# EDGAR Filing Document

**Accession Number:** 0000889132
**File Stem:** 0001193125-26-246188
**Filing Date:** 2026-5
**Character Count:** 396257
**Document Hash:** 7a13e318fc89dea15f6da6d9c9917f2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-246188.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-246188

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260529

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261038857

**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

**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 May, 2026** 

**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 ☐

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POSCO HOLDINGS INC. is furnishing under cover of Form 6-K:

**Exhibit 99.1:** An English-language translated documents of POSCO HOLDINGS INC.' 1Q Quarterly Report for the year 2026.

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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> | <u>POSCO HOLDINGS INC.</u> |
|  | (Registrant) | (Registrant) |
| Date: May 29, 2026 | By | /s/ HAN, Young Ah |
|  |  | (Signature) |
|  |  | Name: HAN, Young Ah |
|  |  | Title: Executive Vice President |

---

## Exhibit 99.1

##### [**Table of Contents**](#toc)
**Exhibit 99.1**![LOGO](g115896g0522165308557.jpg)

**QUARTERLY REPORT** 

**(From January 1, 2026 to March 31, 2026)** 

THIS IS AN ENGLISH TRANSLATION OF THE QUARTERLY 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 DIFFERS 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.

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

(From January 1, 2026 to March 31, 2026)

To: Korean Financial Services Commission and Korea Exchange

---

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

---

---

| |
|:---|
| <u>/s/ HAN, Young Ah</u> |
| **HAN, Young Ah** |
| Head of IR Office, Executive Vice President |
| POSCO HOLDINGS INC.<br> 6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea |
| Telephone: +82-054-220-0114 |

---

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

---

| |
|:---|
| [I. Overview](#ex99_1115896_1) |
| [II. Business](#ex99_1115896_2) |
| [III. Financial Statements](#ex99_1115896_3) |

---

※ Attachment: Independent auditors' review reports on consolidated and separate financial statements

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

Company Overview is omitted in the quarterly report. Please refer to our Annual Report(20-F) disclosed on April 29, 2026 or a summarized version of the Business Report released on March 31, 2026.

SEC : EDGAR Entity Landing Page (sec.gov).

------

##### [**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) |
| &nbsp;&nbsp;&nbsp; **Business**<br> **Segment** | **2026.Q1** | **2026.Q1** | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp; **Business**<br> **Segment** | **Sales** | <br> **Operating<br>Income<br>(Loss)** | **Sales** | <br> **Operating<br>Income<br>(Loss)** | **Sales** | <br> **Operating<br>Income<br>(Loss)** |
| &nbsp;&nbsp;&nbsp;Steel | 14964225 | 345183 | 59413172 | 1960162 | 62200920 | 1636808 |
| &nbsp;&nbsp;&nbsp; Infrastructure<br> (Trading) | 11171241 | 340225 | 42220911 | 1102781 | 42903253 | 1113710 |
| &nbsp;&nbsp;&nbsp; Infrastructure<br> (Construction) | 1752329 | 51754 | 7228333 | (504421) | 9829578 | 64804 |
| &nbsp;&nbsp;&nbsp; Infrastructure<br> (Logistics and etc.) | 934990 | 13249 | 3554224 | 83603 | 4139201 | 147603 |
| &nbsp;&nbsp;&nbsp;Rechargeable Battery Materials | 978834 | (6797) | 3338386 | (440863) | 3829851 | (277472) |
| &nbsp;&nbsp;&nbsp;Others | 875447 | 747286 | 1500108 | 972350 | 2111150 | 1600212 |
| &nbsp;&nbsp;&nbsp;Total | 30677066 | 1490900 | 117255134 | 3173612 | 125013953 | 4285664 |

---

\* Based on aggregation of internal transactions among affiliates.

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

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

**A. Steel** 

There are 83 consolidated companies in the steel segment, e.g., POSCO and POSCO STEELEON, and overseas companies, including PT.Krakatau POSCO in Indonesia, POSCO (Zhangjiagang) Stainless Steel Co., Ltd. in China, and overseas processing centers.

∎ **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.

Despite strong demand from emerging countries, such as India, global crude steel production in the first quarter of 2026 fell year-on-year due to the continued global tightening trend and sluggish demand in industries including China's real estate market.

In the first quarter of 2026, global crude steel production recorded a moderate year-on-year decline; the delayed recovery in downstream industries, e.g., construction and manufacturing, led to a subdued demand rebound, while China and other major producers cut production and adjusted inventory. Additionally, steel demand recovery is projected to remain constrained in the foreseeable future as risks in the Middle East drive up energy and logistics costs and intensify uncertainty in the global economy.

**Global Crude Steel Production** 

---

| | | | |
|:---|:---|:---|:---|
| | | (Unit: million ton) | (Unit: million ton) |
| &nbsp;&nbsp;&nbsp; **Crude Steel <br>Production** <br>| **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Global  | 459 | 1804 | 1839 |
| &nbsp;&nbsp;&nbsp; Korea <br>(Ratio)  | 16 <br> (3.5%)  | 62 <br> (3.4%)  | 64 <br> (3.5%)  |

---

※ Source: World Steel Association (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.

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

On the production side, POSCO is driving strategic high value-added product development and robust sales networks to respond to new growth demand in next-generation energy sectors, e.g., new mobility, renewable energy, smart infrastructure. Meanwhile, we aim to lead global carbon neutrality efforts through phased implementation of our 2050 carbon neutrality roadmap, which includes the construction of a HyREX (hydrogen-reduced steelmaking) demo plant to advance carbon-reduced technology development.

**(2) Market Share** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | (Unit: million ton) | (Unit: million ton) |
| &nbsp;&nbsp;&nbsp; **Category** | **2026.Q1** | **2026.Q1** | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp; **Category** | <br> **Production**  | <br> **Market share**  | <br> **Production**  | <br> **Market share**  | <br> **Production**  | <br> **Market share**  |
| &nbsp;&nbsp;&nbsp; Crude Steel Production | 16 | 100.0% | 62 | 100.0% | 64 | 100.0% |
| POSCO | 9 | 56.5% | 35 | 56.5% | 35 | 55.2% |
| Others | 7 | 43.5% | 27 | 43.5% | 29 | 44.8% |

---

※ Source: World Steel Association (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 consist of approximately 52% domestic sales and 48% exports, where Southeast Asia, Japan and Europe accounting for a significant portion. 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 ensure sales stability.

