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VOL. 34. NUMBER 21 | NOVEMBER 13 – NOVEMBER 26, 2026

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SPECIAL REPORT INSIDE THIS ISSUE

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ABSL Forum 2026: Dare, Drive, Deliver The fourth annual Association of Business Service Leaders Forum was held in Hungary for the first time, bringing together business service leaders, policy makers and category-defining entrepreneurs. Guest speakers touched on enterprise transformation ownership, the ethical implementation of agentic AI, and cybersecurity.  14

TCS Hungary Moves From Scale to Value

As Tata Consultancy Services marks 25 years in Hungary, managing director Prabal Datta discusses how AI is reshaping customer expectations, why adaptability depends on investment in people, and how the company measures progress.  18

Glocally Speaking

SOCIALITE

Heart-warming Gauguin Show “Bonjour Monsieur Gauguin. The Circles of Post-Impressionists and Symbolists” at the Museum of Fine Arts is expected to be a sensation across the European museum art world, its organizers say. Running until Feb. 28, the exhibition features 150 masterpieces, including works supplied by the Musée d’Orsay in Paris and the Tate in London.  21

SPECIAL REPORT

ExxonMobil Hungary’s role increasingly extends beyond traditional support to responsibilities with regional and global reach. Nicole Biser, lead country manager at Budapest, and colleague, Ágnes Zoller, discuss NEWS the importance of integrated operations, shared values and community Weak GDP but Industry, partnerships.15

Retail Offer Hope

Hungary’s economy grew less than expected in Q3 2026, raising concerns that the country’s recovery may take longer than previously anticipated. GDP increased by just 0.1% q.o.q. and 1.5% y.o.y., reflecting a marked slowdown compared with the previous quarter.  3

BUSINESS

Coca-Cola Announces Record HUF 35 bln Investment Coca-Cola HBC Hungary will expand production and logistics at its base on the outskirts of Budapest through a HUF 35 billion multi-year investment, the largest development program in the firm’s Hungarian history.  10

News

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

IMPRESSUM EDITOR-IN-CHIEF: Robin Marshall EDITORIAL CONTRIBUTORS: Luca Albert, Anikó

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THE EDITOR SAYS

IN PRAISE OF REMEMBRANCE The Americans call it Veterans Day and hold it in such high regard that, even in that work-obsessed country, it is one of only 11 federal holidays. In the United Kingdom, many Commonwealth countries, and in France, it is known as Armistice Day, a name that recalls its origins. The 11th hour of the 11th day of the 11th month of 1918 was when the armistice, signed at 5 a.m. that morning, came into force, effectively bringing World War I to an end (though not formally until the signing of the Treaties of Versailles (Germany) and Trianon (Hungary) in 1919 and 1920, respectively). Back then, Europe could not imagine a return to the horrors of the Western and Eastern Fronts. It could not conceive of World War II, or the bloody breakup of Yugoslavia (a state that only came into being on Dec. 1, 1918), or Russia’s full-scale invasion of Ukraine. Because we also use Nov. 11 to remember these and all war dead, it is now also known as Remembrance Day. The poppy, the bright red flower that grew in the shell-scarred WWI battlefields of northern France and Belgium, has become its symbol. Hungary, whose political and military alliances put it on the opposing side to the Americans, British, French and Russians in both World Wars, does not mark the same observance, but as the picture in the Then and Now feature demonstrates, that does not mean its war dead are forgotten; far from it. In a country that gives greater prominence to All Saints (Nov. 1) and All Souls (Nov. 2), the Hungarian Ministry of Defense organized a commemoration on the latter date at the military section of the Fiumei út National Cemetery in Budapest’s District VIII. Remembrance Sunday is generally the closest to Nov. 11 and is marked with veterans’ parades and religious services across the United Kingdom and the Commonwealth. But there is also

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THEN & NOW

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• Value Creation. We have a nearly 30-year history of supporting the development of diversity and sustainability in Hungary’s economy. The fact that we have been a trusted business voice for so long, indeed we were the first English-language publication when we launched back on November 9, 1992, itself has value.

a Commonwealth War Cemetery site close to Budapest at Solymár, a gift from the Hungarian state to provide a central burial spot. It contains the graves of 210 servicemen of various nationalities, including Australian, Belgian, British, Canadian, French, New Zealand, Polish, and South African personnel. The vast majority were aircrew shot down over Hungary during WWII, though there is also one British sailor from WWI. It is a long-standing annual tradition that diplomatic representatives, military personnel and religious leaders, as well as a few hardy members of the public, gather at the cemetery, often a cold and windswept spot in November, for an ecumenical remembrance service and wreath-laying ceremony to honor those who lost their lives in war, and they did so again this year. They weren’t the only ones paying their respects on Nov. 8. British actor Henry Cavill (The Tudors, The Man from U.N.C.L.E., The Witcher), who was famously raised Catholic, is apparently back in Hungary filming the pilot of an undisclosed TV series. He visited one of Hungary’s most important Roman Catholic churches, St Stephen’s Basilica in Budapest, with his family, wearing a traditional red remembrance poppy, and shared a photo of the visit on Instagram with the following tribute: “Forever grateful to those who have fought and for those who gave their lives so that we can enjoy ours.” Meanwhile, if you are wondering what Hungarians celebrate on Nov. 11, it is Szent Márton-nap, a traditional Hungarian fall celebration of St. Martin of Tours, a 4th-century soldier-turned-bishop-turnedsaint, centered on food (especially roast goose and red cabbage), wine, folklore, and community. Robin Marshall Editor-in-chief

Photo by János Müllner / Fortepan / National Széchenyi Library

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In the black-and-white photo from the Fortepan public archive, dated 1915, a memorial pyramid erected by the Budapest City Council stands in the Fiumei út National Graveyard in Budapest’s District VIII. The monument was commissioned for All Souls’ Day to honor soldiers who had fallen on the battlefield during the early stages of World War I. In the modern color image from Nov. 2, 2026, a soldier lays flowers at the cemetery’s military section 52 during an All Souls’ Day commemoration organized by the Hungarian Ministry of Defense.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

News

• macroscope

GDP Misses Expectations, but Stronger Industry, Retail Offer Hope for Recovery

Hungary’s economy grew less than expected in Q3 2026, raising concerns that the country’s recovery may take longer than previously anticipated. GDP increased by just 0.1% quarter-on-quarter and 1.5% year-on-year, reflecting a marked slowdown compared with the previous quarter. However, stronger-than-expected industrial production and a rebound in retail sales in September offer some grounds for optimism, suggesting that the underlying performance of the economy may be healthier than the headline figures indicate. ZSÓFIA CZIFRA

The latest GDP figures published by the Central Statistical Office (KSH) fell short of market expectations. Analysts had generally anticipated quarterly growth of around 0.3% and annual expansion of between 1.7% and 1.8%. Instead, the economy barely expanded compared with the second quarter, when GDP rose by 0.6% q.o.q. and 1.7% y.o.y. The weaker-than-expected performance has prompted analysts to reassess their growth forecasts, although the outlook is not entirely negative. According to the KSH’s preliminary assessment, industry made the largest contribution to economic growth in the third quarter, while services continued to provide support. Agriculture, on the other hand, significantly dragged down overall performance.

Changes in Consumer Prices in Hungary (October 2025–October 2026)

Oct, 2025 Oct, 2026

Food Alcoholic beverages, tobacco products Clothing Durable goods Household energy, heating Other goods, fuels Services Total Source: KSH/National Archive/MTI

The detailed breakdown of GDP is not yet available, with KSH scheduled to publish the figures on Dec. 1. Nevertheless, the monthly sectoral data already provide some insight into the factors behind the slowdown. The most significant negative factor appears to have been the exceptionally poor performance of agriculture, largely due to the severe summer drought. Agriculture typically accounts for a relatively large share of economic output in Q3, when harvesting activities peak. Consequently, the weather-related decline may have had a disproportionately strong impact on overall GDP. According to Orsolya Nyeste, senior macroeconomic analyst at Erste Bank, the agricultural downturn was probably even more severe than initially anticipated. This would explain why the stronger performance of industry was insufficient to offset the negative impact on economic growth. Indeed, industrial activity delivered a considerably more encouraging picture. Industrial production increased by 8.2% y.o.y. in September, following an upwardly revised growth rate of 8.8% in August. The September figure was significantly better than analysts had expected: Erste had forecast growth of 6.7%, while the market consensus stood at around 6%.

Maintaining Momentum

On a monthly basis, industrial output also maintained its momentum, expanding by 0.9% after seasonal and working-day adjustments. Over the first nine months of the year, industrial production increased by 4% compared with the same period in 2025.

Although September’s detailed figures are still to come, KSH was able to report that production had increased in most manufacturing subsectors. Among the largest industries, vehicle manufacturing, computer, electronic and optical products, and electrical equipment all recorded growth. The expansion in vehicle manufacturing likely reflects the gradual ramp-up of recently established production capacities, including facilities in Debrecen and Kecskemét. Meanwhile, growth in electronics manufacturing has been supported by production and export activity linked to investments in artificial intelligence. The expansion of electrical equipment manufacturing is another encouraging development, suggesting that industrial growth may be gradually spreading beyond the sectors that have driven production in recent months. The stronger industrial performance is also consistent with the latest foreign trade figures, which showed a substantial increase in exports in September. This suggests Hungary’s new manufacturing capacities are beginning to make a more visible contribution to external demand. Another positive signal came from the retail sector. Retail sales volumes increased by

4.3% y.o.y.

in September, exceeding expectations of approximately 3.5%. On a monthly basis, sales rose by 1.1%, recovering from the decline recorded in August.

The breakdown, however, revealed considerable differences between individual segments. Sales volumes in non-food retail increased by 8.7% y.o.y., while fuel retailing expanded by 6.2%. Food retail sales, in contrast, edged down by 0.1%. Despite that slight food retailing decline, the overall figures suggest that household consumption remains an important driver of economic activity. Retail sales increased by 4.3% over the first nine months of the year, indicating that domestic demand has continued to provide support even as business investment remains subdued.

Positive Surprise

Erste’s Nyeste considers the September figures a positive surprise, reinforcing expectations that household consumption made a meaningful contribution to GDP growth in the third quarter. Rising real incomes are expected to continue supporting consumer spending in the coming quarters. This could help sustain economic activity even if investment remains weak and the external environment continues to present challenges. Despite the disappointing Q3 figures, analysts expect economic growth to accelerate towards the end of the year, provided that industrial momentum is maintained. Dávid Németh, chief economist at K&H Bank, expects GDP to expand by

0.3% q.o.q.

and 1.7% y.o.y. in the fourth quarter. Based on this outlook, Hungary’s economy could achieve annual growth of approximately 1.7% in 2026. Erste is somewhat more optimistic, maintaining its forecast of 1.8% growth for the year as a whole. One potential source of additional momentum is the expected start of production at BYD’s new factory in Szeged in the final quarter, which could support both industrial output and exports. Looking further ahead, however, the outlook remains relatively cautious. K&H has revised its 2027 growth forecast down from 2.4% to 2.2% following the weaker-than-expected GDP figures. Erste, meanwhile, continues to expect growth of 2.5%. Several factors could support a gradual recovery next year. The expected acceleration in the absorption of EU funds could stimulate investment, while improved economic conditions across Europe, particularly in Germany, could boost Hungarian exporters. The gradual expansion of recently completed industrial capacities could also strengthen manufacturing output. Nevertheless, a broad-based investment recovery remains uncertain. Companies remain hesitant to commit to major projects amid weak profitability, rising tax burdens, and uncertainty surrounding future government investment incentives. Although private consumption is likely to remain strong, it may not be sufficient on its own to generate a more dynamic expansion. Global economic risks and persistently high energy prices add further uncertainty to the outlook.

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News

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Hungary refused to approve screening results for Ukraine’s final two European Union accession clusters for a third time, but as Budapest had put forward no new demands, Ukrainian officials reasoned it only needs more time to review the documentation. Meanwhile, Hungary’s Deputy Prime Minister and Minister of Foreign Affairs Anita Orbán has called EU membership by 2030 an unrealistic target. NICHOLAS PONGRATZ

“The Hungarian representative again refused to approve the screening results for Clusters 4 and 5,” EU diplomats told European Pravda after the Nov. 3 meeting of the Council of the EU’s Working Party on Enlargement (Coela) in Brussels. According to the Ukrainian outlet’s sources, Budapest held its position and gave no indication of what would enable the process to move forward. The refusal followed Hungarian objections at Coela’s Oct. 20 and 27 meetings and leaves Cluster 4, covering transport, energy and climate policy, and Cluster 5, covering agriculture, cohesion and budget provisions, as the only two of six not yet opened. On the day of the meeting, Taras Kachka, Ukraine’s new envoy to the EU, played down Hungary’s objections. “I think that this word block misleads us,” he told Euronews. “There are no substantive requirements, disagreements, or concerns,” he said. He added that the minority education issue had been resolved and that the amended rules were already being implemented in Ukrainian schools.

Photo by Gints Ivuskans / Shutterstock.com

Ukraine Taking Relaxed Public Ukraine Stance on Hungarian ‘Blocking’ Crisis Roundup

File photo shows Minister of Foreign Affairs Anita Orbán at a press conference following a meeting with her Latvian counterpart Baiba Braže in Riga, Latvia on Sep. 9, 2026. Orbán has said Ukraine’s ambition to join the European Union by 2030 is an unrealistic timetable. He said Budapest had requested additional time to review several hundred pages of documentation underpinning the next stage of negotiations, and expressed confidence that both clusters could open before the end of the year. Other Ukrainian officials offered the same reading in the days that followed.

the end of 2028 as ambitious, saying it would require significantly faster reforms in the judicial and anti-corruption spheres, and listed implementation of the national minorities action plan among the tasks still ahead.

Constructive Approach

“Under the previous [Fidesz] government it really was blocking; they did not want to talk about it [EU accession]. Now they [Tisza] use different rhetoric, they have a more constructive approach.”

“Under the previous government it really was blocking; they did not want to talk about it,” Deputy Prime Minister for European and Euro-Atlantic Integration Vsevolod Chentsov said at the EU Accession Exchange Forum the following day. He explained that since Hungary had not been actively involved in the front-loading work that prepared Ukraine for the clusters, it now needed to go through the documents. “Now they use different rhetoric, they have a more constructive approach,” he said. Ukraine’s ambassador to Hungary, Fedir Shandor, made the same case in an interview with the Ukrainian news agency Unian, published on Nov. 8. “There was no blocking at all. The Hungarian government did not block the opening of the fourth and fifth clusters but took the matter for further study. They have the right to do so,” he said, adding that every country defends its own interests. Meanwhile, the European Commission’s annual Enlargement Package, published on

November

found that Ukraine had met the conditions to open both remaining clusters and called for them to be opened by the end of the year. It described Kyiv’s goal of concluding negotiations by

When asked whether Ukraine could join the EU by 2030 at a joint press conference with Lithuanian Foreign Minister Kęstutis Budrys in Vilnius the following day, Orbán said, “We do not consider this realistic.”

