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Hungarian Legal Market Remains Competitive, Demanding Top-quality Advice at Speed and Competitive Rates

We asked some of the leading lawyers in Hungary to give us their take on the trends shaping Hungarian legal services in 2025 and to assess the health of the marketplace.  12

The EU AI Act: The Time to Act is Now

Compliance with the EU’s AI Act is becoming a pressing matter for businesses, many of whom may be surprised to learn that their activities could fall into the banned or high-level risk practices categories.  16

Luxury’s

‘Little Touches’

Solo Guitar Improv by

Marc Ribot at the House of Music

On May 21, hugely respected American guitarist Marc Ribot stepped into the spotlight at Budapest’s Hungarian House of Music for 75 to 90 minutes of mostly improvised solo guitar without pick-ups, amplifier or effects.  29

Hungary’s Investment Plunge Continues

Julia Selyukova, general manager at the Four Seasons Hotel Gresham Palace, says she has a clear vision for what could elevate the market: more long-haul direct flight connections and a broader range of luxury experiences for guests to enjoy.  9

Worrying trends in the Hungarian economy have continued, with investments significantly falling back in the first quarter. The turnaround requires, among other things, a revival in external demand. Weaker labor market data does not paint a rosy picture in the shorter term, either.  3

Hungary’s Publishers Gear up for 96th Book Week

Some 150 Hungarian and international publishers will proudly display their latest volumes in the annual Budapest book fair from June 12-15. But against the internet, online videos, and computer games, they face strong challenges.  7

EDITOR-IN-CHIEF: Robin Marshall

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

LISTS: BBJ Research (research@bbj.hu)

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Why Support the BBJ?

• 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.

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For more information visit budapestbusinessjournal.com

THE EDITOR SAYS

THE BUSINESS CASE FOR KEEPING AN EYE ON AI

I often find our annual Special Report, dedicated to Budapest’s legal services market, an interesting way to access what is happening in the local business world. After all, discover what is keeping commercial law firms busy, and you will have found what is top of mind for our CEOs.

That ESG and artificial intelligence are keeping our legal eagles increasingly busy is, perhaps, no great surprise. If nothing else, although very different processes, both are changing how law firms operate internally. But they are also increasingly a source of business from the outside world, albeit currently more so in the case of ESG than AI. But even in the latter case, AI is demanding more attention today than it did yesterday, and the direction of travel is heading only one way.

“AI will reshape our entire world and will generate a vast amount of legal work in the future,” is how one of our witnesses for this year’s Market Talk panel put it. Another expert described how “AI seems to be creating an increasing number of legal issues, some quite novel.” Others nod to the European Union’s AI Act, with one commentator noting, “We believe that seeking advice on this topic will increase further.”

Yet one comment really stood out for me. If your nightmare scenario is a world where AI is all-knowing and always right, you can relax in the knowledge that we aren’t there yet. “In the long run, AI has the potential to rearrange the focus and scope of legal work,” one of our panelists said before adding, “Even now, clients often bring legal research or contracts generated by AI for revision.”

Nor were they a loan voice. Another of our regular contributors made a similar point. “We also see clients coming to us to confirm, fine-tune or correct the ‘advice’ they generated with AI to respond to their needs and questions concerning

legal topics or issues they face. This is interesting and shows that not only lawyers but also our clients are using AI, but for different purposes than we thought they would!” By now, most business people (and probably many school kids) are familiar with the idea of AI hallucinations, where stuff is simply made up. We even had a legal example in the previous issue of the Budapest Business Journal, where a lawyer had used generative AI to research legal rulings. Finding one that seemed to buttress their case, they cited it as evidence in court, only to discover after the event that it was entirely fictitious.

Why AI should hallucinate has never been satisfactorily explained to me, but the fact that it does so means we all have to be on our guard, whether a student researching an essay, a journalist making a background check, an advocate preparing for a court case, or a lawyer asked to double check an AI finding!

Congratulations are due to Róbert Keszte, head of global operations at Continental Automotive Group, on becoming president of the German-Hungarian Chamber of Industry and Commerce. It has been a busy period for this wellknown member of Budapest’s business community. On March 21, he won the CEO Community Award at our very own CEO Gala. At the beginning of last year, based on the opinions of 297 Hungarian CEOs, PwC Hungary awarded him its “Most Inspiring Leader of the Year” award. The title recognizes a Hungarian CEO who is seen as a role model by other top executives in Hungary.

Robin Marshall Editor-in-chief

THEN & NOW

In the rare early color photo from the Fortepan public archive, dating to 1941 and taken near Balatonfüred, white-sailed yachts compete in the Kékszalag (Blue Ribbon) regatta, one of Lake Balaton’s most iconic sailing events. In the modern image from state news wire MTI, taken on May 24, 2025, the Hungarian-built “Raiffeisen Fifty-Fifty” twin-mast catamaran, the eventual winner, sails alongside the runner-up “RSM” during the Balaton season-opening Kékszalag Port Grand Prix near Balatonfüred. The race marked the start of the 90th sailing season on Lake Balaton.

Photo by Boglárka Bodnár / MTI

Photo by Dr. Károly Ember / Fortepan

Hungary’s Investment Plunge Continues, While Labor Market Concerns Mount

Worrying trends in the Hungarian economy have continued, with investments significantly falling back in the first quarter. The turnaround is yet to come, and it requires, among other things, a revival in external demand. Weaker labor market data does not paint a rosy picture in the shorter term, either.

Unemployment Rate Trends in Hungary (April 2022-April 2025)

People aged 15-74

Source:

Number of Employed and Unemployed People February-April 2025

Employed: 4.673 mln people

“Consumption-based growth is good in the short term, but in the long term, investments will bring economic growth,” said Minister for National Economy Márton Nagy at a recent conference. However, following the weak Q1 GDP growth already reported, the first quarter also brought some disappointing data on investments.

The volume of investments in the first quarter of 2025 fell by 12.1% compared to last year, according to the latest data from the Central Statistical Office (KSH). Investment volume also decreased compared to the previous quarter, with the value of investments decreasing by 3.4% at comparable prices.

According to the KSH summary, the manufacturing industry, as well as transportation and warehousing, contributed most to the decrease in investments. However, the decline was mitigated by investments in real estate and the energy industry.

The country has been in a bad position in terms of investments for more than two years now. The volume

plunged in the fourth quarter of 2022, and this trend continued in 2023 and 2024. The volume of national economic investments last year was 14%

below the 2023 level, with a decrease of 8.1 percentage points in the volume of construction investments and machinery and equipment investments pulling the total figure down by 5.7 pp.

The decrease in housing construction volume and the low level of state infrastructure investments are primarily responsible for the weak data. It is worth noting that Minister of Construction and Transport János Lázár halted most state investments in 2022, and this has had an adverse impact on the segment every year since.

“The first quarter GDP data already predicted that the turnaround in investments had not yet been realized at the beginning of the year, with the volume decreasing by 11.8% on an annual basis and 3.4% quarterly, based on seasonally adjusted data,” comments

Dániel Molnár, senior analyst at economic think-tank GFÜ.

Unemployed: 216,600 people

“This means that investments played a significant role in the weaker-thanexpected first quarter GDP data,” he adds.

More Detail Needed

It is not yet clear to what extent the different fields contributed to the decline, but according to KSH, the manufacturing industry and the transport and warehousing sectors contributed the most to the decrease in investment.

“These are the two sectors that are most dependent on external demand. Our most important foreign market, the European economy, and Germany in particular has been struggling with competitiveness problems for a long time now, in which high energy prices and overregulation play a role,” Molnár stresses.

“This effect is also reflected in the export-oriented domestic manufacturing industry, reducing demand. The significant excess capacity in the sector encourages companies to postpone investments, but uncertainty, which has recently been reinforced by the unpredictability of customs policy, is also having an impact in this direction,” he says.

According to Molnár, a turnaround in investment dynamics requires a revival

in external demand and an improvement in prospects. This could be facilitated by the start of economic growth, the conclusion of trade agreements between the European Union and the United States, and the conclusion of the Russia-Ukraine war.

“In the coming quarters, however, the impact of the Sándor Demján Program may also appear in the statistics, which may boost investment activity primarily among domestic SMEs. The arrival of EU development funds could provide further impetus,” the senior analyst adds.

Gábor Regős, chief economist at Gránit Fund Management, shares a similar view. Although the annual decline was expected, “one could have hoped for growth to start at least on a quarterly basis; that did not happen,” he points out.

“A company does not start investing now when it does not know whether it will pay off or whether there will be demand for its products, especially after a possible capacity increase,” Regős says.

Labor Woes

In the meantime, the labor market also showed some worrisome signs. In April 2025, the average number of employed persons aged 15-74 was 4.6 million. The number of unemployed persons was 215,000, and the unemployment rate stood at 4.4%. In comparison, as of this March, the average number of employed persons in the same age range was 4.7 million, while the number of unemployed individuals was 211,000, resulting in an unemployment rate of 4.3%.

“While the March data indicated a more stable labor market overall, this cannot be said of the recent data; we did not expect the deterioration of the labor market environment in April,” says Márta Balog-Béki of MBH Bank.

“We cannot speak of a large wave of layoffs yet, but inactivity has increased. In addition, it should be noted that the working-age population has decreased by 37,000 people this year alone, and by 60,000 people in a year, which may also limit employment growth,” she warns.

According to Balog-Béki, the coming months may be defined by whether companies postpone their investment decisions amid uncertainty over tariffs; however, this is difficult to quantify at this time. MBH Bank expects an average unemployment rate of 4.4% for the year as a whole.

“We expect the number of employed people to remain around its current level in the coming months, with only minor changes expected from month to month,” argues GFÜ’s Molnár.

He voices an optimistic point of view, saying that the turnaround is expected in the second half of this year. In addition to the strengthening of economic growth, large-scale investments in production by automotive manufacturers such as CATL, BYD, and BMW may play a significant role, generating labor demand both directly and indirectly.

The recovery in labor demand may also improve the situation of job seekers, allowing the unemployment rate to start declining towards the end of the year, he says.

ZSÓFIA CZIFRA

Would

Ukraine’s Call for a Full Russian Energy ban hit Hungarian Homes?

“The energy threat from Ukraine is intensifying,” Prime Minister Viktor Orbán said in a post on his Facebook page on May 22, believing Hungary’s beleaguered neighbor to be behind the European Union’s plan to phase out Russian energy imports completely. “We have to try to stop this Ukrainian push to completely ban Russian gas from Europe,” he told Kossuth Rádió the following day. “We must prevent it by all means.”

Earlier in May, the European Commission proposed introducing legal measures next month to phase out the EU’s imports of all Russian gas and liquefied natural gas by the end of 2027. Orbán acknowledged that his government would be “open to negotiations” on the issue if the EU compensated Hungary for the cost of the energy ban.

While the EU has already imposed sanctions on most Russian oil imports, resistance from Hungary and Slovakia has enabled them to continue receiving gas and oil from Russia, triggering heightened tensions with Ukraine, who refused to renew a deal allowing the transit of these supplies through its territory.

Orbán argued that efforts to cut off Russian oil and gas would force Hungarian households to pay two to three times more for energy. Instead of a monthly bill of HUF 7,000 for electricity, households’ costs would

Ukraine

Roundup Crisis

rise to HUF 14,000 (EUR 35), while gas prices would spike from HUF 16,000 per month to EUR 54,000, he said.

Orbán added that this would ultimately cost households

HUF800 billion,

which is “the same amount” it costs the government to subsidize household utilities. Households would feel the effects from September without government intervention, he asserted.

Not everyone is convinced. Energy expert Gábor Bali told broadcaster RTL, “If there was political will, Hungary could wean itself off Russian oil and gas by 2027.” While acknowledging that crude oil would be more expensive, he is confident there should be no fear of extreme price increases in the case of gas.

According to energy expert Attila Holoda, Russia has not supplied gas to Hungary at discounted, non-market rates for years.

Soviet-era Myth

“The idea that Russian gas is inherently cheaper is a myth rooted in Soviet-era pricing,” another expert commented, adding that “today’s Gazprom prices track international benchmarks just like any other supplier.”

Yet, government-backed think tank Századvég corroborated that a ban would force Hungarian households to pay market rates for energy rather than benefiting from the government’s price-cap scheme, potentially raising utility bills to 3.5 times their current level. According to their recent poll, 70% of respondents oppose the European Union’s proposed ban on Russian energy imports, with 55% believing the measure would devastate Hungary’s economy.

For his part, Orbán called on citizens to resist EU pressure by voting in the Voks 2025 referendum on Ukraine’s EU membership. Following the conclusion of distributing paper ballots, the Hungarian government enabled online voting in its non-legally-binding referendum.

Announcing this development in a Facebook post on May 26, State Secretary Balázs Hidvéghi of the Prime Minister’s Cabinet Office said that more than 1.2 million people had already participated, calling it “an extremely high figure within a few weeks.”

According to a recent survey by the Nézőpont Institute, public opposition to Ukraine’s European Union accession has risen to 67%,

up from 62%, with the number of Hungarians opposing Ukraine’s membership increasing by over 300,000, bringing the total to 5.2 million. The survey reported that support for Ukraine’s EU integration dropped from 29% to 23%.

In non-energy-related news, Hungary’s government has called for an immediate explanation from Ukraine about press reports suggesting plans to ban the Transcarpathian Hungarian Cultural Association–Hungarian Party of Ukraine (KMKSzUMP), the organization representing the Hungarian minority in Transcarpathia.

“Hands off the Transcarpathian Hungarian Cultural Association!” Minister of Foreign Affairs and Trade Péter Szijjártó wrote on his Facebook page on May 27.

Rising Tensions

It is just the latest example of rising tensions between the neighboring countries. On May 21, the Budapest Prosecutor’s Office said a Ukrainian national suspected of espionage and

Photo by Tamás Purger / MTI

other crimes had been detained for one month under Hungarian law. The detention, ordered to prevent the suspect from fleeing the country or obstructing evidence collection, was initiated on May 20. The defense has appealed the ruling.

The Prosecutor’s Office said there is a well-founded suspicion that the man had been commissioned by Ukraine’s military intelligence service to gather data and information. Based on this activity, the investigative authority suspects him of espionage and additional offenses.

Days earlier, Hungary’s national security services announced what they said was additional Ukrainian espionage activity, identifying Roland Tseber as an “illegal” officer of Ukraine’s intelligence service and István Holló, who is under investigation by the National Office of Investigation on suspicion of espionage.

At a press conference on May 20, Máté Kocsis, the parliamentary group leader of the ruling party Fidesz, said that Tseber had likely spent years cultivating ties with Hungarian opposition figures and had met several high-ranking politicians and parliamentary party officials.

Kocsis claimed that Holló had engaged in intelligence-gathering related to Hungary’s military and energy infrastructure in cooperation with Ukrainian military intelligence. He noted that Tseber, formerly a dual Hungarian-Ukrainian citizen, renounced his Hungarian citizenship in 2017 and later became a political figure in Ukraine, serving as a representative on the Transcarpathian County Council.

Tseber had been monitored by Hungarian national security authorities for years and was banned from entering or residing in Hungary earlier this year due to his escalating activities, Kocsis added.

NICHOLAS PONGRATZ

Parliamentary State Secretary Balázs Hidvéghi of the Prime Minister’s Office briefs the press at Parliament House on May 21 about the Voks 2025 national consultation, in which voters could express their opinion on Ukraine’s accession to the EU. Online voting opportunities have now been opened up.

CEE Real Estate Investment Picking Up

CEE investment volumes rose 143% year-on-year, building on a 70% increase in 2024. The Czech Republic led the growth in activity with EUR 1.5 billion invested, quadrupling the previous year’s figure. Most other CEE markets posted solid gains, except Romania, which saw an 8% decline.

Retail ranked second in investment volume for the period, growing 38% year-on-year, slower than in 2024. While rising purchasing power supports the sector, shifting consumer habits, price sensitivity, and high interest rates are reshaping retail investment trends in CEE.

Lightware Moves to HOP Technology Office Park

“This momentum reflects solid, albeit slightly weaker than expected, regional economic growth amid ongoing global trade tension,” says Colliers in its report “CEE Investment Scene Q1 2025: Uncertainty in Trade, Resilience in Real Estate?”

Lower interest rates, near-shoring, and strong fundamentals are boosting investor interest in CEE real estate, especially in logistics, data centers, and build-to-rent projects.

CA Immo Sells IP West

CA Immo has sold the 32,000 sqm IP West office complex to the Chinese automaker BYD, which will establish its regional headquarters for European operations, including R&D development and high valueadded services, in the building, employing 2,000 plus people. Colliers represented the buyer and CBRE the vendors on the deal. The transaction is seen as a key step in the withdrawal of CA Immo from the Hungarian market.

Indotek Acquires 3 Retail Assets in Greece

Indotek has purchased three retail assets in Greece, comprising 67 stores, reflecting the investor’s strategy to diversify its portfolio from geographical and sectoral perspectives. “The acquisition supports our strategy of investing in resilient, high-performing assets with strong fundamentals and long-term value potential. In parallel with our retail activity, we continue to pursue growth in the Greek hospitality sector, including the regeneration of a hotel in central Athens,” the investor says. Indotek operates in 12 countries, with 2.5 million sqm of space in 350 properties and substantial investments in Croatia, Greece, and Spain.

