Budapest Business Journal: Latest Issue

& Logistics

BTS and Pre-leases the Preferred Development Option for I&L

The industrial and logistics sector has been booming in Hungary, with leading Central and Eastern European industrial park developers and operators and Hungarian players active.  15

Industrial Demand Becoming Ever More Complex

Industrial and logistics sector developers and park operators are creating ever more highly specified, energy-efficient, ESGcompliant and sustainabilityaccredited complexes in response to tenant demands.  16

Italian Smile of Success

Hungary’s Bud Spencer Worship Still Full of Beans

Wandering through his local supermarket, David Holzer couldn’t help but smile when he spotted a selection of cans of Bud Spencer Beans. It made him wonder once again how the Italian actor became such a surprising cult figure in Hungary.  26

Positive Easter Egg Surprises Follow Holiday Weekend

Retail consumption, industrial production, and inflation: KSH released three significant datasets after the long Easter weekend. With the exception of industry, the numbers brought a positive surprise.  3

Around 200 guests attended the BBJ’s 12th annual CEO Gala to see the CEO Community Award presented to Rezső Rózsai, country managing partner at KPMG Hungary, and the Expat CEO of the Year Award go to Italian national Xaviera Sancho, of BT Hungary.  6 - 9

Will Nuclear Renaissance Hand Hungary a Pioneering Role?

Policymakers, regulators, and industry leaders met at the Nuclear Power Renaissance forum in Budapest, which focused on the commercial potential of small modular reactors and their role in energy security across CEE.  11

EDITOR-IN-CHIEF: Robin Marshall

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

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1075 Budapest, Madách Imre út 13-14, Building B, 7th floor. Telephone +36 (1) 398-0344, Fax +36 (1) 398-0345, www.bbj.hu

THE EDITOR SAYS

IN PRAISE OF INCLUSIVITY AND DIVERSITY

BBJ-PARTNERS

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.

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

For more information visit budapestbusinessjournal.com

I promise this will be the last time I talk about it for (a little less than) a year, but I wanted to reflect on what seemed to be a special evening at our CEO Gala on Friday, March 27, a full report on which you can find inside this issue. The first thing, of course, is to extend our congratulations (even if it is for the umpteenth time) to our two winners: Xaviera Sancho, managing director of BT Hungary, who took home the Expat CEO Award 2026, and Rezső Rózsai, country managing partner of KPMG Hungary, who won the Community Award, and is a frequent guests panelist at our CEO Boardroom Meeting roundtable events. When we established the first of those awards 12 years ago, we consciously concentrated on expat CEOs because, while there was, rightly so, plenty of recognition for Hungarian CEOs, there was nothing comparable for their international peers, many of whom were doing amazing work to drive growth, bring investments and create jobs in the economy here. In the years immediately before we founded the award, there had also been a notable political frostiness toward foreign-owned multinationals. That said, the award was never intended to be divisive, to create a “them and us” between foreigners and locals. We have worked very hard to build a CEO community that embraces both expats and Hungarians, in which each group is equally valued, equally important. I have no concrete figures to hand as I write this,

but as I looked around the Corinthia Hotel Budapest’s Grand Ballroom on that evening, I saw as many familiar Hungarian faces as expats, as well as a fine turnout from Budapest’s international diplomatic corps. A high number of LinkedIn posts I have seen since March 27 that reflect on the gala speak about the importance of a platform where expats and Hungarians can meet as peers, exchange ideas, learn from each other, celebrate success and, put simply, have fun together. The Expat CEO Award is, above all, about inclusivity. It honors and celebrates the points of difference that diversity can bring. It doesn’t matter if you are talking about the shopfloor or the C-suite; the wider the pool of talent you can draw from, the better the results are likely to be. One of the nice little side stories from March 27 was that we had our first nominee from Greece. And, while we have had one winner from the Central and Eastern European region (Veronika Špaňárová, from the Czech Republic, who won in 2023 when she was country head for Citi, and is now CFO for Wizz Air), we also had our first Polish candidate this year. Xavi Sancho can’t quite match that kind of first, as she is our second Italian nominee, but she ensured her country retained its 100% success rate for the main award. No pressure on whomsoever may follow in her footsteps, then!

Robin Marshall Editor-in-chief

THEN & NOW

The photo from the Fortepan public archive, dated 1970, shows the southern slope below the Citadella on Gellért Hill, with the Girl with Foal statue in the foreground and the Liberty Statue rising in the background. The drone image from state news agency MTI, taken April 5, 2026, captures the fully renovated Citadella on the day of its official reopening in Budapest, highlighting the site’s transformation over more than five decades.

1News • macroscope

Positive Easter Egg Surprises Follow Holiday Weekend

Retail consumption, industrial production, and inflation: the Central Statistical Office released three significant datasets after the long Easter weekend. With the exception of industry, the numbers brought a positive surprise, and the lower-thanexpected price growth could even pave the way for another interest rate cut in the near future.

Inflation Trends in Hungary (1991–March 2026) Change compared to the same period of the previous year, %

Prices of alcoholic beverages and tobacco products rose by 0.2%. Motor fuel prices increased by 4.6% while clothing prices rose by 1.9%.

Significant Risks

As for the outlook, the Iran war, the blockade of the Strait of Hormuz, and the uncertainty surrounding its potential resolution have introduced significant risks into forecasts. Market tensions over the past month-and-a-half have led to a surge in energy prices and a notable weakening of the forint.

“We saw a significant recovery in the days following Easter, but strong market volatility does not support the reduction of inflation expectations. Official interventions are masking pent-up price pressures in the system, although the deterioration in labor market indicators may partly offset this effect,” Nagy noted.

“Global inflation, driven by the conflict in the Middle East, will gradually reach Hungary in the coming months. At present, we expect inflation to be around 5%

in the second half of the year. At the same time, given the favorable figures at the beginning of the year, the average annual inflation rate may remain below 4%,” the Erste Bank analyst said.

The Hungarian Central Statistical Office (KSH) published its retail sales data for February on April 8. Overall, retail sales volume increased by 3.8% on an annual basis, according to calendaradjusted data. The figures did not come as a surprise. Based on seasonally and calendar-adjusted data, the volume increased by 0.4% on a monthly basis in the second month of the year.

As for the detailed breakdown, sales volume adjusted for calendar effects increased by 2.2% in food and food-type mixed stores, 5% in nonfood retail, and 6.4% in fuel retail compared to February 2025.

“Based on the long time series, it is still clear that retail sales are gradually, but moderately, expanding,” Erste Bank analyst János Nagy wrote in a note. “In parallel with the further increase in budgetary welfare expenditures and the expected continued positive trend in real wages, store sales may gradually increase further this year.”

Spending may also be supported by the slowdown in inflation observed at the beginning of the year. Overall, it appears that household consumption growth remains the most important

support for GDP expansion this year.

Industrial production data for February was also released on April 8, but here the news was less welcome.

“According to KSH, the volume of industrial production in February

2026,

adjusted for working-day effects, decreased by 1.5% compared to the same period of the previous year, falling short of both our expectations and the consensus. On a monthly basis, output declined significantly, by 1.8%, erasing the improvement seen in January,” Nagy said.

KSH will publish more detailed data on April 15. So far, only the usual brief commentary has been released, indicating that production volume decreased in most manufacturing subsectors compared to February 2025. Among the most important subsectors, the production of computers, electronics, optical products, and electrical equipment expanded, while the production of vehicles and food, beverages, and tobacco products declined.

German Uncertainty

Uncertainty in the outlook is still driven by the lack of clear signs of real improvement in the German economy, Hungary’s most important single trade partner, Nagy notes. Rising energy prices resulting from the Iran war also pose a significant downside risk.

Source: KSH/National Archive/MTI

“All in all, we can still count on the impact of previous large investments: the capacities of BMW, BYD, CATL, and Mercedes should lead to an expansion in industrial production, mostly expected in the second half of 2026. Given the data from the first two months, consumption remains the only stable pillar of improving economic activity. The manufacturing industry is still unable to deliver balanced performance,” he said.

Inflation data for March was also released. According to KSH, consumer prices increased by only 0.4%

on a monthly basis, pushing annual inflation up to 1.8% from 1.4% in February.

“The figure was lower than our expectation of 2.1% and the consensus of 2.2%. It is also encouraging that the annual core inflation index decreased further, from 2.1% in February to 1.9%,” Nagy commented on the new data.

According to him, the structure of inflation did not bring any major surprises. Food prices decreased by an average of 0.1%, while service prices increased by 0.2%. Household energy prices remained unchanged; within this category, district heating prices increased by 18.4%, while piped gas prices decreased by 3.3%.

“Global inflation, driven by the conflict in the Middle East, will gradually reach Hungary in the coming months. At present, we expect inflation to be around 5% in the second half of the year. At the same time, given the favorable figures at the beginning of the year, the average annual inflation rate may remain below 4%.”

March data shows that prices are still under control. The effects of the Iran war are currently most visible in fuel prices, although the price cap has dampened these. The March inflation figure remains below the 2–4% tolerance band of the National Bank of Hungary (MNB), so lower-than-expected price growth could pave the way for another interest rate cut in the near future.

For now, the conditional two-week ceasefire announced on the morning of Wednesday, April 8, in connection with the Middle East conflict remains fragile. However, if the current favorable international sentiment persists until the end of April, the MNB may consider a further easing following the February rate cut. This will also depend on how the longer-term effects of the month-long war on consumer prices unfold, according to the leading economic news portal, Portfolio.

Fidesz, Tisza Exchange Tit-for-tat Spying Allegations on Foreign Interference

Hungary’s government and opposition traded accusations of serving foreign intelligence services in the final days before the April 12 election, with a wiretapping operation, two IT workers, and a leaked diplomatic recording each claimed as proof the other side was acting for Russia or Ukraine.

The sequence began on March 21, when The Washington Post, citing an SVR internal document authenticated by a European intelligence service, reported that Szijjártó had routinely briefed Russian Foreign Minister Sergei Lavrov on confidential deliberations of the EU Foreign Affairs Council. Kremlin spokesman Dmitry Peskov described the piece as “disinformation.” Orbán’s office did not respond to requests for comment.

Two days later, on March 23, Orbán ordered the Ministry of Justice to investigate the alleged wiretapping of Szijjártó, attributing it to Ukrainian intelligence.

“Wiretapping the phone conversations of a member of the government is a serious attack on Hungary,” Orbán stated on Facebook. Szijjártó said he had been informed that a Hungarian journalist had provided his phone number to a foreign intelligence operative, enabling the interception.

That same day, conservative outlet Mandiner, which is considered to be pro-government, published an audio recording in which investigative journalist Szabolcs Panyi described himself as a “quasi-friend” of Tisza politician Anita Orbán and suggested he would be positioned to recommend “who should stay or be removed” if Tisza took power.

Three days later, on March 26, authorities formally opened an espionage investigation against Panyi, founder of investigative outlet Direkt36 and a member of the VSquare investigative consortium: Minister of Justice Bence Tuzson filed the criminal complaint.

Ukraine

Roundup Crisis

Panyi confirmed he was the person on the recording and acknowledged providing Szijjártó’s phone number to a European intelligence agency, but rejected the espionage characterization, stating he had been conducting journalistic source work.

Protecting Sources

“Defending myself publicly would be easier if I were not bound by source protection,” he wrote. “But that remains my top priority.”

The same day, government spokesman Zoltán Kovács published photographs connecting Tamás Maróti, a dual British-Hungarian citizen identified in a declassified intelligence briefing under the alias “Buddha,” to senior Tisza figures, including campaign manager Péter Tóth.

The briefing stated Maróti had made multiple visits to the Ukrainian embassy and recently traveled to Kyiv. A second suspect, a 19-year-old identified only by initials, had allegedly traveled to Kyiv in

2023

to train with the IT Army of Ukraine, a government-run cyberwarfare unit, and had subsequently carried out what the briefing described as “several operations in the interests of Ukraine.”

Direkt36 presented the same two individuals as victims rather than operatives. According to the outlet, Hungary’s Constitutional Protection Office, the domestic counter-intelligence agency overseen by Minister Antal Rogán, who also directs government communications, had deployed an agent codenamed “Henry” to recruit both IT workers.

When that recruitment failed, their workplaces were raided on the pretext of a child pornography search. No such material was found, but the seized devices revealed Ukrainian contacts that the government subsequently publicized as evidence of espionage.

Magyar described the operation as recalling “the darkest days of communism” and declared it “an attempted coup against Hungary.”

Leaked Phone Call

The significance of the alleged wiretapping became clear five days later. On March 31, FrontStory, working with the international Insider consortium, published a 94-second recording of a call between Szijjártó and Lavrov from August 30, 2024.

In the recording, Lavrov stated: “I am calling at the request of Alisher, and he just asked me to remind you that you were doing something about his sister,” a reference to Gulbahor Ismailova, the sister of sanctioned Russian oligarch Alisher Usmanov.

Szijjártó responded, “We will do our best to get her off.” Ismailova was removed from the EU sanctions list in March 2025.

Szijjártó confirmed the recording’s authenticity, calling the leak “the most severe, serious and most disgraceful foreign intelligence intervention” in Hungary’s electoral history and stating it was “carried out in the interests of Ukraine.”

The European Commission stated that the allegations regarding conduct at Foreign Affairs Council meetings

Photo by KKM/MTI

required clarification from Budapest. Magyar stated that, if confirmed, the coordination with Lavrov constituted treason “not only against Hungary but also the European community.”

The Washington Post, citing an SVR internal document authenticated by a European intelligence service, reported that Szijjártó had routinely briefed Russian Foreign Minister Sergei Lavrov on confidential deliberations of the EU Foreign Affairs Council. Kremlin spokesman Dmitry Peskov described the piece as “disinformation.”

On April 2, the Hungarian Institute of International Affairs published a report applying the EU’s own Foreign Information Manipulation and Interference (FIMI) framework, previously used to describe Russian and Chinese influence operations, to conclude that “most of the FIMI is coming from Ukraine.” Szijjártó stated that “never before have foreign intelligence services intervened in Hungarian parliamentary elections in such an open manner.”

