# EDGAR Filing Document

**Accession Number:** 0000889132
**File Stem:** 0001193125-25-191672
**Filing Date:** 2025-8
**Character Count:** 435807
**Document Hash:** b51adcb6dc4fcd92e638591502318eb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-191672.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001193125-25-191672

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POSCO HOLDINGS INC.
- **CENTRAL INDEX KEY:** 0000889132
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13368
- **FILM NUMBER:** 251275736

**BUSINESS ADDRESS:**
- **STREET 1:** POSCO CENTER
- **STREET 2:** 440 TEHERAN-RO
- **CITY:** GANGNAM-GU, SEOUL
- **STATE:** M5
- **ZIP:** 06194
- **BUSINESS PHONE:** 02-3457-0114

**MAIL ADDRESS:**
- **STREET 1:** POSCO CENTER
- **STREET 2:** 440 TEHERAN-RO
- **CITY:** GANGNAM-GU, SEOUL
- **STATE:** M5
- **ZIP:** 06194

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POSCO
- **DATE OF NAME CHANGE:** 20020517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POHANG IRON & STEEL CO LTD
- **DATE OF NAME CHANGE:** 19930607

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15D-16 UNDER** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of August, 2025** 

**Commission File Number: 1-13368** 

## POSCO HOLDINGS INC.
**(Translation of registrant's name into English)** 

**POSCO Center, 440 Teheran-ro, Gangnam-gu, Seoul, Korea, 06194** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

------

##### [**Table of Contents**](#toc)
POSCO HOLDINGS INC. is furnishing under cover of Form 6-K:

**Exhibit 99.1:** An English-language translated documents of POSCO HOLDINGS INC.'s Interim Report (2Q) for the year 2025.

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##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | <u>POSCO HOLDINGS INC.</u> |
|  |  | (Registrant) |
| <u>Date: August 29, 2025</u> | By | /s/ Han, Young-Ah |
|  |  | (Signature) |
|  |  | Name: Han, Young-Ah |
|  |  | Title: Senior Vice President |

---

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##### [**Table of Contents**](#toc)
**Exhibit 99.1**![LOGO](g931500dsp004.jpg)

**INTERIM REPORT** 

**(From January 1, 2025 to June 30, 2025)** 

THIS IS AN ENGLISH TRANSLATION OF THE BUSINESS REPORT ORIGINALLY PREPARED IN THE KOREAN LANGUAGE (IN SUCH FORM AS REQUIRED BY THE KOREAN FINANCIAL SERVICES COMMISSION). THIS ENGLISH TRANSLATION IS NOT OFFICIAL AND IS PROVIDED FOR INFORMATION PURPOSES ONLY.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON BOTH CONSOLIDATED AND NON-CONSOLIDATED BASIS IN ACCORDANCE WITH THE KOREAN-INTERNATIONAL FINANCIAL REPORTING STANDARDS (K-IFRS) WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

------

##### [**Table of Contents**](#toc)
**INTERIM REPORT** 

(From January 1, 2025 to June 30, 2025)

To: Korean Financial Services Commission and Korea Exchange

---

| |
|:---|
| /s/ Lee, Ju tae |
| **Lee, Ju tae** |
| President and Representative Director |
| POSCO HOLDINGS INC. |
| 6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea |
| Telephone: +82-54-220-0114 |

---

---

| |
|:---|
| /s/ Han, Young-Ah |
| **Han, Young-Ah** |
| Head of IR office, Senior Vice President |
| POSCO HOLDINGS INC. |
| 6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea |
| Telephone: +82-054-220-0114 |

---

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

I. [Overview](#ex99_1931500_1)

II. [Business](#ex99_1931500_2)

III. [Financial Statements](#ex99_1931500_3)

IV. [Corporate Governance](#ex99_1931500_4)

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Attachment: Independent auditors' review reports on consolidated and separate financial statements  |

---

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##### [**Table of Contents**](#toc)
**I. OVERVIEW** 

**1. Scope of Business** 

**A. POSCO HOLDINGS INC.** (the "Company", formerly POSCO)<sup>1)</sup> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Change of the company name: At the Extraordinary General Meeting of Shareholders convened on January 28, 2022, POSCO (the "Company") approved the vertical spin-off plan, as proposed. Therefore, the name of the company was changed from 'POSCO' to 'POSCO HOLDINGS INC.,' effective March 2, 2022.

The Company's business scope is as follows:

---

| | |
|:---|:---|
| **Before the vertical Spin-off**<br> **(Beginning of 2022)** | **After the vertical Spin-off**<br> **(As of the date of submission)** |
| (1) To manufacture, market, promote, sell and distribute iron, steel and rolled products; | (1) To engage in holding business of controlling the business of, and guiding, organizing and improving the management of, subsidiaries by acquiring and owning the shares or ownership interests in subsidiaries (including sub-subsidiaries and companies controlled by such sub-subsidiaries; collectively "subsidiaries"); |
| <br> (2) To engage in harbor loading and unloading, transportation and warehousing businesses; | (1) To engage in holding business of controlling the business of, and guiding, organizing and improving the management of, subsidiaries by acquiring and owning the shares or ownership interests in subsidiaries (including sub-subsidiaries and companies controlled by such sub-subsidiaries; collectively "subsidiaries"); |
| <br> (3) To engage in the management of professional athletic organizations; | (1) To engage in holding business of controlling the business of, and guiding, organizing and improving the management of, subsidiaries by acquiring and owning the shares or ownership interests in subsidiaries (including sub-subsidiaries and companies controlled by such sub-subsidiaries; collectively "subsidiaries"); |
| (4) To engage in the supply of gas and power generation as well as in the distribution business thereof and in the resources development business; | (2) To engage in the management and licensing of intellectual property rights including brands and trademarks; |
| (5) To engage in leasing of real estate and distribution businesses; | (3) To engage in the investment related to start-up assistance and new technology; |
| (6) To engage in the supply of district heating business; | (4) To engage in market research, management advisory and consulting services; |
| (7) To engage in marine transportation, processing and sales of minerals within or outside of Korea; | (5) To engage in technology research and commissioned services; |
| (8) To engage in educational service and other services related to business; | (6) To engage in matters entrusted by subsidiaries to assist the subsidiaries' businesses; |
| (9) To engage in manufacture, process and sale of non-ferrous metal; | (7) To engage in the supply of gas such as hydrogen and resources development business; |
| (10) To engage in technology license sales and engineering business; and | (8) To engage in leasing of real estate and distribution businesses; and |
| (11) To engage in all other conducts, activities or businesses which are related, directly or indirectly, to the attainment and continuation of the foregoing purposes | (9) To engage in all other conducts, activities or businesses which are related, directly or indirectly, to the attainment and continuation of the foregoing purposes. |

---

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##### [**Table of Contents**](#toc)
**2. Business Organization** 

**A. Highlights of the Company's Business Organization** 

(1) Location of the Headquarters

---

| | | |
|:---|:---|:---|
|  | **Before the vertical Spin-off**<br> **(Beginning of 2022)** | **After the vertical Spin-off**<br> **(As of the date of submission)** |
| Name | POSCO | POSCO HOLDINGS INC. |
|  Location of the Headquarters | 6261 Donghaean-ro (Goedong-dong),<br> Nam-gu, Pohang-si, Gyeongsangbuk<br> - do, Korea | 6261 Donghaean-ro (Goedong-dong),<br> Nam-gu, Pohang-si, Gyeongsangbuk<br> - do, Korea |

---

(2) Summary of consolidated subsidiaries

(Number of companies)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of consolidated subsidiaries | Number of consolidated subsidiaries | Number of consolidated subsidiaries | Number of consolidated subsidiaries | Number of<br>major subsidiaries |
| | Jan 1, 2025 | Increase | Decrease | June 30, 2025 | Number of<br>major subsidiaries |
|  Listed | 6 |  |  | 6 | 6 |
|  Unlisted | 187 | 2 | 2 | 187 | 82 |
|  Total | 193 | 2 | 2 | 193 | 88 |

---

\* The number of consolidated companies above does not include POSCO HOLDINGS.

\* Among listed corporations, there is one overseas corporation

(5 domestic corporations and 1 overseas corporation).

\* Newly included: POSCO Deep Tech Technology Finance Fund, FUTURE GRAPH CO., LTD.

\* Excluded subsidiaries: SANPU TRADING Co., Ltd., NEH Co., Ltd.

(3) Major Changes in the Board of Directors

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br>Change | Type of<br> General<br>Meeting of<br>Shareholders | Appointment | Appointment | Expiration of Term |
| Date of<br>Change | Type of<br> General<br>Meeting of<br>Shareholders | New | Re-appointment | Expiration of Term |
|  March 12, 2021 | Ordinary | Inside Director<br> CHUNG, Chang Hwa | Representative Director<br> CHOI, Jeong Woo | Inside Director<br> CHANG, In Hwa |
|  March 12, 2021 | Ordinary | Outside Director<br> YOO, Young Sook | Representative Director<br> KIM, Hag Dong | Outside Director<br> KIM, Joo Hyun |
|  March 12, 2021 | Ordinary | Outside Director<br> KWON, Tae-Kyun | Representative Director<br> CHON, Jung Son | Outside Director<br> BAHK, Byong Won |
|  March 12, 2021 | Ordinary |  | Inside Director<br> JEONG, Tak |  |
|  March 12, 2021 | Ordinary |  | Outside Director<br> KIM, Sung Jin |  |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date of<br>Change | Type of<br> General<br>Meeting of<br>Shareholders | Appointment | Appointment | Expiration of Term |
| Date of<br>Change | Type of<br> General<br>Meeting of<br>Shareholders | New | Re-appointment | Expiration of Term |
| March 18, 2022 | Ordinary | Inside Director<br> YOO, Byeong Og | Representative Director<br> CHON, Jung Son | Representative Director<br> KIM, Hag Dong |
| March 18, 2022 | Ordinary | Non-standing Director<br> KIM, Hag Dong | Inside Director<br> CHUNG, Chang Hwa | Inside Director<br> JEONG, Tak |
| March 18, 2022 | Ordinary | Outside Director<br> YOO, Jin Nyong**\***  | Outside Director<br> PAHK, Heui Jae | Outside Director<br> KIM, Shin Bae |
| March 18, 2022 | Ordinary | Outside Director<br> SOHN, Sung Kyu**\***  |  | Outside Director<br> CHUNG, Moon Ki |
| March 17, 2023 | Ordinary | Representative Director<br> JEONG, Ki Seop | Inside Director<br> YOO, Byeong Og | Representative Director<br> CHON, Jung Son |
| March 17, 2023 | Ordinary | Inside Director<br> KIM, Ji Yong | Non-standing Director<br> KIM, Hag Dong | Inside Director<br> CHUNG, Chang Hwa |
| March 17, 2023 | Ordinary | Outside Director<br> KIM, Joon Gi\* |  | Outside Director<br> CHANG, Seung Wha |
| March 21, 2024 | Ordinary | Representative Director<br> CHANG, In Hwa | Representative Director<br> JEONG, Ki Seop | Representative Director<br> CHOI, Jeong Woo |
| March 21, 2024 | Ordinary | Inside Director<br> KIM, Jun Hyung | Outside Director<br> YOO, Young Sook | Inside Director<br> KIM, Ji Yong |
| March 21, 2024 | Ordinary | Inside Director<br> KIM, Ki Soo | Outside Director<br> KWON, Tae Kyun | Inside Director<br> YOO, Byeong Og |
| March 21, 2024 | Ordinary | Outside Director<br> PARK, Sung Wook**\*\***  |  | Outside Director<br> KIM, Sung Jin |
| March 21, 2024 | Ordinary |  |  | Outside Director<br> PAHK, Heui Jae**\*\*\***  |
| March 20, 2025 | Ordinary | Representative Director<br> LEE, Ju tae | Inside Director<br> KIM, Ki Soo | Representative Director<br> CHANG, In Hwa |
| March 20, 2025 | Ordinary | Inside Director<br> CHUN, Sung Lae | Outside Director<br> YOO, Jin Nyong | Inside Director<br> KIM, Jun Hyung |
| March 20, 2025 | Ordinary |  | Outside Director<br> SOHN, Sung Kyu**\*\*\*\***  |  |

---

\* The Outside Director KIM, Joon Gi was newly appointed as Audit Committee Member at the General Meeting of Shareholders held on March 17, 2023.

\*\* The newly appointed Outside Director PARK, Sung Wook was elected as an Outside Director to become an Audit Committee Member at the General Meeting of Shareholders held on March 21, 2024.

\*\*\* The Outside Director PAHK, Heui Jae voluntarily resigned from the General Meeting of Shareholders held on March 21, 2024.

\*\*\*\* The Outside Director SOHN, Sung Kyu was re-appointed as Audit Committee Member at the General Meeting of Shareholders held on March 20, 2025.

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##### [**Table of Contents**](#toc)
(4) Changes of the Major Shareholders of POSCO HOLDINGS INC.

Since January 30, 2007, National Pension Service holds the largest number of common shares of POSCO HOLDINGS INC.

a) From SK Telecom to National Pension Service

b) Date of Change: January 30, 2007

For further reference, please refer to the public disclosures of changes in common shares of the largest shareholder on Financial Supervisory Service website (<u>http://dart.fss.or.kr</u>)

**B. POSCO HOLDINGS' Merger, Acquisition and Handover of Businesses** 

(1) January 2019: Small scale merger of POSCO Processing & Service Co., Ltd into POSCO

(2) September 2019: Handover of business right of LNG terminal to POSCO ENERGY

(3) September 2019: Small scale merger of By-Product Gas Generation Business from POSCO ENERGY into POSCO after spin-off

(4) January 2022: Handover of logistic related business to POSCO Terminal

(5) March 2022: Completion of Vertical Spin-off

---

| | | |
|:---|:---|:---|
| **Classification** | **Company Name** | **Business Unit** |
|  Surviving Company | POSCO HOLDINGS INC. | Development of future business portfolios and management of group's businesses |
|  New Company | POSCO | Production and sale of steel |

---

**3. Changes in Share Capital** 

There have been no changes in share capital in the last 5 years.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unit: Share, KRW/share, KRW million) | (Unit: Share, KRW/share, KRW million) | (Unit: Share, KRW/share, KRW million) | (Unit: Share, KRW/share, KRW million) |
| **Type** | **Details** | **As of June 30,<br>2025** | **As of December 31,<br>2024** | **As of December 31,<br>2023** |
|  Common Stock | Total number of issued shares | \*\*80,932,952 | \*82,624,377 | 84571230 |
|  Common Stock | Par value (KRW) | 5000 | 5000 | 5000 |
|  Common Stock | Share capital | 482403 | 482403 | 482403 |
|  Preferred Stock | Total number of issued shares |  |  |  |
|  Preferred Stock | Par value (KRW) |  |  |  |
|  Preferred Stock | Share capital |  |  |  |
|  Others | Total number of issued shares |  |  |  |
|  Others | Par value (KRW) |  |  |  |
|  Others | Share capital |  |  |  |
|  Sum | Share capital | 482403 | 482403 | 482403 |

---

\* Due to the decision to cancel treasury shares by the resolution of the board of directors on July 12, 2024, the total number of shares issued by the company was decreased from 84,571,230 to 82,624,377, and there is no change in capital. 

\*\* Due to the decision to cancel treasury shares by the resolution of the board of directors on February 19, 2025, the total number of shares issued by the company was decreased from 82,624,377 to 80,932,952, and there is no change in capital. 

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##### [**Table of Contents**](#toc)
**4. Other Information Regarding Shares** 

**A. Total Number of Shares** 

---

| | |
|:---|:---|
| **Authorized Shares** | **(As of June 30, 2025)**<br>**Issued Shares** |
|  200,000,000 | 80932952 |

---

※ Currency of the Republic of Korea is the Korean Won ("KRW").

※ Par Value: KRW 5,000 per share

※ Due to the decision to cancel treasury shares by the resolution of the board of directors on February 19,
2025, the total number of shares issued by the company was decreased from 82,624,377 to 80,932,952 without any change in capital. For more detailed information, please refer to the 'Cancellation of Treasury Shares' disclosed on February
19, 2025, at SEC.

**B. Treasury Shares Acquisition and Disposal**

**(As of June 30, 2025)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Method of Purchase** | **Type** | **Beginning**<br>**Balance** | **Increased** | **Decreased** | **Cancelled** | **Ending**<br>**Balance** | **remark** |
|  Direct | Common<br> Stock | 3687724 |  |  | 1691425 | 1996299 | (1) |
|  Trust Contract | Common<br> Stock | 3315874 |  |  |  | 3315874 |  |
|  | Common<br> Stock |  |  |  |  |  |  |
|  Total | Common<br> Stock | 7003598 |  |  | 1691425 | 5312173 | (2) |
|  | Common<br> Stock |  |  |  |  |  |  |

---

(1) On February 19, 2025, the board of directors resolved to cancel 1,691,425 previously acquired treasury shares, reducing the number of treasury shares from 7,003,598 to 5,312,173. For more detail, please refer to the 'Cancellation of Treasury Shares' disclosed on February 19, 2025, to the SEC.

(2) The aforementioned number of treasury shares includes 83,671 treasury shares which are subject to the exchange of exchangeable bonds issued by the company on September 1, 2021. The treasury shares subject to this exchange is finalized at the time the exchange right is exercised and is currently deposited with the Korea Securities Depository.

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Changes after the reporting date (June 30, 2025) of the disclosure  |

---

- On August 12, 2025, the board of directors resolved to pay a cash dividend of 2,500 won per common share for the second quarter, and an additional 1,528 treasury shares subject to exchange bonds were deposited. As of the date of this submission, the number of deposited shares is 86,611. For more detailed information, please refer to the 'Adjustment of Conversion Price, Exercise Price of New Share Subscription Rights, and Exchange Price' announcement dated August 12, 2025.

**5. Voting Rights** 

---

| | | |
|:---|:---|:---|
|  | **(As of June 30, 2025)** | **(As of June 30, 2025)** |
| **Classification** | **Number of Common Shares** | **Remarks** |
| (1) Number of Issued Shares | 80932952 |  |
| (2) Shares without Voting Rights | 5312173 | Treasury stock |
| (3) Shares with Voting Rights | 75620779 |  |

---

**6. Earnings and Dividends** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: KRW million)** | **(Unit: KRW million)** | **(Unit: KRW million)** |
|  | **2025.1H** | **2024** | **2023** |
| (Consolidated) Profit**\*** | 462161 | 1094917 | 1698092 |
| (Separate) Profit | 634903 | 1621282 | 799578 |
|  Earnings per Share**\*\*** (Consolidated, KRW) | 6112 | 14451 | 22382 |
|  Cash Dividend Paid | 378104 | 757485 | 758762 |
|  Pay-out Ratio (Consolidated, %) | 81.8 | 69.2 | 44.7 |
|  Dividend per Share (KRW) | 5000 | 10000 | 10000 |
|  Dividend Yield (%) | 1.7 | 4.0 | 2.4 |

---

\* (Consolidated) Profit: Profit attributable to owners of the controlling company

\*\* Earnings per Share is based on consolidated financial statement prepared in K-IFRS

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Changes after the record date (June 30, 2025) of the disclosure  |

---

- On August 12, 2025 at the Board of Directors meeting, POSCO HOLDINGS INC. resolved to pay KRW 2,500/share of cash dividend (Total Cash Dividend Amount KRW189.1 billion) for 2Q 2025.

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##### [**Table of Contents**](#toc)
**7. Stock Price and Trading Volume** 

The stock prices and trading volumes of POSCO HOLDINGS INC. for the last 6 months are as follows.

**A. The Korean Stock Market** 

**(Unit: KRW/share, Thousand shares)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **January**<br>**2025** | **February**<br>**2025** | **March**<br>**2025** | **April**<br>**2025** | **May**<br>**2025** | **June**<br>**2025** |
|  Common share | Highest Price | 271000 | 282000 | 332000 | 279500 | 263000 | 269500 |
|  Common share | Lowest Price | 250000 | 230500 | 268000 | 249500 | 233500 | 244000 |
|  Common share | Average Price | 260556 | 255150 | 303575 | 259341 | 249368 | 259737 |
|  Trading volume | Daily highest | 509 | 1048 | 1586 | 639 | 441 | 496 |
|  Trading volume | Daily lowest | 154 | 180 | 209 | 129 | 132 | 208 |
|  Trading volume | Monthly | 5222 | 8890 | 11173 | 6495 | 4599 | 6329 |

---

**B. New York Stock Exchange** 

**(Unit: USD/ADS\*, Thousand ADS\*)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **January**<br>**2025** | **February**<br>**2025** | **March**<br>**2025** | **April**<br>**2025** | **May**<br>**2025** | **June**<br>**2025** |
|  American Depositary Share (ADS) | Highest Price | 46.26 | 48.47 | 55.32 | 47.44 | 47.02 | 49.85 |
|  American Depositary Share (ADS) | Lowest Price | 42.56 | 39.82 | 45.51 | 41.43 | 42.75 | 44.31 |
|  | Average Price | 44.87 | 43.92 | 51.13 | 45.16 | 45.20 | 47.71 |
|  Trading volume | Daily highest | 286 | 588 | 1530 | 871 | 537 | 254 |
|  Trading volume | Daily lowest | 97 | 114 | 147 | 110 | 106 | 81 |
|  Trading volume | Monthly | 3956 | 5653 | 10640 | 8149 | 4026 | 3019 |

---

\* ADS: One American Depositary Share represents one-fourth of one Common Share

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##### [**Table of Contents**](#toc)
**II. BUSINESS** 

**1. Overview** 

**A. Classification of Business** 

We classify our business into six segments:

Steel, Infrastructure (Trading), Infrastructure (Construction), Infrastructure (Logistics and associated businesses), Rechargeable Battery Materials, and Others.

**B. Summary of Financial Status of Segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business**<br> **Segment** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
| **Business**<br> **Segment** | Sales | Operating<br>Income (Loss) | Sales | Operating<br>Income (Loss) | Sales | Operating<br>Income (Loss) |
|  Steel | 29843266 | 1059636 | 62200920 | 1636808 | 63538698 | 2556779 |
|  Infrastructure (Trading) | 21221133 | 583281 | 42903253 | 1113710 | 42943752 | 1133512 |
|  Infrastructure (Construction) | 3836040 | (87914) | 9829578 | 64804 | 10267503 | 197352 |
|  Infrastructure (Logistics and etc.) | 1757015 | 41223 | 4139201 | 147603 | 3945953 | 202010 |
|  Rechargeable Battery Materials | 1693522 | -241804 | 3829851 | -277472 | 4821886 | -161334 |
|  Others | 867963 | 615394 | 2111150 | 1600212 | 1562214 | 1106332 |
|  Total | 59218939 | 1969816 | 125013953 | 4285664 | 127080006 | 5034651 |

---

\* Based on aggregation including internal transactions among affiliates.

\* 'Energy Materials' segment was renamed as 'Rechargeable Battery Materials' by management decision in June 2025.

**2. Business Status of Segments** 

**A. Steel** 

There are 85 consolidated companies in the steel segment, e.g., POSCO, POSCO STEELEON, and overseas subsidiaries, including PT.Krakatau POSCO in Indonesia, POSCO (Zhangjiagang) Stainless Steel Co., Ltd. in China, and overseas processing centers.

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##### [**Table of Contents**](#toc)
∎ **POSCO** 

**(1) Summary of Business** 

POSCO produces steel components, such as hot rolled, cold rolled, and stainless steel, at Pohang Steelworks and Gwangyang Steelworks, of which latter is the largest in the world.

Steel is a key industry that has served a pivotal role in achieving national economic development. Steel is used as a basic material in diverse manufacturing businesses, such as automobiles, shipbuilding, home appliances, and construction; therefore, steel, by its nature, is intricately connected to the frontline industries.

In the first half of 2025, global crude steel production posted a moderate year-on-year decline, despite continued demand from emerging economies, such as India. The slowdown is attributed to the global uncertainties driven by U.S. tariffs and sluggish demand in key industries, including China's housing sector.

**Global Crude Steel Production** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Million Ton, %)** | **(Million Ton, %)** | **(Million Ton, %)** |
| **Crude Steel Production** | **2025.1H** | **2024** | **2023** |
|  Global | 934 | 1839 | 1850 |
|  Korea | 31 | 64 | 67 |
| (Ratio) | (3.3%) | (3.5%) | (3.6%) |

---

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Source: worldsteel (www.worldsteel.org)  |

---

The steel industry is affected by the business cycle and fluctuations in the demand industry.

Therefore, steel demand is impacted by changes in the real economy as well as market conditions of demand industries, i.e., shipbuilding, automobiles, home appliance, and construction.

The steel industry is a capital- and technology-intensive industry that requires massive initial investment. Hence, steelmakers are focused on reducing production costs to achieve price competitiveness.

POSCO aims to maintain its competitive edge in the domestic market by strengthening long-term partnership with key customers and by devising comprehensive responses, such as marketing, R&D, technology services, and productions, to address global protectionism. In addition, we are expanding steel processing centers to meet the needs of global frontline industries, such as automobiles, shipbuilding, home appliances, and construction, while strengthening our global sales network by operating steel production bases in Indonesia (upstream) and India (cold-rolling mills). Additionally, we are seeking opportunities to expand overseas production capacity; one such example is the JV project completed with Hebei Steel in 2023.

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##### [**Table of Contents**](#toc)
On the production side, we are developing strategic, high value-added World Top Premium products and upgrading sales network to respond to the growing demand for next-generation, carbon-reduced steel to actively respond to the growing demand for next-generation, carbon-reduced steel in new mobility, low-carbon energy, and smart infrastructure. Furthermore, we aim to lead the global initiative to achieve carbon net-zero; hence we have developed a decarbonization roadmap, which includes the construction of a HyREX (hydrogen-based steelmaking) technology demo plant.

**(2) Market Share** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **(Million Ton, %)** | **(Million Ton, %)** |
| **Category** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
| **Category** | Production | Market share | Production | Market share | Production | Market share |
|  Crude Steel Production | 31 | 100% | 64 | 100% | 67 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | 17 | 56% | 35 | 55% | 36 | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 14 | 44% | 29 | 45% | 31 | 46% |

---

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Source: worldsteel (www.worldsteel.org)  |

---

The steel industry's major demand sectors include automobiles, shipbuilding, and construction, in which steel is a key raw material. The company's sales consists of approximately 52% domestic sales and 48% exports, with Japan, Europe, and Southeast Asia accounting for a significant portion of exports. We maintain a make-to-order production and sales system while keeping the proportion of direct sales to end-users in the domestic market at around 61% to secure sales stability.

The company has established a mid- to long-term roadmap to achieve net zero emissions by 2050. We are developing technologies to reduce carbon emissions in existing processes, introducing large-scale electric furnaces, and pursuing a phased transition of facilities and processes that includes commercialization of the HyREX (hydrogen-based steelmaking) process. At the same time, we are focusing company-wide efforts on securing a stable supply of carbon-reduced raw materials such as scrap and HBI. From 2026, we plan to produce carbon-reduced, high value-added products using electric furnaces.

Building on the expertise we accumulated on building and operating a Smart Factory since 2017, we are accelerating the implementation of the Intelligent Factory that connects all areas of business, from production, logistics, to office operations, with the Digital Twin technology.

Safety is our top priority and a core value of our corporate culture. We are reinforcing safety by identifying potential hazards in the workplace and ensuring compliance to safety standards, while also developing smart safety solutions utilizing AI and IoT technologies.

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##### [**Table of Contents**](#toc)
Even though POSCO is an unlisted company and therefore does not have any obligation to establish a special committee under the board of directors, we have created an ESG committee to strengthen our external communication with interested parties. Furthermore, we have also established an audit committee to support ESG governance. As a result, the company has been named Sustainability Champion by the World Steel Association — an honor awarded to leading companies in the ESG field — for four consecutive years.

∎ **POSCO STEELEON** 

POSCO STEELEON offers differentiated value by developing new market and technology and by providing designs and solutions in both domestic and overseas surface-treated steel market.

The surface-treated steel market is divided into general-purpose and high-end segments. Competition is fierce in the general-purpose market because product technology is standardized and the market is flooded with low-priced Chinese products. On the other hand, we believe that the market for high-end material not only generates high added value but also has potential to grow in terms of size.

Despite challenges posed by oversupply of domestic and foreign steel products and slowdown in demand industries, POSCO STEELEON is striving to secure a stable profit base and expand market share by improving the competitiveness of high valued-added products, such as aluminum coated sheets, galvanized steel sheets with high corrosion resistance, and Print/Lami color steel sheets.

POSCO STEELEON is striving to strengthen its competitiveness in the high-end construction/exterior materials through research and development customized to customer needs. In addition, POSCO STEELEON is preparing to expand its overseas business; the company operates a color steel sheet production line (50,000 ton) and coated steel sheet production line (20,000 ton) in Yangon, Myanmar, securing a bridgehead in Southeast Asia, a region projected for rapid growth.

∎ **POSCO M-TECH** 

**(1) Summary of Business** 

POSCO M-TECH is a specialized supplier of packaging and supplementary materials for steel. This includes aluminum deoxidizers, which removes oversaturated oxygen in the steelmaking process. POSCO M-TECH continuously develops packaging machines and materials for steel products. The steel packaging business has enhanced cost competitiveness by reducing packaging materials and improving packaging quality, while the packaging equipment business has focused on developing automated equipment.

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##### [**Table of Contents**](#toc)
**Business Areas** 

---

| | | |
|:---|:---|:---|
| Business Areas | **Major Goods and Services** | **Major Customer** |
|  Steel raw material business | Aluminum deoxidizer pellets, mini pellets, ingots and etc. | POSCO |
|  Steel product packaging business | Steel packaging service, maintenance of packaging facilities and etc. | POSCO |
|  Engineering business | Steel Packaging Engineering, Mechanical Equipment and etc. | POSCO |
|  Consignment operation business | Ferromanangan factory and etc. | POSCO |

---

**(2) Market Share** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **(Ton)** |
| **Category** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
| **Category** | Sales Volume | Market share | Sales Volume | Market share | Sales Volume | Market share |
|  POSCO M-TECH | 17681 | 39.9% | 38284 | 44.3% | 31984 | 44.7% |
|  PJ Metal | 26911 | 60.1% | 48231 | 55.7% | 39600 | 55.3% |
|  Total | 44772 | 100.0% | 86515 | 100.0% | 71584 | 100.0% |

---

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | The exact market share of aluminum deoxidizers cannot be estimated since total domestic production and sales volume are not tallied.  |

---

**B. Infrastructure [Trading]** 

There are 38 subsidiaries in the trading segment, including POSCO International.

∎ **POSCO INTERNATIONAL** 

**[Trading]** 

The industrial environment is becoming increasingly challenging as protectionism intensifies in major economies and global economic downturn continues. Nevertheless, POSCO International is pioneering new markets and businesses. Leveraging its long-accumulated know-how and extensive overseas network, the company is strengthening the value chains of its core businesses — including materials, mobility, and food — while fostering future growth through its bio business.

**Market Share** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: USD million)** | **(Unit: USD million)** | **(Unit: USD million)** |
| **Category** | **2025.1H** | **2024.1H** | **Growth Rate** |
|  All Trading Companies in Korea | 334721 | 334815 | -0.03% |
|  POSCO International Corp. | 3957 | 4239 | -6.65% |

---

---

| | |
|:---|:---|
| ![LOGO](g931500dsp006.jpg) | Source: Korea International Trade Association (www.kita.net)  |

---

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##### [**Table of Contents**](#toc)
**-** **Steel/Mobility business**: Through collaboration with other POSCO Group affiliates, we are generating synergies to expand our business portfolio. We are in the process of establishing supply chains for the renewable energy industry and Hot Briquetted Iron (HBI) feedstock for the steelworks, while further strengthening our role in securing stable raw material supplies for rechargeable battery materials. 

**-** **Motor core business:** POSCO INTERNATIONAL started engaging in the electric vehicle (EV) motor core business with POSCO Mobility Solution, the company's subsidiary. We plan to expand our motor core production to 7.5 million by 2030. 

**Palm farm in Indonesia**: POSCO INTERNATIONAL has developed a palm plantation in Indonesia, establishing a local palm oil production system and gradually expanding sales. In December 2022, the company established another Crude Palm Oil (CPO) mill, expanding annual CPO production to approximately 250,000 tons. Furthermore, the company is pursuing sustainable palm farming through RSPO certification. <br>

**[Energy]** 

Global demand for natural gas remains strong, particularly with rising power demand from AI-driven growth of the digital industry. Asia's surging energy demand is also boosting the oil and gas development sector. The company aims to enhance competitiveness in the energy business and ensure stable operations in a shifting market.

**Myanmar Gas Field business**: In February 2021, as part of the third phase of the development project, the company began EPCIC to install a gas compression platform to produce low-pressure gas from the reservoir. Since completing construction in April 2024, the company has been producing gas through the new facilities since May 2024. Additionally, in July 2025, we began construction on the fourth phase of the development project, which will secure additional reserves to sustain the current level of gas production, with plans to begin operation in 2027. <br>

**LNG business**: The company began LNG trading in 2017, drawing on its expertise in developing international energy sources, to meet POSCO Group's LNG demand. In 2023, POSCO INTERNATIONAL acquired POSCO Energy and obtained an additional value chain across the LNG business, from LNG import terminals to power generation. <br>

**Onshore gas business in Australia:** For timely implementation of the Group's decarbonization and hydrogen business strategies and to expand its existing energy business, currently centered in Myanmar, the company acquired Senex Energy Limited in Australia. Senex Energy Limited is an energy company located in Brisbane on the east coast of Australia, that produces gas from onshore oil and gas fields in eastern Australia for domestic and overseas customers. Considering strong international oil prices and the shortage of domestic gas supply in eastern Australia, the company has launched additional development projects with the goal to triple gas production by 2025. <br>

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**LNG terminal & connected business:** The Gwangyang LNG Terminal, Korea's first privately operated LNG import terminal, has a storage capacity of 930,000 kL across six tanks. Serving as a key facility in the LNG value chain, it plays a pivotal role in connecting upstream LNG production with the downstream gas supply to end-users. The company is pursuing phased expansion beyond Gwangyang to meet both local demand and captive demand within the Group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses. <br>

**Power generation business:** As the first private power generator in Korea, our Incheon LNG Combined Cycle Power Plant has been delivering reliable power supply to the Seoul metropolitan area for over 50 years. Located in Incheon's Seo-gu district, the plant operates seven combined cycle power generators with total capacity of 3,412 MW, which accounts for about 9% of the region's generation capacity. The power plant is a smart power generation facility, incorporating IoT and big data technologies in its operations. <br>

**Domestic onshore wind power business:** In January 2015, the Sinan Green Energy acquired a business permit to run an onshore wind farm in Jaeun-myeon in Sinan-gun city of the Jeollanam-do province. We are operating 20 onshore wind power generators since their installation in 2019. With a generation capacity of 62.7 MW, this onshore wind power complex produces approximately 120,000 MWh of clean energy annually, which is equivalent to removing 49,000 tons of carbon dioxide emissions annually. <br>

**B. Infrastructure [Construction]** 

There are 25 subsidiaries in construction segment including POSCO E&C.