According to the consultancy, all sectors except residential saw increased investment in the first quarter of 2025. Industrial and logistics led with EUR 800 million, tripling last year’s figure and regaining its top spot after 2024. Despite rising wages, CEE remains cost-competitive, with strong labor quality and growing research and development investment, positioning the region to benefit from global trade shifts and increasing capacity utilization.

The office sector also saw a strong rebound, with investment volumes more than tripling yearon-year. Growth was particularly striking in Bulgaria (plus 806%) and the Czech Republic (plus 618%). The sector’s revival is being fueled by evolving work patterns and ongoing modernization across regional markets, enhancing its appeal to investors.

The hotel sector was the top performer, with investment volumes up nearly ninefold, well above five-year trends. The Czech Republic and Hungary saw first-quarter 2025 volumes surpass or match full-year 2024 totals. Rising tourism, targeted promotions, and the growing international recognition of CEE cities are fueling the growth.

Giant Bicycles Establishes Outlet at Promenade Gardens

Giant Bicycles, one of the world’s leading cycle manufacturers, has officially opened its first Hungarian concept store at Promenade Gardens, on Váci út, the main office corridor of Budapest. The opening marks a significant milestone for the brand’s retail presence in Central and Eastern Europe and the Balkan states.

Giant established its second European production facility in Gyöngyös (80 km northeast of Budapest by road), commencing operations in 2020. This EUR 48 mln investment spans 228,000 sqm, aiming to produce up to one million bicycles annually, including a significant number of e-bikes.

Lightware, a principal player in the audiovisual technology market, has moved to its new headquarters in the HOP Technology Office Park, developed by Wing. The company has taken occupancy of a 7,000 sqm building.

“Build or renovate? This question is one of the greatest dilemmas in today’s office market, and Lightware’s new headquarters provides an exemplary response to this issue,” Wing says of the deal.

“With the renovations, Building 7 of HOP is moving towards carbon neutrality, taking into account ESG principles, while providing a multifunctional contemporary home for a tech company that is a leader in its industry with products in more than 30 countries, serving complex needs,” the firm adds.

“Lightware’s arrival to the Office Park confirms the success of the unique concept of the HOP Technology Office Park: the park is currently operating with a 98% occupancy rate, which is strong market feedback,” adds Gábor Angel, deputy CEO of Wing responsible for offices.

“Therefore, Wing plans to develop an additional 40,000 sqm in several phases to provide an advanced and sustainable working environment for even more companies operating in innovative technology industries,” Angel concludes.

Atenor Concludes Deal for BakerStreet I

“The CEE region, and especially the Hungarian market, has always been a priority for us, so we want to establish as direct a relationship as soon as possible with our customers and parties interested in cycling,” said Phoebe Liu, CEO of Giant Global Group.

“The location at Promenade Gardens was carefully selected for its accessibility, visibility, and premium urban environment,” said Valter Kalaus, managing partner at Newmark VLK Hungary. “We are thrilled that we could assist Giant in opening its first concept store in one of Budapest’s most modern and sustainable office buildings, as we are ourselves avid cyclists and missed a store of this nature and offering from the local market.”

Atenor has disposed of its BakerStreet I office complex, consisting of 16,000 sqm of fully leased office space and 2,000 sqm of retail, to an un-named international investor. In a further move to mitigate the developer’s exposure to Central European office markets, the firm has applied for permits to change the 20,400 sqm BakerStreet II to a mixeduse project with residential supported by retail elements and office space.

GARY J. MORRELL

From left, György Losonci, senior advisor at Newmark VLK Hungary; Jeffrey Chin, managing director of Giant Hungary Manufacturing; Phoebe Liu, CEO of Giant Global Group; and Valter Kalaus, managing partner at Newmark VLK Hungary.

PwC Celebrates ‘Dynamic Development of Debrecen’ at 2nd Annual Business Forum

Tünde Kis, director at PwC and head of its Debrecen office, reflects on the success of the second annual PwC Business Forum in Hungary’s second city, which is, she says, the largest economic meeting in the Eastern Hungary region.

BBJ: Is it really true that, as your event motto states, “Success is Born in Debrecen?”

BBJ: Congratulations on the second annual Debrecen Business Forum. Do you feel like the event has arrived now?

Tünde Kis: The all-day event, which was attended by more than 300 business executives, representatives of the Debrecen city government and the University of Debrecen, aimed to present the region’s latest achievements, current trends in business life and share experiences. Based on the feedback received, the flagship event was very successful, like last year, and is considered an important meeting point for business players.

TK: In recent years, Debrecen has become the most successful investment location not only in Hungary, but also in the Central and Eastern European region. This is supported by numerous awards, including the results of the Financial Times’ latest survey on foreign direct investment, in addition to the investment decisions of companies. Debrecen has achieved prominent positions in international rankings. The infrastructure investments being implemented in the city, the developments taking place at the University of Debrecen, the newly opened hotels, the business relationships being established between companies, and the innovation projects all indicate the dynamic development of Debrecen and the emergence of a new economic center.

BBJ: According to PwC’s 14th Hungarian CEO Survey, 65% of business leaders in Eastern Hungary are worried about the shortage of skilled labor (compared to 44% nationally). What can be done to overcome this perceived threat?

TK: An important aspect of the dynamic growth of the region is the significant demand for educated and skilled labor. The investments announced so far mean the creation of approximately 20,000 new jobs, which poses a challenge to existing and newly established companies. In addition to the recruitment processes covering the entire country, companies are investing significant resources in training and retraining. The University of Debrecen and the local vocational training center have a central role in supporting the processes and serving

the needs of companies, so on this occasion an important topic of the PwC Business Forum was sharing of best examples of university and corporate cooperation.

BBJ: In addition to the professional program, two awards were also presented to the event. What kind of recognition are these?

TK: We consider it particularly important to recognize those who, beyond their everyday work, support the development of business life, the cooperation between education and companies, or have significant innovation and growth potential. It was a special pleasure that this year we were able to present the “Business Executive Excellence Award” to Veronika Fenyves, dean of the Faculty of Economics of the University of Debrecen, and the “Business Excellence Award” to Csaba Zajdó, owner of OptiMonk International Zrt.

BBJ: PwC Debrecen has been operating for over a year. Which achievement would you highlight?

TK: I am very proud that, in addition to PwC being able to provide value to companies in the region in many areas, the establishment of a new, dynamic consulting team is also progressing successfully. We are building a community, so we place great importance on cooperation, dialogue and partnership. The University of Debrecen, its Faculty of Economics, business chambers and associations, and local civil society organizations are important partners for our long-term success and future plans.

Turkish Tourism Looks to Build on Strong Momentum in Hungary

The first large-scale Turkish tourism workshop held this month in Budapest offered a unique opportunity for Hungarian travel agencies and tourism professionals to network and gain insights into the latest Turkish tourism developments and trends.

BENCE GAÁL

In her speech at the Matild Palace hotel, the Ambassador of the Republic of Türkiye to Hungary Gülşen Karanis Ekşioğlu emphasized that the success of the 2024 Turkish-Hungarian Cultural Year has given new momentum to tourism relations between the two countries.

“Turkey is no longer known merely as a summer seaside destination, but as a yearround travel option offering rich culture, art, history, and wellness opportunities,” the ambassador highlighted.

According to her, thanks to more than 130 cultural events and related media appearances, including 26 print, 53 television, and numerous radio features, Türkiye took center stage in Hungary last year.

“These efforts helped connect Turkish and Hungarian people on a deeper level, fostering lasting bonds and shared experiences,” the ambassador added.

“We are already witnessing the impact of the work we have done together. In 2024, more than 250,000 Hungarian travelers visited Türkiye. Based on first-quarter trends and growing market interest, we expect

this number to rise in 2025 and aim to maintain a steady upward trajectory in the years ahead,” Ekşioğlu emphasized.

Global Milestone

During the same period, Turkey achieved a global milestone, welcoming 8.844 million international visitors and generating USD 9.5 billion in tourism revenue, the strongest first-quarter performance in the country’s history. This year’s goals are to reach

65 million

international tourists and USD 64 bln in revenue.

“This event marks the first time we are organizing a Turkish tourism

workshop on this scale in Hungary. We see it as the beginning of a long-term collaboration, one built on trust, cultural connections, and shared opportunity. Whether you are a travel agent, journalist, content creator, or tourism partner, your engagement is essential in strengthening our bilateral tourism ties,” the ambassador said.

“This is only the beginning, the first step in a long-term collaboration built on trust and shared cultural values,” she added.

In the following presentations, representatives of the Turkish Tourism Promotion and Development Agency (TGA) emphasized the importance of the Hungarian market to Türkiye. The most popular destinations for Hungarian tourists include Istanbul, as well as the Turkish Riviera with cities such as Antalya, but the TGA also highlighted other regions, such as Cappadocia, famous for its hot air balloons, as well as towns on the Aegean coast.

The presentations also highlighted a growing interest in cultural, gastronomic, wellness, and active tourism in recent years. They pointed out that Türkiye is not only a holiday destination but a yearround experiential travel option with diverse opportunities.

From left: Csaba Zajdó, CEO and co-founder of OptiMonk; Veronika Fenyves, Dean of the Faculty of Economics and Business at the University of Debrecen; Tunde Kis, PwC Director; László Papp, Mayor of Debrecen; László Radványi, CEO of PwC Hungary,and Lajos Barcsa, Deputy Mayor of Debrecen.

One of the tourism presentations at the workshop.

Photo by photo is by GoTürkiye

2 Business

Hungary’s Publishers Gear up for 96th Book Week Celebrations

Upwards of 150 Hungarian and international publishers are expected to be proudly displaying their latest volumes in the annual Budapest book fair from June 12-15. However, in the age of the internet, online videos, and computer games, the industry is facing significant challenges.

In one of the larger tents, Miklós Nagy, editor-in-chief of Helikon Publishing, will be busy networking between authors, readers and fellow sector professionals.

“Of course, it’s a good opportunity to meet colleagues from other publishing houses and discuss the state of the book market, politics and the like,” he tells the Budapest Business Journal in an interview.

Organized discussion groups are interspersed within the general hubbub, and, according to Nagy, the occasion helps focus the minds of media folk in attendance.

“We time the publication of some of our books, mostly by Hungarian authors, for the Book Week, and cultural journalists usually pay more, or at least some, attention to these newly published works,” he says.

Such attention is important. Helikon, a prestigious, historical brand in the domestic market, is today under the umbrella of the large, relatively wellendowed Libri publishing and retail chain. Despite these advantages, publishing is a struggle. Helikon’s team of eight employees produces approximately 125 new and reprint titles annually, but most print runs total just 2,000 copies, and even then, only half of these may be sold.

Invisible Profit Margins

All this leaves very little room for profit or breaking even on most volumes.

“When I talk to editors, publishers from big countries, like the United States, Germany and so on, they can hardly believe that we can survive with such print runs. I have seen so many strange faces, publishers looking at me and asking, ‘Are you kidding?’” he admits.

The looks are even more askance when it comes to republishing a successful foreign author in the local vernacular.

“They offer me a proposal to publish a really big star writer, and I say, ‘Look, I know that he’s huge in your country, but believe me, we wouldn’t be able to sell more than 500 copies.’ They look at me and say: ‘What are you talking about?’ They are used to huge print runs of at least 10,000,” Nagy says, highlighting the massive differences in scale.

Determined to maintain the Helikon brand as a publisher of high-quality

Notizbuch eines Philologen”).

authors, Nagy typically eschews opportunities to publish popular but low-brow romantic and fantasy titles.

Nonetheless, this doesn’t mean he ignores broader audiences, covering, for example, a series on the big fashion houses like Prada and Channel, along with a good number of up-market historical fiction, which is “not really big literature,” he admits.

Helikon’s Bestsellers

However, every publisher needs some bestsellers. One such for Helikon is the well-known British criminal pathologist Dr. Richard Shepherd, whose two translations are “extremely popular,” Nagy says.

Equally important are the “stars” of his authors’ stable, chief of which is Tibor Bödőcs, a popular stand-up comedian. “He’s a really good quality writer. Serious. We sell more than 50,000 copies of his fiction and satirical books,” says Nagy

Valuable one-hit wonders of late include the autobiography of Nobel Prize winner Katalin Karikó (35,000 copies) and, last year, the autobiography of the late Russian lawyer and anticorruption campaigner Alexei Navalny. This is also heading for 35,000 sales. These blockbusters, at least by Helikon standards, are the exception, though, and Nagy instead has to take satisfaction from favorite authors like the “unbiased historian” Ignác Romsics and “one of the best prose writers in Hungary” András Cserna-Szabó, both of whom sell some 4,000 copies per title.

Naturally, the Helikon boss will be introducing some of his authors for signings at the Book Week.

“I will be there with them, chatting away when there are no readers coming (it might happen, unfortunately), and just enjoying the sight when we have a long queue,” he smiles, adding, “The week is important in a way, although I cannot say that’s true financially: It yields hardly any more money than the costs involved.”

While at Helikon, a typical print run might be 2,000, for Barabás Kiss, such a number would be “a brave thing to do.”

Kiss, owner and founder of Ampersand Publishing, says his own book runs normally amount to half this number. He is one of dozens of micro-publishers in Hungary who are in the business, in essence, for love.

“I always wanted to work in the book business from childhood. When I saw a book in London, in a secondhand bookshop, I was daydreaming, thinking wouldn’t it be nice to publish it in Hungarian?” he recalls in an interview with the BBJ

Moving from journalism to typography, then a text editor, he later began a parttime stint with another book publisher.

“When you have one leg inside a publishing house, for me, it was natural to give some suggestions. ‘Hey, this is a good book; don’t you want to publish this?’ But they didn’t. They always said:

‘Oh we don’t have the funds; it cannot fit inside the portfolio.’ So, I decided: ‘Ok, if you won’t do it, I will,’” he continues.

His first book was a translation of German writer Victor Klemperer’s “LTI” (originally “Lingua Tertii Imperii:

Klemperer, a communist from a Jewish background, lived through and documented the rise of Hitler’s Third Reich. “LTI” is his analysis of how the Nazi government misused and manipulated the German language.

“They banned and changed the meaning of words, started to use more of this, less of that,” says Kiss.

Contemporary History

“LTI” was originally published in Hungarian in 1984, though with a print run of just 500 copies. Kiss read it and started to feel “like it was very contemporary.”

“Such a coincidence it was published in 1984 because the whole Nazi language was very Orwellian,” he says.

Ampersand published three editions of “LTI,” 2,500 copies in total, and has sold 1,800.

“It’s not been a big hit,” Kiss notes, but there again, it was never going to enter the teenager bestseller list.

“It’s not a romance or about vampires and werewolves,” he adds wryly.

Ampersand, which now turns out 10 books per year, has had more success with follow-ups, including Nikola Tesla’s “My Inventions” and Leonora Carrington’s “The Hearing Trumpet.”

Still, Kiss is unlikely to be buying his first BMW from book sales, given that tax and the large distributors make up some 55% of the retail price of books.

Living under such constraints, Kiss earns his keep as a freelance graphic designer, typographer and editor.

Costs mean he cannot justify his own stall at the Book Week, but a betterendowed publisher will share its space at times, enabling him to introduce some of his authors for book-signing sessions.

“I don’t live from this, so I don’t need big profits, and if you don’t need profits, you are more free to do what you want,” he says with a smile. “I publish what I want to see on my bookshelf, and I hope there are more people who want to see the same on theirs.”

KESTER EDDY

Ampersand Flies a Flag for Micro-publishers

Barabás Kiss, owner-director of Ampersand Publishing.

Miklós Nagy, editorin-chief of Helikon Publishing House.

Hungary set to Triple Biogas Production to Annual 600 mln Cubic Meters by 2030

Hungary’s government will reveal details of a broad-based HUF 40 billion subsidy program for biogas and biomethane support “across the whole value chain” in June. The aim is to triple the production of biogas and the more purified biomethane from the current annual 200 million cubic meters to some 600 mcm by 2030, Deputy State Secretary Viktor Horváth of the Ministry of Energy announced on May 23.

[...] it can enhance sustainability within the agricultural and energy sectors, providing very important socialeconomic benefits for those involved, [...] and it is the shortest and cheapest way to achieve the EU obligations which are set by the RED III directive,” he said in the keynote address.

Speaking at the first Budapest Biogas Summit, he said that within this total, production of the more valuable (and more expensive to produce) biomethane gas would surge by some 40 times, from the current tiny 5 mcm per annum to 200 mcm.

“Biogas is very important for us. It is a green energy source which is reliable and weather independent,

Across Europe, Biogas Development

Continues Apace.

Europe has seen remarkable growth in the biogas and biomethane sector, Anna Onida, Policy Officer of the European Biogas Association (EBA) told the summit audience.

