Budapest Business Journal: Latest Issue

Deals of the Year

A few Large-scale Transactions Reshape Strategic Sectors

In 2025, the headline-worthiest deals, defense consolidation, media takeovers, and potential energy acquisitions, shaped public discourse. Meanwhile, dozens of smaller transactions quietly reshaped the industrial, manufacturing, and IT landscapes.  13

Transactions Reflect Demand for Quality ESG Assets

Real estate editor Gary J. Morrell takes a look back at some of the commercial real estate deals of the year and the defining trends for Hungary’s property markets in 2025.  16

Hungarian Jazz Guitar

Great Szabó Honored

in Budapest

In October, a plaque commemorating quietly influential Hungarian-born jazz guitarist Gábor Szabó was erected at the site of his family’s old Budapest apartment after a campaign led by the musician’s biographer Károly Libisch.  21

Creating Visibility, Inspiring Others

Nicole Biser, lead country manager and GBC finance manager for ExxonMobil Hungary, reflects on the growth in staff and individuals in Budapest, creating supportive career pathways, solving the “and equation,” and leading by example. 10

Fragile Optimism in the Hungarian Economy

While the second reading of Q3 GDP data reveals the precise reasons for the economy’s weakness, the development of industrial production in October offers some hope. However, a good final quarter will definitely be necessary if 2026 GDP growth is to be more significant.  3

Wizz Air Marks 250th Aircraft, Sets Sights on 500

Hungarian low-cost airline Wizz Air, which claims to be one of Europe’s fastest-growing carriers and a market-leader in CEE, has unveiled its 250th aircraft, underlining the scale of its expansion since its foundation in September 2003. 8

EDITOR-IN-CHIEF: Robin Marshall

EDITORIAL CONTRIBUTORS: Luca Albert, Balázs Barabás, Éva Bodor, Zsófia Czifra, Kester Eddy, Bence Gaál, Gergely Herpai, David Holzer, Gary J. Morrell, Nicholas Pongratz.

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THE EDITOR SAYS

TAKING STOCK AND LOOKING FORWARD

Year-end is traditionally a time for stock taking and forward thinking, and although we are not exactly there yet, this is our last print issue for 2025, so now is as good a time as any.

As a business publication, our focus naturally tends to be the state of the economy. Company health is, after all, fundamentally linked to economic prosperity. With the best will in the world, few would argue that Hungary has prospered in the past few years; perhaps the most telling statistic is that the economy has grown in only four of the past 13 quarters and contracted in eight. Seen through that lens, maybe we should be grateful for Q3’s 0.6% GDP growth. The markets had expected around 1%, but since Q2 only came in at 0.1%, that still marked the strongest growth since the second quarter of 2024. Again, that statistic speaks volumes.

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• Independence. The BBJ’s journalism is dedicated to reporting fact, not politics, and isn’t reliant on advertising from the government of the day, whoever that might be.

• Community Building. Whether it is the Budapest Business Journal itself, the Expat CEO award, the Expat CEO gala, the Top Expat CEOs in Hungary publication, or the new Expat CEO Boardroom meeting, we are serious about doing our part to bind this community together.

• 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.

• Crisis Management. We have all lived through a once-in-a-century pandemic. But we also face an existential threat through climate change and operate in a period where disruptive technologies offer threats and opportunities. Now, more than ever, factual business reporting is vital to good decision-making.

For more information visit budapestbusinessjournal.com

As Dániel Molnár, head analyst at economic thinktank GFÜ, one of the expert analysts quoted in our Page 3 Macroscope report, tells us, based on the data for the first three quarters, an annual average economic growth of 0.4% is expected this year. Surely, next year will be better. The concern for Hungary is that its open economy relies on outside factors beyond its control to fuel growth. That means a better economic performance by the EU, and most especially by our most important trade partner, Germany. Another issue that would improve matters here would be an end to the war in Ukraine. Budapest could well host peace talks at some point, but the decision will be made by the warring parties, with pressure applied principally by the United States, and, to a lesser extent, the European Union.

Returning to the economy, ING, for example, currently forecasts 2026 GDP growth of 2.3%, but it also cautions that if the end of this year is weaker than expected, achieving even 2% growth next year could be difficult due to a weaker carry-over effect. In its most recent fall forecast, the European Commission said it also expects Hungary’s GDP growth to accelerate to 2.3%. Speaking to MPs on parliament’s economy committee at the end of November, Minister for National Economy Márton Nagy put the 2026 GDP figure at 2-3%. In other words, there is a growing consensus around what might be possible, based in part on fiscal stimulus in Hungary (such as subsidized Home Start loans for first-time property buyers, and the 14-month pension payment for retirees), feeding through into the economy. Germany has its own fiscal package in play, and the hope is that will help boost its internal economy but also trickle down to Hungary through export orders. It all sounds good on paper, but you might want to keep a finger or two crossed for 2026.

One last thought. For all that it is true that peace in Ukraine will help boost European economies, and especially those of its nearest neighbors, we should not wish for it on those grounds alone. We are rapidly approaching the Season of Goodwill; wouldn’t it be lovely to be able to celebrate that with a just and lasting peace in the land just next door?

Robin Marshall Editor-in-chief

THEN & NOW

In the black-and-white photo from 1957, taken from the Fortepan public archive, a bustling Christmas tree market has been set up at the corner of Kálvin tér and Kecskeméti utca, in the garden of the Városkapu Inn. In the background, Kecskeméti utca and the mouth of Magyar utca are visible, while on the left, a brick pattern on the fire wall evokes the memory of the old city gate. In the color image by state news agency MTI, taken on Nov. 30, 2025, a freshly cut pine tree is pulled through a netting machine in the village of Surd, in Zala County (226 km southwest of Budapest by road), marking the start of the Christmas tree season in Hungary.

Photo by Tibor Katona / MTI

Photo by Gyula

Hámori / Fortepan

1News • macroscope

Fragile Optimism in the Hungarian Economy

While the second reading of third-quarter GDP data reveals the precise reasons for the economy’s weakness, the development of industrial production in October offers some hope. However, a good final quarter will definitely be necessary if 2026 GDP growth is to be more significant.

Inflation trends in Hungary, 1991-2025 (January-November)*

INFLATION

Source:

The Central Statistical Office (KSH) confirmed the preliminary data in its second, detailed estimate: economic performance grew by 0.6% on an annual basis in the third quarter, while it stagnated on a quarterly basis.

The Hungarian economy has been in a state of near stagnation for more than three years: its performance has fallen eight times in the past 13 quarters, has grown only four times, and has now remained flat. Looking at the big picture, industry is being pressured by weak demand from external markets and the competitiveness challenges faced by the European automotive sector, while the construction industry is being dragged down by domestic investment demand, and adverse weather has added to this, depressing agricultural.

The downward factors are offset by the service sector, which can primarily benefit from higher household incomes. All this means that services were practically the only element able to contribute significantly to the annualized third-quarter GDP growth of 0.6%. Industry dragged down performance, and the construction industry, which followed a zigzag path but, in any case, had a small weight, made a contribution close to stagnation. It is a minor surprise that in the end, agriculture reduced growth by only 0.2 percentage points, but that also means that growth decreased even after the effect of bad weather was eliminated.

Based on the data for the first three quarters, an annual average economic growth of 0.4% is expected

this year, according to Dániel Molnár, head analyst at economic think-tank GFÜ, commenting on the second reading of the GDP data.

“This requires a stronger expansion of at least 0.6% on a quarterly basis in the last quarter, and a 0.5% dynamic requires at least 1% quarterly growth. However, the performance of the last three months is not only a key issue in terms of this year’s GDP, but due to the lingering effect, how the economy performs at the end of the year will also be decisive in terms of next year’s prospects,” he notes.

“Sectoral data is only available for tourism, which performed favorably, but based on the October foreign trade data, industry may have started the quarter weakly,” he adds.

Future Prospects

As for the near future, Molnár said that he expected economic growth to pick up next year, with the rate of expansion likely to be in the 2-3% range. The external environment will strongly influence the extent of that, however. This will be determined on the one hand by how quickly the results of the German fiscal stimulus appear in the German economy, and from there trickle through to Hungary via exports, and on the other hand by whether the Russian-Ukrainian war can be concluded, which could support growth through energy prices and improved risk perception.

In the meantime, industrial production in October finally showed some positive development: based on seasonally and working-day-adjusted

data, its volume increased by 0.5% compared to September, but decreased by 2.7% compared to a year earlier, according to fresh data released from KSH. Industrial production in the first 10 months of the year was 3.3% lower than in the same period in 2024.

“The performance of the last three months is not only a key issue in terms of this year’s GDP, but due to the lingering effect, how the economy performs at the end of the year will also be decisive in terms of next year’s prospects.”

Production volume in most of the manufacturing sectors decreased compared to October last year. Within this, the most significant decline was in the production of vehicles, electrical equipment, and food, beverage, and tobacco products, while the production of computers, electronics, and optical products expanded.

According to Péter Virovácz, a senior economist at ING, there is still no significant change in the data in terms of the big picture.

“Although the various confidence indices have mostly improved in recent months, the optimism built on this may

prove to be fragile. Capacity utilization has not moved significantly upwards, and most companies are still complaining about a lack of demand and orders. Although German industrial orders have been expanding for two months, this was preceded by a persistent contraction,” Virovácz wrote in a recent commentary.

Limited Expansion

The analyst also highlighted that this is the first time since spring that Hungarian industry has seen its production volume expand on a monthly basis for two consecutive months. According to Virovácz, it seems, therefore, increasingly likely that industrial output has stabilized, albeit at a low level, 6.4% below the 2021 average.

According to the analyst, the outlook for domestic industrial companies producing for export remains gloomy and uncertain, with no general recovery expected.

“We continue to expect a global turnaround in the inventory cycle, so that demand for industrial goods will start to pick up. However, there are no signs of this yet,” Virovácz added.

However, regarding the Hungarian GDP outlook for the fourth quarter, the overall picture of the latest retail and industrial data is relatively favorable, according to Virovácz, which suggests that an average economic growth of 0.5% this year still seems possible.

“Of course, this is a small consolation, but a good final quarter would definitely be necessary for GDP growth in 2026 to be more significant, significantly above 2%,” he wrote.

ZSÓFIA CZIFRA

As TurkStream Operator Moves to Budapest, Hungary Threatens EU With Legal Action

To avoid sanctions imposed by the United States on Russia, South Stream Transport B.V., a subsidiary of Russia’s Gazprom that operates the TurkStream pipeline, is relocating its operations from the Netherlands to Hungary. The move comes after Prime Minister Viktor Orbán secured energy sanctions exemptions from U.S. President Trump.

Roundup Crisis

against the European Commission if it bypassed the country’s veto on proposed sanctions targeting Russian gas and oil purchases, accusing Brussels of “playing with loaded dice” by classifying the planned restrictions, which currently exempt Hungary and Slovakia, as trade policy measures rather than sanctions.

“With the operating company’s relocation from the Netherlands to Hungary, the TurkStream pipeline will be able to operate without disruption in the coming period despite any legal and financial attacks,” Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó said in Moscow during a meeting of the Hungarian-Russian joint economic committee on Dec. 9. According to international newswire Reuters, South Stream Transport has faced litigation in its current base in the Netherlands over Russia’s actions in Ukraine. Hungary has become increasingly reliant on the pipeline, which carries

Russian natural gas to southern Europe through the Black Sea and Turkey, since Ukraine refused to continue facilitating such supply through its territory via the Druzhba pipeline earlier this year.

The Hungarian government is doing everything it can to maintain its cheap energy supply from Russia, even amid increased European Union pressure to wean the continent off this source. The latest efforts from the EU are the RePowerEU regulation, which would phase out imports of Russian gas from fall 2027.

Veto Workaround

In a workaround designed to sidestep any Hungarian veto, the European Commission has decided to treat the hydrocarbons ban

as a trade policy matter, and that, unlike sanctions, does not require unanimous approval from member states. Hungary and Slovakia, the two EU countries dependent on Russian energy, have threatened legal action if the EC goes ahead.

Orbán told Kossuth Rádió on Dec. 5 that Hungary would take legal action

With the regulation up for a vote as soon as next week, Szijjártó said that Hungary and Slovakia would jointly request its suspension during the legal proceedings and seek its annulment at the European Court of Justice were it to be adopted. Describing the regulation as “a massive legal fraud,” Szijjártó added that it violates EU Treaties by infringing on national energy policy competences and even contradicts the EU’s own legal assessments.

Orbán and Szijjártó had earlier traveled to Moscow to meet with Russian President Vladimir Putin to secure Hungary’s energy supply for the winter and the year ahead. Democratic Coalition (DK) deputy leader Sándor Rónai took issue with the visit, Orbán’s 14th meeting as Prime Minister with the Russian leader, claiming Putin had summoned Orbán to deliver his orders personally.

Budapest Presented in Delicate Bites, ‘Pastilles for the Mind’

Turkish-born author Jale Elhadef has just had a second book, “Bu da Peşte” (“This is Pest,”) translated into Hungarian as “Ez is Pest.” Here, she talks with the Budapest Business Journal about that milestone, her approach to writing, and her feelings about the city.

BBJ: What drives you to write?

Jale Elhadef: Every individual has a purpose in life. Mine is to create, to share my experiences, to touch hearts and minds. I want to inspire hope, to offer solutions when people feel stuck, to show the light at the end of the tunnel when all seems lost. And I do not want to limit myself to my own language; I want to reach different cultures, different geographies. At times, I hope to be the voice of those who cannot speak up. At other times, the smile of those who have forgotten how to smile.

BBJ: When writing, what do you pay the most attention to?

JE: I want the reader to see the world through my eyes. To feel what I feel.

I avoid overly heavy descriptions or complex, ornate language. The text must flow. The reader should feel as if they’re on a journey, unable to put the book down. If they pause, their mind should linger on the story. And when they reach the end, the flavor of the narrative should stay with them. I set out thinking: “I want them to love the story the way I do.”

So, I wrote as if I were speaking, letting events unfold naturally. A taste of the city, a sip of life; that’s how this book emerged.

BBJ: What did you prioritize in this book?

JE: When I first arrived in Budapest, the city’s texture made a deep impression on me. Its natural beauty is striking. Each of the four seasons feels distinct,

like turning pages on a calendar. Spring brings pink and white blossoms of cherry and apple trees; autumn paints the city in yellow, orange, and brown, transitioning softly into winter’s white. Summer fills the streets with colorful fruits hidden among lush green leaves: plums, walnuts, mulberries, linden. I wanted to present the city to my readers in small, delicate pieces on a silver tray. Budapest offers a rich cultural life seven days a week. Hidden corners, overlooked neighborhoods, forgotten stories; they all deserved to be brought to light. Each chapter contains small tablets of knowledge, little pastilles, not for the throat, but for the mind. I gathered things you cannot simply ask the internet or ChatGPT. The book is filled with lived moments, stored emotions.