∎ **POSCO E&C** 

POSCO E&C engages in primarily 3 businesses: plant, infrastructure and building works.

**[Plant Business]** 

POSCO E&C has established a unique position in the domestic steel plant sector with extensive experience in supplying and constructing equipment for integrated steel mills and auxiliary facilities. The company has expanded into global markets, such as India, Brazil, and Indonesia, enhancing its reputation as a global player. Recently, the company has focused on carbon-reduced steel technologies and water electrolysis projects. In power generation, POSCO E&C was the first construction company to enter the South American market in 2006 to build coal-fired and gas combined cycle power plants in Chile, Peru, and Panama. The company is also expanding involvement in nuclear power projects, including large-scale plants and national projects like i-SMR. In addition, by being the first in the world to apply high-manganese steel in LNG tank construction, the company has participated in numerous domestic and overseas LNG terminal projects. We have also built multiple plants in Pohang, Gwangyang, Argentina, and North America to produce raw materials and components for the rechargeable battery.

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##### [**Table of Contents**](#toc)
**[Infrastructure Business]** 

The company has an extensive track record in various sectors, including roads, bridges, airports, seaports, and water treatment, and continues to expand its presence in the world. It is currently undertaking large-scale private investment projects in Korea, such as the West Inland Expressway and the GTX-B (Great Train Express) line in the Seoul metropolitan area. As for overseas projects, POSCO E&C has built railway depots in South America and Southeast Asia. In Poland, it has secured multiple contracts for waste incineration plants. Going forward, the company is preparing to expand its business into new areas, e.g., underground transportation infrastructure and recycling projects.

**[Construction Business]** 

POSCO E&C has led the development of Songdo International Business District, with a proven track record of successfully constructing landmark high-rise buildings, such as Busan LCT and Yeouido Parc1. The company also holds the industry record for the highest number of contracts in urban renewal and remodeling projects, i.e., redevelopment and reconstruction. Going forward, POSCO E&C plans to further diversify its portfolio to include the senior residence building projects.

**B. Infrastructure [Logistics and associated businesses]** 

There are 13 subsidiaries of logistics and associated business segment including POSCO Flow and POSCO DX.

∎ **POSCO DX** 

POSCO DX has both IT and operation automation technology (OT) capabilities. By converging IT and OT, the company has acquired prominence in applying this technology to manufacturing. Leveraging its proprietary AI-based platform, PosFrame, POSCO DX rolled out the Smart Factory technologies at POSCO's steelworks and has since expanded its application into rechargeable battery material production processes as well as food & beverage manufacturing. As a result, POSCO DX is now known as a specialized provider of Smart Factory solutions. More recently, the company has been integrating AI and robotics to kick Smart Factory operations into next gear and to build the Intelligent Factory.

In addition, based on its capabilities in building fulfillment logistics systems and hubs, POSCO DX delivered projects such as POSCO's logistics facilities, Incheon Airport's Baggage Handling System (BHS), and Hanjin Express's Mega Hub logistics center.

**C. Rechargeable Battery Materials** 

Rechargeable Battery Materials segment includes businesses related to electric vehicle (EV) battery materials, such as lithium, nickel, cathode material, anode material, and recycling. There are a total of 17 subsidiaries, including POSCO Future M and POSCO Argentina.

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##### [**Table of Contents**](#toc)
∎ **POSCO Future M** 

**[Basic Industrial Materials]** 

**-** **Refractory production**: Refractories maintain their chemical properties and strength even at high temperatures, making them indispensable in industrial facilities, including the furnaces in steelworks and petrochemical plants. In the refractory business, POSCO Future M produces refractories and installs them in blast furnaces and various plants. Recognized for its expertise in refractory installation, the company is expanding its business to plants in other fields both domestically and internationally. However, there are challenges due to overproduction by refractory companies worldwide and the flood of Chinese low-cost products entering the market. Therefore, POSCO Future M is striving to secure competitiveness in the global market by achieving maximum cost competitiveness and developing high value-added products. 

**Lime business**: The quicklime market is dominated by POSCO and Hyundai Steel, which together account for over 90% of the total quicklime used for steelmaking. POSCO Future M is the largest supplier to POSCO. <br>

**[Energy Materials]** 

In order to leap forward as an energy materials company, POSCO Future M acquired the anode materials division of LS Mtron in August 2010 and merged with the cathode materials company POSCO ESM in April 2019. POSCO Future M produces both anode active materials (anode materials) and cathode active materials (cathode materials), which are high-value-added materials in the rechargeable battery value chain.

As an integral part of POSCO Group, POSCO Future M has established a full battery materials value chain, ranging from raw to active battery materials and battery recycling. It is the only company to produce graphite-based anode materials, a critical mineral predominated by China. Therefore, the company expects sales to increase in the future by supplying global automakers and battery makers that seek to decouple from China.

However, if POSCO Group's production of raw materials, such as lithium, nickel, and graphite, declines or is delayed against the plan or if we are unable to meet the stricter Rules of Origin guidelines, we may not be able to reap all of the projected benefits.

**D. Others** 

In Others segment, there are 16 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS focuses on investing in new growth businesses and opportunities.

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##### [**Table of Contents**](#toc)
**3. Key Products** 

**A. Sales of Key Products (2025.1H)** 

**(Unit: KRW hundred million, %)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Segment** | **Item /**<br> **Business Sector** | **Specific Use** | **Total Sales** | **Ratio** |
| Steel | Hot-rolled Product (HR) | Steel pipe, Shipbuilding, etc. | 62950 | 21.1% |
|  | Cold-rolled Product (CR) | Automobile, Home appliances, etc. | 97025 | 32.5% |
|  | Stainless Steel Products | Tableware, pipes, etc. | 49995 | 16.8% |
|  | Others | Plates, Wire rods, etc. | 88429 | 29.6% |
|  | Gross Sum | Gross Sum | 298399 | 100.0% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | -111446 |  |
|  | Sub Total | Sub Total | 186953 |  |
| Infrastructure | Trading | Steel, Metal | 159811 | 59.5% |
|  | Trading | Chemical, Strategic Item, Energy | 32332 | 12.1% |
|  | Trading | Others | 18159 | 6.8% |
|  | Construction | Architecture (Domestic) | 21401 | 8.0% |
|  | Construction | Plant (Domestic) | 7844 | 2.9% |
|  | Construction | Civil Engineering (Domestic) | 3472 | 1.3% |
|  | Construction | Others (Domestic) | 938 | 0.3% |
|  | Construction | Overseas Construction | 2449 | 0.9% |
|  | Construction | Owned Construction | 710 | 0.3% |
|  | Construction | Others | 1546 | 0.6% |
|  | Logistics and etc. | Others | 19513 | 7.3% |
|  | Gross Sum | Gross Sum | 268175 | 100.00% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | -116478 |  |
|  | Sub Total | Sub Total | 151697 |  |
| Rechargeable | Gross Sum | Gross Sum | 16935 | 100.00% |
| Battery | Deduction of Internal Trade | Deduction of Internal Trade | - 6013 |  |
| Materials | Sub Total | Sub Total | 10922 |  |
| Others | Gross Sum | Gross Sum | 8680 | 100.00% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | -8329 |  |
|  | Sub Total | Sub Total | 352 |  |
| Total Sum | Total Sum | Total Sum | 349924 |  |

---

\* 'Energy Materials' segment was renamed as Rechargeable Battery Materials' by management decision in June 2025.

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##### [**Table of Contents**](#toc)
**B. Price Movement Trends of Key Products** 

**(Unit: KRW thousand/ Ton, KRW/kWh)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Segment** | **Products** | **2025. 1H** | **2024** | **2023** |
| **Steel** | **Hot-rolled Product (HR)** | 870 | 910 | 967 |
| **Steel** | **Cold-rolled Product (CR)** | 1087 | 1144 | 1157 |
| **Infrastructure (Trading)** | **Electric Power** | 153 | 160 | 205 |
| **Rechargeable Battery Materials** | **Refractory** | 999 | 1001 | 991 |
| **Rechargeable Battery Materials** | **Lime** | 156 | 142 | 147 |

---

\* Construction and Logistics and associated businesses segments of Infrastructure are omitted because the raw materials fluctuations defy meaningful measurement. In the case of the Rechargeable Battery Materials business, detailed descriptions are omitted to avoid risk of information leakage. 

**[Steel]** 

(1) Criteria for Calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Subjects for Calculation: Unit sales prices of the standard hot-rolled product and cold-rolled product

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Calculation Method and Unit: The average price of each product based on its total sales including the freight
costs during the given period.

(2) Factors of Price Changes

- Global trends in tariffs and their geopolitical implications

**[Infrastructure (Trading Segment)]** 

(1) Criteria for Calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Subjects for Calculation: Price of electric power

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Calculation Method and Unit: Unit price per electric power ÷ Net power volume generated

(2) Factors of Price Changes

- Power: Korea Gas Corporation cost, etc.

\* The cost consists of introduction cost, supply cost, etc., and is affected by crude oil and exchange rates

**[Rechargeable Battery Materials]** 

(1) Criteria for Calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Subjects for Calculation: Unit price of refractory and quicklime

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Calculation Method and Unit: The average price of each product based on its total sales including the freight
costs during the given period.

(2) Factors of Price Changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Price of refractories: Affected by business condition of the front industry and raw material cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Quicklime price: Mainly influenced by utility unit price and raw materials cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) Raw materials for energy materials: Subject to price fluctuations depending on the international supply of
mineral resources.

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##### [**Table of Contents**](#toc)
**4. Major Raw Materials** 

**A. Current Status of Major Raw Materials (2025.1H)** 

**(Unit: KRW hundred million)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Business Segment** | **Business Segment** | **Type of<br>Purchase** | **Item** | **Specific Use** | **Purchase**<br>**Amount**<br>**(Portion, %)** | **Portion (%)** |
|  |  | Raw<br>Materials | Materials for<br> Iron-making | Iron Ore for Blast<br> Furnaces | 73706 | 61.2% |
|  Steel | Steel |  | Sub-materials | Sub-materials for<br>Iron-making,<br>Steelmaking | 26915 | 22.3% |
|  |  |  | Stainless Steel<br>Materials | Key Materials for<br> STS Production | 19849 | 16.5% |
|  Infrastructure | Trading | Raw<br>Materials | LNG | Material for Power<br>Generation | 7224 | 100.0% |
|  Infrastructure | Construction | Raw<br>Materials | Ready-mixed<br>Concrete | Construction of<br>Structure | 1339 | 22.3% |
|  Infrastructure |  |  | Steel<br> Reinforcement | Strengthening<br>Concrete | 1011 | 16.8% |
|  Infrastructure |  |  | Cable | Electricity<br>Transfer | 77 | 1.3% |
|  Infrastructure |  |  | Steel Pile | Foundation of<br>Structure |  | 0.0% |
|  Infrastructure |  |  | Others | Construction of<br>Pipe and Structure<br>etc. | 3554 | 59.6% |
|  Infrastructure | Logistics<br> and etc. | Raw<br>Materials | Others | For other use | 3301 | 100.0% |
|  Rechargeable Battery Materials |  | Raw<br>Materials | NCM and etc. | Production of<br>cathode materials | 7090 | 83.6% |
|  Rechargeable Battery Materials |  | Raw<br>Materials | Graphite and<br>etc. | Production of<br> anode materials | 325 | 3.8% |
|  Rechargeable Battery Materials |  | Raw<br>Materials | Limestone and<br>etc. | Production of<br>Lime | 564 | 6.7% |
|  Rechargeable Battery Materials |  | Raw<br>Materials | Others | Production of<br>refractory | 502 | 5.9% |

---

\* Amount: CIF + customs duties + stevedoring fees + other incidental expenses 

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##### [**Table of Contents**](#toc)
**B. Price Movement Trends of Major Raw Materials** 

**(Unit: KRW thousand)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business Segment** | **Business Segment** | **Category** | **2025.1H** | **2024** | **2023** |
|  Steel |  | Iron Ore(per ton) | 132 | 135 | 145 |
|  Steel |  | Coal(per ton) | 263 | 329 | 387 |
|  Steel |  | Scrap Iron(per ton) | 485 | 505 | 526 |
|  Steel |  | Nickel(per ton) | 21941 | 22934 | 28043 |
|  Infrastructure | Trading | LNG<br> (per ton) | 942 | 1428 | 1594 |
|  Infrastructure | Construction | Ready-mixed Concrete<br> (per m<sup>3</sup>) | 88 | 90 | 85 |
|  Infrastructure | Construction | Steel Pile<br> (per m) | 181 | 181 | 165 |
|  Infrastructure | Construction | Steel Reinforcement<br> (per kg) | 0.9 | 0.9 | 0.9 |
|  Infrastructure | Construction | Cable<br> (per m) | 1 | 1 | 0.9 |
|  Rechargeable Battery Materials |  | Refractory<br> (per ton) | 649 | 443 | 334 |
|  Rechargeable Battery Materials |  | Limestone<br> (per ton) | 25 | 25 | 24 |

---

\* Infrastructure (Logistics and associated businesses) and Others segments are omitted because the raw materials fluctuations defying meaningful measurement. In Rechargeable Battery Materials business, detailed descriptions are omitted to avoid risk of information leakage.

**[Steel]** 

(1) Iron Ore: In Q2 2025, iron ore prices fell by 7% quarter-on-quarter to U$89/ton, reflecting dampened demand on intensifying macro-economic uncertainty impacted by escalating U.S.-China trade tensions. At the same time, supply increased for Australian mining companies ahead of the fiscal year-end (June 2025).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** |
| <br>**'25.Q2** | <br>**'25.Q1** | <br>**'24.Q4** | <br>**'24.Q3** | <br>**'24.Q2** | <br>**'24.Q1** | **'23.Q4** | **'23.Q3** | **'23.Q2** | **'23.Q1** |
| 89 | 96 | 94 | 89 | 101 | 113 | 117 | 106 | 102 | 118 |

---

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##### [**Table of Contents**](#toc)
(2) Coal: In Q2 2025, despite increased inventory stocking demand ahead of the monsoon season in India, the supply-demand balance eased on growing supply of coal from Canada and Australia ahead of the fiscal year-end, resulting in a 1% quarter-on-quarter price decline to U$184/ton.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** |
| <br>**'25.Q2** | <br>**'25.Q1** | <br>**'24.Q4** | <br>**'24.Q3** | <br>**'24.Q2** | <br>**'24.Q1** | **'23.Q4** | **'23.Q3** | **'23.Q2** | **'23.Q1** |
| 184 | 185 | 203 | 211 | 242 | 308 | 334 | 264 | 243 | 344 |

---

(3) Scrap: In Q2 2025, U.S. moves to impose tariffs weakened product demand; in turn, demand for steel scrap fell, resulting in a 1% quarter-on-quarter price decline to U$337/ton.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** |
| <br>**'25.Q2** | <br>**'25.Q1** | <br>**'24.Q4** | <br>**'24.Q3** | <br>**'24.Q2** | <br>**'24.Q1** | **'23.Q4** | **'23.Q3** | **'23.Q2** | **'23.Q1** |
| 337 | 342 | 350 | 364 | 376 | 392 | 385 | 385 | 403 | 438 |

---

(4) Nickel: In Q2 2025, continued uncertainty over U.S. tariffs, coupled with concerns over a global economic slowdown and weakening demand from China, resulted in a 3% quarter-on-quarter price decline to U$15,171/ton.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** |
| <br>**'25.Q2** | <br>**'25.Q1** | <br>**'24.Q4** | <br>**'24.Q3** | <br>**'24.Q2** | **'24.Q1** | **'23.Q4** | **'23.Q3** | **'23.Q2** | **'23.Q1** |
| 6.88 | 7.06 | 7.27 | 7.37 | 8.35 | 7.53 | 7.83 | 9.23 | 10.12 | 11.79 |
| 15171 | 15571 | 16038 | 16259 | 18415 | 16589 | 17247 | 20344 | 22308 | 25983 |

---

\* LME: London Metal Exchange

**[Infrastructure]** 

(1) Criteria for Calculation

---

| | | | |
|:---|:---|:---|:---|
| **Business Sector** | **Products** | **Criteria for Calculation** | **Factors of Price Changes** |
| Trading | LNG | Average purchase price and LNG direct purchase price of Korea Gas Corporation | Cost of Korea Gas Corporation (cost consists of introduction cost, supply cost, etc. and is affected by crude oil, exchange rate, etc.) |
| Construction | Ready-mixed Concrete | Standard 25-210-15 | The negotiation price in the metropolitan area (effective from March 1, 2025) |
| Construction | Steel Pile | SPIRAL,609.6,12T,STP275,KS F 4602,STEEL PILE | No purchase record for 2025<br> (Q4 2024 price applied) |
| Construction | Steel Reinforcement | SD400 10mm | Increase the price of raw materials (scrap) |
| Construction | Cable | TFR-3, 0.6/1KV, 2.5SQ, 2C | Increase the price of raw materials (electric copper) |

---

------

##### [**Table of Contents**](#toc)
**[Rechargeable Battery Materials]** 

(1) Criteria for Calculation

- Unit Price based on receipt amount

(2) Factors of Price Changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Refractory raw materials: Price fluctuations and compositional costs of raw materials in China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Limestone: Raw material price fluctuation is not extreme and it varies slightly depending on the freight cost

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Energy materials: Price trends are not disclosed considering concerns about information leakage

**5. Production and Facilities** 

**A. Production Capacity** 

**[Steel]** 

∎ **POSCO** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Business Area** | **Products** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
|  Steel | Crude Steel |  | 19741 |  | 40461 |  | 40680 |

---

∎ **POSCO STEELEON** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Business Area** | **Products** | **Place of Business** | **2025.1H** | **2024** | **2023** |
|  Steel | Galvanized / Color-<br>coated Steel | Pohang | 496 | 960 | 960 |
|  | Galvanized / Color-<br>coated Steel | Myanmar | 34 | 70 | 70 |
|  Total | Total | Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |

---

∎ **POSCO M-TECH** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **(Ton)** | **(Ton)** |
| **Business Area** | **Products** | **Products** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
|  Raw materials for steel production |  | Deoxidizer |  | 21358 |  | 39058 |  | 39294 |

---

**[Infrastructure (Trading)]** 

∎ **POSCO INTERNATIONAL** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | **(MW)** | **(MW)** |
| **Business Area** | **Products** | **Products** | **Place of<br>Business** | **Place of<br>Business** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
|  Power Generation |  | Electric Power |  | Incheon |  | 3412 |  | 3412 |  | 3412 |

---

------

##### [**Table of Contents**](#toc)
**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **(Ton)** |
| **Business Area** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Products**  | **Place of<br>Business** | **2025.1H** | **2024** | **2023** |
|  Refractory | Brick and etc. | Pohang | 57801 | 116560 | 116560 |
|  LIME | Quicklime | Pohang | 543000 | 1095000 | 1095000 |
|  LIME | Quicklime | Gwangyang | 543000 | 1095000 | 1095000 |
|  Total | Total | Total | 1143801 | 2306560 | 2306560 |

---

**\*** In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration of technology and information leakage concerns. 

**\*** As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the information is omitted. 

**B. Production Result and Capacity Utilization Rate** 

**[Steel]** 

(1) Production

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Products** | **Products** | **2025.1H** | **2024** | **2023** |
| Crude Steel | Crude Steel | 19078 | 39281 | 39941 |
|  Products | Hot-Rolled Steel | 5389 | 10172 | 10660 |
|  Products | Plate | 3115 | 6636 | 6602 |
|  Products | Wire Rod | 843 | 2131 | 2325 |
|  Products | Pickled-Oiled Steel | 1422 | 2713 | 2780 |
|  Products | Cold-Rolled Products | 3753 | 7498 | 7133 |
|  Products | Coated Steel | 3555 | 7543 | 7299 |
|  Products | Electrical Steel | 535 | 998 | 828 |
|  Products | Stainless Steel | 1553 | 3333 | 3104 |
|  Products | Others | 720 | 1698 | 1795 |
|  Products |  |  |  |  |
|  Products | Total | 20882 | 42720 | 42528 |
|  Products |  |  |  |  |

---

\* The amount of products is the aggregate amount of POSCO's production and production of POSCO's subsidiaries, which may include interested parties' transactions. 

------

##### [**Table of Contents**](#toc)
(2) Capacity Utilization Rate (2025.1H)

**(Unit: Thousand Ton, %)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Capacity** | **Production** | **Utilization Rate** |
|  Crude Steel Production | POSCO | 19741 | 17024 | 86.2% |
|  Crude Steel Production | PT. Krakatau POSCO | 1465 | 1458 | 99.5% |
|  Crude Steel Production | POSCO (Zhangjiagang)<br> StainlessSteel Co., Ltd. | 550 | 357 | 65.0% |
|  Crude Steel Production | POSCO Yamato Vina Steel<br>Joint Stock Company | 275 | 239 | 86.9% |
|  Crude Steel Production |  |  |  |  |
|  | Total | 22031 | 19078 | 86.6% |

---

**[Infrastructure (Trading)]** 

Due to the nature of the business, it is difficult to measure production performance and operating rates for Infrastructure (Construction), and Infrastructure (Logistics and associated business) segments, therefore, the information is omitted in this part.

∎ **POSCO INTERNATIONAL** 

(1) Production Result

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | | | **(Unit: GWh)** | **(Unit: GWh)** |
| **Business Area** | **Products** | **Place of**<br>**Business** | **2025.1H** | **2025.1H** | **2024** | **2024** | **2023** | **2023** |
|  Power Generation | Electric Power | Incheon |  | 5222 |  | 12193 |  | 11213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Capacity Utilization Rate (2025.1H)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Area** | <br>**Production Base** |<br>**Capacity** |<br>**Production** | **(Unit: Hour, %)**<br>**Utilization Rate** |
|  Power Generation | Incheon Power Plant | 4344 | 2455 | 56.52% |

---

**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

(1) Production Result

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **(Unit: Ton)** |
| **Business Area** | **Products** | **Place of<br>Business** | **2025.1H** | **2024** | **2023** |
|  Refractory | Brick and etc. | Pohang | 42300 | 80191 | 77437 |
|  LIME | Quicklime | Pohang | 533385 | 1055911 | 1110594 |
|  LIME | Quicklime | Gwangyang | 605272 | 1216072 | 1243040 |
|  Total | Total | Total | 1180957 | 2352174 | 2431071 |

---

------

##### [**Table of Contents**](#toc)
\* In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration of technology and information leakage concerns.

\* As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the information is omitted.

(2) Capacity Utilization Rate (2025.1H)

---

| | | | |
|:---|:---|:---|:---|
| **Business Area** |<br>**Capacity** |<br>**Production** | **(Unit: Ton, %)**<br>**Utilization Rate** |
|  Refractory Factory | 57801 | 42300 | 73% |
|  Quicklime Factory (Pohang) | 543000 | 533385 | 98% |
|  Quicklime Factory (Gwangyang) | 543000 | 605272 | 111% |
|  Total | 1143801 | 1180957 |  |

---

In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration of technology and information leakage concerns.

As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the information is omitted.

**C. Production Facilities** 

(1) The current status of production facilities (2025.1H)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Land]** |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** |<br> **Beginning Book <br>Balance** |<br>**Increased** |<br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 1957023 | &nbsp;&nbsp;&nbsp;&nbsp;18352 | -34652 |  | 1940723 |
|  Infrastructure | Trading | 514978 | 50487 | -1225 | -1476 | 562764 |
|  Infrastructure | Construction | 348243 | 101 | -61 |  | 348283 |
|  Infrastructure | Logistics and etc. | 111653 | 269 | -50785 |  | 61137 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 217586 | 29753 | 1 |  | 247340 |
|  Others | Others | 186392 | 2003 | -1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 188394 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Buildings]** |  | | | |  |  |
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | <br> **Beginning Book <br>Balance** | <br>**Increased** | <br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 3002051 | 488015 | -30543 | -148877 | 3310646 |
|  Infrastructure | Trading | 574270 | 10018 | -43754 | -11381 | 529153 |
|  Infrastructure | Construction | 85969 | 844 | 1 | -2745 | 84069 |
|  Infrastructure | Logistics and etc. | 104483 | 2587 | -5628 | -1376 | 100066 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 1397132 | 27498 | -28228 | -30385 | 1366017 |
|  Others | Others | 117064 | 2313 | -13235 | -202 | 105940 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Structures]** |  | | | |  |  |
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | <br> **Beginning Book <br>Balance** | <br>**Increased** | <br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 2796242 | &nbsp;&nbsp;&nbsp;&nbsp;129198 | -27045 | &nbsp;&nbsp;&nbsp;&nbsp;-132176 | 2766219 |
|  Infrastructure | Trading | 601835 | 253606 | -103038 | -19585 | 732818 |
|  Infrastructure | Construction | 47043 | 4 | -297 | -3513 | 43237 |
|  Infrastructure | Logistics and etc. | 88603 | 3120 | -4773 | -3137 | 83813 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 312117 | 4939 | -18438 | -6454 | 292164 |
|  Others | Others | 14684 | 204 | -454 | -105 | 14329 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Machinery]** |  | | | |  |  |
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | <br> **Beginning Book <br>Balance** | <br>**Increased** | <br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 14544015 | 1129981 | -84327 | -1199917 | 14389752 |
|  Infrastructure | Trading | 1163227 | 116662 | -108156 | -67916 | 1103817 |
|  Infrastructure | Construction | 6921 | 237 | -288 | -848 | 6022 |
|  Infrastructure | Logistics and etc. | 239947 | 675 | -23140 | -1544 | 215938 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 2336689 | 210457 | -10030 | -102839 | 2434277 |
|  Others | Others | 20878 | 1020 | -15919 | -2242 | 3737 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Vehicles]** |  | | | |  |  |
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | <br> **Beginning Book <br>Balance** | <br>**Increased** | <br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 56789 | &nbsp;&nbsp;&nbsp;&nbsp;12058 | &nbsp;&nbsp;&nbsp;&nbsp;-5598 | &nbsp;&nbsp;&nbsp;&nbsp;-15418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47831 |
|  Infrastructure | Trading | 12534 | 10326 | -8991 | -1373 | 12496 |
|  Infrastructure | Construction | 5655 | 666 | -525 | -970 | 4826 |
|  Infrastructure | Logistics and etc. | 989 | 1392 | -1424 | -116 | 841 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 13963 | 1243 | -764 | -2169 | 12273 |
|  Others | Others | 45 |  | -97 | 89 | 37 |

---

------

##### [**Table of Contents**](#toc)
**[Tools and Fixtures]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** |<br>**Beginning Book<br>Balance** |<br>**Increased** |<br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 67073 | 13314 | -8938 | -13291 | 58158 |
|  Infrastructure | Trading | 22310 | 4403 | -2256 | -5601 | 18856 |
|  Infrastructure | Construction | 1432 | 1044 | -531 | -324 | 1621 |
|  Infrastructure | Logistics and etc. | 6328 | 210 | -34 | -1084 | 5420 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 37326 | 10542 | -10522 | -6683 | 30663 |
|  Others | Others | 32 |  | -1363 | 37 | -1294 |
| **[Equipment]** |  |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel |  | 100089 | 57644 | -3696 | -29024 | 125013 |
|  Infrastructure | Trading | 24966 | 4417 | -2653 | -4571 | 22159 |
|  | Construction | 8457 | 2104 | -1587 | -1862 | 7112 |
|  | Logistics and etc. | 12137 | 1579 | -1002 | 1138 | 13852 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 40920 | 5159 | -3359 | -4350 | 38370 |
|  Others | Others | 13464 | 2128 | -996 | -780 | 13816 |
| **[Financial Lease Assets]** | **[Financial Lease Assets]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel |  | 184109 | 33261 | -36471 | -20098 | 160801 |
|  Infrastructure | Trading | 375702 | 472092 | -88664 | -28662 | 730468 |
|  | Construction | 29826 | 107221 | -58955 | -18359 | 59733 |
|  | Logistics and etc. | 258550 | 625 | -11517 | -4072 | 243586 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 102998 | 7174 | -340 | -11117 | 98715 |
|  Others | Others | 19448 | 890 | -4419 | -2182 | 13737 |
| **[Biological Assets]** | **[Biological Assets]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel |  |  |  |  |  |  |
|  Infrastructure | Trading | 139451 |  | -11211 | -4848 | 123392 |
|  | Construction |  |  |  |  |  |
|  | Logistics and etc. |  |  |  |  |  |
|  Rechargeable Battery Materials | Rechargeable Battery Materials |  |  |  |  |  |
|  Others | Others |  |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**[Assets under Construction]** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** |<br>**Beginning<br>Book<br>Balance** |<br>**Increased** |<br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel |  | 2250595 | 1228528 | -1974000 | 31606 | 1536729 |
|  Infrastructure | Trading | 573964 | 682388 | -276107 | -31606 | 948639 |
|  | Construction | 11373 | 1116 | -3699 |  | 8790 |
|  | Logistics and etc. | 363080 | 12656 | -339865 |  | 35871 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 4031453 | 1211451 | -697925 |  | 4544979 |
|  Others | Others | 292725 | 118788 | -672 |  | 410841 |

---

(2) New Facility Establishment, Purchase, Etc. (2025.1H)

- Investments under Construction

---

| | |
|:---|:---|
| ![LOGO](g931500g0828154851098.jpg) | The total duration and investment amount of individual projects with investments in excess of KRW 100 billion have been aggregated on a simple sum basis.  |

---

**[Steel]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
|  | <br>**Date** | <br>**Project** | **Total<br>Investment** | **Invested**<br>**Amount** | **Amount<br>to be<br>Invested** |
|  Expansion/ Establishment | October 2020 ~ September 2029 | Construction of a new electric arc furnace at the Gwangyang Works, etc. | 45048 | 10906 | 34142 |
| **[Infrastructure]** | **[Infrastructure]** | **[Infrastructure]** | **[Infrastructure]** | **[Infrastructure]** | **[Infrastructure]** |
|  |  |  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
|  | **Date** | **Project** | **Total<br>Investment** | **Invested**<br>**Amount** | **Amount<br>to be<br>Invested** |
|  Expansion/ Establishment | June 2023 ~ May 2027 | Gwangyang LNG terminal, etc. | 9935 | 4922 | 5013 |

---

------

##### [**Table of Contents**](#toc)
**[Rechargeable Battery Materials]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
|  | <br>**Date** | <br>**Project** | **Total<br>Investment** | **Invested**<br>**Amount** | **Amount<br>to be<br>Invested** |
|  Expansion/ Establishment | March 2020 ~ May 2027 | Cathode/Anode material factory, lithium commercialization plant, etc. | 85670 | 57883 | 23826 |

---

**6. Product Sales** 

**[Steel]** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **Items** | **2025.1H** | **2024** | **2023** |
|  Domestic | Hot-Rolled Products | 26841 | 52703 | 58730 |
|  Domestic | Cold-Rolled Products | 23518 | 51263 | 52754 |
|  Domestic | Stainless Steel | 14737 | 29493 | 30313 |
|  Domestic | Others | 44912 | 95180 | 106558 |
|  Overseas | Hot-Rolled Products | 36109 | 72818 | 75979 |
|  Overseas | Cold-Rolled Products | 73507 | 152461 | 142160 |
|  Overseas | Stainless Steel | 35258 | 75395 | 76521 |
|  Overseas | Others | 43517 | 92696 | 92373 |
|  Total | Gross Sum | 298399 | 622009 | 635387 |
|  Total | Internal Transaction | -111446 | -230968 | -231454 |
|  Total |  |  |  |  |
|  | Total | 186953 | 391041 | 403933 |

---

------

##### [**Table of Contents**](#toc)
**[Infrastructure]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Business Area** | **Items** | **Items** | **2025.1H** | **2024** | **2023** |
|  Trading | Domestic<br> Trading | Merchandise | 20950 | 45670 | 54327 |
|  Trading | Domestic<br> Trading | Product | 14170 | 32545 | 39121 |
|  Trading | Domestic<br> Trading | Others | 452 | 1412 | 1366 |
|  Trading | Overseas<br> Trading | Merchandise | 58343 | 118643 | 121136 |
|  Trading | Overseas<br> Trading | Product | 788 | 3881 | 3375 |
|  Trading | Overseas<br> Trading | Others | 46 | 144 | 48 |
|  Trading | Trades among the 3 countries | Trades among the 3 countries | 115790 | 226736 | 210065 |
|  Construction | Domestic<br> Construction | Building | 21401 | 49469 | 41251 |
|  Construction | Domestic<br> Construction | Plant | 7844 | 21275 | 23371 |
|  Construction | Domestic<br> Construction | Civil Engineering | 3472 | 10210 | 11658 |
|  Construction | Domestic<br> Construction | Others | 938 | 2724 | 2096 |
|  Construction | Overseas | Overseas | 2449 | 8719 | 14975 |
|  Construction | Own Construction | Own Construction | 2256 | 5899 | 9325 |
|  Logistics and etc. | Others | Others | 19276 | 41393 | 42014 |
|  Total | Gross Sum | Gross Sum | 268175 | 568720 | 571572 |
|  Total | Deduction of Internal Transaction | Deduction of Internal Transaction | -116478 | -261735 | -243520 |
|  Total |  |  |  |  |  |
|  | Total | Total | 151697 | 306985 | 328052 |

---

**[Rechargeable Battery Materials]** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **2025.1H** | **2024** | **2023** |
|  Gross Sum | 16935 | 38299 | 48219 |
|  Deduction of Internal Transaction | -6013 | -10174 | -10059 |
|  Total | 10922 | 28125 | 38160 |

---

**[Others]** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **2025.1H** | **2024** | **2023** |
|  Gross Sum | 8680 | 21112 | 15622 |
|  Deduction of Internal Transaction | -8329 | -20381 | -14495 |
|  Total | 352 | 730 | 1127 |

---

**\*** Domestic and overseas categorized by the sales area.

**\*** Sales of POSCO International's foreign branches are included in 'trade among the 3 countries' under Infrastructure (Trading) Segment.