Significant Progress

While crediting Ukraine with significant progress in opening four of the six clusters, she added that Budapest strongly supports a merit-based process, that every candidate must go through the same procedure Hungary did and that it does not support accelerated accession. For his part, Budrys said 2030 remained possible if the EU acted quickly enough and Ukraine carried out the necessary reforms. The Hungarian and Ukrainian governments plan to continue talks at ministerial level this

month. Orbán had said after Prime Minister Péter Magyar and President Volodymyr Zelensky met in Brussels on Oct. 16 that the talks would aim to strengthen economic cooperation, energy security ties and humanitarian assistance. Ukrainian Foreign Ministry spokesman Heorhii Tykhyi said on Oct. 30 that a Hungarian-Ukrainian intergovernmental commission would meet this month, with an agenda running from economic cooperation to minority rights and including the two remaining clusters, and thanked the Hungarian side for its constructive position. On minority rights, Shandor said the two countries had settled five of Budapest’s

conditions

for supporting Ukraine’s accession and planned to resolve five more next year. The last of these, parliamentary representation for national minorities, requires constitutional changes that cannot be made while martial law is in force, and he said the Hungarian side had accepted a longer deadline for it. Asked when Magyar and Zelensky would follow up on their Oct.r 16 bilateral, Shandor said it would be this year. Whether the meeting takes place in Berehove (the cultural center of the Hungarian minority in Ukraine, and known to Hungarian-speakers Beregszász), as Magyar has proposed, was a separate question of logistics and protocol, he said. “But Berehove will certainly come.”

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

PARTNER CONTENT

Battery Execs Gather in Debrecen to Urge a Competitive, Sustainable Industry The 6th Hungarian Battery Days moved to a new venue, Debrecen, to bring together experts, executives and decision-makers from more than 200 companies across over 20 countries to discuss everything from technological advances in battery manufacturing and sustainability to European competitiveness and the circular economy. BBJ STAFF

Billed as the region’s leading battery industry event, and organized by the Hungarian Battery Association (HUBA) and White Paper Consulting, the first day of the event, Nov. 4, featured a professional conference, followed by site visits to CATL, BMW Group and Semcorp on Nov. 5. The venue choice was deliberate, highlighting Debrecen’s prominent role in the industry: an ecosystem unique even by European standards, encompassing almost the entire value chain. In 2026, Europe is expected to record the strongest growth in electric vehicle sales among the major markets, at 20%. By 2035, EVs could account for more than 90% of all vehicle sales.

News | 5

The first panel examined regulation in the context of competitiveness. Participants agreed that the keys to competitiveness are a strong legacy in the vehicle industry, extensive production knowledge and a strong research and innovation community. Europe should focus on developing niche markets such as data centers and defense, and transferring the knowledge and technologies gained there to high-volume, cost-sensitive markets.

Strong Enthusiasm

The Competitiveness and Regulation roundtable at the 6th Hungarian Battery Days conference in Debrecen. Central Europe plays a leading role in battery exports, with Poland ranking first and Hungary second in Europe. Demand for battery storage is also rising sharply, making it the fastestgrowing energy technology today. Europe’s battery storage capacity could increase sixfold from its 2024 level, reaching nearly 120 GWh by 2029. Meanwhile, the EU is working to strengthen its competitiveness, reinforce the value chain, and introduce new regulations. “We critically need discussion and also investments in the battery recycling industry and also research and development,” Péter Kaderják, managing director of the Hungarian Battery Association, highlighted in his welcome remarks. “With all this, we can really translate the very fashionable European slogan ‘Made in Europe’ into local success and make Hungary a place of excellence in this industry.”

Community Outreach

Liang Qin, executive general manager of CATL Debrecen, acknowledged that outreach to the local community is a priority for the company.

“At CATL, the discipline that drives our technology also drives our environmental work. Precise manufacturing means less waste. Less waste means less energy and less water for every battery we make. In Debrecen, we are applying this step by step,” he said. “We know that trust is not built with words. It is built with results that people can check. That is why we measure our progress, and we will keep reporting it openly. Powering the future means more than building better batteries. It means making them responsibly, together with the community where we work, he vowed. Marie-Elisabeth d’Ornano, global certification director at LCIE Bureau Veritas, a French-headquartered multinational specializing in testing, inspection and certification, also discussed trust, which “can be built, tested, or lost at every stage of a battery’s journey,” as she put it. “If they want a competitive advantage, companies should move beyond a reactive, regulation-by-regulation approach and develop their own long-term data strategies,” she added.

A discussion on the energy storage market highlighted that the new Hungarian government shows strong enthusiasm for expanding such systems, given their crucial support during a partial shutdown of the Paks Nuclear Power Plant earlier this summer. Ábel Suri, solutions director at Huawei, offered insight into one of the latest developments in integrating energy storage systems: grid-forming mechanisms, their standardization, and implications for markets. Liuba Andreeva, COO of CapaloAI, shared how AI can unlock new revenue streams from battery energy storage. Anita Simon, deputy CEO responsible for sustainability and circular economy at Alteo Group, and Olaf Rogge, business development manager for recycling at BASF Battery Materials, discussed recycling and critical raw materials. Rogge noted that the company’s Hungarian subsidiary has obtained the permits to collect battery waste in Hungary. Processing currently takes place at the German facility, but this could also become possible in Hungary in the longer term. Key takeaways from the panel discussion on Debrecen’s battery industry included how the city attracted more than EUR 12 billion in new investments between 2015 and 2025, creating over 20,000 new jobs. Improving water management was a key priority: the city treats about 40,000 cubic meters of wastewater every day. Representatives of CATL, EVE Power, and Semcorp all emphasized the importance of reducing environmental impact and cooperating with authorities and civil society organizations.

30 10 2026 – 28 02 2027

Paul Gauguin: Portrait of a Young Woman. Vaïte (Jeanne) Goupil, 1896 (detail) Museum Ordrupgaard, Copenhagen

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News

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

GTC Officially Opens Centerpoint 3

Real Estate Matters A biweekly look at real estate issues in Hungary and the region

GTC has officially opened Centerpoint 3, the final phase of its Centerpoint office complex in Váci Corridor. The latest addition offers 36,600 sqm of modern office, retail, and service space, completing a project that now comprises more than 77,000 sqm in the heart of Pest’s District XIII. GARY J. MORRELL

“Centerpoint 3 is a tangible example of the direction in which GTC is moving. We are building on the strength of our existing portfolio and the experience of our local teams, while becoming a more integrated, agile and tenantfocused organization,” says Botond Rencz, CEO of GTC Group. Centerpoint 3 has been developed in line with LEED “Gold” certification. The

new development combines contemporary office space with landscaped terraces and an internal garden. These features create a highquality workplace environment while supporting GTC’s focus on sustainable and future-oriented real estate, the developer says.

Market Gap

“Uniqua Hungary has leased over 6,000 sqm as the anchor tenant, while we have also signed three other smaller agreements covering a total area of 1,250 sqm.

Three further deals are currently at an advanced stage, with heads of terms already signed,” comments Mihály Ország, chief corporate finance officer at GTC. “These transactions would bring the building’s occupancy to

around

58%.

We are seeing signs of a gap in the Hungarian market for new, more sustainable office space. This gives us confidence that Centerpoint 3 is well positioned to gradually reach full occupancy by mid-2028,” he adds. With its latest completion, GTC Hungary now manages an office and retail portfolio with a total gross leasable area of nearly 240,000 sqm. GTC Group has developed 82 office buildings and shopping centers totaling 1.4 million sqm in CEE. It currently manages a portfolio of 41 properties offering 687,000 sqm of leasable space in major cities across Poland, as well as in Belgrade, Bucharest, Budapest, and Sofia. Since 2024, the company has also owned nearly 5,100 residential units in Germany.

Gartner Intertrans Leases 8,000 sqm at Prologis Park Budapest-Gyál Gartner Intertrans Hungaria, an international transport and logistics company, has leased nearly 8,000 sqm of warehouse space at Prologis Park Budapest-Gyál. The expansion will support growing customer demand and strengthen the company’s position in the domestic and regional transport and warehousing markets. Gartner provides road and intermodal transport, warehousing and integrated logistics solutions tailored to complex supply chains. The company employs more than 1,000 people in Hungary and has a longstanding presence at Prologis Park BudapestGyál (25 km southeast of central

Prologis Park Budapest-Gyál lies about 18 km southeast of central Budapest and 17 km west of Budapest Airport. Budapest by road). Real estate agency 108 Real Estate supported the lease negotiations. “This project required a strategic location, a high-quality building and the ability to accommodate Gartner’s expansion at very short notice. We had the right space available at Prologis Park Budapest-Gyál and completed all lease formalities within a tight timeframe,” says Zsuzsanna

Hunyadi, leasing and customer experience director at Prologis. Prologis Park Budapest-Gyál comprises five buildings with a total of 152,000 sqm of warehouse and office space. The agreement with Gartner was signed under Prologis’ so-called “Clear Lease” simplified leasing model. Customers pay a fixed service charge covering the operating costs of the building and grounds for the duration of the lease, according to Prologis.

Industrial Leasing Activity Strengthened Leasing activity in the industrial market has strengthened in the third quarter of the year, with a year-to-date increase in gross take-up, according to Cushman & Wakefield. At 42,000 sqm, the period recorded the largest new transaction of the year. The consultancy sees high occupancy rates in new completions and falling vacancy rates in Budapest and the regions. The company has recorded 540,000 sqm of industrial and logistics space under construction, 47% of which is pre-let, and 76% located in the Greater Budapest area. The pipeline for the next nine months is dominated by the regional developer and park operator CTP, with five projects, while HelloParks (the I&L division of the Hungarian Futureal group) has two projects in the pipeline. At the end of the third quarter of 2026, the total modern industrial stock in Hungary amounted to 6.574 million sqm. In Greater Budapest, the modern industrial stock reached 4.17 million sqm, while that in provincial Hungary totaled 2.4 million sqm, according to the Budapest Research Forum, which comprises 108 Hungary Real Estate, CBRE, Colliers, Cushman & Wakefield, ESTON International, iO Partners, and Robertson Hungary. Falling Vacancy Rate The vacancy rate in Greater Budapest decreased to 13% in the third quarter; outside of the capital, it was 9.6%. The nationwide vacancy rate stood at 11.8% as of the end of Q3. The largest transaction of the quarter was a 42,800 sqm new lease agreement at HelloParks Páty for its PT5 building, while the largest transaction in the regional markets was a 16,260 sqm new lease agreement in WLP Debrecen West, a logistics and warehouse development by Weerts Logistics Park, located in Ebes, just west of Debrecen. In a recent letting, Arrow Electronics leased a 15,000 sqm warehouse at CTPark Budapest East, developed and operated by CTP in Üllő, southeast of Budapest, with Newmark VLK Hungary advising on the leasing process and fit-out.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Hungary’s Prevention Gap Puts Health and Household Finances at Risk

BENCE GAÁL

Health is widely regarded as one of life’s most important assets, yet it often receives sustained attention only when something goes wrong. Work, family responsibilities and everyday expenses can push preventive appointments down the priority list, even among people who understand their value. For many conditions, earlier detection can improve treatment options and help reduce the burden on patients and their families. The financial consequences of illness can also extend beyond medical expenses, affecting earnings, working arrangements and the time relatives devote to care. Allianz’s findings suggest that greater access could encourage participation. Nearly

64%

of respondents

said they would attend screening more frequently if more free opportunities were available. Nevertheless, fewer than half described screening as a regular habit.

Health Matters A monthly look at health issues in Hungar y and the region Photo by izzuanroslan / Shutterstock

Most Hungarians aged 25-55 visit a doctor only after a health problem emerges, despite recognizing the importance of prevention, according to research by Allianz Hungária. Just 44% of respondents report attending regular screenings, highlighting a gap between awareness and action that can have consequences for patients, families, and household finances.

Movember helps raise awareness of diseases like prostate cancer, but screening should be a more deliberate habit than something that is brought to mind once every November. The challenge, therefore, is to translate a broadly accepted principle into a practical routine: arranging appropriate examinations before symptoms make a medical appointment unavoidable. The issue comes into sharper focus during the fall season’s health awareness campaigns. October’s breast cancer initiatives highlight screening and early detection, while November’s Movember activities draw attention to men’s health, including prostate cancer. European figures illustrate the scale of Hungary’s participation gap. According to the European statistical office Eurostat, Hungary recorded the lowest breast cancer screening rate among EU countries with available data in 2024, at 27.2%. The indicator measures mammography participation among women eligible for organized screening programs, generally ages 50-69, within the previous two years or the nationally recommended screening interval. Denmark, Sweden and Finland each recorded participation above 81%.

Room for Improvement

The figures draw on administrative data from national screening programs, rather than every mammogram performed. Even so, the contrast highlights the considerable scope to improve participation in Hungary. Men face a different but equally important awareness challenge. Hungary has no organized national prostate cancer screening program, making individual attention to health and timely discussion with a physician particularly relevant.

Population aging adds to the pressure. A European Cancer Information System projection estimates that prostate cancer deaths could

News | 7

long-term savings: it requires a little time and energy today, but can pay off many times over later,” she says.

From Intention to Action

“The research also confirmed that the greatest challenge is often not recognizing that screening is important, but turning intention into action. Health insurance can also play a role here: services that support easier access and screeningrelated solutions can help make prevention a long-term habit rather than a onetime resolution,” Gyurica adds. The comparison with financial planning reflects the value of acting before an urgent need arises. Both require decisions whose benefits may become apparent only later, making them easy to postpone when more immediate demands compete for attention. Appropriate preventive care varies by age, health status and individual risk. Blood pressure, blood glucose and cholesterol checks, alongside relevant age-related screening examinations, can help identify certain risks or diseases before symptoms appear. The aim is to establish an approach suited to the individual, with medical advice helping determine which examinations are appropriate and how frequently they should take place.

increase

43%

by 2040 compared with 2022 across the EU and the European Free Trade Association countries covered. The projection assumes that underlying cancer incidence and mortality rates remain unchanged, isolating the effect of demographic developments. It underlines the growing importance of effective prevention, diagnosis and care as Europe’s population ages. Access involves both affordability and organization. Finding a suitable provider, arranging an appointment and fitting an examination around daily commitments can all influence whether preventive care becomes a regular practice. Health insurance can play a role in simplifying that process. Depending on the policy’s terms, packages may provide access to screening examinations and appointment coordination services, helping people establish a more consistent approach to looking after their health. “We tend to view our health and our finances in the same way: as long as everything is fine, we tend to push them into the background,” says Ildikó Gyurica, senior communications manager at Allianz Hungária. “Experience shows, however, that the most important decisions are made not when a problem arises, but much earlier. Regular screening is an investment in the future, just like

“The most important decisions are made not when a problem arises, but much earlier. Regular screening is an investment in the future, just like longterm savings: it requires a little time and energy today, but can pay off many times over later.” For employers, the findings also highlight the importance of making health services understandable and accessible. Employees who know what support they can use, and how to arrange it, may find it easier to move from general awareness to an actual appointment. The fall campaign season provides a useful reminder, but preventive care cannot be confined to October or November. Their lasting value lies in encouraging habits that continue throughout the year. Allianz’s research points to an opportunity: many working-age Hungarians are receptive to prevention, but participation has yet to catch up with that willingness. Reducing practical barriers and making appropriate screening part of a regular routine could help protect both household health and financial stability.

Business

No Hungarian Cases Reported in Europe’s Refrigeration Cyberattack Hungary does not appear to have been among the countries affected by the cyberattacks that hacked supermarket freezers across Europe, but the news is a reminder that such crimes carry real-world costs and impacts, and all organizations must remain vigilant, experts tell the Budapest Business Journal.