“In 2023, Europe was able to produce 22 bcm of biogas, which is more than the entire natural gas consumption of Belgium, Denmark and Ireland combined,” she said.

Focusing on biomethane specifically, the EBA estimates that production in 2040 in the EU 27 is at 101 bcm. “That alone can cover 80% of the gas demand of western Europe,” she added.

In truth, the headline production figures quoted are not quite what they seem: 600 mcm is only about 7.5% of Hungary’s total annual gas consumption of eight billion cubic meters (bcm), moreover, the production data includes gas that is immediately used in selfconsumption in the production process, which in the case of biomethane units amounts to approximately 17% of gross production.

Nonetheless, Hungary is currently a laggard in biogas production compared to the EU average, including regional peers Poland and the Czech Republic, as Horváth admitted.

As a result, the government “wanted to make a big step to catch up,” he said, and numerous measures, including subsidies and non-financial measures, easier permitting regulations and educational courses for farmers, are being planned to exploit the significant potential in the country.

Large Capacity

In particular, while small, local biogas plants will also be encouraged, the government will prefer larger schemes (which are better suited to the business case for producing biomethane) with the target of having 100 biogas plants operational by the end of the decade, he said. Of this between 20 and 30 are envisaged to be large capacity, more expensive units.

Grants of between HUF 500 mln and HUF 5 bln will be made available for the bigger plants, while smaller units may attract up to HUF 800 mln

For Biogas Success, Follow the Danes

Szabolcs I. Ferencz, chief executive of FGSz, Hungary’s high-pressure gas transmission company, suggested an in-depth study of the Danish Biogas Industry could prove a valuable guide for the Hungarians playing catch-up. These are his words when in a panel discussion.

“If we look at the Danish case, where Denmark is kind of highlighted as a kind of success story of biomethane, yes, of course at first we think of the highly developed Danish agriculture, but I don’t think that this is the key to their success.

“I think one key element of the success is that all the regulatory elements have been in place from the very beginning, from production incentive schemes, until injection, until interoperability in between the SO [gas distribution system operator] and TSO [high pressure, transmission system operator] until the green certificates.

in funding, although to date the production capacity defining a larger unit has not been published.

As a result, the financial support could make up between 45-65% of the total project costs, Horváth said, adding that it will cover the entire value chain of a production facility, from the collection, storage and preparation of feedstock via the construction of the biogas facilities to post-production storage of gas and grid connections where necessary.

Naturally, talk of subtantially expanding biogas production raises questions, not least of which is the need for feedstock.

The Energy Ministry has done its homework on this, with animal manure the prime source, estimated to provide 55% of the total demand, and by-products of the agricultural and food processing sectors making up the bulk of the remainder.

Location is another issue, with Horváth stressing that though western Hungary has good potential regarding sources for animal manure, access to the transmission grid could be problematic in that region. In contrast, in northern Hungary, the situation is reversed.

Look Both Ways

“So, the message from us is, please look at both sides of the market,” he cautioned potential investors.

Such investors are now awaiting the call for submissions in June, assuming the final details can be worked out as expected. Since this includes the vexed issue of regulation this is by no means certain.

Indeed, as Horváth himself strongly hinted, getting this far has been something of a grind, saying that it had taken 18 months to create the strategic plan as it stands.

“You know, biogas and biomethane is an issue where we have to reconcile interests coming from the agricultural field, energy field, land-use issues, I would say at

“So, everything was in place from the very beginning, and everybody was able to calculate in a predictable manner how the business case could be developed.

“And the only variable system element is the production incentive, because, as time passes, production plant [becomes] more and more efficient.

“So now they don’t need such high subsidies as at the beginning, and now the Danish government is thinking of giving instead of cash into the pockets of the producers, rather a tax allowance for the farmers, but all the other elements are stable, and I think this gives the biggest advantage for Danish biomethane production.”

least eight or ten policy issues are put on the table if you are handling biogas and biomethane policy,” he said later, speaking as part of a conference panel.

Discussions with the Ministry of Agriculture appeared to be a particularly thorny area, taking a full year to “hammer out” an agreement.

“The biggest challenge for us is, how to put it, how we can move other policy fields in the same direction, how we can have discussions - I don’t want to mention any of these policy fields, because they are not represented here, but you need another type of thinking within the government as such,” he said.

“You cannot think in blocks, you have to think across all of these, and that’s quite a big challenge, for us, but also for other colleagues from other policy departments. Here we need a learning curve, and we are somewhere at the beginning of this,” he added.

KESTER

Viktor Horváth

Finding Those ‘Little Touches’ to Make Budapest A Luxury Destination

Julia Selyukova stepped into the general manager’s role at the Four Seasons Hotel Gresham Palace on Nov. 11, 2024. While she admits she’s still getting to know Budapest as a destination, she already has a clear vision for what could elevate the market: stronger long-haul direct flight connections and a broader range of luxury experiences.

leisurely hour.” What is missing, she says, is “just a little touch” to elevate the luxury guest experience. The good news is that the guests are coming, and more luxury hotels are opening, each attracting its own clientele.

“I speak from the perspective of luxury travelers; it’s the lens through which I understand our guests,” she says. “The priority is improving direct flight connections. However, what guests will experience once they arrive is equally important. What will truly captivate them?” Also key, she suggests, is expanding the range of elements that matter most to luxury travelers.

“Consider the Middle Eastern market, for example, which is so important for many European cities like London, Paris, and Milan,” she explains. “Guests from this region come to discover the culture and gastronomy of Budapest and experience its beauty, but they’re seeking luxury along the way. They’re drawn to high-end retail and curated experiences that engage all the senses. It’s about creating a complete, welcoming, and memorable experience.”

For example, Selyukova says she is impressed by Budapest’s thermal spa culture but feels there’s room to enhance the luxury experience.

“To avoid the crowds, you have to go early. But as a guest, it would be lovely to enjoy the spa at a more

“From one point of view, it’s competition, of course. But from another, they add this luxurious component to the destination. I think it’s also something that will uplift Budapest,” she says.

Originally from St. Petersburg, as the Four Seasons Hotel Moscow hotel manager, Selyukova oversaw operations during the 2018 FIFA World Cup. More recently, she led the 700-person team of Four Seasons Hotel Doha, including 10 dining venues, arriving just after the 2022 FIFA World Cup.

Budapest is very different from Doha, but given her background, Selyukova says she feels at ease here, and is a fan of the city.

“I’ve truly fallen in love with the climate and the atmosphere; there’s been no cultural shock, no climate shock, just a deep sense of joy and ease. In many ways, Budapest reminds me of St. Petersburg, which makes me feel right at home,” she says.

Remarkable Experience

“Doha was a remarkable experience: vibrant, fast-paced, and full of opportunity. Its modern beauty and dynamic rhythm are energizing, and I can see how that environment inspires many people. But there’s something

spotlighted Budapest as a top travel destination, highlighting the Four Seasons Gresham Palace and its Múzsa bar as a jewel at the heart of the city.

“The secret is slowly getting out. We need more international publications like this, stories that capture Budapest’s beauty, depth, and character. Because once people see it and learn about the variety of activities available here, they fall in love.”

Selyukova also emphasizes a crucial but sometimes overlooked factor.

“The city is very safe, making it even more appealing for families, solo travelers, and high-end visitors alike,” the general manager notes.

“We need people to be inspired by Budapest first and then discover the exceptional experiences waiting for them at our hotel. The recent feature in The New York Times had a tremendous impact on us. It’s the kind of visibility that genuinely makes a difference: people read and trust sources like The New York Times, and that credibility carries weight,” she says.

Pivotal Moment

“What’s equally encouraging is that the Hungarian Tourism Agency and Visit Hungary are actively engaging with us and many fellow hoteliers, asking for our insights on what more can be done to elevate the destination. It feels like a pivotal and exciting moment where we can build on this momentum and help shape the future of tourism here.”

This June, the hotel celebrates its 21st anniversary, an important milestone that also marks the beginning of a refresh.

about being surrounded by nature, historic architecture, and culture that lives in the streets; it brings a sense of grounding,” the GM explains.

“The crispness in the air, the kind that makes you want to open your window each morning and take it all in, adds to that feeling. In Budapest, that’s part of everyday life. I can walk to the opera, which has become a cherished routine. There’s a quiet elegance and soulful atmosphere here; a different kind of richness, less about speed, more about depth.” Selyukova describes Budapest as one of Europe’s undiscovered treasures.

“I was speaking with one of our American guests recently, and she said, ‘We had no idea this city was so extraordinary. There’s so much to discover; no one expected it to be this beautiful,’” she recalls. For Selyukova, Budapest offers a rare blend of elegance, history, and natural serenity.

“There’s something incredibly soulful about this city,” she says. “The way the Danube flows through it, the hills, the parks, the architecture that surrounds you; it’s like living in an open-air museum. And there’s also this peaceful connection to nature, even within the city.”

The general manager says the Hungarian government has been making focused efforts to elevate the city’s visibility on the global stage, investing in tourism, international collaborations, and media outreach. The New York Times recently

“We’re currently working on a renovation project with our owners,” says Selyukova. “The hotel still looks stunning, thanks to the dedication of our exceptional engineering team and the continued support of our ownership. But to stay ahead and deliver the excellence our guests expect, we know certain updates are essential.”

Selyukova is the first woman to serve as general manager of Four Seasons Budapest in the hotel’s 21-year history. Yet, she doesn’t view her sex as a defining factor in her leadership.

“For me, it’s never been about gender,” she says. “I’ve been with Four Seasons for many years, and our culture is rooted in trust and empowerment. We believe in people and lead by supporting, not micromanaging. Trust is the foundation of everything we do.”

That same spirit will also shape how she defines success during her time in Budapest. While business performance is important, she says the human impact truly guides her.

“What matters most to me is guest satisfaction and staff happiness,” she explains. “How many guests and clients did we make feel special? How innovative and bold were we in curating these unforgettable moments? That’s what defines luxury: personalization, surprise, delight.”

She adds, “How many people have I helped grow? How many opportunities have I created? How many new talents have I discovered and encouraged to stay? Those are the results that really count.”

ROBIN MARSHALL

Julia Selyukova

Róbert Keszte Elected President of German Business Chamber

The members of the GermanHungarian Chamber of Industry and Commerce (DUIHK) have elected Róbert Keszte as their new president. He succeeds András Sávos, who stepped down from the office at the regular end of his term. Guest speakers at the general meeting were the new governor of the National Bank of Hungary, Mihály Varga, and the chief advisor of Deutsche Bank, Stefan Schneider.

In 2021, he became country manager of the group in Hungary. At the end of 2023, he assumed operational responsibility for more than 20 Continental locations worldwide.

Róbert Keszte, though based in Budapest, is head of Global Operations of the Architecture and Networking Solutions business area of German automotive group Continental AG.

In his inaugural speech, he emphasized that he wants to use the strength of the DUIHK and its members to promote their economic success and to represent the chamber’s suggestions and initiatives in dialogue with decision-makers in Hungary for the benefit of the Hungarian economy and society.

Keszte has been a member of the advisory board of DUIHK since 2023 and a member of the executive board since 2024. He has worked for Continental since 2000 and has held management positions for the company in Sibiu and Timisoara in Romania, interspersed with time in Nuremberg.

From 2014, he was managing director of Continental Automotive Hungary Kft. and the company’s Budapest plant.

Keszte graduated from the Budapest University of Technology (BME) as an automotive engineer and received his doctorate from the same university in 2000. At the same time, he obtained a degree in economics at the Corvinus University of Budapest.

Keszte takes over the office of president of the DUIHK from András Sávos, whose term of office came to an end after six years. Sávos was elected to the supervisory board by the general assembly.

Extraordinary Importance

Keszte told chamber members that the strength of the DUIHK is based on the extraordinary importance of German-Hungarian economic relations for Hungary and, on the other hand, on the strength of its individual members and their attitude of cooperation. The members of the chamber employ around

300,000 people and generate around one 10th of the value added in the private sector in Hungary.

of the Budapest Business Journal ), he pointed in particular to the uncertainty regarding future demand, which in turn is severely dampening companies’ propensity to invest. Above all, investment requires confidence in the Hungarian, European and German economies, Sávos stressed. This view was also reflected in the presentations by MNB governor Mihály Varga and Deutsche Bank’s Stefan Schneider. Varga explained that the reluctance to invest was not due to a lack of money. The financial system is stable and has sufficient liquidity, he said.

Stabilizing Player

The governor expressly praised the DUIHK as a stabilizing player in German-Hungarian economic relations. Sávos had previously mentioned that Varga had been a guest speaker at the chamber in 1999 when he was State Secretary of Finance. “Thank you for the discreet reference to my age,” Varga joked.

Schneider, senior advisor and former chief economist for Germany at Deutsche Bank, focussed primarily on international trade relations and the German economy. In particular, he addressed widespread hopes of a boost to the economy from the new German government’s planned economic stimulus package.

According to Schneider, this is unlikely to produce notable effects before 2026. At the same time, he considers the adverse effects of substantial additional government spending on the German budget acceptable since Germany is in a solid fiscal position, which was also a result of the now relaxed so-called “debt brake” of previous years.

Keszte said that the DUIHK will continue to use these strengths in the future in the interests of the economic success of its members, the Hungarian economy, and society as a whole. However, he noted that this also requires a transparent and fair competition environment and a sustainable economic direction.

As president, Keszte said he will work to ensure that the opinions and initiatives of the DUIHK are heard and taken into account in dialogue with economic policymakers.

With regard to the economic framework, outgoing DUIHK president Sávos pointed to a rather gloomy mood among German investors in the country. Referring to the chamber’s most recent economic survey (reported in the previous print issue

DUIHK managing director Barbara Zollmann reported on the chamber’s German-Hungarian business development activities. She announced that, despite enormous economic challenges, the number of members remained stable in 2024 and totaled 923

at the end of the year.

For the ninth time, the DUIHK awarded the “Reliable Employer” certificate to 40 member companies at its general meeting. The certificate is given to firms that demonstrate exemplary commitment to good working conditions for their employees. Applicants must fulfill an extensive catalog of requirements, which is assessed by an independent panel of experts.

Fresh DUIHK Board Members

In addition to choosing a new president, the chamber also elected new members to the board: Michael Breme, CEO of Audi Hungaria Zrt. (based in Győr), Juhász Csaba, managing director of Harro Höfliger Hungary

and Ágnes Vörös, managing director of BASF Hungary Kft. (Budapest). Bernhard Haider, managing director of Aldi Magyarország, and Armin Krug, consultant partner at PwC, were confirmed for a further term of office.

Photo by Pelsőczy / DUIHK

Kft. (based in Debrecen)

Presidents past and present: From left, former president András Sávos shakes hands with his successor, Róbert Keszte.

Pace-setter Hungary Embracing Digitalization, but Could Make Taxes Simpler

András Módos, the head of tax and legal services at EY Hungary, talks to the Budapest Business Journal about Hungary’s “highly developed” digital capabilities, improving tax morale, and the promise of AI.

BBJ: Hungary’s tax authority has carved out a reputation for using digitalization to whiten the economy. How does it compare with its Visegrád Four peers and other EU members?

András Módos: Hungary is widely regarded as one of the most advanced countries in the EU when it comes to tax digitalization, clearly setting the pace within the Visegrád Group. The introduction of real-time invoice reporting, the mandatory use of electronic cash registers, and the eVAT system has created a comprehensive digital infrastructure that not only supports transparency but significantly reduces the scope for tax evasion.

EY’s “Tax Policy and Controversy Outlook 2025” highlights Hungary as a jurisdiction with highly developed digital capabilities, underpinned by strong tax administration and analytics tools. Compared to its regional peers, Hungary’s digital measures are more integrated, more widely enforced, and have had a more measurable impact; most notably, the country’s VAT gap is now among the lowest in the EU. While many member states are moving toward similar systems, Hungary already operates a real-time, data-driven model.

BBJ: What are the most recent steps in this process, and what is coming down the line?

AM: The most transformative change on the horizon is the EU-wide rollout of the VAT in the Digital Age (ViDA) package. Approved by the European Parliament in February 2025 and expected to receive European Council approval soon, ViDA will fundamentally reshape the VAT landscape in Hungary and across the EU. The three key pillars of the reform (digital reporting and e-invoicing, VAT rules for the platform economy, and the expansion of the One-Stop Shop regime) will be introduced gradually over the next decade. For Hungary, the most immediate impacts will be digital reporting and mandatory structured e-invoicing for

cross-border B2B transactions, set to become compulsory by July 2030. These changes aim to reduce VAT fraud, close the VAT gap, and create a more transparent tax environment EU-wide. At the same time, they also present clear opportunities for businesses: automated reporting will streamline compliance, reduce administrative burdens, and improve data quality. Companies that prepare proactively can even gain a competitive edge through faster, more reliable processes and better resource allocation.

However, this transition will not be without challenges. Businesses must invest in secure, scalable technology solutions, ensure that contracts are adapted to the new environment, and maintain compliance in a rapidly evolving regulatory landscape. The shift to full e-invoicing will require careful planning and coordination within Hungary and across the EU.

