Orbán concedes defeat as Péter Magyar heads for sweeping Hungary election victory

Preliminary results put Magyar’s Tisza party on course for a commanding parliamentary majority after record turnout, bringing Viktor Orbán’s 16 years in power to an end

Viktor Orbán has conceded defeat in Hungary’s general election after preliminary results put Péter Magyar’s Tisza party on course for a sweeping victory.

With more than 98 per cent of votes counted, Tisza was projected to win 138 seats in the 199-member parliament, with Orbán’s Fidesz on 55 and the far-right Our Homeland party on six.

The result would give Magyar the two-thirds majority needed to reverse Orbán-era constitutional changes.

Addressing supporters by the Danube in Budapest, Magyar said: “We did it. Together we overthrew the Hungarian regime.”

Orbán later told supporters the result was “clear and painful” and thanked the estimated 2.5 million Hungarians who had backed him. “The days ahead of us are for us to heal our wounds,” he said.

The election reportedly drew a record turnout of 79.5 per cent, according to the report, with Magyar telling supporters that never before in democratic Hungary had so many people voted or a single party received such a strong mandate.

Magyar’s victory follows a two-year campaign in which he built support across villages, towns and cities, focusing on corruption, cronyism and the patronage system known as NER.

He has promised to reverse changes to education and health, tackle corruption, restore judicial independence and dismantle the patronage structures built under Orbán’s rule.

The result also signals a sharp shift in Hungary’s external stance. Orbán had maintained close ties with Donald Trump and Vladimir Putin and had become a frequent opponent of the EU and Ukraine, while Magyar campaigned on improving relations with Brussels and Kyiv and distancing Hungary from Russia.

Magyar supporters celebrated across Budapest as the scale of the result became clear, with cars sounding their horns and crowds gathering near parliament.

Orbán, 62, has not resigned as leader of Fidesz and is expected to remain in office in a caretaker capacity while the transition unfolds.

READ MORE: ‘Ivo Klein takes over Liechtenstein bankers’ body after nine-year handover‘. The Liechtenstein Bankers Association has completed a change at the top, with Ivo Klein formally succeeding Hans-Werner Gassner after nine years as president. The handover comes as the sector points to stronger capital levels, stability and a renewed three-year mandate for the association’s board.

Do you have news to share or expertise to contribute? The European welcomes insights from business leaders and sector specialists. Get in touch with our editorial team to find out more.

_{Main image: Hungary’s opposition leader Péter Magyar greets Prime Minister Viktor Orbán in the European Parliament in 2024, before going on to defeat him at the ballot box two years later. Credit: European Union, 1998–2026 / Attribution}