• Offering with initial gross proceeds of approximately €30.3 million, consisting of €25.0 million from a capital increase and €5.3 million from the sale of existing shares, potentially increased to a maximum total gross amount of €39.1 million (at the mid-point of the price range), including €28.8 million from the capital increase in the event of full exercise of the Extension Clause and €10.4 million from the sale of existing shares in the event of full exercise of the Over-allotment Option

• €18.9 million already secured through subscription commitments from 16 investors (including 4 existing shareholders), representing 79.1% of the initial capital increase amount (at the low end of the price range)

• Indicative price range: between €53.45 and €58.30 per share

• Subscription period: from 5 February 2026 to 17 February 2026 inclusive for the Open Price Offering, and until 18 February 2026 (12:00 p.m. CET) for the Global Placement

• Offering eligible for the PEA and PEA PME-ETI saving schemes, as well as for tax-deferred reinvestment under the contribution-and-disposal regime (Article 150-0 B ter of the French General Tax Code)

• 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, targeting a minimum payout ratio of 40% of net income, to be implemented starting in 2026 (for the 2025 fiscal year)

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

Rising Stone (the « Group »), a luxury real estate creator & developer in Alpine resorts and premium holiday destinations, announces the launch of its initial public offering (the “Offering”) with a view to the admission to trading of its shares on the Euronext Growth^® market in Paris (ISIN code: FR00140164Q1 – Ticker: ALRIS).

The French Financial Markets Authority (Autorité des marchés financiers, the « AMF ») approved the Company's prospectus on 4 February 2026, under approval number 26-015 (the “Prospectus”), comprising the Universal Registration Document approved on 23 January 2026 under number
I.26-001 (the “Registration Document”), the Securities Note dated 4 February 2026 (the “Securities Note”), and the summary of the Prospectus (included in the Securities Note).

This 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 initial public offering marks a key milestone as we entered a major phase of our development in 2025.

By 2028, we aim to triple our revenue and net income compared with our estimated 2025 levels. This ambition will be underpinned by our current portfolio of 15 development projects and 3 third-party contracts, scheduled for delivery through 2030 and representing a total expected development value of €1 billion.

The funds raised will enable us to acquire new premium land assets in prestigious resorts across the French Alps, as well as in other prime leisure destinations in France and internationally, thereby accelerating our growth strategy in luxury real estate. We also plan to strengthen our teams with key strategic hires to support the increase in our business activity.

Beyond this value-creation trajectory, becoming a shareholder of Rising Stone also means sharing a distinctive, long-term, wealth-driven vision of luxury real estate in the mountains. By combining architectural excellence, a unique living experience and sustainable long-term asset performance, we are offering investors a new 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).

Rising Stone relies on a multidisciplinary team of 52 experienced professionals[1], including architects, construction economists, structural engineers, interior designers, and wealth management specialists. Dedicated teams for rental management, property management[2], and concierge services provide ongoing support to clients throughout the ownership of their property.

Since its inception, Rising Stone has designed, built and marketed more than 22,000 sqm of real estate projects. Every project developed by Rising Stone is conceived as a unique creation, featuring an original, elegant and timeless architectural signature, designed for demanding environments.

For the full year 2025, Rising Stone expects consolidated revenues of €48?m (vs. €68.8?m in 2024[3]) and a consolidated net profit of €9 m[4] (vs. €3.3 m in 2024).

The French Alps: an attractive luxury real estate market driven by rare and exclusive assets, valued between €3.4 bn and €3.9 bn

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.

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%[5]. Over the same period, prices in resorts such as Courchevel, Val d'Isère and Méribel rose by +30% to +45%⁵. This trend has been largely driven by price increases in the heart of premium resorts, particularly for very high-end and ultra-luxury properties. This momentum reflects the lasting appeal of premium resorts in the French Alps, the world's leading ski destination, supported by “snow-sure[6]” high-altitude resorts that are increasingly evolving into year-round, four-season destinations.