BBJ: In your opinion, what makes Budapest special?

JE: Its history, without question. All the pain it endured, the oppression it faced, the sorrow it carried. And finally, the freedom it reclaimed through patience, faith, and resilience. Imagine, during World War II, much of the city was destroyed, every bridge bombed. Yet Budapest rose again. I cherish the friends I have made in Budapest; they became family to us. Everyone holds a unique place in my heart. No matter what, one must collect friends throughout life; this city taught me that.

This photo released by the Prime Minister’s Communications Department shows Prime Minister Viktor Orbán (left of table) and Russian President Vladimir Putin (right of table) meeting at the Kremlin in Moscow on Nov. 28, 2025. On the far left is Minister of Foreign Affairs and Trade Péter Szijjártó. Photo by Zoltán Fischer / Prime Minister’s Communications Department / MTI.

BBJ STAFF

Jale Elhadef

NICHOLAS PONGRATZ

Panattoni Completes Development in Üllő

Panattoni Hungary has officially handed over a newly built logistics hub in Üllő (just 28 km southeast of central Budapest), developed for one of Hungary’s leading drugstore chains. The state-of-the-art facility, featuring a range of bespoke technological solutions, is Panattoni’s fourth completed development in the country and its second with OTP Real Estate Investment Fund.

J. MORRELL

GARY

The approximately 32,000 sqm logistics center was delivered within a comprehensive development, leasing and investment framework, and is expected to enter full operational service in the second quarter of 2026, according to Panattoni.

Real Estate Matters

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

Among the advanced features are a multi-level, semi-automated pick-up tower covering several 1,000 sqms, as well as cutting-edge logistics systems incorporating conveyor technology, “pickby-light” and voice-picking solutions.

“We are particularly proud to have completed our fourth development on the fourth anniversary of Panattoni Hungary’s establishment. In both scale and technological sophistication, the Üllő project represents a milestone for our Hungarian operations, made possible by exemplary collaboration between the tenant, the investor and the general contractor,” comments László Kemenes, managing director of the developer.

but also technologically advanced and sustainability-driven,” says Ervin Fidél Schwender, head of property development for the OTP fund management.

“Our cooperation with Panattoni has once again proven that strong professional partnership and shared vision can deliver outstanding results in the Hungarian logistics real estate sector,” Fidél adds.

Sustainability considerations played a central role throughout the development process. The property is currently undergoing BREEAM “Very Good” certification, while the 280 kWp rooftop solar PV system and 47% landscaped green area support long-term environmentally conscious operations.

Gundlach Automotive Solutions Extends at CTPark Arrabona

Gundlach Automotive Solutions has extended its 11,000 sqm long-term lease at CTPark Arrabona, located at one of the key industrial and logistics hubs in Győr (118 km west of Budapest by road). The Audi supplier operates a production and distribution facility with specialized infrastructure that supports uninterrupted, “justin-sequence” deliveries at the BREEAM “Very Good” complex.

“A predictable environment is essential for long-term operations. Our cooperation with CTP has provided a solid foundation for us to remain a reliable supplier to Audi for years,” says Zoltán Ódor, location and production manager of Gundlach Automotive Solutions Kft. “Proximity to the Audi factory was also a decisive factor in their continued partnership,” he adds.

“It is crucial for Gundlach to operate in an environment where every need is met, from location to infrastructure to daily operations. At CTP, we provide exactly this stability and flexibility as part of our long-term business model. We are very pleased that Gundlach has once again placed its trust in us,” comments András Kiss, regional business development manager at CTP Hungary.

The logistics warehouse was designed and executed in line with the tenant’s operational and technological requirements. Reflecting the project’s high level of complexity, the development significantly exceeded the typical timeframe of standard industrial schemes, yet was completed on schedule.

The project was delivered as an investment of the OTP Real Estate Investment Fund, with Goldbeck Hungária acting as general contractor.

Long-term Value

“The Üllő development is a clear demonstration of how the OTP Real Estate Investment Fund can create longterm value by participating in projects that are not only financially sound,

The technical specifications include more than 27,000 sprinkler heads and 3,600 cubic meters of firewater storage to ensure robust fire protection. Meanwhile, 42 dock levelers and the three-story pick-up tower enhance logistics efficiency. The tenant is currently installing the internal warehouse automation and systems integration in preparation for the facility’s go-live in the second quarter of 2026, Kemenes adds.

Industrial Development Remains High as Vacancy Rises

Industrial vacancy has been increasing since 2019, with construction volume remaining at a high level, iO Partners concluded at a recent Industrial Breakfast event it organized. The consultancy has traced a total stock of 3.92 million sqm of industrial stock in the Budapest area, with 166,000 sqm of completions in the first three quarters of 2025.

J. MORRELL

A further 308,000 sqm is under construction with a gross take-up of 406,000 sqm in the first three quarters and vacancy rising to slightly above 13%. Prime rents stand at EUR 6.5 per sqm per month. Leasing activity

has remained strong since 2022. As much as 50% of demand is from Asian firms, according to Roland Kis, head of industrial at iO Partners Hungary.

Outside of the Greater Budapest area, developer-led logistics stock exceeded two million sqm as of Q3 2025. Seven new warehouses were delivered, totaling a combined 102,000 sqm in provincial

hubs. Approximately 222,000 sqm of space is under construction and scheduled for completion between now and the end of 2026.

The current vacancy rate in the provinces stands at 11.8%. The increase in demand from the automotive, pharmaceutical and high-tech sectors has established the GyőrSzékesfehérvár-Budapest triangle, the Miskolc-Hatvan corridor, the DebrecenNyíregyháza-Polgár corridor and Kecskemét as prime industrial locations beyond the Hungarian capital.

BTS or Pre-let

iO Partners says that 38% of completions in the first three quarters of 2025 were built-to-suit projects or assets

delivered at full occupancy, while 46% of the current pipeline consists of BTS schemes or projects already under construction and fully pre-let.

Of the industrial buildings handed over in 2025 in the Budapest area, 19% were BTS, 19% fully preleased, and 61% developed on a speculative basis. In the provinces, 36% of buildings were built on a BTS basis, 21% were fully preleased, and 42% were speculative.

Among the industrial buildings under construction in Hungary in Q3 2025, 20% are BTS, 18% are fully preleased, and 62% are speculative. For Budapest, 17% of buildings for this period are BTS, compared to 25% in the provinces, while 69% of buildings in the capital are speculative, compared to 53% in the regions.

GARY

CTPark Arrabona, on the outskirts of Győr.

The Panattoni-built logistics center in Üllő.

Hotel Clark Budapest offers unforgettable experiences to gift for Christmas

As the holiday season approaches, the search for meaningful and memorable gifts becomes a priority. Hotel Clark Budapest is encouraging guests to think beyond traditional presents and instead “gift an experience,” one filled with premium comfort, design sophistication and the city’s most iconic panorama.

The hotel’s exclusive gift cards allow recipients to enjoy a bespoke stay defined by boutique elegance at one of Budapest’s most celebrated locations. Positioned at the foot of the Chain Bridge on Clark Ádám tér, Hotel Clark has quickly become a standout within Budapest’s luxury hospitality offering. Its extraordinary Danube-front position provides uninterrupted views of the Buda Castle and the landmark Chain Bridge, setting the scene for an unforgettable stay in the Hungarian capital.

The hotel’s building reflects a unique blend of modern craft and cultural heritage. Contemporary design and

timeless architectural references coexist across all eight floors of the hotel, creating a character that is both refined and rooted in its surroundings.

Hotel Clark’s construction took 736 days, and its design incorporates 1,650 lion heads in a nod to the guardians of the Chain Bridge. The property also features 150-year-old Ybl pillars, carefully preserved and restored from the original building — the former Buda Savings Bank that once stood on this very site — further strengthening the connection between the hotel and Budapest’s architectural heritage.

Cultural Storyline

The location itself has a rich cultural storyline. The square was Budapest’s first Neo-Renaissance architectural setting, and the neighborhood has long been a gathering point for creative minds. In the early 20th century, the legendary Lánchíd Café—located on the ground floor of the former Buda Savings Bank—stood where Hotel Clark now welcomes its guests.

Celebrated Hungarian writers such as Mihály Babits, Zsigmond Móricz, Dezső Kosztolányi, Gyula Krúdy and Frigyes Karinthy all frequented the café, contributing to its reputation as an epicenter of literary life. Even today, local legends live on, including the popular tale of the “tongueless lions,” theiconic stone statues guarding the Chain Bridge.

The property’s boutique scale creates an intimate, luxury atmosphere, with 79 stylishly furnished rooms and suites, the majority offering direct views of the Danube skyline. The balance of modern elegance and cultural storytelling makes the hotel a favorite for designconscious guests who appreciate a deeper connection to the city.

Hotel Clark has also become a notable address for business travelers and executive groups. Two interconnected boardrooms on the ground floor provide natural daylight and direct views of the Chain Bridge, adding inspiration to meetings and private corporate gatherings.

Strategic Sophistication

These inspiring boardrooms can accommodate up to 8 and 14 guests, offering a sophisticated environment for strategic discussions, high-level presentations or business breakfasts. For incentive and boutique executive groups, the hotel’s exclusive scale ensures privacy, personalized service and a curated stay that aligns with premium corporate expectations.

The hotel’s culinary offering also plays a central role in the experience. Leo Bistro, located on the ground floor, celebrates international flavors highlighted with local accents, making it a lively destination for both guests and locals. Combined with unparalleled views, Leo Rooftop Bar on the eighth floor offers a laid-back yet refined dining experience for lunch or dinner throughout the year.

The exclusive Gift Card of Hotel Clark Budapest captures the essence of a memorable stay, making it an ideal choice for anyone wishing to surprise loved ones, partners or clients with a truly notable experience. The gift card can be tailored to one’s preferences to create a unique, luxurious stay, giving each guest the freedom to shape their own Budapest experience in the heart of the city.

With its unique architectural heritage, design-forward comfort and landmark views, Hotel Clark offers more than accommodation: it offers a story, and a good one at that. This holiday season, the property’s message is clear: the most extraordinary gifts are not here today, gone tomorrow objects but experiences to treasure and remember.

Hotel Clark Budapest, H-1013, Budapest, Clark Ádám tér 1. www.hotelclarkbudapest.hu

BENCE GAÁL

Time Out Market Budapest: the Best of Hungary Under 1 Roof

A new chapter in Budapest’s culinary and cultural life began this September as Time Out Market Budapest officially opened its doors to the public. Located in the beautifully restored Corvin Palace at Blaha Lujza tér, the venue unites the best of Hungary’s gastronomy and cultural scene under one roof — offering a new destination for locals and visitors alike.

Anyukám Mondta brings authentic Italian flavors rooted in family tradition, while Pingrumba evokes the spirit of the Middle East. 101 Bistro reinterprets Taiwanese street food, and Szaletly presents modern Hungarian cuisine with elegance and precision. Chef István Pesti debuts an exclusive new concept, Canteen by István Pesti, blending traditional Hungarian recipes with contemporary flair, while Casa Christa brings the essence of Lake Balaton to the heart of the capital. Bigfish offers a fresh take on seafood dining, and Tuning Burger elevates the humble bun and patty to gourmet status.

At M’EAT by Rácz Jenő, guests can enjoy premium Hungarian antipasti infused with Mediterranean influences, while LIRA by Essência adds a casual fine-dining touch. For those craving a different kind of comfort, Hai Nam Pho serves bold, nostalgic Vietnamese flavors.

To accompany the food, there are three well-curated bars: Dreher Tanksör, serving unpasteurized tank beer; the Wines of Hungary Bar, representing all 22 wine regions of the country; and the Spirit Bar by Absolut, where mixology meets creativity.

Beyond gastronomy, Time Out Market Budapest celebrates the city’s artistic and musical pulse. Its year-round cultural program features a diverse lineup of live music, DJ sets, art exhibitions, and family-friendly activities.

The market welcomes guests daily, inviting them to experience an ever-changing showcase of the country’s finest chefs, beloved local eateries, and rising culinary stars. The concept, a curated mix of food, drinks, and culture, has already made its mark in cities such as Lisbon, New York, and Dubai. The Budapest edition is the first in Central and Eastern Europe, featuring 11 culinary concepts, three bars, five event spaces, and seating for more than 500 guests.

“Time Out Market Budapest brings a new culinary and cultural experience to Hungary, and we are excited to welcome our guests to this unique space,” says Gergely Borsos, general manager. “We spent months developing and curating Time Out Market Budapest; we tested and tasted a lot of food in our city and country to uncover the best homegrown talents. Then we invited the very best to join us to represent Budapest and Hungary as the world-class culinary destination it is. We couldn’t be more proud that such outstanding chefs and restaurateurs accepted our invitation, and to now open our doors to this unforgettable experience,” he says.

“We created a space that celebrates local top talent and offers our guests a true taste of the city. We are open every day from 11.30 a.m. to 11.30 p.m., so you can come for lunch, dinner, to enjoy our cultural events or just for a drink. It’s a vibrant, fun and welcoming space, and there is something for everyone. Our mission is to make the diversity of Hungarian gastronomy accessible and affordable with a curated selection of

food, drinks and exciting programs throughout the year,” Borsos adds.

Culinary Crossroads

Time Out Market Budapest offers a handpicked lineup that reflects the breadth of Hungarian and international cuisine. From fine dining to comfort food, the mix of “established chefs” and “new voices” makes the market a microcosm of the city’s evolving culinary identity.

Weekly events include live piano evenings by the Hungarian Bar Pianists Association and Roland Piano on Mondays, Jazz & Wine nights curated by Jazzpiknik on Tuesdays, and Banana Live Sessions by Banana Records on Wednesdays. Thursdays bring Chef’s Kiss DJ sets from the Budai House Clique, while Fridays and Saturdays transform the Market with high-quality electronic music performances. Sundays, meanwhile, are dedicated to families, with entertainment for children.

