It's earnings season and RTÉ has a €180k finance job going. The car lift is sold separately.

29 October 2026

Good morning. It's a busy Thursday for Irish business, with Smurfit Westrock feeling the cost squeeze, Bank of Ireland and AerCap delivering strong results, and TikTok and Holland & Barrett taking very different approaches to Ireland. Meanwhile, the Government is giving An Post more room to borrow big. And RTÉ is offering €180,000 for someone to manage the finances. Plenty to get through. Let's get into it.

1. Irish Businesses Show Different Sides Of The Profit Squeeze. Dublin-headquartered packaging giant Smurfit Westrock has cut its 2026 adjusted EBITDA forecast to about $4.7bn, citing approximately $700m in additional freight and energy costs, with shares falling 7.5% yesterday afternoon. Drinks group C&C reported operating profit up 4% despite revenue falling 3%, helped by stronger Bulmers and Tennent’s sales and tighter distribution margins. Meanwhile, The Grafton Barber reported a 78% increase in annual profit to €291,256. Three different businesses, with the figures showing how pricing, cost control and sales mix are affecting profitability.

2. Irish Business Footprints Are Moving In Opposite Directions. TikTok recorded a $203.8m pre-tax loss in Ireland for 2025, with its average workforce falling by 600 to 2,108, despite turnover rising nearly a third. The company also wrote off $65.8m on abandoned data-centre and office projects. In contrast, Holland & Barrett announced a €17.5m Irish investment programme, moving online-order fulfilment from Britain to Kildare from November. That should reduce delivery times from around five days to next day. Both decisions show how two very different international businesses are reassessing the size and purpose of their Irish operations.

3. Bank Of Ireland And AerCap Deliver Strong Results. Bank of Ireland reported nine-month income growth of 6%, with net loans increasing 5% to €86.1bn and deposits reaching €110.3bn. It upgraded full-year net interest income guidance to above €3.5bn, while expecting AI to contribute around 20% of its €250m efficiency programme through 2028. Dublin-based aircraft lessor AerCap also raised guidance after quarterly revenue reached $2.4bn and adjusted net income hit $1.01bn. Higher fuel prices are hurting airlines, but aircraft shortages continue to support leasing demand. Two Irish financing institutions, both putting their balance sheets to profitable use.

4. Government Faces Questions Over Business Rules And Investment. Enterprise Minister Peter Burke warned EU competition officials that excessive bureaucracy could discourage business activity. That comes after a blunder by his department that saw higher merger-notification thresholds lapse in September. Separately, the Government approved plans to increase An Post's statutory borrowing ceiling from under €75m to €620m, subject to legislation, giving the postal group greater flexibility to fund its transformation.

5. Hiring Recovers As Technology Skills Lead Demand. Global job postings rose 4.6% in Q3, according to GlobalData, with Ireland recording strong growth from a low base. AI, cloud computing and cybersecurity were prominent recruitment themes, while retail, construction and tourism also showed demand. The figures suggest hiring activity is recovering, although advertised vacancies aren’t the same as jobs filled.

Wall Street closed higher after the US Federal Reserve held interest rates steady, while Brent crude traded around $115 a barrel following another attack on Saudi oil infrastructure. Over the water, the UK Budget unveiled £4.1bn in cost-of-living support, including £100 energy payments for up to 20 million English households, extended electricity VAT relief and a continued fuel-duty freeze. Banks will help foot the bill through a temporary doubling of their corporation-tax surcharge to 6%. Microsoft reported 48% growth in Azure cloud sales, although quarterly capital spending surged 30% to $45.2bn as its AI infrastructure bill continued climbing. South Korean chipmaker SK Hynix reported record profits, sending shares up 10.8%, while Heineken beat expectations with beer volumes rising 4.8%, helped by demand in Asia and the Americas.

Health & Pharma

Ireland's health system is struggling with overcrowding today while the cost of building for the future continues to rise.

The INMO counted 777 patients without a bed on Tuesday after the bank holiday, against 417 on the same day last year. The HSE, which measures differently, recorded 544 on trolleys, more than double last year’s 262 and its highest post-October bank holiday level since daily figures began in 2023. The most overcrowded hospitals are predominantly west of the Shannon. The INMO blames halted recruitment, while Health Minister Jennifer Carroll MacNeill has criticised hospitals for not rostering senior consultants at weekends.

A confidential Cabinet memo, reported by the Sunday Times, said there was a 90% probability that €2.136bn would be the National Maternity Hospital’s final cost. The estimate excludes scope changes, market swings and hyperinflation, and the report does not say whether it includes VAT, so it is not directly comparable with the €1.861bn ex-VAT budget Government approved.

The Pre-Hospital Emergency Care Council, which regulates paramedics and EMTs, told an Oireachtas committee it cannot suspend or cancel a registration even after a serious criminal conviction. Director Richard Lodge said no court, garda or employer is obliged to tell the council of a conviction, and called for new primary legislation.

Abroad, GSK shares fell as much as 5.4% in London on Wednesday after unexpectedly weak vaccine sales, and chief executive Luke Miels is steering the company towards oncology.

In Friday’s Tá, the Sector Spotlight will be Property & Energy.

Thursday - The Deal Desk…

Amazon → Globalstar: US regulators have cleared Amazon's proposed $11.5bn acquisition of satellite communications company Globalstar, advancing its plans to challenge Elon Musk's Starlink through its Leo satellite internet network.

Lette → €5.7m: Dublin-based AI property-management startup Lette raised €5.7m in seed funding led by Peak, with backing from Intercom co-founder Des Traynor, to expand its UK operations and automate rental-property administration.

NTR → €330m: Irish renewable-energy investor NTR and Legal & General Asset Management secured €330m at the first close of their Clean Power Transition IV fund, targeting renewable-energy and battery-storage investments across Europe.

Avoca Properties → €29m: The Rathcoole and Kilmacanogue properties housing Avoca are being offered for €29m, generating €1.68m in annual rent, with leases running to 2047 and backed by Aramark.

Galderma → ZO Skin Health: Swiss dermatology group Galderma agreed to acquire Blackstone-owned US skincare business ZO Skin Health for approximately $1.5bn, expanding its medical-skincare portfolio.

RTÉ is offering up to €180,000 for a new finance director, which is fairly generous for a broadcaster currently being criticised over the pace of its cost-cutting and redundancy programme. Still, land the job and you might eventually afford one of a set of three Dublin 4 mews houses going for €2.5m, conveniently close to Montrose. They even come with an underground car lift and turntable, so your car can make a dramatic entrance. And if you need something to put on it, Toyota is celebrating 60 years of the Corolla in Ireland. Not exactly a Bond car, but considerably more likely to survive the next six decades.

The Listen – Business Post – Freenow’s Danny O’Gorman on driverless taxis, ride-hailing in Ireland and yet another rebrand

The Business Post is on a roll with interesting podcasts this week, so after yesterday’s recommendation, we're back for another. This time, Freenow's Danny O'Gorman discusses Lyft's acquisition of the taxi app, whether driverless taxis could soon arrive on Irish roads and why the company has changed its name so many times. A good listen on the future of getting around Ireland, and whether the regulators will let the robots take the wheel. Listen: Business Post | Spotify

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