**7. Derivatives** 

POSCO HOLDINGS has agreed to currency swap contracts to hedge against exchange rate risks on foreign currency borrowings. As of June 30, 2025, the Company had currency swap contracts of USD 400 million (due to mature in May 2030) and USD 300 million (due to mature in May 2035), which were measured at fair value. The valuation loss on these currency swaps, as reflected in the Company's financial statements as of June 30, 2025, amounted to KRW 36,216 million.

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POSCO uses currency swap contracts to hedge against the exchange rate risk on foreign currency loans. The loss on valuation of currency swaps, as reflected in POSCO's financial statements as of June 30, 2025, amounted to KRW 253,006 million; additionally, associated transaction loss amounted to KRW 3,043 million.

POSCO also hedges against exchange rate risk on expected sales revenue and foreign currency borrowings through currency forward products. The gain on valuation of derivatives, as reflected in POSCO's financial statements as of June 30, 2025, amounted to KRW 97,682 million, while the associated transaction gains amounted to KRW 534 million.

**8. Significant Contracts** 

**[Price Movement Trend of Major Raw Materials]** 

(1) Transfer contract of steel business related shares or investment certificates of POSCO HOLDINGS (2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Contract Counterparty: POSCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Transaction amount: KRW 0.6588 trillion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purpose: In order to improve the management efficiency of the steel business as a following step of the vertical spin-off on March 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Contract period: December 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Payment method: Cash payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Company subject to transfer: POSCO Maharashtra Steel Private Limited, POSCO India Processing Center Private Limited, POSCO India Pune Processing Center Private Limited, POSCO ASSAN TST STEEL INDUSTRY Inc

(2) Transfer contract of steel business related shares or investment certificates of POSCO HOLDINGS (2023)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Contract Counterparty: POSCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Transaction amount: KRW 1.1320 trillion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purpose: In order to improve the management efficiency of the steel business as a following step of the vertical spin-off on March 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Contract period: August 18, 2023 ~ September 25, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Payment method: Cash payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Company subject to transfer: PT.KP, P-Mexico, P-IJPC, P-MVWPC (4 overseas companies)

\* The above contract amount is the amount applied to the exchange rate based on July 31, 2023, and overseas assets are traded by applying the exchange rate on the day of the transaction.

(3) Transfer contract of steel business related shares or investment certificates of POSCO HOLDINGS (2022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Contract Counterparty: POSCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Transaction amount: KRW 1.1377 trillion

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purpose: In order to improve the management efficiency of the steel business as a following step of the vertical spin-off on March 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Contract period: November 18, 2022 ~ March 31, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Payment method: Cash payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Company subject to transfer: POSCO YAMATO VINA STEEL JOINT STOCK COMPANY, POSCO Thainox Public Company Limited, POSCO COATED STEEL (THAILAND) CO., and etc. (32 domestic companies, 25 overseas companies)

\* The above contract amount is the amount applied to the exchange rate based on November 3, 2022, and overseas assets are traded by applying the exchange rate on the day of the transaction.

(4) Sales contract of CSP shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Contract Counterparty: ArcelorMittal Brazil

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Purpose: Improving asset efficiency through the sales of non-core assets with no management right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Contract period: July 28, 2022 (transaction completed on March 10, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Transaction amount and payment method: ArcelorMittal Brazil acquired shares in shareholder companies free of charge on the condition that ArcelorMittal Brazil succeed CSP's debts. In addition, the shareholder companies will additionally pay US$102 million.

\* POSCO HOLDNGS paid US$20.4 million equivalent to a 20 percent stake

**[Infrastructure (Trading)]** 

∎ **POSCO INTERNATIONAL** 

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| | |
|:---|:---|
| **Contract** | **Date** |
| Investment on the 3<sup>rd</sup> stage development of<br> A-1 / A-3 block<br> in Myanmar gas field | September<br> 2020<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Investment amount: KRW 365,786,302,000<br> 2) Development period: September 1, 2019 ~ December 31, 2024<br> 3) Schedule : Installation Completion of low-pressure gas compression platform and <br> commenced operation in 2024<br> 4) Other Information<br> - Location: North-west offshore, Myanmar<br> - This investment is the 3<sup>rd</sup> stage of development, which consists of 3 stages in Myanmar gas field development. The purpose of investment is to maintain current gas production level stably by installing low-pressure gas compression platform.<br> - In the first quarter of 2021, the design and production of the equipment for this work was started, and it is planned to start operation in 2024. The " (2) Development period" above is the period including the basic design progress period, September 2019 to September 2020.<br> - Participation rate of each company in gas production and offshore pipeline transportation business<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• POSCO International Corporation : 51.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ONGC VIDESH(Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MOGE(Myanmar Oil and Gas Enterprise): 15.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAIL (India) Limited : 8.5%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KOGAS(Korea Gas Corporation): 8.5%<br> - Investment size of USD 315,170 thousand, applying the exchange rate of 1USD=1,160.60 KRW, which is the date of the BOD resolution.<br> - Detailed information and future timeline on this resource development investment is subject to change.<br> ![LOGO](g931500g0828154851098.jpg) POSCO International disclosure date : September 22, 2020 (Decision on natural resources investment) |

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|:---|:---|:---|
| Investment on the 4<sup>th</sup> stage development of<br> A-1 / A-3 block<br> in Myanmar gas field | June<br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Investment amount: KRW 926,302,200,195<br> 2) Development period: July 1, 2024 ~ June 30, 2027<br> 3) Future Plan : POSCO International plans to drill three additional production wells in two deep-sea fields and one additional production well in a shallow-sea field. Furthermore, it will install processing facilities on subsea pipelines and existing platform.<br> 4) Other Information<br> - Location: North-west offshore, Myanmar<br> - This investment is the 4<sup>th</sup> stage of development of the existing Myanmar gas field development. The purpose of investment is to drill three additional production wells in two deep-sea fields and one additional production well in a shallow-sea field and to install processing facilities on subsea pipelines and existing platform.<br> - With its commencement of development in July 2024, the gas production expected to begin in the third quarter of 2027.<br> - Participation rate of each company in gas production and offshore pipeline transportation business<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• POSCO International Corporation: 51.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KOGAS (Korea Gas Corporation): 8.5%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ONGC VIDESH (Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MOGE (Myanmar Oil and Gas Enterprise): 15.0%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAIL (India) Limited: 8.5%<br> - Investment size of USD 667 million, applying the exchange rate of June 25, 2024 (1USD=1,387.50 KRW).<br> - Detailed information and future timeline on this resource development investment is subject to change.<br> ![LOGO](g931500g0828154851098.jpg) POSCO International disclosure date: June 27, 2024 (Decision on natural resources investment) |

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| | | |
|:---|:---|:---|
| Decision to acquire shares of Senex Energy (Australia) | December 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Purpose: Production and Development of land gas field in eastern Australia<br> 2) Method: Cash acquisition<br> 3) Resolution date of Board of Directors: December 10, 2021<br> 4) Acquisition amount: KRW 371,077,996,186<br> 5) Number of shares acquired: 96,178,946 Shares<br> 6) Date of acquisition: April 1, 2022<br> 7) Equity structure (after acquisition of shares):<br> - POSCO International: 50.1%<br> - Hancock Energy (Australia): 49.9%<br> ![LOGO](g931500g0828154851098.jpg) POSCO International disclosure date: March 31, 2022 (Decision on Acquisition of Shares or Investment Certificates of Other Corporations) |
| Decision on Merger of<br> POSCO Energy | August<br> 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Purpose: The purpose of the merger is to consolidate the energy business within the group and complete the value chain of the LNG business, thereby strengthening competitiveness, improving management efficiency and laying the foundation for sustainable growth.<br> 2) Method of Merger: POSCO Energy Co., Ltd. ("POSCO Energy") will be merged with and into POSCO International Co., Ltd. ("POSCO International").<br> 3) Date of board resolution (decision Date): August 12, 2022<br> 4) Date of General Shareholders Meeting for merger approval: November 4, 2022<br> 5) Merger ratio: POSCO International: POSCO Energy = 1 : 1.1626920<br> 6) Record date of merger: January 1, 2023<br> 7) Scheduled date of merger registration: January 2, 2023<br> ![LOGO](g931500g0828154851098.jpg) POSCO International disclosure date: January 2, 2023 |

---

**[Infrastructure (Logistics and associated businesses)]** 

∎ **POSCO FLOW** 

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| | | |
|:---|:---|:---|
| **Contract** | **Date** | **Remarks** |
| Transfer of all logistics tasks such as arranging logistics and performing related services | December 2021 | 1) Contract counterpart: POSCO (POSCO HOLDINGS INC.)<br> 2) Signed date: December 22, 2021<br> 3) Date of Transfer: January 1, 2022<br> 4) Transfer amount: KRW 2,945 million<br> 5) Information: Transfer of all logistics tasks such as arranging logistics and performing related services |

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**9. Research and Development** 

**A. Research and Development ("R&D") Organization** (2025.1H)

---

| | | |
|:---|:---|:---|
| **Business Segment** | **Company** | **Organization** |
| Steel | POSCO | Technology Strategy Office |
| Steel | POSCO | Technical Research Laboratories |
| Steel | POSCO | Technical Research Laboratories<br> Steel Product R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Steel Manufacturing Process R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Low Carbon Iron and Steel Making R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Automotive Steel R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Steel Solution R&D Center |
| Steel | POSCO (Zhangjiagang) Stainless Steel Co., Ltd. | R&D Center |
| Steel | POSCO STEELEON | Process & Quality Development Department |
| Steel | POSCO M-TECH | Automation R&D Center |
| Steel | POSCO M-TECH | Pohang Steel Business Office |
| Infrastructure | POSCO MOBILITY SOLUTION | STS Division Production Group |
| Infrastructure | POSCO MOBILITY SOLUTION | Core Division Tool & Die R&D Group |
| Infrastructure | POSCO MOBILITY SOLUTION | Core Division Development Group |
| Infrastructure | POSCO Eco & Challenge | Research & Development Center |
| Infrastructure | POSCO A&C | Architecture Design Business Office |
| Infrastructure | POSCO DX | Technology Research Laboratory |
| Rechargeable Battery Materials | POSCO Future M | Technical Research Laboratories |
| Others | POSCO HOLDINGS INC. | POSCO Group Technology Strategy Office |
| Others | POSCO HOLDINGS INC. | AI & Robotics Convergence R&D Laboratories |
| Others | POSCO HOLDINGS INC. | Energy Materials R&D Laboratories |
| Others | POSCO HOLDINGS INC. | Hydrogen & Low-Carbon R&D Laboratories |
| Others | POSCO HOLDINGS INC. | Australia Critical Minerals R&D Laboratories |
| Others | POSCO HOLDINGS INC. | POSCO N.EX.T Hub |

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**B. R&D Expenses (2025.1H)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **(Unit KRW million)** | **(Unit KRW million)** |
| **Category** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** |
| **Category** | **Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
| **Category** | **Steel** | Trading | Construction | Logistics<br>and etc. | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
|  Selling and Administrative Cost | 9354 | 1277 | 2151 | 4894 | 17323 | 60324 | 95322 |
|  Manufacturing Cost | 156519 | 77 | 50 |  | 18 |  | 156664 |
|  R&D Cost (Intangible Assets) | 12592 |  | 615 | 972 | 6775 | 2804 | 23758 |
|  Total\* | 178465 | 1354 | 2816 | 5866 | 24116 | 63128 | 275744 |
|  Government Subsidy |  |  | 1157 |  |  |  | 1157 |
|  R&D/Sales Ratio (%) | 0.95% | 0.01% | 0.10% | 4.29% | 2.21% | 179.43% | 0.79% |

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\* Total includes government subsidy. 

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**III. Financial Statements** 

**1. Consolidated Financial Statements** 

**A. Summary** 

---

| | | | |
|:---|:---|:---|:---|
|  | | | **(Unit: KRW million)** |
| **Account** | **2025.1H** | **2024** | **2023** |
|  | As of June 30, 2025 | As of December 31, 2024 | As of December 31, 2023 |
|  [Total current assets] | 43657671 | 44029923 | 46212299 |
|  Cash and cash equivalents | 7002287 | 6767898 | 6670879 |
|  Other receivables, net | 2092894 | 2261323 | 1947529 |
|  Other short-term financial assets | 9768854 | 8499389 | 11403166 |
|  Trade accounts and notes receivable, net | 11095199 | 10821619 | 11015303 |
|  Inventories | 12337893 | 14143500 | 13825514 |
|  Other current assets | 1360544 | 1536194 | 1349908 |
|  [Total non-current assets] | 57497149 | 59374276 | 54733095 |
|  Other receivables, net | 1476506 | 1306329 | 1452445 |
|  Other long-term financial assets | 2258240 | 2571651 | 2708325 |
|  Investments in associates and joint ventures | 4592319 | 4738793 | 5020264 |
|  Property, plant and equipment, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40258987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39846828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35206248 |
|  Intangible assets, net | 4746148 | 4774824 | 4714784 |
|  Other non-current assets | 4164949 | 6135851 | 5631029 |
|  Total assets | 101154820 | 103404199 | 100945394 |
|  [Total current liabilities] | 22223768 | 22779719 | 21861518 |
|  [Total non-current liabilities] | 18341151 | 19174112 | 19419979 |
|  Total liabilities | 40564919 | 41953831 | 41281497 |
|  [Equity attributable to owners of the controlling company] | 54666626 | 55394231 | 54180849 |

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| | | | |
|:---|:---|:---|:---|
|  Share capital | 482403 | 482403 | 482403 |
|  Capital surplus | 1605505 | 1648894 | 1663334 |
|  Hybrid bonds |  |  |  |
|  Retained earnings | 53365810 | 53658368 | 53857514 |
|  Other equity attributable to owners of the controlling company | -787092 | -395434 | -1822402 |
|  [Non-controlling Interests] | 5923275 | 6056137 | 5483048 |
|  Total equity | 60589901 | 61450368 | 59663897 |
|  | From January 1, 2025<br> to June 30, 2025 | From January 1, 2024<br> to December 31, 2024 | From January 1, 2023<br> to December 31, 2023 |
|  Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34992363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72688143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77127197 |
|  Operating profit | 1175613 | 2173573 | 3531423 |
|  Profit | 428081 | 947580 | 1845850 |
|  [Profit attributable to owners of the controlling company] | 462161 | 1094917 | 1698092 |
|  [Profit attributable to non-controlling interests] | -34080 | -147337 | 147758 |
|  Total comprehensive income | -499465 | 2110358 | 2330891 |
|  [Total comprehensive income attributable to owners of the controlling company] | -298224 | 2008919 | 2131737 |
|  [Total comprehensive income attributable to non-controlling interests] | -201241 | 101439 | 199154 |
|  Earnings per share (KRW) | 6112 | 14451 | 22382 |
|  Number of Consolidated Companies | 194 | 194 | 192 |

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**B. The Standards Used for Reporting the Financial Statements** 

The Company prepared its financial statements in accordance with the Korean-International Financial Reporting Standards (the "K-IFRS") and applied it to each Company's final financial statements.

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**2. Separate Financial Statements** 

**A. Summary** 

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| | | | |
|:---|:---|:---|:---|
|  | | | **(Unit: KRW million)** |
| **Account** | **2025.1H** | **2024** | **2023** |
|  | As of June 30,<br> 2025 | As of December 31,<br> 2024 | As of December 31,<br> 2023 |
|  [Total current assets] | 4819740 | 3793469 | 4657899 |
|  Cash and Cash equivalents | 523188 | 409387 | 376914 |
|  Trade accounts and notes receivable, net | 156608 | 178822 | 238332 |
|  Other receivables, net | 271274 | 21388 | 68821 |
|  Other short-term financial assets | 3463408 | 2686420 | 3940743 |
|  Inventories | 402860 | 467796 |  |
|  Other current assets | 2402 | 29655 | 33089 |
|  [Total non-current assets] | 47247941 | 46840329 | 46988299 |
|  Other receivables, net | 19715 | 14894 | 6955 |
|  Other long-term financial assets | 419329 | 421822 | 1131074 |
|  Investments in Subsidiaries, associates, and joint ventures | 45915675 | 45631965 | 45321370 |
|  Property, plant and equipment, net | 533840 | 415993 | 197787 |
|  Intangible assets, net | 23154 | 21461 | 19341 |
|  Other non-current assets | 336228 | 334194 | 311772 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52067681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50633797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51646198 |
|  [Total current liabilities] | 409146 | 162831 | 1819670 |
|  [Total non-current Liabilities] | 3262507 | 2281936 | 2326663 |
|  Total liabilities | 3671653 | 2444768 | 4146333 |
|  [Share capital] | 482403 | 482403 | 482403 |
|  [Capital surplus] | 1367990 | 1367990 | 1370557 |
|  [Retained earnings] | 47834320 | 47952144 | 47505885 |
|  [Other equity] | -1288685 | -1613507 | -1858980 |

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| | | | |
|:---|:---|:---|:---|
| **Account** | **2025.1H** | **2024** | **2023** |
|  Total equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48396028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48189030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47499865 |
|  | From January 1, 2025<br> to June 31, 2025 | From January 1, 2024<br> to December 31, 2024 | From January 1, 2023<br> to December 31, 2023 |
|  Revenue | 819465 | 1997128 | 1454079 |
|  Operating profit | 616821 | 1596420 | 1106629 |
|  Profit | 634903 | 1621282 | 799578 |
|  Earnings per share (KRW) | 8396 | 21398 | 10539 |

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**B. The Standards Used for Reporting the Financial Statements** 

The company prepared its financial statements in accordance with the Korean - International Financial Reporting Standards (the "K-IFRS").

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**IV. CORPORATE GOVERNANCE** 

**1. Overview of Corporate Governance** 

**A. Board of Directors** 

(1) Board of Directors (BoD)

The BoD consists of four inside directors (CHANG, In Hwa/ LEE, Ju Tae/ CHUN, Sung Lae/ KIM, Ki Soo) and six outside directors (KWON, Tae Kyun/ YOO, Young Sook/ YOO, Jin Nyong/ SOHN, Sung Kyu/ KIM, Joon Gi/ PARK, Sung Wook)

The BoD manages six Special Committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) ESG Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Director Candidate Recommendation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluation and Compensation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Finance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Audit Committee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) CEO Candidate Pool Management Committee

(2) Composition of the Special Committees under the BoD and their Functions (as of August 14, 2025)

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Composition** | **Directors** | **Major Functions** |
| ESG<br> Committee | 3 Outside Directors,<br> 1 Inside Director | YOO, Jin Nyong<br> (Chairman)<br> YOO, Young Sook<br> KIM, Joon Gi<br> CHUN, Sung Lae | • Agenda<br> 1. Matters related to the operation of the BoD and the special committees<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Agenda proposals development and establishment of the operating standards of the BoD and the special committees<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Prior deliberation on revision or repeal of the Operational Regulations of the Board of Directors<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Prior deliberation of the composition and operation of the BoD's special committees<br> 2. ESG-related implementation monitoring and report publication<br> 3. Deliberation and resolution of donations in the amount of KRW 100 million to KRW 1 billion and prior deliberation on donations over KRW 1 billion<br> 4. Deliberation and resolution on the following transactions with the largest shareholder of the Company as defined under the Commercial Act and such related party, where the transaction amount is less than KRW 200 billion, and prior deliberation for transactions of KRW 200 billion or more:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A single transaction whose amount is equal to or greater than 1/100 of the Company's total assets or total revenue as of the end of the most recent fiscal year.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction where the aggregate transaction amount with a specific counterparty during the relevant fiscal year, including the relevant transaction, is equal to or greater than 5/100 of the Company's total assets or total revenue as of the end of the most recent fiscal year.<br> 5. Internal transactions under Monopoly Regulation and Fair Trade Act (The act of providing or trading funds, securities, or assets with related party as business counterpart or for related party)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review of internal transaction-related issues and improvement measures<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Prior deliberation on internal transactions (Amount KRW 200 billion or more)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Deliberation and resolution of internal transactions (between KRW 10 billion and KRW 200 billion)<br> 6. Appointment of the Fair Trade Compliance Officer.<br> • Reported Items<br> 1. Key ESG issues of affiliates<br> 2. Matters concerning the execution of internal transactions (between KRW 5 billion and KRW 10 billion) |

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| | | | |
|:---|:---|:---|:---|
| Director Candidate Recommendation Committee | 3 Outside Directors | YOO, Young Sook<br> (Chairman)<br> KWON, Tae-Kyun<br> SOHN, Sung Kyu | • Agenda<br> 1. Qualification review of Outside Director candidates and making recommendation to the GMoS<br> 2. Preliminary review and qualification review of Inside Director candidates<br> 3. Prior deliberation on appointment of members of the special committees<br> 4. Prior deliberation of the appointment of Representative Directors other than the Representative Director and CEO<br> 5. Operation of the Outside Director Candidate Recommendation Advisory Panel<br> 6. Other matters necessary for recommending Outside Director candidates |
| Evaluation and<br> Compensation<br> Committee | 4 Outside Directors | KIM, Joon Gi<br> (Chairman)<br> KWON, Tae-kyun<br> YOO, Jin Nyong<br> PARK, Sung Wook | • Agenda<br> 1. Implementation of the executive performance evaluation and compensation plan<br> 2. Prior deliberation on the executive performance evaluation and compensation plan<br> 3. Prior deliberation on the remuneration and retirement allowance for Directors |

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| | | | |
|:---|:---|:---|:---|
| Finance Committee | 3 Outside Directors;<br>1 Inside Director | PARK, Sung Wook<br> (Chairman)<br> YOO, Jin Nyong<br> SOHN, Sung Kyu<br> LEE, Ju Tae | • Agenda<br> 1. Policy development to foster sound internal corporate value and finances<br> 2. Prior deliberation of filings for litigation or arbitration, or<br>formulation of responses to reconciliation or trial mediation, or any equivalent legal actions in the amount of KRW 100 billion or more<br> 3. Regarding investment activities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Prior deliberation on new investments (KRW 100 billion or more. Investment and capital increase includes borrowings and liabilities that the company assumes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Prior deliberation on existing investments (KRW 200 billion or more. Investment and capital increase includes borrowings and liabilities that the company assumes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Approval of new investments (more than KRW 50 billion and less than KRW 100 billion. Investment and capital increase includes borrowings and liabilities that the company assumes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Approval of existing investments (between KRW 100 billion and KRW 200 billion. Investment and capital increase includes borrowings and liabilities that the company assumes)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Preliminary deliberation on the acquisition and disposal of tangible and intangible fixed assets and important investment assets (in excess of KRW 200 billion, based on book value per unit of investment assets)<br> 4. Deliberation and resolution on bond issuance and important borrowings (including refinancing borrowings exceeding KRW 100 billion)<br> 5. Prior deliberation on bond issuance and important borrowings (new long-term borrowings exceeding KRW 100 billion)<br> 6. Prior deliberation on the delegation of authority to the CEO for bond issuance exceeding KRW 100 billion, and deliberation of and resolution on the delegation of authority to the CEO for bond issuance of KRW 100 billion or less. (for predetermined amount and type of bonds, and with a maturity period not exceeding one year)<br> 7. Deliberation and resolution on offering non-current assets as collateral<br> 8. Deliberation of and resolution on the assumption of liabilities, including collateral and guarantees, for invested companies for amounts under KRW 200 billion, and prior deliberation for such assumption of KRW 200 billion or more. |
| Audit Committee | 3 Outside Directors | SOHN, Sung Kyu<br> (Chairman)<br> KIM, Joon Gi<br> PARK, Sung Wook | • Agenda<br> 1. Defining the work scope of the committee<br> 2. Matters delegated by the BoD or Representative Directors<br> 3. Request for Extraordinary GMoS<br> 4. Consulting of external experts<br> 5. Audit of the legitimacy of management's business execution<br> 6. Review of the soundness and validity of the Company's financial activities and the appropriateness of the financial reporting<br> 7. Review of the validity of important accounting standards or changes in accounting estimates<br> 8. Evaluation of the operation status of the internal accounting management system<br> 9. Evaluation of the internal control system<br> 10. Agreement on appointment or dismissal of the internal audit department representative<br> 11. Contract for appointment, remuneration and non-audit services of independent auditors<br> 12. Evaluation of independent auditors' audit activities |

---

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
|  |  |  | 13. Report internal audit department's annual audit plan and results<br> 14. Report on the evaluation results of the Company's ethical compliance<br> 15. An independent auditor reports on important facts of the<br>Company's Directors' misconduct or actions in violation of laws or the Articles of Incorporation<br> 16. Report that independent auditors have violated the company's accounting standards<br> 17. Other items deemed necessary by each committee member |
| CEO Candidate Pool Management Committee | 6 Outside Directors (all) | KWON, Tae-Kyun<br> (Chairman)<br> YOO, Young Sook<br> YOO, Jin Nyong<br> SOHN, Sung Kyu<br> KIM, Joon Gi<br> PARK, Sung Wook | • Agenda<br> 1. Prior deliberation on the basic qualifications of CEO candidates as defined by the Board of Directors<br> 2. Pooling results of CEO candidates<br> 3. CEO candidate development plans<br> • Reported Items<br> 1. Results of the development of the CEO candidate pool |

---

(3) List of Key Activities of the Board of Directors

<sup>○</sup> January 1, 2025 ~ March 19, 2025

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Date** | **Agenda** | **Approval** |
| 2025-1 | February 5 | 1. Medium to Long-term Management Strategies and 2025 Consolidated Management Plans of the Group<br> 2. Approval of the 57th Financial Statements and schedule for the General Meeting of Shareholders<br> 3. Funding plans for FY 2025<br> 4. Amendment of Internal Control over Financial Reporting (ICFR) Regulations<br>5. Improvement of the Company's performance evaluation system and executive compensation system<br>• Reported Items<br> - 2024 Group's business performance<br> - Operational status of the 2024 ICFR in 2024<br> - Evaluation of the 2024 operation of the ICFR | Approved<br> Approved<br> Approved<br> Approved<br> After Amendment<br> Approved<br> After Amendment<br>— <br> — <br> —  |
| 2025-2 | February 19 | 1. Recommendation of Inside Directors candidates<br> 2. Partial amendments to the Articles of Incorporation | Approved<br> Approved |
|  |  | <br>3. Agenda items for the 57th General Meeting of Shareholders<br> 4. Cancellation of treasury shares and the treasury shares report<br> • Reported Item<br> - Items reported at the 1st ESG Committee meeting | After Amendment<br> Approved<br> Approved<br>—  |

---

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##### [**Table of Contents**](#toc)
<sup>○</sup> March 20, 2025 ~ June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Date** | **Agenda** | **Approval** |
| 2025-3 | March 20 | 1. Appointment of the Chair of the Board<br> 2. Appointment of the Representative Director & CEO<br> 3. Appointment of members to the special committees | Approved<br> Approved<br> Approved |
| 2025-4 | May 13 | 1. Dividend payment in Q1 2025<br> 2. Approval (ex post facto) of restoration fund donation made to wildfire damage in the Yeongnam region<br> 3. Plan to extend payment guarantee for NMC borrowings<br> 4. Participation in capital increase of POSCO Future M<br> 5. Participation in capital increase of POSCO Pilbara Lithium Solution<br> 6. Participation in capital increase of POSCO GS Eco-Materials<br> 7. Amendment to the Board of Directors' Operating Regulations<br> • Reported Items<br> - Business performance of the Group in Q1 2025<br> - Board activity performance and assessment results in 2024 | Approved<br> Approved<br> Approved<br> Approved<br> Approved<br> Approved<br> Approved<br>— <br> —  |

---

\* At the 57th General Meeting of Shareholders, convened on March 20, 2025, Inside Directors JEONG, Ki Seop and KIM, Jun Hyung retired on term expiration. New Inside Directors LEE, Ju Tae and CHUN, Sung Lae were elected and Inside Director KIM, Ki Soo was re-elected.

<sup>○</sup> July 1, 2025 ~ August 14, 2025

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Date** | **Agenda** | **Approval** |
| 2025-5 | July 3 | 1. Sale of equity stakes in Zhangjiagang and Qingdao | Approved |
| 2025-6 | August 6 | • Reported Item<br> - POSCO Group's Plan for Safety Management Innovation | <br> —  |
| 2025-7 | August 12 | 1. Dividend payment in Q2 2025<br> 2. Approval (ex post facto) of restoration fund donation made for damages caused by heavy rainfall nationwide<br> • Reported Items<br> 1. Progress update on 2025 Board resolutions | Approved<br> Approved<br>—  |
|  |  | 2. Group business performance in Q2 2025<br> 3. Progress update on integrated steel mill project in India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <br> —  |

---

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##### [**Table of Contents**](#toc)
(4) Key Activities of Outside Directors

<sup>○</sup> January 1, 2025 ~ August 14, 2025

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Date** | **Outside Directors Attendance**<br> **(Total Outside Directors)** | **Remarks** |
| 2025-1 | February 5 | 6 (6) |  |
| 2025-2 | February 19 | 6 (6) |  |
| 2025-3 | March 20 | 6 (6) |  |
| 2025-4 | May 13 | 6 (6) |  |
| 2025-5 | July 3 | 6 (6) |  |
| 2025-6 | August 6 | 6 (6) |  |
| 2025-7 | August 12 | 6 (6) |  |

---

(5) Special Committees under the BoD and their Activities

<sup>○</sup> ESG Committee (January 1, 2025 ~ March 19, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| February 13, 2025 | 1. Contribution to the POSCO Educational Foundation<br> • Reported Items<br> 1. Plan to organize a Greenwashing Review Committee<br> 2. Plan to establish an Internal ESG Control System<br> 3. Plan to declare POSCO Group's human rights management declaration | Approved<br>— <br> — <br> —  |

---

<sup>○</sup> ESG Committee (March 20, 2025 ~ June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| May 8, 2025 | 1. Participation in capital increase of POSCO Future M<br> 2. Participation in capital increase of POSCO Pilbara Lithium Solution<br> 3. Amendment to the Board of Directors' Operating Regulations<br> 4. Plan for the publication of the 2024 Sustainability Report<br> • Reported Items<br> - POSCO Group ESG performance in Q1 2025 | Deliberated<br> Deliberated<br> Deliberated<br> Approved<br>—  |

---

<sup>○</sup> ESG Committee (July 1, 2025 ~ August 14, 2025)

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| August 6, 2025 | 1. Selection of construction contractor and execution of contract for POSCO Global Center Site 3<br> 2. Equity investment in AC Fund for new business development<br> • Reported Items<br> - POSCO Group ESG performance in Q2 2025<br> - Operation status of the Fair Trade Compliance Program (CP) in the first half of 2024 | Not approved<br> Approved<br>— <br> —  |

---

<sup>○</sup> Director Candidate Recommendation and Management Committee (January 1, 2025~March 19, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| January 3, 2025 | 1. Qualification assessment of Outside Director candidates | Approved |
| February 19, 2025 | 1. Recommendation of Outside Director candidates<br> 2. Qualification assessment of the Inside Directors candidates<br> 3. Appointment of Special Committee members for FY 2025 | Approved<br> Deliberated<br> Deliberated |

---

<sup>○</sup> Director Candidate Recommendation and Management Committee (March 20, 2025 ~ June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| March 20, 2025 | 1. Appointment of the Representative Director & CEO | Deliberated |

---

<sup>○</sup> Director Candidate Recommendation and Management Committee (July 1, 2025 ~ August 14, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| August 12, 2025 | 1. Operation of the advisory panel for recommendation of Outside Director candidates | Approved |

---

<sup>○</sup> Evaluation and Compensation Committee (January 1, 2025 ~ March 19, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| January 22, 2025 | 1. Improvement of the company's performance evaluation system and executive compensation system | Deliberated |
| February 5, 2025 | 1. Evaluation of the 2024 business performance  | Approved |
| February 19, 2025 | 1. Evaluation of the business performance for 2025 and Evaluation plan for the Long-term business performance ('25~'27) | Approved |

---

<sup>○</sup> Finance Committee (January 1, 2025 ~ March 19, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| January 23, 2025 | 1. Funding plan for FY 2025 | Deliberated |

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##### [**Table of Contents**](#toc)
<sup>○</sup> Finance Committee (March 20, 2025 ~ June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| May 8, 2025 | 1. Participation in capital increase of POSCO Future M<br> 2. Participation in capital increase of POSCO Pilbara Lithium Solution | Deliberated<br> Deliberated |

---

<sup>○</sup> Finance Committee (July 1, 2025 ~ August 14, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| July 2, 2025 | 1. Sale of equity stakes in Zhangjiagang and Qingdao | Deliberated |
| August 12, 2025 | • Reported Items<br> - Forecast of consolidated operating results for FY 2025 and analysis of financial risks<br> - Financial impact of capital increases in three energy materials-related companies | — <br> —  |

---

<sup>○</sup> CEO Candidate Pool Management Committee (March 20, 2025 ~ June 30, 2025)

---

| | | |
|:---|:---|:---|
| **Date** | **Agenda** | **Approval** |
| August 9, 2024 | 1. Results of pooling for CEO candidates for the first half of 2025<br> 2. Measures to strengthen the development of the internal CEO candidates pool | Approved<br> Approved |

---

**B. Audit Committee** 

(1) Composition of the Audit Committee

---

| | | |
|:---|:---|:---|
| **Name** | **Qualifications** | **Remarks** |
| Sohn, Sung Kyu\*<br> Kim, Joon Gi<br> Park, Sung Wook | Satisfies the requirements stipulated in the Korean Commercial Act | Chair<br> — <br> —  |

---

\* Sohn, Sung-Kyu is an accounting and financial expert

(2) Major Activities of the Audit Committee

<sup>○</sup> January 1, 2025 ~ March 19, 2025

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Session** | **Date** | **Agenda** | **Approval** |
| 1 | January 24 | 1. Consent to the appointment of the person in charge of the Internal Audit Department<br> 2. Approval of audit and non-audit service contract for POSCO Holdings and its subsidiaries<br> 3. Amendment of the Internal Control over Financial Reporting (ICFR) Regulations<br> 4. Evaluation of ICFR operations in 2024<br> 5. Audit Committee activities in 2024<br> • Reported Items<br> - Operational status of the ICFR in 2024 | Approved<br> Approved<br> Approved<br> Approved<br> Approved<br> —  |
| 2 | February 26 | 1. Internal audit result for 2024<br> 2. Internal audit performance of 2024 and 2025 plan<br> 3. Deliberation of the agenda items for the GMoS<br> • Reported Agenda<br> - External audit result for 2024 | Approved<br> Approved<br> Approved<br> —  |

---

\* At the 57th General Meeting of Shareholders, convened on March 20, 2025, Audit Committee member YOO, Jin Nyong's term expired, and Outside Director KIM, Joon Gi was elected to serve on the Audit Committee.