The mountain luxury real estate market is made up of two complementary segments: the development of new properties (with 1,300 to 1,5005 new luxury properties sold per year) and the renovation of existing prestigious assets (with 1,500 to 2,000⁵ units currently renovated per year). Together, these two segments represent a total market estimated between €3.4 bn and €3.9 bn per year[7].

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 along with 3 third-party contracts[8] 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 15 projects are scheduled for delivery by 2030 and represent a total projected business volume of €1,009?M (for the 2023–2030 period), with an average projected project margin[9] 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.

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:

• 2025 estimates: estimated consolidated revenues of €48 m and estimated consolidated net profit of €9 m[10];
• 2026: achieve consolidated revenue of €75 m and consolidated net income above €15 m;
• 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.

A commitment to sustainability in response to the environmental challenges facing mountain regions, supported by an accelerated ESG strategy in connection with the IPO

Rising Stone's presence in the heart of the French Alps, in exceptional natural sites, entails 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.

Rising Stone intends to fully embed the development of its operations and its growth trajectory within a virtuous framework structured around ESG (Environmental, Social and Governance) criteria. Action plans have already been identified to further formalise the Company's commitments, strengthen its environmental policies and deploy more systematic monitoring and management of ESG performance indicators. In addition to its participation in this capital increase through a subscription commitment, the Fideas ACT for Climate SICAV will support the Company in its greenhouse gas emissions reduction strategy and in defining an associated transition plan, notably through the implementation of the “ACT Pas-à-Pas” methodology developed by ADEME.

Rising Stone's intention to accelerate its CSR strategy as part of its initial public offering is reflected in the extra-financial rating of 48/100 awarded in November 2025 for the 2024 financial year by EthiFinance, representing an increase of +18 pts compared with the 30/100 rating received for the previous year[11].

Rising Stone is ranked 80^th out of 150 companies within its peer group (companies generating less than €150 million in revenue). No controversies were identified, and EthiFinance estimates that 5% of Rising Stone's revenue makes a positive contribution to the United Nations Sustainable Development Goals (SDGs).

Fundraising to acquire new premium land assets and support team development and structuring

The IPO 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, thereby accelerating its growth strategy.

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.

The net proceeds from the issuance of new shares, amounting to approximately €22.0 million[12], will be used as follows:

• 90% of the funds will be allocated to the acquisition of new premium land assets essential to expanding the Group's project pipeline (beyond the 18 existing projects). These opportunities require immediate execution capabilities and the rapid mobilisation of resources. These additional projects will relate to both:
  1. the design and development of exceptional properties, through selective geographic expansion within the most prestigious resorts, complemented by a targeted international expansion; and
  2. the execution of major renovation and restructuring programmes of existing assets located in mountain areas.

• 10% of the funds will be dedicated to strengthening teams and digital tools, in order to increase the number of projects managed simultaneously, while preserving the standards of excellence and quality that underpin the Group's positioning.

The Company considers that it has sufficient net working capital to meet its obligations over the next 12 months, independently of the completion of the Offering, subject to compliance with the anticipated operating schedule (both in terms of the scheduling of works and sales).

Subscription commitments amounting to €18.9 million

As of the date of approval of the Prospectus, the Company has received subscription commitments from institutional investors representing a total commitment of €18.9 million, consisting of:

The subscription commitments are valid at a maximum price of €58.30 per share, implying a pre-money valuation of the Company of €120 million, prior to the capital increase to be carried out as part of the initial public offering.

These subscription commitments are not subject to any lock-up commitment in respect of the shares subscribed for or acquired. They are intended to be fully honoured; however, they may be scaled down in accordance with customary allocation principles (primarily in the event that subscriptions received under the Offering exceed the gross proceeds from the new shares).

Eligibility of the offering for PEA and PEA PME-ETI saving schemes

Rising Stone confirms that it meets the eligibility criteria for the French equity savings scheme (Plan d'Épargne en Actions, “PEA”) and the PEA PME-ETI, as set out in Articles L. 221-32-2 and D. 221-113-5 et seq. of the French Monetary and Financial Code. Accordingly, Rising Stone shares can be fully included in PEA and PEA PME-ETI accounts for individual investors who are tax residents in France.