Photo by György

Pécsi / Time Out Market Budapest

Photo by György

Pécsi / Time Out Market Budapest

2 Business

Wizz Air Marks 250th Aircraft, Sets Sights on a 500-plane Fleet

Hungarian lowcost airline Wizz Air, which claims to be one of Europe’s fastestgrowing carriers and a market-leader in Central and Eastern Europe, has unveiled its 250th aircraft, a milestone that underlines the scale and pace of the company’s expansion since its foundation in September 2003.

than ever. We remain committed to doubling our fleet over the next decade and offering more attractively priced flights to our passengers,” Váradi said.

Not a Number, but a Symbol

The celebrations around the milestone have been accompanied by a statement of a medium-term goal to operate a 500-plane fleet within 10 years, making convenient air travel accessible to even broader groups of passengers in Europe and beyond.

According to Wizz Air, the new aircraft does more than add capacity; it reflects a disciplined growth strategy and the combined effort of employees and partners who have supported the network’s build-out.

“The 250th aircraft is more than simply another plane in our fleet; it is a defining moment in Wizz Air’s history,” said József Váradi, CEO of Wizz Air, at the official unveiling at Budapest Airport on Friday, Nov. 28.

“This milestone reflects more than two decades of bold decisions, persistent innovation, and the passion of thousands of colleagues and partners who share the same vision and believe that air travel can be made more affordable and accessible for everyone,” the CEO said.

“Today’s step proves that our strategy works, and our momentum is stronger

“Two hundred and fifty is not just a number; it is a symbol of our ambition and a springboard to the next chapter of our growth. Together we will continue to expand, to innovate, and to make air travel available to millions more people. We shape the future,” he insisted.

The milestone was also an opportunity for some of Wizz Air’s industrial partners to join the celebrations, not least the aircraft manufacturer.

“Our warmest congratulations to Wizz Air on taking delivery of its

250th

aircraft, proving more than two decades of successful partnership between Airbus and Wizz Air,” said Johan Pelissier, president for the European region and the commercial Europe lead at Airbus.

“More than 260 A320 family aircraft remain to be delivered, including the highly efficient A321neo. We are proud that Wizz Air, with Airbus aircraft, operates one of Europe’s largest and most efficient fleets, and that we can contribute as Wizz Air pursues its ambitious expansion strategy,” Pelissier said.

Financing and aircraft supply are also a critical part of the story: “We are pleased to support Wizz

looks back at the airline’s journey and forward to its next phase. Wizz Air ran an international design tender that brought together designers, fans, and employees. A Hungarian entrant, Balázs Hauser, won the competition, and the final paint scheme was produced according to his concept.

As part of the celebrations, Wizz Air has launched a network-wide promotion offering discounts of up to 30% on selected routes for travel from December through to March 26, 2026. Tickets are available through wizzair. com and the WIZZ mobile app.

“This milestone reflects more than two decades of bold decisions, persistent innovation, and the passion of thousands of colleagues and partners who share the same vision and believe that air travel can be made more affordable and accessible for everyone.”

Air in reaching this important milestone,” said Peter Barrett, CEO of SMBC Aviation Capital.

“Being part of the delivery of the 250th aircraft testifies to the strength of our long-term relationship and to Wizz Air’s remarkable growth. We are happy to continue providing modern, fuelefficient aircraft that enable Wizz Air to pursue its ambitious expansion strategy.”

Unique Livery

To mark its significance, the 250th aircraft carries a one-off livery that

Wizz Air management says it will continue to build its fleet and grow the airline by following a tried and tested path that has helped bring it to this point: disciplined capital allocation, a fleet based around the Airbus A320

family, and an operational focus on simple, repeatable processes that can scale across an expanding network.

“As we look ahead, our commitment is to double the size of our fleet over the next decade and to keep widening access to affordable flights,” Váradi said. “The 250th aircraft is a marker, but it is also a reminder of the standards we set for ourselves. We will continue to expand with discipline, innovate where it improves the customer journey, and keep flight prices competitive for the communities we serve.”

Wizz Air CEO József Váradi speaks in front of the latest plane in its one-off livery.

From left, Johan Pelissier, President Europe and Head of Commercial Aircraft Europe (Airbus), József Váradi (Wizz Air) and Peter Barrett (SMBC Aviation Capital) toast the 250th aircraft.

SZTE Innovation Day: Nobel Laureate, Roche Partnership, and a Fresh Look at Healthcare

At the University of Szeged (SZTE) Innovation Day, Nobel laureate Katalin Karikó returned to her alma mater as academic leaders, government officials and industry partners explored how cutting-edge research can translate into better healthcare in Hungary. As SZTE deepens its partnership with Roche Hungary and launches an ambitious county-wide screening pilot, speakers kept circling back to the same question: How do you turn scientific excellence into longer, healthier lives?

Her keynote focused on the importance of innovation and resilience. She underlined that it is essential “to fight against false information” and to help society through clear, accessible science communication, warning that she often sees “people with little knowledge” acting as if they know best.

Dr. Peter Ahnesorg, general manager of Roche Pharma Hungary, told the audience that it was “the quality of the people, starting from the students,” that had convinced his firm to deepen its cooperation with the university.

An Avalanche of Diseases

“Countries like Hungary, and really countries all over the world, face an avalanche of non-communicable diseases,” he warned, listing cardiometabolic diseases such as stroke and diabetes, lung and other cancers, multiple sclerosis and Alzheimer’s disease. These conditions, he argued, will define the next 20–30 years of healthcare.

“Around 10% of the Hungarian population lives with diabetes. That is a huge number of patients who are waiting for better therapies,” he noted. Between the ages of 30 and 70, the probability of dying from these types of diseases is roughly 30% higher in Hungary than the European Union average. Put bluntly, that means working-age people are “dying earlier and more frequently than in many other European countries.”

One concrete system-level project in Hungary that Roche highlights is a digital patient pathway tool called Dr. BetMen, developed together with the SZEFA Foundation.

structured and efficient way, instead of a series of isolated interventions.”

The company hopes to hand this tool over to the university allowing it to be used across various disease areas, making the partnership visible not only in labs and lecture halls but also in the everyday organization of care. Beyond individual projects, Ahnesorg stressed Roche’s overall footprint in Hungary.

“Every year we invest roughly HUF 130 billion in Hungary, which is significantly more than the revenues we generate from our drugs,” he said, adding that the company employs almost 3,000 people in the country.

Lifestyle and prevention do most of the work. Smoking, alcohol and obesity rates in Hungary are “well above the OECD and even the V4 averages,” she warned. For her, the key lever is prevention and organized screening, not simply building more hospital capacity. Fendler described a new screening model SZTE is building in its surrounding Csongrád-Csanád County. The program will test different settings to determine how best to reach people where they actually live: a small rural community, a district seat, and, later, a mobile screening truck.

Age-specific screening packages will be offered to people between 20 and 70, broken down by gender. The university’s clinical center will not only perform the tests but also organize the entire patient pathway together with local family doctors and other providers.

“People will go to screening if we bring it to them, if we take them by the hand and organize it properly,” she insisted, rather than leaving patients to navigate a complex system alone.

The SZTE Innovation Day brought together the university’s leadership, representatives of the Ministry of Culture and Innovation, and senior executives from Roche Hungary. The program combined keynote speeches with lab visits and a tour of the Science Park, underlining Szeged’s ambition to strengthen its role in medical and health-related innovation.

Opening the event, SZTE Rector László Rovó noted that the university has produced four Nobel laureates and described the city as an intellectual hub, a claim he summed up in a single phrase: “In Szeged, the Nobel Prize is in the air.”

State Secretary Veronika VargaBajusz of the Ministry of Culture and Innovation stressed that SZTE “is doing important work in innovation and ranks among the leaders in several international rankings.” She pointed out that around a dozen Hungarian universities are now in the top 5% worldwide.

She said SZTE has become “one of the flagships of Hungarian higher education,” backed up by a growing portfolio of patents, trademarks and corporate R&D income.

Karikó received the Nobel Prize in Physiology or Medicine last year.

Ahnesorg described it as “a digital solution that is quite unique in the Hungarian ecosystem” because it allows patients, physicians and care providers to plan a patient’s journey “in a much more

Ahnesorg also noted that the broader life sciences industry already generates around HUF 1.3 trillion in value added for the Hungarian economy. “Healthcare and life sciences can be powerful economic drivers,” and should not be seen only as a cost, he argued. But he was candid that there is more to do.

“Unfortunately, Hungarian patients gain access to innovation later than patients in the United States or China, and later than in many other European countries,” he said. He would like to see a clear national health strategy, ideally backed by a dedicated Ministry of Health, and more systematic investment in the sector.

“This collaboration is a very clear testament to how important Hungary is to Roche,” he said. His principal request to policymakers would be to respond in kind by increasing investment in healthcare and treating it as a strategic priority for the country.

Questioning Assumptions

Dr. Judit Fendler, Chancellor of SZTE, questioned some deeply rooted assumptions about Hungarian healthcare.

“Only a relatively small proportion of our health status is determined by the healthcare system itself,” she said.

“We do not see a dramatic shortage of doctors in the aggregate numbers,” Fendler noted. “The dramatic shortage is in nurses, carers and organized home and longterm care.” Here, cost becomes an issue: 24-hour home-care packages can cost around HUF 910,000 per month; more intensive continuous care can approach HUF 500,000, levels she considers “quite alarming” for ordinary families.

Fendler argues that genuine innovation in healthcare has to be more than installing new machines or opening new buildings. It also means finding new models of long-term and home-based care, stronger organization of patient pathways, and screening programs that actually reach people where they are. Only that, she argued, will make it possible to extend healthy life years and support aging with dignity.

GERGELY HERPAI

Former SZTE student and Nobel laureate Katalin Karikó.

Dr. Peter Ahnesorg, general manager of Roche Pharma Hungary.

Dr. Judit Fendler, Chancellor of SZTE.

Representation Matters: Creating Visibility and Inspiring Others

Nicole Biser, lead country manager and global business center finance manager for ExxonMobil Hungary, took over the top job in the country in July. Here she reflects on what taking that step up has been like, the growth in numbers and individuals in Budapest, creating a pipeline and supportive career pathways for talents, solving the “and equation,” and leading by example.

BBJ: You have been in Hungary for two years, but in this post since July. Given you were already based within the organization here, what has surprised you most about taking the step up?

Nicole Biser: Before stepping into the role of lead country manager and finance manager, I was leading our planning and stewardship organization here in Budapest. In this capacity, I worked closely with colleagues across the finance function; however, until taking on this new role, I did not fully appreciate the breadth and complexity of activities within the Global Business Center, particularly in the commercial and IT space.

Our teams are responsible for a mix of global and regional activities across all three of our value chains: Upstream, Product Solutions and Low Carbon Solutions. They are heavily engaged in our ongoing business transformation and passionate about the role that they play, which both energizes and inspires me to lead with the same commitment.

From an external perspective, I am equally impressed by the strength of Hungary’s business services ecosystem. The scale and maturity of the sector create a dynamic environment that attracts investment through training, innovation, and career development opportunities.

BBJ: The Budapest Affiliate was established in 2004 as a business support center. In 2019, it was renamed a global business center (GBC) to reflect its work better. How important is it to the international business today?

NB: All of our GBCs play a key role in enabling ExxonMobil to deliver on our strategy, and the Budapest Global

Business Center is no exception. Initially, each GBC mainly supported its local region; however, as our business has evolved, work now spans regions and time zones. This allows us to group similar skills and knowledge in one place, creating hubs of expertise that better support our global operations.

We are working to solve the “and equation,” providing the energy and products that make modern living possible and reducing emissions. For this, we use our competitive advantages: technology, scale, integration, execution excellence and people. The Budapest GBC team plays an essential role in advancing this mission by leveraging our expertise and capabilities to help deliver on this dual challenge.

BBJ: The head count at the GBC has ramped up almost continuously since 2004. What are the development plans for your office?

NB: Similar to many business services sector players in Hungary and the region, we are a mature organization with a highly talented and experienced workforce. Our portfolio of activities reflects the skills and capabilities across the organization, leveraging automation and technology to shift away from transactional work to value-added activities that drive insights, enable strategic decision-making and create measurable impact for the business.

As part of this, we measure growth in terms of job content and opportunities for skill and career development versus solely the number of positions. Many of our colleagues are responsible for global portfolios, and we have centers of expertise and global hubs here for certain activities.

To drive this transformation, we continuously invest in skill development across the GBC. Our latest initiative, “Future Ready,” outlines the key competencies we believe our employees need to be successful, such as digital literacy, adaptability and analytical thinking, so they can thrive in a fast-changing environment, embrace technology and take on more complex, value-driven roles. The program then connects employees to programs available here at the Budapest GBC that help them develop these skills through a combination of theoretical practice and real-world application.

BBJ: Allied to that, you are the sole tenant of the Pillar building in the Váci út Office Corridor. When you moved into the new HQ in July 2022, it was ExxonMobil’s biggest office in Europe. Is that still the case, and how many people could you safely accommodate if everyone were in at once?

NB: ExxonMobil Hungary remains our largest European affiliate. Our Pillar office is more than “just a building.”

With more than 1,800 professionals from over 80 nationalities in our offices, we enjoy a collaborative, open work environment where we deliver innovative commercial, digital, and financial solutions to power ExxonMobil’s global business. Flexibility is embedded into the design of our building, and we have tripled the number of collaboration spaces compared to our previous location. We have large areas for informal collaboration, think tanks, lounge areas, and an auditorium for more than 200 people, so there are more opportunities for colleagues to collaborate, depending on their needs.

“We are working to solve the ‘and equation,’ providing the energy and products that make modern living possible and reducing emissions. For this, we use our competitive advantages: technology, scale, integration, execution excellence and people. The Budapest GBC team plays an essential role in advancing this mission by leveraging our expertise and capabilities to help deliver on this dual challenge.”

Our Budapest office regularly welcomes senior leaders and hosts global workshops, creating valuable opportunities for collaboration and knowledge sharing. These events strengthen connections with colleagues worldwide, provide insights into different areas of the business and foster networking across regions.

BBJ: Vital to maintaining current staffing levels, much less raising headcount, is access to talent in adequate numbers. With Hungary at virtually full employment, do you have any concerns on that front, and what are you doing to shape the curriculum and make sure the educational system produces graduates you can use?

NB: Hungary has a broad business services ecosystem that provides a strong foundation for talent development and meaningful careers for more than 120,000 people. With that said, it is important for us to continue supporting the pipeline for talent development, particularly as it relates to both STEM and language skills. We currently do this through a couple of means.