Wing Appoints Katalin Walter as CEO for Hungary Real Estate Matters

Wing is reorganizing its management structure, effective as of April 1. As part of this transition, the roles of chairman and CEO will be separated: Noah Steinberg will continue as chairman, while Katalin Walter will assume the CEO role, taking charge of the company’s day-to-day operations in Hungary.

As a leading Hungarian developer and investor, Wing has also extended its activities in Europe. The transformation is designed to build on more than two and a half decades of sustained growth, enabling the company to operate more efficiently while establishing a solid foundation for future opportunities, the company says.

The central element of the change is the separation of the combined role of chairman and CEO. Steinberg, who founded the firm and has held the dual position to date, will continue as chairman, focusing on long-term strategic direction, while also retaining his role as chairman and CEO of Wingholding, which encompasses the group’s domestic and international interests.

“Over the past 25 years, our group has evolved from a domestic real estate development company into a regional real estate group with an active development and investment presence in Hungary, Germany, and Poland,” says Steinberg.

International Presence

“Our growing international presence, as well as the increasing complexity of our operations, justify our diverse activities on the Hungarian real estate market being placed under the leadership of a dedicated executive,” he continues.

“Katalin’s professional experience and leadership track record provide a solid foundation for the further development of Wing Hungary, building on our values and on-going success,” Steinberg adds.

Walter adds: “Wing has built exceptionally solid foundations in Hungary and across the region over

Corvin Innovation Campus Achieves BREEAM

‘Outstanding’ In-Use

Following the Etele Plaza shopping center and the Budapest ONE office complex, the Corvin Innovation Campus office building has also achieved the BREEAM “Outstanding” sustainability rating, the highest accreditation possible in the thirdparty sustainability accreditation system.

All three projects were developed by Futureal and have now received the highest recognition for sustainable buildings based on operational performance. Importantly, BREEAM In-Use can be utilized for both new and older buildings.

“For existing buildings, regardless of age, BREEAM In-Use assesses actual performance through asset performance and management performance,” says the Building Research Establishment Environmental Assessment Method.

According to these results, the three Futureal projects currently rank among

Accreditation

the best-performing buildings in Hungary in the BREEAM In-Use Commercial category, the developer argues. I

Under the In-Use category, experts assessed the day-to-day operation of Corvin Innovation Campus as outstanding in several areas, including energy consumption, accessibility and flexibility. The first phase of the nextgeneration office building was developed in Józsefváros (Pest’s District VIII) as an extension of the Corvin Promenade.

The 16,650 sqm development is currently one of the most energyefficient office buildings in Hungary, holding an “A+” energy rating.

The development features a fully integrated smart building management

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

the past decades. As CEO, my goal is to build on these to further carry on and strengthen this success story, making our organization more efficient and agile while adapting to the changing market environment and enhancing our competitiveness.”

Wing is now an active real estate developer and investor across multiple countries; in addition to being a leader in the Hungarian market, it is a major player in the Polish and German markets.

system that optimizes mechanical and electrical operations, alongside low-carbon and energy-efficient heating and cooling systems. The office building is also equipped with a smart parking system, with 10% of spaces fitted with electric vehicle chargers. A rooftop photovoltaic system is expected to cover approximately 40% of the garage’s lighting demand.

Precision filtration systems, UV sterilization units and activated carbon filters installed in the building’s mechanical system ensure clean indoor air quality.

“The latest BREEAM In-Use ‘Outstanding’ certification clearly validates the consistent sustainability approach underpinning Futureal’s developments. Following Etele Plaza and Budapest ONE in Újbuda, this project completes a kind of ‘hat-trick,’ with three of our landmark buildings achieving the highest sustainability rating based on actual operation,” says Gábor Radványi, chief architect of Futureal.

“Last year, Corvin Innovation Campus also received the WELL Core ‘Platinum’ certification, which prioritizes the creation of a healthy, people-centric working environment. The certification confirms that the design and construction of the building focused on factors that enhance occupant wellbeing, such as air and water quality, natural light, physical activity and mental health,” he adds.

Logicor Alligator

Budaörs Fully Leased

Logicor has signed a new lease agreement with CHS, one of Hungary’s leading IT distribution companies, for 5,580 sqm of warehouse space at Logicor Alligator Budaörs, bringing the property to 100% occupancy.

Logicor, the owner, manager and developer of European logistics assets, completed the acquisition of the property last year in the western corridor of Budapest. The newly acquired freehold asset comprises approximately 28,000 sqm of warehouse and office space located within the M0 Budapest ring road.

“The acquisition strengthens Logicor’s position in this key location. It also consolidates four neighboring logistics parks in Budaörs, creating a combined logistics cluster of nearly 100,000 sqm in a prime, well-connected location,” comments Domonkos Joó, senior director and head for Hungary and Austria at Logicor.

“This transaction highlights the continued strong demand for well-located logistics space in the western Budapest submarket, despite a more competitive market environment, particularly amongst those focused on efficient distribution operations.”

In Hungary, Logicor operates 172,000 sqm of logistics space across eight parks, predominantly located along Budapest’s most important transport corridors. As of 2025, the firm’s total European portfolio encompassed 19 million sqm of warehouse space in key transportation hubs and near major population centers.

Editor’s note: For more logistics and industrial news, see our Special Report inside this issue, Pages 15-25.

CEO Gala 2026

Xaviera Sancho Named BBJ Expat CEO Award 2026

Italian executive Xaviera Sancho, managing director of BT Hungary, took home the Expat CEO Award 2026 at the Budapest Business Journal ’s 12th annual CEO Gala, held in the Grand Ballroom of the Corinthia Hotel Budapest on March 27. The Community Award this year went to Rezső Rózsai.

Now into its second decade, the CEO Gala and the Expat CEO Award has become a fixture of Hungary’s business calendar, recognizing international executives who not only deliver strong corporate results but also contribute to the broader development of the local business environment and professional community. The Community Award, introduced in 2022, highlights business leaders with an outstanding impact on society and community building.

“The BBJ is Hungary’s only Englishlanguage economic bi-weekly, and we have always played a key role in providing information to expat CEOs working and living in Hungary. It was only natural that we should found an award to recognize their efforts annually,” explains Balázs Román, the CEO of the Budapest Business Journal

This year’s black-tie, invitation-only CEO Gala once again drew a crowd of more than 200 guests, bringing together leading figures from Hungary’s business community, alongside international executives, diplomats and investment promotion experts.

Before the doors opened to the Grand Ballroom, attendees gathered in the reception area, where they enjoyed a selection of delicacies and drinks provided by the event’s partners, setting the tone for an evening of celebration and high-level business engagement.

Panels of Experts Choose Honorees in Final Deliberations

As has always been the case, the awardwinners were decided by professional juries shortly before the start of the gala.

The Expat CEO Award jury comprised Írisz Lippai-Nagy, CEO of the American Chamber of Commerce in Hungary;

Barbara Zollmann, CEO of the GermanHungarian Chamber of Industry and Commerce; Gergő Karbuczky, deputy CEO and chief operating officer of the Hungarian Investment Promotion Agency, the official event partner of the CEO Gala; and Balázs Román, BBJ CEO. The panel was completed by last year’s winner, Ana Maria Vargas.

The Community Award jury included Andrea Solti Istenes, president of the Hungarian Business Leaders Forum (the official partner for this award); Tamás Botka, publisher of the Budapest Business Journal; and Róbert Keszte, last year’s winner.

Hall of Fame: Expat CEO Award Past Winners

The award was won for the first time in 2015 by Spain’s Javier González Pareja (then CEO of Bosch Magyarország); in 2016, the winner was German Joost Lammers of Budapest Airport. In 2017, it was his countryman, Joerg Bauer, then President of GE Hungary, followed in 2018 by our first Brazilian-German winner, Marc de Bastos Eckstein, of Thyssenkrupp Components Hungary

Kft. The year 2019 was a landmark that saw the first woman winner, Finland’s Taira-Julia Lammi, then country managing director of ABB Kft. She was followed in 2020 by Briton Melanie Seymour, head of Blackrock Budapest from 2017-2019. Dutchman Erik Slooten, then CEO of Deutsche Telekom IT Solutions Hungary, won in 2021. He was followed in 2022 by Italian

and to help integrate the country into global value chains. None of this would be possible without your leadership and commitment,” he told guests.

“They came to a foreign country, built trust, recognized Hungary’s potential and played an active role in shaping its future. This requires a special kind of leadership, one that successfully combines global best practices with local knowledge,” the HIPA COO said.

“Looking at previous winners of the Expat CEO Award, a clear pattern emerges. These leaders do not simply manage successful operations. They raise standards, introduce new technologies and bring fresh ways of thinking. They are innovators, builders and ambassadors, not only of their companies, but of Hungary as well,” Karbuczky added.

Welcoming gala guests into the Grand Ballroom, BBJ editor-inchief Robin Marshall set the tone for an evening centered on the strength of the CEO community in Hungary.

“This is the premier platform for connecting with a remarkable community of CEOs, of course, but importantly, also their partners, members of the diplomatic corps, and key players with the government,” Marshall said.

Expat Execs Boosting Hungary’s Economy

HIPA Deputy CEO Gergő Karbuczky was next to address the audience, highlighting the importance of collaboration between international businesses and Hungary’s economic ecosystem.

“For HIPA, this event is one of the highlights of the year, as it brings together a community that is central to our mission. As you know, our objective is clear: to attract world-class investors to Hungary

Giacomo Pedranzini, CEO of Kometa 99 Zrt. Czech citizen Veronika Spanarova, managing director and country head for Hungary of Citi, became the first winner from the Central and Eastern European region in 2024. In 2024, Dane Chresten Bruun, senior vice president of EMEA Manufacturing in the Lego Group, took home the award. Last year, it was won by Ana Maria Vargas, country director at J&J Innovative Medicine Hungary.

“Looking at previous winners of the Expat CEO Award, a clear pattern emerges. These leaders do not simply manage successful operations. They raise standards, introduce new technologies and bring fresh ways of thinking. They are innovators, builders and ambassadors, not only of their companies, but of Hungary as well.” – Gergő Karbuczky

After the HIPA Deputy CEO’s speech, guests were treated to a musical performance by the Singing Lawyers Budapest. Founded in late 2024 to build a community through music for practicing lawyers and law students, their repertoire blended classical, contemporary, and folk-inspired pieces, adding a rousing cultural dimension to the evening.

Community Award Recognizes Corporate Responsibility

The first major highlight of the night was the presentation of the CEO Community Award. Presented by the BBJ in partnership with the Hungarian Business Leaders’ Forum, it honors business leaders who demonstrate a strong commitment to community building, act as role models, and make a meaningful social and economic impact in Hungary. This year’s three nominees came from a wide variety of backgrounds.

Orsolya Erdődy has been managing director of the award-winning Budapest Festival Orchestra since January 2020, having previously been its deputy managing director from November 2011. Amongst other things, Erdődy is also the chief music advisor to the Pannonhalma Archabbey.

“I would like to thank everyone here, colleagues, partners, and friends, because what I have found in Hungary is more than just a professional environment. It has become a second home and, in many ways, this [gesturing to the audience] is a second family. That sense of community is something truly special, and it’s something we must continue to build together.”

– Xaviera Sancho

Péter Noszek, CEO of Nestlé Hungária, has held his current role since January 2018. He has worked in New Zealand, Australia, the Philippines, the United Kingdom, and Switzerland, as well as Hungary. In January of this year, he was elected chairman of the prestigious Managers Association of Hungary.

Rezső Rózsai has been the country managing partner at KPMG Hungary since October 2019. He began his career at the firm almost 30 years ago, in September 1997. He is also a board member of the Hungarian Business Leaders’ Forum and the Joint Venture Association.

The Community Award was presented to Rezső Rózsai by last year’s winner, Róbert Keszte, head of global operations at Aumovio.

“I have to say that this award is not coming to me alone. I have to thank my colleagues who are sharing knowledge in the business community, who are awarding a lot of extra pro bono work to the communities who really deserve it and really need it. So, I would like to thank you again for the great award and this is empowering us to work even harder in the future,” said Rózsai.

Following the announcement, the other finalists were invited to the stage to receive certificates of recognition.

Honoring International Leadership for More Than a Decade

BBJ editor-in-chief Marshall once again took the stage to introduce the main event of the evening.

“Your Excellencies, Ladies and Gentlemen, we now come to the […] presentation of the Expat CEO of the Year Award. We launched this back in 2015 because, while there was, quite rightly, plenty of recognition for Hungarian CEOs, many of whom do outstanding work and many of whom are present tonight and form a vital element of our CEO community, there was nothing to celebrate the contributions made to the Hungarian economy by expat company leaders. We thought we should do something about that.”

This year’s nominees included Italian national Xaviera Sancho, general manager of BT Hungary, who has been a senior manager and country leader at BT Hungary since February 2024, having worked for BT for 19 years; Polish national Pawel Tokarzewski, country manager for Hungary at Eli Lilly and Company, who has worked at Eli Lilly for almost 14 years and has been the country manager for this country since June 2023; while Greek national Nikos Zois, managing director of Heineken

“I have to say that this award is not coming to me alone. I have to thank my colleagues who are sharing knowledge in the business community, who are awarding a lot of extra pro bono work to the communities who really deserve it and really need it. So, I would like to thank you again for the great award and this is empowering us to work even harder in the future.” – Rezső Rózsai

Hungária, has run the company’s Hungarian operation since October 2021, and has worked for the brewer for 30 years because, as Marshall joked “Why would you give up a job like that?”

To announce the identity of the winner, Marshall invited back to the stage the 2025 Expat CEO of the Year, Ana Maria Vargas, country director at J&J Innovative Medicine Hungary. It was she who described the hard task the jury had faced in picking one person from the three candidates, and it was she who opened the envelope containing the name of the 2026 winner: Xaviera Sancho.

“I’m especially honored because I was nominated alongside such outstanding colleagues. Being part of this group already felt like recognition, so to receive this award is incredibly meaningful,” Sancho said.