<sup>○</sup> March 20, 2025 ~ June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Session** | **Date** | **Agenda** | **Approval** |
| 3 | March 20 | 1. Appointment of the Chair of the Audit Committee | Approved |
| 4 | April 24 | 1. Internal audit results for Q1 2025 consolidated financial statements<br> 2. Approval of non-audit services for POSCO India PC<br> • Reported Agenda<br> - 20-F audit results for 2024 and External review results for Q1 2024 consolidated financial statements | Approved<br> Approved<br> —  |

---

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##### [**Table of Contents**](#toc)
<sup>○</sup> July 1, 2025 ~ August 14, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Session** | **Date** | **Agenda** | **Approval** |
| 5 | August 13 | 1. Approval of contract for non-audit service of the POSCO E&C<br> 2. Internal audit results for Q2 2025 consolidated financial statements<br> 3. Audit activity evaluation results of the external auditor for FY 2024<br> 4. Results of internal audit performance for the 1st half of 2025 and plan for 2nd half of 2025<br> • Reported Agenda<br> - Design Assessment Results of the Internal Control over Financial Reporting for FY 2025<br> - Results of external audit on consolidated financial statements for Q2 of 2025 | Approved<br> Approved<br> Approved<br> Approved<br>— <br> —  |

---

**C. Voting Rights of Shareholders** 

(1) The Cumulative Voting System: The cumulative voting system was introduced at the 36th General Meeting of Shareholders on March 12, 2004.

(2) Deletion of Article 25 (The agenda Exercise of Voting Right in Writing) of the Articles of Incorporation was proposed at 55th General Meeting of Shareholder on March 17, 2023. For more information, please refer to our previous disclosure submitted to the SEC on February 22, 2023.

(3) The Electronic Voting System: The electronic voting system was determined at the Board of Directors meeting on February 20, 2019.

**D. Compensation of Directors and Officers** 

(1) The Salary of Directors and Audit Committee Members

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | (Unit: KRW million) | (Unit: KRW million) | (Unit: KRW million) | (Unit: KRW million) | (Unit: KRW million) |
| **Category** | **No. of people** | **Total payment** | **Average payment**<br>**(Per person)** | **Ceiling amount approved<br>at the general meeting of<br>shareholders** | **Remarks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inside Director<br>(Excluding Outside Director, Audit Committee Member) | 4 | 2518 | 656 | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Outside Director<br>(Excluding Audit Committee Members) | 3 | 149 | 50 |  |  |
|  Audit Committee Members | 3 | 158 | 53 |  |  |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g931500g0828154851098.jpg) | No. of people: The number of Directors and the Audit Committee members who are in office as of June 30, 2025.  |

---

---

| | |
|:---|:---|
| ![LOGO](g931500g0828154851098.jpg) | Total payment: The total amount of remuneration paid to all Directors, including the Audit Committee members, who served from January 1 to June 30, 2025. (Including directors who retired before June 30, 2025).  |

---

---

| | |
|:---|:---|
| ![LOGO](g931500g0828154851098.jpg) | Average payment per person: The sum of average payment per director per month in 2025.  |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**and its subsidiaries** 

**Interim condensed consolidated financial statements** 

**for each of the six-month periods ended June 30, 2025 and 2024** 

**with the independent auditor's review report** 

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##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Report on review of interim condensed consolidated financial statements](#fin1931500_1) | 1 |
|  Interim condensed consolidated financial statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of financial position](#fin1931500_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of comprehensive income or loss](#fin1931500_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of changes in equity](#fin1931500_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of cash flows](#fin1931500_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the interim condensed consolidated financial statements](#fin1931500_6) | 11 |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g931500g57g97.jpg) | Ernst & Young Han Young<br> 2-4F, 6-8F, Taeyoung Building, 111, Yeouigongwon-ro,<br> Yeongdeungpo-gu, Seoul 07241 Korea<br>Tel: +82 2 3787 6600<br> Fax: +82 2 783 5890<br> ey.com/kr |
| ![LOGO](g931500g57g97.jpg) | Ernst & Young Han Young<br> 2-4F, 6-8F, Taeyoung Building, 111, Yeouigongwon-ro,<br> Yeongdeungpo-gu, Seoul 07241 Korea<br>Tel: +82 2 3787 6600<br> Fax: +82 2 783 5890<br> ey.com/kr |
| ![LOGO](g931500g57g97.jpg) | Ernst & Young Han Young<br> 2-4F, 6-8F, Taeyoung Building, 111, Yeouigongwon-ro,<br> Yeongdeungpo-gu, Seoul 07241 Korea<br>Tel: +82 2 3787 6600<br> Fax: +82 2 783 5890<br> ey.com/kr |
| ![LOGO](g931500g57g97.jpg) | Ernst & Young Han Young<br> 2-4F, 6-8F, Taeyoung Building, 111, Yeouigongwon-ro,<br> Yeongdeungpo-gu, Seoul 07241 Korea<br>Tel: +82 2 3787 6600<br> Fax: +82 2 783 5890<br> ey.com/kr |

---

**Report on review of interim condensed consolidated financial statements** 

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed consolidated financial statements of POSCO HOLDINGS INC. and its subsidiaries (collectively referred to as the "Group"), which comprise the interim condensed consolidated statement of financial position as of June 30, 2025, and the related interim condensed consolidated statements of comprehensive income or loss for each of the three-month and six-month periods ended June 30, 2025 and 2024, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the six-month periods ended June 30, 2025 and 2024, and a summary of material accounting policy information and other explanatory information.

**Management's responsibility for the interim condensed consolidated financial statements** 

Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS") 1034 *Interim Financial Reporting*, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor's responsibility** 

Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing ("KSA") and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

**Conclusion** 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with KIFRS 1034 *Interim Financial Reporting*.

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##### [**Table of Contents**](#toc)
**Other matters** 

We have audited the consolidated statement of financial position of the Group as of December 31, 2024, and the related consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 12, 2025 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2024, presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

August 14, 2025

This review report is effective as of August 14, 2025, the independent auditor's review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor's review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed consolidated financial statements and may result in modification to this review report.

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

Interim condensed consolidated financial statements

for each of the six-month periods ended June 30, 2025 and 2024

"The accompanying interim condensed consolidated financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Group."

Ju tae, Lee

Representative Director & President

POSCO HODINGS INC.

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Interim condensed consolidated statements of financial position** 

**as of June 30, 2025 (Unaudited) and December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30, 2025<br>(unaudited)** | **June 30, 2025<br>(unaudited)** | **December 31,<br>2024** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 21 | W | 7002287 | 6767898 |
|  Trade accounts and notes receivable, net | 41521252633 |  | 11095199 | 10821620 |
|  Other receivables, net | 52133 |  | 2092894 | 2261323 |
|  Other short-term financial assets | 621 |  | 9768854 | 8499389 |
|  Inventories | 7 |  | 12337893 | 14143500 |
|  Current income tax assets |  |  | 91957 | 140494 |
|  Assets held for sale | 8 |  | 477705 | 608758 |
|  Other current assets | 14 |  | 790883 | 786943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 43657672 | 44029925 |
|  Long-term trade accounts and notes receivable, net | 421 |  | 27473 | 27779 |
|  Other receivables, net | 52133 |  | 1476506 | 1306329 |
|  Other long-term financial assets | 621 |  | 2258240 | 2571651 |
|  Investments in associates and joint ventures | 9 |  | 4592319 | 4738793 |
|  Investment property, net | 11 |  | 1891881 | 1955896 |
|  Property, plant and equipment, net | 12 |  | 40258987 | 39846828 |
|  Intangible assets, net | 13 |  | 4746148 | 4774824 |
|  Defined benefit assets, net | 19 |  | 313750 | 409147 |
|  Deferred tax assets | 31 |  | 1825119 | 3609344 |
|  Other non-current assets | 14 |  | 106725 | 133684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 57497148 | 59374275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 101154820 | 103404200 |

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(continued)

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Interim condensed consolidated statements of financial position, continued** 

**as of June 30, 2025 (Unaudited) and December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30, 2025<br>(unaudited)** | **June 30, 2025<br>(unaudited)** | **December 31,<br>2024** |
|  **Liabilities** |  |  |  |  |
|  Trade accounts and notes payable | 2133 | W | 5264261 | 6159127 |
|  Short-term borrowings and current portion of long-term borrowings | 1521 |  | 11778391 | 11115747 |
|  Other payables | 162133 |  | 3234574 | 3463871 |
|  Other short-term financial liabilities | 1721 |  | 69862 | 120875 |
|  Current income tax liabilities |  |  | 358240 | 350570 |
|  Liabilities directly associated with the assets held for sale | 8 |  | 32171 |  |
|  Provisions | 18 |  | 281683 | 396030 |
|  Other current liabilities | 202526 |  | 1204586 | 1173499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 22223768 | 22779719 |
|  Long-term trade accounts and notes payable | 21 |  | 2049 | 2049 |
|  Long-term borrowings, excluding current portion | 1521 |  | 15689725 | 14881620 |
|  Other payables | 1621 |  | 1122675 | 809012 |
|  Other long-term financial liabilities | 1721 |  | 126290 | 72920 |
|  Defined benefit liabilities, net | 19 |  | 60876 | 43143 |
|  Deferred tax liabilities | 31 |  | 664878 | 2685549 |
|  Long-term provisions | 18 |  | 573054 | 580559 |
|  Other non-current liabilities | 20 |  | 101604 | 99260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 18341151 | 19174112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 40564919 | 41953831 |
|  **Equity** |  |  |  |  |
|  Share capital | 22 |  | 482403 | 482403 |
|  Capital surplus | 22 |  | 1605505 | 1648894 |
|  Other components of equity | 23 |  | 389225 | 1155429 |
|  Treasury shares | 24 |  | (1176317) | (1550862) |
|  Retained earnings |  |  | 53365810 | 53658367 |
|  **Equity attributable to owners of the controlling company** |  |  | 54666626 | 55394231 |
|  **Non-controlling interests** |  |  | 5923275 | 6056137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 60589901 | 61450368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 101154820 | 103404199 |

---

*The accompanying notes are an integral part of the interim condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Interim condensed consolidated statements of comprehensive income** 

**for each of the three-month and six-month periods** 

**ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the three-month period** | **For the three-month period** | **For the three-month period** | **For the six-month period** | **For the six-month period** |
|  | | **ended June 30 (unaudited)** | **ended June 30 (unaudited)** | **ended June 30 (unaudited)** | **ended June 30 (unaudited)** | **ended June 30 (unaudited)** |
| *(in millions of Won, except per share information)* | <br>**Notes** | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Revenue** | 252633 | W | 17555587 | 18509681 | 34992363 | 36561631 |
|  **Cost of sales** | 2630 |  | (16170232) | (17014684) | (32271130) | (33737801) |
|  **Gross profit** |  |  | 1385355 | 1494997 | 2721233 | 2823830 |
|  Selling and administrative expenses | 212730 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other administrative expenses |  |  | (708693) | (698199) | (1424276) | (1383647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses |  |  | (69490) | (44799) | (121344) | (105161) |
|  **Operating profit** |  |  | 607172 | 752000 | 1175613 | 1335022 |
|  Share of profit of equity-accounted investees, net | 9 |  | 87516 | 96361 | 152800 | 174180 |
|  Finance income and costs | 2128 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 1264053 | 1088022 | 2068732 | 2522323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | (1591099) | (1153190) | (2539259) | (2411372) |
|  Other non-operating income and expenses | 212930 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income |  |  | 50657 | 69267 | 183521 | 126696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses |  |  | (190617) | (132935) | (303767) | (294813) |
|  **Profit before income tax** |  |  | 227682 | 719526 | 737640 | 1452036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 31 |  | (143836) | (173305) | (309559) | (298001) |
|  **Profit** |  |  | 83846 | 546220 | 428081 | 1154035 |
|  **Other comprehensive income (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in subsidiaries under equity method |  |  | 1 | (52) | (5625) | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | (163610) | 56988 | (156603) | 115642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 19 |  | 5602 | (3702) | 4938 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through <br>other comprehensive income | 21 |  | (25164) | (84595) | 14111 | (76947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in subsidiaries under equity method |  |  | (218578) | 121543 | (217283) | 198692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | (596783) | 311282 | (566825) | 515887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives | 21 |  | (133) | 385 | (259) | (22) |
|  **Other comprehensive income (loss), net of tax** |  |  | (998665) | 401850 | (927546) | 756052 |
|  **Total comprehensive income (loss)** |  | W | (914819) | 948070 | (499465) | 1910087 |
|  **Profit attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 159865 | 529933 | 462161 | 1070649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | (76019) | 16287 | (34080) | 83387 |
|  **Profit** |  | W | 83846 | 546220 | 428081 | 1154035 |
|  **Total comprehensive income attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | (668060) | 870116 | (298224) | 1677787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | (246759) | 77954 | (201241) | 232300 |
|  **Total comprehensive income (loss)** |  | W | (914819) | 948070 | (499465) | 1910087 |
|  **Earnings per share (in Won)** | 32 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 2114 | 6984 | 6112 | 14110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 2114 | 6157 | 6112 | 11881 |

---

*The accompanying notes are an integral part of the interim condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Interim condensed consolidated statements of changes in equity** 

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-** | |
|  | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Other components<br>of equity** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2024** | W | 482403 | 1663334 | 67256 | (1889658) | 53857514 | 54180849 | 5483048 | 59663897 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 1070649 | 1070649 | 83387 | 1154035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | 2797 | 2797 | (981) | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees, net of tax |  |  |  | 165557 |  |  | 165557 | 34119 | 199676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  | (95570) |  | 18660 | (76910) | (37) | (76947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | 515887 |  |  | 515887 | 115642 | 631529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives, net of tax |  |  |  | (193) |  |  | (193) | 171 | (22) |
|  **Total comprehensive income** |  |  |  | 585681 |  | 1092106 | 1677787 | 232301 | 1910087 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189691) | (189691) | (83219) | (272909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (189691) | (189691) |  | (189691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the scope of consolidation |  |  |  |  |  |  |  | 36505 | 36505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | (9444) |  |  |  | (9444) | 111704 | 102260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based payments |  |  | (2567) |  |  |  | (2567) |  | (2567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 4695 | (24741) |  | 26 | (20020) | (15451) | (35470) |
|  **Total transactions with owners of the controlling company** |  |  | (7316) | (24741) |  | (379356) | (411413) | 49539 | (361872) |
|  **Balance as of June 30, 2024 (Unaudited)** | W | 482403 | 1656017 | 628197 | (1889658) | 54570265 | 55447224 | 5764888 | 61212112 |

---

(continued)

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Interim condensed consolidated statements of changes in equity, continued** 

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-** | |
|  | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Other components<br>of equity** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2025** | W | 482403 | 1648894 | 1155429 | (1550862) | 53658368 | 55394232 | 6056136 | 61450368 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 462161 | 462161 | (34080) | 428081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | 5353 | 5353 | (415) | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees, net of tax |  |  |  | (212037) |  |  | (212037) | (10871) | (222908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  | 12916 |  | 467 | 13383 | 728 | 14111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | (566824) |  |  | (566824) | (156603) | (723427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives, net of tax |  |  |  | (259) |  |  | (259) |  | (259) |
|  **Total comprehensive loss** |  |  |  | (766204) |  | 467981 | (298223) | (201241) | (499464) |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) | (102372) | (291424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (189052) | (189052) |  | (189052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the scope of consolidation |  |  |  |  |  |  |  | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | (34967) |  |  |  | (34967) | 156631 | 121664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374545 | (374545) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (8422) |  |  | (7890) | (16312) | 9121 | (7191) |
|  **Total transactions with owners of the controlling company** |  |  | (43389) |  | 374545 | (760539) | (429383) | 68380 | (361003) |
|  **Balance as of June 30, 2025 (Unaudited)** | W | 482403 | 1605505 | 389225 | (1176317) | 53365810 | 54666626 | 5923275 | 60589901 |

---

*The accompanying notes are an integral part of the interim condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its Subsidiaries** 

**Interim condensed consolidated statements of cash flows** 

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30, 2025<br>(Unaudited)** | **June 30, 2025<br>(Unaudited)** | **June 30, 2024<br>(Unaudited)** |
|  **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  | W | 428081 | 1154035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  |  | 1818192 | 1688062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  |  | 221053 | 236561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | (1312039) | (1759462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 1536247 | 1651499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  | 309559 | 298001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  |  | 113159 | 63122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  |  | (22018) | (12050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 53034 | 36340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on goodwill and other intangible assets |  |  | 25678 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in subsidiaries, associates and joint ventures |  |  | (24973) | (7096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries, associates and joint ventures |  |  | 752 | 42594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of equity-accounted investees |  |  | (152800) | (174180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on disposal of assets held for sale |  |  | 831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  | (52148) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  |  | 653 | 34812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  |  | 129051 | 122762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade and other receivables |  |  | 53043 | 29811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) Loss on valuation of inventories |  |  | (39259) | 92569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  |  | 77129 | 33725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance benefit income |  |  | (1884) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  | (7347) | (20273) |
|  |  |  | 2725913 | 2356807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | 35 |  | (132462) | (272652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 206075 | 284604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (497113) | (589332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 247074 | 389275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (544806) | (247096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities |  | W | 2432762 | 3075641 |

---

(continued)

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and Subsidiaries** 

**Interim condensed consolidated statements of cash flows, consolidated** 

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30, 2025<br>(Unaudited)** | **June 30, 2025<br>(Unaudited)** | **June 30, 2024<br>(Unaudited)** |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term financial instruments |  | W | (9248078) | (8489559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  |  | 8034242 | 9700332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in loans |  |  | (150960) | (186203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of loans |  |  | 23516 | 217194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of securities |  |  | (620313) | (1024195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of securities |  |  | 337297 | 561249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term financial instruments |  |  | (1896) | (3923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment in associates and joint ventures |  |  | (151870) | (163654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment in associates and joint ventures |  |  | 10172 | 12614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment property |  |  |  | (3468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment property |  |  | 567 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property, plant and equipment |  |  | (2872762) | (3800274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of property, plant and equipment |  |  | 154464 | 14587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  | (298296) | (166354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  | 8472 | 15389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  |  | 221417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of lease receivables |  |  | 13420 | 14959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflow from insurance claim |  |  | 1816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of net assets due to changes in consolidated entities |  |  |  | 12831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | (26447) | (3597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | W | (4565239) | (3291746) |
|  **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of borrowings |  |  | 3980458 | 2865904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  |  | (2233025) | (1803239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of short-term borrowings, net |  |  | 1024032 | 739501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from non-controlling interests |  |  | 172573 | 139416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  |  | (480768) | (462624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  |  | (92399) | (92954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | 125512 | 87136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | W | 2496383 | 1473141 |
|  **Effect of exchange rate fluctuation on cash held** |  |  | (122515) | 106504 |
|  **Net increase in cash and cash equivalents** |  |  | 241391 | 1363541 |
|  **Changes in cash classified as assets held for sale** |  |  | (7002) |  |
|  **Cash and cash equivalents at beginning of the period** |  |  | 6767898 | 6670879 |
|  **Cash and cash equivalents at end of the period** |  | W | **7002287** | **8034419** |

---

*The accompanying notes are an integral part of the interim condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements** 

**June 30, 2025 and 2024 (Unaudited)** 

**1. General Information** 

General information about POSCO HOLDINGS INC. (the "Company"), the controlling company, and its subsidiaries in the scope of consolidation, such as 58 domestic subsidiaries including POSCO INC. and 135 foreign subsidiaries including POSCO America Corporation, and 116 associates and joint ventures (collectively referred to as the "Group") in accordance with International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS") 1110 is as follows:

(a) The controlling company

POSCO HOLDINGS INC., the controlling company, was established on April 1, 1968, under the Commercial Act of the Republic of Korea. The shares of the Company have been listed on the Korea Exchange since June 10, 1988. The Company operates an investment business that controls and manages subsidiaries, etc. through ownership of their shares.

On March 2, 2022, the Company established a new subsidiary, POSCO, by a vertical spin-off of its steel business (which is wholly owned by the surviving company) on March 1, 2022, and changed the name of the surviving company to POSCO HOLDINGS INC.

As of June 30, 2025, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchanges.

(b) Consolidated subsidiaries acquired or newly established for the six-month period ended June 30, 2025 are
as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Date of inclusion** | **Ownership (%)** | **Reason** |
|  POSCO Deep Tech Technology Finance Fund | Jnue 2025 | 60.00 | New establishment |
|  FUTURE GRAPH CO., LTD. | Jnue 2025 | 100.00 | New establishment |

---

(c) Consolidated subsidiaries over which the Company has lost control for the six-month period ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Date of exclusion** | **Date of exclusion** | **Reason** |
|  SANPU TRADING Co., Ltd. |  | May 2025 | liquidation |
|  NEH Co., Ltd. |  | June 2025 | Merger |

---

**2. Basis of Preparation** 

**Statement of compliance** 

The interim condensed consolidated financial statements have been prepared in accordance with KIFRS 1034 *Interim Financial Reporting*, as prescribed in *the Act on External Audit of Stock Companies* of the Republic of Korea. The accompanying interim condensed consolidated financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor's review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as of December 31, 2024. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group incurred after December 31, 2024.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**2. Basis of Preparation (cont'd)** 

These interim condensed consolidated financial statements do not include all of the disclosures required for full annual financial statements.

**Use of estimates and judgments** 

(a) Judgments, assumptions and estimation uncertainties

The preparation of the interim condensed consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period prospectively.

(b) Measurement of fair value

The Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the financial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

Significant valuation issues are reported to the Group's Audit Committee.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or
liabilities, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - inputs for the assets or liabilities that are not based on observable market data.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**3. Summary of Material Accounting Policy Information** 

Except for the items described below, the accounting policies applied by the Group in these interim condensed consolidated financial statements are the same as those applied to the consolidated financial statements as of and for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **Changes** | **in accounting policies**  |

---

(a) Amendments to KIFRS 1021: *Lack of Exchangeability* 

The amendments to KIFRS 1021 *The Effects of Changes in Foreign Exchange Rates* specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require the disclosure of information that enables users of its financial statements to understand how the currency that is not exchangeable into the other currency affects, or is expected to affect, the Group's financial performance, financial position, and cash flows.

The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendment, the Group is not required to restate comparative information.

The amendments are not expected to have a material impact on the Group's interim condensed consolidated financial statements.

**4. Trade Accounts and Notes Receivable** 

Trade accounts and notes receivable as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 9869010 | 9654940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1577858 | 1488180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (351669) | (321501) |
|  | W | 11095199 | 10821619 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 72005 | 72387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (44532) | (44608) |
|  | W | 27473 | 27779 |

---

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the six-month period ended June 30, 2025 and the year ended December 31, 2024. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of June 30, 2025 and December 31, 2024, the book value of the trade accounts receivable from the transaction is W233,719 million and W119,076 million, respectively, and the amount is included in the short-term borrowings.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**5. Other Receivables** 

Other receivables as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans | W | 356741 | 375244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 1565071 | 1671039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income(\*1) |  | 261259 | 293985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 52557 | 80007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 44346 | 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 14320 | 18224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*1) |  | (201400) | (205656) |
|  | W | 2092894 | 2261323 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans(\*1) | W | 1266006 | 1247255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 175897 | 192736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 197235 | 189565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 296802 | 142698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 66675 | 76680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*1) |  | (526109) | (542605) |
|  | W | 1476506 | 1306329 |

---

(\*1) The Group recognized an allowance for doubtful accounts for the entire other receivables from FQM Australia Holdings Pty Ltd., an associate, due to low possibility of collecting these receivables.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**6. Other Financial Assets** 

Other financial assets as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 226841 | 465178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 710258 | 400771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 7995465 | 6420797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments(\*1) |  | 836290 | 1212643 |
|  | W | 9768854 | 8499389 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 85216 | 497698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities(\*2) |  | 1291097 | 1171544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 114197 | 115601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities(\*2) |  | 739626 | 762177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 28104 | 24631 |
|  | W | 2258240 | 2571651 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025 and December 31, 2024, financial instruments amounting to W107,100 million and W98,116 million, respectively, are restricted in use for financial arrangements, pledge and others.  |

---

(\*2) As of June 30, 2025 and December 31, 2024, W185,105 million and W182,862 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**7. Inventories** 

(a) Inventories as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  Finished goods | W | 2344864 | 2741236 |
|  M erchandise |  | 1008527 | 1166464 |
|  Semi-finished goods |  | 2413192 | 2659707 |
|  Raw materials |  | 3349950 | 3764453 |
|  Fuel and materials |  | 1056558 | 1038854 |
|  Construction inventories |  | 177847 | 200825 |
|  M aterials-in-transit |  | 2273054 | 2889334 |
|  Others |  | 98583 | 118391 |
|  |  | 12722575 | 14579264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for inventories valuation(\*1) |  | (384682) | (435764) |
|  | W | 12337893 | 14143500 |

---

(\*1) For each of the six-month periods ended June 30, 2025 and 2024, allowance for inventories valuation decreased by W39,259 million and W84,809 million, respectively.

(b) The allowances for inventories valuation by item as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  Finished goods | W | 162283 | 187902 |
|  M erchandise |  | 11524 | 14288 |
|  Semi-finished goods |  | 86522 | 103751 |
|  Raw materials |  | 108427 | 113413 |
|  Fuel and materials |  | 5616 | 6060 |
|  Construction inventories |  | 5965 | 6420 |
|  Others |  | 4345 | 3930 |
|  | W | 384682 | 435764 |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**8. Assets Held for Sale** 

Details of assets held for sale as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Asset** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | W | 7002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account reveivables |  | 20270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | 12393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities(\*1) |  | 402860 | 604439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 33550 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | 470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1160 |  |
|  | W | 477705 | 608758 |
|  **Liability** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | W | (32171) |  |

---

---

| | |
|:---|:---|
| (\*1) | Including equity securities of Nippon Steel Corporation amounting to W402,860 million, which have been classified as assets held for sale for the year ended December 31, 2024.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures** 

(a) Details of investments in associates as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31,**<br>**2024** |
| **Company** | **Number**<br>**of shares** | **Ownership**<br>**(%)** | **Acquisition**<br>**cost** | **Acquisition**<br>**cost** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co.,Ltd.(\*1) | 4507138 | 34.00 | W | 473093 | W | 417653 | 392269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd(\*1) | 17308143 | 49.10 |  | 86541 |  | 14044 | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp.(\*1) | 7109230 | 27.89 |  | 35546 |  | 17661 | 14834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEVELOPMENT Co.,Ltd | 944920 | 29.53 |  | 4725 |  | 12346 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1(\*2) | 4880421842 | 8.80 |  | 4880 |  | 5071 | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 121144 | 122688 |
|  |  |  |  |  |  | 587919 | 562427 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. | 135219000 | 25.04 |  | 107269 |  | 271387 | 279349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. | 284463243 | 25.85 |  | 328509 |  | 374619 | 426276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD | 49 | 49.00 |  | 209664 |  | 87775 | 68478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. | 2400 | 20.00 |  | 135205 |  | 18455 | 25622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power(\*1) | 8708400 | 20.00 |  | 10054 |  | 15814 | 17680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. | 50 | 25.00 |  | 4723 |  | 10266 | 10713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd(\*3) | 48000000 | 80.00 |  | 68861 |  | 64920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 206502 | 241841 |
|  |  |  |  |  |  | 1049738 | 1069959 |
|  |  |  |  |  | W | 1637657 | 1632386 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025 and December 31, 2024, investments in associates amounting to W479,546 million and W452,614 million, respectively, are provided as collateral in relation to the associates' borrowings.  |

---

---

| | |
|:---|:---|
| (\*2) | As of June 30, 2025, the entity is classified as an associate since the Group has significant influence over the investee although the Group's percentage of ownership is less than 20%, considering the structure of the entity's Board of Directors and others.  |

---

---

| | |
|:---|:---|
| (\*3) | As of June 30, 2025, the entity is classified as an associate since the Group has significant influence over the investee although the Group's percentage of ownership exceeds a majority, considering the structure of the entity's Board of Directors and others.  |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures (cont'd)** 

(b) Details of investments in joint ventures as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31,**<br>**2024** |
| **Company** | **Number of**<br>**shares** | **Ownership**<br>**(%)** | **Acquisition**<br>**cost** | **Acquisition**<br>**cost** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS | 11568000 | 60.00 | W | 115680 | W | 146200 | 153839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC | 18130000 | 49.00 |  | 90650 |  | 38156 | 38046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 17531 | 10042 |
|  |  |  |  |  |  | 201887 | 201927 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd(\*1) | 13117972 | 12.50 |  | 1528672 |  | 1311455 | 1397824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC | 325050000 | 50.00 |  | 364609 |  | 440974 | 477898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO | 2010719185 | 50.00 |  | 32950 |  | 117226 | 119820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 25.00 |  | 61961 |  | 113922 | 126906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY | 152764706 | 49.00 |  | 603178 |  | 602191 | 578604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 50.00 |  | 235251 |  | 147071 | 179841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 19936 | 23587 |
|  |  |  |  |  |  | 2752775 | 2904480 |
|  |  |  |  |  | W | 2954662 | 3106407 |

---

(\*1) As of June 30, 2025 and December 31, 2024, the investments in joint ventures are provided as collateral in relation to the joint ventures' borrowings.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures (cont'd)** 

(c) Changes in investments in associates and joint ventures for the six-month period ended June 30, 2025 and
the year ended December 31, 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | | |
| **Company** | **January 1,**<br>**2025**<br>**Book value** | **January 1,**<br>**2025**<br>**Book value** | **Acquisition** | **Dividends** | **Share of**<br>**profits (losses)** | **Other increase**<br>**(decrease)(\*1)** | **June 30,**<br>**2025**<br>**Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co.,Ltd. | W | 392269 | 17509 | (2795) | 10662 | 8 | 417653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 38046 |  |  | 110 |  | 38156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 14054 |  |  | (80) | 70 | 14044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 14834 |  |  | 2646 | 181 | 17661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEVELOPMENT Co.,Ltd |  | 12401 |  |  | (56) | 1 | 12346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 6181 |  |  | (219) | (891) | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 153839 |  | (3000) | (4640) | 1 | 146200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 132730 | 2927 | (872) | 2851 | 1039 | 138675 |
|  |  | 764354 | 20436 | (6667) | 11274 | 409 | 789806 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 279349 |  | (11941) | 30781 | (26802) | 271387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 426276 |  | (21180) | 8145 | (38622) | 374619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 68478 |  |  | 27546 | (8249) | 87775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 25622 |  | (3726) | 3885 | (7326) | 18455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 17680 |  | (875) | 357 | (1348) | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 10713 |  |  | 471 | (918) | 10266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1397824 |  | (118313) | 76305 | (44361) | 1311455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 477898 |  | (9896) | 9785 | (36813) | 440974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 119820 |  | (18197) | 10165 | 5438 | 117226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 126906 |  | (11440) | 5718 | (7262) | 113922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 578604 | 62573 |  | 1300 | (40286) | 602191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 179841 |  |  | (23314) | (9456) | 147071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  |  | 68861 |  |  | (3941) | 64920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 265428 |  | (7038) | (9618) | (22334) | 226438 |
|  |  | 3974439 | 131434 | (202606) | 141526 | (242280) | 3802513 |
|  | W | 4738793 | 151870 | (209273) | 152800 | (241871) | 4592319 |

---

(\*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the six-month period ended June 30, 2025.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures (cont'd)** 

2) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | | |
| **Company** | **January 1,**<br>**2025**<br>**Book value** | **January 1,**<br>**2025**<br>**Book value** | **Acquisition** | **Dividends** | **Share of**<br>**profits (losses)** | **Other increase**<br>**(decrease)(\*1)** | **December 31,**<br>**2024**<br>**Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co.,Ltd. | W | 323521 | 25680 | (10993) | 54140 | (79) | 392269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 100692 |  |  | (61898) | (748) | 38046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 15040 |  |  | 1807 | (2793) | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 23998 |  |  | (9164) |  | 14834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEVELOPMENT Co.,Ltd |  | 13967 |  |  | (384) | (1182) | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 8904 | 175 | (490) | (484) | (1924) | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 155748 |  | (1800) | 403 | (512) | 153839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 150985 | 12362 | (4999) | (6802) | (18816) | 132730 |
|  |  | 792855 | 38217 | (18282) | (22382) | (26054) | 764354 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 287282 |  | (64208) | 45923 | 10352 | 279349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Mong Duong Power Company Limited(\*2) |  | 230699 |  | (34821) | (82075) | (113803) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 346724 |  | (17764) | 35241 | 62075 | 426276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 60225 |  |  | (5127) | 13380 | 68478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR LLC |  | 253121 | 4275 |  | (266425) | 9029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 58759 |  | (17829) | 17714 | (33022) | 25622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 87967 |  |  | (94353) | 6386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 105300 |  |  | (117143) | 11843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 15632 |  | (1764) | 1238 | 2574 | 17680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 8642 |  |  | 573 | 1498 | 10713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1400009 |  | (284541) | 203130 | 79226 | 1397824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 419192 |  | (29225) | 29336 | 58595 | 477898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 99768 |  | (5761) | 37914 | (12101) | 119820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 111001 |  | (10772) | 14207 | 12470 | 126906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 16572 |  |  | (17299) | 727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 284351 | 247824 |  | (315) | 46744 | 578604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 208765 |  |  | (49480) | 20556 | 179841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 233400 | 7860 | (26222) | 12865 | 37525 | 265428 |
|  |  | 4227409 | 259959 | (492907) | (234076) | 214054 | 3974439 |
|  | W | 5020264 | 298176 | (511189) | (256458) | 188000 | 4738793 |

---

(\*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the year ended December 31, 2024.