To effectively adapt to changing market dynamics, the Company is carrying out a comprehensive strategy to reinforce our core competitiveness, optimize the product portfolio, foster a safe working environment, and lead the transition toward decarbonization and AI. Detailed initiatives are outlined below.

With a strategy that fuels innovation across all areas, we are strengthening our fundamental competitiveness. Our efforts include technology-driven cost reduction and enhanced robustness of facilities that directly impact product quality. Additionally, to proactively respond to shifts in demand industries, our domestic and overseas operations are being realigned to focus on premium steel. Furthermore, we are bolstering productivity and efficiency through facility automation and business process innovations.

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##### [**Table of Contents**](#toc)
POSCO is readjusting its product portfolio to focus on strategic products in order to address evolving trends in steel-consuming industries. We are downsizing facilities for low-profit commodity products while aggressively investing in production lines for high-value-add products. Furthermore, our R&D organizations will be reorganized around these strategic priorities. In parallel, we are upgrading our regional portfolio strategy to optimize global competitiveness.

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 safety solutions utilizing AI technologies.

We are strategically spearheading decarbonization and AI transformation. Our organizational capabilities are focused on ensuring stable operation of the Electric Arc Furnace (EAF), which is slated for full-scale operation this year. In alignment with national greenhouse gas (GHG) reduction targets, we are making thorough, company-wide efforts to commercialize HyREX (Hydrogen Reduction Ironmaking) technology and to secure a stable supply of low-carbon fuel and raw materials. Furthermore, to build the 'POSCO-style AI Steelworks,' we are expanding investments and fostering specialized talent as we automate high-risk, low-efficiency manual tasks and scale up the Intelligent Factory model plants.

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.

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##### [**Table of Contents**](#toc)
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 steelmaking. 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 quality; furthermore, the packaging equipment business is focused on developing automated equipment.

**Business Areas** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Business Areas | <br> **Major Goods and Services**<br>| **Major Customer** |
| &nbsp;&nbsp;&nbsp;Steel raw material business | Aluminum deoxidizer pellets, mini pellets, ingots and etc. | POSCO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Steel product packaging business | <br> Steel packaging service, maintenance of packaging facilities and etc. | POSCO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Engineering business | <br> Steel packaging engineering, mechanical equipment and etc. | POSCO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Consignment operation business | <br> Ferro-manganese factory and etc. | POSCO |

---

**(2) Market Share** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | (Unit: ton) | (Unit: ton) |
| &nbsp;&nbsp;&nbsp;**Category** | **2026.Q1** | **2026.Q1** | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;**Category** | <br> **Sales** <br> **Volume**  | <br> **Market** <br> **share**  | <br> **Sales** <br> **Volume**  | <br> **Market** <br> **share**  | <br> **Sales** <br> **Volume**  | <br> **Market** <br> **share**  |
| &nbsp;&nbsp;&nbsp; POSCO M-TECH | 10419 | 45.0% | 35387 | 41.3% | 38284 | 44.3% |
| &nbsp;&nbsp;&nbsp; PJ Metal | 12725 | 55.0% | 50213 | 58.7% | 48231 | 55.7% |
| &nbsp;&nbsp;&nbsp; Total | 23144 | 100.0% | 85600 | 100.0% | 86515 | 100.0% |

---

※ The exact market share of aluminum deoxidizers cannot be estimated since total domestic production and sales
volume are not tallied.

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##### [**Table of Contents**](#toc)
**B. Infrastructure [Trading]** 

There are 39 subsidiaries in trading segment including POSCO INTERNATIONAL.

∎ **POSCO INTERNATIONAL** 

POSCO INTERNATIONAL and its consolidated subsidiaries engage in three major businesses: trading, energy and investment(food resources, motor core for EV, mineral resource development, etc.).

**[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. By leveraging its long-accumulated knowhow and extensive overseas network, the company is strengthening the value chains of its core businesses, e.g., materials, mobility, food, while fostering future growth through its bio business.

**Market Share** 

---

| | | | |
|:---|:---|:---|:---|
| | | (Unit: USD million) | (Unit: USD million) |
| &nbsp;&nbsp;&nbsp;**Category** | **2026.Q1** | **2025.Q1** | **Growth Rate** |
| &nbsp;&nbsp;&nbsp; All Trading Companies in Korea | 219870 | 159534 | 37.8% |
| &nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corp. | 1782 | 2032 | (12.3%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;※ Source: Korea International Trade Association (www.kita.net)

• **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, a company subsidiary. We plan to expand our motor core production to 7.5 million by 2030. In particular, we demonstrate first-class quality competitiveness in our production by leveraging POSCO's high-quality non-oriented (NO) electrical steel and POSCO Mobility Solution's proprietary stacking technology.

• **Palm farm in Indonesia**: Through the development of the PT. BIA palm plantation in Indonesia, we have
established a stable Crude Palm Oil (CPO) production system and secured profitability. We operate a sustainable palm business based on RSPO certification. Notably, in 2025, we significantly expanded our production base by completing the acquisition
of PT. Sampoerna Agro (now renamed PT. Prime AgriResources), a listed Indonesian company. In the second half of the same year, we completed the construction of a refinery with annual capacity of 500,000 tons. Consequently, we have successfully
integrated upstream and midstream processes to our value chain, spanning 'seed-plantation-milling-refining,'.

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##### [**Table of Contents**](#toc)
**[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 since May 2024 from the
new facilities. Additionally, in July 2024, we began construction on the fourth phase of the development project, designed to acquire additional reserves to sustain the current level of gas production. Phase 4 is scheduled to begin operation in
2027. • **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. By the end of 2025, we completed the construction of three gas processing plants, establishing a 60PJ annual production system,
with efforts to continue growing our production and sales volumes.

• **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. By the end of 2026, we will expand to build two additional units to obtain total storage capacity of 1,330,000 KL. 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 business group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses.

