BUDAPEST – Final election results show Peter Magyar’s Tisza party has secured 141 parliamentary seats out of 199 total, strengthening what was already a commanding victory over longtime Hungarian leader Viktor Orban, election officials announced Saturday.
The centre-right Tisza party, whose name stands for Respect and Freedom, delivered a crushing defeat to Orban’s administration in Sunday’s voting, bringing an end to 16 years of conservative governance that had influenced similar political movements throughout Western nations.
Following the unexpected scale of Magyar’s triumph during record voter participation, Orban promptly acknowledged defeat. The outcome provides Magyar with the legislative power needed to reverse Orban’s controversial judicial and governmental changes.
“An unprecedented majority, an unprecedented mandate, and at the same time, responsibility,” Magyar said in a statement on the final result.
The dramatic political transformation becomes clear when comparing results to the previous election cycle. Orban’s Fidesz party, which captured 87 out of 106 individual district races in 2022, managed to win only 10 such contests this time and will hold just 52 legislative positions.
Magyar’s electoral success has sparked optimism in Hungarian financial markets, with investors hopeful for improved relationships with European Union leadership after years of tension during Orban’s tenure. The victory could also unlock billions in suspended EU funding that was withheld due to concerns about democratic institutions.
“While a successful unlocking of EU funds would support investment and lower sovereign risk premia, the impact on growth will materialise primarily over the medium term,” Capital Economics analyst Liam Peach said in a note.
“In the near term, the outlook remains shaped by external factors – notably the Iran conflict – and domestic fiscal policy.”
Initial vote tallies had shown Tisza winning 138 seats, already surpassing the two-thirds threshold Magyar required to reverse Orban’s constitutional modifications and address corruption concerns. The final tally increased to 141 after all ballots, including overseas and transferred votes, were processed.
Magyar has committed to implementing comprehensive anti-corruption measures following his scheduled inauguration on May 9 or 10, as part of broader efforts to restore EU funding and revitalize Hungary’s economy, which has experienced minimal growth over the past three years.
While Orban has consistently rejected corruption allegations and argued that Hungary faces no greater corruption issues than other European nations, he acknowledged in a Thursday online interview that extensive media coverage of wealth accumulation among Fidesz-connected business figures may have influenced his electoral loss. He declined to address whether those reports were accurate.