Hungarian authorities confirmed to the BBJ in a written response on Nov. 10 that they had received no reports of domestic organizations being affected by the cyberattacks targeting commercial refrigeration systems. “Our authorities have consulted on several occasions, and to date, no reports have been received of Hungarian organizations affected,” the Supervisory Authority for Regulatory Affairs (SZTFH) told the BBJ in a response issued on behalf of its cybersecurity director, Ferenc Szemeti. The authority clarified that cybersecurity incident reporting and response fall under the remit of Hungary’s National Cyber Security Center (NKI), rather than the SZTFH. In a Nov. 4 statement, the EU Agency for Cybersecurity (ENISA) said commercial refrigeration systems and similar devices in several EU member states had been affected

since

Oct. 11,

operation, and defrost cycles,” Krasznay explains. “If an attacker changes these parameters without authorization, the equipment may fail to maintain the required temperature while apparently continuing to operate.” Photo courtesy NKI CyberSec

GERGELY HERPAI

SZTFH cybersecurity director, Ferenc Szemeti. The consequences extend beyond technical disruption. Food can spoil, entire inventories may need to be destroyed, and business operations can be interrupted. In extreme circumstances, the equipment itself may be damaged.

with a further wave on Nov. 1-2. European agencies urged operators to “take immediate action to mitigate exposure.” “The most important difference is that while an attack on a conventional IT system primarily threatens the confidentiality, integrity or availability Food-safety Risk “The interruption of the cold chain can of data, an attack on an industrial also pose a food-safety risk,” Krasznay control system, or OT system, can directly affect physical processes,” Csaba warns. “Such an attack is therefore not merely an IT incident but an event Krasznay, associate professor at the with direct economic and potentially Budapest University of Technology and health-related consequences,” he says. Economics’ CrySyS Lab, tells the BBJ. However, he also cautions, “The fact “In a commercial refrigeration system, that a freezer has warmed up or that digital controls regulate, among its contents had to be removed proves other things, temperature, compressor

nothing in itself about a cyberattack.” Investigators need digital evidence, including system logs, unauthorized remote connections, altered configurations and network records. Linking an incident to the European wave requires further comparison of technical indicators, methods and timing. According to information supplied by foreign counterparts, every successful attack in the recent wave was carried out using a factory-set password, the SZTFH says. “Replacing the default passwords of newly acquired IT equipment immediately is a fundamental security requirement,” the authority said, adding that the incidents could have been prevented had this precaution been followed. The BBJ has not independently established whether default passwords explain every reported European incident. Krasznay identified the long operational lives of industrial equipment as another concern. “Many devices were originally not designed to withstand attacks originating from the internet,” he explains. “These devices often operate for

10 to 15 years

or even longer, while their software support may have ended,” he notes. “Remote access is not a problem in itself. The danger arises when control interfaces are directly accessible from the internet, weak or factory-set passwords are used, or service partners’ access is not properly regulated,” he adds. France’s national blood service, Établissement français du sang (EFS), has also reported that a Nov. 2 cyberattack on a refrigeration supplier altered temperature controls at three plasma-storage sites. “Temperature and defrosting thresholds were raised to extremely high levels,” the service says. Fortunately, monitoring alarms enabled staff to secure plasma products or transfer them to unaffected storage. “No health consequences have been identified, and no blood products were lost,” EFS says. Authorities have not established that the French blood-service incident and the wider retail attacks were carried out by the same perpetrators.

Operational Resilience

“An important principle of operational resilience is that the failure or compromise of a single system must not be allowed to cause serious

damage unnoticed,” Krasznay tells the BBJ. He emphasized the need for independent temperature measurement, functioning alarms, backup arrangements and rehearsed emergency procedures. Hungary’s cybersecurity framework also raises questions about responsibility for externally maintained equipment. According to the SZTFH, audit obligations can extend to the electronic information systems an organization can access, manage, use or influence, even when suppliers own them. The authority stressed that the foodsector provisions of the Cybersecurity Act apply to specified wholesale, industrial production and processing activities, not automatically to every retailer or logistics company. Photo courtesy of COcyber

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Csaba Krasznay, associate professor of the CrySyS Lab at Budapest University of Technology and Economics. By Sep. 30, some 2,220 organizations had submitted cybersecurity audit reports, and nearly 90% had passed their first audits, the SZTFH said in an Oct. 19 update. However, the food sector’s audit completion rate

stood at

70%,

with further improvements needed. It is important to note that these are audit figures, not incident statistics. For practical protection, Krasznay recommends identifying internetaccessible controllers, restricting unnecessary connections, reviewing contractor credentials, and checking whether alarms work independently of the primary control system. Measures must be coordinated with refrigeration specialists: a poorly planned update or disconnection could itself interrupt cooling. “What matters is not whether a company has written down what to do in an incident, but whether it can actually carry it out in practice,” he says. The SZTFH has circulated guidance and scheduled a presentation on Tuesday and Wednesday at an agricultural criticalinfrastructure resilience symposium. “It would be premature to claim mass attacks in Hungarian food retail. International warnings nevertheless justify checking local systems now,” Krasznay concludes. Indeed, the European experience underscores that cybersecurity is no longer solely about protecting information: it is about keeping physical operations running.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Business | 9

Rooftop Breakfast Offers Helicopter View of AI’s Impact on Pharma About 50 guests began their day in the beautiful setting of the Duchess Rooftop Bar of the Matild Palace Hotel Budapest for the seventh Pharma CEO Breakfast by the Budapest Business Journal and its professional partners, Pheonix Pharma and Benu. This time, the theme was AI and its impact on the pharmaceutical sector. BBJ STAFF

The keynote speaker for the event was Dr. Bertalan Meskó, Ph.D., The Medical Futurist and Director of The Medical Futurist Institute. His presentation was

included whether AI adoption in pharma is being held back more by the technology itself, organizational culture, regulation, legacy systems, or leadership. Which parts of the pharma value chain are likely to be transformed first by AI: R&D, clinical trials, manufacturing, commercial operations, or patient care? And where will the biggest impact ultimately be? Could AI fundamentally change the roles of scientists, physicians, and pharma leaders? What will humans still be uniquely good at, and what might we increasingly hand over to machines? The lively interaction between the panelists prompted several questions from the floor from pharma leaders keen to know more about how practical AI development might progress inpharma firms, the need to engage the government to drive through From left, moderator Robin Marshall with Dr. Miklós Garami greater data sharing, and for legal (speaking), Dr. Bertalan Meskó, Ph.D., and Ernő Duda. certainty around responsibility.

entitled “What Kind of Future are we Heading Toward? The Technological Trajectory of AI and its Potential to Reshape Healthcare and Pharma.” That was followed by a roundtable discussion, moderated by the Budapest Business Journal’s editor-in-chief Robin Marshall, for which Meskó was joined by Ernő Duda, a serial tech entrepreneur and angel investor with wide-ranging interests across

life sciences/biotech, AI, blockchain, and space technology, and Dr. Miklós Garami, professor of pediatrics and chief of the Pediatric Neuro-oncology Unit at the Center of Pediatrics, Semmelweis University. The roundtable began by establishing what the speakers believed was the most likely scenario: AI helping us cure cancer, creating catastrophic risks, both, or neither. Other topics

PARTNER CONTENT

Pirelli Earns Top Marks for Winter and All-Season Tires Pirelli’s fully renewed winter tire range has secured victories and podium finishes in independent European comparisons, with the Cinturato Winter 3, Scorpion Winter 3 and P Zero Winter 2 delivering strong results across different vehicle categories, the company says. BENCE GAÁL

Renewed over the past two years, the range covers sedans and crossovers, SUVs and high-performance cars. Pirelli Elect technology is also available for electric and plug-in hybrid vehicles. The Cinturato Winter 3 has achieved six podium finishes in seven comparative tests, including three victories. In ADAC’s 2026 winter tire comparison, it ranked first among 16 models tested in the 225/50 R17 size category. Its results included the best wet-weather score and the highest driving safety assessment, alongside strong efficiency and wear performance. The tire also won the AvD comparison, which assessed 15 tires in the 225/45 R17 category. Testers highlighted its

wet and dry performance, steering precision, stability, and braking. A third victory came in Auto Bild’s comparison of 14 tires in the 205/55 R16 size category, conducted using a Volkswagen Golf. The Cinturato Winter 3 earned an “exemplary” rating, with aquaplaning resistance, short wet braking distances, and precise handling among its strengths. It also reached the podium in comparisons by Auto Express, Auto Bild Allrad, and Tyre Reviews. The newly launched Scorpion Winter 3 won its debut comparison in Italian publication alVolante. Tested against five competitors in the 235/60 R18 size on an Alfa Romeo Stelvio, it delivered the shortest wet braking distance

and fastest wet lap time. The assessment also noted predictable snow performance and balanced dry-road behavior.

High-performance Recognition For high-performance vehicles, the P Zero Winter 2 secured a podium finish and an “exemplary” rating in Auto Bild’s annual comparison. The publication recognized its precise handling and braking performance on wet and dry roads. All three winter products are available in selected fitments with Pirelli Elect technology, developed to address the demands of electric and plug-in hybrid vehicles.

According to Pirelli, the technology combines low rolling resistance, acoustic comfort and durability with grip suited to the immediate torque delivered by electric motors. Reinforced construction accommodates battery weight, while compounds and tread patterns help manage traction in cold, wet and snowy conditions. Pirelli’s Cinturato All Season SF3 also recorded four victories and six additional podium finishes in the latest European comparisons. It won tests conducted by Auto Zeitung, Reifentester, Auto Express, and Que Choisir. Further podium results came from ADAC, Auto Bild, Auto Motor und Sport, AvD, and Tyre Reviews, covering various sizes and assessment methods. Pirelli positions all-season tires as an option for mainly urban drivers covering up to approximately 20,000 kilometers annually who rarely encounter heavy snow. Dedicated winter tires generally suit higher-mileage motorists, mountain travel, and high-performance vehicles. Its all-season range carries the ThreePeak Mountain Snowflake marking, indicating tested snow performance. The tire family now also includes the Scorpion All Season SF3, developed for SUVs, using the design approach established by the Cinturato All Season SF3.

10 | 2

Business

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Coca-Cola HBC Hungary will expand production and logistics at its base on the outskirts of Budapest through a HUF 35 billion multiyear investment, the largest development program in the firm’s Hungarian history. The announcement marks the regional center’s 30th anniversary and reinforces its role in supplying Hungary and 17 export markets.

Photo by Coca-Cola HBC Hungary

Coca-Cola Announces Record HUF 35 bln Dunaharaszti Investment

Automation had also reached the warehouse. In 2022, Coca-Cola HBC Hungary invested HUF 730 mln in AI-controlled robot picking at its Dunaharaszti distribution facility. The company introduced three robotic arms working in a separate 1,000 sqm area, supported by forklifts and smaller vehicles, to assemble orders, stack products on pallets and wrap them. Packaging has been another area of development. In December 2023, the company said that it had switched the multipack packaging for canned soft drinks to fully recyclable cardboard in 2022, reducing annual plastic use by 230 metric tons.

Largest Soft Drink Firm

“We opened our Dunaharaszti manufacturing plant 30 years ago. Since then, Coca-Cola HBC Hungary has become the country’s largest soft drink company, serving thousands of customers every day and working with hundreds of suppliers operating in Hungary,” said Ágnes Kovács, managing director of Coca-Cola HBC Hungary, at the anniversary event. “We are proud of the role we play in our country’s economy and in the lives of its communities. This anniversary gives us an opportunity to recognize the work and contributions of everyone who Minister of Economy and Energy István Kapitány with Ágnes has shaped our company and to Kovács, managing director of Coca-Cola HBC Hungary, continue creating value in Hungary and Zoran Bogdanovic, CEO of the Coca-Cola HBC Group. in the decades ahead,” she added. Alongside the industrial expansion, Coca-Cola HBC Hungary is marking The local purchasing relationship gives This record investment reflects our the anniversary with initiatives the company’s production and distribution unwavering confidence in the country supporting communities across operations a substantial network and will help us serve our trade partners the country. Since its launch in of Magyar business partners. and consumers even more effectively, September 2017, the #ÉnJövőm This is just the latest investment develop our operations and support program has helped approximately in Hungary. In December 2023, the future growth,” he added. company inaugurated a production line Coca-Cola HBC Hungary has two young people and a 3,000 sqm manufacturing hall manufacturing plants in Dunaharaszti in Hungary acquire confidence following a HUF 8.7 bln investment, and Zalaszentgrót (200 km southwest and the skills needed to succeed in equivalent to EUR 23 million at the time. of the capital), and eight logistics distribution centers, serving approximately That project increased production capacity the labor market. The company argues this support for future talent is an by 30%, according to the company. 50,000 retail and hospitality partners, effective contribution to long-term The line could produce up to 36,000 alongside the export business. economic growth. bottles of 1.75-liter carbonated soft A EUR 100,000 donation from drinks per hour. Robot-assisted changes Substantial Hungarian to the bottle-blowing equipment reduced the Coca-Cola HBC Foundation will Network fund a joint nationwide initiative with the time needed to switch between The company says it has invested the Hungarian Food Bank Association, packaging formats from 150 minutes to approximately HUF 140 bln in Hungary reaching people in need through over those 30 years. Its supplier network 30 local charitable organizations, and minutes, includes around 830 businesses operating extending the anniversary community in the country, accounting for approximately giving the plant greater flexibility activities beyond the company’s alongside its higher output. two-thirds of total supplier spending. production and logistics locations.

17,000

GERGELY HERPAI

Unveiled at its anniversary event on Oct. 28, the project includes new technologies and packaging solutions alongside the additional capacity. The company says the investment will support further export growth and strengthen Hungary’s position as a key Central European production and export base for Coca-Cola HBC. The scale of the announcement places the plant at Dunaharaszti (19 km south of central Budapest by road) at the center of the next phase of Hungarian development. It combines manufacturing investment with the logistics needed to move its products through an established domestic distribution network and onto markets beyond Hungary. “Our Dunaharaszti center has been demonstrating Hungary’s strength as a manufacturing base for

30 years,

as well as the decisive role that talent, commitment and partnerships play in our success,” said Zoran Bogdanovic, CEO of Coca-Cola HBC Group, speaking at the anniversary event where the investment was announced. “I thank generations of our colleagues, customers and partners for helping us reach this important milestone.

Coca-Cola and Hungary The group in Hungary comprises Coca-Cola Magyarország Szolgáltató Kft., a services and management company registered in Budapest, as well as Coca-Cola HBC Magyarország Kft., the local bottling and distribution operation; its collective contribution is measured across the wider value chain. According to “The Economic Impact of the Coca-Cola System in Hungary,” a study by Steward

Redqueen, a Dutch strategy and sustainability consultancy that specializes in measuring the economic, social and environmental impact of companies and industries, that value chain contributed HUF 286.1 bln to the Hungarian economy in 2024, equivalent to 0.4% of GDP. Tax payments generated across the entire value chain totaled HUF 154.7 bln, or approximately 0.5% of the state’s total tax revenue. The group also supported the creation and maintenance

of more than 15,100 direct and indirect jobs through its value chain, representing 0.3% of total Hungarian employment. The business describes its range as a “24/7 beverage portfolio,” covering morning coffee, daytime refreshments, and evening relaxation. That breadth is intended to provide choices for every drinking occasion throughout the week, serving the different needs of retail and hospitality customers.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Business | 11

Wealth Tax Enjoys Overwhelming Public Support, but Large Companies are Concerned The Main Rules in the Draft

GKI Research surveys reveal overwhelming public support for the proposed government tax, although larger businesses are unsure and wary of potential negative effects.