• **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.

• **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.

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##### [**Table of Contents**](#toc)
• **Expansion into new business** To reduce carbon emissions, the company is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally.

**B. Infrastructure [Construction]** 

There are 23 subsidiaries in construction segment including POSCO E&C.

∎ **POSCO E&C** 

**[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. 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, e.g., Gulf MTP LNG terminal projects in Thailand. We have also built multiple plants in Pohang, Gwangyang, Argentina, and North America to produce raw materials and components for the rechargeable battery.

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. Particularly in the offshore wind sector, the company is focused on signing projects and collaborating with global industry leaders to take early action to gain dominance in the market. In effect, the company aims to systematically enhance our project execution capability and take a leading position as an EPC player in the offshore wind industry.

**[Construction business]** 

POSCO E&C has top class construction capabilities, product development capabilities, and commercialization capabilities in the field of high-rise buildings and large-scale new city development. Representatively, the company is leading the Songdo International Business City Development Project and have successfully completed high-rise/supersize landmark projects such as POSCO Tower Songdo, Busan Haeundae LCT, and Yeouido Park One. Additionally, in the fields of urban redevelopment/reconstruction and remodeling, POSCO E&C has achieved the highest number of orders in the industry, earning recognition for its brand value from consumers and successfully executing numerous projects. Recently, our offerings are differentiated to meet diverse customer needs; 'HAUTIERE' is our high-end residential brand that joins other premium solutions. In light of the upcoming super-aged society, the company plans to diversify its portfolio by continuously expanding into new business, such as senior residences.

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##### [**Table of Contents**](#toc)
**B. Infrastructure [Logistics and associated businesses]** 

There are 16 subsidiaries of logistics and etc. 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 EV battery materials, such as lithium, nickel, cathode material, anode material, and recycling, and there are a total of 17 subsidiaries, including POSCO FUTURE M and POSCO Argentina.

∎ **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.

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##### [**Table of Contents**](#toc)
**[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 24 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS is focusing on investment in new growth businesses and opportunities.

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

**A. Sales of Key Products (2026.Q1)** 

(Unit: KRW 100 million, %)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Business**<br> **Segment**<br>| <br> **Item /**<br> **Business Sector**<br>| **Specific Use** | **Total Sales** | **Ratio** |
| &nbsp;&nbsp;&nbsp;Steel  | Hot-rolled Product (HR) | Steel pipe, Shipbuilding, etc. | 30634 | 20.5% |
| &nbsp;&nbsp;&nbsp;Steel  | Cold-rolled Product (CR) | Automobile, Home appliances, etc. | 49397 | 33.0% |
| &nbsp;&nbsp;&nbsp;Steel  | Stainless Steel Products | Tableware, pipes, etc. | 22546 | 15.1% |
| &nbsp;&nbsp;&nbsp;Steel  | Others | Plates, Wire rods, etc. | 47065 | 31.4% |
| &nbsp;&nbsp;&nbsp;Steel  | Gross Sum | Gross Sum | 149642 | 100.0% |
| &nbsp;&nbsp;&nbsp;Steel  | Deduction of Internal Trade | Deduction of Internal Trade | (56163) |  |
| &nbsp;&nbsp;&nbsp;Steel  | Sub Total | Sub Total | 93479 |  |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Trading | Steel, Metal | 80834 | 58.3% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Trading | Chemical, Strategic Item, Energy | 19884 | 14.4% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Trading | Others | 10968 | 7.9% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Architecture (Domestic) | 10698 | 7.7% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Plant (Domestic) | 4706 | 3.4% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Others (Domestic) | 344 | 0.2% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Overseas Construction | 1068 | 0.8% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Owned Construction | 260 | 0.2% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Construction | Others | 1051 | 0.8% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Logistics and etc. | Others | 8773 | 6.3% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Gross Sum | Gross Sum | 138586 | 100.0% |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Deduction of Internal Trade | Deduction of Internal Trade | (59443) |  |
| &nbsp;&nbsp;&nbsp; Infra- <br> structure  | Sub Total | Sub Total | 79143 |  |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery <br> Materials  | Gross Sum | Gross Sum | 9788 | 100.0% |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery <br> Materials  | Deduction of Internal Trade | Deduction of Internal Trade | (3729) |  |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery <br> Materials  | Sub Total | Sub Total | 6059 |  |
| &nbsp;&nbsp;&nbsp;Others  | Gross Sum | Gross Sum | 8755 | 100.0% |
| &nbsp;&nbsp;&nbsp;Others  | Deduction of Internal Trade | Deduction of Internal Trade | (8675) |  |
| &nbsp;&nbsp;&nbsp;Others  | Sub Total | Sub Total | 80 |  |
| &nbsp;&nbsp;&nbsp; Total Sum | &nbsp;&nbsp;&nbsp; Total Sum | &nbsp;&nbsp;&nbsp; Total Sum | 178761 |  |

---

\* Due to the organizational restructuring of POSCO E&C in December 2025, the performance of 'Civil Engineering (Domestic)' sector has been consolidated into the 'Plant (Domestic)' sector.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | (Unit: KRW thousand/ton, KRW/kWh) | (Unit: KRW thousand/ton, KRW/kWh) | (Unit: KRW thousand/ton, KRW/kWh) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Business Segment**<br>| **Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Steel | Hot-rolled Product (HR) | 869 | 869 | 910 |
| &nbsp;&nbsp;&nbsp; Steel | <br> Cold-rolled Product (CR) | <br> 1054 | <br> 1068 | <br> 1144 |
| &nbsp;&nbsp;&nbsp;Infrastructure (Trading) | Electric Power | 131 | 144 | 160 |
| &nbsp;&nbsp;&nbsp;Rechargeable Battery Materials | Refractory | 966 | 973 | 1001 |
| &nbsp;&nbsp;&nbsp;Rechargeable Battery Materials | <br> Lime | <br> 168 | <br> 158 | <br> 142 |

---

\* Construction and Logistics and associated business segments of Infrastructure are omitted because the raw materials fluctuations defy meaningful measurement. In the case of the Rechargeable Battery Material 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) Price Changing Factors

Overall, steel prices remained flat in the first quarter of 2026 due to external uncertainties, i.e., impact of trade regulations, polarization of global markets, supply chain instability, triggered by the Middle East conflict.

