended to be fully honored, although they may be reduced in accordance with customary allocation principles.

In addition to its participation in this subscription commitment, the Fideas ACT for Climate SICAV will support the Company in its low-carbon transition efforts and in defining an associated transition plan, notably through the implementation of the “ACT Pas-à-Pas” methodology developed by ADEME.

Availability of the Registration Document

The Rising Stone Registration Document, approved by the AMF on 23 January 2026 under number I.26-001, is available on the Group's website (www.rising-stone.com) and the AMF website (www.amf-france.org), as well as free of charge upon request at the Company's registered office: 89 Boulevard de Courcelles, 75008 Paris.

The registration document contains a detailed description of the Group, including its business, strategy, financial position, and results, as well as the corresponding risk factors.

Risk Factors

Rising Stone draws the public's attention to Chapter 3, “Risk Factors,” included in the registration document approved by the AMF.

All information regarding Rising Stone's IPO project is available at
www.rising-stone-finance.com

About Rising Stone
Founded in 2016 by Jean-Thomas Olano, Rising Stone is a developer and builder of luxury and ultra-luxury real estate in the heart of the French Alps.
Rising Stone imagines, designs, and delivers chalets and apartments to the highest luxury standards in prestigious Alpine resorts (Méribel, Courchevel, Val d'Isère, Megève, etc.) as well as in premium holiday destinations. Since its inception, Rising Stone has designed, built, and marketed more than 22,000 sqm of luxury real estate projects.
Backed by a multidisciplinary team of 52 experienced professionals, Rising Stone offers end-to-end support: sourcing and acquisition of ultra-premium land assets, high-end design and construction, interior architecture and renovation services, tailored wealth advisory, and excellence-driven services (high-end serviced residences, concierge services).
Rising Stone holds a land portfolio under development comprising 15 real estate projects (335 chalets and apartments with a total surface area of more than 46,000 sqm) and 3 third-party development contracts, amounting to a total projected business volume of €1 bn through 2030.
In 2025, Rising Stone's estimated consolidated revenue amounts to €48 m.
More information at Rising-stone.com

Contacts

Appendix - Glossary

Business Volume
The Business Volume of a real estate program is defined as the total amount expected from the sale of the entire program based on the price per square meter forecasts established by the Company. It differs from the future cumulative consolidated revenue generated over the duration of the program (up to full delivery) in two respects:

1. The Group's ownership share in each project company varies by program. This implies that each project company is consolidated using an appropriate method (full consolidation, proportional consolidation, or equity method), which may result in only a portion of the revenues and margins being recognized, or, in some cases, no revenue being recorded at all;
2. Depending on the date at which this Business Volume is considered, the program may already be underway and may have already given rise to revenue recognized over time in the consolidated financial statements of prior periods, in accordance with the accounting method applied.

Overall Project Margin (before corporate tax)
For each project, it is defined as the sum of the Project Margin (before corporate tax) and the Integrated Services Margin (before corporate tax), to which a Success Fee may be added if applicable. These terms are defined in this glossary.

Project Margin (before corporate tax)
This is the margin (before corporate tax) generated by a project company for the program it hosts. It is calculated as the difference between revenues from the sale of the property (chalet or all units of a residence) and all costs incurred for its development (from design to construction, including land acquisition), marketing, financing, and various taxes, excluding corporate income tax.

Integrated Services Margin (before corporate tax)
This is the margin generated by the Group due to the internal integration of its skills and expertise. Among the costs incurred by the project company, certain services are provided by Group entities, generating an additional source of profitability beyond the Project Margin (before corporate tax). The services provided by the Group mainly relate to project management, structuring, and marketing and sales. The Integrated Services Margin is calculated before corporate tax. Since the project company exists only until the project is delivered to the owner(s), the Integrated Services Margin (before corporate tax) includes only services delivered from the design phase to project delivery. It excludes services that the Group may subsequently provide to the owner(s) in relation to property operation.

Success Fee
This is an additional, non-systematic source of remuneration, neither in principle nor in calculation method, that the Group may earn for a real estate program. It results from a case-by-case negotiation between the Group and co-investor(s) within a project company. It is included in the calculation of the Overall Project Margin (before corporate tax).

Readers are reminded that the “Project Margin (before corporate tax)”, “Integrated Services Margin (before corporate tax)”, and “Overall Project Margin (before corporate tax)” defined above are different aggregates from operating margin and net margin as reported in the consolidated financial statements, which are discussed in Chapter 5 of the registration document.

Disclaimer

This press release and the information it contains are not an offer to sell or subscribe to, or a solicitation of an order to buy or subscribe the shares of RISING STONE in any country. [Only in the press release published after approval of the Registration document by the AMF: No offer of shares is being made, nor will be made in France, prior to the approval by the French Financial Market Authority (Autorité des marchés financiers (the "AMF")) of a prospectus consisting of the registration document, which is the subject of this press release, and a Securities Note (note d'opération) (including the summary of the prospectus) which will be submitted to the AMF at a later date].