Threshold: The tax applies only to those with a net wealth above HUF 1 bln. Below that, there are no filing or payment duties. Rates: 1% on the part above HUF 1 bln, and 1.5% on the part above HUF 100 bln. Who pays?: Hungarian tax residents on worldwide assets, and non-residents mainly on Hungarian real estate and shares in Hungarian companies. Spouses have their own threshold.

KESTER EDDY

The Tisza government published its draft of its promised new wealth tax in October and is currently reviewing stakeholder comments on the details, with the law expected to take effect from the new year. The tax primarily targets high networth individuals resident in Hungary holding worldwide assets in excess of HUF 1 billion (see box). As economic think tank GKI sets out in its survey report, while the first payments are due only in August next year, the proposal has already “triggered heated debate,” with critics fearing capital flight, collection difficulties, and negative impacts on the economy. Meanwhile, the draft’s supporters, in line with the government’s declared aims, expect it to deliver a fairer distribution of the public burden. GKI’s September survey, involving 1,000 adult respondents, found that an overwhelming 85% of the public supports taxing wealth above HUF 1 bln, while just 9% disagree and only 6% reject the tax outright.

“If you want to raise more money from individuals, my first question would be, why not use the tax return? You know, if you think the wealthy should pay more, why not do a graduated rate of income tax? Instead, what you come in with is this idea of a brand new tax on individuals. [...] You’re going to get arguments around the value of property.” A retired tax professional, formerly with a Big Four company in Hungary.” Understandably, as the report admits, given that only about 0.2% of the adult population is likely to be directly affected by the tax, the high level of public support is easy to explain. “For the vast majority, the question concerns taxing a narrow group distinct from themselves,” it states. Quizzed further on the results, Máté Mihályi, the GKI report’s author, stressed that the survey revealed support spread evenly across all segments of the public.

Máté Mihályi, author of the GKI Research report.

“It’s the compliance. It looks to me like a money grab, with complex and potentially pretty intrusive compliance. You know, lists of assets and things [...] like jewelry?” A retired tax professional, formerly with a Big Four Company in Hungary.” “It is a majority in every group we examined, and it does not follow the usual assumption that a wealth tax is mainly a demand of lower-income people: support is lowest (79%) among households with a monthly income below HUF 300,000 and highest (91%) in the HUF 500,000–1 million band,” Mihályi told the Budapest Business Journal.

Owners and Businesses

While individuals pay the wealth tax, the new tax also indirectly affects companies, since owners’ stakes in their firms count toward the tax base. Hence, in a second GKI study conducted in October, GKI asked 650 companies: In your view, would the planned wealth tax affect your company’s operations? The sample was balanced across four sectors, comprising industry (25%), construction (21%), trade (28%), and services (26%). About half were microenterprises with fewer than 10 employees, 35% had 10–50 employees, and 13% were large firms with 50 employees or more. While individuals pay the wealth tax, the new tax also affects companies indirectly, since owners’ stakes in their firms count towards the tax base. Hence, in a second GKI survey, conducted in October, GKI asked 650 companies: Overall, 51% of respondents said there would be no effect on the company’s operations, 18% said there would be a perceptible effect, and 31% were unable to judge.

GKI reasoned that the high share of undecided respondents was likely due in part to the fact that, as the tax falls on owners, many companies were unsure how the burden would develop or how their owners would respond. The proportion of companies expecting an impact rises with size: among microenterprises (those with fewer than 10 employees) only 18% expect the tax to affect operations, with 27% unable to answer. In contrast, these figures are 29% and 38%, respectively, for companies with more than 250 employees.

Strongly Negative

GKI then asked companies expecting an impact what consequences they anticipated. Respondents could select more than one answer. Their responses were strongly negative. In its subsequent analysis, GKI argues that since reinvested profit is the main source of investment at many firms, the most obvious adjustment is to cut back investment. “This came up more often at larger firms: more than half of the affected companies with more than 10 employees

Assets covered: Real estate, company shareholdings, securities, cash, cryptoassets and certain insurance rights, plus art, jewelry, and collectibles worth more than HUF 3 mln each, and vehicles over HUF 10 mln. Documented debts linked to the assets reduce the base. Source: Leinonen Financial & Tax Advisory, Budapest

expect this, compared with 30% of micro-enterprises,” the report states. Two-thirds of the companies anticipating layoffs would also cut back investment, meaning such firms “are preparing for comprehensive cost-cutting,” it adds. Moreover, given that a third of these respondent companies also marked restructuring ownership or relocating part of their operations abroad, it is clear this group is seriously contemplating how to avoid the tax impact. As the report notes, “This is precisely the risk that the proposal’s critics fear, since whatever can be removed from the tax base through restructuring or relocation also reduces budget revenue and domestic economic activity.” However, GKI also cautions that as the answers indicate intentions, it is also possible that “some firms may also be expressing their opposition to [the tax] by emphasizing the consequences.”

Businesses Urge Amendments to Draft Law Business associations are coordinating their efforts in lobbying for changes to the government’s proposed wealth tax following the publication of its draft bill for public consultation. A group of 14 organizations, including the Hungarian Chamber of Commerce (MKIK), the National Association of Employers and Industrialists (MGYOSZ) and the Hotel and Restaurant Association (MSZÉSZ), has warned the government that according to the current draft,

the tax could create significant administrative burdens and unrealistic requirements on owners. The associations propose making investments, development projects, employee training, and contributions to public interest causes partially deductible from the tax liability, and request a more moderate 0.3-0.5% tax on assets in a lower HUF 1 bln-5 bln band, with special consideration for illiquid assets, listed companies, and start-ups.

12 | 2

Business

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Ryanair: ‘Huge Scope’ for Hungarian Aviation, but High Fuel Prices Threaten Industry pilots and cabin crew, bringing the total Ryanair roster in Budapest to 360 “highly paid” jobs, while supporting “almost 5,000” jobs indirectly across the country, Brady said. However, after briefly praising the Hungarian government for dropping the airport tax in 2025, Brady turned to Ryanair’s oft-repeated complaint: airport handling charges. “We have grown rapidly at plus 17%, since the government scrapped that [airport] tax [...] But we’re concerned that the airport is looking to increase charges by 2.5%, [and] that will erode some of the good work done by the government,” the CMO said. KESTER EDDY This, in turn, would hurt Budapest’s competitiveness and Ryanair has based an additional aircraft stymie passenger growth. Hence, at Budapest Ferenc Liszt International Ryanair is lobbying the government, Airport and launched its “largest ever” as the airport’s majority shareholder, winter schedule, comprising 54 routes in to reverse that policy and lower total (including eight it declared as “new,” the charges, enabling the carrier see box), serving the Hungarian capital, “to accelerate our growth even further Dara Brady, chief marketing officer, in the coming years,” he argued. told local media in late October. Pressed by the Budapest Business The newly based aircraft will support Journal for more specifics, Brady a 6% increase in passenger growth said that if the airport reduced its and directly employ 30 additional handling charges by 10%, “We’d have

The Irish low-cost airline bases its 12th Boeing in Budapest, expands winter schedules, criticizes airport fees, but warns of industry turbulence over fuel costs.

16 aircraft based here in Budapest and we’d be growing [...] much quicker.” As a result, Ryanair would launch 40 new routes and reach more than 10 million passengers annually in Hungary.

100+ Routes?

“It would take us to well over 100 new routes. We could start operations at additional airports and we’d be creating another 120 to 150 additional jobs directly, which would be about 500 indirect jobs. So, there is still huge scope for growth here in the marketplace,” he said. Quizzed if Ryanair had spoken directly to the government about the charges issue, Brady replied, “Yeah,

Budapest Airport Responds to Ryanair The BBJ wrote to Budapest Airport to ask whether the airport charges were set to rise by 2.5%, as suggested by Ryanair’s Dara Brady, and invited comment on his allegation that high charges were reducing the airport’s competitiveness and restricting potential growth in passenger traffic. The airport operator replied by email. “Budapest Airport has launched an airport charges consultation, which will impact tariffs from April 1, 2027. In accordance with the prevailing decree, airport users have been invited to participate in the process to conclude the consultation. The revised Tariff Manual will be published on the Budapest Airport website following approval by the Hungarian

Civil Aviation Authority in early 2027,” it said. “Budapest Airport does not comment on the discussions while the consultation process is ongoing.” The operator added, “Over the past three years, Budapest Airport has reported record-breaking results, and although the end-of-year travel season is still ahead, 2026 has already brought historic records. More than two million people traveled in July and August, while the start of fall brought 1,955,581 passengers, surpassing even the summer months of previous years. Such outstanding traffic results would not have been possible without competitive airport charges and [an] incentive scheme for airlines who increased their traffic.”

Future of Offices Defined by Quality, Flexibility, O ffice Life Sustainability, and Operational Efficiency The future of the office market in Budapest and across Central and Eastern Europe will increasingly be defined by quality, flexibility, sustainability, and operational efficiency rather than simply the expansion of office space, according to Valter Kalaus, managing partner at Newmark VLK Hungary. GARY J. MORRELL

Budapest’s modern office stock had reached 4.5 million sqm by the third quarter of 2026, with vacancy

standing at 13.1%. Total leasing activity reached 307,425 sqm in the first nine months, down 2% year-on-year, while net take-up fell 35%. Lease renewals continue to dominate activity, reflecting occupiers’

The Newmark VLK Hungary office in Budapest.

South Buda and the Central Business District, will remain competitive, while the gap between prime and outdated buildings will continue to widen,” he believes.

Quality Counts

With regard to the quality of office complexes in Budapest, leading office developments already meet Western European standards, the real estate expert argues. “But attracting a broader international developer base requires greater Valter Kalaus, managing partner economic predictability and investment at Newmark VLK Hungary. liquidity. Hungary’s commercial real estate investment market recorded approximately EUR 520 million in transactions during the first three preference for optimizing existing quarters of 2026, with just EUR 55 mln workplaces rather than relocating. transacted in the third quarter, entirely This environment is seen as favoring by domestic investors,” Kalaus notes. pre-let and build-to-suit developments “While full-year investment volume over speculative projects, while could approach EUR 900 mln, the refurbishment and repositioning are market remains highly selective becoming increasingly important. and dependent on domestic capital, “Tenants are prioritizing flexible underlining the importance of workplaces, energy efficiency, ESG attracting international investors and performance and greater control improving market liquidity,” he says. over operating costs, supported “Ultimately, we believe the next by advanced property and facility phase of the market will be driven management and transparent by quality over quantity, with occupiers utility monitoring,” comments prioritizing flexibility, sustainability and Kalaus. “Well-connected locations, long-term value,” Kalaus concludes. particularly the Váci Corridor,

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

A few days later, Ryanair reiterated its concerns, warning that it may need to freeze staff pay as part of wider cost cuts, saying that an expected sharp rise in airfares next year would likely not be enough to cover a soaring fuel bill, Reuters reported. The news agency wrote that a doubling in the price of unhedged jet fuel had contributed to a 6% fall in net profit to EUR 1.61 billion for Ryanair’s key Julyto-September quarter, although this was in line with expectations. However, Reuters noted, “While CEO Michael O’Leary said that higher fuel costs would certainly lead European Dara Brady, Ryanair CMO, proudly displays Ryanair’s assessment of airlines to increase fares by a doubleits winter schedules at a press conference in Budapest on Oct. 28. digit percentage next year, he was not sure Ryanair would reach the 20% needed to fully offset an estimated EUR we’ve been in touch. We’ve sent different USD 100 a barrel, or USD 1,100 a tonne. 2 billion, or 33%, jump in its fuel bill for communications to various people in But the pricing differential to convert it the financial year that ends in March the government. Obviously, outlining into jet fuel has also widened. If you’re 2028, based on current forward prices.” that if they can use their majority buying jet fuel, you’re running at about The agency quoted O’Leary as stating, ownership to, you know, convince the USD 1,500 – 1,600 a tonne. That’s up “Unless there is a swift resolution of the airport operators to lower charges, that from USD 700 on average last year.” Middle East conflict, we expect jet fuel we would grow much quicker here.” With many airlines already prices to remain elevated well into 2027.” Yet, for all the complaints about local struggling financially at 2025 prices, And yet, counterintuitively, fallout airport fees, Ryanair, like the entire the situation today will soon turn from the price hikes could eventually aviation sector, is already bracing critical, Brady reasoned. prove beneficial for Ryanair. for severe financial turbulence in “I think materially, an awful lot “This is going to take [airline] capacity the immediate future. of airlines, if fuel pricing doesn’t out of the market. Obviously, we will Speaking to the BBJ, Brady said: “You resolve itself going into next summer, have pain on the fuel side, but we have know, we’ve never seen [aviation] fuel airlines won’t be able to cover the the balance sheet. We’re debt-free pricing as high. People don’t understand. costs, and you’re going to see a lot at this point, having paid down our You can buy Brent [crude oil] at about of airlines not survive it,” he warned. last bond recently. So that ultimately

News in Brief EIB to Provide EUR 395 mln for Businesses, Students, Infrastructure The European Investment Bank has signed four financing agreements in Hungary totaling EUR 395 million to support business investment, education, and infrastructure development, it said in a statement on its website on Nov. 6. The agreements were concluded in Budapest during a visit by EIB President Nadia Calviño. The package includes a EUR 100 mln risk-sharing agreement with CIB Bank to expand financing opportunities for midsized Hungarian companies. The first EIB Growth for MidCaps guarantee operation in Hungary is expected to enable CIB to provide up to EUR 200 mln in new loans and mobilize around EUR 280 mln in investment by domestic businesses. More than 60% of the financing is expected to benefit companies in less-developed regions. A further EUR 100 mln loan will go to Diákhitel Központ, Hungary’s state-owned studentloan provider, to finance affordable loans for higher education, vocational training, and adult learning. The program is expected to benefit around 136,000 people by the end

of 2028, with more than 63% coming from less-developed regions. The EIB will also provide EUR 100 mln in financing through Eximbank to support Hungarian companies’ green transition and energy investments. The fourth agreement provides EUR 95.5 mln to modernize and expand drinking water, wastewater, and stormwater infrastructure in Nyíregyháza (233 km northeast of Budapest by road). The investment

will improve the city’s resilience to climate change and support the water needs of households, public services, and industrial developments, EIB said.

Gov’t Details EUR 5.4 bln EU Defense Loan Spending Plan Hungary plans to use EUR 5.4 billion, or nearly HUF 2 trillion, from the European Union’s SAFE defense loan program to fund military modernization, air defense systems, drone countermeasures, military mobility projects, and defense industry development, the relaunched online public affairs publication Népszabadság (People’s Freedom)

Rubik’s Cube Production Returns to Hungary Production of the Rubik’s Cube has officially restarted in Hungary at Jász-Plasztik Kft.’s facility in Jászberény (88 km east of Budapest by road), with the company planning to manufacture approximately one million cubes annually using a fully automated production process. According to state news agency MTI, the investment has created 27 new jobs at the company, which already employs more than 3,000 people in Hungary. Global toy maker Spin Master, which acquired the Rubik’s Cube business in 2021, said the move brings production closer to key

markets. Inventor Ernő Rubik, who created the puzzle in 1974 and filed its patent in 1975, launched the new production line. The Rubik’s Cube won Toy of the Year in 1980, and by 1982, more than 100 million units had been sold worldwide. Ernő Rubik, Kossuth Prize-winning inventor, game designer, sculptor, architect, industrial designer, and interior designer, at the JászPlasztik Kft. factory in Jászberény, where production of the Rubik’s Cube he first designed in 1974 began again in Hungary on Nov. 10, 2026.

