M&A Transaction Barometer Hungary 2025 (EY Swiss Fintech / Banking Barometer)

Summary

• The number of announced M&A transactions in Hungary was 135 in 2025, up from 110 in 2024.p.3
• Strategic investors reported 112 transactions in 2025 versus 91 in 2024, while financial investors rose from 19 to 23 transactions.p.3
• The estimated size of the Hungarian transaction market was approximately $2.7 billion, nearly 70% lower than $9 billion in 2024.p.4
• The median value of disclosed transactions below $100 million was $7.6 million in 2025.p.4
• Domestic transactions rose to 85, nearly 63% of all activity, while inbound transactions numbered 32 and outbound 17.p.5
• Manufacturing was the most active sector in 2025 with 22 announced transactions.p.6

Key insights

1. The most active strategic buyer in 2025 was 4iG with 10 transactions, followed by Talentis Group and MOL with four each.p.3
2. Deal value was disclosed for only 21 of the 135 announced transactions in 2025.p.4
3. The share of domestic transactions rose from 40% in 2021 to 63% in 2025.p.5
4. The United States and the United Kingdom were the most active investor countries in Hungary, with 5 transactions each.p.5
5. Services moved up to second place by activity with 19 transactions in 2025, ahead of software (IT).p.6
6. Retail entered the top five sectors for the first time with 10 transactions in 2025.p.7
7. In the EY CEO survey, the confidence index fell from 83.0 in Q3 2025 to 78.5 in Q4 2025.p.9
8. 53% of CEOs plan acquisitions in the next 12 months versus 55% a year earlier, and 79% plan joint ventures, up from 62%.p.10
9. Hungary's annual average inflation was 4.4% in 2025.p.11