Data compiled by the ITL Study Center on new Italian-owned companies registered in Hungary show a sharp slowdown in the first nine months of 2026 compared with the record pace of 2025. Here is the full picture, quarter by quarter and sector by sector.
The first nine months at a glance
Between January and September 2026, 51 new companies linked to Italian shareholders or investors were registered, compared with 98 in the same period of 2025. This is a 48% year-on-year decline.
| New companies Jan-Sep 2026 | New companies Jan-Sep 2025 | Year-on-year change |
|---|---|---|
| 51 | 98 | -48% |
The quarterly comparison shows that the gap is not uniform: it widens markedly in the third quarter.
The first quarter of 2026 (21 new companies) and the second (23) remain solid, although below 2025 levels. The sharpest slowdown came in the third quarter: just 7 new companies, compared with 27 in the same period of 2025 (-74%).
Month by month
Looking at the monthly breakdown, the slowdown is concentrated mainly in the summer months, traditionally weaker due to holidays in both countries, but this year at particularly low levels even compared with the historical average.
Methodological note: figures for the most recent months (September and early October 2026) should be read with caution. The Hungarian company registers have a natural publication lag between the actual incorporation of a company and its appearance in the official list, which can reach several weeks. The September figure may therefore be revised upwards in the coming weeks. So far, 2 new companies have already been registered in the first days of October.
Sectors and regions: where Italians invest
In the first nine months of 2026, business and management consulting remains by far the most represented sector, confirming a pattern already seen in 2024 and 2025: most new Italian ventures in Hungary are not productive investments but service, consulting, trade and restaurant businesses.
Geographically, Budapest remains the undisputed hub: it accounts for 36 of the 51 new companies (71%), a share broadly in line with 2024 and 2025. The remaining 29% is spread mainly across Hajdú-Bihar and Jász-Nagykun-Szolnok counties.
Share capital: mostly small-scale ventures
Another recurring feature: 92% of the new companies (44 out of 48 for which data are available) were set up with the statutory minimum share capital of HUF 3,000,000 for a Kft. (limited liability company). This confirms that the vast majority of Italian start-ups in Hungary continue to take the form of micro-structures (personal holding companies, consulting vehicles, small trading businesses) rather than significant productive investments.
Outlook for the fourth quarter
Applying to the 2026 nine-month pace the same seasonal ratio observed in 2025 between the fourth quarter (40 new companies) and the first nine months (98, a ratio of 0.41), the estimate for Q4 2026 stands at between 18 and 22 new companies. This projection is based on a single reference year and should be treated as an order of magnitude rather than a precise forecast: if the third-quarter slowdown proves structural rather than a data-lag effect, the estimate may turn out to be optimistic.
Methodology
The data were compiled by the ITL Study Center of ITL Group from the list of Italian-owned companies registered in Hungary, updated on 7 October 2026. Each year is treated as the set of companies incorporated in that year. For 2024, 49 of 99 records do not show the date of incorporation and were excluded from the monthly and quarterly analysis, while remaining in the annual total; the quarterly and monthly comparison therefore focuses on 2025-2026, for which the data are complete.
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