“I would like to thank everyone here, colleagues, partners, and friends, because what I have found in Hungary is more than just a professional environment. It has become a second home and, in many ways, this [gesturing to the audience] is a second family. That sense of community is something truly special, and it’s something we must continue to build together,” she noted.

All finalists were recognized on stage, underlining the strength and diversity of Hungary’s international business leadership community. Tokarzewski became the first Pole to be nominated for the award; Zois was the first Greek. Sancho is only the second Italian nominee, both of whom won.

Marshall brought the formal part of the gala to a close, wishing guests a pleasant evening before giving his now familiar sign-off, quoting the late Irish comedian Dave Allen: “Goodnight, thank you, and may your God go with you!” The evening continued with more networking, live music by Singing Lawyers Budapest, as well as drinks, cheese, and desserts in Corinthia’s elegant Valetta II Lounge, offering guests further opportunities to connect and celebrate.

Alongside HIPA as the CEO Gala’s official event partner, while the major sponsors, without whom it could not have happened, included Penny, Audi, PwC, Synergy, Siemens, CBRE, Taylor Wessing and Market Asset Management. Special Effects provided sound, lighting and technical support, Prime Time Communications assisted with event organization, and the Corinthia Hotel Budapest hosted the evening.

Hall of Fame: Community Award Past Winners

In 2022, the Budapest Business Journal issued certificates of appreciation on behalf of the CEO community to two people who had done much to look after the broader world in their day-to-day work in Hungary throughout the COVID-19 pandemic and in developing the LifeSaver app. Those certificates went to Gábor Csató, CEO of the Hungarian National Ambulance Service, and Amanda Nelson, then CEO and chairwoman of Vodafone Hungary. In 2023, the CEO Community Award was launched, with the inaugural winner Andrea Solti Istenes, country chair and president of the board of Shell Hungary and president of the Hungarian Business Leader’ Forum. The 2024 award was shared by Gabriella Heiszler, presidentCEO of Spar Magyarország, and Arne Klehn, then multi-property general manager of the Budapest Marriott Hotel and Marriott Executive Apartments, and now GM of the JW Marriott Berlin. In 2025, the award was presented to Róbert Keszte, head of global operations at Aumovio.

J.D. Vance: Hungary a ‘Positive Force for Peace’ in Brief News

Budapest would be the best place for the leaders of the opposing sides to sit down at the negotiating table, because “it is a place of statesmanship, a place that has shown that it is very willing to be a positive force for peace,” U.S. Vice President J.D. Vance said on April 7 at a joint press conference with Prime Minister Viktor Orbán in Budapest, state news agency MTI reported.

independence, or even dominance.

Vance said he was working to support Orbán in the run-up to Sunday’s parliamentary election.

Vance noted that Orbán “has been better than anybody at helping us understand what it is that the Ukrainians need, what it is that the Russians need in order to achieve peace.”

He added that Orbán has led the way in energy security and independence, and European leaders grappling with the energy crisis should have followed the example set by the Hungarian PM.

The VP said the United States wanted Europe to succeed, for energy to be affordable for European families, and for the continent to achieve energy

KKM: Paks NPP Expansion to be Completed on Schedule

Work is progressing at full speed, so the expansion of the Paks nuclear power plant will be completed on schedule despite all difficulties, Deputy Minister at the Ministry of Foreign Affairs and Trade (KKM) Levente Magyar said on the site on April 2, according to the state news agency, MTI. “As we promised, this power plant will be completed on schedule despite all the difficulties that have hindered the work over the past 10 years,” he insisted. “Let’s not forget that the Russia-Ukraine war broke out not in 2022, but as early as 2014, and we signed the agreement with the Russians to build this nuclear power plant just a year or two before that,” Magyar said adding that Russian companies, firms from the United States, Germany, France, and a dozen other Western countries were also participating

“It is funny to watch prime ministers and leaders in some of the Western European capitals talk about the energy crisis when, frankly, they should have been following the policies of Viktor Orbán in Hungary.”

He added that while energy prices were high everywhere, they had risen far less in Hungary than elsewhere in Europe, “thanks to the man standing next to me.”

Accelerating Cooperation

Vance also noted that Hungarian-U.S. economic cooperation had accelerated in recent years, though he emphasized that his visit was primarily motivated by the moral cooperation between the United States and Hungary.

in the construction and in supplying technology. “So this is an international project, and it is in the interest of all parties involved that it be completed as soon as possible. [.…] We are on the best possible path towards ensuring that a second nuclear power plant will guarantee Hungary’s energy security within the foreseeable future,” he said.

Debt Ratio Rises for 2nd Consecutive Year, Defying Constitutional Rule

Hungary’s government debt climbed to 74.6% of GDP in 2025, up from 73.5% in 2024 and 73.3% in 2023, marking the second consecutive annual increase despite a constitutional commitment to debt reduction. The Fundamental Law, which Fidesz rewrote when it returned to power in 2010, prohibits taking on financial obligations that would raise debt above 50% of GDP. The new data also shows a 4.7% GDP-ratio deficit in 2025, an improvement of about

“Hungarians do not need to listen to the U.S. vice president, that is not why I am here, but I would like to send a message, especially to the Brussels bureaucrats who have done everything to suppress the Hungarian people because they dislike a leader who stands up for his nation,” he said.

Addressing the topic of the Hungarian election, Vance said Hungary faced “one of the worst examples of foreign election interference that I’ve ever seen or even read about. The bureaucrats in Brussels have tried to destroy the economy of Hungary. They have tried to undermine Hungary’s energy independence and drive up consumer prices, and they’ve done it all because they hate this man.

I am confident that Viktor Orbán is, of course, going to win,” Vance declared, adding that the United States would work with whoever won Sunday’s election.

0.5% from 2024, but still higher than the government’s original target. The central government posted a HUF 4.174 trillion deficit, partially offset by a HUF 49 billion surplus from municipalities and a HUF 66 bln surplus from social security funds. The rising debt ratio also conflicts with the EU’s Excessive Deficit Procedure, which requires member states to keep debt below the 60% reference threshold.

Int’l Design Competition Selects Winning Plan to Redevelop Budapest’s Largest Brownfield Zone

Budapest City Hall has announced the results of its international Rákosrendező redevelopment competition, selecting a master plan that links six new urban districts with a circular promenade and unifies the area with three major parks. The winning proposal, which emphasizes a climate-adaptive design, so-called

The VP also acknowledged reports of Ukrainian intelligence attempting to interfere in U.S. and Hungarian elections, saying “there are elements within the Ukrainian intelligence services that tried to put their thumb on the scale of American elections, on Hungarian elections.” The primary interest of Europe, Ukraine, Hungary, and the United States, he said, was for the war to end as soon as possible. Vance criticized Europe’s decision to cut itself off from fossil fuels from the East as a mistake.

U.S. Vice President J. D. Vance and Second Lady Usha Vance were visiting Budapest on April 7–8 for bilateral talks with Prime Minister Viktor Orbán and to deliver a speech on U.S.–Hungarian relations. Vance and Orbán both addressed a rally dubbed the “Day of Hungarian-American Friendship” at the MTK Sportpark.

sponge-city water management, diverse housing, and flexible phasing, will receive HUF 18 million. The winning consortium was led by France's Coldefy et Associes Architectes Urbanistes, with partners Cityforster and Treibhaus Landschaftsarchitektur (both from Germany), Marko and the Placemakers (from Slovakia), and Hungary's Sporaarchitects Kft. The city plans to develop 8,000–10,000 new homes, at least 20% of which will be affordable, alongside 25 hectares of public parks, pedestrian- friendly streets, and a new transport hub connecting rail, the extended M1 metro line, and a tramline. Mayor Gergely Karácsony called the project historically significant, noting that Budapest has not conducted a full district-scale urban-planning competition in more than 100 years. The detailed master plan is expected by early 2028, with the city emphasizing long-term livability, climate resilience, and cooperation with the next national government.

2 Business Nuclear Power Renaissance Could

Give Hungary a Pioneering SMR Role

Policymakers, regulators, and industry leaders met at the Nuclear Power Renaissance: Accelerating the Deployment of SMRs in Hungary and Central and Eastern Europe forum in Budapest, which focused on the commercial potential of small modular reactors, their role in energy security, and their contribution to decarbonization across CEE.

“Dialogues like the one today are essential. While the ‘atomic age’ of the 20th century was about scale and state power, this ‘modular age’ of the 21st century is about flexibility, resilience, and partnership,” she noted Together, the United States and Hungary, and our allies in Central and Eastern Europe, are not only planning reactors; our partnership is laying the foundation for energy independence and shared growth over many decades to come.”

energy demand, supporting industrial development, and securing long-term economic growth,” Rudich said.

“Together with GE Vernova Hitachi and our Hunatom partners, we believe the

BWRX-300

offers

The March 31 event highlighted Hungary’s growing role in small nuclear reactors, the next wave of nuclear energy development in the region, and came at a decisive moment for nuclear energy in Hungary. The country recently signed an intergovernmental nuclear energy agreement with the United States, laying the foundations for cooperation in civilian nuclear energy development. The European Commission has also now adopted its SMR Strategy. Together, these developments are helping position Hungary as a regional center for the deployment of advanced nuclear technologies.

In her opening remarks, Caroline Savage, Chargé d’Affaires at the U.S. Embassy in Budapest, underlined the importance of U.S.-Hungarian cooperation and the role of American nuclear technology in strengthening energy security in the region.

“The United States sees Hungary as a key partner in the region in the field of nuclear energy, and the country has been selected for the Phase

Front-end Engineering and Design study to prepare for the deployment of small modular reactors,” she said.

The global energy environment and the role of nuclear power in long-term energy security and system stability were addressed by Attila Aszódi, a nuclear safety expert and the dean of the natural sciences faculty at the Budapest University of Technology and Economics.

Security of Supply

“The key question today is how to ensure security of supply and how to manage fluctuating electricity prices. A new situation has emerged in which new technologies are both welcome and necessary, and small modular reactors will play an important role,” he said.

Last year, SGE, the Warsaw-based European SMR development platform, signed a memorandum of understanding with Hunatom (a state-owned company focused on developing and coordinating projects in the nuclear energy sector), creating a framework to examine the possible deployment of BWRX-300 SMR technology in Hungary.

Robert Rudich, SMR’s chief business development director, said Hungary “has the experience and capability” to take on a leading role in the region.

“Hungary […] combines comprehensive nuclear expertise with a strategic mindset that recognizes the role of new nuclear technologies in meeting growing

nuclear power plants face a number of challenges, and SMRs may provide answers to these challenges,” she said.

Róbert Griljov, a member of Hunatom’s supervisory board, spoke about nuclear project development and the company’s role in advancing Hungary’s nuclear ambitions.

“Without nuclear energy, we have no chance of achieving the climate goals set by the EU. Hunatom has sufficient experience in project preparation and implementation to transfer this to SMR projects. This experience is an additional advantage and can accelerate the deployment of the technology,” he said.

Speakers at the forum agreed that small modular reactors could play a key role in meeting rising electricity demand while strengthening energy independence and supporting the region’s climate targets. By the close of the event, participants had also committed to continuing dialogue and cooperation so that these strategic ambitions can be turned into concrete projects over the coming years.

That broader regional context is central to SGE’s role in the discussion. Founded in

2019

and headquartered in Warsaw, the company is a co-investor in the standard design of the BWRX-300, the SMR technology developed by GE Vernova Hitachi Nuclear Energy. The platform has positioned itself around what it describes as a combination of proven technology and a new business model, and says that approach has allowed it to become Europe’s leading SMR project developer.

Hungary a fast path to building new nuclear capacity. The early, costefficient deployment of this first-ofits-kind technology supports industrial expansion, creates new investment opportunities, and keeps pace with rising energy demand,” he added.

Deputy State Secretary for Energy Policy Márk Alföldy-Boruss discussed Hungary’s energy strategy and the role SMRs could play in meeting national climate and energy policy targets.

“Nuclear energy will be a key pillar of the energy strategy. Parliament has amended Hungary’s atomic energy law, which creates the possibility of deploying small modular reactors. Small modular reactors are promising in terms of fast and costefficient implementation. We are pursuing fruitful international cooperation with every supplier country involved,” he said.

The regulatory perspective, including licensing frameworks and the safe introduction of new nuclear technologies, was outlined by Andrea Kádár, president of the Hungarian Atomic Energy Authority.

Technological Leap

“The [atomic energy law] amendment has made it possible for us to take the necessary steps toward licensing, and now the next phase will be the development of safety regulations, which will define the specific requirements. Small modular reactors represent a kind of leap in nuclear technology. Conventional

“Together, the United States and Hungary, and our allies in Central and Eastern Europe, are not only planning reactors; our partnership is laying the foundation for energy independence and shared growth over many decades to come.”

SGE is currently building partnerships and projects in more than half a dozen European countries. Its main focus is on Poland, where it has begun development at three sites with the global energy company Orlen. According to the company, the first unit is scheduled for delivery by 2032.

For Hungary, the importance of that partnership lies not only in access to a specific technology, but in the possibility of joining a broader European development track that is already moving from planning into implementation. The message of the Budapest forum was clear enough: SMRs are no longer being discussed only as a distant technology option, but as a realistic part of future energy planning in Hungary and in the wider region.

Oil, Gas Pipeline Threats Highlight

Hungary’s Energy Dependency

With an oil pipeline halted since January, a global price shock from the closure of the Strait of Hormuz, and an alleged sabotage attempt on its gas supply route in Serbia, Hungary’s energy security has come under simultaneous pressure in the weeks leading up to the April 12 parliamentary election.

Russian oil flows through the Druzhba pipeline to Hungary and Slovakia ceased on Jan. 27, following what Ukraine said was a Russian drone strike on infrastructure at the Brody hub in the west of the country, forcing Hungary to release strategic reserves and pivot to Croatia's Adria pipeline as its primary alternative supply route.

Both Budapest and Bratislava have formally complained to the European Commission that Croatia’s rates are three times the European average, and Hungary remains unconvinced by the Ukrainian version of events.