Eligibility of the offering for tax-deferred reinvestment under the contribution-disposal regime

Rising Stone shares also constitute an investment eligible under Article 150-0 B ter of the French General Tax Code, which allows individuals who have sold shares contributed within three years of the contribution to benefit from the deferral of taxation in the event of a cash subscription, provided that the sale of the contributed shares whose proceeds are reinvested occurred before the entry into force of the 2026 Finance Act (currently pending adoption by Parliament).

A summary of the applicable tax regime is set out in Section 4.1.9 of the Securities Note. Interested parties are advised to consult their usual tax advisor regarding the taxation applicable to their specific situation, in particular with respect to the subscription, acquisition, holding, and sale of Rising Stone shares.

Availability of the Prospectus

The Rising Stone Prospectus 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 approval of the Prospectus should not be construed as an endorsement of the securities being offered.

Investors are urged to carefully consider the risk factors described in Chapter 3, “Risk Factors,” of the Registration Document, as well as in Chapter 3, “Risk Factors,” of the Securities Note.

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

Intermediaries & Advisors

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

Key Terms of the Offering

SHARE CAPITAL BEFORE THE OFFERING

The share capital amounts to €205,810, divided into 2,058,100 shares with a par value of €0.10 each, fully subscribed and paid up.

SHARE CHARACTERISTICS

Market: Euronext Growth^® Paris

Name: RISING STONE (formerly JTO MANAGEMENT) - ISIN Code: FR00140164Q1 - Ticker: ALRIS

Eligibility: PEA and PEA PME-ETI

OFFERING STRUCTURE

The distribution of the Offered Shares is expected to be carried out through a global offering (the “Offering”), comprising:

• A public offering in France, conducted as an open price offering, primarily intended for retail investors (the “Open Price Offering” or “OPO”), with the following provisions:
  • orders will be split according to the number of shares requested: A1 orders (1 to 50 shares inclusive) and A2 orders (more than 50 shares);
  • A1 orders will benefit from priority allocation over A2 orders in the event that all orders cannot be fully satisfied;

• A global placement primarily intended for institutional investors (the “Global Placement”), consisting of:
  • A placement in France; and
  • A private international placement in certain countries, excluding, in particular, the United States, Japan, Canada, and Australia.

If demand under the OPO so allows, the number of shares allocated to orders placed under the OPO will represent at least 10% of the total number of Offered Shares in the Offering, before any exercise of the Extension Clause and the Over-allotment Option.

The Offering will consist of an Initial Offering, an Extension Clause, and an Over-allotment Option, as defined below:

1. Initial Offering, composed of:

• The issuance of up to 447,388 Initial New Shares (the “Initial Primary Offering”); and
• The sale of up to 94,540 Initial Existing Shares by the minority selling shareholders (the “Initial Secondary Offering”).

The Initial Primary Offering and the Initial Secondary Offering will be conducted simultaneously. The Initial Secondary Offering is conditional upon the full subscription of the Initial Primary Offering, meaning that Initial New Shares will be allocated in priority over Initial Existing Shares in the event of under-subscription and any reduction in the size of the Initial Offering.

2. Extension Clause

In order to satisfy subscription and purchase requests received under the Offering, an additional issuance of up to 67,108 Additional New Shares, representing up to 15% of the Initial New Shares, at the Offer Price, may be carried out in agreement with the Joint Global Coordinators and Joint Bookrunners.

3. Over-allotment Option

JTO Holding will grant Portzamparc, acting as stabilizing agent on behalf of the Joint Global Coordinators and Joint Bookrunners, an option to purchase additional shares representing up to 15% of the total number of Initial New Shares, Initial Existing Shares, and Additional New Shares, i.e., a maximum of 91,355 Additional Existing Shares (the “Over-allotment Option”).

INDICATIVE PRICE RANGE

Between €53.45 and €58.30 per share

This Price range is indicative, and the final Offer Price may be set outside this indicative range.