**[Infrastructure (Trading)]** 

(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) Price Changing Factors

- 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.

------

##### [**Table of Contents**](#toc)
(2) Price Changing Factors

&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 Rechargeable Battery Materials: Subject to price fluctuations depending on the international supply of mineral resources.

**4. Major Raw Materials** 

**A. Current Status of Major Raw Materials** 

(Unit: KRW 100 million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Type of <br>Purchase** | **Item** | **Specific Use** | **Purchase** <br> **Amount**  | **Portion** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Raw Materials | Materials for<br> Iron-making | Iron Ore for Blast<br> Furnaces | 42682 | 65.0% |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Raw Materials | Sub-materials | Sub-materials for Iron-making, Steelmaking | 12465 | 19.0% |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Raw Materials | Stainless Steel Materials | Key Materials for<br> STS Production | 10514 | 16.0% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Trading | Raw Materials | LNG | Material for Power Generation | 3399 | 100.0% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Construction | Raw Materials  | Ready-mixed Concrete | Construction of Structure | 669 | 22.6% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Construction | Raw Materials  | Steel<br> Reinforcement | Strengthening Concrete | 487 | 16.4% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Construction | Raw Materials  | Cable | Electricity Transfer | 63 | 2.1% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Construction | Raw Materials  | H-Beam | Structural steel for civil/ construction | 119 | 4.0% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Construction | Raw Materials  | Others | Construction of Pipe and Structure etc. | 1625 | 54.9% |
| &nbsp;&nbsp;&nbsp;Infra-<br>structure  | Logistics<br> and etc. | Raw Materials | Others | For other use | 1446 | 100.0% |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | Raw Materials | NCM and etc. | Production of cathode<br> materials | 1159 | 63.6% |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | Raw Materials | Graphite and etc. | Production of<br> anode materials | 75 | 4.1% |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | Raw Materials | Limestone and etc. | Production of Lime | 271 | 14.9% |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | Raw Materials | Others | Production of refractory | 316 | 17.4% |

---

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

------

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

(Unit: KRW thousand)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Category** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Iron Ore<br> (per ton) | 142 | 133 | 135 |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Coal<br> (per ton) | 343 | 268 | 329 |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Scrap Iron<br> (per ton) | 515 | 485 | 505 |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | Nickel<br> (per ton) | 25378 | 21559 | 22934 |
| &nbsp;&nbsp;&nbsp; Infrastructure  | Trading | LNG<br> (per ton) | 916 | 944 | 1058 |
| &nbsp;&nbsp;&nbsp; Infrastructure  | Construction | Ready-mixed Concrete<br> (per m<sup>3</sup>) | 88 | 88 | 90 |
| &nbsp;&nbsp;&nbsp; Infrastructure  | Construction | Steel Pile<br> (per m) | 1.1 | 1.1 | 1.1 |
| &nbsp;&nbsp;&nbsp; Infrastructure  | Construction | Steel Reinforcement<br> (per kg) | 0.9 | 0.9 | 0.9 |
| &nbsp;&nbsp;&nbsp; Infrastructure  | Construction | Cable<br> (per m) | 1.3 | 1.2 | 1.0 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials  | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials  | Refractory<br> (per ton) | 568 | 631 | 443 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials  | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials  | Limestone<br> (per ton) | 24 | 25 | 25 |

---

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

**[Steel]** 

---

| | |
|:---|:---|
| (1) Iron Ore: | Prices rose 1% QoQ to U$97/ton in Q1 of 2026, triggered by CMRG's expanded trade restrictions imposed on BHP iron ore and oil prices pushed up by the U.S.-Iran conflict.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | (Unit: U$/ton) | (Unit: U$/ton) | (Unit: U$/ton) |
| &nbsp;&nbsp;&nbsp;**'26.Q1** | **'25.Q4** | **'25.Q3** | **'25.Q2** | **'25.Q1** | **'24.Q4** | **'24.Q3** | **'24.Q2** | **'24.Q1** |
| &nbsp;&nbsp;&nbsp; 97  | 96 | 92 | 89 | 96 | 94 | 89 | 101 | 113 |

---

---

| | |
|:---|:---|
| (2) Coal: | Prices rose 17% QoQ to U$235/ton in Q1 of 2026 due to tight supply spurred by the rainy season in eastern Australia and production setbacks at key hard coking coal mines.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | (Unit: U$/ton) | (Unit: U$/ton) | (Unit: U$/ton) |
| &nbsp;&nbsp;&nbsp;**'26.Q1** | **'25.Q4** | **'25.Q3** | **'25.Q2** | **'25.Q1** | **'24.Q4** | **'24.Q3** | **'24.Q2** | **'24.Q1** |
| &nbsp;&nbsp;&nbsp; 235  | 200 | 184 | 184 | 185 | 203 | 211 | 242 | 308 |

---

------

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

---

| | |
|:---|:---|
| (3) Scrap: | Scrap prices increased by 2% QoQ to U$352/ton in Q1 of 2026, driven by steady demand from steel producers in Southwest Asia, particularly India.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | (Unit: U$/ton) | (Unit: U$/ton) | (Unit: U$/ton) |
| &nbsp;&nbsp;&nbsp;**'26.Q1** | **'25.Q4** | **'25.Q3** | **'25.Q2** | **'25.Q1** | **'24.Q4** | **'24.Q3** | **'24.Q2** | **'24.Q1** |
| &nbsp;&nbsp;&nbsp; 352  | 344 | 340 | 337 | 342 | 350 | 364 | 376 | 392 |

---

---

| | |
|:---|:---|
| (4) Nickel: | Prices rose 17% to U$17,356/ton in Q1 of 2026 triggered by the Indonesian government's policy to reduce nickel ore production, in addition to rising costs and unstable supply caused by the US-Iran conflict.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | (Unit: U$/lb, U$/ton) | (Unit: U$/lb, U$/ton) | (Unit: U$/lb, U$/ton) |
| &nbsp;&nbsp;&nbsp;**'26.Q1** | **'25.Q4** | **'25.Q3** | **'25.Q2** | **'25.Q1** | **'24.Q4** | **'24.Q3** | **'24.Q2** | **'24.Q1** |
| 7.87 | 6.75 | 6.81 | 6.88 | 7.06 | 7.27 | 7.37 | 8.35 | 7.53 |
| 17356 | 14892 | 15014 | 15171 | 15571 | 16038 | 16259 | 18415 | 16589 |