BBJ: In line with these advances, Hungary’s tax morale (the willingness to pay taxes) has been improving. What is the state of this now?

AM: We see a positive trend. As digitalization brings more transparency, and enforcement becomes smarter and more predictable, taxpayer confidence has grown. The perception of fairness and the sense that the system rewards compliance are key factors in shaping taxpayer behavior. While there is still room to strengthen

Microsoft Copilot and other AI-based solutions. (EY has a long-standing global strategic alliance with Microsoft.)

BBJ: Most commentators suggest that, while things have improved, there are still too many taxes in Hungary. What would you recommend to improve the situation?

AM: Simplification is key. While there has been progress, administrative complexity remains a challenge. Further streamlining of tax processes could greatly benefit businesses. The government has been consistent in its commitment to reducing burdens, and we expect digitalization and AI to unlock even more opportunities for simplification in the coming years. At the same time, economies and the economic transactions performed within them are becoming more complex. Accounting and taxation systems are meant to reflect this complexity and be able to handle all the relevant transactions objectively. In the current environment, this is becoming ever more daunting and challenging. Overall, we can say that it is virtually impossible to create “catch-all” tax types that could handle (and tax) all aspects of value creation.

trust further, primarily through consistent and equitable enforcement, the foundations are now in place for a more cooperative relationship between taxpayers and the authorities.

BBJ: It seems impossible to talk about digitization today without mentioning AI. How do you think artificial intelligence will be used in the tax sphere in Hungary? What examples are already in play?

AM: Artificial intelligence is already starting to reshape how taxation works in Hungary, and its role is only expected to grow. The tax authority has begun using AI for targeted audit selection, where machine learning algorithms analyze large volumes of transaction data to detect anomalies and flag high-risk cases. This makes both selection and detection not only faster but also more precise. AI is also being used to improve forecasting models, support policy evaluation, and even help interpret unstructured data such as contracts or financial documents.

EY is playing an active role in this transformation, both globally and in Hungary. Through EY’s proprietary AI tools and platforms, we support clients in automating compliance processes, identifying tax planning opportunities, and minimizing risk. These tools are not theoretical; they are in everyday use by our professionals, including hundreds in Hungary who already work with

“It is virtually impossible to create ‘catch-all’ tax types that could handle (and tax) all aspects of value creation. This is why it is so difficult for governments to design simple tax systems. Nevertheless, for the sake of transparency, taxpayer morale and effectiveness, they should keep aiming to do so.”

This is why it is so difficult for governments to design simple tax systems. Nevertheless, for the sake of transparency, taxpayer morale and effectiveness, they should keep aiming to do so.

BBJ: You have built a career in this field and seen many changes. Does it still appeal to younger generations? Are you able to attract enough young recruits in Hungary, or do you see this becoming a problem in the future?

AM: Absolutely, the profession remains highly attractive. Tax is a future-proof career; after all, as the saying goes, nothing is certain except death and taxes. Unlike other industries, taxation as a business is critical during economic booms (when companies want to invest in a taxefficient manner) as well as economic downturns (when companies want to be as cost-conscious as possible). At EY, we have the largest tax team in Hungary, and we’re fortunate to work on exciting, highimpact projects for some of the biggest companies. The new generation is looking for meaningful work, development opportunities, and a dynamic environment; taxation delivers on all counts.

András Módos, head of tax and legal services at EY Hungary.

3 Special Report

Legal Services

Hungarian Legal Market Remains Competitive, Demanding Top-quality Advice at Speed and Competitive Rates

The Budapest Business Journal asked some of the leading lawyers in Hungary to give us their take on the trends shaping Hungarian legal services in 2025 and to assess the health of the marketplace.

and cross-border deals, suggesting cautious but growing momentum.

Balázs Sepsey: The Hungarian legal market continues to be highly competitive and demanding, with increasing pressure on law firms to deliver top-quality advice at speed and, at the same time, competitive rates. On the other hand, we observe a clear trend toward regionalization. Regional firms, like Kinstellar, with a presence in 12 countries, are gaining ground by combining deep local knowledge with access to broader resources and advanced tools. This positions us well to adapt quickly to client needs and evolving market conditions.

BBJ: What is new in Hungary’s legal services market this year?

Balázs Dominek: Legislation is very busy this year. The reliefs in ESG reporting obligations, refurbishment of energy efficiency obligation schemes, new legislation regarding non-performing loans and recent legal changes affecting the retail sector are just a few examples. These rapid changes create a vast demand for advisory services. Another factor to note is expanding technology solutions, mainly in green energy and the digitalization of distribution chains. The demand for green energy is not new, but the supply side is not only growing by the number of undertakings. New technology solutions have been introduced to generate, transmit and store green energy. The recent black-out in Iberia will certainly boost this progress, even in the short term. With the digitalization of markets, this is progress to watch for law firms. Erika Papp: We are seeing a promising increase in financing transactions and M&A activity in Hungary this year. While the market continues to be shaped by global uncertainties, there are encouraging signs of renewed investor interest, particularly in strategic sectors such as technology and infrastructure, defense and automotive. We also see early-stage movement in refinancing

Rita Párkányi: The Hungarian legal market is being reshaped by the constant emergence of new legal buzzwords (ESG, AI, NIS2, GDPR), which create a fast-moving and complex compliance landscape. This makes it increasingly challenging for companies to stay on top of their legal obligations, especially in highly regulated sectors like biotech, healthcare, and technology. As a result, we see a growing demand for highly specialized, niche legal support.

This is also a challenge for law firms as these regulatory frameworks were not part of traditional legal education, requiring lawyers to adapt and upskill rapidly.

Another trend in Hungary is the increasing demand for estate planning and asset management services, which is driven by a generational shift in family-owned businesses and private wealth. Clients seek comprehensive legal

support for navigating the corporate, tax, and governance implications of intergenerational wealth transfer.

Gergely Dzsinich: The developing landscape of the NIS2-related legislation (the directive establishes a unified legal framework to uphold cybersecurity in 18 critical sectors across the EU, including protecting network and information systems, their users, and other affected individuals from cyber incidents and threats; it also calls on member states to define national cybersecurity strategies and collaborate with the EU for cross-border reaction and enforcement) and the emerging focus on AI should be highlighted.

András Szecskay: One anticipated highlight of the year, which, to date, has not been launched, is the introduction of e-registration in the land registry system. The challenging introduction shows how deep and complex the system is. Undoubtedly, the launch will come with its share of hurdles, but we’re looking forward to the system’s modernization.

Zoltán Faludi: Hungary’s legal landscape is constantly witnessing developments, and 2025 has been no different. Notably, the introduction of new regulations concerning nonperforming loans is reshaping debt management and purchasing activities, aligning with EU directives. Additionally, the relaunch of Hungary’s Golden Visa program has garnered attention, offering new avenues for residency and investment. Finally, newly introduced rules for co-located battery energy

storage systems have fueled project developments. At Wolf Theiss, we’ve been at the forefront, advising clients on these evolving legal frameworks.

BBJ: We are constantly told that ESG and AI are the key buzzwords of the moment. How much work do they generate?

BD: Currently, ESG legal work is more tangible than that generated by AI; however, it would be hard to compare these two. AI technology is not sectoror market-specific but sneaks into all spheres and layers of the economy. Most importantly, it is not business-specific. People in their personal lives are also using AI on a daily basis. AI will reshape our entire world and will generate a vast amount of legal work in the future.

EP: We’re seeing increasing demand in ESG and AI, areas that are becoming central to our clients’ strategies.

In ESG, we’ve developed tailored solutions, including partnerships with ESG advisors to provide integrated compliance support. AI presents one of the biggest challenges for regulated businesses such as banks and financial institutions, and we know that AI compliance is high on their priority list. András Posztl: AI-related work is not currently dominant in our regular workstreams; however, we can see clear signs that it is already picking up.

This is especially true in specific sectors or industries (such as mobility, travel or aviation) and regarding particular practices such as data protection, antitrust and consumer protection. On the ESG side, we continue to see consistent demand, particularly in areas like sustainability disclosures and regulatory compliance.

BS: Both ESG and AI are significant drivers of legal work today. We see growing demand from our clients for guidance on ESG-related matters, prompting us to focus more intensively on this area, both locally and across our regional footprint.

ROBIN MARSHALL

Balázs Dominek

Erika Papp

Balázs Sepsey

ESG is no longer a checkbox exercise; it’s integral to corporate strategy and compliance. Similarly, with the adoption of the AI Act, companies, particularly in finance, healthcare, and manufacturing, must proactively align with new regulatory frameworks.

We support clients in assessing their systems and building governance structures that mitigate legal and reputational risks. Investing in AI compliance today is essential for maintaining competitiveness in a tightly regulated digital economy. ESG and AI both generate substantial and steadily increasing volumes of work.

RP: On the ESG side, we’re seeing a steady rise in client demand related to regulatory compliance and reporting obligations. Clients also seek strategic advice on integrating sustainability factors into corporate governance, M&A, and investment decisions. As for AI, the legal work is still emerging but growing fast. It ranges from data protection and IP questions around AI tools to regulatory analysis, especially with the EU AI Act.

István Szatmáry: Following recent legislative developments at the EU level, we have experienced a loss of inquiries relating to the implementation of ESGrelated tasks, but also an increase in inquiries regarding the consequences of the legislative changes. In contrast, AI seems to be creating an increasing number of legal issues, some quite novel. We receive regular inquiries from clients, regulators and courts as part of a broader dialogue among legal practitioners. This is a good example of how the legal profession is trying to respond concisely to new, challenging issues.

GDzs: ESG and AI generate substantial legal work in Hungary, driven by ESG requirements and the EU AI Act’s compliance demands across data privacy, IP, and contractual matters.

ASz: Legal and ESG counseling often overlap. There is no need for additional qualifications to render purely legal advice. However, whoever wants to act as an ESG advisor has to meet specific accreditation requirements. Our firm is already completing the specialized training to deliver relevant services when demand increases. Róbert Szuchy: Both ESG and AI are transforming client expectations and generating real work. ESG, in particular,

has become a regulatory imperative in sectors like finance, real estate, and energy. Clients ask us to perform ESG due diligence, draft sustainability clauses, or assess their reporting obligations. As for AI, it’s increasingly involved in contractual automation and labor law questions, especially in terms of algorithmic decision-making.

ZF: ESG and AI are not just buzzwords but integral to our service offering. We’ve observed a surge in inquiries related to ESG compliance, sustainable financing and AI integration. We have been instrumental in advising on ESG obligations under Hungary’s expanding regulatory landscape and guiding clients through the emerging complexities of AI deployment in compliance with the EU’s AI Act. With AI literacy already an existing requirement and the next deadline of the AI Act approaching in August regarding fines, GPAI models and governance in general, we believe that seeking advice on this topic will increase further.

BBJ: Beyond the services you offer others, how do ESG and AI impact your business?

BD: AI brings considerable efficiencies to standardizable legal workflows (such as translation, contract drafting, revision processes, and legal research). It, therefore, shifts legal professionals to higher value-added services. Language barriers, data privacy, and concerns about client-attorney privilege currently limit the use of AI.

Nevertheless, in the long run, AI has the potential to rearrange the focus and scope of legal work. Even now, clients often bring legal research or contracts generated by AI for revision.

EP: ESG and AI are integral to how we run our business, not just what we advise on. We’ve invested in legal tech and introduced tools like Copilot and Harvey to enhance efficiency and collaboration. We also train our lawyers to embed these tools into their daily work. On the ESG front, we recently refurbished our office with sustainability in mind and have strict internal reporting on areas like travel and paper use.

AP: We consider AI (especially generative AI) to be a key disruptor in our business, and as a result,

Continued on page 14 ›››

Sustainability Reporting Made Simpler? The EU’s Omnibus Package Explained

Dr. Róbert Szuchy, PhD Managing Partner

SZUCHY

In February 2025, the European Commission unveiled a comprehensive “omnibus package” of legislative proposals to simplify the EU’s sustainability reporting and due diligence frameworks.

The aim is to reduce excessive administrative burdens, particularly for mid-sized companies and SMEs, without undermining the European Green Deal or broader ESG objectives. The changes target the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), the EU Taxonomy Regulation, and the Carbon Border Adjustment Mechanism (CBAM).

Narrower Scope, Delayed Timelines

One of the most significant changes concerns the CSRD. Under the new proposal, the reporting obligation will only apply to companies with more than 1,000 employees and an annual turnover above EUR 50 million, or a balance sheet total exceeding EUR 25 mln. This represents a substantial increase from the current 250-employee threshold, and as a result, around 80% of previously affected companies would fall out of scope. In addition, the deadline for companies in the second and third compliance waves is postponed by two years, meaning most firms will only begin reporting in 2028, rather than 2026 or 2027.

Simpler and Voluntary Reporting for SMEs

Companies falling below the new threshold are no longer subject to mandatory CSRD reporting but may opt into a voluntary framework, using simplified European Sustainability Reporting Standards (ESRS), which are currently being developed. These will abandon the previously foreseen sector-specific templates and focus instead on quantitative indicators. Narrative requirements will be reduced, and assurance obligations will remain limited to review-level verification, with further technical guidance expected by 2026.

CSDDD Refined: Tier-1 Due Diligence Focus

The omnibus package also brings significant changes to the CSDDD. Instead of requiring companies to monitor their full value chain, the revised approach limits mandatory due diligence to a company’s own operations,

subsidiaries, and direct (tier-1) suppliers. Only in cases of substantiated risk will downstream or indirect suppliers need to be assessed. Moreover, the mandatory termination of business relationships with non-compliant partners is replaced by a softer, risk-based engagement model. The frequency of due diligence cycles is reduced from annually to every five years, and proposed EU-level civil liability standards have been dropped, leaving such issues to member state legislation.

Taxonomy and CBAM Simplification

The EU Taxonomy Regulation will also be adjusted. Full alignment reporting will only be required for companies with more than EUR 450 mln in turnover and 1,000 employees. Others may disclose partial taxonomy alignment to highlight their progress without being penalized for incomplete compliance. A 10% materiality threshold will allow companies to exclude minor operations from disclosures. For financial institutions, Green Asset Ratio (GAR) calculations are simplified by allowing the exclusion of exposures to non-CSRD-covered entities.

The CBAM (carbon import levy) will be modified to introduce an exemption for importers whose goods generate less than 50 tonnes of CO₂ annually, effectively removing smaller operators from the compliance regime. The first full CBAM reporting and payment obligations are also deferred to 2027.

Implications for Hungary

Hungary has already implemented the CSRD through amendments to its Accounting Act, effective from January 2024. In parallel, Hungary passed Act CVIII of 2023 (ESG Act), which imposes sustainability risk assessment and reporting duties on large companies and certain SMEs. If the omnibus package is adopted, Hungary will likely need to adjust the Accounting Act and the ESG Act to align with the higher thresholds, simplified due diligence requirements, and postponed deadlines. Notably, Hungary’s ESG Act anticipates full value chain screening and supplier disengagement, which may now be softened in line with EU trends.

The Omnibus Package reflects a shift in EU sustainability policy from expansion to refinement. It offers legal clarity, reduces regulatory complexity, and seeks to balance environmental commitments with economic realities. For Hungarian legal practitioners, tracking the final text adopted by EU co-legislators and preparing clients for a more proportionate, phased, and risk-based ESG compliance regime in the years ahead will be essential.

ÜGYVÉDI IRODA BSLAW BUDAPEST

Rita Párkányi

Gergely Dzsinich

from page 13

we put significant resources into correctly understanding and harnessing its power, relying on the vast expertise offered by our international network.

RP: Digitization is reshaping law firms in several ways, bringing both efficiency gains and strategic challenges.

Most recently, we launched an AI-driven pilot project that serves several strategic objectives, such as replacing routine tasks and, as a consequence, expanding into higher-value services, boosting efficiency and, therefore, profitability. We can already see some benefits, such as building a more productive workforce allowing us to compete with larger firms without expanding headcount. We also seek to explore new areas of business where AI may help us offer new tech-driven services like legal helpdesk, compliance monitoring, and contract analytics.

ISz: Internally, ESG impacts our HR, procurement and office sustainability policies. Although AI is transforming legal workflows, I believe the most significant change it brings to our profession is how we should think about technology. We have concluded that our mindset must be reshaped entirely, and the processes we have applied so far may be completely wrong. For this reason, we have started launching internal training courses with the involvement of mathematicians, engineers, and other professionals who teach us the basic concepts behind various AI solutions. This signals a change in the future role of lawyers, who will need to understand tech solutions much better than ever before.

GDzs: ESG and AI truly shape the business in a dynamic manner. The solution is straightforward: doing our best to stay ahead of tech development and client needs, which is ensured by internal training. These guarantee our approach to maintaining competitiveness in the Hungarian market.

Dániel Gera: We are prepared for growing interest in these fields and also emphasize them in our functioning as a law firm. I believe cross-functional cooperation (legal, compliance, IT, HR, sustainability) is essential.