An EC fact-finding mission entered Ukraine on March 19 to formally assess the pipeline damage. By April 1, Ukraine’s Deputy Prime Minister Taras Kachka had cited the security situation as the reason the mission had not reached the pipeline, the first time Ukrainian officials had publicly acknowledged that EU experts had not been granted access to the site.

Hungary moved to respond shortly thereafter. On March 25, Orbán announced that Hungary would gradually halt gas exports to Ukraine and keep the remaining gas for itself.

“As long as Ukraine does not supply oil, it will not receive gas from Hungary,” he stated in a Facebook video following a cabinet meeting. According to Ukrainian energy consultancy Expro, Ukraine imports approximately 45% of its gas needs through Hungary. At the European Council in late March, Orbán vetoed a EUR 90 billion EU loan to Ukraine and the 20th sanctions package against Russia, explicitly linking both to the unresolved pipeline dispute.

Meanwhile, U.S. and Israeli military strikes on Iran in late February triggered the near-total closure of the Strait of

Energy Matters

A biweekly look at energy issues in Hungary and the region

Hormuz, particularly for Western tankers, disrupting approximately 20% of global seaborne oil supply.

Rising Import Bills

The European Commission estimates the closure has added an extra EUR 13 billion to the bloc’s fossil fuel import bill, with EU benchmark gas prices rising approximately 70% and oil approximately 50% since the conflict began, and Brent crude reaching $126 per barrel. The International Energy Agency coordinated the release of 400 million barrels from strategic reserves on March 11 in an effort to stabilize markets, though analysts said it proved insufficient to lower prices. Hungary found its above-average rates through Croatia’s Adria pipeple climbing further as global tanker availability tightened and prices rose. The government then introduced temporary fuel price caps and modestly reduced excise taxes in response. Hungary’s dependence on imported energy, combined with the forint’s sensitivity to risk-off periods in global markets, means elevated prices feed through into domestic inflation and industrial costs more directly than in many Western European economies.

Serbian army and police discovered two backpacks containing approximately four kilograms of plastic explosives, along with detonator caps, a detonating cord, and assembly tools, near the village of Velebit in northern Serbia, on April

5.

The site was just a few hundred meters from the Balkan Stream pipeline, the extension of TurkStream that carries Russian gas through Serbia to Hungary. The Higher Public Prosecutor’s Office in Subotica said the case had been classified

as illegal weapons and explosives trafficking linked to suspected sabotage. Serbian President Aleksandar Vučić informed Orbán of the find, prompting Orbán to convene an emergency meeting of the Defense Council.

The following day, Orbán traveled to the Kiskundorozsma gas supply station on the Hungarian-Serbian border to inspect protection measures in person.

“We have strengthened military control and protection of the Hungarian section of the TurkStream gas pipeline,” he stated. Minister of Foreign Affairs and Trade Péter Szijjártó confirmed that Hungary, Russia, Turkey and Serbia had agreed to coordinate protection of the TurkStream system and drew a comparison with the 2022 Nord Stream pipeline attack, which Budapest has attributed to Ukraine.

False-flag Op?

Ukraine rejected any such connection. Its Foreign Ministry spokesperson Heorhii Tykhyi stated, “Ukraine has nothing to do with this,” and described the incident as “most probably a Russian false-flag operation as part of Moscow’s heavy interference in the Hungarian elections.”

The Kremlin, through spokesman Dmitry Peskov, said there was “no reliable evidence” yet as to responsibility.

In a twist, Serbia’s own military intelligence further complicated attribution. Đuro Jovanić, director of the VBA, Serbia's Military Security Agency, stated that it is “not true that Ukrainians tried to organize this sabotage,” and added that “based on the markings on the explosives, it is unmistakably clear that the manufacturer is from the United States.”

Jovanić also disclosed that the VBA had spent months trying to warn the political leadership that an attack on gas infrastructure was possible, only to meet what he characterized as “skepticism, disapproval, disagreement.”

In a photo released by the Prime Minister’s Communications Department, Prime Minister Viktor Orbán (right) is pictured at the gas supply station in Kiskundorozsma on April 6, 2026. With him are Minister of Foreign Affairs and Trade Péter Szijjártó (left), and Szabolcs I. Ferencz, chairman and CEO of FGSZ Zrt, a subsidiary of oil and gas giant MOL and the sole transmission system operator in Hungary, owning and operating a 6,000 km high-pressure natural gas pipeline system, supplying gas to distribution companies, power plants, and large industrial consumers. The PM was there to inspect the reinforced military protection of the Hungarian section of the Turkish Stream gas pipeline, which had been ordered the previous day.

Opposition Tisza Party leader Péter Magyar said that several people had publicly indicated that something would “accidentally” happen near the Serbian pipeline around Easter, a week before the elections, and called the incident a staged provocation. Orbán, speaking at the border, addressed the charge directly.

“This event does not affect the elections,” he said. “It affects Hungary’s energy security. Let us not mix the campaign with governing the state.” No suspect has yet been identified. The Druzhba pipeline remains unrepaired, with an EU-backed repair mission still awaiting access to the site. With Brent crude trading above USD 100 per barrel and the TurkStream pipeline now under military guard, Hungary enters election week with no Russian oil flowing through Druzhba, elevated prices on both oil and gas, and its primary gas supply route under active security deployment.

Tokaj’s New Face: The Tokaj Art Wine Concept

It all started in Tállya, one of the most distinctive villages in TokajHegyalja. In recent years, Tállya has become the center of a new cultural and gastronomic initiative. Here, the Tokaj Art Wine (TAW) concept was born, connecting winemaking, contemporary art, hospitality, and shared experiences.

TAW begins with the simple idea that Tokaj is not only a wine region but also a cultural landscape. A place where a glass of wine, a work of art, a dinner, or a conversation are but different layers of the same experience.

Today, Tokaj Art Wine has grown into an expanding cultural and gastronomic network, centered in Tállya, while also having a presence in Budapest through the TAW Gallery.

Wine as an Experience

Tokaj Art Wine’s wines are made from the region’s iconic grape varieties: Furmint, Hárslevelű, and Yellow Muscat.

The philosophy behind the concept is that wine is more than a drink: it is a story, a meeting, and a source of inspiration. A glass of wine often sparks conversation, brings people together, and provides space for new ideas. Tokaj is special in this regard: wine has always been part of community life, hospitality, and culture.

Barka Gallery Hotel: Art and Hospitality

A central location of the TAW concept is the Barka Gallery Hotel, located in the more than 400-year-old

Szirmay Manor in the heart of Tállya. The 13-room hotel is unique as Hungary’s first contemporary art-themed hotel. Each room reflects the world of a contemporary Hungarian artist, allowing guests not just to stay, but to become part of an artistic experience.

Artists featured include Nóra Soós, Patrik Murakami, Ágnes Verebics, Dániel Labrosse, László feLugossy, Péter Weiler, Luca Katalin Simon, Albert-László Barabási, Béla drMáriás, and the Emezek art group. The artworks in the rooms are also available for purchase, allowing guests to take the experience home as an art object.

Art Gains Flavor at Barka Restaurant

Barka Restaurant is the gastronomic center of the TAW concept. Szilárd Vanyó, who approaches traditional Hungarian cuisine with a contemporary perspective, heads the kitchen. Dishes focus on local ingredients, seasonal availability, and sustainability.

The restaurant’s interior is also distinctive, featuring hand-painted custom furniture and visual design by Boglárka G. Horváth. The space continuously showcases TAW’s contemporary art collection, allowing guests to enjoy both culinary and artistic experiences simultaneously.

Barka regularly hosts wine dinners, tastings, music evenings, and art programs, turning dining into a truly cultural experience.

Bohemian Wine Club: Tokaj Up Close

The Bohemian Wine Club is one of TAW’s most open and direct venues. The nine-room guesthouse (complete

with a pool) serves as a wine club, community space, and accommodation. Contemporary artworks adorn the walls, inviting guests to engage with TAW’s artistic world. It is a place where wine is not just a drink, but a starting point for conversations and meetings. Themed tastings, casual evenings, and personal stories define the atmosphere, often with the winemakers themselves present.

The club’s goal is to bring Tokaj wines closer to an open and curious audience, while allowing guests to experience the region’s lifestyle in a friendly, intimate setting.

Contemporary Art in the Heart of Tokaj: Tállya Artist Residency

One of TAW’s most important cultural projects is the Tállya Artist Residency. The program establishes a creative environment for contemporary artists in Tokaj-Hegyalja. Artists live in central Tállya, work together, and take part in exhibitions, talks, and cultural events.

Over the years, the residency has become one of the region’s defining cultural initiatives. In 2023, more than 160 artists participated in the program.

Tokaj’s Art in Budapest at TAW Gallery

TAW’s Budapest venue is the TAW Gallery, located in Pest’s District V. The gallery is a space where contemporary visual art, Tokaj wine, and cultural discussions intersect. Exhibitions, guided tours, wine tastings, and talks on art collecting make it a living cultural platform.

The gallery’s latest exhibition is especially noteworthy: On April 1, 2026, in collaboration with Nagyházy Contemporary, the TAW Gallery will open Endre Kecső’s “Hybrid,” featuring works created over the past five years.

Make Your Own Sparkling Wine at Derű Sparkling Wine House

One of TAW’s newest projects is the Derű Sparkling Wine House, which opens on April 18. Workshops allow guests to make their own sparkling wine. Various liqueurs can be added to the traditionally prepared

base wine, giving each participant a unique flavor profile. At the end of the 2-and-a-half to 3-hour session, guests can take home their personalized bottle.

Where Contemporary Art Meets Craft Beer

The Tokaj Art Beer Contemporary Art Gallery and Brewery is a new meeting point where contemporary art meets craft beer culture.

The space hosts exhibitions, cultural programs, and community evenings, serving as an inspiring gathering place. In the future, on-site brewing will also begin.

Tokaj as an Experience

TAW continues to expand, with future projects including a natureadjacent cabin complex, a craft beer manufactory, and additional gastronomic and cultural initiatives.

The goal is to present Tokaj-Hegyalja not just as a wine region, but as a complex cultural and experiential destination.

TAW is therefore not simply a brand, but a philosophy: a new way to ensure Tokaj’s heritage remains alive and inspiring in the 21st century.

4iG, Northrop Grumman Sign Multimillion USD Agreement for 1st Hungarian Comms Satellite

During the visit of U.S. Vice President J.D. Vance and his delegation to Budapest, several major space and defense industry agreements involving 4iG Space and Defense Technologies (4iG S&D) were signed, enhancing economic, security and technological cooperation between Hungary and the United States.

As part of these agreements, it was announced that, under the HUsat program, Northrop Grumman will begin working on Hungary’s first geostationary communications satellite (HUgeo), scheduled for delivery in 2030. It is said to be a multimillion-dollar deal, though no exact value has been given.

In addition, the companies are expanding a Memorandum of Understanding (MoU), signed last December, extending the intention to cooperate beyond space industry projects to include joint programs in counter-unmanned aerial systems (C-UAS), advanced weapons and precision guidance systems.

As part of transatlantic cooperation, 4iG S&D also signed an agreement with L3Harris Technologies Inc., an American technology company, defense contractor, and information technology services provider. The expectation is that this will open new opportunities in defense digitalization and in the local industrial integration of Himars (High Mobility Artillery Rocket System), while reinforcing its role in the regional development of NATO-compatible technologies.

4iG S&D also signed an agreement with leading U.S. small satellite platform manufacturer Apex Technology on the framework conditions for establishing a joint venture to develop a Europeanbased, scalable small-satellite manufacturing capacity designed to support multi-satellite constellations.

HUsat, the flagship satellite program of 4iG S&D, is designed to ensure Hungary’s technological sovereignty in communications and Earth observation. Within it, a geostationary communications satellite (HUgeo) and eight low Earth-orbit observation satellites (HUleo) are planned for deployment in 2030.

Northrop Grumman will manufacture the geostationary satellite, while the eight Earth observation satellites will be produced by 4iG S&D, leveraging its own development and manufacturing capabilities at its Hungarian technology center, which is scheduled for completion in Q3 of this year.

Structure Established

The supplier structure has already been established: the ground antenna system will be provided by Vertex (Germany), imaging systems by TelePIX (South Korea), and SAR radar technology by MetaSensing (Italy).

As the manufacturer of the geostationary satellite component of the HUsat program, Northrop Grumman will deliver a solution based on its GEOStar-3 platform, which is proven in national security and dual-use environments and represents state-of-the-art technology.

The agreement covers the entire geosynchronous satellite program, including design, manufacture, assembly, integration, testing, and on-ground delivery of the HUgeo satellite; transportation to a U.S. launch site, launch integration and early operations support services, and in-orbit testing.

“Today, we signed a landmark agreement with Northrop Grumman to secure Hungary’s access to critical dual-use satellite communications capabilities, a key enabling technology in today’s geopolitical environment,”

said István Sárhegyi, chairman and CEO of 4iG S&D at the signing on April 7.

“Our agreements with L3Harris Technologies and Apex Technology, together with our existing partnerships and investments with Lockheed Martin and Axiom Space, demonstrate our ability to collaborate with leading global technology partners while integrating Hungarian industrial and engineering capabilities to deliver new, export-ready and NATO-compatible solutions in Hungary and across the region,” he said.

“We believe transatlantic cooperation will be a key driver of space and defense innovation in the coming decade, in which 4iG S&D aims to play a pioneering role among other Hungarian and regional companies,” Sárhegyi added.

JV Framework

4iG S&D and Apex Technology have agreed on the framework conditions for establishing a joint venture focused on the scalable production of small satellites.

The collaboration aims to develop a manufacturing model tailored to satellite constellations by adapting standardized, scalable mass-production approaches proven in the automotive industry.

The initiative is expected to create a unique, scalable satellite manufacturing capacity in Europe, capable of meeting the rapidly growing global demand for satellite constellations.

Under the preliminary agreement with L3Harris Technologies, 4iG S&D will incorporate L3Harris technologies in the

previously announced project to integrate Lockheed Martin’s M142 Himars rocket system onto Tatra 6×6 military trucks manufactured by Hungarian automotive company Rába (now 74% majority-owned by 4iG), as part of the Humars program.