• The Sci-Tech Challenge is a joint initiative with Junior Achievement to promote STEM education. Aimed at high school students, the annual competition encourages teams across Europe to tackle real-world issues such as energy, the circular economy, plastic waste, and sustainability using STEM skills. Over one or two days, teams develop

ROBIN MARSHALL

Nicole Biser

innovative solutions with mentorship from ExxonMobil professionals. Company leaders, policymakers and industry experts then evaluate these ideas. We are proud to have organized the local competition for four years and to have hosted the local winning teams at the European final.

• We also develop strategic partnerships with universities, leveraging our leaders and university ambassadors to enrich academic learning through real-world projects, internships and mentorship. In addition, ExxonMobil’s senior leaders deliver regular lectures and seminars to students. This collaboration supports talent development, elevates corporate branding and fosters cooperation and innovation within the local higher education ecosystem.

ExxonMobil Hungary places a strong emphasis on collaboration with critical stakeholders to ensure the country’s workforce remains competitive in a rapidly evolving economy. We maintain ongoing dialogue with policymakers, government agencies and trade associations, such as the American Chamber of Commerce in Hungary, to align on educational priorities and ensure a highly skilled, continuous talent pipeline. These partnerships aim to keep curricula relevant, foster continuous skill development and prepare future professionals for high-value roles in the energy sector and beyond.

BBJ: In the past years, I have interviewed all of your predecessors: Byung Kim, Jeroen Kirschbaum, and Romke Noordhuis. All either came to Budapest from the Texas HQ or went from Budapest there (and sometimes both). You also came to Hungary from Houston two years ago. Is that an inevitable pathway, or does it say something about you and your predecessors?

NB: Even though we have all transitioned to or from our headquarters, my predecessors and I have all had different backgrounds and career paths, reflecting the company’s approach to personalized development. We focus on individualized development plans, prioritize targeted skill and capability development and ensure employees get the right assignments and experiences at the right time. Because the approach is unique to each individual, it requires deliberate career planning, formalized skill development and training. We invest in long-term careers that can span the full breadth of ExxonMobil, with career paths that allow employees to build skills through specific work assignments, projects, on-the-job experiences and through focused technical and leadership learning. Many employees transition into new roles approximately every three years, often in different parts of the company or even in another country. This approach ensures that over the

course of their career, employees can explore a wide range of roles and build a rich portfolio of skills and experiences.

BBJ: Finally, your immediate predecessors were all men. Do you see yourself as a role model for women in ExxonMobil and the wider community?

NB: Being the first female lead country manager is something I take pride in; more importantly, I see this as an opportunity to create visibility and inspire others. Representation matters; when people see someone

who looks like them or shares similar experiences in leadership roles, it helps them believe that those opportunities are possible for them too.

Inclusion and diversity are foundational to what we do and the culture to which we aspire at ExxonMobil. When employees can thrive, reach their full potential and deliver their best, it enhances our competitive advantage. For me, it’s about paving the way, showing what’s achievable and encouraging others to pursue leadership positions.

Black Friday Shoppers Targeting Quality Over Price

Buying Christmas presents for loved ones has increasingly been linked to Black Friday promotions in recent years. Customers who already had a list of most-wanted products or services could make significant savings in November. While in neighboring countries retailers still experience strong sales during Black Friday, in Hungary, it seems to have lost much of its appeal in recent years. Several factors have contributed to the changes.

Webstore marketing is also more efficient, and loyalty programs and customized promotions reach customers directly, making these offers easier to notice and save from the general “noise” of promotions, Timár adds.

One of the largest retailers, eMAG, opened its latest store in Etele Plaza, Budapest, in September 2021,

Firstly, there is no single Black Friday date anymore. Retailers have stretched the promotion roughly evenly across the whole month of November, which means customers need to spend more time following the offers to find the best opportunity.

Second, the 50-70% price drops that once typified Black Friday have disappeared, and the discounts are not very different from those in other periods of the year. A PwC survey conducted in October (published mid-November) found that 41% of respondents planned to buy on Black Friday only if the offer was good enough to justify the purchase.

Third, the penetration of Asian online markets, with very low prices, reliable delivery and easy refund procedures, has dramatically impacted the balance of local demand and supply. Szabolcs Timár, senior manager at PwC, notes, “Online and international platforms have fueled this trend, as global promotions and products have now become easily accessible for buyers, while global players start promotions sooner, in early November.”

None of this means that Black Friday has completely lost its relevance. On average, customers plan to allocate HUF 77,000 to Christmas presents, of which one-third is spent during Black Friday, according to the PwC survey. Online stores lead in preference, with 63% of customers indicating local webstores, 29% foreign webstores and only 21% traditional stores as their preferred place to shop.

The Usual Suspects

If we look beyond Christmas presents, online users appear much more inclined to spend, allocating HUF 130,000 to Black Friday promotions and HUF 110,000 to traditional-store shopping. And what were the most popular targets? Mobile phones and accessories, coffee-making machines, clothing, books, beauty products and toys, according to the PwC survey.

In conclusion, local Black Friday discounts may not seem as attractive as they did previously in Hungary, but this does not mean customers spend less. Spending has become more sophisticated and more targeted, and a significant share of it now goes abroad.

After such predictions, what happened in the 2025 Black Friday period? Based on the low-profile marketing campaigns preceding the promotion, retailers expected modest sales and, looking back, there were signs of a shrinking market.

describing it as its “flagship store,” given that it had shops in several other malls in Budapest at the time. Two years later, the company opened a 100,000 sqm logistics base and warehouse in Dunaharaszti (21 km south of central Budapest by road) as part of an EUR 100 million investment.

Since then, eMAG has closed its stores one by one, with the last one, in Etele Plaza, shuttering in August this year. According to information published in the Romanian media (eMag is headquartered in Bucharest), the company is selling its warehouse in Dunaharaszti and aims to complete the transaction by April of next year.

Parent company Prosus N.V., a Dutch investment group, reported losses of USD 2 mln for the fiscal year ended March 30, due to the restructuring of eMAG Hungary in 2025. According to Forbes Hungary, eMAG Hungary reported losses of HUF 9.9 billion for the full fiscal year 2025.

Loans and Prize Draws

Based on these data, eMAG was not expected to enter Black Friday with impressive discounts. Indeed, the company focused more on prize draws and interestfree loans to attract customers. The success rate is unknown, as the company has not yet published any revenue data or spending per customer figures, let alone comparisons with previous years.

The Romanian branch of the company was less shy, boasting record sales of RON 986 mln (about HUF 74 bln),

10% more than last year’s RON 896 mln. This means that, in one day, eMAG Romania generated revenues double those of eMAG Hungary in the full fiscal year from April 1, 2024, to March 31, 2025. eMAG was not the only retailer operating with modest discounts in Hungary. Market surveys indicate Black Friday prices are 16-17%

lower

than in regular periods. True, the appetite for spending has not grown much since last year. A recent survey conducted by price comparison site Árukereső reveals that more than half (56.4%) of buyers plan to spend a similar amount on Christmas as in 2024, and only 12.5% are considering spending more, typically those aged 25-34.

Interestingly, the amount budgeted for Christmas is not proportional to salaries. Those earning HUF 250,000 or less are more inclined to spend more than last year (41.7%) than those earning HUF 1.25 million, of whom only 36.6% are willing to pay out more.

The Árukereső survey also reveals that customers are avoiding taking loans as much as possible, with a mere 2.5% considering this option. In contrast, a large majority, 52.7%, prefer to spend from their salaries and 24.7% from savings. The main driver of decisionmaking is product quality, cited by 41.3%, while only 25.7% cited price.

This is interesting, given that a study released in October by the market research institute GKI found that the Hungarian public’s perception of the inflation rate is significantly higher than the officially published rate of less than 5%.

BALÁZS BARABÁS

Photo by Jeppe Gustafsson / Shutterstock.com

Deals of the Year 2025: A Handful of Largescale Transactions Reshape Strategic Sectors Deals of the Year 3 Special Report

In 2025, the headlineworthiest deals, defense consolidation, media takeovers, and potential energy acquisitions, shaped public discourse. Meanwhile, dozens of smaller transactions quietly reshaped the industrial, manufacturing, and IT landscapes.

ZSÓFIA CZIFRA

2025 will likely be remembered in Hungarian corporate history as a year when a handful of very large transactions, some state-led, some private, reshaped major sectors of the economy. While the headline-grabbers are few, their scale and strategic implications have been significant: aviation and infrastructure, defense industry consolidation, media consolidation, and sizeable energy and industrial moves all figure prominently. Together, they also help explain why official tallies of M&A value in Hungary have been volatile: a few mega-deals move the needle for an entire year. Below, we take a look at the most important deals in each sector.

Budapest Airport: The Highest Value Transaction

The most talked-about and highestvalue transaction affecting Hungary in the 2024–25 timeframe remains the deal around Budapest Ferenc Liszt International Airport. The sale, announced and, for the most part, executed in 2024, continued to shape 2025 as the state and partners implemented the takeover and outlined development plans.

A consortium led by state-owned Corvinus (on behalf of the Hungarian state) took majority control of Budapest Airport, with Vinci Airports agreeing to take a minority stake. Public filings and Vinci’s press materials put the equity component of the transaction at about EUR 3.1 billion (more than HUF 1.2 trillion), with roughly EUR 1.2 bln of net

debt rolled into the transaction, thereby materially increasing the enterprise value.

The airport concession will run for decades, giving long-term operational control.

While the core work around the sale and the signing of the sales contract itself was completed in mid-2024, implementation and strategic decisionmaking have continued through this year. Hence, the airport deal continued to dominate discussions around Hungarian M&A and remained in the headlines throughout 2025.

As for the current state of the deal, operational control is in the hands of the new ownership structure, and the government has announced ambitious development plans, most notably a proposed third terminal and linked transport projects, intended to be delivered over the coming years.

Market commentators have described the transaction as a strategic, sovereignty-oriented move rather than a simple private buyout; it also heavily influenced annual M&A value metrics due to its sheer size.

Defense Industry Consolidation

A second significant 2025 storyline has been the consolidation around state-linked defense assets, centered on agreements between the Hungarian state and 4iG (a large local IT and telecoms group whose leadership is close to the government) regarding the commercial parts of national defense industry holdings.

The transactions were described in official notices as the transfer of commercially viable defense-industry assets into 4iG-controlled entities. Public company filings and announcements from 4iG reported a net present value of purchase consideration of HUF 72.1 bln for the suite of transactions. The package is framed as a consolidation of defense industrial assets under a single privatesector operator, though the state retains oversight and non-commercial functions.

Writing on X in June, Gellért Jászai, chairman of 4iG, said, “I am pleased to announce that 4iG Space and Defense Technologies has signed a term sheet with N7 Holding Ltd. to establish Hungary’s first public-

private defense industry holding company. This marks a significant milestone not only for the 4iG Group but also for the broader Hungarian and international defense landscape.”

Jászai went on to add, “The cooperation aims to substantially enhance export potential and global competitiveness, while also ensuring long-term supply security. Through this partnership, we are laying the foundation for a space and defense industry portfolio that could become unique on a global scale, a true testament to Hungary’s innovation capacity and strategic vision.”

Announcements and disclosures by 4iG published in October describe the agreed economic parameters; the transaction process (in other words, the signings and regulatory approvals) has followed a timetable into late 2025 and may, depending on authority clearances, continue into 2026.

According to a report by state news wire MTI published on Oct. 6, 4iG STD is to acquire direct or indirect ownership in six companies through three transactions.

N7 Holding will transfer its ownership stakes in the defense industry companies Aeroplex, Arzenal Fegyvergyar, Colt CZ Hungary and Rheinmetall Hungary Munitions as an in-kind contribution to N7 Defense. 4iG SDT will acquire a 75% plus one vote stake in N7 Defense. 4iG SDT will buy a 100% stake in mortar and ammunition maker Hirtenberger, and thereby acquire its shares in its subsidiaries.

In the third transaction, N7 Holding will transfer its 49% stake in Rheinmetall Hungary as an in-kind contribution to its subsidiary, VAB Kft. Next, 4iG SDT will acquire a 75% plus one vote stake in VAB Kft., and, through that, an indirect minority stake in Rheinmetall Hungary.

Continued on page 14 ›››

Minister of National Economy Márton Nagy delivers a speech at the ceremony marking the 75th anniversary of Budapest Liszt Ferenc International Airport at the Liszt Academy of Music in Budapest on May 21, 2025. Although the renationalization took place last year, it continues to have ramifications in 2025.

Empty shoeboxes at a joint press event held by the Baptist Charity Service and MOL, where they launched the charity’s nationwide Christmas shoebox gift campaign and donation drive at the MOL Campus in Budapest on Nov. 24, 2025. MOL remained a central acquirer and investor across 2025, pursuing both traditional midstream/ upstream hydrocarbon deals and new renewable capacity.

Photo by Szilárd Koszticsák / MTI

Photo by Zoltán Kocsis / MTI

The deal reorients a part of Hungary’s industrial base, moving more of the commercially exploitable defense value into a single private group with the capacity to scale and export, and marks one of the most significant domestic industrial consolidation moves not just in 2025, but in recent years.

Media Market Deal With a Political Twist

One of the most controversial private-sector transactions of 2025 was the acquisition of Ringier Hungary’s assets by Indamedia Network Zrt. (a media group controlled by investors with close government connections, according to multiple journalistic accounts, which operates 18 online publications, including Index.hu, that draw close to five million users a month).

In late October, Indamedia announced and closed the purchase of Ringier Hungary, taking over a portfolio that includes several of the country’s bestknown newspapers. The parties did not disclose the financial terms publicly. The acquisition was widely reported and has been interpreted by many observers as a significant consolidation of reach in the domestic news and tabloid markets.

The new owner has begun integrating the acquired titles into its group and rebranding steps, where applicable, quickly followed. The transaction triggered staff departures at some titles and prompted debate domestically and abroad over media plurality and press independence. The financial details remain undisclosed. Under the deal, Indamedia acquired Blikk, the country’s leading tabloid daily and one of the most visited online portals, along with magazines such as Glamour and Auto Bild, and several television program guides.

Beyond the direct business rationale, the takeover has been framed in political terms by critics, both from the domestic opposition and several international commentators, due to its timing ahead of the April 2026 national elections and the buyer’s political proximity to the government.

Energy and Industrial Moves

Energy remains a strategic sector in which large Hungarian corporations have been active. MOL, Hungary’s integrated oil and gas group and one of Hungary’s four bluechip companies on the Budapest Stock Exchange, remained a central acquirer and investor across 2025, pursuing both traditional midstream/upstream logic and new renewable capacity.