---

\* LME: London Metal Exchange

**[Infrastructure]** 

(1) Criteria for Calculation

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Business<br>Sector** | **Products** | **Criteria for Calculation** | **Price Changing Factors** |
| &nbsp;&nbsp;&nbsp;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.) |
| &nbsp;&nbsp;&nbsp;Construction  | Ready-mixed Concrete | Standard 25-210-15 | - |
| &nbsp;&nbsp;&nbsp;Construction  | <br> Rebar | <br> SD400 10mm | <br> Higher raw material (scrap) price |
| &nbsp;&nbsp;&nbsp;Construction  | <br> H-Beam | <br> SM355A 300\*300\*10\*15 11m | <br> Price hike due to higher domestic demand |
| &nbsp;&nbsp;&nbsp;Construction  | <br> Cable | <br> TFR-3, 0.6/1KV, 2.5SQ, 2C | <br> Higher raw material (electric copper) price |

---

**[Rechargeable Battery Materials]** 

(1) Criteria for Calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refractory and lime: Purchase prices including freight costs

(2) Price Changing Factors

&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 there are slight variations depending on the
freight cost

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Rechargeable Battery Materials: Price trends are not disclosed considering concerns about information leakage

------

##### [**Table of Contents**](#toc)
**5. Production and Facilities** 

**A. Production Capacity** 

**[Steel]** 

∎ **POSCO** 

(Unit: thousand ton)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Steel | Crude Steel | 9816 | 39810 | 40461 |

---

∎ **POSCO STEELEON** 

(Unit: thousand ton)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **Plant** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Steel | Galvanized / Color-<br>coated Steel | Pohang | 247 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp; Steel | Galvanized / Color-<br>coated Steel | Myanmar | 17 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | 264 | 1070 | 1070 |

---

∎ **POSCO M-TECH** 

(Unit: ton)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Raw materials for steel production | Deoxidizer | 8968 | 41005 | 39058 |

---

**[Infrastructure (Trading)]** 

∎ **POSCO INTERNATIONAL** 

(Unit: MW)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Power Generation | Electric Power | Incheon | 3412 | 3412 | 3412 |

---

**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

(Unit: ton)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **Place of Business** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Refractory  | Brick and etc. | Pohang | 28741 | 116560 | 116560 |
| &nbsp;&nbsp;&nbsp; LIME  | Quicklime | Pohang | 270000 | 1095000 | 1095000 |
| &nbsp;&nbsp;&nbsp; LIME  | Quicklime | Gwangyang | 270000 | 1095000 | 1095000 |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | 568741 | 2306560 | 2306560 |

---

\* In the case of the Rechargeable Battery Materials business, detailed notation is omitted in consideration of technology and information leakage concerns.

------

##### [**Table of Contents**](#toc)
**B. Production Result and Capacity Utilization Rate** 

**[Steel]** 

(1) Production

(Unit: thousand ton)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Products** | &nbsp;&nbsp;&nbsp;**Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Crude Steel | &nbsp;&nbsp;&nbsp; Crude Steel | 9770 | 38643 | 39281 |
| &nbsp;&nbsp;&nbsp; Products | Hot-Rolled Steel | 2648 | 10724 | 10172 |
| &nbsp;&nbsp;&nbsp; Products | Plate | 1626 | 6365 | 6636 |
| &nbsp;&nbsp;&nbsp; Products | Wire Rod | 406 | 1594 | 2131 |
| &nbsp;&nbsp;&nbsp; Products | Pickled-Oiled Steel | 706 | 2725 | 2713 |
| &nbsp;&nbsp;&nbsp; Products | Cold-Rolled Products | 1854 | 7365 | 7498 |
| &nbsp;&nbsp;&nbsp; Products | Coated Steel | 1698 | 7164 | 7543 |
| &nbsp;&nbsp;&nbsp; Products | Electrical Steel | 266 | 1084 | 998 |
| &nbsp;&nbsp;&nbsp; Products | Stainless Steel | 657 | 3098 | 3333 |
| &nbsp;&nbsp;&nbsp; Products | Others | 493 | 1525 | 1696 |
| &nbsp;&nbsp;&nbsp; Products | Total | 10354 | 41644 | 42720 |

---

\* The amount of products is the aggregate amount of POSCO's production and production of POSCO's subsidiaries, 

which may include interested parties' transactions.

(2) Capacity Utilization Rate (2026.Q1)

(Unit: thousand ton, %)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Company** | &nbsp;&nbsp;&nbsp;**Company** | **Capacity** | **Production** | **Utilization Rate** |
| &nbsp;&nbsp;&nbsp; Crude Steel <br> Production  | POSCO | 9816 | 8819 | 89.8% |
| &nbsp;&nbsp;&nbsp; Crude Steel <br> Production  | <br> PT. Krakatau POSCO  | <br> 705  | <br> 716  | <br> 101.5%  |
| &nbsp;&nbsp;&nbsp; Crude Steel <br> Production  | <br> POSCO (Zhangjiagang) Stainless <br> Steel Co., Ltd. | <br> 275  | <br> 126  | 45.7% |
| &nbsp;&nbsp;&nbsp; Crude Steel <br> Production  | <br> POSCO Yamato Vina Steel Joint Stock <br> Company | <br> 138  | <br> 109  | <br> 79.5%  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | 10934 | 9770 | 89.4% |

---

**[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 businesses) segments, therefore, the information is omitted in this part.