(\*2) For the year ended December 31, 2024, the Group determined to sell AES Mong Duong Power Company Limited and classified it as assets held for sale.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures (cont'd)** 

(d) The summarized financial information on associates and joint ventures as of and for the six-month period ended
June 30, 2025 and the year ended December 31, 2024 is as follows:

1) As of and for the six-month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | |
| **Company** | **Assets** | **Assets** | **Liabilities** | **Equity**<br>**(deficit)** | **Sales** | **Net income**<br>**(loss)** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co.,Ltd. | W | 5117386 | 4280847 | 836539 | 251735 | 34108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 627131 | 527180 | 99951 | 401816 | 4432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 537491 | 417523 | 119968 | 190759 | (3225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 692553 | 591518 | 101035 | 12089 | 8938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEVELOPMENT Co.,Ltd |  | 14388 | 2881 | 11507 | 1050 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 57955 | 302 | 57653 | 2654 | (2489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 356852 | 111468 | 245384 | 99421 | (7552) |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 1503655 | 419846 | 1083809 | 234361 | 122926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 1529597 | 2746 | 1526851 |  | 31510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 55528 | 1427852 | (1372324) |  | (26219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 92570 | 292 | 92278 | 20554 | 19425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 515844 | 306357 | 209487 | 97596 | (30192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 276972 | 29460 | 247512 | 53186 | (21908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 188208 | 110694 | 77514 | 10081 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 97232 | 57990 | 39242 | 73232 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 10260308 | 2496395 | 7763913 | 3541496 | 823745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 881744 |  | 881744 |  | 19118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 281474 | 47628 | 233846 | 29628 | 20330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 918023 | 489464 | 428559 | 693528 | 22871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 827057 | 541803 | 285254 | 337798 | (1646458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 941706 | 630586 | 311120 | 240957 | (47119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 1087134 | 271345 | 815789 | 191778 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  | 81384 |  | 81384 |  |  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investments in Associates and Joint ventures (cont'd)** 

2) As of and for the year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | |
| **Company** | **Assets** | **Assets** | **Liabilities** | **Equity**<br>**(deficit)** | **Sales** | **Net income**<br>**(loss)** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co.,Ltd. | W | 4770385 | 4013505 | 756880 | 596497 | 177922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 656049 | 560530 | 95519 | 690103 | (127233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 540333 | 417139 | 123194 | 430679 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 690646 | 599199 | 91447 | 21920 | (29582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |  | 14663 | 2968 | 11695 |  | (1302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 72722 | 2455 | 70267 | 7 | (5508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 385270 | 127335 | 257935 | 226376 | 1217 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 1634345 | 518743 | 1115602 | 409790 | 183392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Mong Duong Power Company Limited |  | 1758256 | 922268 | 835988 | 460672 | 118071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 1704653 |  | 1704653 |  | 136320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 61735 | 1521991 | (1460256) | 102869 | (396146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 128215 | 102 | 128113 | 90578 | 88572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 519560 | 282321 | 237239 | 237102 | (27170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 325284 | 39058 | 286226 | 82254 | (7139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 209725 | 124359 | 85366 | 19133 | 6191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 98919 | 58972 | 39947 | 139499 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 10460434 | 2356265 | 8104169 | 7179077 | 2038555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 955592 |  | 955592 |  | 57722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 282087 | 43052 | 239035 | 118408 | 74690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 1180532 | 699775 | 480757 | 1595656 | 56830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 3364786 | 3468220 | (103434) | 694120 | (571215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 1024831 | 645671 | 379160 | 518808 | (90757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 818168 | 25039 | 793129 |  | (644) |

---

**10. Joint Operations** 

Details of significant joint operations that the Group is participating in as a party to a joint arrangement as of June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Joint operations** | **Operation** | **Ownership (%)** | **Location** |
|  Myanmar A-1/A-3 mine | Mine development and gas production | 51.00 | Myanmar |
|  Offshore midstream | Gas transportation facility | 51.00 | Myanmar |
|  Mt. Thorley J/V | Mine development | 20.00 | Australia |
|  POSMAC J/V | Mine development | 20.00 | Australia |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**11. Investment Property** 

Changes in the carrying amounts of investment properties for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

(a) For the six-month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 866450 | (510) |  | (14393) | 851547 |
|  Buildings |  | 942851 | (189) | (6972) | (30521) | 905169 |
|  Structures |  | 1755 |  | (454) | 115 | 1416 |
|  Right of use assets |  | 144840 | (57) | (2661) | (8373) | 133749 |
|  | W | 1955896 | (756) | (10087) | (53172) | 1891881 |

---

(\*1) Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others.

(b) For the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Business**<br>**Combination(\*1)** | **Disposals** | **Depreciation** | **Impairment**<br>**loss** | **Others(\*2)** | **Ending** |
|  Land | W | 787304 | 3755 | 59766 | (47137) |  | (215) | 62977 | 866450 |
|  Buildings |  | 655786 | 1782 | 355155 | (34419) | (34179) | (9776) | 8502 | 942851 |
|  Structures |  | 1873 |  |  |  | (911) |  | 793 | 1755 |
|  Right of use assets |  | 171331 |  |  | (107) | (6547) |  | (19837) | 144840 |
|  | W | 1616294 | 5537 | 414921 | (81663) | (41637) | (9991) | 52435 | 1955896 |

---

(\*1) For the year ended December 31, 2024, RNR Logistics and others were included as subsidiaries, and the Group has included the effect of the increase in investment properties in the business combination.

(\*2) Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**12. Property, Plant and Equipment** 

(a) Changes in the carrying amounts of property, plant and equipment for the six-month period ended June 30,
2025 and the year ended December 31, 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment**<br>**loss** | **Others(\*1)** | **Ending** |
|  Land | W | 3335875 | 674 | (26) |  | (1476) | 13592 | 3348639 |
|  Buildings |  | 5280968 | 2390 | (10873) | (194966) |  | 418372 | 5495891 |
|  Structures |  | 3860523 | 6085 | (100291) | (162439) | (2530) | 331231 | 3932579 |
|  Machinery and equipment |  | 18311678 | 42093 | (17505) | (1266157) | (69461) | 1152895 | 18153543 |
|  Vehicles |  | 89975 | 4736 | (1121) | (19957) |  | 4671 | 78304 |
|  Tools |  | 134501 | 6624 | (718) | (26941) | (4) | (37) | 113425 |
|  Furniture and fixtures |  | 200033 | 8836 | (387) | (39449) |  | 51290 | 220323 |
|  Lease assets |  | 970634 | 477849 | (19797) | (93348) |  | (28297) | 1307041 |
|  Bearer plants |  | 139451 |  | (65) | (4847) |  | (11147) | 123392 |
|  Construction-in-progress |  | 7523190 | 2774742 | (9) |  | (39688) | (2772385) | 7485850 |
|  | W | 39846828 | 3324029 | (150792) | (1808104) | (113159) | (839815) | 40258987 |

---

(\*1) Presenting assets transferred from construction-in-progress to intangible assets and other property, plant and equipment, reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

2) For the year ended December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment**<br>**loss(\*2,3)** | **Others(\*1)** | **Ending** |
|  Land | W | 3290244 | 20523 | (6061) |  | (6620) | 37789 | 3335875 |
|  Buildings |  | 4427632 | 14002 | (11137) | (346334) | (67797) | 1264602 | 5280968 |
|  Structures |  | 3081524 | 11663 | (4497) | (306017) | (15328) | 1093178 | 3860523 |
|  Machinery and equipment |  | 16539192 | 179457 | (47511) | (2484915) | (385367) | 4510822 | 18311678 |
|  Vehicles |  | 79595 | 17353 | (1487) | (39263) | (56) | 33833 | 89975 |
|  Tools |  | 128865 | 28731 | (673) | (54966) | (1573) | 34117 | 134501 |
|  Furniture and fixtures |  | 189887 | 27966 | (2380) | (70561) | (3260) | 58381 | 200033 |
|  Lease assets |  | 998305 | 132219 | (18706) | (177475) | (1994) | 38285 | 970634 |
|  Bearer plants |  | 137331 |  | (27) | (9602) |  | 11749 | 139451 |
|  Construction-in-progress |  | 6333673 | 7634826 | (3482) |  | (128119) | (6313708) | 7523190 |
|  | W | 35206248 | 8066740 | (95961) | (3489133) | (610114) | 769048 | 39846828 |

---

(\*1) Presenting assets transferred from construction-in-progress to intangible assets and other property, plant and equipment, reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

---

| | |
|:---|:---|
| (\*2) | The Group calculated the net fair value of individual assets, such as steelmaking plant no. 1 and blast furnace no. 4 in Pohang, whose operation was suspended due to operation plan changes, to estimate recoverable amount and recognized an impairment loss of W227,239 million for property, plant and equipment for the year ended December 31, 2024.  |

---

---

| | |
|:---|:---|
| (\*3) | The Group identified a certain portion of the anode/cathode material assets that were in long-term idle status or expected to fall short of the anticipated economic performance for the year ended December 31, 2024. The Group calculated the net fair value of such individual assets to estimate the recoverable amount and recognized an impairment loss of W307,911 million for assets whose recoverable amounts are less than their carrying amounts.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**12. Property, Plant and Equipment (cont'd)** 

(b) Changes in the carrying amounts of right-of-use assets presented as investment properties and property, plant and equipment for the six-month period ended June 30, 2025 and the year ended
December 31, 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation** | **Impairment<br>loss** | **Others** | **Ending** |
|  Land | W | 348918 | 5701 | (7188) | – | (29405) | 318026 |
|  Buildings and structures |  | 154747 | 60376 | (29718) | – | (14056) | 171349 |
|  Machinery and equipment |  | 346642 | 138910 | (26128) | – | (2081) | 457343 |
|  Vehicles |  | 45071 | 6675 | (10064) | – | (732) | 40950 |
|  Ships |  | 196070 | 264508 | (14303) | – |  | 446275 |
|  Others |  | 24026 | 1679 | (8608) | – | (10250) | 6847 |
|  | W | 1115474 | 477849 | (96009) | – | (56524) | 1440790 |

---

2) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation** | **Impairment<br>loss** | **Others** | **Ending** |
|  Land | W | 363789 | 1542 | (17501) | (1994) | 3082 | 348918 |
|  Buildings and structures |  | 151366 | 58116 | (54092) |  | (643) | 154747 |
|  Machinery and equipment |  | 355604 | 37204 | (47797) |  | 1631 | 346642 |
|  Vehicles |  | 48228 | 12501 | (20291) |  | 4633 | 45071 |
|  Ships |  | 220754 |  | (24684) |  |  | 196070 |
|  Others |  | 29895 | 22856 | (19657) |  | (9068) | 24026 |
|  | W | 1169636 | 132219 | (184022) | (1994) | (365) | 1115474 |

---

(c) The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Interest on lease liabilities | W | 13364 | 11966 | 24786 | 24312 |
|  Expenses related to short-term leases |  | 8958 | 9509 | 20584 | 28444 |
|  Expenses related to leases of low-value assets |  | 2803 | 6215 | 7856 | 12871 |
|  | W | 25125 | 27690 | 53226 | 65627 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**13. Goodwill and Other Intangible Assets** 

Changes in the carrying amounts of goodwill and other intangible assets for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the six-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Impairment**<br>**loss** | **Others(\*2)** | **Ending** |
|  Goodwill | W | 357851 |  |  |  |  | (716) | 357135 |
|  Intellectual property rights |  | 3247517 | 185139 | (1) | (143479) | (25665) | (39212) | 3224299 |
|  Membership(\*1) |  | 136108 | 723 | (2221) | (93) | (11) | (339) | 134167 |
|  Development expense |  | 95041 | 7762 |  | (16336) |  | 10257 | 96724 |
|  Port facilities usage rights |  | 167996 |  |  | (7422) |  |  | 160574 |
|  Exploratation and evaluation assets |  | 115309 | 33323 |  |  |  | (5085) | 143547 |
|  Development assets |  | 86711 |  |  | (168) |  | (31842) | 54701 |
|  Customer relationships |  | 145699 |  |  | (22239) |  | 6971 | 130431 |
|  Other intangible assets |  | 422592 | 68028 | (41) | (31316) | (2) | (14691) | 444570 |
|  | W | 4774824 | 294975 | (2263) | (221053) | (25678) | (74657) | 4746148 |

---

(\*1) Estimated useful life of membership is indefinite.

(\*2) Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, adjustments of foreign currency translation difference and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Business<br>Combination** | **Disposals** | **Amortization** | **Impairment**<br>**loss** | **Others(\*2)** | **Ending** |
|  Goodwill | W | 403172 |  | 282 |  |  | (46958) | 1355 | 357851 |
|  Intellectual property rights |  | 3029651 | 353175 |  | (240) | (272730) |  | 137661 | 3247517 |
|  Membership(\*1) |  | 138184 | 1716 |  | (4179) | (180) | 29 | 538 | 136108 |
|  Development expense |  | 126818 | 15913 |  | (22) | (63684) | (692) | 16708 | 95041 |
|  Port facilities usage rights |  | 182411 |  |  |  | (14415) |  |  | 167996 |
|  Exploratation and evaluation assets |  | 163446 | 21024 |  |  |  |  | (69161) | 115309 |
|  Development assets |  | 10235 | 543 |  |  | (76) |  | 76009 | 86711 |
|  Customer relationships |  | 196895 |  |  |  | (44478) |  | (6718) | 145699 |
|  Other intangible assets |  | 463972 | 118563 |  | (102012) | (58126) | (252) | 447 | 422592 |
|  | W | 4714784 | 510934 | 282 | (106453) | (453689) | (47873) | 156839 | 4774824 |

---

(\*1) Estimated useful life of membership is indefinite.

(\*2) Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, adjustments of foreign currency translation difference and others.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**14. Other Assets** 

Other assets as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 548417 | 509922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 222428 | 259145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment asset |  | 5219 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | 14819 | 15387 |
|  | W | 790883 | 786943 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 40174 | 33308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 18425 | 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 48126 | 79688 |
|  | W | 106725 | 133685 |

---

**15. Borrowings** 

(a) Short-term borrowings and current portion of long-term borrowings and others as of June 30, 2025 and
December 31, 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate<br>(%)** | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  **Short-term borrowings** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdrafts | JP Morgan and others | July, 2024 ~<br> June, 2025 | July, 2025 ~<br> June, 2026 | 3.65 ~ 7.40 | W | 53092 | 85892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | HSBC and others | April, 2024 ~<br> June, 2025 | July, 2025 ~<br> June, 2026 | 0.49 ~ 8.10 |  | 6040359 | 5647199 |
|  |  |  |  |  |  | 6093451 | 5733091 |
|  **Current portion of long-term liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings | Export-Import Bank of<br>Korea and others | December, 2006 ~<br> June, 2025 | July, 2025 ~<br> June, 2026 | 0.19 ~ 6.40 |  | 1086204 | 1323002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debentures | KB Securities co.,Ltd. and others | July, 2015 ~<br> March, 2024 | July, 2025 ~<br> June, 2026 | 1.68 ~ 5.80 |  | 4561060 | 4024084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion of discount on debentures issued |  |  |  |  |  | (4033) | (3483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of exchangable bonds(\*1) | Foreign currency exchangable bonds | September, 2021 | September, 2026 |  |  | 41709 | 39053 |
|  |  |  |  |  |  | 5684940 | 5382656 |
|  |  |  |  |  | W | 11778391 | 11115747 |

---

(\*1) The Group classified the exchangeable bonds as current liabilities in consideration of the investor's exchange right.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**15. Borrowings (cont'd)** 

The issuance conditions of the exchangeable bonds issued by the Company are as follows:

---

| | |
|:---|:---|
|  | **Foreign currency exchangeable bonds** |
| Type of bond | Exchangeable bonds |
| Aggregate principal amount(\*1) | EUR 27,100,000 |
| Interest rate | - Coupon rate : - |
|  | - Yield to maturity : (0.78%) |
| Maturity date | September 1, 2026 |
| Redemption | - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum |
|  | - Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2) (Won/share) | 429064 |
| Underlying shares | Registered common shares(treasury shares) |
| Exchange period | From October 12, 2021 to August 22, 2026 |
| Adjustments for exchange price | Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price. |
| Put option by bondholders | - In the event of a change of control of the Company |
|  | - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days) |
| Call option by the issuer | - Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds |
|  | - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) |
|  | - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc |

---

---

| | |
|:---|:---|
| (\*1) | Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out of the total face value of exchangeable bonds of EUR 1,065,900,000 for the year ended December 31, 2024.  |

---

(\*2) The exchange price has changed due to cash dividends paid for the six-month period ended June 30, 2025.

The Group has designated exchangeable bonds listed on the Singapore Stock Exchange as financial liabilities measured at fair value through profit or loss. The quoted transaction price is used in fair value measurement, and changes in fair value are recognized in profit or loss.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**15. Borrowings (cont'd)** 

(b) Long-term borrowings, excluding current portion and others, as of June 30, 2025 and December 31, 2024
are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate<br>(%)** | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  Long-term borrowings | Export-Import Bank of Korea and others | September, 2001 ~<br> June, 2025 | July, 2026 ~<br> March, 2040 | 0.10 ~ 8.50 | W | 6098980 | 4868703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Present value discount |  |  |  |  |  | (47022) | (51173) |
|  Bonds | KB Securities co., Ltd. and others | July, 2019 ~<br> May, 2025 | July, 2026 ~<br> May, 2035 | 1.72 ~ 6.38 |  | 9682140 | 10108600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Discount on debentures issued |  |  |  |  |  | (44373) | (44510) |
|  |  |  |  |  | W | 15689725 | 14881620 |

---

(c) Assets pledged as collateral with regard to the borrowings as of June 30, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Book value** | **Book value** | **Pledged<br>amount** |
|  Property, plant and equipment and Investment property | Korea Development Bank and others | W | 3987683 | 4957270 |
|  Trade accounts and notes receivable | Korea Development Bank and others |  | 233719 | 233719 |
|  Financial instruments | Korea Development Bank and others |  | 72157 | 72157 |
|  |  | W | 4293559 | 5263146 |

---

**16. Other Payables** 

Other payables as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 1585896 | 1652957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 1118497 | 1275068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 3807 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 182232 | 161601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 344142 | 370063 |
|  | W | 3234574 | 3463871 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 5646 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 14866 | 11979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 1052990 | 744500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings |  | 49172 | 46437 |
|  | W | 1122674 | 809012 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**17. Other Financial Liabilities** 

Other financial liabilities as of June 30, 2025 and December 31, 2024 are as follows:

**17. Other Financial Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 56361 | 108786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 6385 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 7116 | 7117 |
|  | W | 69862 | 120875 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 57607 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 8824 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 59859 | 61740 |
|  | W | 126290 | 72920 |

---

**18. Provisions** 

(a) Provisions as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Provision for bonus payments | W | 93016 | 70975 | 121757 | 70104 |
|  Provision for construction warranties |  | 41908 | 143149 | 49659 | 137201 |
|  Provision for legal contingencies and claims(\*1) |  | 6058 | 77564 | 17960 | 78486 |
|  Provision for the restoration |  | 4496 | 205163 | 10041 | 197810 |
|  Others(\*2) |  | 136205 | 76203 | 196613 | 96958 |
|  | W | 281683 | 573054 | 396030 | 580559 |

---

---

| | |
|:---|:---|
| (\*1) | The Group recognized probable outflow of resources amounting to W63,936million and W80,220 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of June 30, 2025 and December 31, 2024, respectively.  |

---

---

| | |
|:---|:---|
| (\*2) | According to the *Act on the promotion of the development, use and diffusion of new and renewable energy*, POSCO INTERNATIONAL Corporation is obliged to supply a certain amount of power generated by new and renewable energy sources. In accordance with the Act, POSCO INTERNATIONAL Corporation estimated the cost required to fulfill its obligations, such as insufficient supply of power using new and renewable energy to be borne, and as of June 30, 2025 and December 31, 2024, the Group recognized W12,367 million and W64,249 million respectively, as provision.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**18. Provisions (cont'd)** 

(b) Changes in provisions for the six-month period ended June 30, 2025 and the year ended December 31,
2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Reversal** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 191861 | 35108 | (79854) | (4639) | 21515 | 163991 |
|  Provision for construction warranties |  | 186860 | 10134 | (10342) | (1284) | (311) | 185057 |
|  Provision for legal contingencies and claims |  | 96446 | 2763 | (9341) | (2026) | (4220) | 83622 |
|  Provision for the restoration |  | 207851 | 13668 | (256) | (4811) | (6793) | 209659 |
|  Others |  | 293571 | 63600 | (7253) | (16114) | (121396) | 212408 |
|  | W | 976589 | 125273 | (107046) | (28874) | (111205) | 854737 |

---

(\*1) Including adjusted foreign currency translation differences and others.

2) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Reversal** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 184391 | 224339 | (187004) | (29461) | (404) | 191861 |
|  Provision for construction warranties |  | 196758 | 53244 | (48471) | (8274) | (6397) | 186860 |
|  Provision for legal contingencies and claims |  | 73062 | 54929 | (12964) | (19743) | 1162 | 96446 |
|  Provision for the restoration |  | 175820 | 28917 | (8311) | (6485) | 17910 | 207851 |
|  Others |  | 257722 | 255624 | (151362) | (76790) | 8377 | 293571 |
|  | W | 887753 | 617053 | (408112) | (140753) | 20648 | 976589 |

---

(\*1) Including transfer to liabilities held for sale and adjusted foreign currency translation differences and others.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**19. Employee Benefits** 

(a) Defined contribution plans

The expenses related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Expense related to post-employment benefit plans under defined contribution plans | W | 18867 | 18731 | 37631 | 37400 |

---

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit assets in the statements of financial position as of June 30, 2025 and December 31, 2024 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Present value of funded obligations | W | 2557298 | 2589246 |
|  Fair value of plan assets(\*1) |  | (2815473) | (2962342) |
|  Present value of non-funded obligations |  | 5301 | 7092 |
|  Net defined benefit liabilities | W | (252874) | (366004) |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025 and December 31, 2024, the Group recognized net defined benefit assets amounting to W313,750 million and W409,147 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of defined benefit obligations.  |

---

2) The amounts recognized in relation to net defined benefit plan in the interim condensed consolidated statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Current service costs | W | 67164 | 65526 | 136942 | 133348 |
|  Net interest costs |  | (3635) | (5011) | (7891) | (10585) |
|  | W | 63529 | 60515 | 129051 | 122763 |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**20. Other Liabilities** 

Other liabilities as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work | W | 471907 | 491495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received |  | 388226 | 253171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 120078 | 87969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 195083 | 307753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment liability |  | 5299 | 10384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 23993 | 22726 |
|  | W | 1204586 | 1173498 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | W | 3857 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 97747 | 94942 |
|  | W | 101604 | 99259 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025 and December 31, 2024, the Group recognized the assumed liability amounting to W37,590 million and W41,770 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy Limited.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**21. Financial Instruments** 

(a) Classification and fair value of financial instruments

1) The carrying amounts and fair values of financial assets and financial liabilities by levels in the fair value hierarchy as of June 30, 2025 and December 31, 2024 are as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | W | 304187 |  | 304187 |  | 304187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 836290 |  | 836290 |  | 836290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 74676 | 15491 |  | 59185 | 74676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 115167 |  | 82461 | 32706 | 115167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 739626 |  |  | 739626 | 739626 |
|  Derivative hedging instruments(\*2) |  | 7870 |  | 7870 |  | 7870 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 1216421 | 782405 |  | 434016 | 1216421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 402860 | 402860 |  |  | 402860 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 7002287 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 9557255 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2749616 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 709288 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 8023569 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 27272 |  |  |  |  |
|  | W | 31766384 | 1200756 | 1230808 | 1265533 | 3697097 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 108260 |  | 108260 |  | 108260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 41709 | 41709 |  |  | 41709 |
|  Derivative hedging instruments(\*2) |  | 5708 |  | 5708 |  | 5708 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes payable |  | 5266310 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 27426407 |  | 27673436 |  | 27673436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 15209 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3708520 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial Liabilities |  | 66975 |  |  |  |  |
|  | W | 36639098 | 41709 | 27787404 |  | 27829113 |

---

---

| | |
|:---|:---|
| (\*1) | The fair values of financial assets and liabilities measured at amortized cost except borrowings approximates their carrying amounts.  |

---

---

| | |
|:---|:---|
| (\*2) | The Group applies hedge accounting which uses forward contracts as hedging instruments in order to hedge the risk of changes in fair value of product prices regarding firm commitments or purchase commitments. Also, the Group applies cash flow hedge accounting which uses currency swap as hedging instruments in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**21. Financial Instruments (cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | W | 946393 |  | 946393 |  | 946393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 1212643 |  | 1212643 |  | 1212643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 52222 | 26792 |  | 25430 | 52222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 113728 |  | 82699 | 31029 | 113728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 762177 |  |  | 762177 | 762177 |
|  Derivative hedging instruments(\*2) |  | 16483 |  | 16483 |  | 16483 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 1119322 | 703181 |  | 416141 | 1119322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 604439 | 604439 |  |  | 604439 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 6767898 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 9374217 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2739523 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 402644 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 6445428 |  |  |  |  |
|  | W | 30557117 | 1334412 | 2258218 | 1234777 | 4827407 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 105187 |  | 105187 |  | 105187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 39053 | 39053 |  |  | 39053 |
|  Derivative hedging instruments(\*2) |  | 5835 |  | 5835 |  | 5835 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes payable |  | 6161177 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 25958314 |  | 26166994 |  | 26166994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 13916 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3895526 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial Liabilities |  | 68857 |  |  |  |  |
|  | W | 36247865 | 39053 | 26278016 |  | 26317069 |

---

---

| | |
|:---|:---|
| (\*1) | The fair values of financial assets and liabilities measured at amortized cost except borrowings approximates their carrying amounts.  |

---

---

| | |
|:---|:---|
| (\*2) | The Group applies hedge accounting which uses forward contracts as hedging instruments in order to hedge the risk of changes in fair value of product prices regarding firm commitments or purchase commitments. Also, the Group applies cash flow hedge accounting which uses currency swap as hedging instruments in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**21. Financial Instruments (cont'd)** 

2) Finance income and costs by category of financial instrument for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the six-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income**<br>**(expense)** | **Interest income**<br>**(expense)** | **Loss on<br>valuation** | **Gain and loss on**<br>**foreign currency** | **Gain and loss**<br>**on disposal** | **Others** | **Total** | **Other**<br>**comprehensive**<br>**income (loss)** |
|  Financial assets at fair value<br>through profit or loss | W |  | (745) |  | 27981 | 1282 | 28518 |  |
|  Derivative assets |  |  | (234893) |  | 141784 |  | (93109) |  |
|  Financial assets at fair value<br>through other comprehensive income |  |  |  |  |  | 27487 | 27487 | 14111 |
|  Financial assets measured at<br>amortized cost |  | 252225 |  | (447731) | (40949) | (3983) | (240438) |  |
|  Financial liabilities at fair value<br>through profit or loss |  |  | (1003) |  |  |  | (1003) |  |
|  Derivative liabilities |  |  | (237140) |  | (227318) |  | (464458) | (259) |
|  Financial liabilities measured at<br>amortized cost |  | (525259) |  | 816965 |  | (19231) | 272475 |  |
|  | W | (273034) | (473781) | 369234 | (98502) | 5555 | (470528) | 13852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the six-month period ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income**<br>**(expense)** | **Interest income**<br>**(expense)** | **Gain on<br>valuation** | **Gain and loss on**<br>**foreign currency** | **Gain and loss**<br>**on disposal** | **Others** | **Total** | **Other**<br>**comprehensive<br>loss** |
|  Financial assets at fair value <br>through profit or loss | W |  | 99499 |  | 59230 | 327 | 159056 |  |
|  Derivative assets |  |  | 409145 |  | 127890 |  | 537035 |  |
|  Financial assets at fair value <br>through other comprehensive income |  |  |  |  |  | 22887 | 22887 | (76947) |
|  Financial assets measured at <br>amortized cost |  | 301735 |  | 611299 | (38349) | (7124) | 867561 |  |
|  Financial liabilities at fair value <br>through profit or loss |  |  | 234218 | (74475) |  |  | 159743 |  |
|  Derivative liabilities |  |  | 42523 |  | (125997) |  | (83474) | (22) |
|  Financial liabilities measured at <br>amortized cost |  | (519012) |  | (1018174) |  | (14671) | (1551857) |  |
|  | W | (217277) | 785385 | (481350) | 22774 | 1419 | 110951 | (76969) |

---

(b) Financial risk management

The Group is exposed to credit risk, liquidity risk and market risk arising from financial assets and liabilities. The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as of and for the year ended December 31, 2024.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**22. Share Capital and Capital Surplus** 

(a) Details of share capital as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Share, in Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Authorized shares |  | 200000000 |  | 200000000 |
|  Par value | W | 5000 |  | 5000 |
|  Issued shares(\*1,2) |  | 80932952 |  | 82624377 |
|  Share capital(\*3) | W | 482403125000 |  | 482403125000 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 7,986,828 and such ADRs are equivalent to 1,996,707 shares of common stock.  |

---

---

| | |
|:---|:---|
| (\*2) | Pursuant to the resolution of the Board of Directors' meeting on February 19, 2025, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of June 30, 2025, the Company's total number of issued shares has decreased.  |

---

(\*3) As of June 30, 2025, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W77,738 million due to retirement of 15,547,673 treasury stocks.

(b) Details of capital surplus as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Share premium | W | 463825 |  | 463825 |
|  Gain on disposal of treasury shares |  | 808994 |  | 808994 |
|  Other capital surplus |  | 332686 |  | 376075 |
|  | W | 1605505 |  | 1648894 |

---

**23. Other components of equity** 

Details of other components of equity as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Capital adjustment arising from investments in equity-accounted investees | W | (135168) | 76870 |
|  Changes in fair value of equity investments at fair value through other comprehensive income |  | 32983 | 20066 |
|  Foreign currency translation differences |  | 416247 | 983071 |
|  Losses on valuation of derivatives |  | (1184) | (925) |
|  Others |  | 76347 | 76347 |
|  | W | 389225 | 1155429 |

---

**24. Treasury Shares** 

Based on the Board of Directors' resolution, the Group holds treasury shares for business purposes including price stabilization. Changes in treasury shares for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(shares, in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| *(shares, in millions of Won)* | **Number of shares** | **Amount** | **Amount** | **Number of shares** | **Amount** | **Amount** |
|  Beginning | 7003598 | W | 1550862 | 8695023 | W | 1889658 |
|  Acquisition of treasury shares |  |  |  | 255428 |  | 92311 |
|  Retirement of teasury shares | (1691425) |  | (374545) | (1946853) |  | (431107) |
|  Ending | 5312173 | W | 1176317 | 7003598 | W | 1550862 |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**25. Revenue** 

(a) Disaggregation of revenue

1) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the six-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics**<br>**and others** | **Rechargeable battery<br>materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 18190227 | 10862377 |  | 1855 | 1069670 |  | 30124129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 420331 | 1212207 | 62740 | 112023 | 399 | 6618 | 1814318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 2887572 |  | 22161 |  | 2909733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 84693 | 2423 | 5506 | 22997 |  | 28564 | 144183 |
|  | W | 18695251 | 12077007 | 2955818 | 136875 | 1092230 | 35182 | 34992363 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 18274920 | 10864800 | 108433 | 24852 | 1069670 | 28564 | 30371239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 420331 | 1212207 | 2847385 | 112023 | 22560 | 6618 | 4621124 |
|  | W | 18695251 | 12077007 | 2955818 | 136875 | 1092230 | 35182 | 34992363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the six-month period ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics**<br>**and others** | **Rechargeable battery<br>materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 19131314 | 9648714 |  | 5026 | 1591368 |  | 30376422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 432743 | 1588599 | 58063 | 165983 | 2516 | 4790 | 2252694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 3758839 |  | 13608 |  | 3772447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 92494 | 3088 | 8825 | 22305 |  | 33356 | 160068 |
|  | W | 19656551 | 11240401 | 3825727 | 193314 | 1607492 | 38146 | 36561631 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 19223808 | 9651802 | 189927 | 27331 | 1591368 | 33356 | 30717592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 432743 | 1588599 | 3635800 | 165983 | 16124 | 4790 | 5844039 |
|  | W | 19656551 | 11240401 | 3825727 | 193314 | 1607492 | 38146 | 36561631 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

2) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month periods ended June 30, 2025 and 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the three-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Green Infrastructure** | **Green Infrastructure** | **Green Infrastructure** | **Rechargeable battery<br>materials** | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics**<br>**and others** | **Rechargeable battery<br>materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9060502 | 5591325 |  |  | 452627 |  | 15104454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 196918 | 628479 | 36129 | 28819 | 399 | 1673 | 892417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1445177 |  | 18020 |  | 1463197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 52585 | 837 | 4567 | 12144 |  | 25386 | 95519 |
|  | W | 9310005 | 6220641 | 1485873 | 40963 | 471046 | 27059 | 17555587 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9113087 | 5592162 | 97664 | 12144 | 452627 | 25386 | 15293070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 196918 | 628479 | 1388209 | 28819 | 18419 | 1673 | 2262517 |
|  | W | 9310005 | 6220641 | 1485873 | 40963 | 471046 | 27059 | 17555587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the three-month period ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Green Infrastructure** | **Green Infrastructure** | **Green Infrastructure** | **Rechargeable battery<br>materials** | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics**<br>**and others** | **Rechargeable battery<br>materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9540165 | 5016381 |  | 1500 | 693977 |  | 15252023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 196881 | 889025 | 32805 | 82350 | 639 | 900 | 1202600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1944860 |  | 6516 |  | 1951376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 58729 | 1227 | 5187 | 11894 |  | 26645 | 103682 |
|  | W | 9795775 | 5906633 | 1982852 | 95744 | 701132 | 27545 | 18509681 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9598894 | 5017608 | 177848 | 13394 | 693977 | 26645 | 15528366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 196881 | 889025 | 1805004 | 82350 | 7155 | 900 | 2981315 |
|  | W | 9795775 | 5906633 | 1982852 | 95744 | 701132 | 27545 | 18509681 |

---

(b) Details of contract assets and liabilities from contracts with customers as of June 30, 2025 and
December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 9557255 | 9374218 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1565417 | 1475180 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 392070 | 256522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work |  | 471907 | 491495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 121426 | 89807 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**26. Contract under Input Method** 

(a) Details of outstanding contracts as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Construction**<br>**segment** | **Construction**<br>**segment** | **Others** | **Construction**<br>**segment** | **Others** |
|  Accumulated cost | W | 20939956 | 295965 | 27830242 | 262814 |
|  Accumulated contract profit |  | 1248116 | 46966 | 1903582 | 43690 |
|  Accumulated contract loss |  | (519983) | (11708) | (707167) | (1930) |
|  Accumulated contract revenue |  | 21668089 | 331223 | 29026657 | 304574 |

---

(b) Details of due from customers for contract works and due to customers for contract works as of June 30,
2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Construction**<br>**segment** | **Construction**<br>**segment** | **Others** | **Construction**<br>**segment** | **Others** |
|  Due from customers for contract | W | 1539498 | 38360 | 1473843 | 13716 |
|  Due to customers for contract work |  | (467551) | (4356) | (479546) | (11949) |
|  | W | 1071947 | 34004 | 994297 | 1767 |

---

(c) Details of the provisions for construction loss as of June 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Construction segment | W | 25557 |  | 52492 |
|  Others |  | 594 |  | 857 |
|  | W | 26151 |  | 53349 |

---

(d) For the six-month period ended June 30, 2025, the total contract
revenues and the estimated total contract costs have changed and the impact of such changes on profit before income tax for the current and future periods are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | **Changes in profit (loss) of contract** | **Changes in profit (loss) of contract** | **Changes in profit (loss) of contract** |
|  | **Changes in total**<br>**contract revenues** | **Changes in total**<br>**contract revenues** | **Changes in estimated**<br>**total contract costs** | **Net income<br>(loss)** | **Future income** | **Total** |
|  Construction segment | W | 1027653 | 909254 | (56975) | 175374 | 118399 |
|  Others |  | 1371 | (2) | 1265 | 108 | 1373 |
|  | W | 1029024 | 909252 | (55710) | 175482 | 119772 |

---

The above details of impact on profit for the current and future periods are calculated based on the total contract costs estimated considering the events that occurred for the period from the commencement date of the contract to June 30, 2025 and the estimated total contract revenue as of June 30, 2025. The estimated total contract costs and revenue are subject to change in future periods.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**26. Contract under Input Method (cont'd)** 

(e) Uncertainty of estimates

1) Total contract revenues 

Total contract revenues are measured based on contractual amount initially agreed. However, the contract revenues can increase due to additional contract work, claims and incentive payments, or decrease due to penalty when the completion of contract is delayed due to the Group's fault. Therefore, this measurement of contract revenues is affected by the uncertainty of the occurrence of future events.