Company presentations and market pieces highlighted significant purchases and targeted investments (including acquisitions of power and photovoltaic assets in Hungary and the region). The company also publicly signaled ambitions for sizeable annual M&A allocations going forward.

Deals announced during 2025 varied in size and date; for example, in late 2025, press reports indicated acquisitions of solar assets and market chatter suggested strategic moves on regional refinery assets amid the shifting European energy landscape. Deal values for MOL’s Hungarian renewables buys were reported in some outlets but tend to be smaller than the country-level mega-deals, and, in many cases, are still subject to finalization and approvals; several transactions remain subject to regulatory review or are expected to close in subsequent quarters. Market watchers see MOL as an active consolidator in energy amid geopolitical shifts in regional supply chains.

Financial Sector Activity

In 2025, Hungary’s banking sector saw limited large-scale M&A activity, but the domestic champion, OTP Bank, stood out as the region’s most active consolidator. Regional analyses describe OTP as “the most active acquirer bank in the region,” though no broad, headline-grabbing Hungarian bank takeover was reported last year. Instead, OTP focused on portfolio optimization, share repurchases and capital-allocation strategies, positioning itself for future growth despite macroeconomic headwinds.

At the same time, 2025 was marked by significant regulatory and tax pressures on banks. OTP itself reported that extra banking levies and transaction

taxes weighed heavily, in the first nine months alone, special taxes reduced its profit by more than HUF 111 billion.

Even so, the sector’s structural transformation accelerated. According to a 2025 review by PwC Hungary, the domestic payments infrastructure hit record levels: contactless card usage soared, POS and ATM networks expanded, and digital services (neobanks, instant payments) saw rapid adoption.

In late November, MBH Bank announced it would sell its own shares, roughly 7% of its capital, via a public offering on the Budapest Stock Exchange. The offer was open to both retail and institutional investors, with a cap price of HUF 3,848 per share. The bank said the move aims to strengthen its stockmarket presence and broaden its investor base ahead of broader strategic plans.

All in all, 2025 for Hungary’s financial sector was less about bold acquisitions and more about adaptation, banks reorganizing portfolios, absorbing regulatory costs, and investing in digital transformation to stay competitive in a rapidly evolving fintech environment.

Healthcare Industry Deals

In November, Fagron NV, a global pharmaceutical compounding leader headquartered in Waregem, Belgium, announced that it acquired the Hungarian business of Magilab. The deal is part of Fagron’s strategy to strengthen its EMEA footprint and to consolidate its presence in hospital-pharmacy compounding raw materials in Hungary, the company said at the time.

According to the announcement, the acquired business is expected to contribute “mid-teens” million euros in annual revenues, with the EBITDA margin above Fagron’s existing portfolio, indicating a strategic fit and expected profitability.

In a more recent deal, on Dec. 1, Talentis Group Zrt., which is part of the Mészáros Group, signed a purchase agreement to acquire a majority stake in MiND Klinika Zrt. MiND Klinika is a private, premiumcategory healthcare provider founded in 2019, and the transaction expands Talentis’s portfolio into the privatesector healthcare market. Talentis and the Mészáros Group form part of the business empire of the plumber-turned billionaire investor Lőrinc Mészáros, who

has made the bulk of his fortune since Fidesz returned to power in 2010 and is a key ally of Prime Minister Viktor Orbán; the two men were childhood friends.

As part of a broader 2025 policy reshaping public vs. private provision of diagnostic imaging, the National Directorate General for Hospitals (OKFŐ) purchased 16 imaging devices (including CT and MRI scanners, as well as ultrasound, X-ray, and mammography units) from a large private diagnostic provider. The equipment purchase price was approximately HUF 976.5 mln.

In addition, a public procurement contract signed at the beginning of the year allocated HUF 6.747 bln to the acquisition of CT/MR machines for several public hospitals. From November, private providers will no longer be allowed to perform state-funded imaging diagnostics, so the state is re-centralizing imaging capacity within public hospitals.

The Broader Picture

Taken together, independent professional surveys and consultancy reports show that 2025 saw a rebound in disclosed M&A activity in Hungary relative to the previous year’s baseline, but the distribution of deal value is skewed: a few very large transactions (notably the Budapest Airport matter and, more directly for 2025, the defense industry consolidation) counted for a disproportionate share of total value. Big Four consultancy EY’s regional reporting and local market commentary indicate that 49 publicly disclosed transactions were recorded in the first half of 2025, with manufacturing and IT among the most active sectors.

Outlook: 2026 and Beyond

If 2025 taught investors one lesson, it is that Hungary, despite its small domestic market, can still attract and generate transactions of international significance. The combination of state policy, private ambition, and regional energy and infrastructure pressures suggests that 2026 will likely see continued sovereign-scale projects and privatesector consolidation. Watchlists for the year ahead include further strategic moves in energy (both hydrocarbons and renewables), additional restructuring in defense industrial assets, and potential follow-on M&A in media and finance.

Sándor Csányi, chairman of OTP Bank, delivers a speech at an anniversary event held on the occasion of the 30th anniversary of OTP’s listing on the Budapest Stock Exchange on Nov. 5, 2025. Regional analyses describe OTP as “the most active acquirer bank in the region.”

Miskolc, February 12, 2025. János Révész, director general of the National Hospital Directorate (OKFŐ), gives a speech at the ceremonial handover of the renovated Velkey László Children’s Health Center (GYEK) in Miskolc on Feb. 12, 2025. As part of a policy reshaping public vs. private provision of diagnostic imaging, OKFŐ purchased 16 imaging devices from a large private diagnostic provider valued at approximately HUF 976.5 mln.

Photo by Zoltán Kocsis / MTI

Photo by János Vajda / MTI

Inspirational, Perceptive, Provocative, but Missing: 9 Notable Quotes From 2025

Journalist and longtime observer of the Hungarian scene, Kester Eddy offers some of the most penetrating quotations he has encountered over the past 12 months, which, for various reasons (not least space in the Budapest Business Journal ), never made it into print. Where the quote was intended for a story in the BBJ, we have given the title so that you can find the background online.

The Hidden Poet Emerges, Aged 18

“In 1967 [aged 18], I began to write. I never expected to write; I didn’t come from a bookish family, I didn’t know much poetry. But that year, I began to write poems, and as soon as I started doing it, I thought: I know what I am, I’m this!”

George Szirtes, April 10, 2025, private interview, Budapest. Szirtes fled Hungary to Austria with his parents around the time of his eighth birthday in November 1956. He spoke no English. On Nov. 26, 2025, 69 years later almost to the day, he received the 2024 King’s Award for Poetry in Buckingham Palace, London, from King Charles III.

‘Key Challenge’ in the Battery Industry

“There is the issue of Chinese export control. China has recently tightened its export licenses and export control requirements on rare earth elements and other critical minerals. The challenge is that China dominates the upstream supply chain,

accounting for roughly 60-70% of global rare earth mining, and nearly 90% of refining and processing capacities. In response, the EU and USA are taking strong action.”

Anita Simon, deputy CEO, Alteo, in a presentation at the Battery Day conference, Budapest, Nov. 6, 2025. For the full published story, see “Hungary Determined to Expand Battery Sector Operations.”

A Plea: Some Heterosexual Sex, Please!

“What is for me a very embarrassing trend, mainly in American, English and Western literature, is, well, to put it bluntly, the influence of the Woke culture. I don’t think it’s a very serious problem. It is for me, but it’s not that serious compared to Russia becoming more and more totalitarian and fascist and waging a war against poor Ukrainians. Of course, this is the big problem. But, it’s so embarrassing that you cannot read a bloody good novel without gay, or lesbian or transexual characters. They just have to be in it now! And it is so boring that f*** you, I want to have good heterosexual sex in my books, at least sometimes!”

MiklósNagy, editor-in-chief of Helikon Publishing, interviewed for the BBJ, Jan. 22, 2025. For the full, published story, see “Hungary’s Publishers Gear up for 96th Book Week Celebrations.”

The ‘Refreshing’ Danish Business Culture

“In Denmark, and this is what I’ve experienced, it [Velux] has a very flat organizational structure, and I think this is so weird for Hungary, because we are used to this hierarchy [structure]. It’s totally different. I can talk to our group CEO at any time, and he will answer me, while I think in Hungary you [will have to go through] some

levels first, before you talk to someone [at that level]. And this is so refreshing. I think it’s a really good thing.”

Gábor Kovács, head of public affairs, Velux Hungary, speaking at “The Danish Way of Doing Business,” a conference hosted by Corvinus University, Nov. 4, 2025.

Demszky: Budapest’s 4th Metro and ‘Fighting [...] with Everyone’

“I am sure that the fourth metro line would not exist without me and a little group around me. Because we were fighting with the Socialist government, [the] conservative government, with Orbán, with everyone. Only the World Bank and Brussels were with me. They were the allies. They agreed, because there was a feasibility study, which proved that it was needed, and how much it would cost.

“Finally, it cost double, and people were criticizing me, but if they look at other investments in the world like this, they all cost double [the planned estimate].

Because you know those who realized these projects, they are interested in doing the project, and when asked about the project, they tell something.

“They know that it’s not exactly true, but once the investment has been started, nobody will stop it, so they count on somehow finding the money to finish it. So, that is the logic. I understood it, I learned that, but hoooooo!, what I got afterwards because it was double the estimate.”

GáborDemszky, Mayor of Budapest 1990-2010. Private interview, Jan. 20, 2025.

Frustration! Frustration!

The New Hungarian Residence Laws

“Why not just let the old lady American pensioner, she has a U.S. pension of USD 4,000, so why can’t she stay

and rent some nice Hungarian’s house here? It doesn’t make sense [...] It’s not like, let’s face it, nobody’s coming to Hungary to [exploit] the welfare system.”

Anikó Woods, author of “How to Hungary,” an e-book offering advice for foreign nationals seeking to settle in Hungary. Private Interview, June 24, 2025. For a more detailed story looking into the background of this quote, see “Changes to Residency Rules Make Living in Hungary Tough for Foreign Retirees.”

‘We Cannot Defend

Ourselves:’ Former Hungarian Army Captain

“We cannot defend ourselves. In the zero-point military training field, when I was a young captain and leading my company in a multinational exercise, actually with Italian and American forces, I saw the whole Hungarian army, three kilometers that way and four that way, and that’s all. By the afternoon, we all go home, if we survive the first combat.”

Márk Takács, ex-captain, Hungarian Defense Forces and military expert, speaking at a conference entitled “Truth Under Siege: Russia’s (Dis)Information Campaigns and the Ukraine Crisis,” sponsored by the British Embassy and Political Capital, Budapest, March 11, 2025.

AI Pros and AI Pitfalls

“As a company, I would choose general AI tools that can be used in working life, and all the others should be prohibited; that’s what I would say at this stage of the process. So, on the company level, I would have due diligence with the vendors, so see all contracts, everything, and that’s a huge and very long process to find one [that] is really safe for us. Because now, we don’t know what may cause huge problems and damage for us.”

Andrea Belényi, partner with VJT& Partners, speaking at “Navigating AI Policy,” a BCCH Breakfast Seminar, EST Grand Hotel Savoy, Budapest, April 30, 2025. For the full, published story, see “Generative AI and Business: Massive Potential, Many Pitfalls.”

Regős the Restauranteer on the Secret to Hospitality

Without any kind of background of being in hospitality, then it seems like it’s very difficult to do it. But what I see now is this business is not about how we treat guests; this business is about how we treat the colleagues inside, the staff. As a team. It’s still a business, but if we are honest inside, then the customer will feel it outside.”

Dániel Regős, former distributor for Bang & Olufsen, but now the co-owner of Opium and sister restaurants in Budapest. For the full, published story, see “Bringing the Tastes of Asia to Budapest.”

Image by Mircea Moira, Rikas Dzihab / Shutterstock.com

Real Estate Deals of the Year: Transactions Reflect Demand for Quality ESG Assets

The Budapest Business Journal ’s real estate editor, Gary J. Morrell, takes a look back at some of the deals of the year and the defining trends for Hungary’s property markets in 2025.

Office Sector

In the office market, the defining lettings this year were transactions that saw tenants moving into energy-efficient buildings in prime locations. These deals confirmed that high-quality space continues to attract demand. Skanska’s latest lease transaction is particularly noteworthy, according to Máté Szoboszlay, business development and investment director at Faedra Group. Miklós Ecsődi, head of occupier services at Colliers Hungary, agreed that this significant pre-lease agreement for 22,000 sqm was a notable exception to the renegotiations that continued to dominate the market in 2025.

“This transaction clearly demonstrates that modern, well-located, and ESGcompliant office buildings can attract large-scale lease commitments, even in a market shaped by hybrid work trends and cautious occupiers,” he said.

“The largest single-tenant lease on the speculative market in this decade was secured this year at our 67,000 sqm H2Offices project, where a major international company committed to the entire second building,” says Aurelia Luca, Skanska’s executive vice-president of operations for Hungary and Romania.

“Achieving a full pre-lease within just months of construction start confirms that confident demand remains in prime Budapest locations, especially for efficient workplaces backed by strong sustainability credentials and transparent performance,” she says.

“What we see is clear: companies are consolidating into high-quality, ESGaligned office buildings that help them attract talent and optimize operational costs. This ongoing ‘flight to quality’ continues to shape Budapest’s office market and clearly shows the strong demand for wellconnected locations and buildings with measurable performance. While broader leasing trends vary across sectors, the H2Offices second building deal shows that the market responds decisively when theright product meets real needs, both for today and the long term,” Luca adds.

The project has achieved precertification for SmartScore and WiredScore and is also targeting LEED and WELL “Platinum” certifications, as well as Access4You “Gold” certification. H2Offices was the first project in Hungary

where Skanska required Environmental Product Declarations (EPDs) from suppliers of major construction materials.

“Demand for modern, ESG-compliant, energy-efficient office buildings remained strong. We concluded several major leasing transactions this year, confirming that appetite for highquality office space continues to be solid,” comments Tibor Tatár, head of residential and office development at Wing.

“At the rapidly expanding HOP Technology Office Park, eMotion Drive Technologies, ZF Hungária and Lightware all established their new headquarters. The Telekom Campus once again operated at full occupancy, and our mixed-use Liberty project reached close to 90% with new tenants such as DHL and Zenitech, supported by a diverse service offering and community-focused concept,” he adds.

Regina Kurucz, accredited healthy building consultant and managing director of Rewell Consulting, sees one of the most significant sustainability accreditations of the year as the WELL certification of Academia offices, which, she argues, represents a milestone on multiple fronts.