∎ **POSCO INTERNATIONAL** 

(1) Production Result

------

##### [**Table of Contents**](#toc)
(Unit: GWh)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Power Generation | Electric Power <br> (Incheon Power Plant)  | 2777 | 10529 | 12193 |

---

(2) Capacity Utilization Rate (2026.Q1)

(Unit: hour, %)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Production Base** | **2026.Q1** <br> **Capacity**  | **2026.Q1** <br> **Production**  | **Utilization Rate** |
| &nbsp;&nbsp;&nbsp; Power Generation | Incheon Power Plant | 2160 | 1249 | 57.85% |

---

**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

(1) Production Result

(Unit: ton)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Products** | **Place of Business** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Refractory | Brick and etc. | Pohang | 18045 | 79417 | 80191 |
| &nbsp;&nbsp;&nbsp;LIME  | Quicklime | Pohang | 284522 | 1088517 | 1055911 |
| &nbsp;&nbsp;&nbsp;LIME  | Quicklime | Gwangyang | 308828 | 1187103 | 1216072 |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; Total | 611395 | 2355037 | 2352174 |

---

\* As coke oven gas (COG) plant is operated under a simple consignment arrangement for POSCO facilities, the information is omitted.

\* In the case of the Rechargeable Battery Material business, detailed descriptions are omitted to avoid risk of information leakage.

(2) Capacity Utilization Rate (2026.Q1)

(Unit: ton)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Area** | **Capacity** | **Production** | **Utilization Rate** |
| &nbsp;&nbsp;&nbsp; Refractory Factory | 28741 | 18045 | 63% |
| &nbsp;&nbsp;&nbsp; Quicklime Factory (Pohang) | 270000 | 284522 | 105% |
| &nbsp;&nbsp;&nbsp; Quicklime Factory (Gwangyang) | 270000 | 308828 | 96% |
| &nbsp;&nbsp;&nbsp; Total | 568741 | 611395 | - |

---

\* Coke oven gas (COG) plant is operated under a simple consignment arrangement for POSCO facilities, the information is omitted.

\* In the case of the Rechargeable Battery Materia business, detailed descriptions are omitted to avoid risk of information leakage.

------

##### [**Table of Contents**](#toc)
**C. Production Facilities** 

(1) The current status of production facilities(2026.Q1)

**[Land]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 2004373 | 421867 | - | - | 2426240 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 776528 | 274 | (354077) | - | 422725 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 334781 | 36088 | (1812) | - | 369057 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 59555 | 1083 | - | - | 60638 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 248660 | 1379 | - | - | 250039 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 262489 | 1004 | (2411) | - | 261082 |

---

**[Buildings]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 3303256 | 364903 | (71) | (88622) | 3579466 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 627798 | 31149 | (271901) | (6254) | 380792 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 78290 | 16304 | (9777) | (1190) | 83627 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 113363 | 4868 | (291) | (3009) | 114931 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 1556550 | 16679 | (290) | (48) | 1572891 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 114583 | 4760 | (5561) | (2574) | 111208 |

---

**[Structures]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 2773749 | 997012 | (4316) | (67254) | 3699191 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 1019221 | 1082 | (885900) | (13460) | 120943 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 37792 | 5991 | (200) | (1786) | 41797 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 81046 | 1086 | - | (2426) | 79706 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 364583 | 43800 | - | (1070) | 407313 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 13982 | 421 | (460) | (112) | 13831 |

---

------

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

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 14437095 | 2433202 | (78783) | (554621) | 16236893 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 1081085 | 6925 | (2134929) | (26560) | (1073479) |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 4758 | 463 | (19) | (419) | 4783 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 202628 | 17087 | (271) | (20594) | 198850 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 2456276 | 179134 | (270) | (6628) | 2628512 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 23485 | 3850 | - | (4211) | 23124 |

---

**[Vehicles]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 55806 | 4890 | (1411) | (8092) | 51193 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 30807 | 1519 | (2186) | (1918) | 28222 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 4215 | 1061 | (586) | (448) | 4242 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 374 | 1822 | (239) | (86) | 1871 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 9382 | 1319 | (239) | (83) | 10379 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 31 | 269 | (2) | (272) | 26 |

---

**[Tools and Fixtures]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 61868 | 11988 | (2614) | (10154) | 61088 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 21683 | 3081 | - | (2426) | 22338 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 1436 | 163 | (69) | (173) | 1357 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 5567 | 1147 | - | (655) | 6059 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 27670 | 1071 | (1779) | (610) | 26352 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 32 | - | - | - | 32 |

---

------

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

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 114254 | 15384 | (1909) | (16146) | 111583 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 28908 | 3105 | (896) | (3052) | 28065 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 5739 | 2133 | (530) | (1309) | 6033 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 13289 | 928 | (30) | (185) | 14002 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 38793 | 1017 | (30) | (995) | 38785 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 18185 | 349 | - | (728) | 17806 |

---

**[Financial Lease Assets]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 107543 | 44100 | (14031) | (35227) | 102385 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 816828 | 77697 | (14860) | (20748) | 858917 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 58863 | 23787 | (19327) | (9071) | 54252 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 269427 | 646 | (1337) | 16082 | 284818 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 103757 | 730 | (1336) | 1719 | 104870 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 17909 | 7958 | (2802) | (5604) | 17461 |

---

**[Biological Assets]** 

(Unit: KRW million)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 362871 | 17039 | (764) | (7890) | 371256 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | - | - | - | - | - |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | (Unit: KRW million) | (Unit: KRW million) |
| &nbsp;&nbsp;&nbsp;**Business Segment** | &nbsp;&nbsp;&nbsp;**Business Segment** | **Beginning** <br> **Book Balance**  | **Increase** | **Decrease** | **Depreciation** | **Ending Book<br>Balance** |
| &nbsp;&nbsp;&nbsp; Steel | &nbsp;&nbsp;&nbsp; Steel | 1796458 | 501298 | (426188) | - | 1871568 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Trading | 955410 | 109815 | (67682) | - | 997543 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Construction | 5141 | 6326 | (837) | - | 10630 |
| &nbsp;&nbsp;&nbsp; Infrastructure | Logistics and etc. | 48897 | 1054 | - | - | 49951 |
| &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | &nbsp;&nbsp;&nbsp; Rechargeable Battery Materials | 4832415 | 450744 | - | - | 5283159 |
| &nbsp;&nbsp;&nbsp; Others | &nbsp;&nbsp;&nbsp; Others | 503336 | 8026 | (30) | - | 511332 |

---

(2) New Facility Establishment, Purchase, Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investments under Construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total duration and investment amount of individual projects with investments in excess of 100 billion
KRW have been aggregated on a simple sum basis.