2) Total contract costs 

Contract revenues are recognized based on the percentage of completion, which is measured on the basis of the gross cost amount incurred to date. Total contract costs are estimated based on estimates of future material costs, labor costs, outsourcing costs. There is uncertainty in estimates on future contract costs due to various internal and external factors such as fluctuation of market, the risk of business partner and the experience of project performance and others. The significant assumptions including uncertainty of the estimate of total contract costs are as follows:

---

| | |
|:---|:---|
|  | **Method of significant assumption** |
| Material cost | Assumption based on recent purchasing price and quoted market price |
| Labor cost | Assumption based on standard monthly and daily labor cost |
| Outsourcing cost | Assumption based on the past experience rate of similar project and market price |

---

Management reviews estimated contract costs at each reporting period end and adjusts them, if necessary.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**27. Selling and Administrative Expenses** 

(a) Other administrative expenses

Other administrative expenses for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Wages and salaries | W | 275133 | 272628 | 587901 | 576479 |
|  Expenses related to post-employment benefits |  | 21657 | 22606 | 46149 | 46450 |
|  Other employee benefits |  | 73595 | 71980 | 155730 | 149509 |
|  Travel |  | 14291 | 12053 | 26259 | 22430 |
|  Depreciation |  | 41496 | 43211 | 89582 | 84041 |
|  Amortization |  | 28829 | 29409 | 57046 | 56622 |
|  Communication |  | 2491 | 2419 | 6252 | 6309 |
|  Electricity |  | 3556 | 3283 | 8279 | 6956 |
|  Taxes and public dues |  | 35241 | 33594 | 54623 | 48831 |
|  Rental |  | 10939 | 17293 | 20622 | 22058 |
|  Repairs |  | 2684 | 4450 | 5295 | 7918 |
|  Entertainment |  | 2856 | 2752 | 6209 | 6745 |
|  Advertising |  | 23977 | 24962 | 42214 | 45314 |
|  Research & development |  | 47295 | 54665 | 94165 | 104010 |
|  Service fees |  | 77380 | 72806 | 130724 | 126153 |
|  Vehicles maintenance |  | 2047 | 1963 | 4195 | 3971 |
|  Industry association fee |  | 3430 | 4065 | 7277 | 6386 |
|  Conference |  | 5866 | 5579 | 11911 | 10396 |
|  Bad debt expenses |  | 15339 | 4164 | 41201 | 21903 |
|  Others |  | 20591 | 14317 | 28642 | 31166 |
|  | W | 708693 | 698199 | 1424276 | 1383647 |

---

(b) Selling expenses

Selling expenses for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Freight and custody expenses | W | 5781 | 7822 | 10968 | 13902 |
|  Operating expenses for distribution center |  | 191 | 354 | 374 | 619 |
|  Sales commissions |  | 21451 | 19703 | 39374 | 41757 |
|  Sales advertising |  | 308 | 239 | 402 | 439 |
|  Sales promotion |  | 2506 | 2464 | 5053 | 5207 |
|  Sample |  | 595 | 557 | 1332 | 1125 |
|  Sales insurance premium |  | 9138 | 7444 | 18625 | 15683 |
|  Contract cost |  | 25559 | 4208 | 37554 | 22074 |
|  Others |  | 3961 | 2008 | 7662 | 4355 |
|  | W | 69490 | 44799 | 121344 | 105161 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**28. Finance Income and Costs** 

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Finance income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 126553 | 129299 | 252225 | 301735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | 11529 | 5004 | 28769 | 23214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 376226 | 327981 | 633555 | 632824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 692583 | 162429 | 924274 | 464956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives transactions |  | 89475 | 65659 | 153703 | 143833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of derivatives |  | (56214) | 214933 | 23934 | 515281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of financial assets at fair value through profit of loss |  | 15083 | 49440 | 31317 | 74727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of financial assets at fair value through profit or loss |  | 5155 | 41331 | 15806 | 126637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of financial liabilities at fair value through profit or loss |  |  | 90217 |  | 234218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3662 | 1729 | 5148 | 4898 |
|  | W | 1264052 | 1088022 | 2068731 | 2522323 |
|  **Finance costs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 262903 | 272211 | 525259 | 519012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 435025 | 287728 | 708746 | 553796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 264680 | 439002 | 479849 | 1025334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivatives transactions |  | 118010 | 81395 | 239237 | 141940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of derivatives |  | 464676 | 16714 | 495967 | 63613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of trade accounts and notes receivable 20,930 |  |  | 20920 | 40949 | 38349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of financial assets at fair value through profit or loss |  | 2435 | 2603 | 3336 | 15497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  | 9458 | 14265 | 16551 | 27138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial liabilities at fair value through profit or loss |  | 922 |  | 1003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 12059 | 18352 | 28362 | 26693 |
|  | W | 1591098 | 1153190 | 2539259 | 2411372 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**29. Other Non-Operating Income and Expenses** 

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Other non-operating income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of other bad debt expenses | W | 1304 | 1369 | 1649 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of investment in subsidiaries, associates and joint<br>ventures |  | (474) | 7078 | 24973 | 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of property, plant and equipment |  | 19855 | 6053 | 22018 | 12050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  |  | 52148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of firm commitment |  | 9049 | 17876 | 18655 | 31323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  | 3608 | (219) | 7427 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of emission rights |  |  | 10373 | 4 | 13343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 17315 | 26737 | 56647 | 56953 |
|  | W | 50657 | 69267 | 183521 | 126696 |
|  **Other non-operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expenses | W | 13490 | 752 | 13490 | 11599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of investments in subsidiaries, associates and joint ventures |  | 556 | 42574 | 752 | 42594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment |  | 39760 | 22975 | 53034 | 36340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  | 65579 | 22491 | 113159 | 63122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on intangible assets |  | 25667 |  | 25678 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  | 653 | 3590 | 653 | 34812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of firm commitment |  | 17873 | 17835 | 20320 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 10327 | 11938 | 31850 | 35071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idle tangible asset expenses |  | 1165 | 875 | 2486 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 3338 | 4114 | 4643 | 7193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 12209 | 5791 | 37702 | 42586 |
|  | W | 190617 | 132935 | 303767 | 294813 |

---

**30. Expenses by Nature** 

Expenses that are recorded by nature as cost of sales, selling and administrative expenses, impairment loss on other receivables and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows (excluding finance costs and income tax expense):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the three-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Raw material used, changes in inventories and others | W | 8945921 | 10021927 | 19453869 | 20487292 |
|  Employee benefits expenses |  | 1206538 | 1205676 | 2472507 | 2416870 |
|  Outsourced processing cost |  | 2288309 | 2772605 | 4325967 | 5322194 |
|  Electricity and water expenses |  | 313885 | 260632 | 677904 | 583210 |
|  Depreciation(\*1) |  | 908471 | 807197 | 1818192 | 1688062 |
|  Amortization |  | 108297 | 113920 | 221053 | 236561 |
|  Freight and custody expenses |  | 805253 | 569508 | 1367470 | 1243976 |
|  Sales commissions |  | 21451 | 19703 | 39374 | 41757 |
|  Loss on disposal of property, plant and equipment |  | 39760 | 22975 | 53034 | 36340 |
|  Impairment loss on property, plant and equipment |  | 65579 | 22491 | 113159 | 63122 |
|  Impariment loss on intangible assets |  | 25667 |  | 25678 | 11 |
|  Donations |  | 10327 | 11937 | 31850 | 35071 |
|  Other expenses |  | 2399574 | 2062045 | 3520460 | 3366956 |
|  | W | 17139032 | 17890616 | 34120517 | 35521422 |

---

(\*1) Including depreciation of investment property.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**31. Income Taxes** 

The effective tax rates of the Group for each of the six-month periods ended June 30, 2025 and 2024 are 41.96% and 20.52%, respectively.

(a) Application of the Consolidated Tax Payment System

In 2025, the Group has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, if economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

Domestic and foreign subsidiaries that are not included in the consolidated tax payment system calculate and pay corporate income tax based on each legal entity as a separate tax unit.

Deferred tax assets and deferred tax liabilities of entities included in the consolidated tax payment system are offset when the Group has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority and there is an intention to settle them on a net basis.

(b) Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the controlling company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Group calculated the Pillar Two income tax expense for the six-month period ended June 30, 2025 as it is subject to global minimum tax under the OECD's Pillar Two Model Rules. The Group reviewed subsidiaries qualifying as taxpayers, including the controlling company and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2025 as the impact of the global minimum tax on the consolidated financial statements as of June 30, 2025 would not be significant. Furthermore, the Group applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 *Income Taxes*. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum tax and does not disclose information related to deferred income tax.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**32. Earnings per Share** 

(a) Basic earnings per share for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in Won, except per share information)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Profit attributable to controlling interest | W | 159865185533 | 529933233564 | 462160578704 | 1070648510509 |
|  Weighted-average number of <br>common shares outstanding(\*1) |  | 75620779 | 75876207 | 75620779 | 75876207 |
|  Basic earnings per share | W | 2114 | 6984 | 6112 | 14110 |

---

(\*1) The weighted-average number of common shares used to calculate basic earnings per share is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(shares)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Total number of common shares issued | 80932952 | 84571230 | 81773992 | 84571230 |
|  Weighted-average number of treasury shares | (5312173) | (8695023) | (6153213) | (8695023) |
|  Weighted-average number of common shares outstanding | 75620779 | 75876207 | 75620779 | 75876207 |

---

The Group has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of June 30, 2025. The diluted earnings per share for the six-month period ended June 30, 2024 is the same as the basic earnings per share due to the anti-dilutive effect.

(b) Diluted earnings per share for the three-month and six-month period
ended June 30, 2024 are calculated as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month period<br>ended June 30, 2024** | **For the three-month period<br>ended June 30, 2024** | **For the six-month period<br>ended June 30, 2024** |
|  Profit attributable to controlling interest | W | 529933233564 | 1070648510509 |
|  Loss on revaluation of exchangeable bonds considering exchange rates |  | (42639885285) | (130478878909) |
|  Adjusted weighted-average number of common shares outstanding(\*1) |  | 79144249 | 79133915 |
|  Diluted earnings per share |  | 6157 | 11881 |

---

(\*1) The weighted-average number of common shares outstanding used to calculate diluted earnings per share is as follows:

---

| | | |
|:---|:---|:---|
| *(shares)* | **For the three-month period<br>ended June 30, 2024** | **For the six-month period<br>ended June 30, 2024** |
|  Weighted-average number of common shares outstanding | 75876207 | 75876207 |
|  Weighted-average number of potential common shares | 3268042 | 3257708 |
|  Adjusted weighted-average number of common shares | 79144249 | 79133915 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**33. Related Party Transactions** 

(a) Related parties of the Group as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Type** | **Company** |
| Investments in associates and joint ventures | [Domestic]<br> POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd.,<br> SNNC and others. |
|  | [Foreign] |
|  | Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO,<br>PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd,<br>South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc.,<br>KOREA LNG LTD., Nickel Mining Company SAS and others. |

---

(b) Material transactions between the Group and the related parties for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of<br>material** | **Others** |
|  **Associates and joint ventures(\*1)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 42264 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 48646 |  | 4 | 355240 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 25818 |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 7103 |  |  |  | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |  | 5703 |  |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS SeAH Steel Wire(Nantong) Co., Ltd. |  | 28060 |  |  | 495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 11941 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 69133 | 3000 |  | 3400 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 103083 | 2795 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 92510 |  |  | 121003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 15387 |  |  | 20486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1682 | 118313 |  | 758356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 106651 | 73224 | 594 | 160614 | 23350 |
|  | W | 546040 | 209273 | 598 | 1419604 | 28986 |

---

(\*1) As of June 30, 2025, the Group provides payment guarantees to the related parties (see Note 34).

2) For the six-month period ended June 30, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of<br>material** | **Others** |
|  **Associates and joint ventures(\*1)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 116952 |  | 1427 |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 62058 |  | 3 | 197081 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 23625 |  | 13 | 782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 17933 |  |  |  | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |  | 6710 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO SeAH Steel Wire(Nantong) Co., Ltd. |  | 26485 |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 35255 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 57155 | 1800 |  | 2608 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 139917 | 5424 | 428 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 50663 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 133238 |  |  | 157256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 23714 |  |  | 12396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 218861 |  | 958554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 48069 | 75307 | 3467 | 81432 | 54954 |
|  | W | 706519 | 336647 | 5338 | 1410110 | 58489 |

---

(\*1) As of June 30, 2024, the Group provides payment guarantees to the related parties (see Note 34).

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**33. Related Party Transactions (cont'd)** 

(c) The balances of receivables and payables arising from significant transactions between the Group and the
related parties as of June 30, 2025 and December 31, 2024 are as follows:

1) June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and notes<br>receivable** | **Trade accounts<br>and notes<br>receivable** | **Loans** | **Others** | **Total** | **Trade accounts<br>and notes<br>payable** | **Others** | **Total** |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 62696 |  | 1651 | 64347 |  | 6373 | 6373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 12634 |  | 10706 | 23340 |  | 558 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 25393 | 1859 |  | 27252 | 28078 |  | 28078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  |  | 136866 |  | 136866 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co.,Ltd |  | 5889 |  |  | 5889 | 7331 | 1566 | 8897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |  | 2703 |  |  | 2703 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 187945 |  | 255 | 188200 |  | 385 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  |  | 71631 | 167 | 71798 |  | 358 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 16326 |  |  | 16326 | 104 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 14519 |  | 206 | 14725 | 977 | 288 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 10985 |  |  | 10985 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. |  |  | 39333 | 92 | 39425 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 44301 |  | 11083 | 55384 | 377099 |  | 377099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 15313 |  | 3104 | 18417 | 5956 | 347 | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  |  | 273791 |  | 273791 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 44013 | 19240 | 127523 | 190776 | 49168 | 88872 | 138040 |
|  | W | 442717 | 542720 | 154787 | 1140224 | 468713 | 98749 | 567462 |

---

(\*1) As of June 30, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to W494,749 million.

2) December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Receivables(\*1)** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and**<br>**notes receivable** | **Trade accounts<br>and**<br>**notes receivable** | **Loans** | **Others** | **Total** | **Trade accounts<br>and**<br>**notes receivable** | **Others** | **Total** |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 96730 |  | 1657 | 98387 |  | 30087 | 30087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 5846 |  | 10706 | 16552 |  | 567 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 46547 | 6162 |  | 52709 | 48866 |  | 48866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  |  | 142767 |  | 142767 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co.,Ltd |  | 13924 |  |  | 13924 | 5483 | 1922 | 7405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |  | 5970 |  |  | 5970 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 189173 |  | 148 | 189321 |  | 77187 | 77187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  |  | 68793 | 122 | 68915 |  | 358 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 19628 |  |  | 19628 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 14544 |  | 168 | 14712 | 1314 | 357 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 10985 |  |  | 10985 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. |  | 13592 | 51051 | 9187 | 73830 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 25023 |  | 8836 | 33859 | 356234 | 25 | 356259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 12861 |  | 70 | 12931 | 10322 | 1298 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  |  | 292764 |  | 292764 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 27728 | 19730 | 138239 | 185697 | 10168 | 10129 | 20297 |
|  | W | 482551 | 581267 | 169133 | 1232951 | 432387 | 121930 | 554317 |

---

---

| | |
|:---|:---|
| (\*1) | As of December 31, 2024, the Group recognizes an allowance for doubtful account for receivables above amounting to W506,673 million.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**33. Related Party Transactions (cont'd)** 

(d) Major financial transactions between the Group and the related parties for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Lend** | **Collect** | **Others(\*1)** | **Ending** |
|  **Associates and joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. | W | 51051 |  | (11718) |  | 39333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Tanggamus Electric Power |  | 3854 |  | (2479) | 1636 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 68793 |  |  | 2838 | 71631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRAKATAU POS-CHEM DONG-SUH CHEMICAL |  | 1470 |  | (1427) | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyo-chun Co., Ltd. |  | 2382 |  |  |  | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 142767 | 68 | (1773) | (4196) | 136866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD |  | 5636 |  | (1378) | (288) | 3970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 292764 | 1625 |  | (20598) | 273791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POHANG E&E Co. , LTD |  | 3228 | 1059 |  |  | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd. |  | 6162 | 33457 | (37543) | (217) | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gale International Korea, LLC |  | 100 | 170 |  |  | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&O Chemical Co., Ltd. |  | 3060 |  |  | (3060) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAML |  |  | 5429 |  | (109) | 5320 |
|  | W | 581267 | 41808 | (56318) | (24037) | 542720 |

---

(\*1) Including adjustments of foreign currency translation differences and others.

2) For the year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Lend** | **Collect** | **Others(\*1)** | **Ending** |
|  **Associates and joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. | W | 46335 | 4718 |  | (2) | 51051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Tanggamus Electric Power |  | 4826 |  | (1288) | 316 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 64197 |  |  | 4596 | 68793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRAKATAU POS-CHEM DONG-SUH CHEMICAL |  | 2579 |  | (1379) | 270 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyo-chun Co., Ltd. |  | 2382 |  |  |  | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 112177 | 6499 |  | 24091 | 142767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD |  | 5158 |  |  | 478 | 5636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 256938 | 3126 |  | 32700 | 292764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POHANG E&E Co. , LTD |  | 1646 | 1582 |  |  | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd. |  | 14332 | 59402 | (68294) | 722 | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gale International Korea, LLC |  |  | 100 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&O Chemical Co., Ltd. |  |  | 3060 |  |  | 3060 |
|  | W | 510570 | 78487 | (70961) | 63171 | 581267 |

---

(\*1) Including adjusted foreign currency translation differences and others.

(e) For each of the six-month periods ended June 30, 2025 and
2024, there were additional investments in associates and joint ventures and others amounting to W 151,870 million and W 163,654 million, respectively.

(f) For each of the six-month periods ended June 30, 2025 and 2024,
details of compensation to key management officers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  Short-term benefits | W | 84577 |  | 85415 |
|  Long-term benefits |  | 3086 |  | 4878 |
|  Retirement benefits |  | 11787 |  | 14934 |
|  | W | 99450 |  | 105227 |

---

Key management officers include directors (including non-standing directors), executive officials and fellow officials who have significant influences and responsibilities in the Group's business and operations.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies** 

(a) Contingent liabilities

Contingent liabilities can change due to unforeseen circumstances; therefore, management continuously reviews whether the likelihood of an outflow of resources embodying economic benefits has increased. Except in extremely rare circumstances where it cannot be reliably estimated, if the likelihood of an outflow of future economic benefits has increased, even if it had been treated as a contingent liability in the past, such changes in likelihood are recognized as a provision in the consolidated financial statements for the period in which the change occurred.

Management of the Group makes estimates and assumptions that affect disclosures of commitments and contingencies. All estimates and assumptions are based on the evaluation of current circumstances and appraisals with the support of internal and/or external specialists.

Management of the Group regularly analyzes the most current information on contingent events and provides information regarding provisions related to contingent losses, including potential estimated legal costs. Such assessments are based on consultations with internal and external legal counsel. In making the decision on the recognition of a provision, management considers the likelihood of an outflow of resources embodying economic benefits to settle the obligation and the possibility of making a reliable estimate of the amount.

(b) Details of guarantees

1) Contingent liabilities from outstanding guarantees provided by the Group as of June 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **Guarantee limit** | **Guarantee limit** | **Guarantee limit** | **Guarantee amount** | **Guarantee amount** |
| **Guarantor** | **Guarantee beneficiary** | **Financial institution** | **Foreign currency** | **Foreign currency** | **Won<br>equivalent** | **Foreign currency** | **Won<br>equivalent** |
|  **[The Company]** |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | POSCO Asia Co., Ltd. | Credit Agricole and others | USD | 200000000 | 271280 |  |  |
|  | POSCO Argentina S.A.U | HSBC and others | USD | 1079900000 | 1464774 | 962383830 | 1305377 |
|  POSCO | POSCO-VIETNAM Co., Ltd. | Shinhan Bank and others | USD | 110000000 | 149204 | 30000000 | 40692 |
|  | POSCO ASSAN TST STEELINDUSTRY Inc | Citibank and others | USD | 136500000 | 185149 | 122850000 | 166634 |
|  | POSCO COATED STEEL (THAILAND)CO., LTD. | HSBC and others | THB | 4800000000 | 199488 | 1776000000 | 73811 |
|  POSCO INTERNATIONAL Corporation | GOLDEN LACE POSCO INTERNATIONAL CO., LTD. | POSCO Asia Co., Ltd. | USD | 13200000 | 17904 | 11000000 | 14920 |
|  | PT. Bio Inti Agrindo | BTPN and others | IDR | 902400000000 | 75531 | 902400000000 | 75531 |
|  | POSCO ASSAN TST STEEL INDUSTRY | Woori Bank Hong Kong and others | USD | 13650000 | 18515 | 13650000 | 18515 |
|  | POSCO INTERNATIONAL Deutschland GmbH | Bank Mendes Gans Amsterdam | USD | 50000000 | 67820 | 10561860 | 14326 |
|  | POSCO INTERNATIONAL JAPAN Corp. |  |  |  |  | 13845142 | 18780 |
|  | POSCO INTERNATIONAL AMERICA Corp. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL SINGAPORE Pte. Ltd. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL Malaysia SDN BHD |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL ITALIA S.R.L. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL MEXICOS.A. de C.V. |  |  |  |  | 10000000 | 13564 |
|  | POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL E&P MALAYSIA SDN. BHD. | SC MALAYSIA | USD | 5000000 | 6782 | 5000000 | 6782 |
|  | PT. KRAKATAU POSCO ENERGY | POSCO Asia Co., Ltd. and others | USD | 102903407 | 139578 | 35350000 | 47949 |
|  | POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. | Export-Import Bank of Korea and others | USD | 52054800 | 70607 | 51379000 | 69690 |
|  | PT POSCO INTERNATIONAL ENP INDONESIA | PT Bank Negara Indonesia | USD | 750000 | 1017 | 750000 | 1017 |
|  | AGPA PTE. LTD. | SMBC Singapore | USD | 20880000 | 28322 | 20880000 | 28322 |
|  POSCO STEELEON CO.,LTD. | Myanmar POSCO C&C Company, Limited. | POSCO Asia Co., Ltd. | USD | 16784336 | 22766 | 13986947 | 18972 |
|  POSCO FUTURE M CO., LTD. | ULTIUM CAM LIMITED PARTNERSHIP | Investissement Quebec, Strategic Innovation Fund | CAD | 299562500 | 296989 | 232265400 | 230270 |
|  **[Associates and joint ventures]** |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | Nickel Mining Company SAS | SMBC | EUR | 46000000 | 73223 | 46000000 | 73223 |
|  | PT.Nicole Metal Industry | STANDARD CHARTERED | USD | 39200000 | 53171 | 35824311 | 48592 |
|  POSCO | POSUK Titanium LLP | Shinhan Bank | USD | 12750000 | 17294 | 12750000 | 17294 |
|  POSCO INTERNATIONAL Corporation | GLOBAL KOMSCO Daewoo LLC | Hana Bank Bahrain | USD | 6650000 | 9020 | 4900000 | 6646 |
|  POSCO Eco & Challenge Co., Ltd. | Chun-cheon Energy Co., Ltd | Kookmin Bank and others | KRW | 149200 | 149200 | 122170 | 122170 |
|  **[Others]** |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Subcontractors for maintenance projects, etc. | Kookmin Bank and others | KRW | 787423 | 787423 | 169934 | 169934 |
|  POSCO AUSTRALIA PTY LTD | Department of Trade and Investment (NSW Government) and others | Woori Bank and others | AUD | 18112062 | 16058 | 18112062 | 16058 |
|  PT. Bio lnti Agrindo | KSU Mandob Sejatera | Bank Muamalat | IDR | 80000000000 | 6696 | 14666666666 | 1228 |
|  POSCO COATED STEEL (THAILAND) CO., LTD. | AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others | SC Bank | THB | 54614000 | 2270 | 54614000 | 2270 |
|  | BUREAU OF INDIAN STANDARDS (BIS) | SC Bank | USD | 10000 | 14 | 10000 | 14 |
|  POSCO Maharashtra Steel Private Limited | Gail India and others | HSBC and others | INR | 1264736781 | 20071 | 1264736781 | 20071 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies (cont'd)** 

2) Details of credit enhancements by type of the Group's PF business as of June 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Maintenance projects and others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The information about the maturity of the loans related to PF credit enhancements such as debt acceptance and
fund supplementation is as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | *(in millions of Won)* | *(in millions of Won)* | *(in millions of Won)* |  | | | **Balance of the loans** | **Balance of the loans** | **Balance of the loans** | **Balance of the loans** | **Balance of the loans** | **Balance of the loans** | **Balance of the loans** |
| **Provider** | **Projects(\*1)** | **Borrower** | **Type** | **Credit enhancement**<br> **measures** | **Agreed**<br>**amount** | **Executed**<br>**amount** | **Total** | **Within 3**<br>**months** | **3~6 months** | **6 months<br>~1 year** | **1 year**<br>**~2 years** | **2 years**<br>**~3 years** | **After**<br>**3 years** |
|  **[The Company]** | **[The Company]** | **[The Company]** |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other projects | JB CLARK HILLS CORP | Main PF | Debt assumption | W 44,761 | 37301 | 37301 | 37301 |  |  |  |  |  |
|  **[Associates and joint ventures]** | **[Associates and joint ventures]** | **[Associates and joint ventures]** |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other projects | New Songdo International City Development, LLC | Mortgage loan | Debt assumption | 494000 | 308900 | 308900 |  |  | 72300 | 236600 |  |  |
|  **[Others]** | **[Others]** |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Maintenance projects | Bangbae Shindonga Apartment Reconstruction and Maintenance Project Association, etc. | Main PF | Debt assumption | 938526 | 447438 | 447438 | 131200 |  | 54500 | 132358 |  | 129380 |
|  | Other projects | Civic Center PFV | Main PF | Debt assumption | 45000 | 45000 | 45000 |  |  |  |  |  | 45000 |
|  | Other projects | LandmarkSewoon | Main PF | Debt assumption | 50000 | 50000 | 50000 |  |  |  |  |  | 50000 |
|  | Other projects | DAON INP Co., Ltd. | Main PF | Joint guarantee | 36000 | 16100 | 16100 |  | 16100 |  |  |  |  |
|  | Other projects | Jeonju Eco-city | Main PF | Debt assumption | 53300 | 22800 | 22800 |  |  |  | 22800 |  |  |
|  | Other projects | Apcity HNG | Main PF | Debt assumption | 10000 | 10000 | 10000 |  |  | 10000 |  |  |  |
|  | Other projects | ISLAND ONE CO., LTD. | Main PF | Debt assumption | 50000 | 50000 | 50000 |  |  |  |  | 50000 |  |
|  POSCO DX | Other projects | Jeonnong school keeper co. and others(\*2) | Main PF | Supplemental funding agreement | 123309 | 40380 | 40380 |  |  |  |  | 847 | 39533 |
|  |  |  |  |  | 1306135 | 681718 | 681718 | 131200 | 16100 | 64500 | 155158 | 50847 | 263913 |
|  |  |  |  |  | W1,844,896 | 1027919 | 1027919 | 168501 | 16100 | 136800 | 391758 | 50847 | 263913 |

---

(\*1) The maintenance project mainly consists of reconstruction and condominium construction projects, and other projects consist of constructions of office buildings, retail shops, warehouses, and educational facilities.

---

| | |
|:---|:---|
| (\*2) | The obligation to supplement funding has been included in the Group's proportionate interests. The execution amount of the supplement funding obligation may vary depending on the fulfillment of such obligations by other construction investors or operational investors (Including other interests: guarantee limit of W1,122,320 million, outstanding loan balance of W371,034 million).  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Details of conditional debt acceptance and principal and interest repayment commitments in the event of non-compliance with completion guarantee covenant as of June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of constructions** | **Contract amount** | **Contract amount** | **Contingency amount(\*1)(\*2)** | **Balance of loans** |
|  Maintenance projects | All | 19 | W | 9107710 | 3612841 | 1992842 |
|  | Between the Group | 19 |  | 6654059 | 2580097 | 1302116 |
|  Other projects | All | 1 |  | 2197729 | 5350000 | 1304000 |
|  | Between the Group | 1 |  | 2197729 | 5350000 | 1304000 |
|  | All | 20 |  | 11305439 | 8962841 | 3296842 |
|  | Between the Group | 20 | W | 8851788 | 7930097 | 2606116 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W24,755 million for maintenance projects.  |

---

---

| | |
|:---|:---|
| (\*2) | In the case of joint subcontracting projects, the total joint guarantee amount of the project participants has been disclosed. However, the final execution amount of completion guarantee may vary depending on factors such as the reasons attributable to the project participants upon actual execution of the completion guarantee.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies (cont'd)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Details of contingent liability for damages in the event of non-compliance with construction completion covenant as of June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of constructions** | **Contract amount** | **Contract amount** | **Contingency amount(\*1)(\*2)** | **Balance of loans** |
|  Maintenance projects | All | 1 | W | 305519 | 76000 | 31253 |
|  | Between the Group | 1 |  | 305519 | 76000 | 31253 |
|  Other projects | All | 32 |  | 9936502 | 10699200 | 7154125 |
|  | Between the Group | 32 |  | 9308405 | 10395240 | 6884523 |
|  | All | 33 |  | 10242021 | 10775200 | 7185378 |
|  | Between the Group | 33 | W | 9613924 | 10471240 | 6915776 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W171,100 million for the maintenance projects.  |

---

---

| | |
|:---|:---|
| (\*2) | In the case of joint subcontracting projects, the total joint guarantee amount of the project participants has been disclosed. However, the final execution amount of completion guarantee may vary depending on factors such as the reasons attributable to the project participants upon actual execution of the completion guarantee.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② SOC projects

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | |  | |
| **Provider** | **Recipient** | **Credit enhancement**<br> **measures** | **Number of**<br>**constructions** | **Approved amount** | **Remaining balance**<br>**after repayment** |
|  **[Associates and joint ventures]** |  |  |  |  |  |
|  POSCO DX | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 | 24923 | 22323 |
|  POSCO Eco & Challenge Co., Ltd. | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 | 319515 | 286183 |
|  | POHANG E&E Co., LTD(\*2) | Providing funds and supplemental funding agreement | 2 | 71930 | 41808 |
|  | Pureun Tongyeong Enviro Co., Ltd.(\*2) | Providing funds | 1 | 25630 | 10369 |
|  | Pure Gimpo.Co.,Ltd(\*2) | Providing funds | 1 | 51565 | 22210 |
|  | Clean Iksan Co.,Ltd(\*2) | Providing funds | 1 | 44054 | 21146 |
|  |  |  | 7 | 537617 | 404039 |
|  **[Others]** |  |  |  |  |  |
|  POSCO DX | Western Inland highway CO.,LTD. | Providing funds | 1 | 47348 | 32668 |
| POSCO Eco & Challenge Co., Ltd. | Western Seoul highway CO.,LTD. and others | Supplemental funding agreement | 11 | 63683 | 28788 |
|  | Western Inland highway CO.,LTD. and others | Providing funds | 42 | 2778848 | 1541606 |
|  | Pohang Youngil Bay New Port | Debt assumption | 1 | 2250 | 1440 |
|  | Busan Sanseong Tunnel | Refinancing | 1 | 35296 | 26750 |
|  |  |  | 56 | 2927425 | 1631252 |
|  |  |  | 63 | W 3,465,042 | 2035291 |

---

(\*1) The Group provides a funding commitment of W308,506 million (including other shares: W558,079 million) equivalent to the Group's share of the loan balance for the private investment project.

