AKD Research has released a report on PIA Holding Company Limited (PIAHCL), which held its corporate briefing session to discuss its financial results for the year ended Dec 31, 2025.

The following are the key highlights.

· To recall, PIAHCL was incorporated under the Scheme of Arrangement approved by the SECP in May 2024 and listed on the PSX on May 27, 2024.

· Consolidated net loss widened to PkR25.4bn (LPS: PkR4.85/2.43 for Class A/B shares) in CY25 vs. PkR14.4bn (LPS: PkR2.78/1.39) in the SPLY, as CY24 had benefited from a one-off tax credit of around PkR30bn.

· During CY25, PIACL was classified as held for sale/discontinued operations, materially affecting YoY comparability. Consequently, reported consolidated revenue stood at PKR 25.7 bn versus PKR 239.7 bn in the SPLY, when PIACL was fully consolidated.