Bankinter | CAF (CAF) announced on Wednesday contracts to supply 150 electric buses worth over €110 million. This includes 55 electric buses to Transldev Nederland, 50 to Warsaw and 42 charging infrastructure units, also in Poland.
Bankinter analysis team’s view: The bus division (Solaris) is standing out for its high level of orders, which brought the division’s order book at the end of Q2 2025 to €2.055 billion (2.2x 2024 sales). These new contracts add 5.4% to the order book. In addition, the division’s margin also improved in the first half of the year due to the bus mix, towards a greater contribution from ‘zero emissions’ with higher added value.
We would be somewhat more cautious, as the stock’s strong performance (up 53.9% in the year) leaves more limited potential.