**[Steel]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | (Unit: KRW 100 million) | (Unit: KRW 100 million) |
| &nbsp;&nbsp;&nbsp;**Date** | &nbsp;&nbsp;&nbsp;**Date** | **Project** | **Total<br> Investment** | **Invested** <br> **Amount**  | **Amount to be <br>Invested** |
| &nbsp;&nbsp;&nbsp; Expansion/<br> Establishment | October 2020<br>~ February 2030 | Revamping of Pohang Coke Oven No.3 among others | 60945 | 17480 | 43465 |

---

**[Infrastructure]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | (Unit: KRW 100 million) | (Unit: KRW 100 million) |
| &nbsp;&nbsp;&nbsp;**Date** | &nbsp;&nbsp;&nbsp;**Date** | **Project** | **Total<br> Investment** | **Invested** <br> **Amount**  | **Amount to be <br>Invested** |
| &nbsp;&nbsp;&nbsp; Expansion/<br> Establishment | May 2022<br>~ June 2027 | Gwangyang LNG terminal, etc. | 20039 | 9372 | 10307 |

---

**[Rechargeable Battery Materials]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | (Unit: KRW 100 million) | (Unit: KRW 100 million) |
| &nbsp;&nbsp;&nbsp;**Date** | &nbsp;&nbsp;&nbsp;**Date** | **Project** | **Total<br> Investment** | **Invested** <br> **Amount**  | **Amount to be <br>Invested** |
| &nbsp;&nbsp;&nbsp; Expansion/<br> Establishment | March 2020<br>~ July 2027 | Cathode/Anode material factory,<br> lithium commercialization plant, etc. | 70477 | 51228 | 19249 |

---

------

##### [**Table of Contents**](#toc)
**6. Product Sales** 

**[Steel]** 

(Unit: KRW 100 million)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Items** | &nbsp;&nbsp;&nbsp;**Items** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Domestic | Hot-Rolled Products | 12749 | 50136 | 52703 |
| &nbsp;&nbsp;&nbsp; Domestic | Cold-Rolled Products | 11513 | 45883 | 51263 |
| &nbsp;&nbsp;&nbsp; Domestic | Stainless Steel | 7114 | 26422 | 29493 |
| &nbsp;&nbsp;&nbsp; Domestic | Others | 24117 | 91676 | 95180 |
| &nbsp;&nbsp;&nbsp; Overseas | Hot-Rolled Products | 17885 | 72135 | 72818 |
| &nbsp;&nbsp;&nbsp; Overseas | Cold-Rolled Products | 37885 | 144832 | 152461 |
| &nbsp;&nbsp;&nbsp; Overseas | Stainless Steel | 15432 | 71055 | 75395 |
| &nbsp;&nbsp;&nbsp; Overseas | Others | 22947 | 91993 | 92696 |
| &nbsp;&nbsp;&nbsp; Total | Gross Sum | 149642 | 594132 | 622009 |
| &nbsp;&nbsp;&nbsp; Total | Internal Transaction | (56163) | (221283) | (230968) |
| &nbsp;&nbsp;&nbsp; Total | Total | 93479 | 372849 | 391041 |

---

**[Infrastructure]** 

(Unit: KRW 100 million)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Business**<br> **Area** | **Items** | **Items** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Trading | Domestic<br> Trading | Merchandise | 8585 | 34233 | 45670 |
| &nbsp;&nbsp;&nbsp; Trading | Domestic<br> Trading | Product | 6743 | 27683 | 32545 |
| &nbsp;&nbsp;&nbsp; Trading | Domestic<br> Trading | Others | 185 | 846 | 1412 |
| &nbsp;&nbsp;&nbsp; Trading | Overseas<br> Trading | Merchandise | 57343 | 116886 | 118643 |
| &nbsp;&nbsp;&nbsp; Trading | Overseas<br> Trading | Product | 119 | 1132 | 3881 |
| &nbsp;&nbsp;&nbsp; Trading | Overseas<br> Trading | Others | 1267 | 243 | 144 |
| &nbsp;&nbsp;&nbsp; Trading | Trades among the 3 countries | Trades among the 3 countries | 37444 | 240748 | 226736 |
| &nbsp;&nbsp;&nbsp; Construction | Domestic<br> Construction | Building | 10698 | 42872 | 49469 |
| &nbsp;&nbsp;&nbsp; Construction | Domestic<br> Construction | Plant | 4706 | 20378 | 31427 |
| &nbsp;&nbsp;&nbsp; Construction | Domestic<br> Construction | Others | 344 | 1807 | 2724 |
| &nbsp;&nbsp;&nbsp; Construction | Overseas | Overseas | 1068 | 3905 | 8777 |
| &nbsp;&nbsp;&nbsp; Construction | Own Construction | Own Construction | 1311 | 6239 | 5899 |
| &nbsp;&nbsp;&nbsp; Logistics and etc. | Others | Others | 8773 | 33063 | 41393 |
| &nbsp;&nbsp;&nbsp; Total | Gross Sum | Gross Sum | 138586 | 530035 | 568720 |
|  | Deduction of Internal Transaction | Deduction of Internal Transaction | (59443) | (233353) | (261735) |
|  | Total | Total | 79143 | 296682 | 306985 |

---

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

(Unit: KRW 100 million)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Items** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Gross Sum | 9788 | 33384 | 38299 |
| &nbsp;&nbsp;&nbsp; Deduction of Internal Transaction | (3729) | (12421) | (10174) |
| &nbsp;&nbsp;&nbsp; Total | 6059 | 20963 | 28125 |

---

**[Others]** 

(Unit: KRW 100 million)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Items** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Gross Sum | 8755 | 15000 | 21112 |
| &nbsp;&nbsp;&nbsp; Deduction of Internal Transaction | (8674) | (14545) | (20381) |
| &nbsp;&nbsp;&nbsp; Total | 80 | 455 | 730 |

---

\* 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 signed currency swap contracts to hedge against FX risks on foreign currency borrowings. As of March 31, 2026, the Company has 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 gain on these currency swaps, as reflected in the Company's financial statements as of March 31, 2026, amounted to KRW 77,689 million.