The program will be implemented under the U.S. Foreign Military Sales (FMS) framework, for which the Hungarian Defense Forces have already submitted a Letter of Request.

The agreement also positions L3Harris Technologies as a strategic technology partner in regional defense digitalization projects, leveraging its battlefieldproven tactical communications and networking systems. Through specialized networks supporting the modernization of encrypted communications, simulation and training systems for armed forces, 4iG S&D plans to integrate advanced defense solutions based on L3Harris NATO-compatible technologies. L3Harris delivers similar solutions to the German armed forces as part of ongoing digitalization programs.

4iG S&D says its U.S. partnerships with Apex Technology, Axiom Space, Lockheed Martin, L3Harris Technologies, and Northrop Grumman underscore a clear strategic direction: strengthening its position in transatlantic space and defense industry cooperation while expanding Hungary’s sovereign defense and space technology capabilities.

3 Special Report

Industrial & Logistics

BTS and Pre-leases the Preferred Development Option for I&L

The industrial and logistics sector has been booming in Hungary, with leading Central and Eastern European industrial park developers and operators and Hungarian players active.

GARY J. MORRELL

The market has expanded on the back of growing logistics demand and the need for space to meet significant foreign direct investment, notably in the electric vehicle and EV-related industries.

It continues to thrive, despite concerns about moderating demand expressed by some analysts, notably in logistics. Analysts see fewer speculative development project starts, while BTS projects, particularly in the production sector in regional hubs, are expected to gain momentum.

All industrial developers at the higher end of the market are developing in line with demand for more highly specified, sustainable industrial and logistics space to keep pace with market demand and ESG-related expectations and regulations.

Continued significant industrial demand from Asian manufacturers and automotive suppliers is expected, with

472,000 sqm

under construction, according to Cushman & Wakefield.

The vacancy rate has risen to about 12% amid sustained speculative development over recent years. At the turn of the year, the total modern industrial stock in Hungary amounted to 6.1 million sqm.

In Greater Budapest, the modern industrial stock exceeded four million sqm, while that in the Hungarian countryside beyond the capital has surpassed two million sqm, according to the Budapest Research Forum, which comprises CBRE, Colliers, Cushman & Wakefield, Eston International, iO Partners and Robertson Hungary.

One of the largest recent transactions was an 80,000 sqm pre-lease in CTPark Budapest Érd.

iO Partners has traced a total stock of close to four million plus sqm of industrial stock in the Budapest area. A further 308,000 sqm was under construction as of the turn of the year. As much as 50% of that demand is from Asian firms.

Outside of the Greater Budapest area, as of Q3 2025, developer-led logistics stock has exceeded two million sqm. Of the buildings under construction in Hungary in the third quarter of 2025, 20% were built-to-suit, 18% were fully pre-leased, and the remaining 62% were speculative.

The IGPark Kecskemét South has been developed by Innovinia. According to the company website, there are currently three buildings with a combined 57,000 sqm of space, and further development potential.

Overall vacancy stands at about 11% aginst the backdrop of strong development activity. This figure is actually 12.8% in Greater Budapest, but in the secondary cities, vacancies are 8.6%.

Prime Investment

Reflecting the dynamism in the market, industrial is seen as a prime investment possibility.

“The industrial asset class remains a favorite among investors, even if the fundamentals have weakened (with a large pipeline and flat demand). We should witness more transactions in big box logistics in particular from HelloParks, which has started to dispose of assets in the platform on an individual basis,” says Benjamin Perez-Ellischewitz, principal at Avison Yong Hungary.

“At Innovinia, we observe a resilient industrial-logistics demand landscape so far; however, given the rapidly shifting international environment, the real estate market must also navigate a degree of unpredictability,” comments Balázs Czifra, director of sales, asset management and business development at the company, which was previously called Infogroup.

“While traditional logistics remains a fundamental pillar, the primary growth engine has shifted toward high-tech manufacturing and complex assembly, particularly within the advanced automotive components and electronics sectors,” he notes.

“Geographically, we are seeing a strategic shift beyond the capital.

While Greater Budapest remains a vital logistics hub, regional destinations such as Debrecen, Kecskemét, Nyíregyháza, and Pécs are experiencing unprecedented demand,” Czifra says.

“This trend is driven by their strategic proximity to major OEM plants and the localized availability of a specialized technical workforce, which is becoming a decisive factor for high-value industrial investment,” he adds.

The theme of the Hungary stand at the recent annual MIPIM spring real estate conference and expo in Cannes, France, was, once again, “Industrial Excellence,” reflecting the significant FDI Hungary has attracted and the resulting boom in the industrial development markets in Budapest and regional centers to meet that demand.

Hungarian I&L representatives attending MIPIM included HelloParks, Innovinia, inPark, Faedra, and Wing Industrial.

Stable but Selective

Ferenc Gondi, managing director of CTP Hungary, says that the industrial market will remain stable yet increasingly selective. He believes demand will come from production and logistics in equal volumes. Geographic diversification will increasingly be in focus.

“Occupiers will continue prioritizing energy-efficient, ESG-aligned buildings that reduce operational costs and support long-term goals. Development activity is likely to concentrate on future-proof, high-spec projects, while investment appetite will favor institutional-grade assets in prime logistics hubs,” he says.

“Although external economic pressures remain, Hungary’s strategic position, strong FDI base and a wellestablished logistics infrastructure provide a solid foundation for continued demand in the industrial and logistics segment,” Gondi adds.

“Current and future demand plays a crucial role in shaping the balance between speculative and build-to-suit developments. As tenant requirements become more specific, BTS projects gain traction, particularly for largescale logistics operations,” comments Valter Kalaus, managing partner of Newmark VLK Hungary.

“However, a relative lack of modern stock in certain areas and strong demand for immediate occupancy keeps speculative development relevant. Developers must balance risk and flexibility to remain competitive,” he adds.

“Due to current market unpredictability, we maintain a strategic preference for BTS projects to ensure stability and precise alignment with tenant requirements.

Simultaneously, we continue to launch speculative developments, as we believe our prime locations, superior building quality, and long-term ownership model provide a strong guarantee for securing high-quality tenants,” says argues Czifra of Innovinia.

“Our speculative buildings are intentionally engineered with a flexible, modular approach, ensuring they can be easily customized to meet specific individual needs. This balanced strategy allows Innovinia to remain agile while providing the high technical standards the modern market demands,” he adds.

“At Innovinia, we remain firmly convinced that the industrial sector is the most resilient and attractive asset class for long-term investment. The ongoing structural shift toward regionalized manufacturing and the increasing demand for highspecification, sustainable assets ensure that industrial properties will continue to outperform traditional commercial real estate. However, the era of ‘easy growth’ has been replaced by a more selective market where building quality, energy independence, and technical flexibility are the primary drivers of value,” Czifra concludes.

Industrial Demand Becoming Ever More Complex

Industrial and logistics sector developers and park operators are creating ever more highly specified, energy-efficient, ESG-compliant and sustainabilityaccredited complexes in response to tenant demands.

The move towards developments based on BTS and pre-lease agreements, rather than speculative builds, is seen as enabling the development of logistics and industrial complexes in line with these complex and long-term tenant requirements.

“Across the board, tenants are seeking modern, cost-efficient, and sustainable facilities. Features such as high ceilings, ample dock doors, advanced fire protection, and flexible layouts top the list of requirements,” argues Máté Szoboszlay, business development and investment director at Faedra Group.

“Many also value location, seeking easy access to highways, public transportation, and major consumer markets. Sustainability credentials, including energy-efficient systems and the potential for on-site renewable energy, are increasingly playing a criticalrole in site selection,” he adds.

Demand remains structurally strong, driven by the region’s strategic location and competitive labor costs, in the view of Zsófia Korda, chief sales officer and general deputy of Wing Industrial.

“We see high-quality, BTS solutions increasingly sought by the hi-tech, automotive, electronics, and pharmaceutical sectors, while data centers and green energy integration emerge as key growth areas,” she says.

“Although geopolitical volatility remains a risk, it also drives a shift toward supply chain resilience and stockpiling, positioning flexible, high-quality logistics platforms as long-term winners in the new global era,” Korda argues.

There remains an essential differentiation between demands from the logistics and industrial sectors.

Reduced Costs

“Modern occupiers increasingly demand a direct link between sustainable building performance and measurable overhead reductions,

prioritizing energy-efficient buildings that reduce operating costs,” Korda says.

“At the same time, technical requirements have emphasized adaptable layouts, automationreadiness, and strong IT infrastructure to support increasingly complex operations,” she says.

“While these needs apply across both sectors, logistics tenants place greater emphasis on layouts that maximize storage efficiency, high ceilings, and advanced distribution technology, whereas industrial tenants focus more on production-oriented infrastructure such as higher utility capacity, specialized equipment space, and flexible manufacturing layouts,” Korda adds.

Demand is increasingly segmented by the specific function, according to Balázs Czifra, director of sales, asset management and business at Innovinia.

“Greater Budapest remains the primary center for FMCG distribution and e-commerce, leveraging its role as the country’s largest consumer base. Meanwhile, we observe a steady growth in demand across regional hubs. These regional locations are becoming the preferred choice for new, large-capacity production companies looking to establish their manufacturing bases,” he says.

“At Innovinia, we see that while the capital offers volume and proximity, regional hubs provide the necessary scale and labor pools essential for long-term industrial operations, making them a key component of our development strategy. Our current occupiers, predominantly from the high-tech sectors, increasingly

CTPark Budapest Érd is a more than 70-hectare site located at the southern edge of Budapest, with direct access to the M6 motorway and good connectivity to the M0 orbital road. According to the CTP website, 23,800 sqm of space is currently available, with the development opportunity for a further 87,045 sqm.

demand high-load technical specifications and energy autonomy, such as solar PV readiness,” Czifra notes.

“Modern tenants increasingly demand operational efficiency and scalability, but technical priorities diverge based on their core activity.

For logistics operators, the focus remains on ‘flow,’ requiring superior loading dock ratios, high floor-load capacities, and seamless integration into international supply chain networks to ensure rapid inventory turnover,” he explains.

Bridging Needs

“In contrast, industrial and manufacturing tenants prioritize ‘infrastructure,’ specifically high electrical power capacity, specialized ventilation systems, and pre-prepared, customized production areas tailored to their specific technical processes. At Innovinia, we bridge these needs by ensuring all our facilities meet high ESG and well-being standards, which are now essential for attracting and retaining a skilled workforce in both sectors,” Czifra adds.

For developer CTP, sustainability remains a core element of its long-term ownership model, not a compliance exercise.

“The company continues to embed ESG principles into development, asset management and tenant cooperation, supported by initiatives such as green lease clauses and expanded renewable energy generation across its parks,” comments Ferenc Gondi, managing director of CTP Hungary.

A high level of green building certification has become a requirement for industrial properties, and high

certification levels are an advantage for attracting international tenants. Further, one of the key requirements is now the need for better data for reporting purposes. ESG has therefore shifted from corporate rhetoric to a measurable KPI, directly shaping tenant demand for energy efficiency, according to Wing’s Korda.

“BREEAM-certified spaces deliver tangible OPEX [operational expense] savings. In response, our development strategy, aligned with the EU taxonomy, integrates renewable energy and future-proof park design as core economic interests. This approach ensures long-term asset liquidity and risk mitigation, while high-quality amenities and strategic locations are now essential to meet the sophisticated expectations of both tenants and financiers,” she notes.

“ESG-related investments typically require an upfront financial commitment from the developer or landlord, covering design and construction elements such as energy-efficient systems, upgraded insulation, or renewable energy installations,” comments Lóránd Gárdonyi, real estate and consumer experience director at Prologis.

“However, these improvements often yield cost savings and operational efficiencies over time, benefiting tenants through reduced utility bills and enhanced working environments. As landlords, we invest in energyefficient designs and renewable energy solutions, but customers also contribute, particularly when requesting specialized sustainability features,” Gárdonyi concludes.

Logistics as an Asset Portfolio Accelerator: From Defensive Positioning to Scalable Growth

Only a few years ago, logistics real estate was regarded as a functional, predictable, and often underappreciated component of institutional portfolios. Today, its profile has transformed dramatically. Logistics has emerged as one of Europe’s most dynamic and resilient asset classes, and Hungary is following this trend at pace.

Roughly one in every four euros invested in European real estate in recent years has been directed toward logistics, and the effects are increasingly visible domestically. Robust occupier demand, an expanding modern stock, and ongoing development activity across Greater Budapest and regional hubs such as Debrecen, Kecskemét, and Miskolc have positioned Hungary as a strategic logistics hotspot. Investment volumes rose by 135% year-on-year in 2025, reflecting growing investor confidence. Long-term structural drivers underpin this momentum: the continued rise of e-commerce, a heightened focus on supply-chain resilience, and an accelerating trend for nearshoring across Central and Eastern Europe. In this environment, logistics stands out not only for its defensive characteristics (liquidity, stability, and reliable cash flows) but also for its capacity to deliver sustained income growth, even amid macroeconomic uncertainty.

Investment Strategy: Where to Allocate Capital?

Investor appetite for Hungarian logistics remains strong, yet many

institutional players are still refining their strategic positioning. The market now offers a diverse spectrum of product types, each with distinct risk–return profiles. Large regional distribution centers along major transport corridors serve multinational e-commerce and FMCG occupiers; lastmile urban hubs support metropolitan delivery networks; and multi-tenant business parks provide flexible space for SMEs and service-oriented users.

Selecting the right segment has become increasingly critical in a competitive landscape, particularly as Hungary’s industrial ecosystem continues to expand. The rapid growth of automotive and high-value manufacturing adds further complexity to capital allocation decisions, reinforcing the need for informed, data-driven investment strategies.

Creating Value for Investors

Maximizing returns in logistics requires more than acquiring an asset. It demands structured, evidence-based decision-making throughout the entire investment cycle. Our Drees & Sommer teams support investors from market entry through exit, integrating technical expertise, operational insight, and strategic advisory.

