Penrith Panthers coach Ivan Cleary remained "proud" of his side, who went down in a 14-12 loss to a desperate Brisbane Broncos outfit on Thursday.

The defending premiers needed to come out firing as they look to keep their season alive, and were led to victory by their superstar fullback Reece Walsh.

The ladder leaders dropped their third loss in four games, but Cleary remained impressed with the high-quality contest of the match, with the Broncos bringing a finals-like intensity to Western Sydney.

“I was actually proud that we didn't panic and just hung in there and tried to wait for our turn,” Cleary said in his post-match press conference.

“Even the last play down there in the corner with two minutes to go, we should have got it, but it's just one of those nights.

“I felt really good about our chances. Scored a couple of good ones in the first half when we were down there but (it) just wasn't to be.”

Walsh was in everything as he guided the Broncos to victory, recording three try assists, three line-break assists and a line break.

With his skipper, Adam Reynolds, suffering from cramps throughout the match, stepped up to slot a conversion from the sideline after putting Josiah Karapani over on the left edge with 10 to go.

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Cleary remains blown away by the intensity Walsh and his teammates brought to the table.

“I can't remember a game like it, to be honest. (We) sort of came here knowing it was going to be a high-quality game and that's pretty much how it turned out,” Cleary continued.

“Honestly, I can't remember a game where we felt we ran out of time and that's kind of how I feel.

“Credit to the Broncos, they controlled the ball well and kicked well. Reece Walsh was unbelievable tonight and came up with a try that I don't know if many people could stop that one.

NRL Qualifying Final – Raiders v Broncos
CANBERRA, AUSTRALIA - SEPTEMBER 14: Reece Walsh of the Broncos celebrate victory following the NRL Qualifying Final match between Canberra Raiders and Brisbane Broncos at GIO Stadium on September 14, 2025 in Canberra, Australia. (Photo by Mark Nolan/Getty Images)

“I thought our defence was outstanding.

“I thought there was lot of things about our game tonight was good, but ultimately there were a lot of things that we could definitely have done better.”

Penrith remain on top of the ladder with two wins clear, although the New Zealand Warriors can shorten the gap between them if they can orchestrate a big win over the Dragons on Saturday.

The Panthers regroup and go again at CommBank for the Western Sydney derby against Parramatta on Thursday.