The “traditional” building wing achieved WELL “Gold” certification, a first in Hungary for a building containing UNESCO World Heritage-listed elements.

Meanwhile, the modern wing became the first pre-existing building in Hungary to achieve WELL “Platinum” certification.

“This dual achievement demonstrates that rigorous health and well-being standards can be successfully applied across different building typologies, from heritage structures to modern office buildings,” says Kurucz.

Zoltán Ligetvári, investment director of ConvergenCE, which worked on the renovation of the Academia offices, was adamant that the trends here are clear.

“ESG and sustainability have set benchmarks in our markets and are determining quality levels that we need to deliver to our tenants, financing banks and at the end of the cycle: buyers,” he says.

“It is the key point of attention when it comes to planning a development. This is highly beneficial to an organization like ours, as we are rejuvenating mismanaged and aged office buildings and such standards allow us to revive office buildings to high norms,” Ligetvári insists.

“In terms of its impact on the market overall, we see it as positive as well; it cleanses the Budapest office market from aged buildings and puts Budapest on the map of globally recognized quality office providers, an ideal spot for a global or regional HQ for many who have already chosen it. WELL certification will lead to

the property being more appealing to a wider set of potential buyers,” he comments. Academia set a new benchmark by securing three certifications simultaneously: BREEAM In-Use, WELL Health-Safety Rating, and WELL Core.

“Notably, both the new and refurbished building components were certified, demonstrating an exemplary model of sustainable refurbishment, futureproofing an existing structure while preserving its architectural heritage,” says Zsombor Barta, founding partner at Greenbors Consulting.

Industrial and Logistics

In a reported record-breaking deal for Hungary’s industrial real estate market, the Hungarian Erste Open-ended Real Estate Investment Fund acquired two warehouse buildings totaling 84,000 sqm of industrial and logistics space in HelloParks Budapest West at Páty (22 km west of central Budapest by road) for EUR 80 million-90 mln.

The industrial arm of the Hungarian firm Futureal is developing the park.

“Among all the transactions, I would highlight the sale of HelloParks Páty. In this case, both the seller and the buyer are strongly committed to sustainability. The buildings not only achieved the highest BREEAM New Construction rating but also demonstrated full alignment with EU taxonomy,” says Norbert Szircsák, head of ESG advisory services at Colliers Hungary, on the transaction.

According to Ferenc Gondi, managing director of CTP Hungary, the market was defined by two key transactions in 2025. China’s Zoomlion signed a 55,000 sqm lease at CTPark Tatabánya as part of a EUR 100 million production investment. This was one of the largest industrial manufacturing deals of the year, and a clear signal of Hungary’s continued ability to attract major international investors seeking a foundation for their production facilities in the EU, he argues.

The year concluded with Hungary’s largest logistics transaction in 2025: a major global third-party logistics operator committed to an 80,000 sqm new BTS facility at the recently launched CTPark Budapest Érd. Gondi says this development will become one of the region’s key logistics hubs.

Zoomlion is a manufacturer of construction and agricultural machinery. The CTPark Tatabánya deal was one of the most significant concluded with Colliers’ involvement, according to Tamás Beck, head of industrial at the firm.

HelloParks Budapest West at Páty. In a reported record-breaking deal for Hungary’s industrial real estate market, the Hungarian Erste Open-ended Real Estate Investment Fund acquired two warehouse buildings totaling 84,000 sqm of industrial and logistics space in HelloParks Budapest West.

The Tribe Budapest Airport Hotel has earned one of the region’s highest BREEAM certifications for hotels.

Photo by Tamás Pál

“The transaction stands out with its profile, diversifying the FDI demand, representing the construction and agricultural industry with a substantial size. This also reflects the strong inflow of Asian, and particularly Chinese, capital and interest in Hungary that has characterized recent years,” Beck says.

Meanwhile, László Kemenes, managing director of Panattoni Hungary, hailed the letting of the final two available units at Panattoni City Dock Törökbálint, achieving 100% occupancy for the park. Furthermore, the Panattoni Park Moson development was launched with a strong 70% pre-lease agreement secured before construction commenced.

“This success reflects the high demand for the park, which is strategically located near the Hungarian-Austrian-Slovakian border [at Mosonmagyaróvár],” Kemenes says.“The investment is being realized within the Recorde Panattoni RPM Real Estate Fund, managed by Recorde Fund Management. This highlights the increasing use of dedicated investment fund structures to attract institutional and private banking co-investors to highquality, transparent projects,” he notes.

“The company has completed four development projects over the last four years, of which three were transacted in various investment structures. We managed to repeat transacting with OTP Real Estate Fund Management, and the one that stands out in terms of size is our common project in Üllő, with an approximate value of HUF 20 billion,” Kemenes adds. He notes that all of Panattoni’s completed projects in Hungary (at Törökbálint and Üllő, both part of the Budapest agglomeration, as well as Kecskemét, 96 km southeast of the capital, and Debrecen, 233 km to the east) were developed to meet BREEAM “Excellent” sustainability certification.

Prologis says several transactions in 2025 reflected sustained customer demand for well-located, high-quality logistics space, even in a high-vacancy environment. Transpack renewed and expanded its lease at Prologis Park Budapest–Sziget to 19,000 sqm. DSV signed a new 19,000 sqm lease, while Fast concluded a new agreement for more than 7,000 sqm. Inter Cars, a long-term Prologis customer, also expanded its operations.

“We have also had major renewal contracts, including a 40,000 sqm deal with Ennoconn,” says Zsuzsanna Hunyadi, director of leasing and customer experience at Prologis

“With Hungary’s logistics and industrial market facing elevated vacancy levels, the most significant deals in 2025 were those that demonstrated where real demand still exists: high-quality space in prime, well-connected locations,” she notes.

“In an environment shaped by years of speculative development, major leasing deals play a critical role in restoring market balance by driving meaningful absorption and clearly separating resilient, future-ready assets from the rest of the stock. From this perspective, sizeable new leases, along with renewals that combine contract extensions and additional space, have become one of the key stabilizing forces in the market, often more impactful than new development activity,” Hunyadi believes.

The H2Offices development by Skanska. “The largest single-tenant lease on the speculative market in this decade was secured this year at our 67,000 sqm H2Offices project, where a major international company committed to the entire second building. Achieving a full pre-lease within just months of construction start confirms that confident demand remains in prime Budapest locations.”

“When it comes to ESG, much of the attention tends to focus on the first letter, the environment. Making buildings sustainable and energy-efficient is undoubtedly very important. While new developments often receive the most attention for meeting advanced sustainability standards, it is equally, if not more important, to improve the standards of existing buildings, which represent the majority of the market,” she adds.

The standout lettings in the industrial and logistics sector were clearly BTS and pre-let projects, especially those linked to the automotive and EV supply chain, comments Szoboszlay of the Faedra Group. He says the countryside generated a larger share of activity than in previous years, alongside several significant deals in Greater Budapest.

Hotel Sector

The signs of recovery in the overall investment market are perhaps best demonstrated by the sale of the Marriott Hotel property, a deal said to have surpassed EUR 110 million.

“I would say the Marriott Hotel is the most significant investment deal because of its size and prominence. In 2025, we went through a positive trend with the market waking up and liquidity coming back, I hope sustainably,” comments Benjamin Perez-Ellischewitz, principal at Avison Young Hungary.

“We will close 2025 with a transaction volume of roughly EUR 1 billion, significantly above the initial expectations. Of this total, roughly EUR 800 mln represents investment deals. The share of local capital is stable at around 70%. Within the investment deals, we have roughly a 48% share for office, 24% for logistics, 20% for hospitality and 8% for retail,” he notes.

Another significant milestone in the hospitality sector saw the Tribe Budapest Airport Hotel and the dual-branded and Ibis and Tribe Budapest Stadium Hotel, close to the Groupama Stadium, earn the region’s highest BREEAM certifications for hotels. The Budapest Stadium Hotel became the first in Hungary to achieve the BREEAM In-Use “Outstanding” rating. While green certifications for hotel operations are common, certifying the building itself represents an important and innovative advancement for the sector, according to Barta, of Greenbors Consulting.

“At Wing, we believe ESG will remain a key driver of development activity. Market players increasingly see sustainability not only as a requirement but as a clear business advantage, as energyefficient, low-emission buildings offer lower operating costs and stronger longterm value,” comments Noah Steinberg, chairman and CEO of the developer.

“In the development of our own buildings, we place great emphasis on energy efficiency and sustainability. Our latest projects, the dual-branded Ibis and Tribe Budapest Stadium Hotel, the first in Hungary and one of only four worldwide to achieve a BREEAM In-Use “Outstanding” rating, and the Liget Center Vitrum, a nearly zeroenergy, carbon-neutral boutique office relying entirely on green electricity and heat-pump technology, exemplify this commitment,” he insists.

“In addition, our industrial portfolio already operates on green power with the goal of achieving full BREEAM certification, while residential projects such as Le Jardin, Római Park and Kassák Terrace deliver A/A+ rated, nearzero energy homes,” Steinberg adds.

Retail Sector

Development activity in the retail sector remains subdued, mainly due to the government’s ongoing so-called “plaza stop” regulation, which limits the size of retail developments. In 2025, major completions include the 11,000 sqm Zenit Corso shopping center within the Zugló City Center project in the segment, and the 7,230 sqm Dera Park retail park in Szentendre (21 km south of central Budapest by road), according to Anita Csörgő, head of retail at Colliers.

“In the past year, several notable retail openings have taken place in the high street segment. A new threestory Müller store opened, covering 3,000 sqm, and The North Face flagship store opened, both located on Váci utca. These openings by strong international brands further confirm that, driven by strengthening consumer demand, the high street segment remains highly attractive for major retailers,” Csörgő comments.

Retail activity was led by neighborhood and strip-mall anchors, with strong performance from food and DIY tenants, according to Szoboszlay.

“Convenience-led retail continues to offer attractive entry points, although permitting remains a bottleneck for the sector. New strip-mall schemes have been introduced by regional and local players, and Faedra Group will also launch a project in 2026,” he says.

“In retail, grocery-anchored retail parks remained highly liquid and attractive to investors due to their stable income profiles and straightforward operating models. In general, supply is limited, although we expect several deals to close within the next 12 months,” Szoboszlay concludes.

As High-value Projects Accelerate, Hungary Strengthens Role as Europe’s Investment Bridge

Hungary closed 2024 with another landmark year in foreign direct investment, reinforcing its position as one of Europe’s most important industrial and innovation hubs, with the momentum carrying on to this year. According to results shared by the Hungarian Investment Promotion Agency, foreign investors committed EUR 10.3 billion in new capital in 2024, marking the second consecutive year Hungary has surpassed the EUR 10 bln threshold. A total of 77 investment projects were launched with the agency’s support last year, generating 18,500 new jobs nationwide.

that Hungary is not only attracting manufacturing capacity but also rising up the global value chains.

Hungary continues to emphasize predictability, competitiveness and openness as core attributes of its investment climate. The country maintains a 9% corporate income tax rate, which remains the lowest in the European Union and applies it uniformly to all companies registered domestically. Combined with an extensive incentive framework and a well-established industrial base, the policy supports long-term growth.

industry needs. Political and regulatory stability remain priorities for Hungary’s pro-investment economic policy.

“Connectivity is not a theory and not merely a foreign-policy mindset, but one of the key drivers of Hungary’s economic success,” the agency says. What continues to set Hungary apart, Hipa insists, is its refusal to take sides in the global competition over capital.

No Ideological Distinctions

As 2025 progresses, these investments are now moving into execution, supported by ongoing reforms designed to increase Hungary’s competitiveness in higher value-added industries. The momentum, Hipa says, indicates

Hipa highlights Hungary’s central geographic location, enabling companies to serve both Western and Eastern markets efficiently via well-developed transport and logistics corridors. Meanwhile, a skilled, motivated, and competitively priced workforce remains a key attraction, bolstered by education and vocational training aligned with

“We do not draw ideological distinctions between investors from East and West,” the agency emphasizes. As global investment flows shift, with Eastern capital now representing 43% of worldwide FDI, Hungary’s acceptance of both sources has become a decisive competitive advantage. Germany remained Hungary’s most active investor by number of announced projects in 2024, while

China was the largest investor by value, investing EUR 5.2 bln, more than half of total inflows. South Korea ranked second with EUR 2.6 bln. Combined, Asian partners in Hungary’s “Eastern Opening” policy accounted for EUR 8.2 bln in FDI last year, roughly 80% of total investment volume.

Investors came from 20 countries, including the United States, Japan, Sweden, Thailand and the Netherlands, across three continents, underlining Hungary’s position as a broad-based international investment location. The country’s long-term ambition is to become a center not only for production, but for invention.

“We have moved forward from the ‘Made in Hungary’ period to the ‘Invented in Hungary’ period,” Hipa explains. Manufacturing has always been essential, but the government now views it as a foundation upon which higher-value capabilities, such as engineering, testing, software and technology development can be built. This shift is particularly visible in the mobility sector, where the rise of electrification and digitalized transport is creating entirely new skill and value requirements. Hipa also notes that securing large-scale production has created the conditions to attract R&D investment from the same companies.

“Connectivity is not a theory and not merely a foreignpolicy mindset, but one of the key drivers of Hungary’s economic success.”

“Once production is established, it becomes possible to move gradually up through higher levels of the value chain,” the agency says.

Several high-profile investment decisions announced in 2024 are now shaping Hungary’s economic landscape in 2025.

Strategic Headquarters

China’s BYD selected Hungary as the location for its European operational and strategic headquarters, along with a research and development hub. The headquarters will support regional sales, service, vehicle testing and localized model development. Meanwhile, R&D operations will initially focus on improving the efficiency of electric drivetrains and developing AI-based driver-assistance systems. Together valued at EUR 250 million, the projects represent the largest innovation-focused FDI initiatives Hipa has yet supported. U.S.-based governance software provider Diligent is continuing to expand its Budapest technology campus. Following its establishment in 2021, the company now employs around 450 specialists in

BENCE GAÁL

Brian Stafford, CEO of the U.S.-based Diligent Corporation, speaking at the press conference at the Ministry of Foreign Affairs and Trade on Feb. 13, 2025, announcing the company’s plans. The software developer’s Hungarian research and development investment, valued at HUF 37 billion, will create 124 new jobs, making it the most significant R&D investment in Hungary to date.

Minister of Foreign Affairs and Trade Péter Szijjártó delivers a speech at the foundation stone-laying ceremony for Chinese company BYD’s new electric bus manufacturing plant in Komárom, home to BYD Electric Bus & Truck Hungary Ltd., on June 27, 2025. The Chinese company is carrying out an investment worth HUF 32 billion, with the government providing HUF 3.1 billion in support, helping to create 620 new jobs.