When 8 Equals 3: Ryanair’s ‘New’ Winter Routes from Budapest According to its Oct. 28 press release, fresh Ryanair flights will connect the Hungarian capital with eight “exciting new routes” this winter, namely East Midlands in the United Kingdom, Gdansk, Krakow, and Warsaw (Poland), Lamezia, Turin, and Venice (Italy), and Gothenburg (Sweden). Not for the first time with Ryanair press information, this is arguably misleading; while all are new to the winter timetable, all but Gdansk, Turin, and Venice extend flights introduced with the summer 2026 schedules. Furthermore, after BBJ questioning, the carrier revealed it had cut 18 routes in total from its summer timetable, mostly to Mediterranean destinations, but also including Amman, Belfast, Burgas and Frankfurt Hahn.

means that we have the financial power to ride out this storm longer than anybody else,” Brady told the BBJ. “And we'll be in a stronger position, because there will be less [aviation] capacity, and more airports are going to have to compete harder to get that capacity,” he added.

reported. The EU’s SAFE program has a total budget of EUR 150 bln available through Dec. 31, 2030. The government’s procurement list includes existing military contracts worth EUR 3.45 bln for Lynx vehicles, Leopard tanks, aircraft, helicopters, missiles, ammunition, and maintenance services, along with new projects such as a EUR 220 million drone defense system, EUR 109.1 mln surface-to-air missile air defense battery, and EUR 125.7 mln upgrades to the national digital military communications network. Some 15% of the approved funding, approximately EUR 810.8 mln, can be drawn in advance; the remaining funds will be released as project milestones are completed and verified by the EU.

Photo by Zoltán Máthé / MTI

Photo by Kester Eddy

Wage Freezes?

Business | 13

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Special Report BSC / SSC

The fourth annual Association of Business Service Leaders Forum was held in Hungary for the first time on Nov. 5-6, bringing together business service leaders, policy makers and categorydefining entrepreneurs. Guest speakers touched on topics, including enterprise transformation ownership, the ethical implementation of agentic AI, and cybersecurity. LUCA ALBERT

Following on from Berlin, Porto, and Riga in the past three years, the 2026 international forum was hosted at Budapest’s Castle Garden Bazaar by ABSL Hungary and the Hungarian Investment Promotion Agency. The event sought to tackle the operational leap to agentic AI, focusing on how organizations can close the execution gap, restructure end-to-end processes to integrate AI, and reskill specialized talent to manage the technology. The opening panel provided an executive analysis of the inaugural ABSL Business Services Global Report. Presented by Tomasz Brodzicki, chief economist of ABSL, and Mariusz Mulas, VP of strategic intelligence, the report walkthrough introduced key industry metrics, standout survey results, and leadership insights. ABSL estimates that globally, the Business Services Industry employs approximately 351 million people,

accounting for

9.5%

of total worldwide employment, and generating roughly USD 14.9 trillion in gross value added. Within the broader BSI, knowledge-intensive business services employ around 90 million people, generating almost USD 7 tln in gross value added. Business Service

Photo by Alexandros Michailidis / Shutterstock.com

ABSL Forum 2026: Dare, Drive, Deliver

Throughout, she argued for a “humancentric approach to AI adoption,” calling on business leaders and policymakers to accompany technological acceleration with strict governance, fair competition, and continuous workforce investment.

Delicate Balancing Act

Vestager also commented on the delicate balance between the progressive adoption of AI and what it means for younger staff. She noted that investing in junior workers is key, as replacing them with AI-automated processes disrupts the pipeline of developing talent. “If you only have the KPI of cost saving, and not the KPI of customer satisfaction, you’ve missed the point,” said Vestager, summing up her opinion on AI implementation in the workplace. In the closing conversation with ABSL advisory board members, moderated by the organization’s File photo of Margrethe Vestager, the former executive vice president chairman, Jacek Levernes, panelists of the European Commission, responsible for the digital agenda. shared their perspectives on AI regulations and cybersecurity. Given the rapid development of AI, Centers employ about 21.3 million career development, with most the panel agreed that there is a growing people and account for around emphasizing that organizations must need to prepare for cybersecurity USD 1.8 tln in gross value added. redesign junior roles and reskill their attacks. According to Tiger Tyagarajan, Focusing on a structural reset of the workforces to thrive alongside AI systems. board member of ABSL and former business services sector, the report The keynote speech was delivered by CEO of Genpact, “there is an increasing documents organizational shifts away Margrethe Vestager, former executive space available for cyberattacks, from low-cost outsourcing to delivering vice president of the European and AI is accentuating opportunities specialized, strategic services, noting Commission, responsible for the digital for single-point failures.” that while industry revenues and export agenda (2019-2024), and previously John Hinshaw, ABSL board member, volumes continue to reach record highs, European Commissioner for Competition also emphasized the importance of headcount growth has flattened. (2014-2024). Vestager co-authored investment in talent. He pointed out that The report highlights an operational transformative EU regulations such technology evolves at an unpredictable leap from classic global business services as the Digital Markets Act (DMA) and pace, but people “need to be invested to “GenBS,” an operating model where the Digital Services Act (DSA) and is a in,” and there is “tremendous value” in agentic AI systems execute workflows prominent voice in key antitrust decisions. long-term talent development strategies. alongside human specialists. However, Titled “Dare to compete. Drive The speakers also noted that while the report emphasized an “execution gap,” fairness. Deliver trust. Leadership in organizational adoption of AI continues noting that while most organizations the global AI economy,” her address to present challenges, companies that have accelerated AI implementation, delved into the ethical use of AI within don’t embrace AI will suffer in the many still struggle to turn those new organizations, framing regulation and market compared to their competitors. tools into real financial gains. trust as decisive competitive advantages The forum concluded on Friday evening As routine junior tasks are automated in the global AI economy. Arguing that with a session in the Upper Chamber and center talent shifts toward senior market leadership belongs to those who of the Hungarian House of Parliament, specialists, large-scale reskilling, skills- set the rules, she urged business service as panelists debated the impact of based hiring, and preserving longleaders to view compliance, including geopolitics on organizational strategy. term talent development pipelines the EU AI Act, as a foundation for Lending their regulatory perspectives are essential for competitiveness. building client and societal confidence. to the debate were State Secretary Vestager emphasized that trust for Foreign Economic Affairs Judit is “critical infrastructure within Zolnay and Péter Oszkó, CEO of Combining Talent an organization” for large-scale O3 Partners and former Minister and Technology implementations of AI-automated of Finance (2009-2010). The experts “Business Services should no longer processes, especially since “AI shared their insights on the geopolitical be assessed primarily through machines are unable to build trust.” and economic stability of Europe, headcount, transaction volumes or She encouraged executives to “accept with Oszkó highlighting Hungary as labor-cost arbitrage,” the report finds. mistakes made by AI, and to assume a “stable and predictable” country. “Competitive advantage now depends responsibility as a business.” on how effectively firms combine talent, The expert also addressed geopolitical For a more detailed look at the local technology, data and process expertise fragmentation due to varying levels Hungarian perspective, see our report across their global operations to improve of regulation in AI use globally, on HIPA’s annual Business Services productivity and business outcomes.” emphasizing the need for European Hungary 2026 conference in Budapest, Over the two days, forum participants digital sovereignty, open tech ecosystems, organized jointly with ABSL Hungary debated how to balance scaling and diverse partnerships to avoid and the American Chamber of automation with safeguarding earlyover-reliance on single monopolies. Commerce in Hungary, on P17.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

PRESENTED CONTENT

ExxonMobil Hungary: Connecting Global Expertise With Local Impact ExxonMobil Hungary’s role increasingly extends beyond traditional support activities to responsibilities with regional and global reach. Nicole Biser, lead country manager and finance manager at Budapest, and Ágnes Zoller, public and government affairs manager for Hungary and the Czech Republic, discuss how integrated operations, shared values and community partnerships support the business, and where cooperation and regulatory predictability could strengthen Hungary’s competitiveness.

BENCE GAÁL

BBJ: What are the main operational dependencies between Budapest and ExxonMobil’s other locations, and how do you prevent handovers from slowing delivery? Nicole Biser: ExxonMobil Hungary is an integral part of ExxonMobil’s global organization, delivering finance, IT and commercial activities that span multiple regions and business lines. Over the past several years, we have taken meaningful steps to transform our operating model, strengthening integration and better leveraging scale, capabilities, technology, and expertise across businesses. By simplifying our organizational structure, centralizing key capabilities in global organizations and strengthening collaboration, we can ensure the right resources are connected to the highest corporate priorities, regardless of location. As a result, functions in Budapest have evolved beyond traditional support activities to take on increasingly strategic roles with regional and global reach, directly contributing to business outcomes. Standardization and digitalization are key enablers in preventing handovers from slowing delivery. Additionally, clear accountability and well-defined endto-end process ownership help ensure decisions are made efficiently and work moves seamlessly across organizational boundaries. In practice, access to global expertise and diverse perspectives improves both the quality and speed of decision-making, allowing the organization to operate as one connected global team. BBJ: How do you maintain a consistent culture across a large organization, particularly when employees face commercial pressure or difficult judgment calls? Ágnes Zoller: One of the things I’ve always appreciated is how consistent our culture feels, no matter where in the world you work. Whether I’m collaborating with colleagues in Europe, Asia, or the Americas, we share the same commitment to integrity, care, courage, resilience, and high standards, which makes it easy to work together and build trust quickly. When commercial pressures or difficult decisions arise, those values provide a clear compass and help ensure we focus on doing what is right.

In my experience, that shared foundation is one of our greatest strengths, enabling strong collaboration and sound decisionmaking across a truly global organization. NB: Maintaining a consistent culture across a large organization starts with aligned leadership and consistent role modeling. Our “We are ExxonMobil” framework articulates our core values and expectations of leaders and outlines key behavioral skills that apply to all employees. Culture is reinforced through the decisions leaders make every day and the behaviors they recognize and reward. When employees face commercial pressure or difficult judgment calls, clear values and expectations provide a common foundation for decision-making.

Agnes Zoller We emphasize that how results are achieved is just as important as the results themselves. By fostering open dialogue, encouraging employees to speak up and holding ourselves accountable to the same standards across all levels of the organization, we create an environment where people can act with integrity and confidence, even in challenging situations. This consistency helps ensure our culture remains strong regardless of geography, function, or business conditions. BBJ: What have you learned about leading an organization whose employees may work closely with colleagues abroad whom they rarely meet in person? NB: I’ve learned that a strong and consistent culture is even more important when operating in a global organization.

Moreover, leadership plays a critical role in creating clarity, building trust and promoting inclusion. At ExxonMobil, leaders are expected to communicate openly, develop people, encourage collaboration, and create an environment where every employee feels valued and empowered to contribute. When people understand a shared purpose, have clear expectations and trust their colleagues, geography becomes far less of a barrier. I have also found that working in globally integrated teams encourages employees to broaden their perspectives and learn from different experiences, expertise, and ways of thinking. That diversity of thought often leads to stronger solutions and better business outcomes. With a consistent culture and aligned leadership, employees can stay connected to a common purpose and deliver results effectively, regardless of where they are located. BBJ: How do you choose which community initiatives ExxonMobil Hungary supports, and what makes a corporate partnership valuable to the people it serves? ÁwZ: We view community investment as an important part of being a responsible member of the communities where we live and work. In Hungary, our support spans a wide range of initiatives, from donations to hospitals, children’s homes and homeless shelters to educational programs that help develop future talent. One example is the SciTech Challenge competition, which encourages students to explore science, technology, engineering and mathematics through real-world problem-solving, helping inspire the next generation of innovators. We also have a long-standing tradition of employee volunteering through our Days of Caring program, where colleagues dedicate their time to supporting local communities and charitable organizations. In addition, since 2016, we have donated more than 1,600 laptops to schools and nonprofit organizations, helping improve access to digital learning and opportunities for thousands of young people and families. BBJ: What should Hungarian business leaders discuss more openly with one another, and where could greater cooperation between companies achieve practical results? NB: Locally, companies, educational institutions, and industry can work together more closely to help ensure that graduates have the skills needed in an increasingly digital and technology-driven economy. One of Hungary’s strengths is that we already have a highly connected and collaborative business community. Through associations such as AmCham, ABSL and other professional platforms, as well as business forums and conferences organized by the BBJ, HIPA and other stakeholders, leaders regularly come together to exchange ideas and address

Special Report | 15 common priorities or challenges. These networks provide an excellent foundation for close cooperation, and I sincerely enjoy being a member of this supporting group. One opportunity for increased focus is sharing best practices in areas such as digitalization, automation, and responsible adoption of artificial intelligence. Organizations across industries are navigating many of the same questions around AI governance, data protection, risk management, workforce readiness, and how to apply these technologies to create value while maintaining trust.

Nicole Biser Greater collaboration and knowledge sharing can help companies accelerate innovation while ensuring AI is deployed responsibly and effectively. Separately, I believe business leaders should speak more collectively about the importance of a predictable and competitive operating environment. Hungary has many strengths, including a highly skilled workforce and a strategic position within Europe. Continued dialogue can help ensure the country remains an attractive location for investment, innovation and sustainable growth. BBJ: What changes to Hungary’s regulatory processes would make the greatest practical difference to running your business? NB: Predictability and stability are among the most important factors for companies operating in a global business environment. From a practical perspective, ensuring regulatory coherence and alignment with EU legislation makes a difference. As a company operating across European and global markets, we benefit from a harmonized regulatory framework that reduces complexity, improves compliance efficiency, and supports Hungary’s competitiveness as an investment destination. Conversely, requirements that go beyond EU standards or scope can increase the administrative burden and create competitive disadvantages compared with other member states. ÁZ: Equally important is a transparent and predictable legislative process. Businesses need sufficient time to understand new requirements, adapt processes, and implement changes effectively. Meaningful stakeholder consultation and adequate implementation periods support better outcomes for both companies and policymakers, while reinforcing Hungary’s position as a stable and competitive location for investment and long-term business growth.

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Special Report

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

As the role of business service centers evolves, their office requirements are becoming more sophisticated, reflecting increasingly complex staff and ESG considerations and broader trends in the high-end office market. At the same time, more BSCs are establishing operations in provincial cities with university-educated workforces and developed infrastructure. GARY J. MORRELL

Hungary’s BSC sector saw 13 new projects in 2025, creating a record number of more than 3,200 new jobs, according to the Hungarian Investment Promotion Agency. It has traced 259 SSCs and BSCs in Hungary, employing nearly 120,000 people. Three-quarters of these plan to add more high-value activities to their operations, according to industry research. The figures vary depending on definitions and reporting dates. KPMG Hungary, for example, puts the number of SSCs in the country at more than 245, employing over 118,000 people. This compares with the more than 350 centers and 150,000 employees reported by KPMG Czech Republic. “2025 marked a turning point in terms of high intellectual added value investment projects. BSCs ranks third in terms of inward investment with over 3,200 new jobs, highlighting the quality shift in the investment structure. These trends confirm that investors increasingly value Hungary not only as a manufacturing base, but also as a hub for innovation and service BSC sector,” says HIPA. Despite strong demand, developers and tenants alike are taking a cautious approach to expansion in the current cost-conscious environment.

Photo by Tamás Bujnovszky / Wing

Higher-value BSCs Raise the Bar for Office Space not a temporary pandemic-era solution. The number of people who go to the office almost every day is growing, but a large group still adjusts their office presence to current needs,” she adds.