During acquisitions, we combine business, operational, and technical assessments to identify risks and uncover optimization potential. Ahead of disposals, we focus on operational improvements, ESG performance, and market positioning to enhance exit values. For development-stage investments, our teams provide endto-end project support, from initial concept and EPCM services to BIM coordination and ESG compliance.

Technical Due Diligence: A Strategic Asset

dive analyses of large, diverse portfolios. What’s important, and what our clients value, is that we can support the entire project journey: planning, execution, transactions, and everything in between. And we do this consistently across different regulatory environments in Europe, including the CEE region and Hungary.

Existing Buildings

For standing assets, we perform a full technical evaluation, from detailed inspections to the identification of investment risks and the forecasting of future capital expenditures. The objective is clear: strengthen negotiation leverage and ensure decisions are grounded in facts rather than assumptions.

Development Projects

TDD is particularly vital for investors entering construction-phase projects or financing them through forward funding. Whether refurbishments or new developments, our role is to reduce uncertainty by verifying the feasibility of the developer’s plans and ensuring the project will meet contractual and operational requirements.

Real Estate Portfolios

Large portfolios introduce additional complexity due to varying ages, typologies, and conditions. Using our proprietary digital TDD tool, we evaluate each property consistently and transparently. This enables early risk identification, more accurate cost estimation, and alignment across the entire portfolio.

Hungary’s Logistics Outlook for 2026:

Sustained Momentum, Regional Influence

Hungary has entered 2026 as an increasingly influential logistics hub within the CEE region. The country’s modern industrial stock had surpassed 6.13 million sqm by Q4 2025, supported by significant deliveries in Greater Budapest and rapid expansion across regional industrial clusters. This growth reinforces Hungary’s role as a strategic link between Western and Southeastern Europe, particularly relevant as global supply chains continue to reconfigure.

The fundamentals remain robust: stable rents, compressing yields, and a disciplined development pipeline. Together, these factors create a strong foundation for another year of out performance for logistics, both as part of diversified portfolios and as a standalone growth strategy.

Key Components of Technical Due Diligence

Building code compliance and zoning

• Review of building permits

• Comprehensive assessment of the property’s condition

• Technical infrastructure and utility networks

• Fire safety

• CAPEX/OPEX calculations

• Maintenance, inspections, and warranties

• ESG / Energy Efficiency

• Environmental Assessment

• Surveys / Geotechnical Engineering www.dreso.com/hu

Technical Due Diligence (TDD) has evolved into one of the most critical pillars of informed real estate decisionmaking. Far from being a simple checklist, TDD now functions as a competitive advantage, supporting decisions ranging from intralogistics upgrades to full-scale refurbishments. And we see this clearly reflected in the growing demand for comprehensive TDD services across all client types: private investors, investment funds, corporates, and public institutions. Every year, our teams across Europe carry out more than 500 technical due diligence operations. These range from assessments of single buildings to deep-

Demand for Prime Sustainable Industrial Space Remains High

The Central and Eastern European industrial and logistics markets are seen as an attractive development and investment option, with leading international developers and operators active. Others, better known for their work in different sectors, are also getting involved. I&L has grown on the back of increasing demand for industrial space to meet significant FDI, notably due to the rise of e-commerce and the electric vehicle and EV-related industries.

Romania, and Slovakia, total CEE

I&L stock reached the 70 million sqm threshold in 2025, according to Cushman & Wakefield. As of the third quarter of last year, Poland was the dominant player, representing

of the regional CEE footprint.

GARY J. MORRELL

“The CEE industrial market is being actively reshaped by nearshoring and a drive for supply chain resilience. While new development is cautious, leasing activity is up, with demand for prime, sustainable space pushing rents higher,” comments Cushman & Wakefield.

“Occupier sentiment has improved across most markets, with Poland, the Czech Republic, Romania, and Hungary all posting robust leasing activity. Manufacturing, logistics and e-commerce remain the key demand drivers,” the consultancy says.

“Hungary and Slovakia expect significant demand from Asian manufacturers and automotive suppliers, while Romania will benefit from diversification into defense-related and advanced manufacturing sectors. Romania has recorded near record leasing activity. Hungary has seen a dramatic recovery with an 86% year-on-year increase in investment, driven by a massive influx of Asian capital from China and South Korea,” Cushman & Wakefield notes.

“The CATL factory in Debrecen and BYD in Szeged, together with the planned Volvo plant in Košice (in neighboring Slovakia), are changing the industrial map of the region and creating a wave of demand for logistics space,” the consultancy adds.

Covering the markets of Bulgaria, the Czech Republic, Hungary, Poland,

Poland had a total of 36.5 million sqm of industrial and logistics space, followed by the Czech Republic with 12.8 million sqm, Cushman & Wakefield estimates. The rapidly developing Romanian and Hungarian I&L markets achieved 7.7 million sqm and about 6 million sqm, respectively.

With regard to new supply, Poland had around 1.5 million sqm of space under construction, the Czech Republic 1.2 million-plus, and Romania 412,000 sqm. Cushman & Wakefield has traced an average vacancy rate across the six countries of 7.2%. Hungary has the highest, at close to 12%, with the lowest in the Czech Republic at 4%. Poland has an 8.2% rate, and Romania 5.7%.

Trending Lower?

Availability is, in general, expected to moderate as steady demand catches up with waning construction. Logistics vacancy is projected to stabilize before trending lower in 2027.

As is the trend across Europe, CEE developers are prioritizing pre-committed projects over speculative ventures. A move towards a BTS development model gives the developer more opportunities to develop in line with tenant demands and specifications, from consultations in the initial design phase and continuing throughout construction.

Sustainability accreditation is becoming the norm in the upper strata of the I&L sector, with developers and park operators such as Prologis, CTP, Panattoni and HelloParks in Hungary developing more highly specified BREEAMand LEED-accredited complexes.

for CTP are the Czech Republic, Slovakia, Hungary, and Romania, while growth markets are Poland, Serbia and Bulgaria.

“Around two-thirds of our development is with existing customers. In general, around 60% of lettings are undertaken on a pre-lease and 40% speculative, depending on the market. BTS reflects the customization of leases. This is enabled through in-house contractors and designers. Construction periods are from 8-12 months with the land bank allowing steady growth,” comments Jacob Kodr, managing director of CTP in the Czech Republic.

Of the 4.7 million sqm of space in 64 locations in the Czech Republic, around 10% is in the Prague area. In the relatively new Serbian market, CTP has projects in Belgrade, Novi Sad and Nis.

Hungary Catches On

At long last, Hungary has now joined the Central European development model, with I&L hubs being developed by the likes of CTP, Panattoni, Innovinia and inPark developing in secondary cities across Hungary.

Panattoni Park Moson is a strategically significant logistics development in Mosonmagyaróvár, Hungary, in close proximity to the M1 motorway, and close to where the Austrian, Hungarian, and Slovakian borders meet. The development will consist of two modern logistics buildings offering a combined total of 51,000 sqm of warehouse and logistics space. The buildings are designed to meet the requirements of contemporary logistics operations, featuring flexible internal layouts, efficient loading solutions and high technical specifications, including an electric truck parking and charging station, allowing thepark to accommodate a wide range of industry needs. The first building is scheduled for completion this spring, and the second building in the third quarter of 2026.

HelloParks, part of the Futureal Group, was at the recent MIPIM real estate conference and expo in Cannes, France, to promote its industrial parks to Western European investors.

“HelloParks is developing investment grade industrial buildings that fully meet Western European investor expectations,” says Rudolf Nemes, CEO and co-founder of HelloParks. “Modern buildings are significantly greener and more efficient, which has become a key factor when making relocation decisions,” he adds.

CTP, a regional developer and park operator, has an I&L network of more than 250 locations

totaling a gross leasable area of 14.6 million sqm. It also has a strategic land bank of 34 million sqm across 12 markets in Europe, and 2 million sqm under construction. The core markets

“Hungary’s position is a critical multi-modal gateway within the European supply chain. Situated at the crossroads of major TEN-T corridors, the Hungarian industrial market serves as the essential link between Western European consumer markets and the high-growth production zones of the east and southeast,” says Balázs Czifra, director of sales, asset management and business development at Innovinia.

“Our IGParks are strategically located to leverage this ‘nearshoring’ trend, offering a stable and highly connected environment for companies looking to de-risk their global supply chains,” he continues.

“While neighboring markets are also growing, Hungary’s unique advantage lies in its ability to offer seamless transit routes toward the Adriatic and the Balkans, combined with a business environment that is deeply integrated into the German and Central European manufacturing clusters. This makes the Hungarian industrial park system not just a local asset, but a strategic regional hub for continental distribution and highvalue assembly,” Czifra adds.

“Structurally, the market has changed considerably. For 2026, I anticipate continued BTS and pre-let activity, with energy capacity and ESG performance becoming critical differentiators,” says Máté Szoboszlay, business development and investment director at Faedra Group.

“The industrial and logistics sector in Hungary and across CEE has been experiencing strong growth for several years, primarily driven by e-commerce expansion and nearshoring. While economic uncertainties and rising costs have introduced a degree of caution among occupiers, the overall demand for modern, well-located facilities remains robust. We at Faedra Group see a slight shift in the pace of inquiries, but not a fundamental drop-off, especially from companies that prioritize quality infrastructure and proximity to major transport routes,” he adds.

Nearshoring Trend Bringing More Complex Tenants to the Hungarian Market

Hungary’s industrial and logistics real estate market is becoming more sophisticated, with tenants placing greater emphasis on flexibility, efficiency and sustainability alongside location. In an interview with the Budapest Business Journal, Ferenc Gondi, managing director of CTP Hungary, explains how shifting demand, ESG priorities and nearshoring trends are reshaping both occupier expectations and developer strategies.

also a growing preference for established park environments offering services and infrastructure beyond the building itself.

BBJ: To what extent are energy efficiency and ESG considerations influencing tenant choices, and how are these factors translating into measurable business advantages?

BENCE

BBJ: How has tenant demand evolved in Hungary’s industrial and logistics real estate market in recent years, and what key trends are shaping decision-making today?

Ferenc Gondi: Tenant demand has become production-focused and significantly more sophisticated. While location remains essential, occupiers now prioritize the developers’ flexibility, scalability and long-term cost predictability. Decision-making is increasingly driven by available labor, total occupancy cost, operational efficiency and the ability to adapt quickly to changing business conditions. There is

FG: Energy efficiency and ESG have moved from “nice-to-have” to core decision factors. Tenants are actively seeking buildings that reduce energy consumption and support their sustainability targets. This translates directly into lower operating costs, greater energy security and improved compliance with corporate and regulatory ESG requirements. In many cases, it also strengthens tenants’ own market positioning and attractiveness to partners and investors.

BBJ: How is CTP adapting its development strategy to meet increasingly complex tenant needs, particularly in terms of cost efficiency, operational stability and customization?

FG: At CTP, we focus on delivering long-term value and stable partnerships in a continuously changing world. Our integrated model, under which we own, develop and operate our parks, allows

us to offer cost-efficient, tailor-made solutions with high operational reliability. Our in-house teams create longterm flexible design, fast delivery and energy solutions to ensure stability and predictability. This enables us to respond quickly to tenant-specific requirements while maintaining economies of scale.

BBJ: Which regions in Hungary and Central Europe do you expect to see the strongest growth in the coming years, and what are the main drivers behind that expansion?

FG: In Hungary, we still see potential in the Budapest metropolitan area and along key logistics corridors, particularly towards the western and southern borders. Regionally, Central Europe remains the engine of Europe and will continue to benefit from nearshoring and supply chain restructuring. Key drivers include the strategic location, improving infrastructure, skilled labor availability and the ongoing shift of manufacturing to move closer to European end markets.

BBJ: What types of tenants are likely to drive demand in the coming years, particularly as manufacturing and supplier activity gain importance alongside traditional logistics?

FG: Beyond traditional logistics, we expect increasing demand from

manufacturing, automotive suppliers, electronics and high-value production sectors. The growing role of nearshoring is bringing more complex, productionoriented tenants into the market. These occupiers typically require higher technical standards, customized solutions and stable, long-term operating environments.

BBJ: How would you define the “industrial park of the future,” and how is CTP bringing this concept to life through projects such as its largescale developments in Hungary?

FG: The industrial park of the future is a fully integrated business ecosystem with solutions and services that enable efficient operation and a long-term, stable business environment. It combines strategic location, sustainable infrastructure, energy solutions and value-added services that support tenants’ growth from the labor perspective. At CTP, we bring this vision to life by developing largescale parks with long-term planning in mind, focusing on community, services, renewable energy and flexibility, creating environments where companies can operate efficiently and scale with confidence.

Ferenc Gondi, CTP Hungary

Ferenc Gondi is an experienced leader with a diverse real estatefocused background, working with Continental Europe’s largest listed industrial real estate developer as CTP’s managing director in Hungary.

Gondi took over the managing director’s role at CTP in September 2022, having first joined the developer in July 2017 as its legal director. In between, he became business administration director in January 2021, and the following year was made COO and deputy country head. He began his career in the legal profession in September 2011 with Hungarian law firms before gaining more specific real estate legal experience by joining Wing as a lawyer in September 2015.

Gondi has a Master of Business Administration, having studied with the Maastricht School of Management in the Netherlands and Corvinus University of Budapest from 2019 to 2021.