(\*2) The Group provides a funding commitment of W93,319 million (including other shares: W170,617 million) equivalent to the Group's share of the loan balance for the private investment project.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies (cont'd)** 

3) Other guarantees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① As of June 30, 2025, the payment guarantees that the Group provides to clients, such as contract
performance guarantees, installment guarantees, and defect guarantees, by purchasing insurance policies from guarantee insurance companies or issuing guarantee certificates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | | |  |
| **Provider of credit enhancement** | **Recipient of credit enhancement** | **Types of guarantees** | **Agreed amount** | **Executed amount** | **Guarantor** |
|  **[Subsidiaries]** |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Ventanas Philippines Construction Inc | Guarantee on performance<br>for contracts and others | W 10,589 | 10589 | Credit Agricole<br>and others |
|  POSCO GYR Tech | POSCO | Defect liability warranty | 137 | 137 | CI Guarantee |
|  |  |  | 10726 | 10726 |  |
|  **[Associates and joint ventures]** |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | PT.Tanggamus Electric Power | Letter of credit | 2767 | 2767 | Hana Bank |
|  | PT. Wampu Electric Power | Letter of credit | 2442 | 2442 | Hana Bank |
|  |  |  | 5209 | 5209 |  |
|  **[Others]** |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | DAEWOO ENGINEERING<br>& CONSTRUCTION Co., Ltd | Guarantee on performance<br>for construction | 9682535 | 8748885 | Construction<br>Guarantee<br>Cooperative |
|  POSCO WIDE Co., Ltd | Human Eco-Land Co., Ltd. | Guarantee on performance<br>and others | 3050 | 3050 | Seoul<br>Guarantee<br>Insurance |
|  POSCO GYR Tech | KEPCO Plant Service & Engineering Co., Ltd. | Defect liability warranty | 71 | 71 | CI Guarantee |
|  |  |  | 9685656 | 8752006 |  |
|  |  |  | W 9,701,591 | 8767941 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② As of June 30, 2025, the primary payment guarantees and other guarantees that the Group is provided from
the guarantee institution are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | | | |
| **Provider** | **Types of guarantees** | **Agreed amount** | **Agreed amount** | **Executed amount** |
|  Construction Guarantee Cooperative | Subcontractor Payment Guarantee and others | W | 4637056 | 4637056 |
|  Engineering guarantee insurance | Guarantee on performance for EPC contracts and others |  | 913756 | 694482 |
|  Seoul Guarantee Insurance | Construction performance guarantee and others |  | 561773 | 561773 |
|  Korea Housing & Urban Guarantee Corporation | Housing Guarantee and others |  | 5103989 | 5098302 |
|  Woori Bank and others | Foreign currency guarantee |  | 1886928 | 772729 |
|  Korea software financial cooperative | Guarantee on performance for contracts |  | 122976 | 122976 |
|  Seoul Guarantee Insurance | Guarantee on performance and others |  | 118855 | 118855 |
|  Construction Guarantee Cooperative | Guarantee on performance |  | 32 | 32 |
|  CI Guarantee | Defect liability warranty |  | 208 | 208 |
|  |  | W | 13345573 | 12006413 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies (cont'd)** 

(c) Other commitments

Details of other commitments of the Group as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Company** | **Description** |
| POSCO HOLDINGS INC. | As of June 30, 2025, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign currency borrowings, which are limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowings depends on the success of the projects.POSCO HOLDINGS INC. is not liable for the repayment of full or part of the amount borrowed if the respective projects fail. POSCO HOLDINGS INC. has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements.As of June 30, 2025, the ending balance of the borrowing amounts to USD 1.02 million. |
|  | POSCO HOLDINGS INC. has deposited 85,083 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of June 30, 2025. |
| POSCO | POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract period is more than two years for iron ore, three years for coal, and one year for nickel. These contracts provide for periodic price adjustments based on the market price. As of June 30, 2025, 64 million tons of iron ore and 17 million tons of coal remained to be purchased under such long-term contracts. |
|  | POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG annually for 20 years commencing in August 2005. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to March 2026. The purchase price is subject to change, based on changes of the monthly standard oil price (JCC) and with a price ceiling. |
|  | POSCO has a long-term service contract for the transportation of raw material. As of June 30, 2025, there are 33 vessels under contract, and the average remaining contract period is about 6 years. |
|  | POSCO entered into an agreement with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons of LNG annually for 15 years commencing in November 2026. The purchase price is subject to change based on changes of U.S. Natural Gas Spot Price (Henry Hub). POSCO has option of additionally extending the purchase contract by five years. |
| POSCO INTERNATIONAL Corporation | POSCO INTERNATIONAL Corporation operates a ship-to-ship business in which ships are chartered from ship's owners and leased out to shippers. POSCO INTERNATIONAL Corporation has entered into a ship purchase agreement with the ship owners and the shippers, which obliges the shippers to pay the agreed amount either at the end of the contract terms or at the agreed termination and to take over the ownership of the vessel from the ship owners. Only if the shipper fails to fulfill its obligation including payment obligation for the purchase of the vessel, POSCO INTERNATIONAL Corporation is obliged to take over the ship based on the condition that the shipper's contractual obligations and rights are transferred to POSCO INTERNATIONAL Corporation. In May 2025, the shipper purchased two of the three chartered ship, resulting in the early termination of the ship purchase agreement. |
|  | The Company invested in the Ambatovy Nickel Project (DMSA/AMSA) in Madagascar through the Korea Ambatovy Consortium (KAC) formed with Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) and STX Corporation. SHERRITT INTERNATIONAL CORP., the operator, transferred a portion of the project's interests to Sumitomo and AHL (Ambatovy Holdings Limited) in November 2017, and transferred the remaining interests of the project to Sumitomo and AHL2 (Ambatovy Holdings II Limited) in August 2020. KAC has the rights and obligations to the 15.33% stake held by AHL and AHL2. |
| POSCO Eco & Challenge Co., Ltd. | As of June 30, 2025, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO Eco & Challenge Co., Ltd. is obligated to make contributions for core capital, unqualified investment, excess expenses occurred for business, and acceleration of payment. |
|  POSCO FUTURE M CO., LTD | In accordance with the GP Shareholders Agreement with GM Battery Raw Materials Corporation ("GM"), the Company has an obligation to make additional capital contributions to ULTIUM CAM LIMITED PARTNERSHIP. As of June 30, 2025, the remaining amount of USD 637,042 thousand is scheduled to be contributed additionally by 2026 through capital call. |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**34. Commitments and Contingencies (cont'd)** 

(d) Litigation in progress

The Group is involved in 446 lawsuits aggregating to W1,204.7 billion as defendant as of June 30, 2025, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to W63.9 billion for 55 lawsuits based on its reliable estimate of outflow of resources.

(e) Other major contingencies for the Group as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Company** | **Description** |
|  POSCO HOLDINGS INC. | POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings. |
|  | The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date. |
|  POSCO INTERNATIONAL Corporation | As of June 30, 2025, POSCO INTERNATIONAL Corporation has provided 24 blank promissory notes and 15 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and others. |
|  POSCO Eco & Challenge Co., Ltd. | As of June 30, 2025, POSCO Eco & Challenge Co., Ltd. has provided 38 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans. |
|  POSCO DX | As of June 30, 2025, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others. |

---

**35. Cash Flows from Operating Activities** 

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Trade accounts and notes receivable | W | (1000685) | (71203) |
|  Other receivables |  | 214898 | (28163) |
|  Inventories |  | 1541145 | 511035 |
|  Other current assets |  | (97333) | (85752) |
|  Other non-current assets |  | (57196) | 8506 |
|  Trade accounts and notes payable |  | (598158) | (417073) |
|  Other payables |  | (243815) | (99670) |
|  Other current liabilities |  | 171368 | (3409) |
|  Provisions |  | (62255) | (75432) |
|  Usable and profitable donation assets |  |  | 101557 |
|  Payments of severance benefits |  | (210762) | (211028) |
|  Plan assets |  | 210154 | 107555 |
|  Other non-current liabilities |  | 177 | (9575) |
|  | W | (132462) | (272652) |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**36. Operating Segments** 

(a) The Group's operating businesses are organized based on the nature of markets and customers. Operating
segments were re-categorized according to the revised reporting materials provided to the management for decision-making. Meanwhile, the Group has restated the information of the reporting segments from the
previous quarter in accordance with the changes in the operating segments.

Segment assets, liabilities and profit (loss) are generally measured based on separate financial statements in accordance with KIFRS of the subsidiaries that constitute reportable operating segments.

Meanwhile, the Group has classified the business segment, and the subsidiaries in each segments are as follows:

---

| | | |
|:---|:---|:---|
| **Operating segments** | **Operating segments** | **Main Business** |
|  Steel |  | Manufacture and sales of steel products |
|  infrastructure | Trading | Supply and purchase transactions between domestic and foreign companies, power generation, and resource development |
|  | Construction | Design, production and construction of steel mills and their facilities, commercial and residential facilities, etc. |
|  | Logistics and others | Logistics, network and system integration business |
|  Secondary battery Materials |  | EV battery materials such as lithium, nickel, negative/cathode materials |
|  Others |  | POSCO HOLDINGS. INC., Controlling company and Investment business |

---

The segment profit or loss does not reflect the consolidation adjustments allocated to each entity and is determined in the same way as the consolidated net income determined by KIFRS. Segment assets and liabilities are determined based on separate financial statements. There are various transactions between reporting segments, including disposal of property, plant and equipment and provision of construction services.

(b) The information about reportable segments for each of the six-month periods ended June 30, 2025 and 2024 is as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>battery materials** | | |
| *(in millions of Won)* |<br>**Steel** | **Trading** | **Construction** | **Logistics and others** | **Rechargeable<br>battery materials** |<br>**Others** |<br>**Total** |
|  External revenues | W18,695,251 | 12077007 | 2955818 | 136875 | 1092230 | 35182 | 34992363 |
|  Internal revenues | 11148015 | 9144126 | 880221 | 1620140 | 601292 | 832780 | 24226574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues | 7270608 | 4188756 | 839854 | 1588554 | 521484 | 824197 | 15233453 |
|  Total revenues | 29843266 | 21221133 | 3836039 | 1757015 | 1693522 | 867962 | 59218937 |
|  Segment profits (loss) | 578230 | 201823 | (126581) | 32120 | (297667) | 628759 | 1016684 |

---

2) For the six-month period ended June 30, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>battery materials** | | |
| *(in millions of Won)* |<br>**Steel** | **Construction** | **Trading** | **Logistics and others** | **Rechargeable<br>battery materials** |<br>**Others** |<br>**Total** |
|  External revenues | W19,656,551 | 11240401 | 3825727 | 193314 | 1607490 | 38148 | 36561631 |
|  Internal revenues | 11236484 | 10393136 | 1382383 | 1886062 | 495615 | 1077385 | 26471065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues | 7335342 | 4756841 | 1319861 | 1873072 | 479907 | 1066528 | 16831551 |
|  Total revenues | 30893035 | 21633537 | 5208110 | 2079376 | 2103105 | 1115534 | 63032697 |
|  Segment profits | 465810 | 430258 | 18095 | 71514 | (12699) | 1118847 | 2091825 |

---

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC. and its subsidiaries** 

**Notes to the interim condensed consolidated financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**36. Operating Segments (cont'd)** 

(c) Reconciliations of the total segment revenues, profit or loss, assets and liabilities, and other significant
items to their respective consolidated financial statement line items are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Total profit for the period | W | 1016684 | 2091825 |
|  Fair value adjustments |  | (72666) | (34317) |
|  Elimination of intra-group transactions |  | (515937) | (903473) |
|  Income tax expense |  | 309559 | 298001 |
|  Profit before income tax expense | W | 737640 | 1452036 |

---

**37. Events after the reporting period** 

(a) Pursuant to the resolution of the Board of Directors on August 12, 2025, the Company decided to pay interim
cash dividends of W2,500 per common share (Total dividends: W189.1 billion).

(b) On August 5, 2025, the Company's subsidary, POSCO CNGR Nickel Solution Co., Ltd., was liquidated.

(c) Pursuant to the resolution of the Board of Directors on May 13, 2025, POSCO FUTURE M CO., LTD, a
subsidiary, decided capital increase by issuing 11,483,000 common shares. The company conducted capital increase by firstly allocating shares to the current shareholders pro rata, then proceeding with the general public offering for the remaining
shares. The date of new share placement is June 17, 2025, and issued shares were listed on the Korea Exchange on August 8, 2025.

(d) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell the
shares in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co., Ltd and Qingdao Pohang Stainless Steel Co., Ltd.

(e) POSCO INTERNATIONAL Corporation, a subsidiary, resolved at its Board of Directors meeting on July 31, 2025, to
sell the shares of eSteel4U, its subsidiary, to POSCO to enhance management efficiency.

**38. Uncertainty in Estimates Due to Imposition of Tariffs by the United States** 

In June 2025, the U.S. government announced an executive order imposing a 50% tariff on all steel and aluminum products, effective from June 4, 2025. This tariff imposition introduces uncertainty in the estimation of financial statements.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Interim condensed separate financial statements** 

**for each of the six-month periods ended June 30, 2025 and 2024** 

**with the independent auditor's review report** 

------

##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Report on review of interim condensed separate financial statements](#fin2toc931500_1) | 1 |
|  **Interim condensed separate financial statements** |  |
|  [Interim condensed separate statements of financial position](#fin2toc931500_2) | 4 |
|  [Interim condensed separate statements of comprehensive income](#fin2toc931500_3) | 6 |
|  [Interim condensed separate statements of changes in equity](#fin2toc931500_4) | 7 |
|  [Interim condensed separate statements of cash flows](#fin2toc931500_5) | 8 |
|  [Notes to the interim condensed separate financial statements](#fin2toc931500_6) | 10 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g931500g0825105528635.jpg)

**Report on review of interim condensed separate financial statements** 

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed separate financial statements of POSCO HOLDINGS INC. (the "Company"), which comprise the interim condensed separate statement of financial position as of June 30, 2025 and the related interim condensed separate statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2025 and 2024, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the six-month periods ended June 30, 2025 and 2024, and a summary of material accounting policy information and other explanatory information.

**Management's responsibility for the interim condensed separate financial statements** 

Management is responsible for the preparation and presentation of these interim condensed separate financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS") 1034 *Interim Financial Reporting*, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor's responsibility** 

Our responsibility is to express a conclusion on these interim condensed separate financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing ("KSA") and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

**Conclusion** 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed separate financial statements are not prepared, in all material respects, in accordance with KIFRS 1034 *Interim Financial Reporting*.

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##### [**Table of Contents**](#toc)
**Other matters** 

We have audited the separate statement of financial position of the Company as of December 31, 2024, and the related separate statement of comprehensive income, separate statement of changes in equity and separate statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 12, 2025 expressed an unqualified opinion thereon. The accompanying separate statement of financial position of the Company as of December 31, 2024, presented for comparative purposes, is not different from the above audited separate statement of financial position.

August 14, 2025

This review report is effective as of August 14, 2025, the independent auditor's review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor's review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed separate financial statements and may result in modification to this review report.

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**POSCO HOLDINGS INC.** 

Interim condensed separate financial statements

for each of the six-month periods ended June 30, 2025 and 2024

"The accompanying interim condensed separate financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Company."

Ju tae, Lee

Representative Director & President

POSCO HODINGS INC.

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**POSCO HOLDINGS INC.** 

**Interim condensed separate statements of financial position** 

**as of June 30, 2025 (Unaudited) and December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30,**<br>**2025** | **June 30,**<br>**2025** | **December 31,<br>2024** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 1932 | W | 523188 | 409387 |
|  Trade accounts and notes receivable, net | 4193032 |  | 156608 | 178822 |
|  Other receivables, net | 5193032 |  | 271273 | 21388 |
|  Other short-term financial assets | 61932 |  | 3463408 | 2686420 |
|  Assets held for sale | 7 |  | 402860 | 467796 |
|  Current income tax assets | 28 |  |  | 27940 |
|  Other current assets | 12 |  | 2402 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 4819739 | 3793469 |
|  Other receivables, net | 51930 |  | 19715 | 14894 |
|  Other long-term financial assets | 619 |  | 419329 | 421822 |
|  Investments in subsidiaries, associates and joint ventures | 8 |  | 45915675 | 45631965 |
|  Investment property, net | 9 |  | 323190 | 328372 |
|  Property, plant and equipment, net | 10 |  | 533840 | 415993 |
|  Intangible assets, net | 11 |  | 23154 | 21461 |
|  Other non-current assets | 12 |  | 13037 | 5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 47247940 | 46840328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 52067679 | 50633797 |

---

*(continued)* 

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**POSCO HOLDINGS INC.** 

**Interim condensed separate statements of financial position, continued** 

**as of June 30, 2025 (Unaudited) and December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Liabilities** |  |  |  |  |
|  Short-term borrowings and current portion of long-term borrowings | 1319 | W | 41709 | 39053 |
|  Other current payables | 1330 |  | 71999 | 50356 |
|  Other short-term financial liabilities | 1519 |  | 21092 | 18302 |
|  Provisions | 16 |  | 41561 | 46268 |
|  Current income tax liabilities | 28 |  | 222431 |  |
|  Other current liabilities | 18 |  | 10353 | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 409145 | 162831 |
|  Long-term borrowings, excluding current portion | 13 |  | 940135 | 1500 |
|  Other non-current payables | 141930 |  | 34488 | 30783 |
|  Other long-term financial liabilities | 1519 |  | 36216 |  |
|  Defined benefit liabilities, net | 17 |  | 4282 | 1296 |
|  Deferred tax liabilities | 28 |  | 2239490 | 2246030 |
|  Long-term provisions | 16 |  | 5995 |  |
|  Other non-current liabilities | 18 |  | 1900 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 3262506 | 2281936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 3671651 | 2444767 |
|  **Equity** |  |  |  |  |
|  Share capital | 20 |  | 482403 | 482403 |
|  Capital surplus | 20 |  | 1367990 | 1367990 |
|  Accumulated other comprehensive income (loss) | 21 |  | (112368) | (62645) |
|  Treasury shares | 22 |  | (1176317) | (1550862) |
|  Retained earnings |  |  | 47834320 | 47952144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 48396028 | 48189030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 52067679 | 50633797 |

---

*The accompanying notes are an integral part of the interim condensed separate financial statements* 

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**POSCO HOLDINGS INC.** 

**Interim condensed separate statements of comprehensive income** 

**for each of the three-month and six-month periods** 

**ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won, except per share informations)* |  | **For the three-month period<br>ended June 30<br>(Unaudited)** | **For the three-month period<br>ended June 30<br>(Unaudited)** | **For the three-month period<br>ended June 30<br>(Unaudited)** | **For the six-month period<br>ended June 30<br>(Unaudited)** | **For the six-month period<br>ended June 30<br>(Unaudited)** |
|  | **Notes** | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Operating revenue** | 2430 | W | 154768 | 159861 | 819465 | 1058598 |
|  **Operating expenses** | 24 |  | (112328) | (103847) | (202644) | (189509) |
|  **Operating profit** |  |  | 42440 | 56014 | 616821 | 869089 |
|  Finance income and costs |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | 1925 |  | 95863 | 156283 | 127579 | 365708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 1925 |  | (80449) | (43304) | (84734) | (84884) |
|  Other non-operating income and expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | 26 |  | 1031 | 1397 | 1947 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | 26 |  | (12871) | (4584) | (14395) | (5270) |
|  **Profit before income tax** |  |  | 46014 | 165806 | 647218 | 1146210 |
|  Income tax benefit (expense) | 28 |  | 132 | 26433 | (12315) | (12633) |
|  **Profit** |  |  | 46146 | 192239 | 634903 | 1133577 |
|  **Other comprehensive income (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 17 |  | (88) | (196) | (78) | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income | 621 |  | (97200) | (47855) | (49723) | (66576) |
|  **Total comprehensive income (loss)** |  | W | (51142) | 144188 | 585102 | 1066769 |
|  **Earnings per share (in Won)** | 29 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 610 | 2534 | 8396 | 14940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 610 | 1890 | 8396 | 12676 |

---

*The accompanying notes are an integral part of the interim condensed separate financial statements.* 

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**POSCO HOLDINGS INC.** 

**Interim condensed separate statements of changes in equity** 

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of Won)* | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Accumulated<br>Other<br>Comprehensive<br>Income (loss)** | **Treasury<br>shares** | **Retained<br>earnings** | **Total** |
|  **Balance as of January 1, 2024** | W | 482403 | 1370557 | 30678 | (1889658) | 47505885 | 47499865 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 1133578 | 1133578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | (232) | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  | (84732) |  | 18156 | (66576) |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189691) | (189691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (189691) | (189691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment |  |  | (2567) |  |  |  | (2567) |
|  **Balance as of June 30, 2024 (Unaudited)** | W | 482403 | 1367990 | (54054) | (1889658) | 48278005 | 48184686 |
|  **Balance as of January 1, 2025** | W | 482403 | 1367990 | (62645) | (1550862) | 47952144 | 48189030 |
|  **Comprehensive Income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 634903 | 634903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | (78) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  | (49723) |  |  | (49723) |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (189052) | (189052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374545 | (374545) |  |
|  **Balance as of June 30, 2025 (Unaudited)** | W | 482403 | 1367990 | (112368) | (1176317) | 47834320 | 48396028 |

---

*The accompanying notes are an integral part of the interim condensed separate financial statements.* 

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**POSCO HOLDINGS INC.**

**Interim condensed separate statements of cash flows**

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the period | W | 634.903 | 1133578 |
|  Adjustments for : |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  | 5126 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 8240 | 6813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 1061 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss (reversal) on other receivables |  | (33) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  | (112381) | (362670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | (728223) | (964715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | 58189 | 84181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of intangible assets |  |  | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  | 17 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries, associates and joint ventures |  | 6651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 756 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | 12315 | 12633 |
|  Changes in operating assets and liabilities |  | 108327 | 79333 |
|  Interest received |  | 25650 | 28644 |
|  Dividends received |  | 685179 | 971137 |
|  Income taxes refund (paid) |  | (13412) | 57582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | W | 693100 | 1051206 |

---

(continued)

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**POSCO HOLDINGS INC.**

**Interim condensed separate statements of cash flows, continued**

**for each of the six-month periods ended June 30, 2025 and 2024 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposit instruments | W | 1480000 | 1550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  | 858306 | 2720749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of equity securities |  |  | 194230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of other securities |  | 2722 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investments in subsidiaries,<br> associates and joint ventures |  | 11382 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible asstes |  |  | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  | (2520000) | (1950000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term financial instruments |  | (534226) | (2003699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term debt securities |  | (50000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term loans |  |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of other securities |  | (7519) | (11245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investments in subsidiaries, associates and joint ventures |  | (301743) | (544836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investment properties |  |  | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment |  | (126963) | (120823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible asstes |  | (2772) | (1753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term lease security deposits |  | (475) | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by investing activities | W | (1191288) | (163361) |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term financial liabilities |  | 3278 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from bonds |  | 987117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  | (378397) | (379767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | W | 611998 | (376619) |
|  **Effect of exchange rate fluctuation on cash held** |  | (11) | 25 |
|  **Net increase in cash and cash equivalents** |  | 113799 | 511251 |
|  **Cash and cash equivalents at beginning of the period** |  | 409388 | 376915 |
|  **Cash and cash equivalents at end of the period** | W | 523187 | 888166 |

---

*The accompanying notes are an integral part of the interim condensed separate financial statements.*

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**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements** 

**June 30, 2025 and 2024 (Unaudited)** 

**1. Reporting Entity** 

POSCO HOLDINGS INC. (the "Company") was established on April 1, 1968, under the Commercial Act of the Republic of Korea. The shares of the Company have been listed on the Korea Exchange since June 10, 1988. The Company operates an investment business that controls and manages through ownership of shares of subsidiaries etc.

On March 2, 2022, the Company established a new subsidiary, POSCO, by a vertical spin-off of its steel business (which is wholly owned by the surviving company) on March 1, 2022, and changed the name of the surviving company to POSCO HOLDINGS INC.

As of June 30, 2025, the shares of the Company are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchanges.

**2. Basis of preparation** 

**Statement of compliance** 

The interim condensed separate financial statements have been prepared in accordance with KIFRS 1034 *Interim Financial Reporting*, as prescribed in *the Act on External Audit of Stock Companies* of the Republic of Korea. The accompanying interim condensed separate financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor's review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

The interim condensed separate financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements as of December 31, 2024. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Company incurred after December 31, 2024. These interim condensed separate interim financial statements do not include all of the disclosures required for full annual financial statements.

These condensed interim financial statements are separate interim financial statements prepared in accordance with KIFRS 1027 *Separate Financial Statements* presented by a parent, an investor with joint control of, or significant influence over an investee, in which the investments are accounted for at cost.

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**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**2. Basis of preparation (cont'd)** 

**Use of estimates and judgments** 

(a) Judgments, assumptions and estimation uncertainties

The preparation of the interim condensed separate financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period prospectively.

The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the annual financial statements as of and for the year ended December 31, 2024 except for the matters mentioned below.

(b) Measurement of fair value

The Company's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the financial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

Significant valuation issues are reported to the Company's Audit Committee.

When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

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**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**2. Basis of preparation (cont'd)** 

• Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly.

• Level 3 – inputs for the assets or liabilities that are not based on observable market data.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

**3. Summary of Material Accounting Policy Information** 

Except for the items described in KIFRS 1034 *Interim Financial Reporting* and below, the accounting policies applied by the Company in these interim condensed separate financial statements are the same as those applied to the separate financial statements as of and for the year ended December 31, 2024.

Amendments to KIFRS 1021: *Lack of Exchangeability*

The amendments to KIFRS 1021 *The Effects of Changes in Foreign Exchange Rates* specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require the disclosure of information that enables users of its financial statements to understand how the currency that is not exchangeable into the other currency affects, or is expected to affect, the Company's financial performance, financial position, and cash flows.

The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendment, the Company is not required to restate comparative information The amendments are not expected to have a material impact on the Company's interim condensed separate financial statements.

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**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**4. Trade Accounts and Notes Receivable** 

Trade accounts and notes receivable as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 92073 | 48349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables (contract assets) |  | 64535 | 130473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  |  |  |
|  | W | 156608 | 178822 |

---

**5. Other Receivables** 

Other receivables as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable(\*1) | W | 238497 | 12535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*2) |  | 36881 | 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*2) |  | (4105) | (4448) |
|  | W | 271273 | 21388 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans(\*2) | W | 228627 | 247569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term other accounts receivable |  | 18931 | 14585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 784 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts (\*2) |  | (228627) | (247569) |
|  | W | 19715 | 14894 |

---

---

| | |
|:---|:---|
| (\*1) | The Company includes the amounts to be collected from each domestic subsidiary in accordance with the consolidated tax payment system.  |

---

(\*2) The Company assessed the recoverability of other receivables to FQM Australia Pty Ltd, an associate, and recognized an allowance for doubtful accounts for such other receivables from the entity.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**6. Other Financial Assets** 

(a) Other financial assets as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments | W | 3300000 | 2260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 113408 | 426420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 50000 |  |
|  | W | 3463408 | 2686420 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | W | 159037 | 158761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 260290 | 263059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2 | 2 |
|  | W | 419329 | 421822 |

---

(b) Equity securities as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  | **Number of<br>shares** | **Ownership<br>(%)** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Fair<br>value** | **Net changes in**<br>**fair value of**<br>**equity securities** | **Book<br>value** | **Book**<br>**value** |
|  **Marketable equity securities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corporation(\*1) | 15698500 | 1.46 | W |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSN Mineracao S.A. | 102186675 | 1.86 |  | 206265 | 125495 | (80770) | 125495 | 125219 |
|  |  |  |  | 206265 | 125495 | (80770) | 125495 | 125219 |
|  **Non-marketable equity securities** | **Non-marketable equity securities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLANTEC Co., Ltd. | 18337912 | 10.99 |  | 19437 | 31560 | 12123 | 31560 | 31560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual Discovery Co.,Ltd. | 200000 | 6.00 |  | 5000 | 1350 | (3650) | 1350 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pos-HYUNDAI STEEl | 1055496 | 6.00 |  | 612 | 612 |  | 612 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&M Media Co.,Ltd. | 2000 | 2.67 |  | 20 | 20 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XG Sciences | 300000 | 5.06 |  | 2724 |  | (2724) |  |  |
|  |  |  |  | 27793 | 33542 | 5749 | 33542 | 33542 |
|  |  |  | W | 234058 | 159037 | (75021) | 159037 | 158761 |

---

(\*1) During the year ended December 31, 2024, the Company decided to dispose of the shares of Nippon Steel Corporation and classified the equity security as assets held for sale (see Note 7).

**7. Assets Held for Sale** 

During the year ended December 31, 2024, the Company determined to sell its long-term investments in Nippon Steel Corporation and classified the equity security of W467,796 million as assets held for sale in entirety. For the six-month period ended June 30, 2025, the Company conducted the revaluation of its equity interests and deducted W64,936 million from assets held for sale.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**8. Investments in Subsidiaries, Associates and Joint ventures** 

(a) Investments in subsidiaries, associates and joint ventures of as of June 30, 2025 and December 31,
2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Investment in subsidiaries | W | 43008310 |  | 42787174 |
|  Investment in associates |  | 208129 |  | 208129 |
|  Investment in joint ventures |  | 2699236 |  | 2636662 |
|  | W | 45915675 |  | 45631965 |

---

There are no significant restrictions on the ability of subsidiaries, associates and joint ventures to transfer funds to the controlling company, such as in the forms of cash dividends and repayment of loans or payment of advances.

(b) Details of subsidiaries and carrying amounts as of June 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
| *(in millions of Won)* |<br>**Country** | <br>**Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | Korea | Steel, rolled products, and plates manufacturing and sales | 100.00 | W | 29918622 | 29918622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation | Korea | Trading, power generation and natural resources exploration | 70.71 |  | 3740020 | 3740020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. | Korea | Engineering and construction | 52.80 |  | 1014963 | 1014963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Venture Capital Co., Ltd. | Korea | Investment in venture companies | 100.00 |  | 115931 | 115931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. | Korea | Refractory and anode/cathode material manufacturing and sales | 59.72 |  | 1395687 | 1395687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO WIDE Co., Ltd. | Korea | Business facility maintenance | 100.00 |  | 308843 | 308843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX | Korea | Computer hardware and software distribution | 65.47 |  | 70990 | 70990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co., Ltd. | Korea | Municipal solid waste fuel and power generation | 70.00 |  | 30148 | 30148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSOCO-Pilbara LITHIUM SOLUTION Co., Ltd. | Korea | Lithium manufacturing and sales | 82.00 |  | 478940 | 314940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO LITHIUM SOLUTION | Korea | Lithium hydroxide manufacturing and sales | 100.00 |  | 287550 | 287550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QSONE Co., Ltd. | Korea | Real estate rental and facility management | 100.00 |  | 238478 | 238478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO CNGR Nickel Solution | Korea | Nickel refining | 60.00 |  | 42868 | 49520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO ZT AIR SOLUTION | Korea | Manufacturing and Sales of High-Purity Rare Gases | 75.10 |  | 63481 | 63481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 509825 | 446037 |
|  |  |  |  |  | 38216346 | 37995210 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO WA PTY LTD | Australia | Iron ore sales and mine development | 100.00 |  | 646574 | 646574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Canada Ltd. | Canada | Coal sales | 100.00 |  | 560879 | 560879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO AUSTRALIA PTY LTD | Australia | Iron ore sales and mine development | 100.00 |  | 330623 | 330623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Zhangjiagang) Stainless Steel Co., Ltd. | China | Stainless steel manufacturing and sales | 58.60 |  | 283792 | 283792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-China Holding Corp. | China | Holding company | 100.00 |  | 593816 | 593816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation | USA | Researching and consulting | 99.45 |  | 192136 | 192136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO VST CO., LTD. | Vietnam | Stainless steel manufacturing and sales | 95.65 |  | 66060 | 66060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Asia Co., Ltd. | Hong Kong | Activities Auxiliary to financial service | 100.00 |  | 117690 | 117690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO JAPAN Co., Ltd. | Japan | Steel marketing, demand development, and technology research | 100.00 |  | 68410 | 68410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qingdao Pohang Stainless Steel Co., Ltd. | China | Stainless steel manufacturing and sales | 70.00 |  | 65982 | 65982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Suzhou) Automotive Processing Center Co., Ltd. | China | Steel manufacturing and sales | 90.00 |  | 62469 | 62469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO AFRICA (PROPRIETARY) LIMITED | South Africa | Mine development | 100.00 |  | 50297 | 50297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U. | Argentina | Mineral exploration, manufacturing and sales | 100.00 |  | 1510551 | 1510551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 242685 | 242685 |
|  |  |  |  |  | 4791964 | 4791964 |
|  |  |  |  | W | 43008310 | 42787174 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**8. Investments in Subsidiaries, Associates and Joint ventures (cont'd)** 

(c) Details of associates and carrying amounts as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  | **Country** | **Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO JK SOLID SOLUTION CO., LTD. | Korea | Material manufacturing for rechargeable battery | 40.00 | W | 26025 | 26025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 12111 | 12111 |
|  |  |  |  |  | 38136 | 38136 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc.(\*1) | Canada | Investments | 12.61 |  | 156194 | 156194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 13799 | 13799 |
|  |  |  |  |  | 169993 | 169993 |
|  |  |  |  | W | 208129 | 208129 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025, the entity is classified as an investment in an associate since the Company has significant influence over the investee although the Company's percentage of ownership is less than 20%, considering the structure of the entity's Board of Directors and others.  |

---

(d) Details of joint ventures and carrying amounts as of June 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31,<br>2024** |
|  | **Country** | **Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd(\*1) | Australia | Natural resources exploration | 10.00 | W | 1225464 | 1225464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC | USA | Foreign investments in mining | 50.00 |  | 364609 | 364609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO | Brazil | Steel materials manufacturing and sales | 50.00 |  | 98962 | 98962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd | China | Steel manufacturing and sales | 50.00 |  | 235207 | 235207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. | China | Steel manufacturing and sales | 25.00 |  | 63865 | 63866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY | Indonesia | Nickel Smelting | 49.00 |  | 604046 | 541471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydrogen Duqm LLC | Oman | Green Hydrogen/Ammonia product business development | 44.80 |  | 6452 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS(\*2) | New Caledonia | Raw material manufacturing and sales | 49.00 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC | Korea | STS material manufacturing and sales | 49.00 |  | 100631 | 100631 |
|  |  |  |  | W | 2699236 | 2636662 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025 and December 31, 2024, the investments in joint ventures amounting to W1,225,464 million were provided as collateral in relation to revolving loan of Roy Hill Holdings Pty Ltd.  |

---

---

| | |
|:---|:---|
| (\*2) | As of December 31, 2024, due to continuous operating losses and a deteriorating business environment, the Company assessed that the value in use of our equity interest in Nickel Mining Company SAS is likely to be low. Accordingly, the Company recognized a full impairment loss of W189,197 million, which is the difference between carrying amount and recoverable amount.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**9. Investment Property** 

Changes in the carrying amount of investment property for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

(a) For the six -month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 216211 | – |  | (496) | 215715 |
|  Buildings |  | 97752 | – | (3703) | (498) | 93551 |
|  Structures |  | 14409 | – | (410) | (75) | 13924 |
|  | W | 328372 | – | (4113) | (1069) | 323190 |

---

(\*1) The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(\*2) Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

(b) For the year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 193446 | 1200 |  | 21565 | 216211 |
|  Buildings |  | 101229 |  | (7378) | 3901 | 97752 |
|  Structures |  | 15225 |  | (824) | 8 | 14409 |
|  | W | 309900 | 1200 | (8202) | 25474 | 328372 |

---

(\*1) The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(\*2) Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**10. Property, Plant and Equipment** 

Changes in the carrying amount of property, plant and equipment for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

(a) For the six-month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 45151 |  |  |  | 496 | 45647 |
|  Buildings |  | 28447 |  |  | (989) | 499 | 27957 |
|  Structures |  | 7338 |  | (63) | (202) | 73 | 7146 |
|  Machinery and equipment |  | 29821 | 704 | (624) | (2248) | 315 | 27968 |
|  Vehicles |  | 44 |  |  | (8) |  | 36 |
|  Furniture and fixtures |  | 12933 | 2101 |  | (680) |  | 14354 |
|  Construction-in-progress |  | 292259 | 118788 |  |  | (315) | 410732 |
|  | W | 415993 | 121593 | (687) | (4127) | 1068 | 533840 |

---

(\*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.

