Operator

Hello, and welcome to the Group Bouygues Q1 2026 Results Call. [Operator Instructions]

Now I will hand the conference over to Frederique Delavaud, Head of Investor Relations. Please go ahead.

Frederique Delavaud

Thank you very much. Good morning, everyone, and thank you for joining us for the presentation of Bouygues' First Quarter 2026 results. This presentation will be led by Stephane Stoll, Senior Vice President and CFO of Bouygues Group. Stephane Stoll is accompanied by Christian Lecoq, CFO of Bouygues Telecom. Following their presentation, they will be answering your questions.

Stephane, I'll now give you the floor.

Stéphane Stoll
Senior VP & CFO

Thank you, Frederique. Good morning, everyone, and thank you for attending. Before listening our highlights, I would like to point out that, obviously, the global macroeconomic and geopolitical environment has remained during the first quarter, very uncertain and very volatile. And as always, Q1 results in our group are not indicative of first half of the year and fiscal year results due to usual seasonality, especially at Colas. That being said, I'm pleased to say that Q1 group results were quite solid. Therefore, we are in a position to confirm the group outlook for 2026.

Entering details, group sales were down 3.2% year-on-year. Half of the decrease being attributed