On April 12, Hungary heads to the polls in what could be Europe’s most consequential election this year—and Hungary’s most consequential vote in more than a decade.

After 16 years in power, Viktor Orbán faces his strongest challenge yet from former Fidesz insider Péter Magyar. The outcome could shape Hungary’s democratic trajectory, EU unity, support for Ukraine, and the bloc’s broader geopolitical direction.

Our new analysis with Donatienne Ruy.