This press release constitutes promotional material and is not a prospectus within the meaning of Regulation (EU) No. 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the "Prospectus Regulation") which is part of domestic law of the United Kingdom in accordance with the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation").

This press release does not constitute and shall not be deemed to constitute a public offer, an offer to purchase or subscribe or to solicit the public interest in a transaction by way of a public offer.

This press release does not constitute an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States. The shares or any other securities of RISING STONE may not be offered or sold in the United States except pursuant to a registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or pursuant to an exemption from such registration requirement. RISING STONE shares will only be offered or sold outside the United States and in offshore transactions in accordance with Regulation S under the Securities Act. RISING STONE does not intend to register the offering in whole or in part in the United States or to make a public offer in the United States.

With respect to the member states of the European Economic Area other than France (the "Member States"), no action has been undertaken or will be undertaken to make an offer to the public of shares of the Company requiring the publication of a prospectus in any Member States. As a result, any shares of the Company may only be offered in Member States (i) to qualified investors, as defined by the Prospectus Regulation; (ii) to fewer than 150 natural or legal persons, other than qualified investors (as defined in the Prospectus Regulation) by Member States; or (iii) in any other circumstances, not requiring the Company to publish a prospectus as provided under Article 1(4) of the Prospectus Regulation; and provided that none of the offers mentioned in paragraphs (i) to (iii) above requires the publication of a prospectus by the Company pursuant to Article 3 of the Prospectus Regulation, or a supplement to the Prospectus Regulation pursuant to Article 23 of the Prospectus Regulation.

For the purposes of the provisions above, the expression “offer to the public” in relation to any securities in any Member State, means any communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities in that Member State.

These selling restrictions with respect to Member States apply in addition to any other selling restrictions which may be applicable in the Member States.

This document does not constitute an offer of securities to the public in the United Kingdom and is only directed at “qualified investors” (as defined in the Prospectus Regulation) and who (i) are investment professionals within the meaning of section 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as currently in force, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2) (a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order or (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activities (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the offer or sale of any securities may be lawfully communicated, directly or indirectly (all such persons being together referred to as the "Authorized Persons"). This press release is addressed only to Authorized Persons and may not be used by any person other than an Authorized Person.

Certain information contained in this press release are forward-looking statements, not historical data and should not be construed as a guarantee that the facts and data stated will occur. These forward-looking statements are based on data, assumptions and estimates considered reasonable by RISING STONE. RISING STONE operates in a competitive and rapidly evolving environment. It is therefore not in a position to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the materialization of a risk or combination of risks could lead to results that differ significantly from those mentioned in any forward-looking statement. RISING STONE draws your attention to the fact that forward-looking statements are in no way a guarantee of its future performance and that its actual financial position, results and cash flows and the development of the sector in which RISING STONE operates may differ significantly from those proposed or suggested by the forward-looking statements contained in this document. In addition, even if RISING STONE' financial position, results, cash flows and developments in the industry in which it operates are consistent with the forward-looking information contained in this document, such results or developments may not be a reliable indication of RISING STONE' future results or developments. This information is given only as of the date of this press release. RISING STONE makes no commitment to publish updates to this information or on the assumptions on which it is based, except in accordance with any legal or regulatory obligation applicable to it.

The distribution of this press release may, in certain countries, be subject to specific regulations. Consequently, persons physically present in these countries and in which the press release is disseminated, published or distributed must inform themselves and comply with these laws and regulations.

This press release shall not be published, distributed or disseminated, directly or indirectly, in the United States of America, Australia, Canada or Japan.

^[1] unaudited data – The definition of this indicator can be found in the Glossary at the end of the press release

[2] source: World Wealth Report 2025 - Capgemini Research Institute

[3] sources: Barnes, Savills, Collection Chalet, Cimalpes, Alpine Lodges, Figaro Immobilier, Sotheby's

^[4] source: Savills – The Ski Report - Winter 2025-2026 - November 2025

^[5] high-altitude ski resorts benefiting from the most optimal snow conditions, based on historical weather data

^[6] Rising Stone's estimation

[7] sources: Cimalpes, Savills, Barnes, FPI et Collection-Chalet

[8] headcount as of end of June 2025

[9] all services related to the operational and administrative management of a property on behalf of its owner (rental management, technical oversight, maintenance, management of charges, and tenant relations, etc.)

[10] source: Crédit Mutuel Immobilier (2025)

^[11] the 2024 revenue included sales under the “property trader” regime, recognized at completion, totaling €17.7?m, with a gross margin that is structurally lower than that of off-plan sales.

[12] after the impact of accounting error corrections recorded in H1 2025 but relating to prior fiscal years 2023 and 2024 (exceptional expense of €1.0 m)

[13] real estate development contracts (CPI) or service agreements contracts

[14] unaudited data – The definition of this indicator can be found in the Glossary at the end of the press release

[15] subject to market conditions and AMF approval of the IPO prospectus

[16] after the impact of accounting error corrections recorded in H1 2025 but relating to prior fiscal years 2023 and 2024 (exceptional expense of €1.0 m)