Egged Wins Lithuania's Largest Electric Bus Tender to Expand Baltic Operations
Egged, Israel's largest public transportation company, has secured a major contract to operate electric bus lines in Vilnius, Lithuania, marking its expansion into the Baltic market following its presence in the Netherlands and Poland. The tender, valued at 424 million euros (approximately 1.5 billion shekels), grants Egged a seven-year concession with an option to extend for an additional three years. The contract is the largest for electric bus operations in Lithuania to date.
Egged won the tender through its subsidiary Toks, in which it holds a 51% stake. Egged acquired Toks in November 2025 alongside Lithuanian investment fund Zabolis, which owns the remaining 49%. The acquisition deal was worth 33 million euros. Under the tender terms, Toks will operate around 180 electric buses in Vilnius, covering an estimated annual mileage of 15.5 million kilometers.
Currently, Toks runs public transportation services in Vilnius and Klaipeda, including intercity and international routes, and owns the main bus stations in both cities along with three large logistics centers. Recently, Toks purchased a new 45-dunam logistics center for about 10 million euros to support the transition to electric public transport. Ahead of starting the new concession, Toks acquired an additional 40-dunam logistics site for bus operation, maintenance, and electric supply.
Egged is managed by Chairman Amir Levy and CEO Gilad Riklin. Its international operations include subsidiaries Mobilis in Poland and EBS in the Netherlands, where it operates approximately 1,100 buses with 3,800 employees, covering 80 million kilometers annually. In Poland, Egged runs about 370 buses across Warsaw, Krakow, and Wroclaw, and in the Netherlands, it operates around 720 buses. Last year, Egged also won a tender in the Zeeland region of southwest Netherlands.
Egged is majority-owned by Keyston, an infrastructure investment company controlled by Gil Deutsch, Roni Biram, and CEO Navot Bar. Keyston holds 65% of Egged, acquired in 2022 at a valuation of 5 billion shekels, recently increased to 6 billion shekels with the addition of investment house Meitav, which purchased 10% of the special partnership shares in March. Meitav's investment also includes partnerships with teachers' and kindergarten workers' funds.
Financially, Egged reported revenues of 1.37 billion shekels in Q1 2026, down from 1.44 billion shekels in Q1 2025, attributing the decline to the war in Israel and reduced income from the equipment fund. Net profit fell sharply from 116 million shekels to 25 million shekels year-over-year.
Egged's entry into Lithuania continues its international growth strategy. Recently, Egged Real Estate signed an agreement with Azorim to develop a residential and commercial project above an Egged bus parking lot in Beit Shemesh, with an investment of 300 million shekels excluding land costs.
