"The new agreement follows an announcement that the Hungaroring will undergo significant development and refurbishment in the coming years, including a new pit building and main grandstand," Formula 1 said.
Formula 1 made the announcement as the Hungaroring track, on the outskirts of Budapest, hosted the 2023 Hungarian Grand Prix, which was expected to draw more than 300,000 fans.
"It is great news to announce the extension of the Hungarian Grand Prix for an additional five years as we return for another action-packed weekend at the Hungaroring," said Formula 1 president and CEO Stefano Domenicali.
"To see the commitment from the promoter in Hungary to develop the facilities and further enhance the experience for fans is another important step and something we want to see all our events doing in order to continue to improve and make our races even better," he added.
Hungaroring CEO and president Zsolt Gyulay said updates to the circuit, including renovations of the main paddock building, main grandstand, and spectator zones, were expected to be completed by 2026.
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