RSz: Internally, ESG has led us to adopt more transparent operational standards, from pro bono engagements to environmental sustainability within our office. AI is revolutionizing our work: we use machine learning tools

for document review, risk mapping, and legal research. These tools don’t replace lawyers but enhance productivity and accuracy, which clients appreciate.

ZF: Internally, we’ve embraced ESG principles by enhancing our sustainability initiatives and promoting diversity and inclusion within our teams. With AI, we’ve been steadily integrating several tools to streamline legal research, document review, contract analysis and compliance checks to improve efficiency and accuracy in our services. We see AI as an enabler to transform our operations, allowing us to reallocate talent to higher-value activities and freeing our legal professionals to focus on highadded value or strategic advisory work, complex negotiations, and client engagement. We also see clients coming to us to confirm, fine-tune or correct the “advice” they generated with AI to respond to their needs and questions concerning legal topics or issues they face. This is interesting and shows that not only lawyers but also our clients are using AI, but for different purposes than we thought they would!

BBJ: Since President Trump returned to office, there has been a marked rolling back of DEI policies in federal institutions, but also in private corporations. Do you see any evidence of that crossing the Pond?

EP: We have strong DEI policies locally and across the entire CMS group. While we haven’t seen any rollback in our London office or the broader market, we’re aware that working with U.S. firms affected by such changes might present challenges in the future.

AP: Indeed, some of our offices, such as those in Belgium and France, have experienced pressure from U.S. embassies to scale back DEI initiatives. However, we have not yet encountered such influence in Hungary, and our policies remain unaffected.

RSz: In Central Europe, the DEI debate follows a different rhythm. While some global companies with U.S. headquarters do adjust their HR compliance practices, the rollback trend has not significantly influenced the Hungarian legal or corporate sphere. Here, DEI remains a reputational and market-driven value rather than a legal requirement. It is still considered a differentiator for multinational employers.

DG: While Europe has not seen a coordinated rollback of DEI policies, the political and corporate tone may subtly shift in the future, especially among multinational firms. However, legal requirements in the EU and most European countries act as a guardrail that makes a U.S.-style reversal unlikely in the short term.

BBJ: The European Commission and the government of Hungary continue to butt heads over the rule of law. Does this damage the public perception of your profession?

ISz: As part of the Hungarian economy, the legal profession (particularly business law firms like ours) cannot make itself independent from macroeconomic processes, such as the disagreements between the European Commission and the Hungarian government. Amidst these disagreements, legal professionals often need to reaffirm their independence and integrity.

DG: While ongoing tensions between the European Commission and the Hungarian government over the rule of law raise significant concerns, we hope they will not directly damage the legal profession’s reputation. In fact, many lawyers are seen as professionals who uphold legal standards and provide stability in a politically complex environment. This can strengthen trust in the profession, especially among international clients and partners.

ASz: I’m not worried about the image of our profession but rather about the damage to the country’s economy. I’m very concerned about the new draft bill that would enable the shutting down of foreign-funded organizations, insinuating that they threaten national sovereignty. The rule of law significantly influences everybody, including investors in Hungary. The issue is not the prevailing importance of sovereignty but freedom of speech. I hope that the continued protests we see will be successful.

RSz: The broader political debate does have an impact on perceptions, especially among international clients. However, Hungarian legal professionals have a strong sense of ethics and independence. We work with local and foreign clients who understand the difference between political narratives and professional legal standards. In fact, we are often called upon to offer clarity in this sometimes polarized environment.

BBJ: Public perception aside, how do you measure the health of the Hungarian legal market?

EP: It is reflected in its growing diversity and competitiveness. Mid-tier firms are gaining momentum alongside historically strong local players and international firms, and more firms are striving to specialize, signaling a maturing and increasingly sophisticated market.

AP: A recently published international study suggests that the Hungarian legal services market is projected to reach EUR 893.9 million in 2025, and despite a decline at a CAGR of 3.1% between 2019 and 2024, the market is expected to grow over the next five years, indicating a healthy rebound in legal services demand. I would be happy to share this optimism. However, there are challenges, such as the structure of the economy and geopolitical, technological and talent market trends, which make me think the market may instead continue to shrink.

ISz: We consider client demand, foreign investment flows, and the market’s ability to attract and retain talent to be key factors in the legal market. In these respects, the current outlook is less positive than a year ago.

BBJ: What changes would you like to see made to the provision of legal services in Hungary? Are you happy with how new laws are formulated? Is there any particular law you would like to see introduced? Is the court and prison infrastructure fit for purpose?

DG: We can be reasonably satisfied with the regulations governing the provision of legal services and its various subsystems. The regulation of the judiciary system, particularly regarding the independence of judges, raises serious concerns, and the European Commission is monitoring this.

Hungary’s court infrastructure is improving, but it is still a bit uneven, particularly in digitalization and independence. The accessibility of effective legal remedies for the general public and companies and better protection of creditors’ interests could be improved. The prison system remains under pressure, with lingering issues around overcrowding and conditions despite efforts to expand capacity. These factors can affect not only justice outcomes but also public trust in the system.

The legislative process is often untransparent and often lacks sufficient

András Szecskay

Zoltán Faludi

András Posztl

István Szatmáry

prior professional and sectorial consultation. There are several areas where new or improved legislation could significantly strengthen legal certainty, democratic governance, and economic competitiveness.

ASz: Procedures should be a lot less formal. Currently, 50% is based on formalities instead of investigating the merits of a case. This deprives parties from getting access to justice. Statistics show that the number of court cases has dropped in the past few years because of the procedureover-substance approach.

The amendment of laws needs to be clearly communicated and in time, allowing for and recognizing comments.

I welcome the intention of the Ministry of Justice for deregulation, but I don’t see it happening yet. The process needs to speed up. The precedent system introduced a few years ago is depriving the autonomy of judges and lower courts. Judges are concerned about deviating from the precedent, even if the facts say otherwise. This is a big issue.

RSz: One of the most pressing issues is the length of court proceedings in Hungary. Despite recent improvements, the pace of civil litigation remains too slow, particularly in commercial cases. This creates uncertainty for clients and adds to their legal costs.

On a positive note, court digitalization has improved considerably in recent years. Electronic filing systems and remote hearings are now part of everyday legal practice, and that’s a step in the right direction.

BBJ: Are you happy with the talent pipeline for trainee lawyers and junior associates?

EP: We’re happy with our talent pipeline, but we heavily invest in identifying and nurturing local talent. Our focus has long been on selecting and training paralegals to retain top talent, and we see more students gaining international experience and strong language skills early on.

AP: We’ve made a strategic commitment to long-term talent development. Our Talent Pool Program is now widely recognized, serving both as a recruitment tool and a barometer for trends in the legal talent market. As a result, we continue to attract strong trainee and junior associate applicants, reinforcing our belief in the value of structured, future-focused talent initiatives.

BS: In my experience, you can find talented fresh graduates on the market who are willing to work hard. Retaining talent is much more difficult and requires constant efforts from a law firm’s senior leadership.

Loyalty has become rare across all industries, not just in law. Senior leadership must invest consistently in team engagement. As a regional firm, we provide cross-border opportunities and access to advanced legal technologies, which are key advantages in building lasting professional relationships.

GDzs: We are very happy with our young team members, and their dynamic motivation clearly gives us positive feedback for our talent and mentoring approach.

Legal Services Market Talk Panel, 2025

• Balázs Dominek, managing partner, Andersen Legal

• Erika Papp, managing partner, head of finance CEE, CMS Hungary

• András Posztl, managing partner at DLA Piper Posztl Nemescsói Györfi-Tóth and Partners

• Balázs Sepsey, office managing partner, Kinstellar Hungary

• Rita Párkányi, founding partner, KCG Partners Law Firm

• István Szatmáry, managing partner, Oppenheim Legal

Digital Under Scrutiny: Key Lessons from GVH’s 2024 Crackdown

The Hungarian Competition Authority (GVH) recently published its 2024 annual report, approved by the Hungarian Parliament, which sheds light on the GVH’s intensified enforcement efforts in consumer protection, especially in the digital space.

With digital services and AI-based solutions becoming ubiquitous across industries, GVH’s recent actions offer critical compliance takeaways for all market players.

Enforcement in Numbers

In 2024, GVH concluded 21 consumer protection proceedings, accounting for nearly 40% of all fines imposed, a total of approximately HUF 1.7 billion. This trend signals the growing importance of consumer rights in digital markets, where fairness, transparency, data handling, and advertising claims are increasingly scrutinized.

Spotlight on Digital Markets

GVH has ramped up its oversight of online platforms, e-commerce, and digital advertising, often with a focus on unfair commercial practices. This reflects the reality that 90% of Hungarians use the internet daily, with most engaging on social media and shopping through e-commerce platforms. Below are some key cases that illustrate GVH’s current priorities: Viber: The GVH found that information about the platform’s “free” and “secure” services was not available in Hungarian, nor were data processing policies fully disclosed to Hungarian users. In response, Viber committed to a comprehensive corrective package, including:

• Hungarian-language data privacy notices and app content,

CTS Eventim Hungary: Applied drip pricing during online ticket sales, failing to clearly inform consumers about all price components in a timely manner. The company cooperated with the GVH, agreeing to:

• Compensate affected consumers and

• Simplify its pricing structure.

Donoci (lampak.hu): Could not prove that the original prices indicated in promotions were genuine and misled consumers with urgency cues. GVH imposed a HUF 126 million fine.

Wizz Air: A recurring subject of GVH enforcement, Wizz Air was fined HUF 307 million in 2024 for multiple infringements. The GVH found that the airline withheld or delayed key information from consumers, specifically, that certain additional services could be purchased individually even with the basic fare option.

The GVH also concluded that Wizz Air engaged in commercial communication that failed to meet professional diligence standards, particularly regarding the content and limitations of its automatic check-in service.

Beyond this, GVH launched two further proceedings against Wizz Air in 2024. One case concerned alleged omissions of essential information regarding free online check-in, which may have led to avoidable costs for consumers. A second investigation focuses on suspected deficiencies in the company’s booking system and a lack of transparency around service fees.

What Next?

3 Compliance Priorities

To minimize the risk of regulatory intervention, companies should urgently review the following areas:

1. Audit Digital Market Conduct Ensure that pricing models, promotions, and data practices comply with competition and consumer protection laws. This includes clear and accurate representations of offers and accessible data privacy information, especially in the local language.

2. Make Advertising Transparent and Substantiated

All marketing content should be truthful, non-misleading, and evidencebased. Avoid urgency messages that may exert psychological pressure unless fully justified and lawful.

• Gergely Dzsinich, co-managing partner, Sándor Szegedi Szent-Ivány Komáromi Eversheds Sutherland

• Dániel Gera, managing partner, Schoenherr Hungary

• András Szecskay, founder and name partner, Szecskay Attorneys at Law

• Róbert Szuchy, managing partner, BSLAW Budapest

• Zoltán Faludi, managing partner, Wolf Theiss

• Reduced data collection by default,

• Launching the Viber Plus subscription in Hungary,

• Developing a Hungarian-language privacy chatbot.

Booking.com: Fined HUF 382.5 million for failing to comply with previous GVH obligations. Despite modifying some of its practices, the platform:

• Continued promoting “free cancellation” while removing cheaper, non-refundable options,

• Still used pressure-based messaging that could mislead consumers, albeit in a reduced form.

3. Strengthen Internal Compliance Structures

Adopt robust compliance programs, including regular employee training, internal monitoring, and proactive risk assessments. Demonstrating a strong compliance culture may also reduce sanctions in the event of a breach.

Róbert Szuchy

Dániel Gera

The EU AI Act: The Time to Act is Now, EY Warns

Compliance with the European Union’s AI Act is becoming a pressing matter for businesses, many of whom may be surprised to learn that their activities could fall into the banned or high-level risk practices categories. Multidisciplinary expertise will be required to avoid eventual hefty fines, EY’s AI experts warn.

the National Bank [of Hungary] has prepared guidelines, and dedicated AI authorities should be set up by August, so businesses should expect to deal with the first consequences of the act within this calendar year,” says EY law senior manager Adrienn Piskóti.

How Hard Will Fines Bite?

It wasn’t that long ago that the GDPR was the buzzword that kept CEOs up at night. A similar landmark piece of European legislation should now be front of mind for executives, given that the first important deadline of the AI Act has already passed.

Companies were obliged to take inventory of all of their AI tools that are classified as banned practices and introduce AI Literacy training for all staff by Feb. 2. This is just the first phase, though.

“If you agree with me on this very radical statement that pretty soon all technology will be AI technology, then you will understand the significance of this legislation and all other regulations that will hopefully be emerging,” states EY’s chief AI expert and president of the PHI Institute, George Tilesch.

EY’s lead AI confidence partner, Erik Slooten, warns that executives shouldn’t just assume the AI Act doesn’t concern them or can be put off.

“Right now, people are like, ‘Yeah, okay, it’s coming, we’ll deal with it later.’ That’s a mistake,” the expert notes. “This is not just about banned practices like facial recognition or surveillance; it’s a fundamental shift in how AI is governed in Europe.”

Slooten underlines that the act is not just about curbing extreme AI misuse, but also about setting new standards for AI applications in finance, healthcare, and advertising. Tilesch says companies must assess their own level of risks, what kind of AI they have, and who uses it in what role. Every company is unique in that sense, the expert explains.

“We need to think together with companies and craft the unique strategies they need. Providing AI literacy is not a fire hazard ‘checking-the-boxes’ kind of education,” Tilesch stresses. Slooten agrees that AI literacy is essential: you can’t run a company on AI tech without your employees understanding AI fundamentally, he says.

First Consequences This Year

“We are seeing concrete steps from the Hungarian authorities. The ministries in charge are refining their approach,

A Blessing or a Curse for EU Competitiveness?

The U.S. innovates, Europe regulates, goes the old saying. Will the AI Act do more good than harm for the EU’s competitiveness? Tilesch believes the U.S. and China may have a short-term advantage, but remains optimistic about Europe’s long-term position. “Yes, Europe is slower due to regulation, but we are also creating a safer AI ecosystem.

In the long run, this could be a competitive edge,” he says. It is a view Piskóti agrees with: “If a company knows that AI developed under European regulations is safer, it may be more willing to adopt it. This could drive greater AI adoption within the EU and even attract international businesses looking for compliant solutions.”

Hungarian companies must proactively assess their AI systems to avoid future compliance risks. It is important to note that the act affects all businesses that are connected to the technology as providers or deployers; furthermore, market players who use some AI-based solution for business purposes in their business processes must also prepare.

A major challenge is understanding which AI practices may be considered “banned” or “high risk” under the act.

“If you’re an insurance company using social scoring to determine creditworthiness or a business using emotion detection in HR processes, you may already be in a grey area,” Slooten cautions. “Many banks and insurers need to evaluate whether their AI-driven risk assessments comply with the new rules.”

The European Commission recently issued detailed documentation outlining banned AI practices, and Tilesch warns that companies cannot afford to be ignorant.

“This is a growing list. What may be acceptable today might be considered high-risk or banned in the future. Businesses must establish governance frameworks that allow them to monitor regulatory updates and adapt accordingly,” Tilesch says.

Broad Framework

While the AI Act is a framework regulation rather than sector-specific, it is clear that industries relying on artificial intelligence will feel its effects the most.

“Eurostat data shows that AI usage is most dominant in scientific and technology fields, as well as administrative and support services,” notes Piskóti. “However, industries like banking, insurance, and healthcare will have to pay special attention, as many of their AI-driven processes may fall into high-risk

Banned and high-risk AI systems carry potential fines of EUR 35 million and EUR 15 mln, or 7% and 3% of global turnover, respectively. However, it is hard to say how harshly authorities will crack down. “We saw it with GDPR; once banks and telecoms started receiving audit notices and financial threats, the industry scrambled to comply. We expect a similar trajectory with the AI Act,” Slooten predicts.

categories.” She further emphasizes the importance of understanding the AI Act’s core principles.

“This regulation isn’t just about compliance: it’s about safeguarding ethical AI use, preventing social scoring, and protecting fundamental rights. Companies must ensure they are not deploying AI solutions that could be classified as prohibited practices.”

Regarding preparation, artificial intelligence is a socio-technical field; neither IT nor legal expertise alone will do.

“This isn’t just a legal issue. It requires a cross-functional team including risk managers, quality control specialists, legal teams, and AI experts,” says Piskóti. Slooten notes that Hungarian companies have begun to engage with EY for AI compliance services, but many still underestimate the complexity.

“Some businesses think they can just hire a chief AI officer or a lead AI thinker. That’s not how this works. AI governance must be embedded across multiple functions in an organization,” he says. On top of providing AI training for employers, clients should map their AI practices against regulatory expectations and do their homework before further essential deadlines pass.

Shadow AI: Know What Your Staff are Doing

“The biggest risk isn’t that people aren’t using AI, it’s that they’re using AI without any oversight,” warns Tilesch. This phenomenon is called shadow AI. “Many employees are already feeding confidential data into their private AI tools like ChatGPT without realizing the risks. This isn’t just an AI Act issue; it’s a fundamental data security problem.” Slooten, meanwhile, highlights the dangers of the generational gap in AI adoption. “Younger employees trust AI completely, while older generations are far more skeptical. Businesses must bridge this gap by training their workforce on AI risks, ethical concerns, and best practices.”