Logistics Parks

2

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3 BILK ZRT. www.bilk.hu

4 DEPO INTERMODÁLIS TÁRSAS LOGISZTIKAI KÖZPONT KFT. www.depo-raktarvaros.hu

5 PROLOGIS PARK BUDAPEST-SZIGET www.prologisce.eu/hu

6 BUDAPEST DOCK SZABADKIKÖTŐ LOGISZTIKAI ÉS IPARI PARK www.bszl.hu

Depo Intermodális Társas Logisztikai Központ Kft. 2045 Törökbálint, Hosszúrét 062. hrsz. (23) 338-044 www.depo-raktarvaros.hu

Prologis Hungary 1095 Budapest, Lechner Ödön fasor 7. (1) 577-7700 www.prologisce.eu/hu

Budapesti Szabadkikötő Logisztikai Zrt. 1211 Budapest, Weiss Manfréd út 5–7. (1) 278 3502 www.bszl.hu

CTPARK BUDAPEST EAST www.ctp.eu CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

8 PROLOGIS PARK BUDAPEST-GYÁL www.prologisce.eu/hu

9 PROLOGIS PARK BUDAPEST-HARBOR www.prologisce.eu/hu

10 HELLOPARKS PÁTYBUDAPEST WEST www.helloparks.com

11 PROLOGIS PARK BUDAPEST-SZIGET II www.prologisce.eu/hu

Prologis Hungary 1095 Budapest, Lechner Ödön fasor 7. (1) 577-7700 www.prologisce.eu/hu

Prologis Hungary 1095 Budapest, Lechner Ödön fasor 7. (1) 577-7700 www.prologisce.eu/hu

HelloParks Partnership C.V. Magyarországi Fióktelepe 1082 Budapest, Futó utca 47–53. (70) 654-4444 www.helloparks.com

Prologis Hungary 1095 Budapest, Lechner Ödön fasor 7. (1) 577-7700 www.prologisce.eu/hu

ÁTI DEPO Közraktározási Zrt. 1136 Budapest, Pannónia u. 11. (1) 305-2200 www.atidepo.hu

(100) Dr. Ferenc Gondi Tímea Pekár

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Invest, spol. s r.o. (100)

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Lívia Wáberer

László Ákos Ignát Mónika Nagy –

Martin Balaz

Marta Tesiorowska

Ottó Cseh Róbert Bolla Zsófia Bíró

Dr. Ferenc Gondi Tímea Pekár

Martin Balaz

Marta Tesiorowska

Martin Balaz

Marta Tesiorowska

Rudolf Nemes

Martin Balaz

(100)

1996 Z. I. Logisztikai Zrt. (100)

Marta Tesiorowska

2051 Biatorbágy, Verebély László utca 2. (30) 111-1023 leads.hu@ctp.eu

1239 Budapest, Európa utca 6. (1) 289-6000 bilk@bilk.hu

2045 Törökbálint, Hosszúrét hrsz. 062. (23) 338-044 titkarsag@depologisztika.hu

2310 Szigetszentmiklós, Leshegy utca 30. (1) 577-7700 zhunyadi@prologis.com

1211 Budapest, Weiss Manfréd út 5–7. (1) 278-3502 info@bszl.hu

2225 Üllő, K-Sped körút 17. (30) 111-1023 leads.hu@ctp.eu

2360 Gyál, Gorcsev Iván utca 7. (1) 577-7700 zhunyadi@prologis.com

1225 Budapest, Campona utca 1. (1) 577-7700 zhunyadi@prologis.com

2071 Páty, Tarsoly utca (70) 654-4444 info@helloparks.com

2310 Szigetszentmiklós, hrsz.: 12718/2. (1) 577-7700 zhunyadi@prologis.com

József Földházi Mária Frühwirth Szabóné Györgyi Szabó Kovácsné 1131 Budapest, Pannónia utca 11. (1) 305-2200

www.ctp.eu

CTP Management Hungary Kft.

2051 Biatorbágy, Verebély László u.

(30) 111-1023 www.ctp.eu

Management Hungary Kft.

Biatorbágy, Verebély László

20 HELLOPARKS MAGLÓDBUDAPEST AIRPORT www.helloparks.com

CTPARK KOMÁROM

www.ctp.eu

CTPARK BUDAPEST ÉRD www.ctp.eu

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Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

HelloParks Partnership C.V. Magyarországi Fióktelepe 1082 Budapest, Futó utca 47–53. (70) 654-4444 www.helloparks.com

CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u.

(30) 111-1023 www.ctp.eu

Management Hungary Kft.

PROLOGIS PARK BUDAPEST

Ferenc Gondi Tímea Pekár

Rudolf Nemes

2310 Szigetszentmiklós, belterület hrsz. 13400 (30) 111-1023 leads.hu@ctp.eu

2220 Vecsés, Schwarz Dávid utca (30) 111-1023 leads.hu@ctp.eu

2151 Fót, Akácos (1) 451-4974 ipari@wing.hu

Fót, Telkes Mária út (70) 654-4444 info@helloparks.com

2800 Tatabánya, Szarkaláb út (30) 111-1023 leads.hu@ctp.eu

2234 Maglód, Dóra Tivadar utca (70) 654-4444 info@helloparks.com

Dr. Ferenc Gondi Tímea Pekár

Dr. Ferenc Gondi Tímea Pekár

István Kerekes

Martin Balaz

Marta Tesiorowska

2900 Komárom, Mylan utca (30) 111-1023 leads.hu@ctp.eu

2036 Érd, külterület, 0238025/8 hrsz. (30) 111-1023 leads.hu@ctp.eu

1044 Budapest, Ezred utca 1–3. (1) 451-4974 ipari@wing.hu

2310 Szigetszentmiklós, Bevásárló utca 1. (1) 336-2270 ikerekes@aresmgmt.com

2071 Páty, Szent József utca 4. (1) 577-7700 zhunyadi@prologis.com

2330 Dunaharaszti, Gábor Áron utca 1. (30) 111-1023 leads.hu@ctp.eu

2150 Fót, Kopp Ferenc út 4. (1) 451-4974 ipari@wing.hu

Kecskemét, Daimler út (1) 481-4530 sales@innovinia.hu

www.ctp.eu

CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László

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Management Hungary Kft. 2051 Biatorbágy, Verebély László u.

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CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023

Gondi Tímea Pekár

Krisztián Barabás Marietta Biczó

leads.hu@ctp.eu

35 DOCK INGATLAN KFT. www.bszl.hu

36 CITYPOINT 9 LOGISZTIKAI PARK www.otpingatlanalap.hu

Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

DOCK Ingatlan Kft. 1211 Budapest, Weiss Manfréd út 5–7. (1) 278-3502

Icon Real Estate Management Kft. 1026 Budapest, Riadó utca 5–11. (70) 662-5639 www.iconrem.hu

37 DÉL-PESTI ÜZLETI PARK www.grandum.hu Grandum Ingatlankezelő Kft. 1134 Budapest, Váci út 17.

38 IGPARK POLGÁR igpark.hu

Innovinia 1115 Budapest, Bartók Béla út 105–113. (1) 481-4530 innovinia.hu

39 DEBRECENI LOGISZTIKAI KÖZPONT ÉS IPARI PARK www.trans-sped.hu Trans-Sped Kft. 4030 Debrecen, Vámraktár utca 3. (52) 510-120 www.trans-sped.hu

40 IGPARK KECSKEMÉT WEST igpark.hu

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41 M5-GYÁL BUSINESS PARK www.otpingatlanalap.hu Icon Real Estate Management Kft. 1026 Budapest, Riadó utca 5–11. (70) 662-5639 www.iconrem.hu

spol. s r.o. (100) Dr. Ferenc Gondi Tímea Pekár

2017 Budapesti Szabadkikötő Logisztikai Zrt. (100)

OTP Ingatlanbefektetési Alap (100)

Magyar Posta Takarék Ingatlan Befektetési Alap (100)

(100)

(100)

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Ottó Cseh

leads.hu@ctp.eu

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1223 Budapest, Növény utca 6–10. (1) 382-5100 info@park22.hu

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9700 Szombathely, Vásártér utca 1. (30) 111-1023 leads.hu@ctp.eu

1211 Budapest, Weiss Manfréd út 5–7. (1) 278-3502 info@bszl.hu

1097 Budapest, Gubacsi út 32. –alapkezelo@ otpingatlanalap.hu

1097 Budapest, Táblás utca 36–38. (1) 888-4120 info@grandumpm.hu

4090 Polgár, Hajdú utca 40. (1) 481-4530 sales@innovinia.hu

Zsolt Fülöp Olivér Sziller Zsuzsa CseriSzilágyi

4030 Debrecen, Vámraktár utca 3. (52) 510-120 info@trans-sped.hu

6000 Kecskemét , (Kadafalva) Heliport (1) 481-4530 sales@innovinia.hu

2360 Gyál, Bem József utca 32. Hrsz: 7702 –alapkezelo@ otpingatlanalap.hu 42

INGATLANHASZNOSÍTÓ KFT. www.bszl.hu

3580 Tiszaújváros, Dózsa György utca (1) 481-4530 sales@innovinia.hu

1152 Budapest, Városkapu utca 6–14. (70) 454-3186 info@logstar.hu

46 IGPARK NYÍREGYHÁZA igpark.hu

Béla út 105–113. (1) 481-4530 innovinia.hu

47 IGPARK MISKOLC igpark.hu Innovinia 1115 Budapest, Bartók Béla út 105–113. (1) 481-4530 innovinia.hu

48 TULIPÁN PARK www.logicor.eu

49 LOGSTAR PARK WEST GATE www.logstar.hu

CTPARK SZÉKESFEHÉRVÁR www.ctp.eu

Logicor Management Hungary Kft. 1062 Budapest, Teréz körút 53–57. (30) 870-3047 www.logicor.eu

Biggeorge Commercial Kft. 1023 Budapest, Lajos utca 28–32. (70) 454-3186 www.logstar.hu

CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

51 IGPARK DEBRECEN igpark.hu Innovinia 1115 Budapest, Bartók Béla út 105–113. (1) 481-4530 innovinia.hu

51 IGPARK PÉCS igpark.hu Innovinia 1115 Budapest, Bartók Béla út 105–113. (1) 481-4530 innovinia.hu

53 GLP GYÁL LOGISZTIKAI KÖZPONT https://eu.glp.com/ GLP PFH Hungary Management Kft. 1027 Budapest, Horvát u. 14–26.

54 SHARK PARK www.logicor.eu

55 LOGICOR GYŐR www.logicor.eu

56 CTPARK MOSONMAGYARÓVÁR www.ctp.eu

Logicor Management Hungary Kft. 1062 Budapest, Teréz körút 53–57. (30) 870-3047 www.logicor.eu

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CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

57 INNOVE BUSINESS PARK www.grandum.hu Grandum Ingatlankezelő Kft. 1134 Budapest, Váci út 17. 18,200

58 PANATTONI CITY DOCK TÖRÖKBÁLINT https://panattonieurope.com/ hu-hu Smart FM Ingatlanüzemeltető Kft.

59 PHARMA PARK www.logicor.eu

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62

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CTPARK KECSKEMÉT www.ctp.eu CTP Management Hungary Kft. 2051 Biatorbágy, Verebély László u. 2. (30) 111-1023 www.ctp.eu

Joó

Domonkos Joó

Dr. Ferenc Gondi Tímea Pekár

2040 Budaörs, Akron utca 1. (30) 870-3047 hungarypm@logicor.eu

4400 Nyíregyháza, Ipari park (1) 481-4530 sales@innovinia.hu

3526 Miskolc, Mechatronikai Park (1) 481-4530 sales@innovinia.hu

2051 Biatorbágy, Huber utca 5. (30) 870-3047 hungarypm@logicor.eu

2045 Törökbálint, Tópark utca 9. (70) 454-3186 info@logstar.hu

8000 Székesfehérvár, Holland fasor 2. (30) 111-1023 leads.hu@ctp.eu

4000 Debrecen, BMW beszállítói park (1) 481-4530 sales@innovinia.hu

7634 Pécs, Déli Ipari Park (1) 481-4530 sales@innovinia.hu

István Kerekes

Domonkos Joó

(100)

(100)

Invest, spol.

r.o. (100)

Magyar Posta Takarék Ingatlan Befektetési Alap (100)

Domonkos Joó

Dr. Ferenc Gondi Tímea Pekár

2360 Gyál, Gorcsev Iván utca 1. (1) 336-2270 ikerekes@aresmgmt.com

2040 Budaörs, Vasút utca 11. (30) 870-3047 hungarypm@logicor.eu

9027 Győr, Platánfa utca 1. (30) 870-3047 hungarypm@logicor.eu

9200 Mosonmagyaróvár, Juhar utca 5. (30) 111-1023 leads.hu@ctp.eu

1097 Budapest, Táblás utca 39. (1) 888-4120 info@grandumpm.hu

2040 Budaörs, Raktárváros út 9. (1) 678-9200 huinfo@panattoni.com

(100)

Domonkos Joó

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1097 Budapest, Fehérakác utca 3. (30) 870-3047 hungarypm@logicor.eu

Invest spol. s r.o (100)

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6000 Kecskemét, Daimler út (30) 111-1023 leads.hu@ctp.eu

Logistics Service Providers

7

2

8

5

NEMZETKÖZI SZÁLLÍTMÁNYOZÁSI ÉS LOGISZTIKAI KFT. www.dbschenker.com/hu

6 GEBRÜDER WEISS SZÁLLÍTMÁNYOZÁSI ÉS LOGISZTIKAI KFT. https://www.gw-world.com/hu/

Richárd Nyírő

ugyfelszolgalat@ railcargo.com

2071 Páty, Szent József út 4. (23) 889-000 info.budapest@ kuehne-nagel.com

2310 Szigetszentmiklós, Leshegy utca 30. (1) 278-7878 info.hu@ dbschenker.com

2330 Dunaharaszti, Raktár utca 2. (24) 506-700 gw.hungary@ gw-world.com

Szabolcs Fülöp Olivér Sziller Zsuzsa CseriSzilágyi

Florian ZehetleitnerKorbutt, Roman Stolicny, Péter Szabó

4030 Debrecen, Vámraktár utca 3. (52) 510-120 info@trans-sped.hu

2085 Pilisvörösvár, Ipartelep utca 1. (26) 532-000 offer.budapest@ dachser.com

János Boda András Riegler

9400 Sopron, Mátyás király utca 19. (99) 577-206 info@gysevcargo.hu

Anita Biró Karmazinné (100)

Gabriella Szécsi

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Szalma Eszter Vogl András Kiss

Marcell Kovács Anett Nagy

József Földházi Mária Frühwirth Szabóné Györgyi Szabó Kovácsné

Sándor Voller Zoltán Jobb

Danu M. Temelie

Gömze

Ferenc Barnabás Bócsa

2040 Budaörs, Vasút utca 3. (23) 506-100 lagermax@ lagermax.hu

5000 Szolnok, Szigligeti utca 2. (56) 524-050 info@bi-ka.hu

1138 Budapest, Szekszárdi utca 14. (1) 450-9000 eurosped@ eurospedzrt.hu

1211 Budapest, Szikratávíró út Hrsz.: 210023 (70) 701-0847 logistics.hungary@ dfds.com

1239 Budapest, Európa utca 6. (1) 289-6000 bilk@bilk.hu

1139 Budapest, Forgách utca 11. (1) 210-9800 plimsoll@plimsoll.hu

1211 Budapest, Szikratávíró utca 17–21. (1) 278-0951 logisztika@masped.hu

1131 Budapest, Pannónia utca 11. (1) 305-2200 mail@atidepo.hu

9600 Sárvár, Nádasdy Ferenc utca 145. (95) 325-777 info@versteijnen.hu

1097 Budapest, Gyáli út 50. (1) 333-8888 info@ euroministorage.com

1117 Budapest, Szerémi út 7/B (1) 425-2240 info@intercargo.hu

6500 Baja, Szentjánosi út 12. (79) 422-502 info@portofbaja.hu

4 Socialite

Hungary’s Bud Spencer Worship is Deep Rooted and Still Full of Beans

Wandering through our local supermarket, I couldn’t help but smile and be more than a little curious when I spotted a selection of cans of Bud Spencer Beans. There were only three or four, suggesting either that the supermarket had been cautious in its order or the beans had been snapped up by Hungarian fans of the man who became an unlikely film star and an even more surprising cult figure in Hungary. I hoped it was the latter.

