Anna Fyhrlund
Head of Investor Relations

Good morning, everyone, and a very warm welcome to the first quarter of Bonava 2026.

My name is Anna Fyhrlund, and I am Head of Investor Relations here at Bonava. Standing here in a sunny Stockholm, together with our CEO, Peter Wallin; and our CFO, Jon Johnsson. They will take you through the highlights of this report. And afterwards, we will end up with a Q&A, and you can start already now to type in your questions.

So with that, Peter?

Peter Wallin
President & CEO

Thank you very much, Anna, and good morning, everyone. Looking forward to take you through the Q1 here.

So if we take on the topic on Q1, looking at the markets, we are recording stable sales even though we have a lot of uncertainties kicking around in market. We are seeing the same trends as usual. We have seen for quite some time that the consumer segment is improving, and it's improving based on that we're seeing higher disposable income, maintaining a low level of unemployment and pent-up demand for housing, given that we have built so few sustainable new homes over the past 3 years in the market.

If I dig a little bit deeper, we are seeing a very high sales in -- across our Baltic cities that we are active in, and we are also seeing a building reservation rate in Germany. So, we started up a little bit weaker in the quarter, but then ending up at the same level more or less as at the end of last year. So, we see a good booking situation. And then