SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

May 14, 2021

2. SEC Identification Number

34218

3. BIR Tax Identification No.

000-153-610-000

4. Exact name of issuer as specified in its charter

AYALA CORPORATION

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

32F to 35F, Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(02)7908-3000

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	627,440,701
Preferred B Series 1 Shares	20,000,000
Preferred B Series 1 Shares	30,000,000
Voting Preferred Shares	200,000,000

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Ayala CorporationAC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Ayala’s net profit sustains sequential growth in the first quarter
Background/Description of the Disclosure
Ayala’s core net income, which excludes the significant increase in BPI’s loan loss provisions and one-off items such as the retroactive effect of the CREATE law and the additional remeasurement loss taken for Manila Water, grew five percent to P7.2 billion in the first quarter of 2021 from the fourth quarter of 2020. This is also at par with the core net income generated in the first quarter of 2019, pre-pandemic. This quarter-on-quarter improvement in core net income was primarily driven by Globe from stronger contribution from its home broadband segment and AC Energy from its commercial operations. This cushioned the weaker performance of Ayala Land, AC Industrials, and AC Ventures. On the other hand, Ayala’s reported net income, which includes the abovementioned items, declined seven percent to P5.4 billion. Year-on-year, Ayala’s core net income declined nine percent to P7.2 billion in the first quarter from the same period last year. Meanwhile, its reported net income dropped 19 percent to P5.4 billion:
Other Relevant Information
Please see attached earnings release for more details.