SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER

1. For the quarterly period ended

Sep 30, 2025

2. SEC Identification Number

PW-94

3. BIR Tax Identification No.

000-707-922-000

4. Exact name of issuer as specified in its charter

PAL Holdings, Inc

5. Province, country or other jurisdiction of incorporation or organization

Metro Manila, Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Lucio K. Tan, Jr. Center, Philippine Airlines PAL Gate 5 Andrews Avenue, Pasay City Postal Code 1300

8. Issuer's telephone number, including area code

(632) 8816-3451

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

Not Applicable

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 Stock	26,852,106,890

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange/Common Stock – 25,755,747,644 shares

12. Indicate by check mark whether the registrant:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

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.

PAL Holdings, Inc.PAL

PSE Disclosure Form 17-2 - Quarterly Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the period ended	Sep 30, 2025
Currency (indicate units, if applicable)	In Thousand Php

Balance Sheet

	Period Ended	Fiscal Year Ended (Audited)
	Sep 30, 2025	Dec 31, 2024
Current Assets	45,372,083	60,684,735
Total Assets	220,280,936	213,260,725
Current Liabilities	82,094,171	86,888,546
Total Liabilities	167,254,758	170,379,378
Retained Earnings/(Deficit)	11,701,162	2,538,030
Stockholders' Equity	53,026,178	42,881,347
Stockholders' Equity - Parent	40,868,081	31,647,851
Book Value per Share	2.12	1.71

Income Statement

	Current Year (3 Months)	Previous Year (3 Months)	Current Year-To-Date	Previous Year-To-Date
Gross Revenue	42,672,472	41,525,384	136,012,381	132,447,432
Gross Expense	40,194,786	39,791,718	124,849,579	120,086,178
Non-Operating Income	1,162,982	644,123	4,067,625	1,566,153
Non-Operating Expense	1,530,835	1,571,608	4,481,839	5,417,401
Income/(Loss) Before Tax	2,109,833	806,181	10,748,588	8,510,006
Income Tax Expense	462,892	-106,815	867,529	434,692
Net Income/(Loss) After Tax	1,646,941	912,996	9,881,059	8,075,314
Net Income Attributable to Parent Equity Holder	1,371,717	789,789	9,030,387	6,757,484
Earnings/(Loss) Per Share (Basic)	0.05	0.04	0.33	0.36
Earnings/(Loss) Per Share (Diluted)	0.05	0.04	0.33	0.36

	Current Year (Trailing 12 months)	Previous Year (Trailing 12 months)
Earnings/(Loss) Per Share (Basic)	0.35	0.31
Earnings/(Loss) Per Share (Diluted)	0.35	0.31

Other Relevant Information
none