Sustainability Requirements

Today, office design, development, and property management must align with sustainability and ESG requirements. Independent thirdparty certification systems such as BREEAM, LEED and WELL increasingly influence expectations around building performance, indoor environmental quality, occupant well-being and access to amenities. These are now the norm for quality office developments and a basic expectation from tenants and staff. From the tenant perspective, location is key; the office should be easily accessible, and its design should be tailored to the needs of the people based there, providing the right conditions for efficient working. Today, it is also The Liberty Office Building by Wing at Kálmán körút 34, a natural expectation that staff should where engineering firm Flowserve consolidated its not have to travel long distances to operations in Budapest in a 2,500 sqm hub in 2024. reach services such as restaurants, cafés and shopping facilities during a break or after work, comments northwest of Budapest by road, on Valter Kalaus, managing partner “In the first half of 2026, net take-up the way to the Austrian border). It of Newark VLK Hungary. remained relatively subdued with will deal with finance, engineering, Unsurprisingly, given all of this, 57,644 sqm, while lease renewals procurement and IT services. No the so-called Váci Office Corridor in continued to account for a significant opening date has been announced yet, District XIII remains the most favored share with 53.3% of overall leasing but the center will support the R&D Budapest development destination, activity,” comments Kata Mazsaroff, network the advanced automation attracting several BSCs and SSCs, managing partner of Colliers. firm has already established with its direct access to the Signs of New Demand across Hungary. “At the same time, we are seeing Shared service sectors first emerged metro. some encouraging signs of new in Central Europe in the 1990s, A number of residential projects demand, particularly from the BSC creating demand for modern, wellhave also been delivered in the area, sector, which could support the market located office networks in the region’s providing homes with convenient going forward. Against this backdrop, major capitals. The sector has grown access to local commercial centers. developers continue to be much more and evolved since then as SSCs Skanska is seen as one of the pioneer selective, requiring a meaningful level continued to increase their scope developers in creating SSC-compliant of pre-leasing prior to launching a and scale of operation. office space, notably in the Váci Corridor. new development, which is keeping Demand was initially limited “A successful office project must speculative supply limited in the to the CEE capitals; however, work at three interconnected levels: near term, with 119,000 sqm under provincial cities with strong university the location, the building and its longconstruction,” she adds. presences, skilled labor forces, and term operation. It needs to be easy A good example of a business good transport links are increasingly to reach, connected to public transport consolidating existing operations is the popular. Debrecen, Pécs, Szeged, and and integrated with the services engineering firm Flowserve, which has Szombathely all have SSCs and BSCs. people use during the working day,” extended its activities in Budapest. This The office environment is seen as argues Aurelia Luca, executive vice builds on its continuing BSC activities increasingly central to staff recruitment president of operations for Hungary in Debrecen, launched in 2016 (initially and retention. The most common and Romania at Skanska. supporting financial and accounting model in Europe remains a hybrid “Inside, the focus should be on operations for the EMEA and North approach, with two to three days in American regions). Flowserve opened the workplace and the remainder remote. a healthy, comfortable and adaptable working environment, supported a Global Technical and Engineering However, when Europeans do come by natural light, good air quality Center in Budapest’s District IX in to the office, they spend more time and acoustics, shared spaces, 2018, but relocated to a 2,500 sqm there than employees anywhere else greenery and amenities that respond hub in the Liberty Office Building in the world, according to Colliers. to people’s everyday needs,” she says. by Wing at Kálmán körút 34 in 2024. “The return-to-office policies “We are confident in the longThe India-based Motherson Group that many companies introduced term demand for well-located, highannounced on Jan. 23, 2026, a last year are clearly reflected in quality and adaptable offices in EUR 8.076 million investment creating the data,” says Jana Vlková, director Budapest, but we do not expect demand of Colliers’ workplace advisory to be distributed evenly across the and office agency in Prague. new jobs market. Occupiers are scrutinizing “At the same time, however, Europe in an international regional services energy performance, operating shows that both employees and business center, backed by HIPA efficiency, flexibility, and workplace companies view the hybrid model support, in Mosonszolnok (168 km quality more closely,” Luca adds. as a permanent arrangement,

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

PRESENTED CONTENT

Hungary’s business services sector is expanding its responsibilities as well as its footprint, with new research showing a shift toward more complex activities and widespread adoption of artificial intelligence. At HIPA’s Business Services Hungary 2026 conference, policymakers and executives argued that the next stage of growth must rest on expertise, productivity and closer cooperation. BENCE GAÁL

High-value business services will be a priority in Hungary’s new investment promotion strategy, State Secretary for Foreign Economic Affairs Judit Zolnay of the Ministry of Economy and Energy announced at the event in Budapest on Nov. 4. The conference, organized by the Hungarian Investment Promotion Agency with the Association of Business Service Leaders in Hungary and the American Chamber of Commerce in Hungary, examined a sector that now comprises 259 centers employing 119,500 people. Its significance increasingly extends beyond administrative support to regional and global process management, digital development and corporate decision-making. HIPA’s eighth sector survey found that 42% of Hungarian business service centers, the terminology the promotion agency prefers to indicate higher-value services than those traditionally associated with shared service centers, had phased out lowervalue activities and replaced them with more sophisticated functions.

Photo by Márton Kovács / MTI

Hungary’s Business Services Sector Sets Sights on Higher-value Growth

Special Report | 17 Multilingual international professionals remain important to global service delivery. ExxonMobil representative Dóra BocskovSzabó said Hungarian rules governing the employment of highly qualified workers from outside the European Union currently placed the country at a disadvantage against regional competitors. The discussion connected skills development with the practical conditions needed to attract and retain people.

Future Competitiveness

ABSL chief economist Tomasz Brodzicki similarly argued that the competitiveness of Central and Eastern Europe’s business services could no longer rest primarily on cost advantages. Budapest already has a significant concentration of knowledge-intensive business services employment, more than twice the EU average, according to his analysis. Future competitiveness will depend increasingly on productivity, specialization, technological capabilities and securing responsibilities with greater corporate influence, he said. ExxonMobil’s András Tardy and Zsombor Tőkés addressed AI Bence Buday, CEO of the Hungarian Investment Promotion implementation from an operational Agency, delivers opening remarks at the agency’s annual sector perspective. Producing more conference at Várkert Bazár on Nov. 4, 2026. HIPA organized the AI-generated content does not conference in cooperation with ABSL Hungary and AmCham. automatically create more value, they noted. Effective use requires professional knowledge, critical thinking and stronger relationships between foreign attention to business outcomes. Three-quarters of BSCs plan investors and Hungarian businesses. Drawing on the company’s digital to bring additional high-value The objective is to increase the value that innovation program, they demonstrated operations to Hungary. AI adoption investments generate within the country. how employee training and deliberate is also becoming widespread: ABSL Hungary president István AI use could improve productivity. Lenk described business services as Representing private equity and have an economic engine and a strategic venture capital holding company implemented or are introducing AI contributor to competitiveness, creating O3 Partners, businessman Péter Oszkó solutions, while 72% have a dedicated AI value through international investment, (formerly Hungary’s Minister of Finance strategy. Centers across Hungary provide specialist expertise and global from April 16, 2009 to May 29, 2010, in services in more than 40 languages. corporate networks. Prime Minister Gordon Bajnai’s crisisThe number of BSCs increased AmCham Hungary president Ákos management administration, which from 245 in 2025, while employment Janza linked the sector’s development had a strong technocratic profile), rose from 118,500. The longer-term to escaping the middle-income trap. discussed global, regional and domestic expansion is more pronounced: at the Business services can create highly developments affecting Hungary’s economy. beginning of the decade, approximately skilled jobs without substantial capital Péter Fazekas, regional head of 150 centers employed around 70,000 investment, helping Hungary increase shared services at U.S.-headquartered people. Nevertheless, discussions domestic added value. multinational International Flavors and emphasized that future successes will HIPA manager Fadi Shadeh identified Fragrances, and Orsolya Nemes of the increasingly depend on the nature of the pressure from two directions. Lower-cost Budapest-based independent educational Milestone Institute examined how work performed and the responsibility locations compete on price, while more to strengthen awareness and the entrusted to Hungarian operations. advanced, AI-enabled business services Zolnay said the government’s ecosystems compete through specialized attractiveness of business services careers, an important consideration investment promotion strategy would expertise and higher-value capabilities. for recruiting talented professionals. build on Hungary’s talented, qualified Therefore, Hungarian centers need to Together, the discussions presented professionals, prioritizing business strengthen their collective international a growth agenda centered on services, life sciences, engineering, and position. Cooperation between capabilities: developing people, research and development. Following companies, universities, municipalities manufacturing investment, the and regional economic organizations can applying technology effectively, and earning more substantial international government wants to attract more highhelp build the operating environment responsibilities for Hungarian teams. value activities through a predictable required to remain competitive. business environment and close A leadership panel moderated by partnerships with investors, she said. Shadeh explored how that cooperation HIPA CEO Bence Buday reported could work. Sanofi representative The HIPA BSC Conference also that the agency had supported 125 BSC Ahmed Ismail proposed a consultation recognized outstanding sector investment projects between 2014 and forum bringing together universities, performance through an online the first half of 2026, which are expected to government and employers to improve vote of those professionals create more than 23,000 jobs. He noted that operating conditions and secure at the Várkert Bazár. Jaguar further projects are under development. the talent pipeline. Panelists agreed Land Rover Hungary received that Hungary should compete through Investor of the Year, Tesco Continuity and Renewal expertise and productivity rather Business Solutions won Business Buday emphasized continuity alongside than low labor costs. They also argued Excellence & Innovation, renewal. HIPA would remain a reliable that AI was developing faster than and BT received Education partner for investors while placing workforce capabilities, making closer and Talent Development. greater emphasis on knowledgecollaboration between businesses intensive activities, productivity, and and universities increasingly urgent.

91%

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PRESENTED CONTENT

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

TCS Hungary, now 25, Looks Beyond Scale to Value As Tata Consultancy Services marks 25 years in Hungary, managing director Prabal Datta discusses how AI is reshaping customer expectations, why adaptability depends on investment in people, and how the company measures progress through capabilities and value rather than headcount alone. BENCE GAÁL

Twenty-five years ago, Tata Consultancy has said, AI is a generational shift. Services established its Hungarian It can change how we do things, especially operation to support a single customer when combined with other technologies. with a handful of IT engineers. Since then, The question businesses need to ask the Budapest operation has expanded is not simply, “Where can I use AI?” both its services and its role within TCS’s It is: “Where can technology help me European delivery network. For Datta, create fundamentally better outcomes?” the anniversary is less about looking back, and more about asking, what comes BBJ: Are customers expecting next? As cloud, data, cybersecurity, something different from automation, and, increasingly, AI technology companies today? reshape business and technology, PD: Absolutely. Technology is transformation has become continuous. increasingly part of almost every business conversation. Customers BBJ: TCS Hungary has just marked are not simply looking for individual 25 years in the country. When you technologies. They need capabilities look at the business today, what has that can bring technology, business changed most significantly? understanding, and transformation Prabal Datta: Almost everything together. This is also why I don’t believe has changed, from what we do to how headcount alone is a relevant measure we do it. Technology itself has changed of progress anymore. What matters is so dramatically. When we started the services we provide, the capabilities in Hungary, we were supporting one we have created, the credibility we have customer with a relatively small team. established, and our ability to remain Over time, not only did we grow, but perpetually adaptive. For me, that is an the range of services and capabilities important mindset change: moving from we provide changed significantly. Today, measuring scale to measuring value. our work covers areas including cloud, data, AI, cybersecurity, and digital BBJ: What does that transformation workplace services, as well as business mean for the Hungarian operation? processes such as finance, accounting, PD: Hungary has transformed significantly and HR. That evolution is much more during our time here. It has developed as a important than simply looking at growth location for high-value services, supported in numbers. The real transformation by a skilled multilingual workforce and is in how we create value. Technology strong academic institutions. Our own never stands still, so neither can we. evolution reflects that change. Hungary was TCS’ first center outside India, and BBJ: Is AI fundamentally changing the nearshore concept that started here that value proposition? developed into a much broader global PD: AI is certainly changing network delivery model. Now there is the conversation. We have seen major another opportunity. As technology technology shifts before. For a period, changes, the goal is to continue developing much of the discussion was about the sophistication of what we can deliver the Cloud. Today, AI is at the center of from Hungary. That means building the transformation agenda. But I don’t capabilities in emerging technologies, think we should look at AI simply as strengthening business and industry another technology to implement. As our knowledge, and continually preparing chairman (Natarajan (N.) Chandrasekaran) our people for what comes next.

Prabal Datta BBJ: With AI developing so quickly, how do you prepare people for something that is itself constantly changing? PD: That is probably one of the biggest leadership questions today. We started discussing how we could take advantage of AI several years ago, and our approach has been to help our employees understand the technology and to develop their capabilities so they can benefit from it rather than fear it. Nobody knows exactly what the final state of AI will be because it is continuously evolving. That is why I believe adaptability becomes so important. But we also need to be clear: you cannot simply tell people to be adaptable. As an employer, you have to give them the opportunity and the tools to learn, retrain, and grow. BBJ: Does that mean the human side becomes more rather than less important in an AI-driven company? PD: I believe so. Technology changes very quickly, but ultimately it is people who understand the customer, solve problems, learn new capabilities, and apply technology in a meaningful context. It has to be a Human-plus-AI model. We have always invested strongly in developing talent internally. That becomes even more relevant now because the skills companies need will continue to change. AI can be extraordinarily powerful, but transformation does not happen simply because a technology exists. Transformation happens when people know how to use technology to create something better. BBJ: Is this also changing your relationship with universities and the wider education system in Hungary? PD: Yes, because building future capability cannot begin only when somebody joins the company. We work with universities and also

engage with high school students to help young people understand digital and AI technologies and the career opportunities connected to them. If we want Hungary to remain competitive in technology and highvalue services, continuously developing future-ready skills is extremely important. For us, therefore, education is not separate from transformation, but part of the same journey. BBJ: We talk a lot about AI. What might the next major technology transformation be? PD: That is always the difficult question, because innovation doesn’t stop. Beyond applying AI more broadly, quantum computing is certainly an area to watch. TCS is already involved as an early investor and partner in India’s Quantum Valley initiative. Whether quantum becomes the next major transformation or another technology emerges, the broader lesson remains the same. Companies need to build the capacity to continuously learn and adapt. BBJ: When TCS Hungary looks beyond its 25th anniversary, what does success look like? PD: I wouldn’t define the next chapter by saying we want to double one number or triple another. The first 25 years proved that we could build and grow a strong operation in Hungary. The next chapter is about continuously transforming what that operation can do. It is about the services we provide, the capabilities we create, the relevance we have for our customers, and the credibility we continue to build. Technology will continue to change. Our responsibility is to keep changing with it, and, ideally, to stay ahead of that change. For me, that’s what being perpetually adaptive really means.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Special Report | 19

SSC/BSC Operating Companies

82,770

CITIBANK EUROPE PLC. MAGYARORSZÁGI FIÓKTELEPE www.citibank.hu

MORGAN STANLEY MAGYARORSZÁG ELEMZŐ KFT. www.morganstanley.com

ROCHE SZOLGÁLTATÓ (EURÓPA) KFT. www.roche.hu

2,622

48,914

✓

–

KYNDRYL HUNGARY KFT. www.kyndryl.com/

2,179

47,464

✓

–

SANOFI BUDAPEST HUB (CHINOIN ZRT.) www.sanofi.com/hu/magyarorszag

EPAM SYSTEMS FEJLESZTŐ KFT. www.epam.com

BT ROC KFT. www.btcareers.hu

EXXONMOBIL HUNGARY KFT. https://corporate.exxonmobil.com

2,831

2,710

2,000

1,976

1,735

1,714

96,096

57,644

34,902

79,772

FINANCE

PROCUREMENT

SALES

CLIENT MANAGEMENT

OTHER

EXTERNAL

INTERNAL

BOTH

✓

–

✓

–

✓

–

✓

–

✓

–

✓

–

ADDRESS PHONE EMAIL

– BP Global Investments Limited (100)