(b) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 50197 | 4 |  |  | (5050) | 45151 |
|  Buildings |  | 29539 | 4736 |  | (1927) | (3901) | 28447 |
|  Structures |  | 7748 | 1 |  | (403) | (8) | 7338 |
|  Machinery and equipment |  | 27549 | 5161 | (337) | (2552) |  | 29821 |
|  Vehicles |  | 63 |  |  | (19) |  | 44 |
|  Furniture and fixtures |  | 13485 | 622 | (4) | (1170) |  | 12933 |
|  Construction-in-progress |  | 69206 | 239567 |  |  | (16514) | 292259 |
|  | W | 197787 | 250091 | (341) | (6071) | (25473) | 415993 |

---

(\*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.

(c) Information on lease agreements for which the Company is a lessee is as follows:

1) Right-of-use assets

As of June 30, 2025 and December 31, 2024, there are no right-of-use assets listed as property, plant and equipment.

2) Amount recognized in profit or loss 

The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Expenses related to short-term leases | W | 3067 | 2200 | 5959 | 4386 |
|  Expenses related to leases of low-value assets |  | 1269 | 1159 | 2915 | 2608 |
|  | W | 4336 | 3359 | 8874 | 6994 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**11. Intangible Assets** 

Changes in the carrying amount of intangible assets for the six-month period ended June 30, 2025 and the year ended December 31, 2025 are as follows:

(a) For the six -month period ended June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 803 |  |  | (92) | 144 | 855 |
|  Membership(\*1) |  | 10072 |  |  |  |  | 10072 |
|  Development expense |  | 3461 |  |  | (854) | 3135 | 5742 |
|  Construction-in-progress |  | 6680 | 2772 | (17) |  | (3279) | 6156 |
|  Other intangible assets |  | 445 |  |  | (116) |  | 329 |
|  | W | 21461 | 2772 | (17) | (1062) |  | 23154 |

---

(\*1) Estimated useful life of membership is indefinite.

(\*2) Presenting assets transferred from construction-in-progress to other intangible assets.

(b) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 576 |  | (4) | (170) | 401 | 803 |
|  Membership(\*1) |  | 11618 |  | (1546) |  |  | 10072 |
|  Development expense |  | 2905 |  |  | (1310) | 1866 | 3461 |
|  Construction-in-progress |  | 3565 | 5631 | (249) |  | (2267) | 6680 |
|  Other intangible assets |  | 677 |  |  | (232) |  | 445 |
|  | W | 19341 | 5631 | (1799) | (1712) |  | 21461 |

---

(\*1) Estimated useful life of membership is indefinite.

(\*2) Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**12. Other Assets** 

Other assets as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 894 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 1508 | 918 |
|  | W | 2402 | 1716 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 12689 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 348 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 8 |
|  | W | 13037 | 5821 |

---

**13. Borrowings** 

(a) Borrowings as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  **Short-term borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchangeable bonds | W | 41709 |  | 39053 |
|  **Long-term borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | W | 940135 |  | 1500 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**13. Borrowings (cont'd)** 

(b) Current portion of debentures as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance**<br>**date** | **Maturity**<br>**date** | **Annual<br>interest rate (%)** | **June 30, 2025** | **December 31, 2024** |
|  Exchangeable bonds(\*1) | Foreign currency<br> exchangeable bonds | Sep. 1, 2021 | Sep. 1, 2026 | – W | 41709 | 39053 |

---

(\*1) The Company classified the exchangeable bonds as current liabilities in consideration of the investor's exchange right.

(c) The issuance conditions of the exchangeable bonds issued by the Company are as follows:

---

| | |
|:---|:---|
|  | **Foreign currency exchangeable bonds** |
| Type of bond | Exchangeable bonds |
| Aggregate principal amount(\*1) | EUR 27,100,000 |
| Interest rate | - Coupon rate : - |
|  | - Yield to maturity : (0.78%) |
| Maturity date | September 1, 2026 |
| Redemption | - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum |
|  | - Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2) | 429064 |
| (Won/share) |  |
| Underlying shares | Registered common shares(treasury shares) |
| Exchange period | From October 12, 2021 to August 22, 2026 |
| Adjustments for exchange price | Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price. |
| Put option by bondholders | - In the event of a change of control of the Company |
|  | - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days) |
| Call option by the issuer | - Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds |
|  | - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) |
|  | - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc |

---

---

| | |
|:---|:---|
| (\*1) | Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out the total face value of exchangeable bonds of EUR 1,065,900,000 during the year ended December 31, 2024.  |

---

(\*2) The exchange price has changed due to cash dividends paid during the six-month period ended June 30, 2025.

The Company has designated exchangeable bonds listed on the Singapore Stock Exchange as financial liabilities measured at fair value through profit or loss. The quoted transaction price is used in fair value measurement, and changes in fair value are recognized in profit or loss.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**13. Borrowings (cont'd)** 

(d) Long-term borrowings and others excluding current portion, as of June 30, 2025 and December 31, 2024
are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance<br>date** | **Maturity<br>date** | **Annual<br>interest rate (%)** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Foreign borrowings | KOREA ENERGY AGENCY | Dec. 27, 2011 | Dec. 26, 2026 | 3 year<br>Government<br>bond | W | 1381 | 1500 |
|  Bonds payable in foreign currency | Global Bonds (5 year maturity) | May. 7, 2025 | May. 7, 2030 | 5.125% |  | 536609 |  |
|  Bonds payable in foreign currency | Global Bonds (10 year maturity) | May. 7, 2025 | May. 7, 2030 | 5.750% |  | 402145 |  |
|  |  |  |  |  | W | 940135 | 1500 |

---

**14. Other Payables** 

Other payables as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 31165 | 32514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 38110 | 14826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 2724 | 3016 |
|  | W | 71999 | 50356 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings | W | 36388 | 33110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Present value discount |  | (1900) | (2327) |
|  | W | 34488 | 30783 |

---

**15. Other Financial Liabilities** 

Other financial liabilities as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  **Current** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities | W | 21092 |  | 18302 |
|  **Non-current** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities |  | 36216 |  |  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**16. Provisions** 

(a) Provisions as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Provision for bonus payments(\*1) | W | 4850 |  | 4175 |  |
|  Provision for restoration(\*2) |  | 1550 | 5995 | 6932 |  |
|  Others(\*3) |  | 35161 |  | 35161 |  |
|  | W | 41561 | 5995 | 46268 |  |

---

---

| | |
|:---|:---|
| (\*1) | Represents the provision for bonuses with the limit of 100% of annual salaries for executives.  |

---

---

| | |
|:---|:---|
| (\*2) | Due to contamination of land near the Company's magnesium smelting plant located in Gangneung city, the Company recognized present values of estimated costs for recovery as provisions for restoration as of June 30, 2025 and December 31, 2024. In order to determine the estimated costs, the Company has assumed that it would use all of technologies and materials available for now to recover the land. In addition, the Company has applied discount rates of 2.89% to assess present value of these costs.  |

---

(\*3) Considering the operational circumstance of the Company's investments in joint ventures, Nickel Mining Company SAS, the Company recognized W35,161 million of the financial guarantee liabilities the Company provided as other provisions.

(b) Changes in provisions for the six-month period ended June 30, 2025 and the year ended December 31,
2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Ending** |
|  Provision for bonus payments | W | 4175 | 4226 | (3551) | 4850 |
|  Provision for restoration |  | 6932 | 755 | (142) | 7545 |
|  Others |  | 35161 |  |  | 35161 |
|  | W | 46268 | 4981 | (3693) | 47556 |

---

2) For the year ended December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Ending** |
|  Provision for bonus payments | W | 6055 | 9087 | (10967) | 4175 |
|  Provision for restoration |  | 11562 | 1819 | (6449) | 6932 |
|  Others |  |  | 35161 |  | 35161 |
|  | W | 17617 | 46067 | (17416) | 46268 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**17. Employee Benefits** 

(a) Defined contribution plans

The expense related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  Expense related to post-employment benefit plans under defined contribution plans | W | 58 |  | 20 |  | 102 |  | 63 |

---

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of June 30, 2025 and December 31, 2024 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Present value of funded obligations | W | 39586 | 39980 |
|  Fair value of plan assets |  | (35304) | (38684) |
|  Net defined benefit liabilities | W | 4282 | 1296 |

---

2) The amounts recognized in relation to net defined benefit plan in the interim condensed separate statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Current service costs | W | 1871 | 1933 | 5184 | 3726 |
|  Interest costs |  | (29) | (85) | (58) | (170) |
|  | W | 1842 | 1848 | 5126 | 3556 |

---

**18. Other Liabilities** 

Other liabilities as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received | W | 2420 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 2821 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 5112 | 2656 |
|  | W | 10353 | 8852 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | W | 1900 | 2327 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**19. Financial Instruments** 

(a) Classification and fair value of financial instruments

1) The carrying amount and the fair values of financial assets and financial liabilities by levels in the fair value hierarchy as of June 30, 2025 and December 31, 2024 are as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments | W | 113408 |  | 113408 |  | 113408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 260290 |  |  | 260290 | 260290 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 159037 | 125495 |  | 33542 | 159037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 402860 | 402860 |  |  | 402860 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 523188 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 92073 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 50000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 193498 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 3300002 |  |  |  |  |
|  | W | 5094356 | 528355 | 113408 | 293832 | 935595 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 36216 |  | 36216 |  | 36216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 41709 | 41709 |  |  | 41709 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 940135 |  | 940135 |  | 940135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 21092 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 84400 |  |  |  |  |
|  | W | 1123552 | 41709 | 976351 |  | 1018060 |

---

---

| | |
|:---|:---|
| (\*1) | Fair value of financial assets and liabilities measured at amortized cost except for borrowings approximates their carrying amounts.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments | W | 426420 |  | 426420 |  | 426420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 263059 |  |  | 263059 | 263059 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 158761 | 125219 |  | 33542 | 158761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 467796 | 467796 |  |  | 467796 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 409387 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 48349 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 28833 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2260002 |  |  |  |  |
|  | W | 4062607 | 593015 | 426420 | 296601 | 1316036 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 39053 | 39053 |  |  | 39053 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 1500 |  | 1500 |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 18302 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 76376 |  |  |  |  |
|  | W | 135231 | 39053 | 1500 |  | 40553 |

---

---

| | |
|:---|:---|
| (\*1) | Fair value of financial assets and liabilities measured at amortized cost approximates their carrying amounts.  |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**19. Financial Instruments (cont'd)** 

2) Financial liabilities were recognized in connection with financial guarantee contracts as of June 30, 2025. Details of the amount of guarantees provided are as follows: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Guarantee limit** | **Guarantee limit** | **Guarantee limit** | **Guarantee amount** | **Guarantee amount** |
| **Guarantee beneficiary** | **Financial institution** | **Foreign<br>currency** | **Foreign<br>currency** | **Won<br>equivalent** | **Foreign<br>currency** | **Won<br>equivalent** |
|  **Subsidiaries** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO ASIA COMPANY LIMITED | Credit Agricole | USD | 75000000 | 101730 |  |  |
|  | ING | USD | 75000000 | 101730 |  |  |
|  | Shinhan | USD | 50000000 | 67820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U. | BNP | USD | 110000000 | 149204 | 94132278 | 127681 |
|  | CITI | USD | 187975000 | 254969 | 172107277 | 233446 |
|  | Credit Agricole | USD | 187975000 | 254969 | 172107277 | 233446 |
|  | HSBC | USD | 187975000 | 254969 | 172107277 | 233446 |
|  | JPM | USD | 187975000 | 254969 | 172107277 | 233446 |
|  | BANK OF AMERICA | USD | 50900000 | 69041 | 41943436 | 56892 |
|  | KEXIM | USD | 167100000 | 226653 | 137879008 | 187020 |
|  **Associates and Joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NICKEL MINING COMPANY SAS | SMBC | EUR | 46000000 | 73223 | 46000000 | 73223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT.Nicole Metal Industry | STANDARDCHARTERED | USD | 39200000 | 53171 | 35824311 | 48592 |
|  |  | USD | 1319100000 | 1789225 | 998208141 | 1353969 |
|  |  | EUR | 46000000 | 73223 | 46000000 | 73223 |

---

3) Finance income and costs by category of financial instrument for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the six-month period ended June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain and loss on<br>foreign currency** | **Gain on<br>disposal** | **Loss on<br>valuation** | **Others** | **Total** | **Other<br>comprehensive<br>loss** |
|  Financial assets at fair value through profit or loss | W |  | (7408) | 8695 | (123) |  | 1164 |  |
|  Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  | (49724) |
|  Financial assets measured at amortized cost |  | 49628 | (13424) |  |  |  | 36204 |  |
|  Financial liabilities at fair value through profit or loss |  |  | (1653) |  | (37219) |  | (38872) |  |
|  Financial liabilities measured at amortized cost |  | (8277) | 50347 |  |  | 2279 | 44349 |  |
|  | W | 41351 | 27862 | 8695 | (37342) | 2279 | 42845 | (49724) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the six-month period ended June 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain and loss on<br>foreign currency** | **Gain and loss<br>on disposal** | **Gain on<br>valuation** | **Others** | **Total** | **Other<br>comprehensive<br>loss** |
|  Financial assets at fair value through profit or loss | W |  | 4990 | 21771 | 43472 |  | 70233 |  |
|  Financial assets at fair value through other comprehensive income |  |  |  | (8219) |  |  | (8219) | (66576) |
|  Financial assets measured at amortized cost |  | 46502 | 3020 |  |  |  | 49522 |  |
|  Financial liabilities at fair value through profit or loss |  |  | (64545) |  | 234218 |  | 169673 |  |
|  Financial liabilities measured at amortized cost |  | (582) | (784) |  |  | 981 | (385) |  |
|  | W | 45920 | (57319) | 13552 | 277690 | 981 | 280824 | (66576) |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**20. Share Capital and Capital Surplus** 

(a) Share capital as of June 30, 2025 and December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in Won, except share information)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Authorized shares |  | 200000000 |  | 200000000 |
|  Par value | W | 5000 |  | 5000 |
|  Issued shares(\*1,2) |  | 80932952 |  | 82624377 |
|  Share capital(\*3) | W | 482403125000 |  | 482403125000 |

---

---

| | |
|:---|:---|
| (\*1) | As of June 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 7,896,828 and such ADRs are equivalent to 1,996,707 shares of common stock.  |

---

---

| | |
|:---|:---|
| (\*2) | Pursuant to the resolution of the Board of Directors' meeting on February 19, 2025, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of June 30, 2025, the Company's total number of issued shares has decreased.  |

---

(\*3) As of June 30, 2025, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W77,738 million due to retirement of 15,547,673 treasury stocks.

(b) Capital surplus as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Share premium | W | 463825 | 463825 |
|  Gain on disposal of treasury shares |  | 808994 | 808994 |
|  Gain from merger |  | 80627 | 80627 |
|  Loss on disposal of hybrid bonds |  | (1787) | (1787) |
|  Share-based payment |  | 16331 | 16331 |
|  | W | 1367990 | 1367990 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**21. Accumulated Other Comprehensive Income** 

Accumulated other comprehensive income as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  Changes in fair value of equity investments at fair value through other comprehensive income | W | (112368) | (62645) |

---

**22. Treasury Shares** 

Based on the Board of Directors' resolution, the Company holds treasury shares for business purposes including price stabilization. Changes in treasury shares for six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(shares, in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Number of shares** | **Amount** | **Amount** | **Number of shares** | **Amount** | **Amount** |
|  Beginning | 7003598 | W | 1550862 | 8695023 | W | 1889658 |
|  Acquisition of treasury shares |  |  |  | 255428 |  | 92311 |
|  Retirement of treasury shares | (1691425) |  | (374545) | (1946853) |  | (431107) |
|  Ending | 5312173 | W | 1176317 | 7003598 | W | 1550862 |

---

**23. Operating Revenue** 

(a) Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of
the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods**<br>**ended June 30** | **For the six-month periods**<br>**ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Types of revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | W | 109514 | 114687 | 728223 | 964715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 45254 | 45174 | 91242 | 93883 |
|  | W | 154768 | 159861 | 819465 | 1058598 |
|  **Timing of revenue recognition** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 109514 | 114689 | 728223 | 964719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 45254 | 45172 | 91242 | 93879 |
|  | W | 154768 | 159861 | 819465 | 1058598 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**23. Operating Revenue (cont'd)** 

(b) Details of contract assets and liabilities from contracts with customers as of June 30, 2025 and
December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 92073 | 48349 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables |  | 64535 | 130473 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 2420 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income |  | 7012 | 4983 |

---

**24. Operating Expenses** 

Operating expenses for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Wages and salaries | W | 16433 | 16253 | 35353 | 32582 |
|  Expenses related to post-employment benefits |  | 2114 | 1685 | 5716 | 3626 |
|  Other employee benefits |  | 3753 | 4454 | 8745 | 9494 |
|  Travel |  | 2095 | 1318 | 3511 | 2667 |
|  Taxes and public dues |  | 12851 | 12462 | 12896 | 12879 |
|  Depreciation |  | 2976 | 2802 | 5811 | 5608 |
|  Amortization |  | 608 | 427 | 1026 | 804 |
|  Rental |  | 1904 | 1268 | 3820 | 2644 |
|  Repairs |  | 104 | 161 | 235 | 370 |
|  Advertising |  | 6307 | 5122 | 10106 | 10194 |
|  Research & development |  | 36008 | 37606 | 71033 | 70137 |
|  Service fees |  | 22858 | 15848 | 35933 | 31026 |
|  Supplies |  | 58 | 70 | 142 | 278 |
|  Vehicles maintenance |  | 606 | 747 | 1220 | 1475 |
|  Industry association fee |  | 725 | 1638 | 1872 | 1737 |
|  Training |  | 580 | 656 | 648 | 835 |
|  Others |  | 2348 | 1330 | 4577 | 3153 |
|  | W | 112328 | 103847 | 202644 | 189509 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**25. Finance Income and Costs** 

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Finance income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 27954 | 26046 | 49628 | 46502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 15057 | 1882 | 15187 | 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 50590 | 9455 | 51311 | 15697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets at fair value through profit or loss |  | 860 | 10768 | 8695 | 21771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | 202 | 17407 | 474 | 43472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial liabilities at fair value through profit or loss |  |  | 90217 |  | 234218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1200 | 508 | 2284 | 985 |
|  | W | 95863 | 156283 | 127579 | 365708 |
|  **Finance costs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 8008 |  | 8277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 25742 | 501 | 26540 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 10330 | 42510 | 12096 | 75381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of derivatives |  | 36216 |  | 36216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  | (772) |  | 597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial liabilities at fair value through profit or loss |  | 922 |  | 1003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on transactions of equity securities |  |  |  |  | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3 | 293 | 5 | 586 |
|  | W | 80449 | 43304 | 84734 | 84884 |

---

**26. Other Non-Operating Income and Expenses** 

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Other non-operating income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on other accounts receivables | W | 33 |  | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 998 | 1397 | 1914 | 1513 |
|  | W | 1031 | 1397 | 1947 | 1567 |
|  **Impairment loss on investments in subsidiaries, associates and joint ventures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on other accounts receivables | W |  |  |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment |  | 48 |  | 735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries, associates and joint ventures |  | 6651 |  | 6651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 5001 |  | 5501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of other provisions |  | 720 | 95 | 756 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 451 | 4489 | 752 | 5069 |
|  | W | 12871 | 4584 | 14395 | 5270 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**27. Expenses by Nature** 

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows (excluding finance costs and income tax expenses):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
| (in millions of Won) | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Employee benefits expenses | W | 27179 | 25683 | 60360 | 53516 |
|  Depreciation(\*1) |  | 4238 | 3407 | 8240 | 6813 |
|  Amortization |  | 630 | 449 | 1062 | 848 |
|  Service fees |  | 23483 | 16154 | 37675 | 31814 |
|  Rental |  | 4477 | 3492 | 9022 | 7459 |
|  Advertising |  | 6311 | 5122 | 10110 | 10194 |
|  Impairment loss on investments in subsidiaries, associates and joint ventures |  | 6651 |  | 6651 |  |
|  Research & development |  | 23088 | 25945 | 42712 | 45070 |
|  Other expenses |  | 29142 | 28156 | 41207 | 39065 |
|  | W | 125199 | 108408 | 217039 | 194779 |

---

(\*1) Including depreciation of investment property.

**28. Income Taxes** 

The effective tax rates of the Company for each of the six-month periods ended June 30, 2025 and 2024 are 1.9% and 1.1%, respectively.

(a) Income taxes

The Company vertically spun off its steel business at the spin-off date on March 1, 2022. The Company's vertical spin-off meets the requirements for qualified spin-off under the Corporate Tax Act. Accordingly, transfer gains of W8,452,339 million under the Corporate Tax Act were incurred for the net asset transferred to the newly established company (POSCO). For the transfer gain, the Company simultaneously set provision for accelerated depreciation and recognized deferred tax liabilities.

Deductible temporary differences related to the investment in newly established company (POSCO), which arise from transfer gains under the Corporate Tax Act, were not recognized as deferred tax assets, since it is not probable they will reverse through disposal or liquidation.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**28. Income Taxes (cont'd)** 

(b) Application of the Consolidated Tax Payment System

From the six-month period ended June 30, 2025, the Company has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, when economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

The current tax assets and current tax liabilities recognized in relation to the consolidated tax payment system for the six-month period ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Current income tax assets(\*1) | W |  |  | 27940 |
|  Current income tax liabilities(\*2) |  | 222431 |  |  |

---

(\*1) Presenting the expected corporate income tax refund during the year ended December 31, 2024.

---

| | |
|:---|:---|
| (\*2) | Presenting the amount calculated and recognized by applying the consolidated tax payment system during the six-month period ended June 30, 2025.  |

---

(c) Global minimum top-up tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the Company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Company calculated the Pillar Two income tax expense for the six-month period ended June 30, 2025 as it is subject to global minimum top-up tax under the application of the OECD's Pillar Two Model Rules via domestic legislation. The Company reviewed subsidiaries qualifying as taxpayer, including the Company, and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2025 as the impact of the global minimum top-up tax on the separate financial statements as of June 30, 2025 would not be significant. Furthermore, the Company applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 *Income Taxes*. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum top-up tax and does not disclose information related to deferred income tax.

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**29. Earnings per Share** 

(a) Basic earnings per share for each of the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Profit for the period | W | 46145579835 | 192238563525 | 634903318088 | 1133577584946 |
|  Weighted-average number of common shares outstanding(\*1) |  | 75620779 | 75876207 | 75620779 | 75876207 |
|  Basic earnings per share | W | 610 | 2534 | 8396 | 14940 |

---

(\*1) The weighted-average number of common shares outstanding used to calculate basic earnings per share is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(shares)* | **For the three-month periods<br>ended June 30** | **For the three-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** | **For the six-month periods<br>ended June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Weighted-average shares outstanding | 80932952 | 84571230 | 81773992 | 84571230 |
|  Weighted-average number of treasury shares | (5312173) | (8695023) | (6153213) | (8695023) |
|  Weighted-average number of common shares outstanding | 75620779 | 75876207 | 75620779 | 75876207 |

---

The Company has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of June 30, 2025 and 2024. The diluted earnings per share for the six-month period ended June 30, 2025 is the same as the basic earnings per share due to the anti-dilutive effect.

(b) Diluted earnings per share for the three-month and six-month period
ended June 30, 2024 is calculated as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month period<br>ended June 30, 2024** | **For the three-month period<br>ended June 30, 2024** | **For the six-month period<br>ended June 30, 2024** |
|  Profit for the period | W | 192238563525 | 1133577584946 |
|  loss from revaluation of and exchange rate on exchangeable bonds |  | (42639885285) | (130478878909) |
|  Diluted profit for the period |  | 149598678240 | 1003098706037 |
|  Adjusted weighted-average number of common shares outstanding(\*1) |  | 79144249 | 79133915 |
|  Diluted earnings per share |  | 1890 | 12676 |

---

(\*1) The adjusted weighted-average number of common shares outstanding used to calculate diluted earnings per share is as follows:

---

| | | |
|:---|:---|:---|
| *(shares)* | **For the three-month period<br>ended June 30, 2024** | **For the six-month period<br>ended June 30, 2024** |
|  Weighted-average number of common shares outstanding | 75876207 | 75876207 |
|  Weighted-average number of potential common shares | 3268042 | 3257708 |
|  Adjusted weighted-average number of common shares | 79144249 | 79133915 |

---

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**30. Related Party Transactions** 

(a) Related parties of the Company as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| Type | Company |
|  Subsidiaries | [Domestic] <br>POSCO, POSCO Eco & Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE Co., Ltd., POSCO Capital, POSCO FUTURE M CO., LTD.,eNtoB Corporation, POSCO FLOW CO.,LTD., POSCO M-TECH, Busan E&E Co,. Ltd., POSCO INTERNATIONAL Corporation, POSCO Mobility Solution Corporation, POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION, Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH, POSCO A&C Co., Ltd, Posco Group University, POSCO GY Solution, POSCO GYR Tech, POSCO GYS Tech, POSCO PR Tech, POSCO PS Tech, POSCO PH Solution, POSCO Humans Co.,Ltd., Pohang Scrap Recycling Distribution Center Co., Ltd., POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd., Songdo Development PMC (Project Management Company) LLC., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and others.<br>[Foreign] <br>POSCO America Corporation, POSCO AUSTRALIA PTY LTD., POSCO Asia Co., Ltd., POSCO (Zhangjiagang) Stainless Steel Co.,Ltd., POSCO-China Holding Corporation, POSCO JAPAN Co., Ltd., POSCO-VIETNAM Co., Ltd., POSCO MEXICO S.A. DE C.V., PT. KRAKATAU POSCO, YAMATO VINA STEEL JOINTSTOCK COMPANY, POSCO Argentina S.A.U., Senex Holdings PTY LTD, ULTIUM CAM LIMITED PARTNERSHIP and others. |
|  Investments in associates and joint ventures | [Domestic] <br>POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd., SNNC, Gale International Korea, LLC, Eco Energy Solution, UITrans LRT Co., Ltd., Pohang Special Welding Co.,Ltd., and others.<br>[Foreign] <br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc., AES Mong Duong Power Company Limited, KOREA LNG LTD., Nickel Mining Company SAS and others. |

---

(b) Material transactions with the related companies for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

1) For the six-month period ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of fixed<br>assets** | **Others** |
|  **Subsidiaries(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 79129 | 332858 |  | 370 | 7526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 4842 | 11037 |  | 208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 593 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1040 | 12425 |  | 3181 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Research Institute |  |  |  |  |  | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  |  |  |  |  | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 1767 | 11671 |  |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 2784 | 192814 | 166 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  |  | 3618 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  |  |  |  |  | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 678 | 1606 | 2165 |  | 9399 |
|  |  | 90833 | 566029 | 2331 | 3759 | 37104 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  |  | 9896 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 94502 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 409 | 39971 | 119 |  |  |
|  |  | 409 | 144369 | 119 |  |  |
|  | W | 91242 | 710398 | 2450 | 3759 | 37104 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of June 30, 2025, the Company provided payment guarantees to the related parties (see Note 19).

------

##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**30. Related Party Transactions (cont'd)** 

2) For the six-month period ended June 30, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of fixed<br>assets** | **Others** |
|  **Subsidiaries(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 74662 | 589786 |  | 191 | 6825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 5158 | 11037 |  | 259 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 619 |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 655 | 9940 |  | 610 | 6537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Research Institute |  |  |  |  | 30 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  |  |  |  | 42 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 4995 | 11565 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 2977 | 124396 |  |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  |  | 2472 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  |  |  |  |  | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 2558 | 328 | 873 | 1 | 13615 |
|  |  | 91624 | 749524 | 873 | 1133 | 38300 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  |  | 8041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 175030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 158 | 14427 | 112 |  |  |
|  |  | 158 | 197498 | 112 |  |  |
|  | W | 91782 | 947022 | 985 | 1133 | 38300 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of June 30, 2024, the Company provided payment guarantees to the related parties (see Note 19).

(c) The balances of receivables and payables arising from significant transactions between the Company and the
related parties as of June 30, 2025 and December 31, 2024 are as follows:

1) June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables** | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and notes<br>receivable** | **Trade accounts<br>and notes<br>receivable** | **Others** | **Total** | **Accounts<br>payable** | **Others** | **Total** |
|  **Subsidiaries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 50882 | 232026 | 282908 | 1156 | 40485 | 41641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 4587 |  | 4587 |  | 553 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 573 |  | 573 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 736 | 288 | 1024 | 2032 | 73 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 13804 |  | 13804 |  | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 406 |  | 406 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 3149 |  | 3149 |  | 414 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  |  | 29420 | 29420 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1727 | 240 | 1967 | 3579 | 3613 | 7192 |
|  |  | 75864 | 261974 | 337838 | 6767 | 45209 | 51976 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 320 |  | 320 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 44301 |  | 44301 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  |  | 230275 | 230275 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 18689 | 149 | 18838 |  | 569 | 569 |
|  |  | 63310 | 230424 | 293734 |  | 569 | 569 |
|  | W | 139174 | 492398 | 631572 | 6767 | 45778 | 52545 |

---

(\*1) FQM Australia Holdings Pty Ltd's other receivable consists of long-term loans and accrued interest and the Company has recognized allowance for doubtful accounts for all of other receivables.

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**30. Related Party Transactions (cont'd)** 

2) December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables** | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and notes<br>receivable** | **Trade accounts<br>and notes<br>receivable** | **Others** | **Total** | **Accounts<br>payable** | **Others** | **Total** |
|  **Subsidiaries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 102071 | 1093 | 103164 | 5854 | 36111 | 41965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 8921 |  | 8921 |  | 499 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 1126 |  | 1126 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1561 |  | 1561 | 2667 | 535 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 15364 |  | 15364 |  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 802 |  | 802 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 6664 |  | 6664 |  | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  |  | 26002 | 26002 | 768 |  | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3274 | 231 | 3505 | 7873 | 311 | 8184 |
|  |  | 139783 | 27326 | 167109 | 17162 | 37891 | 55053 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 662 |  | 662 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 25023 |  | 25023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  |  | 249560 | 249560 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 10665 | 122 | 10787 |  |  |  |
|  |  | 36350 | 249682 | 286032 |  |  |  |
|  | W | 176133 | 277008 | 453141 | 17162 | 37891 | 55053 |

---

(\*1) FQM Australia Holdings Pty Ltd's other receivable consists of long-term loans and accrued interest. Meanwhile, the Company has recognized allowance for doubtful accounts for all of other receivables.

(d) For each of the six-month periods ended June 30, 2025 and
2024, there were additional investments in subsidiaries and others amounting to W 301,743 million and W 544,836 million, respectively.

(e) For each of the six-month periods ended June 30, 2025 and 2024,
details of compensation to key management officers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  Short-term benefits | W | 13241 |  | 12572 |
|  Retirement benefits |  | 3280 |  | 1776 |
|  | W | 16521 |  | 14348 |

---

Key management officers include directors (including non-standing directors), executive officials and fellow officials who have significant influence and responsibilities in the Company's business and operations.

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**31. Commitments and Contingencies** 

(a) Commitments

1) As of June 30, 2025, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign currency borrowing, which is limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowing depends on the success of the project. The Company is not liable for the repayment of full or part of the money borrowed if the respective project fails. The Company has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of June 30, 2025, the ending balance of borrowing amounts to USD 1.02 million. 

2) The Company has deposited 85,083 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of June 30, 2025.

(b) As of June 30, 2025, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for
long-term foreign currency borrowings.

(c) Litigation in progress

The Company is involved in 2 lawsuits for contract payment amounting to W900 million as defendant as of June 30, 2025. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation as of June 30, 2025.

(d) The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.

(e) As of June 30, 2025, the Company has been provided a payment guarantee of W 8,887 million from Seoul Guarantee Insurance in relation to license guarantees and others.

(f) As of June 30, 2025, the Company has entered into a credit line agreement with Woori Bank, with a limit of W 20,000 million.

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##### [**Table of Contents**](#toc)
**POSCO HOLDINGS INC.** 

**Notes to the interim condensed separate financial statements, continued** 

**June 30, 2025 and 2024 (Unaudited)** 

**32. Cash Flows from Operating Activities** 

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  Trade accounts and notes receivable | W | 65003 | 70822 |
|  Other accounts receivable |  | 32242 | 16365 |
|  Prepaid expenses |  | (452) | (4131) |
|  Other current assets |  | (96) | (234) |
|  Other non-current assets |  | 8 | (5369) |
|  Other accounts payable |  | (3402) | 1383 |
|  Accrued expenses |  | 15771 | 15575 |
|  Advances received |  | (770) | 873 |
|  Withholdings |  | (184) | (973) |
|  Unearned revenue |  | 1916 | (1167) |
|  Other current liabilities |  | 532 | (2656) |
|  Payments of severance benefits |  | (6187) | (13285) |
|  Plan assets |  | 3946 | 2130 |
|  | W | 108327 | 79333 |

---

**33. Events after the reporting period** 

(a) Pursuant to the resolution of the Board of Directors on August 12, 2025, the Company decided to pay
interim cash dividends of W 2,500 per common share (total dividends: W 189.1 billion).

(b) On August 5, 2025, the Company's subsidary, POSCO CNGR Nickel Solution Co., Ltd. was liquidated.

(c) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell the
shares in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co.,Ltd and Qingdao Pohang Stainless Steel Co., Ltd.