Erik Slooten

Adrienn Piskóti

George Tilesch

CMS Leveraging Expertise and Size in Life Sciences and Commercial Groups

CMS Hungary’s life sciences team, which is ranked Band One by Chambers, is expanding despite market challenges, not least with its latest local partner promotion, Veronika Kovács. The Budapest Business Journal spoke with her, Dóra Petrányi, CEE managing director, and global co-head of the TMC sector group, and the firm’s managing partner, Erika Papp, about key trends for the field, the economic and geopolitical backgrounds and gender balance.

a lot of experience in cybersecurity and AI, and now we are putting these together and can share this approach with our clients.”

Even so, client budgets are “really tight,” Kovács notes. Another “quite innovative solution” is showing promise, however: managed legal services work. In-house counsels outsource day-to-day legal activities on an internation level to the likes of CMS as a “one-stop shop” so they can concentrate on what really matters within their firm.

Kovács also has a role dealing with social responsibility and taking what she calls the firm’s “social footprint” seriously.

Within the life sciences group, alongside talented lawyers, Petrányi says success is partly down to the relatively small size of the Hungarian market and the large size of the law firm.

“If you are operating in the life sciences sector in a small country, many of your clients won’t have in-house counsel, but it will be covered by a regional general counsel with divided attention,” she notes.

IP or M&A. That’s how we function; we think about it not as a regulated practice but as a sector we support.”

Legal Ladies

One remarkable aspect of our conversation is that all three partners are women. Is it unusual to have so many females in leadership positions?

“In CMS’s Budapest office, our gender balance is 50-50. I think that’s also true at the partner level, though I haven’t counted exactly,” admits managing partner Erika Papp. “When Gabriella Ormai founded this firm in 1989, I remember that there were almost exclusively ladies at CMS Budapest. And then there was a time when there were more gentlemen at the partner level and fewer ladies. And now we are 50-50.”

Is CMS an outlier in this regard?

“I wouldn’t say that we stand out. Generally, women dominate the legal profession up to a certain level. You see a lot of female judges, female lawyers, female in-house lawyers, and that’s the pool we select from when we are hiring.” But Papp is quick to point out that CMS is not going out of its way to search for female colleagues, whether hiring graduates or looking to promote internally.

“From my point of view, it is irrelevant; whoever is the best candidate is the only decisive factor. If somebody is talented, willing, and ambitious, then we don’t look at the gender; we will promote the person,” she insists. Having said that, Papp acknowledges that women face a career progression issue that simply isn’t there for men.

“My practice stands on three pillars, which are pretty much interconnecting. These are life sciences, public procurement and general commercial. My priority is to continue leveraging these, because there are a lot of synergies,” Kovács (the coordinator of the firm’s CEE Public Procurement Practice) tells the BBJ

It doesn’t take an economic genius to recognize that the market has been going through a period of near-constant turmoil ever since the pandemic, with supply chain shocks, war in Europe, an energy crisis and inflation all following one another. The latest Hungarian GDP growth figures for Q1 2025 disappointed on the downside. Yet Kovács says the life sciences sector is in a better shape than many others.

“You will always need life sciences products, even in crisis times. I think life science is an evergreen and crisis-proof sector,” she explains. “The biggest trend in life sciences now is digitalization; the shift to digital health is remarkable. CMS has a very strong technology team with

“We have a lot of meaningful projects, and we just like to give support in a meaningful way. I think it is essential that lawyers do not just dedicate their time fully to billing. None of us should be only about work. We have great, longstanding charity partners, for instance, Világszép Foundation, supporting children living in state care, for whom we do charity and pro bono work.”

Thoughtful Expansion

Dóra Petrányi, CEE managing director, global co-head of the TMC sector group, says the appointment of Kovács reflects a trend within CMS.

“Last year, we had two other junior partners who were made partners in the commercial team, on the tech and technology and the IP and managed legal services side. Four years ago, we had a new competition partner. We think that the need for specialization in commercial legal support is really increasing thanks to the regulatory complexity,” the partner says.

“So, this is part of a thorough, thoughtful strategy for growth in the Budapest office and regionally,” she adds.

“What we have been trying to do, and I believe that’s why we are so successful, is to have a regional approach to quite a few of our pharma clients. That way, we have coverage within the national CMS team, but we also know about the pain points from other parts of the world that might be relevant regarding Hungary,” Petrányi says. The ability to call on specialists within the firm is another advantage.

“If you’re a pharma company, you need public procurement advice. If you’re applying for tenders, you need antitrust advice, because you could enter into cartels. You need some whistleblowingrelated advice because you’re dealing with the public sector. Then you need data protection because life sciences healthcare data is sensitive,” she ticks off the fields of expertise CMS Hungary can address.

“The fact that we have a very strong technology group is also proving increasingly important because of how the life sciences sector is shifting towards innovative ways of resolving issues,” Petrányi notes. “Whether it’s second opinions online, online surgeries, software which is considered a medical device, or whether it is AI-driven, or R&D: there is a lot that we can combine with that team. And I didn’t even mention

“You have to appreciate that women have a little harder path towards partnership because, at some point in the middle of our career, we are thinking about establishing a family and having children. From then on, we have two duties: one in the office and one at home. So it is a bit harder, but it’s not undoable,” says Papp, a living example, being a wife, mother, and managing partner. That isn’t to say she has forgotten the journey she made.

“We are trying to help if we see that somebody needs a little support, for example, giving them more time to work from home if they have small children. The firm has a lot of programs that support women in meeting their family life obligations,” she explains.

Picking whoever is best for the job would seem to be at the core of much of the anti-woke criticism of Diversity, Equity and Inclusion emanating from the United States, where several prominent firms are abandoning previous DEI policies. Does Papp see any likelihood of that spreading to Europe?

“I don’t see anything like this in our London office, or any firm in the London market. But I can see it could create a problem for us, because we work with many U.S. law firms. If there is a policy that requires that law firm not to have DEI policies, there may also be a requirement that its subcontractors adopt the same principles,” Papp notes.

“That would be a problem for us, because we have our set policies and support what are important principles for us. We haven’t met the problem yet, but I’m anticipating that at some point, when a big project comes up and we have to work with a U.S. law firm, we will. I’m really curious about what will happen then,” Papp says.

ROBIN MARSHALL

From left: Erika Papp, Veronika Kovács, and Dóra Petrányi.

Top-ranked Law Firms

BELOW IS THE LIST OF LAW FIRMS WITH INTERNATIONAL AFFILIATIONS OPERATING IN HUNGARY THAT HAVE BEEN RECOMMENDED IN THE MOST AREAS OF LEGAL ACTIVITIES IN 2025 (IN TOP CATEGORIES OF VARIOUS RANKING BODIES, E.G. BAND 1 WITH CHAMBERS EUROPE AND CHAMBERS GLOBAL AND TIER 1 WITH LEGAL 500 ). THE CHARTS OF THE TOP - RANKED LAW FIRMS DO NOT INCLUDE IFLR DATA THIS YEAR, BECAUSE IT WILL BECOME AVAILABLE ONLY AFTER OUR PRINT DEADLINE. PLEASE LOOK FOR AN UPDATED VERSION OF THE SUMMARY OF THE CHARTS IN THE 2025 -2026 EDITION OF THE BOOK OF LISTS, DUE OUT THIS FALL.

Top-ranked Law Firms

Corporate/M&A

Dispute resolution

Banking & Finance

Competition / Antitrust

CMS Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

CMS

DLA Piper Hungary

Szecskay Attorneys at Law

CHAMBERS GLOBAL 2025

Iroda

Siegler Bird & Bird Ügyvédi Iroda

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Lakatos, Köves és Társai

Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Lakatos, Köves és Társai

Ügyvédi Iroda

Nagy és Trócsányi

Oppenheim Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

A&O Shearman Kádár Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie

Attorneys-at-Law

Szecskay Attorneys at Law

Wolf Theiss Faludi Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie

Attorneys-at-Law

Oppenheim Ügyvédi Iroda

Szecskay Attorneys at Law

Wolf Theiss Faludi Ügyvédi Iroda

Bittera, Kohlrusz & Tóth

Gárdos Mosonyi Tomori Ügyvédi Iroda LFB – László Fekete Bagaméry

CHAMBERS EUROPE 2025

CMS DLA Piper Hungary KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

CMS DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Dentons Réczicza Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Dentons Réczicza Ügyvédi Iroda Lakatos, Köves és Társai Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm Erdős Partners

Gárdos Mosonyi Tomori Ügyvédi Iroda HP Legal Hajdu & Partner Law Office

Jalsovszky Kapolyi Law Firm

Schönherr Hetényi Ügyvédi Iroda Vámosi-Nagy Ernst & Young Law Office

Schönherr Hetényi Ügyvédi Iroda

A&O Shearman Kádár Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Szecskay Attorneys at Law

Wolf Theiss Faludi Ügyvédi Iroda

A&O Shearman Kádár Ügyvédi Iroda

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

CERHA HEMPEL Dezső & Partners

Oppenheim Ügyvédi Iroda

Schönherr Hetényi Ügyvédi Iroda

Szecskay Attorneys at Law

Corporate / M&A

Dispute resolution

Employment

Intellectual property

Life sciences

Projects and energy

Real estate

CMS Dentons Réczicza Ügyvédi Iroda DLA Piper Hungary

CMS DLA Piper Hungary Szecskay Attorneys at Law

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

SBGK Ügyvédi Iroda

Szecskay Attorneys at Law

CMS

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Wolf Theiss Faludi Ügyvédi Iroda

CMS Dentons Réczicza Ügyvédi Iroda

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda Nagy & Trócsányi Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

CMS

DLA Piper Hungary Pál és Kozma Ügyvédi Iroda VJT & Partners

Danubia Legal Oppenheim Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Oppenheim Ügyvédi Iroda

Szecskay Attorneys at Law Wolf Theiss Faludi Ügyvédi Iroda

Gárdos Mosonyi Tomori Ügyvédi Iroda LFB – László Fekete Bagaméry

Oppenheim Ügyvédi Iroda Szecskay Attorneys at Law

CMS

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Szecskay Attorneys at Law KNP Law Nagy-Koppány & Lencs

CMS Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Bán, S. Szabó, Rausch & Partners Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Iroda Szécsényi and Partners

Banking, finance and capital markets

Competition

Commercial, Corporate & M&A

A&O Shearman Kádár Ügyvédi Iroda

CMS

KINSTELLAR Andrékó Ferenczi & Társai

Ügyvédi Iroda

Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Wolf Theiss Faludi Ügyvédi Iroda

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

CMS Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda

CMS Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Schönherr Hetényi Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Data privacy and data protection

CMS Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

LEGAL 500 2025

Deloitte Legal Göndöcz and Partners Law Firm

Gárdos Mosonyi Tomori Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

HP Legal | Hajdu & Partners | Law Firm

Kapolyi Law Firm

Partos & Noblet Ügyvédi Iroda

Schönherr Hetényi Ügyvédi Iroda

Szecskay Attorneys at Law

A&O Shearman Kádár Ügyvédi Iroda Bassola Law Firm

Deloitte Legal Göndöcz and Partners Law Firm

Oppenheim Ügyvédi Iroda

Partos & Noblet Ügyvédi Iroda

Schönherr Hetényi Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Szecskay Attorneys at Law

A&O Shearman Kádár Ügyvédi Iroda

Forgó, Damjanovic és Társai Ügyvédi Iroda

Partos & Noblet Ügyvédi Iroda

Szecskay Attorneys at Law

VJT & Partners

Wolf Theiss Faludi Ügyvédi Iroda WTS Legal

Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

KPMG Legal Tóásó Law Firm

Oppenheim Ügyvédi Iroda

PROVARIS Varga & Partners

Taylor Wessing Hungary VJT & Partners

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

Dentons Réczicza Ügyvédi Iroda

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

ERDŐS - Partners

Forgó, Damjanovic és Társai Ügyvédi Iroda

Jalsovszky

KPMG Legal Tóásó Ügyvédi Iroda

Moore Legal Kovács Ügyvédi Iroda Nagy & Trócsányi Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Szabó, Kelemen és Társai Andersen Ügyvédi Iroda Vámosi-Nagy Ernst & Young Law Office

Bán, S. Szabó, Rausch & Partners Ügyvédi Iroda Forgó, Damjanovic és Társai Ügyvédi Iroda KPMG Legal Tóásó Law Firm Nagy & Trócsányi Ügyvédi Iroda Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal Szabó, Kelemen és Társai Andersen Ügyvédi Iroda VJT & Partners

Wolf Theiss Faludi Ügyvédi Iroda

bnt ügyvédi iroda

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm

Jalsovszky

Kapolyi Law Firm

KPMG Legal Tóásó Law Firm

Nagy & Trócsányi Ügyvédi Iroda Szabó, Kelemen és Társai Andersen Ügyvédi Iroda TaylorWessing Hungary

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

CLV Partners Csabai és Papp Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm

Sándor Szegedi Szent-Ivány Komáromi Eversheds Sutherland Ügyvédi Iroda Schönherr Hetényi Ügyvédi Iroda

Wolf Theiss Faludi Ügyvédi Iroda

CMS DLA Piper Hungary

Lakatos, Köves és Társai Ügyvédi Iroda

Dispute resolution

Employment

LFB – László Fekete Bagaméry Nagy & Trócsányi Ügyvédi Iroda Oppenheim Ügyvédi Iroda Szecskay Attorneys at Law

CMS DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law Lakatos, Köves és Társai Ügyvédi Iroda

Szecskay Attorneys at Law VJT & Partners

CMS Oppenheim Ügyvédi Iroda

Forgó, Damjanovic és Társai Ügyvédi Iroda

Gárdos Mosonyi Tomori Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry

Baker & McKenzie Attorneys-at-Law Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal Schönherr Hetényi Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda Szabó, Kelemen és Társai Andersen Ügyvédi Iroda

Wolf Theiss Faludi Ügyvédi Iroda

Forgó, Damjanovic és Társai Ügyvédi Iroda

KCG Partners Ügyvédi Társulás

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Sándor Szegedi Szent-Ivány Komáromi Eversheds Sutherland Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Wolf Theiss Faludi Ügyvédi Iroda

DLA Piper Hungary

Kapolyi Law Firm

Lohn Ügyvédi Iroda

Sándor Szegedi Szent-Ivány Komáromi Eversheds Sutherland Ügyvédi Iroda TaylorWessing Hungary

bnt ügyvédi iroda

Deloitte Legal Göndöcz and Partners Law Firm

Dentons Réczicza Ügyvédi Iroda

Gárdos Mosonyi Tomori Ügyvédi Iroda

KPMG Legal Tóásó Law Firm

Schönherr Hetényi Ügyvédi Iroda TaylorWessing Hungary Intellectual

SBGK Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

Szecskay Attorneys at Law

CMS DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry

Baker & McKenzie Attorneys-at-Law Lakatos, Köves és Társai Ügyvédi Iroda

Dentons Réczicza Ügyvédi Iroda

Danubia Legal

Dentons Réczicza Ügyvédi Iroda Schönherr Hetényi Ügyvédi Iroda TaylorWessing Hungary Projects

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda Wolf Theiss Faludi Ügyvédi Iroda

CMS Dentons Réczicza Ügyvédi Iroda

DLA Piper Hungary

Real estate & construction

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda

CMS DLA Piper Hungary

Hegymegi-Barakonyi and Fehérváry

Technology, Media, Telecommunications

Baker & McKenzie Attorneys-at-Law

Lakatos, Köves és Társai Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda VJT & Partners

CMS DLA Piper Hungary

Tax

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law

Jalsovszky

KCG Partners Ügyvédi Társulás Vámosi-Nagy Ernst & Young Law Office

Erdős-Partners

Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal

Schönherr Hetényi Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm Kapolyi Law Firm

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Oppenheim Ügyvédi Iroda

Partos & Noblet Ügyvédi Iroda

Schönherr Hetényi Ügyvédi Iroda

TaylorWessing Hungary

KINSTELLAR Andrékó Ferenczi & Társai Ügyvédi Iroda

Szecskay Attorneys at Law

Wolf Theiss Faludi Ügyvédi Iroda

Csővári Legal

Deloitte Legal Göndöcz and Partners Law Firm

LFB – László Fekete Bagaméry

Nagy & Trócsányi Ügyvédi Iroda Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal

Szecskay Attorneys at Law

Wolf Theiss Faludi Ügyvédi Iroda

Bán, S. Szabó, Rausch & Partners Ügyvédi Iroda

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm Forgó, Damjanovic és Társai Ügyvédi Iroda

Hegymegi-Barakonyi and Fehérváry Baker & McKenzie Attorneys-at-Law HP Legal | Hajdu & Partners

KCG Partners Ügyvédi Társulás Oppenheim Ügyvédi Iroda

Szabó, Kelemen és Társai Andersen Ügyvédi Iroda Szecskay Attorneys at Law

CERHA HEMPEL Dezső és Társai Ügyvédi Iroda

Jalsovszky

KCG Partners Ügyvédi Társulás

KPMG Legal Tóásó Law Firm

Lohn Ügyvédi Iroda

Réti, Várszegi és Társai Ügyvédi Iroda PwC Legal

Szabó, Kelemen és Társai Andersen Ügyvédi Iroda

Szecskay Attorneys at Law

Szécsényi and Partners

Wolf Theiss Faludi Ügyvédi Iroda

Deloitte Legal Göndöcz and Partners Law Firm

Dentons Réczicza Ügyvédi Iroda

Forgó, Damjanovic és Társai Ügyvédi Iroda

PROVARIS Varga & Partners

in Brief News Legal

Senior Director Appointed at DLA Piper Business Advisory

As of mid-May, Zsolt Palotai has joined DLA Piper Business Advisory, the financial advisory arm of DLA Piper Hungary, as a senior director. For more than two decades, he has built deep expertise in advising clients on business planning, financing and transaction support, financial restructuring, business and asset valuation, and business and financial due diligence.

