The biggest businesses operating in Northern Ireland have collectively seen their pretax profits fall by 17.5 per cent this year, culminating in a £315 million (€368 million) drop in earnings.Sales also dipped by £3 million, only the second time this has happened since the Ulster Business Top 100 Northern Ireland Companies list was first published 38 years ago.The report, released in association with Northern Ireland-based tax firm Ryan, ranks the largest firms in the region based on their annual turnover recorded on annual company filings. It focused on “the performance of companies, either Northern Ireland registered or where a significant proportion of their business is transacted” in the six counties. Pretax profit across the 100 largest firms came to £1.48 billion, down from £1.8 billion the previous year. Sales were £34.969 billion, according to the report.Food producer Pilgrim’s Europe, which was previously known as Moy Park and has brands such as Richmond, Rollover and Denny in its portfolio, ranked first in this year’s list, with turnover of £1.96 billion.New companies featuring on this year’s list include the engineering firm Mallaghan, refurbishment provider MJM Marine and car retailer Shelbourne Motors. Editor of Ulster Business magazine John Mulgrew said this year’s results reflect “a tightening of margins among some companies [in Northern Ireland]. While we can’t compare the top-100 lists like-for-like each year, as the list fluctuates and new firms join the edition while others fall away, it may highlight the impact of macroeconomic factors and global headwinds on some bottom lines.” He added that the report still reflects a wider, long-term positive story for Northern Ireland, with more than half of those [companies listed] seeing pretax profits rise.What size does your pension actually need to be for a comfortable retirement? Listen | 31:47“The headline numbers may look less positive than last year’s,” said Michael Heinicke, a principal partner at Ryan. “But the underlying story is one to be proud of. Businesses are sharper, more disciplined and better placed to grow.”Eugene O’Neil, also a principal at Ryan, noted “53 companies improved their pretax profit this year, including 12 that did so while their turnover fell. It’s a sign of businesses getting leaner and more disciplined, not just profitable. It’s a pattern we’re seeing across our clients in Northern Ireland and one that’s playing out across Ryan’s wider client base too.” Northern Ireland’s economic output has been growing steadily in recent years, with the economic policy centre of Ulster University expecting the North’s economy to grow by 1.6 per cent this year, up from its 1.3 per cent forecast at the end of 2025. Northern Ireland has the smallest GDP in the United Kingdom, at £63.3 billion in 2023, partially due to its small population.