Jamie Anderson – –

1133 Budapest, Árbóc utca 1–3. (1) 873-6920 hungary@bp.com

– Citibank Holdings Ireland Ltd. (100)

Zoltán Schwardy, Károly Kodaj András Facsády Tamás Bay Nguyen

1133 Budapest, Váci út 80. (1) 374-5000 citibank.magyarország@ citi.com

– Morgan Stanley International Holdings Inc. (100)

Balázs Fremda – –

1095 Budapest, Lechner Ödön fasor 8. (1) 881-4000 millennium-reception@ morganstanley.com

– F.Hoffmann-La Roche AG (100)

Arno Kamm Emese Pálvölgyi Kovácsné –

1133 Budapest, Véső utca 7. (1) 461–8900 budapest.admin.ba1@ roche.com

– Kyndryl 2 B.V. (100)

Zsolt Kalácska, Péter Presszer – –

8000 Székesfehérvár, Kamilla utca 19. (70) 668-3083 erika.sas@kyndryl.com

2019 400

– Groupe SANOFI (100)

Ahmed Ismail – –

1138 Budapest, Váci út 133. Building E, floor 3 (1) 505-0055 kapcsolat@sanofi.com

– EPAM Systems LLC (100)

Balázs Fejes – –

1083 Budapest, Bókay János utca 44–46. (1) 327-7400 wfaadministrativebud@ epam.com

✓

2007 100

– BT Group (100)

Xaviera Sancho Gábor Dormán Máté Fazekas

1112 Budapest, Boldizsár utca 4. (1) 777-0000 bt.roc.communications@ bt.com

– ExxonMobil Petroleum & Chemical B.V. (100)

Nicole Leigh Biser – –

1134 Budapest, Dózsa György út 61–63. (1) 987-8787 BudapestGBCCommunication@ exxonmobil.com

– Vodafone Shared Operations Limited (100)

Adrienne Benedek, János Kühn, Teodor-Bogdan Sestac, Atul Rana – –

1087 Budapest, Hungária körút 40–44. (70) 460-8000 –

– Tata Consultancy Services Ltd. (100)

Prabal Datta Akshay Thakur Edit Bencsik

1117 Budapest, Alíz utca 4. (1) 886-8000 hungary.info@tcs.com

– IBM International Group B.V. (100)

Edina Drabik – –

1083 Budapest, Szigony utca 26–32. (1) 777-1055 info@hu.ibm.com

DIAGEO Magyarország Kft. (100) –

Zoltán Hangodi, Mónika Pais, Mónika Sádt Rózsáné – –

1134 Budapest, Dózsa György út 144. (1) 580-1988 BS.Budapest.Reception@ diageo.com

– Thermo Fisher Scientific (100)

Zoltán Czuprik – –

1134 Budapest, Váci út 41–43. (70) 669-0673 facility.budapest@ thermofisher.com

✓

–

A A

✓

A A

✓

A A

–

✓

32 2.50

–

✓

–

✓

A A

–

A A

✓

A A

✓

60 3

✓

A A

–

✓

–

✓

VSSB VODAFONE SZOLGÁLTATÓ KÖZPONT BUDAPEST ZRT. –

1,678

30,078

✓

–

A A

✓

TATA CONSULTANCY SERVICES LTD. MAGYARORSZÁGI FIÓKTELEPE www.tcs.com

1,549

37,071

✓

–

✓

–

60 14

✓

–

IBM HUNGARY INTERNATIONAL SHARED SERVICE CENTRE KFT. www.ibm.hu

1,426

29,037

✓

–

✓

–

✓

A A

✓

DIAGEO ÜZLETVITELI SZOLGÁLTATÁSOK ZRT. www.diageo.com

THERMO SERVICES (HUNGARY) KFT. www.corporate.thermofisher.com

ALDI INTERNATIONAL IT SERVICES KFT. https://karrier.aldi.hu/

1,388

1,170

1,094

41,217

22,330

21,333

✓

–

✓

–

✓

–

✓

A A

✓

A A

✓

A A

✓

YEAR ESTABLISHED PLANNED NEW WORK FORCE HIRED IN 2026

3,412

TOP LOCAL EXECUTIVE CFO MARKETING DIRECTOR

WORK FROM HOME

TOTAL NET REVENUE IN 2025 (HUF MLN)

BP BUSINESS SERVICE CENTRE KFT. www.bp.com/hungary

OWNERSHIP (%) HUNGARIAN NONHUNGARIAN

PART-TIME WORK

NO. OF EMPLOYEES WORKING FOR SSCS/BSCS ON JUNE 1, 2026

AVAILABLE WORK CONDITION CHOICES FLEXIBLE WORK HOURS

COMPANY WEBSITE

CLIENT DIVISION (%)

SERVICE AREAS

AVERAGE WORK ENTRY PERIOD (DAYS) AVERAGE NO. OF EDUCATIONAL DAYS PER YEAR

RANK

Ranked by no. of employees working for SSCs

✓

2009 A

1985 A

2006 A

2020 A

2004 A

2007 A

2001 150

2004 A

2021 A

2018 A

Gábor Csókási, Bernhard – Alexander ALDI International Haider, Services SE & Co. Gábor Szabados, oHG (100) Judit Tóth – –

2051 Biatorbágy, Mészárosok útja 2. (23) 533-750 info.gsd@aldi-sued.com

✓

–

KPMG GLOBAL SERVICES HUNGARY KFT. www.home.kpmg/hu

679

16,724

–

✓

–

COMPUTACENTER SERVICES KFT. www.computacenter.com/en/ who-we-are/locations/budapest

GENPACT SERVICES HUNGARY KFT. www.genpact.com

643

11,208

✓

–

✓

–

FLOWSERVE HUNGARY SERVICES KFT. https://www.flowserve.com/en/

636

9,430

✓

–

✓

–

UNISYS MAGYARORSZÁG KFT. www.unisys.com

RANDSTAD SOURCERIGHT KFT. www.randstadsourceright.com

LEXMARK INTERNATIONAL TECHNOLOGY HUNGARIA KFT. www.lexmark.hu

LEADEC KFT. https://hungary.leadec-services.com/hu/

EY GDS (CS) HUNGARY KFT. www.ey.com

ARCONIC-KÖFÉM MILL PRODUCTS NR HUNGARY KFT. www.arconic.com

652

556

424

389

102

80 (approx.)

8,806

12,008

6,518

6,265

25,222

5,296 (2024)

177,197

✓

–

✓

–

✓

–

✓

–

✓

–

✓

–

✓

–

✓

–

✓

60 12

✓

A A

–

✓

A A

✓

–

A A

–

✓

–

✓

–

A A

✓

–

A A

✓

A A

✓

A A

✓

A A

–

A A

–

✓

–

✓

A A

–

A A

119,930

A A

DXC TECHNOLOGY NR MAGYARORSZÁG KFT. www.dxc.com

23,760 (2024)

A A

NR = not ranked, NA = not appliacable

✓

A A

DEUTSCHE TELEKOM IT SOLUTIONS NR www.deutschetelekomitsolutions.hu

A = would not disclose,

✓

–

✓

YEAR ESTABLISHED PLANNED NEW WORK FORCE HIRED IN 2026

✓

–

WORK FROM HOME

✓

PART-TIME WORK

✓

AVAILABLE WORK CONDITION CHOICES FLEXIBLE WORK HOURS

✓

BOTH

✓

EXTERNAL

12,499

✓

OTHER

689

17,757

✓

SALES

GIVAUDAN BUSINESS SOLUTIONS KFT. https://careers.givaudan.com/

702

139,631

PROCUREMENT

TESCO-BST ÜZLETI ÉS TECHNOLÓGIAI SZOLGÁLTATÁSOK ZRT. www.tesco.com/careers/hu-HU/ourbusinesses/tesco-business-solutions

708

EATON ENTERPRISES (HUNGARY) KFT. www.eaton.com

FINANCE

COMPANY WEBSITE

INTERNAL

CLIENT DIVISION (%)

SERVICE AREAS

AVERAGE WORK ENTRY PERIOD (DAYS) AVERAGE NO. OF EDUCATIONAL DAYS PER YEAR

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

CLIENT MANAGEMENT

TOTAL NET REVENUE IN 2025 (HUF MLN)

NO. OF EMPLOYEES WORKING FOR SSCS/BSCS ON JUNE 1, 2026

Special Report

RANK

20 | 3

2000 A

2019 A

2011 A

2013 A

2018 A

2016 A

A A

2016 A

2008 A

1994 A

2021 A

1941 A

A A

1991 A

OWNERSHIP (%) HUNGARIAN NONHUNGARIAN

TOP LOCAL EXECUTIVE CFO MARKETING DIRECTOR

ADDRESS PHONE EMAIL

– Eaton Global Holdings Limited (100)

Csaba Kiss – –

1123 Budapest, Nagyenyed utca 8–14. (1) 499-9100 bscofficemanagement@ eaton.com

– TESCO Holdings B.V. (100)

Zsolt Pálinkás – –

1138 Budapest, Váci út 187. (20) 827-0862 hu_tbs_communication@ tesco.com

– Givaudan SA (100)

Alida Edit Bugovits, Lóránt Kádár – –

1138 Budapest, Bence utca 1. (1) 884-6000 budapest.gbs_secretary@ givaudan.com

Zsuzsanna Illés (A) Krell Michael Ulrich (A)

Zsuzsanna Illés Emőke Sebestény Zsófia Végh

1134 Budapest, Váci út 41. (1) 887-7100 kgsh@kpmg.com

– Computacenter (UK) Ltd. (100)

Jonathan James Carey, Karen Linda McInerney, Nelson James Edward – –

1095 Budapest, Soroksári út 30–34. (1) 777-7488 reception.hungary@ computacenter.com

– Genpact Luxemburg S.A.R.L. (100)

Pál Gazda, Sorin-Gabriel Popescu – –

1138 Budapest, Váci út 117–119. – communication.europe@ genpact.com

Flowserve Global Holdings Hungary Kft. (100) –

Gergely Molnár Gyöngyvér Bögözi –

4034 Debrecen, Vágóhíd utca 2. (52) 319-600 HUN_Facility@flowserve.com

– UNISYS Interntaional Services B.V. (100)

Norbert Makk – –

1112 Budapest, Balatoni út 2/A (1) 298-9000 ugshadmin@unisys.com

David Alan Randstad Vincent, Hungary Kft. (100) Dorota Zablocka – Lívia Tóth –

1138 Budapest, Dunavirág utca 2–6. (30) 836-5364 info@randstadsourceright.eu

– Lexmark International Technology Sárl (100)

Ádám Tóth, László Szederkényi – –

1095 Budapest, Lechner Ödön fasor 8. (1) 501-7200 karrier@lexmark.com

– Leadec Beteiligungen GmbH (100)

Ferenc Dákai, Hédi Major, Ferenc Antreter Ferenc Antreter –

9025 Győr, Csipkegyári utca 2. (96) 550-640 info-hungary@ leadec-services.com

– EY GDS (CS) Limited (100)

Ajay Anand, Manesh Suryakant Patel, Vékási Tamás – –

1132 Budapest, Váci út 22–24. (1) 451-8100 –

– Arconic Corporation (100)

Balázs Gábor, Zsuzsanna Ilona Varga – –

8000 Székesfehérvár, Verseci utca 1–15. (22) 531-200 –

– Deutsche Telekom Group (100)

László Kónya Zsolt Őrffy –

1097 Budapest, Könyves Kálmán körút 36. (30) 619-9294 FMB-TS-ITSH-Info@ t-systems.com

– DXC Hague B.V., DXC Hague II B.V. (100)

Zoltán Czibók – –

1114 Budapest, Bartók Béla út 43–47. (1) 279-8000 hungary.comms@dxc.com

This list was compiled from responses to questionnaires received by November 11, 2026, and publicly available data. To the best of the Budapest Business Journal’s knowledge, the information is accurate as of press time. The list is based on companies’ voluntary data submissions. While every effort is made to ensure accuracy and thoroughness, omissions and typographical errors may occur. Additions or corrections to the list should be sent on letterhead to the research department, Budapest Business Journal, 1075 Budapest, Madách Imre út 13–14, or faxed to (1) 398-0345. The research department can be contacted at research@bbj.hu

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

Socialite

The show “Bonjour Monsieur Gauguin. The Circles of PostImpressionists and Symbolists” at the Museum of Fine Arts, off Heroes’ Square, is expected to be a sensation across the European museum art world, its organizers say. Running from Oct. 30 to Feb. 28, the exhibition features 150 masterpieces, including works supplied by the Musée d’Orsay in Paris and the Tate in London. DAVID HOLZER

Eugène Henri Paul Gauguin (18481903) was born in Paris. His mother was Spanish-Peruvian, and in 1850 his family moved to Peru, where the boy lived a charmed life that lasted just four years but shaped him forever. The family returned to France, where Gauguin was educated. He began painting while working as a stockbroker. Inspired by his wife, he became a full-time artist after the 1882 financial crisis. Initially associated with his mentor Camille Pissarro and the Impressionists, Gauguin soon moved to using bold colors and nontraditional subjects. In doing so, he anticipated later art movements such as expressionism and cubism. Seeking refuge from Western civilization, Gauguin traveled to Martinique in the Caribbean and, in 1891, to Tahiti, then a French colony. Here, despite poor health and struggles with money, his work – dealing with

Photo by GrandPalaisRmn (Musée d’Orsay) / Patrice Schmidt

Heart-warming Gauguin Show at the Museum of Fine Arts fled to another French colony, Hiva Oa. Here he fought the French authorities to preserve traditional culture and won. No wonder the Polynesians loved him and the French hated him.