Palotai spent 20 years at a Big Four firm, leading advisory teams as a partner for three years starting in 2018. He has also held CFO and strategy director positions at Hungarian corporate groups and been a trusted boardroom advisor. His broad industry experience spans several sectors, with particular emphasis on real estate, the sports and entertainment industries, and manufacturing. He has participated in the audits of major commercial banks and analyzed the financial and market feasibility of Hungarian and Turkish film studios, as well as Scottish and Albanian football stadiums. He was involved in restructuring the company affected by Hungary’s

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red sludge disaster in the Ajka alumina plant accident in October 2010, and has prepared economic impact studies for the Hungarian rounds of major international sporting events.

“As a member of the leadership team at DLA Piper Business Advisory, Zsolt will primarily support our clients with financing and restructuring matters in Hungary and abroad,” says Áron Kovaloczy, managing director of DLA Piper Business Advisory Ltd.

“Furthermore, his transaction advisory experience will also play a key role in further expanding our service portfolio

Stability, Agility and Tech-Driven

and strengthening our market position. His outstanding industry knowledge, particularly in the real estate and manufacturing sectors, will contribute to serving our clients even more comprehensively,” Kovaloczy added.

EU Commissioner Flags Serious Rule of Law Concerns in Hungary

The European Commission “has serious concerns” regarding the rule of law in Hungary, EU Commissioner for Democracy Michael McGrath said in Brussels on May 27. Speaking ahead of a meeting of EU affairs ministers, McGrath said he encountered troubling reports about restrictions on civil society and the media during his May visit to Budapest. He called such limitations unacceptable and emphasized that all EU member states must respect the bloc’s core values. McGrath noted the European Commission would raise objections concerning several recent Hungarian legislative proposals at the meeting. In particular, he pointed to a draft law on the transparency of public life, which he said would breach EU law, internal market freedoms, and the Charter of Fundamental Rights. “We have asked the Hungarian government to withdraw that draft law. And in the absence of that happening [….] we stand ready to use the tools at our disposal,” he added, expressing hope of a constructive response from the Hungarian government.

Wolf Theiss Advises Erste Group on EUR 7 bln Deal

Wolf Theiss and Rymarz Zdort Maruta advised Erste Group Bank AG on one of Central Europe’s most significant bank acquisitions in recent years: the EUR 7 billion acquisition of strategic interests in Santander Bank Polska S.A. and Santander TFI.

Erste Group Bank AG has agreed with Banco Santander S.A. to acquire a 49% stake in Santander Bank Polska S.A. and a 50% stake in Santander Towarzystwo Funduszy Inwestycyjnych S.A.

Santander Bank Polska is the third-largest bank in Poland by assets and ranks among the country’s most profitable financial institutions. It offers a wide range of financial products to private, SME, and corporate clients.

The transaction is subject to regulatory approvals, with the deal expected to be finalized by year-end 2025. Upon completion, Erste Group will be the largest shareholder of Santander Bank Polska.

Wolf Theiss advised Erste Group on the Austrian and non-EU lawrelated aspects of the transaction, particularly corporate law, capital markets law, takeover law, bank and insurance regulatory law, merger control and corporate governance. Rymarz Zdort Maruta advised on the Polish law aspects.

Sándor Szegedi Szent-Ivány Komáromi Eversheds Sutherland, established in 1999, continues to set a bra the Hungarian legal market.

While the firm may not be the largest in size among Hungary’s multi-firm landscape, its strategy is clear: to provide a highly capable set of professionals, delivering swift, high-quality solutions in a rapidly evolving business world.

As a quote of the new co-management: “These are not the times when the large fish takes on the small slow.” This philosophy has shaped the firm’s new direction since its leadership renewal last July.

The new co-managing partners, Péter Sándor and Gergely Dzsinich blend continuity with a fresh, agile vision. The new leadership builds on 25 years of trusted service, guiding a team of 18 lawyers (including 6 partners), supported by a multilingual administrative staff.

A defining feature of the firm is its high level of IT and tech-savvy capability. The team is not on open to the latest technologies but actively integrates advanced digital tools into its operations and client services. This ensures clients benefit from high-quality, fast, and efficient legal solutions-whether for complex transactions, cross-border matters, or day-to-day advisory work. The firm’s openness to innovation and technology is matched by its commitment to reliability and business continuity.

This commitment is further demonstrated since 2023 by the firm’s adherence to the rigorous ISO/IEC 27001/2022 information security standard-a distinction achieved by only a few in the region. This ISO certification of the firm is a daily operational reality that ensures confidentiali reliability, IT security and business continuity for every client.

International reach is another cornerstone of the firm’s new strategy which is obviously based on the highly close cooperation with Eversheds Sutherland’s global community. One of China’s prestigious law firms, KING & WOOD MALLESONS became a strategic partner of Eversheds Sutherland in 2023, which valuable and very active cooperation expands the firm’s China focused capabilities. Gergely Dzsinich was appointed to lead the local and CEE China Desk and regularly travels to Shanghai, ensuring the Budapest office remains at the forefront of Asia-Europe legal developments.

The new co-managing partners’ expertise has also received significant global recognition: both were invited as key presenters at the 2025 IATA World Legal Symposium in Shanghai-a major acknowledgment by the aviation business of their leadership and influence. Locally, the firm is a regular contributor at various professional events and media. https://www.eversheds-sutherland.com/en/hungary

Zsolt Palotai

Law Firms With International Affiliations

London 1743

ÜGYVÉDI IRODA www.lakatoskoves.hu 39 17 12

28 2007

and project finance, joint ventures and private equity, capital markets, financial restructuring and insolvency, data protection, media law, film finance, AI, consulting Dentons Europe London 2015 160+ 2015(1)

Aviation, consumer protection, data protection & GDPR, projects & infrastructure, regulatory, compliance and investigation Clifford Chance LLP, Multilaw, Interlaw, Association of European Lawyers, Global Leaders Forum, Lex Mundi, SIPAC, Three Seas Legal Alliance, AIJA, VIAC, Omnia Network, ICLN

Advertising law and consumer protection, capital markets, data protection, restructuring and insolvency, ESG / Sustainability WSG – World Services Group, TerraLex, Legalink, EuroJuris, SCG – State Capital Group, DORDA Best Friends Network, Biolegis, Lexicom, LEGUS, INBLF

A 1991

(1) 510-1100 hungary@dlapiper.com

István Szatmáry 1053 Budapest, Károlyi utca 12. (1) 486-2200 office@oppenheimlegal.com

István Réczicza 1027 Budapest, Bem József utca 1/B (1) 488-5200 budapest@dentons.com

1992

Péter Lakatos 1075 Budapest, Madách Imre út 14. (1) 429-1300 info@lakatoskoves.hu

András Szecskay 1055 Budapest, Kossuth Lajos tér 16–17. (1) 472-3000 info@szecskay.com 6

Compliance, risk & sensitive investigations, infrastructure & projects, ESG, restructuring & insolvency

Kinstellar A 2008 13 2000

Balázs Sepsey

1054 Budapest, Széchenyi rakpart 3. (1) 428-4400 budapest.reception@ kinstellar.com

8 SZABÓ, KELEMEN ÉS TÁRSAI ANDERSEN ÜGYVÉDI IRODA hu.andersenlegal.com

IRODA www.cerhahempel.com/offices/hungary

State aid, data protection, project financing, restructuring and insolvency

CERHA HEMPEL Rechtsanwälte GmbH Vienna 1921 7 A

Zoltán Várszegi 1055 Budapest, Bajcsy-Zsilinszky út 78. (1) 461-9888 hu_rvp.central@pwc.com

Bálint Halász, László Nanyista, Pál Szabó 1051 Budapest, Széchenyi István tér 7–8. (1) 301-8900 budapest@twobirds.com

László András Kelemen, Balázs Dominek, Domonkos Kiss, Péter Vincze

1016 Budapest, Mészáros utca 58/A (1) 288-8200 info@hu.andersenlegal.com

Tamás Polauf

1011 Budapest, Fő utca 14–18. (1) 457-8040 recepcio@cerhahempel.hu 9 WOLF THEISS FALUDI ÜGYVÉDI IRODA www.wolftheiss.com

Acquisition and project finance, capital markets, data protection, immigration law, restructuring & insolvency, compliance and investigations

Wolf Theiss Rechtsanwälte GmbH Vienna 1957 14 2007

74 1987

Zoltán Faludi

1085 Budapest, Kálvin tér 12–13. (1) 484-8800 budapest@ wien.wolftheiss.com

Ákos Fehérváry 1051 Budapest, Dorottya utca 6. (1) 302-3330 budapest.reception@ bakermckenzie.com

13 2011

91

Miklós Orbán 1036 Budapest, Perc utca 6. (1) 769-1163 office@opl.hu

Dániel Gera 1133 Budapest, Váci út 76. (1) 870-0700 office.hungary@schoenherr.eu

Pál Jalsovszky 1124 Budapest, Csörsz utca 41. (1) 889-2800 office@jalsovszky.com

Péter Göndöcz

1068 Budapest, Dózsa György út 84/C (1) 428-6800 deloitteinhungary@ deloittece.com

10 1999

SÁNDOR SZEGEDI SZENT-IVÁNY KOMÁROMI EVERSHEDS SUTHERLAND ÜGYVÉDI IRODA eversheds-sutherland.hu

Immigration, data protection, regulatory compliance, administrative law, ESG, white collar crime, investigations, cyber, AI, insolvency, restructuring, employee share plan

Business Law Consortium) Salzburg 1998 83 1997

13 2003

Eversheds Sutherland London (UK), Atlanta (USA) 1988 (UK), 1924 (USA) 70+ 1987 /1999

International Beijing

Iván Dávid Sefer 1132 Budapest, Váci út 20. (1) 451-8100 law@hu.ey.com

József Kapolyi 1051 Budapest, József nádor tér 5–6. (1) 267-3975 info@kapolyi.com

János Rausch 1051 Budapest, József nádor tér 5–6. (1) 266-3522 office@bansszabo.hu

Éva Ratatics, Rainer Tom 1143 Budapest, Stefánia út 101–103. (1) 413-3400 info.hu@bnt.eu

Péter Sándor, Gergely Dzsinich 1037 Budapest, Montevideo utca 10. (1) 394-3121 office@ eversheds-sutherland.hu

Balázs Karsai 1126 Budapest, Ugocsa utca 4/B (1) 487-8700 budapest_office@nt.hu

Róbert Szuchy 1054 Budapest, Aulich utca 8. (1) 700-1035 office@bslaw.hu

Marcell Szijártó 1027 Budapest, Bem József utca 1/B (30) 684-2860 office@optimalegal.hu

Erika Tomori 1056 Budapest, Váci utca 81. (1) 327-7560 postmaster@gmtlegal.hu

20 KPMG LAW TÓÁSÓ, BÉLI

ÜGYVÉDI IRODA https://kpmg.com/hu/hu/home/ services/tax/legal-services.html

Joint venture dispute resolution, compliance, bankruptcy and liquidation procedures, solving complex problems, legal application of innovative technological solutions, data privacy

BRAUN PARTNERS, bpv GRIGORESCU STEFANICA, bpv HUEGEL Vienna, Brussels, Prague, Bratislava, Bucharest 2007

8 2000

KPMG Legal / KPMG Law A –81 2006

Andrea Jádi Németh 1051 Budapest, Szent István tér 11. (1) 429-4000 budapest@bpv-jadi.com

Boglárka Béli 1134 Budapest, Váci út 31. (1) 887-7100 info@kpmg.hu

Globalaw UK 1994 130 2018

17 2006

World Link for Law Zurich 1989 80 2008

Rödl & Partner GbR Wirtschaftsprüfer, Steuerberater, Rechtsanwälte Nuremberg 1977 116 1992

Allen Overy Shearman Sterling LLP London 2024 Almost 50 1993

Harmonie

(The Harmonie Group) 1992 92 2000

András Dániel László 1065 Budapest, Nagymező utca 7. (1) 616-5655 info@lfblegal.hu

Csaba Polgár 1011 Budapest, Szilágyi Dezső tér 1. (1) 799-8330 admin@hunlaw.hu

Bálint Szűcs 1139 Budapest, Lomb utca 30-32. (1) 576-1234 info@rsmlegal.hu

Balázs Lohn 1053 Budapest, Károlyi utca 12. (1) 999-1233 info@lohn.hu

Sándor Sárközy, Stefan Sieferer 1062 Budapest, Andrássy út 121. (1) 814-9880 budapest@roedl.com

Miklós Kádár

1123 Budapest, Alkotás utca 55–61. (1) 429-6000 budapest@aoshearman.com

Zoltán Forgó, Gábor Damjanovic

1123 Budapest, Alkotás utca 17–19. (1) 214-0080 office@fdlaw.hu

Márton Kovács

1051 Budapest, Vörösmarty tér 5. 2. em. (1) 610-4440 office@moorelegal.hu

Conybeare Solicitors, Gowling WLG, Berwin Leighton Paisner London 1997/2016/2001 1/20/44 2008

& Hartson: 1904 44 2006

Katalin Szamosi 1062 Budapest, Andrássy út 113. (1) 461-1000 mailbox@sbgk.hu

Attila Fest 1054 Budapest, Báthory utca 8. 1/6 (1) 791-7060 office@festandpartner.hu

László Hajdu 1013 Budapest, Pauler utca 11. (1) 799-8230 office@hplegal.eu

Christopher Noblet 1051 Budapest, Vörösmarty tér 7/8. (1) 505-4480 office@hoganlovellls.co.hu

Gergely Bán 1117 Budapest, Alíz utca 1. A ép. 5. em. (1) 501-5360 budapest@ actlegal-hungary.com

13 1992

Alíz Dávid 1124 Budapest, Bürök utca 71. (70) 558-8720 budapest@ceeatt.com

LeitnerLaw Rechtsanwaelte Linz, Vienna 2017 7 2014

Péter Rippel-Szabó 1027 Budapest, Kapás utca 6–12. B épület, 4. emelet (1) 796-3600 budapest.office@leitnerlaw.eu

immigration Visegrad Legal Budapest 2017 9 2017

Bankruptcy, telecommunication, sport, pharma and health

TELFA (Trans European Law Firms Alliance) Brussels 1990 32 2002

Norton Rose Fulbright LLP London 1794

50+ 1989

Ádám Illés, József Németh 1052 Budapest, Semmelweis utca 14. (1) 792-6744 office@visegradlegal.hu

Tibor Bihary 1121 Budapest, Zugligeti út 3. (1) 391-4491 office@biharybalassa.hu

Gergely Szikla

1013 Budapest, Pauler utca 11. (1) 354-4300 office@bpss.hu

LAJOS ÜGYVÉDI IRODA studiolegale.hu

budlegal ÜGYVÉDI TÁRSULÁS BUZÁDY ÉS UDVARI ÜGYVÉDI IRODA www.bud-legal.hu

NOTE: (1) Dentons (formerly Salans) has been present in Hungary since 2006.

A = would not disclose, NR = not ranked, NA = not appliacable

Data protection, heritage law, whistleblowing, ESG

17 2015

85 2019

140 –

A 1997

IR Global, Wiras Verbund, EELA, DACH UK / Düsseldorf / Stuttgart / Düsseldorf 2010 / 1989 / 1998 / 1989 A 2003

Csaba Nyiri

1126 Budapest, Kiss János altábornagy utca 11. (1) 397-7447 info@nyirilaw.hu

Zoltán Rácz 1051 Budapest, Arany János utca 16. (1) 792-2274 office@raczlawfirm.hu

Levente Rövid 1055 Budapest, Honvéd utca 18. (1) 700-4750 hello@rvdpartners.com

Zsófia Bitai 1021 Budapest, Tárogató út 47–49. (1) 721-4414 info@bitaipartners.com

Anna Katalin Papp 1133 Budapest, Váci út 76. (1) 300-9307 info@clvpartners.com

Levente Lajos 1056 Budapest, Váci utca 81. (1) 331-6171 office@llf.hu

Jesszika Udvari 1016 Budapest, Szirtes út 6/B (30) 868-1297 office@bud-legal.hu

This list was compiled from responses to questionnaires received by May 26, 2025, and publicly available data. To the best of the Budapest Business Journal’s knowledge, the information is accurate as of press time. The list is based on companies’ voluntary data submissions. While every effort is made to ensure accuracy and thoroughness, omissions and typographical errors may occur. Additions or corrections to the list should be sent on letterhead to the research department, Budapest Business Journal, 1075 Budapest, Madách Imre út 13–14, or faxed to (1) 398-0345. The research department can be contacted at research@bbj.hu

TOP 50 EXECUTIVES

PUBLICATIONS

The “Top 50 Executives” publications add a human face to the facts and figures behind some of Hungary’s essential business fields. These magazines are an essential aid to getting to know the personalities behind the business.

