Hungarian Prime Minister Viktor Orbán and Péter Magyar, his opposition challenger, have laid out competing visions for their country as Hungary turns towards what is expected to be a heated campaign for the April 2026 parliamentary election. While both the ruling Fidesz-KDNP alliance and the main opposition Respect and Freedom Party (TISZA) are primarily focused on achieving public policy objectives linked to the economy and cost-of-living issues, both sides have rolled out a series of promises that could shape Hungary’s business environment.

The PM confirmed that the government’s windfall tax regime is here to stay, while retail companies may face the reintroduction of price caps. Further tax policy changes in 2025 also remain possible as the government aims to ensure financing for its public policy objectives. At the same time, the government has launched a new push to court investment from the US, while a new government program suggests an increased focus on manufacturing. In contrast, whether TISZA’s promises could be fully implemented in government would come down to the future state of the economy as these would require shoring up additional state revenues to a massive extent. One realistic objective, however, could be securing Hungary’s suspended EU funds.

With different polls suggesting different outcomes, it is hard to estimate whether Fidesz or TISZA is currently in the lead. What remains clear, however, is that Hungary’s next election will be a showdown between two large political blocs. This marks an unprecedented moment, as it will be the first time in 16 years that Fidesz faces a single-party challenger rather than a coalition of smaller parties.