GROSS PROCEEDS OF THE OFFERING (at the midpoint of the indicative price range)

• Approximately €30.3 million, assuming 100% subscription of the capital increase (€25.0 million) and full execution of the Initial Existing Shares (€5.3 million);
• Approximately €34.0 million, assuming full exercise of the Extension Clause, through the issuance of Additional New Shares for a maximum amount of €3.7 million;
• Approximately €39.1 million, assuming full exercise of both the Extension Clause and the Over-allotment Option, through the sale of Additional Existing Shares for a maximum amount of €5.1 million.

THEORETICAL MARKET CAPITALIZATION AFTER THE OFFERING

• Approximately €134.8 million, based on a 79,1% issuance at the Offer Price corresponding to the midpoint of the indicative price range;
• Approximately €140.0 million, based on a 100% issuance at the Offer Price corresponding to the midpoint of the indicative price range;
• Approximately €143.8 million, based on a 100% issuance and full exercise of the Extension Clause at the Offer Price corresponding to the midpoint of the indicative price range.

The potential exercise of the Over-allotment Option will not impact market capitalization, as it does not involve the issuance of additional shares.

SUBSCRIPTION COMMITMENTS

The Company has received subscription commitments from existing shareholders and third-party investors amounting to €18.9 million (representing more than 79.1% of the initial capital increase amount, based on the low end of the indicative Offer Price range), consisting of:

* at the midpoint of the price range and assuming 100% allocation of their orders

LOCK-UP AND SHAREHOLDING UNDERTAKINGS

Lock-up commitment from the Company: 180 calendar days following the settlement and delivery date of the Offering.

Lock-up commitment from Jean-Thomas Olano and JTO Holding (Jean-Thomas Olano's family holding, 100% owned): 360 calendar days following the settlement and delivery date of the Offering.

Lock-up commitments from 24 other existing shareholders: 270 calendar days following the settlement and delivery date of the Offering.

INDICATIVE TIMELINE

REVOCATION OF SUBSCRIPTION ORDERS

Subscription orders placed online as part of the OPO may be revoked online until the closing of the OPO, i.e., until 17 February 2026 at 8:00 p.m. (Paris time).

Retail investors are responsible for contacting their financial intermediary to confirm whether orders placed through other channels are revocable, under what conditions, or whether online orders can be revoked by means other than the Internet.

SHAREHOLDING STRUCTURE

As of the date of the Prospectus, before the Offering, in terms of share capital and voting rights:

(1) Family holding 100% controlled by Jean-Thomas OLANO – (2) Pledged to secure a bond issuance subscribed by the Group – (3) None of which holds more than 5% of the share capital or voting rights – (4) Family holdings owned by individual investors – (5) Mr. Jean-Thomas OLANO and JTO Holding act in concert with respect to the Company.

In terms of share capital, following the Offering:

(1) Family holding 100% controlled by Jean-Thomas OLANO – (2) Pledged to secure a bond issuance subscribed by the Group – (3) None of which holds more than 5% of the share capital or voting rights – (4) Family holdings owned by individual investors – (5) Mr. Jean-Thomas OLANO and JTO Holding act in concert with respect to the Company.

In terms of voting rights, following the Offering:

(1) Family holding 100% controlled by Jean-Thomas OLANO – (2) Pledged to secure a bond issuance subscribed by the Group – (3) None of which holds more than 5% of the share capital or voting rights – (4) Family holdings owned by individual investors – (5) Mr. Jean-Thomas OLANO and JTO Holding act in concert with respect to the Company.

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.

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.

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.

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] headcount as of end of June 2025

[2] 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.)

^[3] 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.

[4] 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)

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

^[6] high-altitude ski resorts benefiting from the most optimal snow conditions, based on historical weather data

^[7] Rising Stone's estimation

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

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

[10] 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)

^[11] This report, paid for by the Company, was prepared on 6 November 2025 and takes into account the procedures and governance to be implemented following the IPO.

^[12] based on a 100% issuance at the Offer Price corresponding to the midpoint of the indicative price range