• Provides an essential overview of Hungary’s vital economic sectors. • Get an insight into the executives’ mindset regarding business in the country. • Get to know the personalities behind the business. • Read personal accounts from the country’s leading executives, including their thoughts on crucial questions facing their sector.

4 Socialite

Solo Guitar Improvisations by Marc Ribot at the House of Music

On May 21, hugely respected American guitarist Marc Ribot stepped into the spotlight at Budapest’s Hungarian House of Music for 75 to 90 minutes of mostly improvised solo guitar without pick-ups, amplifier or effects.

I first became aware of Ribot through his contributions to Tom Waits’ 1985 “Rain Dogs” album, described at the time by Rolling Stone magazine as “bony and menacingly beautiful.” The magazine credited Ribot as helping Waits “refine a new, weird Americana” on the album.

A few days before he performed in Budapest, Ribot took time out to answer my questions.

Born in New Jersey in 1954, he claims he got into music when “my second-grade teachers asked us which instrument we wanted to play in the orchestra. I said ‘trumpet’ because it was the only instrument’s name I knew.”

By his teens, Ribot had long abandoned the trumpet and was playing in garage bands while studying with HaitianAmerican jazz and classical guitarist Franz Casseus. Moving to New York in 1978, he became part of the city’s punk and eclectic post-punk free jazzy no wave scene.

As a sideman, Ribot has played with a staggering roll call of what Rolling Stone magazine called “roots music adventurers,” including Robert Plant and Alison Krauss, Elvis Costello, Norah Jones, Elton John and the Black Keys.

The 25 albums he’s released under his own name in a 40-year career take in Albert Ayler-inspired free jazz, Cuban son music blending Spanish and African influences, and experimental “avant power trio/post-rock” with his band Marc Ribot’s Ceramic Dog.

‘Organized Sound’

For Ribot, music is “organized sound.

I don’t believe in ‘style,’” he tells me. “I try to play whatever is best for each

different song at each different moment in time. To whatever extent my attempts sound similar, it represents my failure of imagination or limited technique.”

Three of Ribot’s solo albums have made end-of-year “Best of” lists. Released in 2010, “Silent Movies” was included on the LA Times Best of 2010 list. His “Marc Ribot Trio Live at the Village Vanguard” was voted one of the best albums of 2014 by the prestigious jazz magazine DownBeat. In 2018, his “Songs of Resistance,” featuring guest vocalists including Tom Waits, Steve Earle and Meshell Ndegeocello, and “YRU Still Here?” reflecting Ribot’s activist side, were honored by NPR’s All Songs Considered.

“I’m skeptical of the idea that music, on its own, can achieve anything. That said, every army that ever won had marching music. When the Partisans were fighting fascism in Italy and France in the 1940s,

barely there voice. But pay attention, and it’s not hard to see why music bible MojoO described it as a “subdued, compelling album [.…] the intensity of a midnight conversation.” Its rival, Uncut, observed: “Inspirational guitarist for Waits, Costello et al. steps forward as a dusky singer-songwriter dispensing gnarled 2 a.m. wisdom in a variety of genres from desert blues to drum ‘n’ bass.”

Ribot Finds his Voice

A collection of songs in which genres from rootsy Americana, bossa nova, no wave and free jazz rub shoulders with the unclassifiable, “Map of a Blue City” is the first of Ribot’s albums to place his voice front and center.

The album mostly features original compositions but finds space for a cover of country music pioneers the Carter Family’s “When the World’s on Fire,” along with a version of Allen Ginsberg’s 1949 poem “Sometime Jailhouse Blues.” Ribot played on Beat poet Ginsberg’s 1989 album “The Lion for Real.”

“I’m skeptical of the idea that music, on its own, can achieve anything. That said, every army that ever won had marching music. When the Partisans were fighting fascism in Italy and France in the 1940s, they had lots of songs, and that seemed to help. So maybe they’ll work for those fighting fascism today.”

they had lots of songs, and that seemed to help. So maybe they’ll work for those fighting fascism today,” he says.

“There are many things musicians can do beyond marketing activist songs to niche markets. Among them: vote, demonstrate, shout things in public and organize a union so we don’t get completely screwed by tech and AI companies and corporate distributors,” he continues.

Ribot has also contributed to various film soundtracks, including the Johnny Cash biopic “Walk The Line” and Scorsese’s “Departed,” and scored movies such as “Drunkboat” starring John Malkovich and John Goodman. He’s the author of “Unstrung: Rants & Stories of a Noise Guitarist.” His latest album, 30 years in the making, is “Map of a Blue City,” released on May 23. Listened to with half an ear, “Map of a Blue City” is a mellow-sounding showcase for Ribot’s exquisite playing and sometimes

Of his own songs, Ribot says they “just wouldn’t leave me alone. I had affection for them, so I never forgot about them. I wasn’t working on them constantly, but every once in a while, I would take another lunge at finishing them. The lyric is written from the perspective of a very disoriented person slowly coming to consciousness and eventually, at the end of a difficult evening, realizing he’s probably on a subway platform in Coney Island,” the musician explains.

“Working on this album for so long, I’ve seen the world change dramatically and not really change at all. Some of the issues today are the same ones I thought about when I was just starting the album, but some are things I couldn’t have dreamt of at the time. But I think that’s why I was so determined to get the production values right,” Ribot continues. Ribot estimates he’s visited Hungary between 10 and 15 times since 1990. His grandparents were from AustroHungary, and he’s always enjoyed coming here. “I love fish soup, almost anything with paprika and Hungarian Roma music,” he says. Let’s hope a flavor of Hungarian music crept into Ribot’s performance when he performed on his lovingly preserved 1936 Gibson HG-OO guitar at the Hungarian House of Music.

DAVID HOLZER

Marc Ribot

Photo by Eric van den Brulle

Venezuelan Fighting Roosters Inspire 10 Human Virtues

In 2021, painter and performance artist Zeus Salas embarked on an inner journey to reconnect with his creative energy. This path led him back to an influential figure in life, his grandfather, Teodosio Contreras, a renowned trainer of fighting roosters in Venezuela. As a child, Salas spent a lot of time on his grandfather’s farm, helping to prepare the roosters for the fights.

In Venezuela, cockfighting is legal and considered a genuine community event in many places, a tradition that brings people together. The fights are held according to strict rules: the birds

Culture Matters

A regular look at culture issues in Hungary and the region

are weighed and examined beforehand, but the battles frequently end in tragedy. Both rich and poor participate, and the stakes are often enormous.

Contreras trained many winning roosters, and Salas says he taught him several unique techniques, such as how to clean the birds’ throats with orange juice. But the essential thing Zeus learned was that every fight is an encounter, and the real battle is often the one a person fights within themselves.

Reflecting on the reconnection, Salas, who has been living and working in

in Brief News

Lajos Koltai to Receive Lifetime Achievement Award at Film Festival

Acclaimed cinematographer Lajos Koltai will be honored with a lifetime achievement award by the Hungarian Film Academy at this year’s MOZ.GO Hungarian Motion Picture Festival, which will run from June 18-21, according to a press release. With a career spanning more than 50 years, Koltai’s notable credits include “White Palace” (1990), “When a Man Loves a Woman” (1994), and “Just Cause” (1995) He is known for his long-standing collaboration with director István Szabó, having served as cinematographer on films such as “Confidence” (1980), “Mephisto” (1981), “Colonel Redl” (1985), “Hanussen” (1988), and “Sunshine” (1999). Koltai also partnered with Italian director Giuseppe Tornatore

on “The Legend of 1900” (1998) and “Malèna” (2000). He made his directorial debut in 2005 with the adaptation of Imre Kertész’s “Fateless.” His most recent work as a director is the 2023 film “Semmelweis.”

House of Music Hungary Wins EMYA Awards Special Recognition

The House of Music Hungary (HoM) received a special commendation at the European Museum of the Year (EMYA) gala held in Białystok, Poland, according to a statement issued on May 27. The EMYA jury praised HoM for its innovative and visitor-centric approach, recognizing the institution as a “unique blend of experiencebased learning, contemporary architecture and interactive solutions in shows” and highlighting

Budapest for more than five years, created a series called “10 Roosters,” each representing a distinct human virtue. At District V’s BorToDoor, the artist invites visitors to reflect on their own lives through virtues such as self-love, forgiveness, courage, acceptance, mindfulness, and balance in his exhibition “Teodosio: 10 Human Virtues,” which opened on May 22.

Mosaic Roosters

The exhibition and its accompanying programs offer a closer look into

its transformation into a vibrant community space. EMYA, one of Europe’s most prestigious museum awards, honors institutions that reshape the museum experience through innovation, social commitment, and exemplary operation. The jury also noted HoM’s exemplary use of modern methods to make music culture accessible to all, regardless of social background.

Tárkány Művek, AWS Among Zsámbék Elderberry Festival Headliners

Tárkány Művek and AWS will perform at the eighth SambucusZsámbéki Elderberry Festival, which features concerts and familyfriendly programs on June 13-14. According to a statement from the organizers, the free event will take place at Zárdakert in Zsámbék, 35 km west of Budapest. The lineup includes Tárkány Művek, known for blending Hungarian folk, jazz, and Balkan influences; Messessippi, which offers a fresh sound straddling pop and alternative genres; AWS, one of Hungary’s leading modern metal bands; Besh o droM, a chart-

the stories behind the roosters.

Additionally, in collaboration with the tekerd! group, a project that has been evolving since 2022, visitors will have the opportunity to co-create mosaic paintings made from Lego bricks.

Throughout the exhibition, wine tastings will also be held: the BorToDoor team has selected a specific wine for each rooster character and the virtue it represents. These special pairings will be served in the tasting sessions.

The partnership with the tekerd! group aims to construct all 10 life-sized rooster figures through community events by early next year. One such event will be linked to “Night of Museums” on June 21, from 10 a.m. at a pop-up show at the Embassy of Venezuela (Nagyajtai u. 19, 1026 Budapest), and another at the Sziget Festival.

Throughout the exhibition, the specially selected wines connected to the rooster characters will be available for purchase at BorToDoor, each presented in a unique bag, hand-painted bag by Salas. Visitors will also have the chance to acquire artworks, as well as limitededition numbered prints depicting the roosters and the virtues they represent.

The exhibition at BorToDoor City (Zichy Jenő u. 32, 1066 Budapest) runs until June 22. Opening hours are Tue-Thu from 5 p.m.midnight, Fri-Sat 5 p.m.-1 a.m.

topping name in Hungarian world music; and Vad Fruttik, a key player in the local alternative rock scene.

Vienna Museum Hosts Exhibition on Karikó’s Scientific Legacy

An exhibition dedicated to the life and achievements of Nobel Prizewinning Hungarian biochemist Katalin Karikó is approaching the end of its run at the Josephinum, Vienna’s Medical History Museum. Titled “Forever Forward,” the exhibition runs through May 31 and includes items related to Karikó’s career from the collection of the University of Szeged, her alma mater. It also features a short film about the mRNA vaccine developed to combat the coronavirus, the research for which Karikó and Drew Weissmann were awarded the 2023 Nobel Prize. Speaking at an event linked to the exhibition, Karikó said that recognition of her work created opportunities to highlight scientific research and its practitioners. She emphasized the shared responsibility of scientists and the media in making scientific results understandable to the public.

Zeus Salas has been inspired by his Venezuelan roots and human virtues.

Photo by Vivien Boronyák

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

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH invites guests to celebrate at its annual garden party, set amidst the hills of Buda and surrounded by nature. “Friday the 13th” is both the date and the theme of the garden party this year, an evening dedicated to opportunities, chance and great business moments. Enjoy a cocktail dinner, live music, tastings and exhibition stands while connecting with members of the business community.

• When: Friday, June 13, 5- 10 p.m.

• Where: Normafa Rendezvényház, Hegyhát út 16., 1121 Budapest • Where: Members HUF 39,000 (+ VAT); non-members HUF 56,000 (+ VAT).

Swedish Chamber of Commerce in Hungary (SCCH)

On May 13, the SCCH held its general assembly at the Residence of the Ambassador of Sweden to Hungary, marking the 30th anniversary of the chamber’s formation. Ambassador Diana Madunic and Roland Jakab, president of the SCCH, emphasized the longstanding and fruitful cooperation between Sweden and Hungary, where the chamber stands as a bridge, bringing together Swedish innovation and Hungarian talent to create meaningful business opportunities and long-lasting partnerships. Swedish companies operating in Hungary contribute not only to economic growth but to the shared values of sustainability, innovation, and inclusivity. Minister for EU Affairs János Bóka was the guest of honor and delivered a presentation on EU competitiveness, highlighting the challenges and strategic priorities for Europe in the coming years. Whether through new investments, knowledgesharing, or policy dialogue, participants agreed that the best results are achieved in partnership to strengthen Europe’s competitiveness.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH invites guests to mark Canada’s 158th birthday with a festive evening of gourmet burgers, craft beers, specialty donuts courtesy of The Box Donut & More, and community spirit, all under the summer evening lights in Budapest’s scenic District II. This year’s celebration commemorates the anniversary of»the Constitution Act of 1867, which laid the foundation for Canada as a nation. The gathering offers a casual, family-friendly environment for Canadians, friends of Canada, and members of the international community to come together. Prior registration is required.

• When: Tuesday, July 1, 6-10 p.m.

• Where: Pasarét Bisztró, Pasaréti út 100, 1026 Budapest • Fee: Members, HUF 21,463; non-members HUF 27,813.

Belgian Business Club in Hungary (Belgabiz)

Belgabiz marks its 10th anniversary with a festive evening of celebration, friendship, and forward-looking inspiration on June 5 at the Belgian Embassy Residence. The program will include a retrospective of the past decade, an award ceremony, a Belgian-style buffet dinner, and musical interludes by guitarist László Szegedi. It promises to be an evening to remember for our vibrant business community and the perfect kickoff for the next decade.

The BCCH invites guests to an exclusive state aid workshop and business brunch hosted in collaboration with BDO Hungary. Experts from BDO Hungary will provide valuable insights into the recent legislative changes that significantly reshape

Swiss-Hungarian Chamber of Commerce (Swisscham)

Swisscham proudly celebrated its 30th anniversary on May 15 with a memorable gala evening, bringing together members, partners, and friends from across the Swiss-Hungarian business community. Held in a festive and elegant atmosphere at the Museum of Ethnography, the event honored three decades of cooperation, trust, and shared values. The speakers, including Minister of Public Administration and Regional Development Tibor Navracsics; Swiss Ambassador to Hungary Jean-François Paroz; István Béres, president of Swisscham Hungary; and Júlia Lipovecz, director of the chamber, reflected on Swisscham’s journey and future. One of the evening’s emotional moments was a farewell tribute to Ambassador Paroz, featuring a live performance by a string quartet from the Budapest Festival Orchestra as a musical gift of appreciation. Guests were treated to an uplifting and stylish program featuring the smooth swing vocals of Bálint Gájer and a highenergy live saxophone act by András Jász and DJ Andrew, which brought the night to a lively close. The evening also featured a gourmet dinner experience, carefully curated surprises, and a strong sense of community. It was a celebration not only of Swisscham’s history but also of the partnerships and people that will shape its future.

Netherlands-Hungarian Chamber of Commerce (Dutcham)

May 7 marked a special day in the life of Dutcham, as it took over the presidency of the EU Chambers from the Italian Chamber. In his speech, chairman Maurice Janssen noted, “We are here not only as representatives of commerce but as champions of dialogue, partnership and innovation. In times of rapid change and global uncertainty, it is gatherings like this that remind us of the enduring value of unity, cooperation and shared purpose. Across borders and sectors, the European Chambers of Commerce play a crucial role in shaping resilient economies, fostering sustainable growth and supporting businesses of all sizes. Together, we are building bridges, not just between markets, but between people, cultures and ideas.”

thecriteria of Hungary’s VIP Cash Subsidy scheme (EKD), with a particular focus on R&D activities. The workshop will include an introduction to the key amendments to the EKD), opportunities for nonrefundable, direct subsidies and tax incentives to support R&D initiatives, and an

overview and analysis of the FDI landscape in Hungary

•• When: Tuesday, June 10, 9-11:30 a.m. •• Where: BDO Office, Buda-part Gate, 1117 Budapest

•• Fee: Attendance is free of charge but subject to prior registration; BCCH members will be prioritized.

British Chamber of Commerce in Hungary (BCCH)