Gulyás said the first phase of the upgrade had "advanced faster than we had hoped" and the whole project was on track to finish by April 20, 2026.
Hungaroring is hosting the Hungarian Grand Prix races during the upgrade.
Fielding questions from journalists, Mr Gulyas said the upgrade would expand capacity for upper-tier access to the Hungarian Grand Prix from 900 at present to 4,500, raising the number of high revenue-generating race fans.
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