Photo by Noémi Bruzák / MTI

Photo by Zoltán Máthé /

the capital and is adding 124 new jobs as part of a EUR 93.6 mln investment. Its Hungarian operations are taking a lead role in developing the “Grace” platform, integrating artificial intelligence into governance and compliance workflows.

Mercedes-Benz significantly strengthened its strategic presence by launching its first Hungarian R&D investment in 2025. The EUR 54.4 million project at the Kecskemét plant will improve early-stage fault detection in car development and raise cost efficiency and product quality. The investment expands a longstanding collaboration with Neumann János University and complements the EUR 1 bln factory expansion currently underway, which will double capacity once deliveries begin in 2026. The on-site battery assembly facility will cement Kecskemét’s position as Hungary’s largest automotive production base.

“Chinese technological innovation and German engineering expertise, for example, can jointly create new value.”

Throughout 2025, significant progress is also visible in regional development.

In Békéscsaba, Singapore-based Vulcan Shield Global is preparing for largescale operations after announcing a EUR 700 mln investment to manufacture extreme-heat-resistant alumina fibers. The development will create 2,500 jobs and represents one of the most significant projects yet realized in southeastern Hungary.

Hipa recognizes that a shift toward innovation requires equally advanced workforce capabilities. In April and again in October of this year, the government amended its VIP Cash Subsidy investment support scheme to encourage projects that boost automation, expand R&D and create technology-intensive jobs.

Spreading Opportunities

Minimum investment thresholds for subsidy eligibility were reduced in several southern counties and countryside cities to more evenly distribute development opportunities across the country. Companies receiving support must meet measurable wage and revenue growth commitments over the monitoring period. At the same time, greater flexibility has been introduced so that part of the eligibility criteria can be tailored to each investor’s strategic focus, including R&D partnerships with universities, supplier chain development and renewable energy integration. A new support program was launched this year to incentivize companies to establish or expand research centers in Hungary. It is open to large and medium-sized firms with at least 50 employees, and does not require a formal R&D track record. Companies must create at least 10 new research positions and establish new collaborations with a Hungarian higher education

institution. Those who file Hungarianpriority patent applications may benefit from further financial support. The training subsidy scheme, also expanded this year, supports companies employing 100 or more people with skill development tied to new technologies and operational digitalization.

Hipa is simultaneously scaling its supplier development programs. By organizing targeted industry forums and training sessions, the agency aims to ensure that Hungarian SMEs become stronger partners within multinational value chains. Supplier forums featuring major international investors, including BYD and GE Vernova, have taken place this year.

Although the automotive and electronics industries remain the primary drivers of FDI in Hungary, diversification is progressing steadily. In 2024, investments were made in 18 economic sectors, including medical technology, pharmaceuticals, information and communication technologies and high-tech food

processing. Several Hungarianowned expansion projects were also successfully supported by Hipa.

One of the strongest growth areas in 2025 continues to be the business services center sector, a field that has proven both resilient and innovative in global competition. In 2019, Hungary counted around 120 centers with 55,000 employees. Today, 245 such operations are employing nearly 120,000 highly trained professionals. Centers are increasingly adding complex activities in cybersecurity, data science and global governance roles.

International Meeting Point

Hipa says it is currently negotiating 15 additional BSC investments and shares the sector’s objective that, by 2030, Hungary should host 300 centers employing 150,000 people. As the agency puts it, “Hungary has become an important international meeting point in the BSC sector as well, a place where Eastern and Western companies can operate in an equally supportive business environment.”

As multinational firms rethink where to place capital, Hungary’s economic philosophy positions the country at the crossroads of technological and regional advantage. Investment from Asia, particularly in electric mobility, battery technologies, semiconductors and AI, is expanding at a pace unmatched a decade ago. European partners continue to anchor precision engineering, advanced manufacturing and production excellence here. Hungary aims to ensure that it remains the European location where these strengths converge.

“Chinese technological innovation and German engineering expertise, for example, can jointly create new value,” the agency believes. This strategic balancing act enables Hungary to build resilience and embed itself into multiple global supply networks simultaneously, a clear priority in the post-pandemic economy.

Hipa’s strategy for 2025 and beyond focuses on securing projects that generate long-term, future-ready jobs and deeper technological integration into the Hungarian economy. The agency continues to prioritize industries offering high added value, advanced automation, and a strong sustainability impact. Emerging sectors such as nanomaterials, artificial intelligence and advanced electronics remain central to policy planning.

Sustainability criteria are gradually expanding within the incentive system. Support for renewable energy investments is still available, but now requires energy storage components to promote industrial decarbonization.

“Our goal has never been merely to bring factories here,” Hipa emphasizes. The future lies in research, testing, design, intellectual property and system-level innovation. “Promoting this dimensional shift in the economy and increasing added value are essential tasks.”

With major factory expansions on schedule, innovation centers under development and diversification across nearly every region of the country, Hungary enters 2026 carrying on the strong FDI momentum of the past few years.

Jason Sun, president of Singapore-based Vulcan Shield Global, at the announcement of a EUR 700 million giant investment in Békés County at the county government office in Békéscsaba on Sep. 19, 2025.

From left, Jens Bühler, director of the Mercedes-Benz Kecskemét factory, Jörg Burzer, MercedesBenz Group AG board member responsible for production and supply chain, Péter Szijjártó, Minister of Foreign Affairs and Trade, and Government Commissioner István Joó, CEO of the Hipa, at the announcement of Mercedes-Benz’s investment in Kecskemét on Nov. 12, 2025.

Photo by

Csaba Bús / MTI

Photo by Péter Lehoczky / MTI

The Consultants’ Verdict: Competitive Tax Regime, Gov’t Incentives Keep Hungary Attractive for Investors

We asked some of Hungary’s Big Four consulting experts to outline several of the most significant investment and transactional projects in Hungary in 2025, and discuss what they tell us about the underlying trends that have driven them. Where do investors come from, and what are the projects that attract them?

cloud-based solutions, ERP systems, cybersecurity, gaming, and medical technology,” he says.

“Strategic state involvement also played a key role, particularly in defense, cybersecurity, and energy projects, aligning with national security and industrial policy objectives,” Herodek adds.

Sefer comments that “The trend this year seems to be that decisions on investments are slowed, postponed or sometimes even cancelled. However, in times like these, there are always countercyclical investments, and the Hungarian state has also been very active in various sectors.”

transactions in the past year. “These included one deal in the utility and energy-gas sector and two deals in the chemicals sector,” he comments.

“The world has become a very fastmoving and interesting place,” Sefer notes. “There are paradigm shifts that all have a profound effect on Hungary’s status and economy; the rapid development of AI, China’s emergence as a global superpower, the behavior of Russia and the change in the United States’ foreign policy, to name just a few,” he adds.

Hungary is finishing 2025 with a strong year of investments behind it, with a number of outstanding projects and transactions, the experts say.

“If we are looking at strategically important transactions, surely one must focus on topics impacting hundreds of thousands or even millions of citizens in Hungary,” states Iván Sefer, partner at EY Law Hungary.

“Examples are the ongoing motorway concession-related works, where large parts of the Hungarian road infrastructure are being developed and expanded. Similarly, the railroad projects such as the BudapestBelgrade line are considered landmark transactions,” he comments.

Regarding the energy sector, Sefer notes that significant transactions include “the various upgrade-related projects impacting the Tisza and Mátra power plants,” while the “fate of the Paks II project is a key area of interest,” he adds.

“In the corporate space, there are interesting deals across a wide array of industries, such as agriculture, FMCG, pharmaceuticals, and with more in the defense sector. Lastly, there are some significant restructuring-type transactions in progress, regarding significant market players in their sectors, employing a large workforce, and the fate of these companies draws significant strategic interest,” Sefer notes, highlighting the liquidation of the Dunaferr steel conglomerate and the Ganz Rail Repair Company as key examples.

According to Róbert Herodek, transaction services director at PwC Hungary, “The technology sector demonstrated the highest deal volume in 2025, both in terms of announced and completed transactions. This included software development,

“This concentration reflects a strong trend toward digital transformation across industries. Companies are increasingly investing in technology to enhance operational efficiency, enable remote work, and improve customer engagement. Additionally, heightened concerns over data security and regulatory compliance have fueled demand for fraud prevention and cybersecurity solutions,” Herodek notes.

A Competitive Regime

Regarding the domestic economic factors that affect investment trends, Herodek underscored Hungary’s “competitive tax regime [with a] 9% corporate tax rate, and government incentives including cash subsidies, EU grants and R&D funding,” which creates a “highly favorable environment for both domestic and foreign investors,” he says.

He adds that “An interesting trend we see continuing is that several national champion blue chip companies have become true regional powerhouses, and they actively invest not only in the wider region, but globally. This clearly bolsters the strength, importance and reputation of the Hungarian corporate sector.”

Although the country saw significant foreign and domestic investments this year, Sefer highlights that “due to macroeconomic and budgetary reasons, the funds available to support foreign direct investments into Hungary via various grants and incentives have decreased. This has resulted in a dip in these types of transactions,” he believes.

“The focus of the Hungarian Investment Promotion Agency seems to have clearly shifted towards the attraction of high added value and R&D type investments.” Sefer adds that “in terms of the domicile of investors, we see immense variety: there are the usual ‘suspects’ from the U.S. and Western Europe, and investors from China, South Korea and Japan, but we also see more deals arriving from the Middle East and Turkey. Regional transactions, especially in the Balkans, are also popular,” he identifies.

Herodek lists China and the United States as the most significant nonEuropean investor countries for 2025.

Leading Destination

“Hungary has emerged as Europe’s leading destination for Chinese manufacturing investment, [as] largescale Chinese projects underway in Hungary total approximately EUR 16 billion, spread across 64 major developments,” the PwC director says.

In the mergers and acquisitions sector, “the United States emerged as one of the most active nonEuropean investors in Hungary,” after completing three significant transactions in 2025. “Two of these deals were in the computers and electronics services sector, while one was in the food and beverage segment,” Herodek states.

Romania was identified by Herodek as the largest European investor country, having completed three

It is a point of view that Herodek shares. “Global geopolitical uncertainty and trade tensions, including the introduction of U.S. tariffs on EU automotive and steel imports, created strategic pressure on Hungary’s export-driven automotive sector,” he says.

“The Russia–Ukraine war elevated energy costs, and financing burdens stemming from the war continued to influence valuations and deal structures. Hungary’s investment landscape in 2025 continued to reflect a dual structure, with large-scale greenfield projects and strategic M&A deals punctuating the market, against a backdrop of numerous smaller transactions,” Herodek concludes.

“Advisors are needed in both good and bad times, but we absolutely need to remain on top of these trends and occurrences to remain able to make sense of the realities we live in,” Sefer adds.

Editor’s note: The Hungarian units of Andersen, Deloitte and KPMG were also contacted for comment for this article, but had been unable to respond by the time we went to print.

LUCA ALBERT

Iván Sefer, EY Hungary partner, attorney at law, head of office at EY Law, and strategy and transactions leader.

Róbert Herodek, transaction services executive director at PwC Hungary.

4 Socialite Hungarian Jazz Guitar Great

Gábor Szabó Honored in

Budapest

Sound, not Solo

For Frisell, Szabó’s approach to playing in a band was also key. “He was really concerned with the overall sound. He took on the role of orchestrator. Even with his own band, it wasn’t ‘Hey, you guys back me up so I can show off.’ It was really a group sound.”

In October, a plaque commemorating quietly influential Hungarianborn jazz guitarist Gábor Szabó was erected at the site of his family’s old Budapest apartment after a campaign led by the musician’s biographer Károly Libisch.

DAVID HOLZER

Szabó’s son Blaise wrote to Libisch: “I can’t wait to take my family back to Hungary someday and show them where their ‘Papa G’ once resided. It fills my heart with immense joy to witness the profound impact that my father and his music had on so many individuals.”

Asked what Szabó might have thought of the plaque, his younger brother John says, “I think it would have warmed his heart a little.”

Szabó was born in Budapest in 1936. Inspired by a Roy Rogers “Singing Cowboy” movie he saw as a child, Szabó picked up the guitar. Influenced by Hungarian gypsy music and the Western jazz and pop officially banned by the suffocating socialist regime, he rapidly developed into an extraordinary guitarist with an instantly recognizable sound.

Soon after the 1956 Hungarian Revolution, Szabó, his mother, father and John escaped to Austria before making their way to San Bernardino, California.

The foreignness in Szabó’s sound also appealed to Frisell. “He would use open strings as a drone and play other notes against them, which was more like an Eastern European influence. Certain elements I was hearing in his playing came from other stringed instruments. And he was playing the kind of large guitar you’d use for folk music, with flatwound strings and a pickup. Everything was wrong about what he was doing, but it gave him a unique sound.”

“My teacher said, ‘Have you ever listened to Gábor Szabó? He plays fewer notes but gets the most power, color and feeling out of them. He chooses what he wants to play and distills this down to the essence.’ That’s been a huge part of my thinking ever since.”

The plaque outside the former family home. The inscription reads, He lived in this house until the end of 1956. Gábor Szabó (1936-1982). The later world-famous jazz guitarist, who, in addition to his jazz activities, was also one of the creators of the Latin rock style. ‘For me, sound is the key word, the most important thing. When I find that beautiful sound that means music to me, I play it.’ Erected by: Belváros-Lipot City Council 2025.

Graduating from the prestigious Berklee College of Music in 1960, Szabó joined the Chico Hamilton Quintet, one of the hottest West Coast jazz bands at the time.

His well-received first solo album, “Gypsy 66,” was released in 1966. A mix of reinterpretations of pop songs and originals, it created the blueprint Szabó would expand on throughout the 1960s on albums such as “Jazz Raga” (1967), “Bacchanal” (1968) and “Dreams” (1968).

On that album, Szabó began to delve deeper into his Hungarian heritage, working with his Hungarian classically trained bassist and old friend Lou Kabok on compositions including “The Fortune Teller” and “Lady in the Moon.” The latter is based on the Hungarian folk song “Tiszán innen, Dunán túl” from Zoltán Kodály’s 1926 opera “Háry János.”

Losing his Way

After “Dreams,” which American jazz bible “Down Beat” described as “exceptionally well-conceived and performed,” Szabó appeared to lose his way. Although a close listen to 1970s albums such as “Macho” or “Nightflight” reveals he was still capable of playing superbly, they were dismissed at the time and sold poorly.