Feeling a bit like a student who’d cheated on an assignment by getting AI to write it, I did some good oldfashioned journalistic legwork and asked my Hungarian wife why the Spencer cult came about. She simply says, “He looks Hungarian.”

Bud in Pest

Google’s dratted AI instant answers, which I have not yet learned how to switch off, tells me that Hungary’s Spencer worship is a manifestation of a love that “stems from his plebeian appeal and the exotic settings of his films, which offered a rare glimpse of life outside communist-controlled societies during a time of restricted travel.”

Additional Googling revealed that Hungarians warmed to Bud because of his ability to laugh in the face of all-pervading criminality and the fact that he was a pro water polo star. Hungarians love water polo and are extremely good at it; it enjoys

a popularity here that far exceeds anything I have witnessed in other countries.

According to Dénes Kemény, who coached the Hungarian men’s national water polo team to a hat trick of Olympic gold medals between 2000 and 2008, quoted on the “Time” magazine website, it’s because of the enormous number of thermal springs in this country.

When the sport, which began in Great Britain in the late 19th century, arrived here, players were able to train in the warm water for longer than in other countries.

Improved Fundamentals

“If you can stay in the pool to practice when the water is 80, 85 degrees, your fundamentals, movements, and coordination will improve a lot. We had this advantage over countries who could play in sea, lake, or riverside only four, five months a year,” Kemény explained.

Fittingly, Spencer played his last professional water polo game against Hungary in 1967. In that same year,

the big bear, born in Naples in 1929 as Carlo Pedersoli, was spotted by Italian film director Giuseppe Colizzi and offered a role in Spaghetti Western movie “God Forgives.… I Don’t!”

The movie, which U.S. showbiz bible “Variety” described as “long on action, short on storyline,” paired Pedersoli with an actor named Mario Girotti for the first time. Carlo was renamed “Bud,” after Budweiser beer, and “Spencer” after tough guy American actor Spencer Tracy. Girotti was given a list of 20 names and 24-hours in which to find his new identity, and went for Terence Hill because he liked it the most and it reminded him of his mother’s initials. The pair would make 18 more movies together, with Spencer playing, as a German magazine wrote in an obituary for him, a “phlegmatic, grumpy strong-arm man with a blessed, naive child’s laughter and a golden heart.” Hill would become a successful television director as well as an actor.

Indeed, the statue of Bud unveiled in 2017 at Corvin Sétány in District VIII makes him look exceedingly Hungarian, remarkably like a friend of mine named László, if László had trimmed his beard. The inscription on the statue is a quote from the eulogy given to Spencer by his buddy Hill: “Mi sohasem veszekedtünk” (“We never argued”).

The marketing character created by the iconic Hungarian brand Trapper Jeans when it launched in 1978 bears a marked resemblance to Bud Spencer, but was based on Hungarian actor Mihály Kocsis, sometimes called Trapper Misi.

There was a summer Bud Spencer & Terence Hill film festival from 2007 to at least 2017 on the shores of Lake Velence. Not surprisingly, Bud Spencer and Terence Hill movies were a staple of the festival, along with beans. Given that their movies are uniformly awful, you’d have to be a serious fan to give up a weekend of your life.

“Bud Power,” is the trademarked name for the range of canned beans launched by Spencer’s enterprising grandsons Alessandro and Carlo Pedersoli Jr., who followed in his grandpa’s sporting strongman footsteps by becoming a mixed martial arts fighter. The menu of the Bud Power website also lists a Bud Power beer, but the page is “404 not found.”

Perhaps the Spencer boys ran into problems from notoriously litigious U.S. American beer giant Budweiser, which has been battling the Czech Budweiser Budvar brewery since 1907. To date, there have been more than 100 court cases around the world concerning the battle for market dominance between the two. Currently, Budweiser Budvar has the right to the name “Budweiser” in Europe, while the U.S. company goes under the name “Bud.” In the States, Czech Budweiser is “Czechvar,” which hardly rolls off the tongue and down the gullet.

But, I digress. The beans come in three varieties: Original, Tex-Mex and BBQ Sauce. Original is “Authentic, Italian.” With Tex-Mex, “the legend just got spicy.” BBQ Sauce is “perfect for any grill or campfire feast.” Reading that, I couldn’t help but remember the legendary farting scene from Mel Brooks’ 1974 comic masterpiece “Blazing Saddles,” which satirized precisely the kind of movies Spencer and Hill made.

Somewhat oddly, each variety has precisely 1,250 reviews from Spencer fans. Valerio M. loves them, writing cryptically of the Original variety, “And we all know, even angels eat beans. Especially since Bud Spencer taught them.”

I must confess, I’ve yet to try the beans. But, and I say this without any trace of irony, I admire the Bud Power brand’s proud claim to be “the companion of those who face life like Bud Spencer: with their head held high, a smile on their face, and perhaps…. a pan of steaming beans in their hand.”

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-Norwegian Chamber of Commerce (HNCC)

Kreativ Dental, a member of the HungarianNorwegian Chamber of Commerce, participated with its own stand at TravelXpo 2026, Norway’s largest travel exhibition, held from March 20–22 at NOVA Spektrum. The Budapest-based clinic specializes in high-quality dental treatments, including implants and cosmetic dentistry. The stand attracted strong interest from visitors, who had the opportunity to learn more about its services and international patient care.

Belgian Business Club in Hungary (Belgabiz)

Belgabiz is pleased to invite guests to its networking event, “Emplawyer 2026: From Digital HR to Transparent Pay: What Employers Should Prepare for Next,” featuring a short, practical workshop led by experts from SmartLegal Schmidt & Partners. The professional program will cover two key topics: Digitalization in Employment: Paperless Employer? (what the law allows in 2026); and Pay Transparency and Equal Pay in 2026. A buffet dinner will follow the professional sessions.

• When: Thursday, April 16, 6-9 p.m. • Where: Three Corners Downtown Hotel, Október 6 u. 20, 1051 Budapest • Fee: Members, free; non-members, HUF 21,000 (no VAT)

British Chamber of Commerce in Hungary (BCCH)

The BCCH will hold its 2026 annual meeting next month, offering an opportunity to meet the U.K.’s Ambassador to Hungary Justin McKenzie Smith and the BCCH board. The event is free of charge for chamber members, all of which are requested to have a representative on the spot, as the event concerns all members and features a rundown of all the important developments of the last 12 months. Following BCCH tradition, the formal part of the meeting will start at 4 p.m., to be followed by the customary networking, including cocktail canapés and drinks in the hotel’s restaurant. • When: Wednesday, May 14, 4-8 p.m. • Where: Kozmo Luxury Hotel, Horváth Mihály tér 17, 1082 Budapest. • Fee: Members, free of charge, subject to prior registration and a limit of 2 people per member company; non-members, HUF 25,000 + VAT

Italian Chamber of Commerce for Hungary (CCIU)

Join CCIU and GoodWill Group and discover how to explore how subsidized funding and 0% interest programs can support strategic business growth. Enjoy light refreshments and a curated Tokaj wine tasting.

• When: April 16, from 10 a.m. • Where: CCIU office, Lónyay u. 18-A, 1093 Budapest

• Fee: Free of charge, subject to prior registration. The Hungarian-Bulgarian Chamber of Commerce and the CCIU invite guests to an evening celebrating excellence in wine and gastronomy.

• When: Wednesday, April 22, from 6:30 p.m.

• Where: Radisson Blu Beke Hotel, Budapest, Teréz krt. 43 • Fee: HUF 33,000 per person (table reservations: ambassador@bolgarborok.hu)

Hungarian-French Chamber of Commerce and Industry (CCIFH)

The CCIFH invites guests to its annual summer networking garden party, “La Vie en Rose: Horizon Edition,” which is returning to the beautiful Buda hills. This elegant evening celebrates the French art of living, featuring a cocktail dinner, live music, culinary tastings and exhibition stands, while connecting with members of the Hungarian–French business community in a relaxed garden setting overlooking the city.

• When: Friday, June 12, 5-10 p.m. • Where: Normafa Rendezvényház, Hegyhát út 16., 1121 Budapest • Fee: Members HUF 41,000 (+ VAT); non-members HUF 59,000 (+ VAT)

German-Hungarian Chamber of Industry and Commerce (DUIHK)

The DUIHK will present the results of its 32nd Business Climate Survey on May 7. More companies than ever before are taking part in this year’s survey.The report will not only contain a comprehensive assessment of the current economic situation and business conditions in Hungary, but will also present the results of a flash survey conducted immediately after the parliamentary elections. Furthermore, Hungary’s results will be compared with data from 14 other countries in the region. The results will be presented by DUIHK President Róbert Keszte and Dirk Wölfer, head of communications. Orsolya Nyeste, senior macroeconomist at Erste Bank, will also speak on the state of the Hungarian economy.

• When: Thursday, May 7, from 9 a.m. • Where: House of German-Hungarian Business, Lövőház utca 30, 1024 Budapest • Fee:  Free of charge to members, subject to prior registration.

Canadian Chamber of Commerce in Hungary (CCCH)

The CCCH will host a Business Breakfast titled “Projects from X to Z: Generational Collaboration in Practice” at the Kozmo Residences Budapest, focusing on how different generations contribute to project success from initiation to completion. The event will bring together representatives of Gens X, Y, and Z to share real-life experiences and perspectives on collaboration, decision-making, and problemsolving in today’s workplace. Participants will gain insight into common misunderstandings, differing approaches, and the practical solutions that can turn generational diversity into a competitive advantage. The session will highlight practical project experiences, including both successes and challenges. The program will open with an introductory presentation by Klára András, associate professor at Metropolitan University and an HR and communications director at EGIS, who will provide the academic and professional context for understanding generational dynamics in the workplace.

• When: Thursday, April 23, 8:30-11:30 a.m.

• Where: Kozmo Residences Budapest, Horváth Mihály tér 17, 1082 Budapest.

• Fee:  Free of charge to members, subject to prior registration.

American Chamber of Commerce in Hungary (AmCham)

Returning on May 12, AmCham’s biannual HR Dream Day conference will once again convene CEOs and HR professionals to examine the trends driving profound change across the business world. The world of work is changing fast with the role of AI, pay transparency and dramatic transformations. The conference will focus on the trends reshaping companies and redefining the strategic role of HR. With a special spotlight on change management, organizational and leadership resilience, and effective response, it will examine how businesses can adapt, stay competitive, and stay ahead of the ongoing transformation. Alongside sharing insights on talent retention, regulatory change, and practical ways to navigate disruption with confidence, the event also offers an excellent opportunity to connect with fellow leaders and professionals, to exchange perspectives and experiences, and to expand your professional network.

• When: Tuesday, May 12, 9 a.m.-2:30 p.m.

• Where: Öbölház, Kopaszi-gát 2, 1117 Budapest • Fee: Members HUF 44,990 + VAT / person; non-members HUF 54,990 + VAT / person

Dutch-Hungarian Chamber of Commerce (Dutcham)

Since its establishment in 1994, the Permanent Commission of EU Member States in Hungary (EU Chambers) has been dedicated to enhancing the legal, institutional, and business landscape for companies from other EU member states operating in Hungary. Celebrate the upcoming Europe Day 2026 with Dutcham and representatives of the EU Chambers. This year, Dutcham is the presiding chamber of this business community and is organizing this event to celebrate unity, culture, and connection. In addition to welcome speeches by the Dutch, Cypriot and Irish ambassadors, there will be a keynote presentation by Ákos Kozák, co-founder and head of research at the Equilibrium Institute on the macroeconomic business outlook of Hungary within the EU. There will also be a presentation by Stefania Ciraolo, head of the EIB Group Office in Hungary on EIB funding opportunities, followed by networking.

• When: April 29, 4-7:30 p.m.

• Where: Advantage Austria, Délibáb utca 21, 1062 Budapest • Fee: HUF 24,900 + VAT

Audi plug-in hybrid models.

With an all-electric range of over 100 km.

The combined fuel consumption of the new Audi A6 Avant models is 6,5–7,5 l/100 km, and their combined CO₂ emissions are 48–64 g/km, combined electric energy consumption: 15.0–16.1 kWh/100 km. The stated values were determined during type approval with the factory equipment and are valid at the time of publication of the advertisement. These figures are measured according to WLTP, do not refer to individual vehicles, and are not part of the product information; they serve to compare different vehicle types in accordance with the current provisions of Regulation (EC) No 715/2007. The values may be influenced by certain additional equipment, accessories, as well as driving habits and other non-technical factors (e.g. environmental conditions). The car shown in the image is an illustration and may include optional equipment.