Operator

Welcome to Nexity's conference call on revenue and business activity for the first quarter of 2026. [Operator Instructions]

I will now hand over to Pierre-Henry Pouchelon, Group Deputy Managing Director and Charter Finance and the Development Division's performance. The floor is yours.

Pierre Pouchelon
Deputy Managing Director

Good evening, everyone, and thank you for joining us tonight for this webcast on Q1 business activity. I'm joined today by the Investor Relations team. And as always, there will be a Q&A period at the end of the presentation.

Let's start with our key highlights. First point on our business activity. A quick word on the housing market. Q1 2026 is very much in line with 2025. The residential market is still at a cyclical low with no real signs of recovery. Yet, the support measures announced at the start of 2026 have so far had very limited impact at the beginning of the year.

The first quarter was also marked by a high level of uncertainty for our customers given the highly downbeat geopolitical environment over this time period. In this context, 1,449 reservations have been registered, up 1% versus Q1 2025. I'll come back to this in a bit more detail in a moment.

As every year, and this is important to keep in mind, first quarter activity isn't representative of full financial year. That's a shortfall feature of the sector with Q1 traditionally being the weakest quarter. Bulk sales, which accounted for 50% of volumes signed in Q4 2025 alone are very seasonal, as you can see.

Second point, high-quality supply to sell. We're well positioned, 93% of our supplies are in high demand, Abis, A and B1 areas. And as a