Szabó’s last album, “Femme Fatale,” marries his signature style with a more fusion approach. Rejected by his then label Atlantic, “Femme Fatale” was released

on the Hungarian state imprint Pepita in 1981, the year before Szabó died of kidney failure in a Budapest hospital after years of heroin addiction and alcoholism.

Szabó was always highly regarded by other musicians and jazz scholars. Carlos Santana covered his “Gypsy Queen” in a medley with Fleetwood Mac’s “Black Magic Woman” on his 1970 Billboard chart-topping “Abraxas” album.

In a “Guitar Player” magazine video, Santana is fulsome in his praise of Szabó. He explains that B.B. King and a certain kind of blues style had him “in a headlock.”

Discovering Szabó, Santana realized there were other ways to play. “[T]he guitar became even more fun to play because you weren’t constricted to the same licks or the same approach; the same route home. All of a sudden, you have less-is-more.”

When I spoke to the great contemporary jazz guitarist Bill Frisell in 2021, he, too, focused on Szabó’s ability to play less and make it sound like more. Frisell came to Szabó in the late 1960s. “I was finding some chords too hard or trying to play too much,” he told me.

“My teacher said, ‘Have you ever listened to Gábor Szabó? He plays fewer notes but gets the most power, color and feeling out of them. He chooses what he wants to play and distills this down to the essence.’ That’s been a huge part of my thinking ever since.”

Frisell finished by saying simply, “Somehow, Gábor is in me. And that’s comforting.”

As the plaque proves, more than 40 years after his death, Szabó’s influence continues to grow. This is in no small part down to jazz scholar and self-described “super-superfan” Doug Payne. “I want more people to hear Gábor and the magic he brought into the world,” Payne tells me. “Also, I hope to provide an opportunity to those who are already curious about him and his music to learn more.”

Payne is sure: “Szabó’s place in history is assured. With the help of samplers like Madonna and John Legend and recent practitioners such as the amazing young Hungarian guitarists Ádám Fehér and János Bujdosó of Flemm, I feel encouraged that Gábor’s legacy will survive and thrive.”

The Gábor Szabó plaque is at Városház utca 1, the back entrance into the old Szabó family apartment block at Kossuth Lajos utca 4. You can stream all of Szabó’s albums online (his name is usually spelt without the Hungarian accents), and several are available in handsome vinyl editions from good record stores, many with liner notes by Doug Payne. Second-hand copies of “Femme Fatale” on the Pepita label are easy to find, at least in Hungary, and shouldn’t be expensive. You can read Doug Payne’s thoughts on Szabó at dougpayne.com

The album cover for “Jazz Raga” (1967) with Szabó at far left. Photo courtesy of Vampisoul.

Domonkos Héja Hopes to Bring MRME Closer to its Audience and Spread Music Education

Domonkos Héja was appointed general music director of the Hungarian Radio Artistic Ensembles (MRME) on May 1. He speaks with the Budapest Business Journal about his family background, studies, career, awards and domestic and international achievements.

I was awarded the Audience Prize and the special György Solti Prize.

BBJ: When was your musical affinity clearly decided?

Domonkos Héja: I was born into a family of musicians, and from the very first moment, my parents guided me toward a musical career. In their view, a future conductor must become familiar with the world of instruments. I first learned to play the piano, then the violin. Later, the palette expanded with percussion instruments and trumpet studies. After graduating from the Liszt Academy Conservatory at the age of 19, I founded the Danubia Orchestra, of which I was the artistic director for 10 years. As recognition for this wonderful period, I received the Ferenc Liszt Award.

BBJ: You studied in the conducting program of the Ferenc Liszt Academy of Music as a student of Ervin Lukács. Didn’t you win first prize in a significant contest during this period?

DH: Yes, the ninth conducting competition of Hungarian Television was in 1998, and it essentially defined my entire life. In the finals, I conducted the most challenging piece, “Roman Festivals” by Respighi. It was an astonishingly difficult work, yet the Hungarian Radio Symphony Orchestra performed it brilliantly that evening.

BBJ: What other awards have you won? DH: My work has been recognized with the Artisjus Award, the Gundel Art Award, and the Junior Prima Art Award. These achievements brought significant changes to the repertoire of works I had conducted up to that point.

BBJ: The opera genre has always been very close to you. Night after night, the audience applauded your performances with standing ovations, as I can say from personal experience!

DH: I made my debut with the Hungarian State Opera’s performance of Puccini’s “La Bohéme,” and then, between 2011 and 2013, as the general music director of the Opera House. From 2005 to 2012, I also served as principal conductor of the Chemnitz Opera in Germany.

BBJ: Did these earlier achievements lead to the foreign concert invitations?

DH: With an ever-expanding repertoire and growing professional connections, I have frequently appeared as a guest conductor with the State Philharmonic Orchestra of Kosice, the Macedonian Philharmonic Orchestra, the Tokyo Philharmonic Orchestra, and several major German orchestras. From 2015, I worked as the general music director of the StaatsTheater Augsburg, Bavaria, and lived in the city with my family.

BBJ: This year, you were awarded the position of general music director of the MRME, following an open application process and with the support of the orchestra members. What plans have you brought back home with you from Augsburg?

DH: All three ensembles, the Hungarian Radio Symphony Orchestra, the Hungarian Radio Choir, and the Hungarian Radio Children’s Choir, represent an enormous challenge. They belong in the top category in Europe. I will naturally serve as conductor at the helm of the symphony orchestra. As for the choir, Máté Szabó Sipos will take on the responsibilities of chief choir leader. During our joint work, I would like to raise the already high standards even further. Expanding the repertoire is always a task, since countless works await performance, from the Baroque to contemporary music. All three ensembles approach different genres with incredible sensitivity.

Culture Matters

A regular look at culture issues in Hungary and the region

BBJ: And what is the most important goal you have set for yourself as general music director?

DH: Improving the relationship with the audience is essential. But what is even more critical is fostering young people’s interest in classical music. It is crucial to broaden the younger generation’s musical education and understanding. Children between the ages of three and eight are the most receptive in this respect. Music education must, therefore, include their families, as this helps the experience of music become more deeply rooted in their young hearts. And, of course, I would like to enhance the reputations of all three ensembles, both at home and abroad.

BBJ: What is the main task for the upcoming 2026/27 season?

DH: We are preparing for another exciting season. Alongside the wellknown classical music audience favorites, we again intend to present contemporary works. The MRME name itself is already a guarantee of high quality and exceptional music sound, and the invited conductors and soloists are among the finest in both the Hungarian and international music scenes. Our chamber music series is special because it allows us to discover an entirely different side of artists. And what must be highlighted regarding the next season is that we will be celebrating a Beethoven memorial year.

BBJ: When will you first meet the Budapest audience in 2026?

DH: On Jan. 9, we will perform an evening of works by Russian composers at the Academy of Music with the Hungarian Radio Symphony Orchestra, featuring opera singer Mihai Damian Alongside Mussorgsky’s “Pictures at an Exhibition” and the “Songs and Dances of Death” song cycle, the program will also include Rimsky-Korsakov’s “The Tale of Tsar Saltan.”

ÉVA BODOR

Photo by Attila Vörös

Domonkos Héja, Hungarian Radio Artistic Ensembles (MRME)

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

Canadian Chamber of Commerce in Hungary (CCCH)

As 2025 draws to a close, the CCCH extends its heartfelt thanks to everyone who joined it throughout the year. Participation and support have once again been essential in making events successful, engaging, and memorable. This year, the CCCH continued to bring its community together through a rich variety of gatherings, from its Business Breakfast series to the traditional Lobster Dinner, the always-joyful Canada Day celebration, and several new professional networking opportunities. As the festive season approaches, the chamber wishes all a peaceful time of rest and renewal. May this season offer the chance to recharge and prepare for the exciting opportunities the New Year will bring. Looking ahead to 2026, the CCCH calendar will once again feature Business Breakfasts, a Business Forum, the beloved Canadian BBQ Dinner, the vibrant Canada Day celebration, and of course, our signature Lobster Dinner. Happy holidays, and best wishes for a successful and prosperous New Year!

Swiss-Hungarian Chamber of Commerce (Swisscham)

Swisscham Hungary closed its 30th anniversary year with a festive Christmas event held at the Merlin Theater, bringing together members and partners for an evening of networking and celebration. The program included a small art exhibition with Swiss–Hungarian connections, adding a cultural dimension to the occasion and highlighting the chamber’s role in fostering collaboration beyond the business sphere. The InterContinental Budapest provided the catering. A charity raffle also took place, with all proceeds supporting the Heti Betevő Association. The gathering offered a fitting conclusion to Swisscham’s milestone anniversary year, reflecting three decades of community building and cooperation.

Hungarian-Norwegian Chamber of Commerce (HNCC)

Adam Laska, chairman of the HNCC, visited Budapest from Nov. 24-28, accompanied by representatives of Norsk Kleber AS (Norwegian soapstone stove manufacturer). The main objective of the trip was for Wamsler SE (Hungarian fireplace manufacturer) and Norsk Kleber AS to gain a clearer understanding of each other’s activities and identify potential areas for future cooperation. On the first day of the business trip, the participants were received at the Norwegian Embassy in Budapest, followed by a special tour of the historic Zwack Unicum factory, where they were guided through the history and production processes of the unique Hungarian product. The central part of the Hungarian program was a visit to the Wamsler SE factory in Salgótarján, which provided a valuable opportunity to learn about the company’s capabilities and manufacturing processes. The meetings and on-site visits created a solid foundation for further professional dialogue between the two companies. The visit concluded with a joint dinner.

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH thanks members and guests for being with it throughout 2025 and for contributing to the vibrant life of its chamber community. It is preparing for a particularly special year, as CCIFH will celebrate its 35th anniversary in 2026. Its networking events will offer not only business connections, but also an opportunity to be part of a lively and diverse Francophone community.

2026’s highlights will include a Masquerade Ball in February; the annual Garden Party (one of the CCIFH’s most beloved open-air social gatherings of the summer) on June 12; French Riviera Cocktail de Rentrée, a Mediterraneaninspired event to kick off the business season in September; a gala and Beaujolais Nouveau celebration, where tradition and business meet in style, in November, and a Christmas Reception in December. The CCIFH wishes all a wonderful holiday season and a happy, successful New Year!

American Chamber of Commerce in Hungary (AmCham)

On Dec. 8, AmCham Hungary held its annual assembly, a key event that brought the chamber’s business community together to celebrate 2025’s achievements and set the course for the year ahead. In his report, AmCham President Ákos Janza highlighted the development and launch of the new Policy Agenda 2026–2030 as a significant milestone. He emphasized that the Policy Agenda provides a shared vision for Hungary’s competitiveness and will guide all of AmCham’s advocacy activities in the coming years. Another highlight of his report was the launch of three new working groups, marking an important expansion in strategic focus areas: the Digital Working Group; the Travel, Tourism and Entertainment Working Group; and the Education and Innovation Working Group. Secretary treasurer Ákos Burján and supervisory board chair Michael Carlson confirmed that AmCham’s operations remain stable and well-managed. Following their reports, the assembly elected new board members. CEO Írisz Lippai-Nagy shared an outlook for 2026 and touched on key events returning next year, among others, the HR Dream

Day, the Business Meets Government Summit, and Independence Day. The AmCham Board for 2026 is: President Ákos Janza (Masterplast), first VP Veronika Špaňárová (Citi), second VP László Kónya (Deutsche Telekom IT Solutions Hungary), secretary treasurer Ákos Burján (PwC Hungary), and board members-atlarge Edit Bencsik (Tata Consultancy Services Hungary), Etelka Dobi (Johnson & Johnson Innovative Medicine), Gabriella Fodor (Lexmark), Attila Kövesdy (Independent advisor), Dániel Mayer (Morgan Stanley Hungary Analytics), Mónika Pais (Diageo Budapest), and Krisztina Ujhelyi (Medtronic), with Neil Pickett (U.S. Embassy) serving as ex-officio member, and Michael Carlson (NSM) and Judit Budai (Szecskay Attorneys at Law) continuing on the supervisory board. AmCham also presented the Dr. Iván Völgyes Award, recognizing individuals who make significant contributions to Hungarian–U.S. business relations, to Vilmos Benkő, a long-time AmCham supporter and former president, Hungarian-American entrepreneur, communication expert, public speaker, coach, and philanthropist.

German-Hungarian Chamber of Industry and Commerce (DUIHK)

The DUIHK’s “Jour Fixe” event format was launched 20 years ago in 2005, and has become one of the most popular regular events. Its concept is straightforward: providing a regular platform for networking between new and existing members in exciting, often new or unknown locations. At our November Jour Fixe event, held at Városliget Café & Restaurant 1895, members had the opportunity to get to know each other in an exclusive setting and a pleasant atmosphere. As at every Jour Fixe, many recently joined new members got the opportunity to introduce themselves to “older” ones, this time including Avison Young Hungary, Baker McKenzie Budapest, Cloos Magyarország, Erősített Műanyaggyártók Szövetsége (the Association of Reinforced Plastics Manufacturers), Foodora, KernSystem GmbH, and Sigma Technology Hungary. Selected long-time and loyal members also have the chance to “re-introduce” themselves to the membership at the event. This time, SSI Schäfer Systems International Kft., which joined the chamber 22 years ago, was featured. The next key networking event of DUIHK will be the traditional Annual Kickoff Gala on Jan. 22.

Belgian Business Club in Hungary (Belgabiz)

Belgabiz will kick off 2026 with its traditional New Year’s Reception, once again partnering with the Three Corners Hotels & Resorts. Let’s welcome 2026 together with fresh energy, good conversations, and a chance to reconnect after the holidays. Join the chamber for an easygoing evening of networking, catching up, and sharing plans for the year ahead.

• When: Jan. 15, 6 p.m. • Where: Three Corners Hotel Anna, Gyulai Pál u. 14, 1085 Budapest

Netherlands-Hungarian Chamber of Commerce (Dutcham)

In partnership with its member companies, Dutcham organized an event for its business community to discuss “AI without the Buzz.” It touched on very different, yet interconnected aspects of the AI evolution: What are the opportunities and limitations of AI-generated recruitment? What makes AI-assisted software developments so expensive? How are AI models structured? Why are websites losing relevancy, and what can be done about it? What are the highest legal risks you need to consider as a developer and a deployer? The chamber thanks Nexon Ltd. for hosting it.

We wish all our business partners, and readers

Happy Holidays, and a peaceful, prosperous New Year