Reputational Rehabilitation

Since his death, Gauguin’s status as an artist has never been in question. Perhaps Prideaux’s book has helped rehabilitate the artist’s reputation, which in turn has led to what promises to be a marvelous exhibition. Gauguin’s painting “Te Rorioa,” which shows two women watching over a sleeping child, was one of those used in a study to demonstrate how viewers’ stress and inflammation levels can drop when they look at original art. It’s long been accepted that viewing beautiful art helps us mentally escape the stresses of everyday life. A paper published in 2025 found that a study of arts programs, practices, and activities Paul Gauguin, Tahitian Women, 1891, Musée d’Orsay, Paris. in 27 countries suggests the arts may also help prevent noncommunicable diseases related to “physical inactivity that is no longer acceptable today. and unhealthy diets.” relationships between people, nature But as Sue Prideaux’s “Wild Thing,” In her book “How to Live an Artful and the spirit world – became suffused a life of Gauguin published in 2025 Life,” art historian Katy Hassel with warmth and expressive color. (and whose title refers to the nickname writes, “When you experience He returned to France on a few he gave himself), reveals, it seems an artwork, you don’t just see it, occasions and spent time with the man may have been vilified unfairly. but you feel it. The best thing we Van Gogh in Arles before returning As Prideaux writes in an article for can do is take time with it.” to more exotic climes, settling in Regarding the last point, I’ve the Marquesas Islands, where he died, The Guardian, “The age of consent in France and the colonies was 13. long thought that galleries should after which his work became better This was not untypical of the world at mount exhibitions featuring just one known. He influenced artists including that time.” In the United States, it was work of art to be viewed by a single Picasso and Matisse. The former’s as low as 12 in some states. With his viewer alone for a minimum period. revolutionary, controversial, and hugely relationships, “Gauguin followed local Or there should be an option when significant 1907 work “Les Demoiselles custom […] Tehamana [his best-known you’re buying your ticket to be able d’Avignon,” in particular, tapped partner, previously thought to have to return multiple times so you can into the power of Gauguin’s work. been 13 but actually 15, not that really absorb yourself in a particular “Bonjour Monsieur Gauguin” this is any more palatable for today’s artwork. This way, a viewer could follows the artist’s creative evolution morality] was free to come and go, benefit physically from stepping outside and “presents the intellectual and to return home for good if she liked, their daily life and losing themselves artistic development that steered and to take other lovers.” in the art of a genius such as Gauguin. late 19th-century art toward the Scientific tests of Gauguin’s foundations of modernity.” The teeth after his death have revealed exhibition includes pieces central to he didn’t have syphilis, so he his oeuvre, such as “Femmes de Tahiti” For more on the exhibition, couldn’t have infected his wives (Tahitian Women) and “The Bathers,” visit mfab.hu/exhibitions/ as was previously claimed. alongside work by his predecessors, bonjour-monsieur-gauguin/. Unlike previous scholars, Prideaux contemporaries and successors. It is the latest in an acclaimed is fluent in Danish and Norwegian. It examines his impact on Hungarian series of Impressionist and Reading Gauguin’s correspondence artists, including Endre Ady, József Post-Impressionist exhibitions to his Danish wife and Norwegian Rippl-Rónai and Lajos Fülep, as at the museum, which began son, she discovered that he “had well as modern Hungarian painters. more than two decades ago a strong belief in equality between the and has included “Monet et ses Wild Thing sexes.” He saw humanity “as a great amis”, “Van Gogh in Budapest,” Heading into the 21st century, synthesis of race, creed and color.” “Cézanne and the Past,” “Cézanne Gauguin’s reputation was in tatters. Horrified by the way in which the to Malevich,” and “Renoir: He was accused of being a “serial French colonial regime exploited The Painter and His Models.” rapist” and “sex tourist” who gave Tahitians, Gauguin wrote for a local The exhibition is curated by Judit his Tahitian wives syphilis. I hesitate newspaper exposing the failings of Geskó, an academic adviser at to say he was a victim of political French officials before starting his the MFA and vice-president of correctness or cancel culture, because own publication to expose corrupt the French Société Paul Cézanne. these terms are often used to dismiss French officials. When the French perfectly valid criticisms of behavior governor sued him for libel, Gauguin

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News Cultural

in Brief

Gov’t Approves Full Restoration of Budapest’s Museum of Applied Arts The government has approved funding to fully restore the Museum of Applied Arts, which has been closed since 2017, according to Minister of Transport and Investment Dávid Vitézy. After more than a decade of delays, Telex now says the project will begin by updating plans and permits before the reconstruction of the landmark building designed by Ödön Lechner moves forward. Vitézy said the government has now committed the necessary resources for the long-term restoration effort.

Cultural Funding Plan Sparks Backlash Hungary’s proposed 2027 cultural budget has drawn strong criticism from artists and professional organizations, according to news outlet 24. A key concern is the continued support for the Hungarian Academy of Arts (MMA), whose funding would rise from HUF 13.98 billion to HUF 14.39 bln. More than a dozen Hungarian cultural organizations and professional bodies sent an open letter to Minister of Culture Zoltán Tarr on Nov. 2, arguing that the 2027 state budget shows little evidence of the promised cultural policy shift and largely preserves the

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

previous funding structure. According to Színház Online, an online publication specializing in theater and the performing arts, the groups said cultural institutions and independent arts communities remain underfunded, the budget lacks resources to address wage pressures in the sector, and major decisions were made without meaningful consultation despite earlier proposals submitted to the ministry. The signatories acknowledged Hungary’s fiscal constraints but called for urgent, broad-based consultation before the 2027 budget is finalized. Government officials have described the budget as a transitional document prepared while broader reforms are underway. According to the government, restructuring the MMA would require constitutional amendments and about 150 legal changes. It adds that reviews are underway at more than a dozen cultural institutions and further budget changes are expected during the parliamentary process.

State Opera Director Dismissed Over Financial Irregularities Minister of Culture Zoltán Tarr dismissed Szilveszter Ókovács as director-general of the Hungarian State Opera, with immediate effect on Nov. 2, after an institutional audit uncovered unauthorized executive bonuses, disputed contracts, and deficiencies in production cost accounting. News outlet

Sziget Festival Names new CEO after 15 Years Sziget Zrt., the organizer of the Sziget Festival, is undergoing a leadership transition as Tamás Kádár steps down as CEO after 15 years, according to the news and current affairs publication HVG. He will be succeeded by Anna Filutás, who has worked at the company for more than 10 years in roles including Balaton Sound project manager and, most recently, head of business development. The change follows the company’s ownership transition at the end of last year and a broader restructuring that separated ownership and operational management while creating a new board of directors. Kádár will remain as a board member. The new board, chaired by festival founder Károly Gerendai, will also include Sándor Csókás, Tamás Kádár, András Pálffy, Ádám Horváth, and Anna Filutás.

File photo shows Tamás Kádár, chief organizer of the Sziget Festival, at a press conference announcing details of the 2026 Sziget Festival at the Dugattyúsház in Budapest on April 29, 2026.

24 reports that the review found Ókovács received a gross monthly salary of HUF 4.8 million and additional benefits, while duties tied to a vacant chief music director position since 2023 were redistributed among senior managers, who received monthly bonuses of several hundred thousand forints and approved each other’s performance payments. The audit also found that Ókovács was

paid more than HUF 660,000 gross per month for writing and publishing daily notes, nearly twice the salary of the employee responsible for social media management. Investigators also identified inconsistent production cost records with as many as four different cost estimates for the same production, and a signed employment contract that management claimed did not exist.

Photo by Péter Lakatos / MTI

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PRESENTED CONTENT

Protecting Quality in a Changing Restaurant Industry Rising costs, changing dining habits, and staffing shortages are testing Hungary’s restaurants. Anikó Di Vora of Fausto’s Ristorante discusses the challenges of maintaining standards, adapting to guests’ expectations, and why the industry needs a broader response to its workforce challenges. BENCE GAÁL

BBJ: How would you describe the industry’s current situation and changes in guests’ habits? Anikó Di Vora: Hungary’s hospitality industry faces serious difficulties. Operating costs have risen significantly while demand is shrinking. We cannot continue passing every increase on to guests. However, the shortage of suitable staff is the most serious long-term obstacle. Here in Pasarét, our many regular guests have helped maintain customer numbers. Their habits are changing: they choose more healthconscious dishes, arrive earlier for dinner, and drink less alcohol. Long tasting menus seem less popular. Guests increasingly prefer two or three courses: approachable dishes made with quality ingredients and prepared carefully. We change our menu frequently, and our weekly lunch dishes are also available in the evening.

BBJ: What makes recruiting and retaining staff difficult? ADV: Several key colleagues have worked with us for years, but we increasingly struggle to find that commitment among newcomers. Constant recruitment, shift coverage, and training consume money and energy that should go toward guests and business development. After 32 years, I can say higher wages alone cannot solve this. Salaries are often high relative to applicants’ abilities, but pay does not create dedication, responsibility, or perseverance. Many people prioritize immediate earnings and free time. That is their right, but expectations must remain compatible with the profession. Professional curiosity, consistency, accountability, and long-term commitment are increasingly difficult to find. Without suitable people, standards cannot be sustained. BBJ: Where do you draw the line on cost-cutting? ADV: We have experienced good and difficult periods and always taken a longterm view. Sometimes, we must accept

and flexibility. Guests should feel at home. Our cooking evolves almost weekly. We preserve our culinary identity while adapting to changing preferences and seasonal opportunities. Longevity means knowing what to retain and where to change.

Anikó Di Vora lower profits, particularly when guests become more price-sensitive. We eliminate unnecessary expenditure, but will not compromise on food quality, service, or personal hospitality. Active ownership, excellent managers, and committed colleagues are essential. Difficult periods require disciplined operations. BBJ: What defines Fausto’s, and how do you balance tradition and renewal? ADV: Our character has remained unchanged for 32 years. We are a family restaurant built around guests, consistent quality, reliability,

BBJ: What would help Fausto’s and the wider industry develop? ADV: Our opportunity lies in improving what brings guests back, rather than pursuing growth at any cost. Hungary lacks enough trained, motivated hospitality workers. Wage increases have economic limits and cannot guarantee willingness to work evenings and weekends or develop professionally. Carefully selected, skilled workers from third countries, including Asian countries, are increasingly necessary. Many have proved reliable and committed. Filling essential positions can protect businesses and Hungarian jobs. Foreign recruitment must accompany better domestic vocational education. Experienced employers and restaurants demonstrating high standards should play a greater role in training. We need people who want to learn and build lasting careers. Inflation and fluctuating demand can be managed. Unless Hungary addresses workforce shortages and skills gaps, Its hospitality sector risks losing standards built over decades.

www.bbj.hu Budapest Business Journal | November 13 – November 26, 2026

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Chamber of Commerce Corner This regular section of the Budapest Business Journal features news and events from various international business chambers. For further information and to register for specific events, visit the organizing chamber’s website. If you have information for inclusion on this page, send an email in English to Annamária Bálint at annamaria.balint@bbj.hu Swiss-Hungarian Chamber of Commerce (Swisscham)

Italian Chamber of Commerce for Hungary (CCIU) The chamber invites guests to its CCIU Christmas Dinner, celebrating Italian excellence, elegance, and entertainment. The evening will be titled “Sotto le Stelle del Piemonte” and will be a culinary experience designed to discover Italian traditions, tastes, and flavors, immersed in a magical atmosphere. The event will feature highlights including the Four Musketeers of Italian cuisine, tenor Giuseppe Gambi, live music, a DJ set, a salsa performance, and a fashion show by Richard Demeter. It will be a networking opportunity in an exclusive setting, where guests can enjoy a unique show while savoring culinary excellence. Seats are limited; to reserve your place and stay updated, visit the chamber’s Facebook page and Instagram account. • When: Wednesday, Dec. 9 • Where: InterContinental Budapest, Apáczai Csere János utca 12–14, 1052 Budapest

Belgian Business Club in Hungary (Belgabiz) Belgabiz invites guests to an exclusive two-day Business and Cultural Visit to Debrecen in early December. The first day includes a guided tour of the BMW plant and a visit to the local premises of Belgabiz member, Delaware. Networking events will give unique opportunities to map the local business environment and build connections: a brunch with the management of the HajdúBihar County Chamber of Commerce and Industry in the city’s Belgian restaurant will give an insight into the current state of the local economic situation; and a networking drink at the Inter Hotel Debrecen to mark the inauguration of a painting made by a Belgian artist about Szabó Magda, with representatives from the Mayor’s office. On the second day, there will be a guided tour of Debrecen and its local Christmas market with Belgian club member Gert Loosen, who has lived and worked in the city for many years. The visit will end with a traditional Hungarian lunch at the Latóképi Csárda. Accommodation and transport must be paid for individually. The registration and cancellation deadline is Monday, Nov. 23. Places are limited, with Belgabiz members given priority up to the registration deadline. • When: Dec. 4-5 (Friday and Saturday) • Fee: Members, free; non-members, HUF 40,000.

Swisscham organized an exclusive visit for members and partners to Alpiq’s power plants in Csepel, Budapest. The visit offered a fascinating behind-the-scenes look at the existing Csepel II power plant and the newly inaugurated hybrid power plant, which combines flexible gas engine generation with battery energy storage. It was particularly interesting to see how established energy infrastructure and innovative technologies complement each other to support a more flexible and reliable energy system. It was a great opportunity to gain first-hand insights into energy production, exchange ideas with industry experts, and learn more about the important role Swiss companies play in Hungary’s energy sector.

Hungarian-French Chamber of Commerce and Industry (CCIFH) The CCIFH invites guests to celebrate the arrival of the Beaujolais Nouveau wine, one of the most joyful and quintessentially French traditions. Join the chamber for an evening of good wine, good company, and French flair in the heart of Budapest. The chamber will also toast the three-year extension of its partnership agreement with the Hungarian Export Promotion Agency at the event. • When: Thursday, Nov. 19, 6-9 p.m. • Where: HANGÁR, 1066 Budapest, Zichy Jenő utca 17. • Fee: Members HUF 13,500 + VAT / pers.; non-members HUF 19,500 + VAT / pers.

British Chamber of Commerce in Hungary (BCCH) On Nov. 5, Budapest’s Chain Bridge was lit up in red and white to mark the 80th anniversary of the resumption of diplomatic relations between Switzerland and Hungary, a symbolic tribute to the strong ties connecting the two countries. Together with key partners and representatives of the Swiss-Hungarian community, Swisscham members had the privilege of witnessing this special moment from the Spoon boat, enjoying a spectacular view as the lights were switched on. The evening featured welcoming remarks by Swiss Ambassador Alexander Renggli and State Secretary for Bilateral Relations Klara Breuer. The bridge itself has a Swiss-Hungarian connection: Ábrahám Ganz, the Swiss-born industrialist, contributed to its construction through his expertise in iron casting. The illumination was also a tribute to his legacy, made even more meaningful because Nov. 6 marks his birthday. The evening was a reminder of the strong diplomatic, economic, and personal relationships that have developed between Switzerland and Hungary over the decades and that continue to strengthen. Organized by the Embassy of Switzerland in Hungary, Swisscham was pleased to contribute as a partner, alongside member companies Alpiq and Stadler.

The chamber will celebrate 35 fruitful years in Hungary at its annual BCCH Christmas Party in mid-December. Well over 100 guests are expected from the membership network, including government representatives and members of the foreign diplomatic corps. Guests of honor, British Ambassador to Hungary Justin McKenzie Smith and State Secretary Judit Zolnay of the Ministry of Economy and Energy, will join BCCH chairman Duncan Graham. As is tradition, the event will include a reception, a fantastic Christmas cake, a prize draw, and multiple other highlights. Main sponsor Tesco Magyarország will provide items from its Finest collection to enhance the festive atmosphere with top-shelf quality snacks. • When: Dec. 14, 6 p.m. • Where: Kimpton BEM Budapest Hotel, Bem József tér 3,1027 Budapest • Fee: Members HUF 22,000 + VAT; non-members HUF 32,000 + VAT

Canadian Chamber of Commerce in Hungary (CCCH) The CCCH hosted its 32nd Annual Canadian Lobster Dinner at the InterContinental Budapest on Saturday, Nov. 7. The chamber’s largest event of the year drew 200 guests, including guest of honor State Secretary for Foreign Economic Affairs Judit Zolnay. The centerpiece of the dinner was the dish that gives the event its name. Served whole, the lobsters came from Nova Scotia, bringing a tradition from Canada’s Atlantic coast to Budapest. For an evening that has featured

on the CCCH calendar for 32 editions, the menu remains its most recognizable feature. The program extended beyond dinner, with live music and entertainment, and a silent auction. Guests could browse the auction items and place bids during the evening, while the raffle offered another way to take part. The dinner and its program brought the Canadian-Hungarian business community together for an evening built around a tradition the chamber has shared with its guests over the years.

Opening a business doesn’t make you a businessman.