BUDAPEST, Hungary — Péter Magyar, leader of the Tisza Party, was formally named Hungary's prime minister-designate on Monday after his coalition secured a decisive victory over Viktor Orbán's Fidesz party in Sunday's parliamentary elections, according to Hungarian constitutional procedures. President Tamás Sulyok summoned Magyar to begin consultations on forming a new government, marking the first transition of power away from Orbán in over 14 years.

Orbán, who acknowledged defeat on Sunday evening in an address to supporters, confirmed he would not seek a leadership role in the incoming administration and vowed to rebuild Fidesz as a credible opposition force. The outgoing prime minister's concession speech, in which he referred to restoring Hungary's 'national side,' signalled an acceptance of the electoral result but left open questions about Fidesz's future direction and its relationship with allied parties across Europe.

Magyar, a former insider who rose to prominence through high-profile protests against Orbán's government, is expected to hold initial coalition talks with smaller pro-European parties on Monday to secure a parliamentary majority. Analysts in Budapest say he will likely move quickly to signal alignment with European Union institutions, which have withheld billions in cohesion funds over rule-of-law concerns during the Orbán era.

European Commission President Ursula von der Leyen offered congratulations to Magyar and expressed readiness to 're-engage constructively' with Budapest, according to a statement from Brussels. Senior officials in Berlin and Paris also welcomed the result, with French President Emmanuel Macron describing it as 'a reaffirmation of democratic values within the European family.'

Market analysts noted a modest strengthening of the Hungarian forint against the euro in early Monday trading, reflecting investor optimism that a Magyar government would accelerate the release of frozen EU funds. The transition is expected to take several weeks, with Magyar targeting a formal government inauguration before the end of May.