**8. Significant Contracts** 

**[Steel]** 

**(1)** **POSCO's equity investment in an integrated steel mill JV in Odisha, India** 

a) Contract Counterparty: Saffron Resources Private Limited

b) Transaction amount: USD 1,093 million (Total contribution)

c) Purpose: Equity investment to jointly construct an integrated steel mill in Odisha, India

d) Contract execution: April 2026 (Board resolution date)

e) Payment method: Cash payment

※ Disclosure date: February 24, 2026

------

##### [**Table of Contents**](#toc)
• Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO's Material
Business Matters to report)

(2) **POSCO's equity investment to build an electric arc furnace steel mill in Louisiana, USA** 

a) Contract Counterparty: POS-Louisiana Inc. (tentative)

b) Transaction amount: USD 582 million (Total contribution)

c) Purpose: Equity investment to jointly construct an electric arc furnace steel mill in Louisiana, USA

d) Contract execution: December 2025 (Board resolution date)

e) Payment method: Cash payment

※ Disclosure date: December 16, 2025

• Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO's Material
Business Matters to report)

(3) **Price Movement Trend of Major Raw Materials** 

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 0.6588 trillion

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.

d) Contract period: December 2024

e) Payment method: Cash payment

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

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

∎ **POSCO INTERNATIONAL** 

**(1) Myanmar gas field** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Contract** | **Date** |
| &nbsp;&nbsp;&nbsp; Investment on <br> the 3<sup>rd</sup> stage <br> development of <br> A-1 /A-3 block <br> in Myanmar gas <br> field  | September <br> 2020 <br> &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 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>. POSCO INTERNATIONAL Corporation : 51.0%<br>. ONGC VIDESH(Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br>. MOGE(Myanmar Oil and Gas Enterprise): 15.0%<br>. GAIL (India) Limited : 8.5%<br>. 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>※ POSCO INTERNATIONAL disclosure date : September 22, 2020 (Decision on natural resources investment) |
| &nbsp;&nbsp;&nbsp; Investment on <br> the 4<sup>th</sup> stage <br> development of <br> A-1 /A-3 block <br> in Myanmar gas <br> field  | June <br> 2024 <br> &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>. POSCO INTERNATIONAL Corporation : 51.0%<br>. KOGAS(Korea Gas Corporation): 8.5%<br>. ONGC VIDESH(Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br>. MOGE(Myanmar Oil and Gas Enterprise): 15.0%<br>. GAIL (India) Limited : 8.5%<br>- Investment size of USD 667 million, applying the exchange rate of June 25, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;(1USD=1,387.50 KRW).<br>- Detailed information and future timeline on this resource development investment is subject to change.<br>※ POSCO INTERNATIONAL disclosure date : June 27, 2024 (Decision on natural resources investment) |

---

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##### [**Table of Contents**](#toc)
**(2) Acquisition of Shares in PT.PAR, a Palm Oil Company in Indonesia** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Purpose: To seek greater synergy in the Indonesian palm business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Payment method: Cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Contract execution: November 2025 (Board resolution date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Transaction amount: KRW 1,244,727,212,414

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Number of shares held: 1,794,889,157

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Shareholding ratio: 98.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;※ POSCO INTERNATIONAL disclosure date: February 23, 2026

- Decision on Acquisition of Shares or Investment Certificates of Other Corporations (Material Business Matters of Subsidiary Company)

**9. Research and Development** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | (Unit: No. of Entities) | (Unit: No. of Entities) |
| &nbsp;&nbsp;&nbsp;**Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable <br>Battery**<br> **Materials** | **Others** | **Total** |
| &nbsp;&nbsp;&nbsp;**Steel** | **Trading** | **Construction** | **Logistics & etc.** | **Rechargeable <br>Battery**<br> **Materials** | **Others** | **Total** |
| &nbsp;&nbsp;&nbsp;**37** | **11** | **10** | **3** | **4** | **10** | **75** |

---

**B. R&D Expenses in 2026.Q1** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | (Unit: KRW million) | (Unit: KRW million) |
| &nbsp;&nbsp;&nbsp;**Category** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** |
| &nbsp;&nbsp;&nbsp;**Category** | **Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
| &nbsp;&nbsp;&nbsp;**Category** | **Steel** | **Trading** | **Construction** | **Logistics<br>and etc.** | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
| &nbsp;&nbsp;&nbsp;Selling and Administrative Cost | 4122 | 650 | 1131 | 4202 | 13625 | 28150 | 51880 |
| &nbsp;&nbsp;&nbsp;Manufacturing Cost | 86169 | 43 | 53 | - | 22 | - | 86287 |
| &nbsp;&nbsp;&nbsp;R&D Cost (Intangible Assets) | 9669 | - | 153 | 151 | 2200 | 40 | 12213 |
| &nbsp;&nbsp;&nbsp;Total\* | 99960 | 693 | 1337 | 4353 | 15847 | 28190 | 150380 |
| &nbsp;&nbsp;&nbsp;Government Subsidy | - |  | 50 | - | - | - | 50 |
| &nbsp;&nbsp;&nbsp;R&D/Sales Ratio (%) | 1.07% | 0.01% | 0.09% | 4.54% | 2.55% | 347.04% | 0.86% |

---

\* Total includes government subsidy. 

------

##### [**Table of Contents**](#toc)
**III. Financial Statements** 

**1. Consolidated Financial Statements** 

**A. Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unit: KRW million)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account** | **2026.Q1** | **2025** | **2024** |
|  | As of March 31, 2026 | As of December 31, 2025 | As of December 31, 2024 |
| &nbsp;&nbsp;&nbsp; [Total current assets] | 44826768 | 43483869 | 44029923 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 7069783 | 7049800 | 6767898 |
| &nbsp;&nbsp;&nbsp; Other receivables, net | 2111273 | 1920685 | 2261323 |
| &nbsp;&nbsp;&nbsp; Other short-term financial assets | 8029082 | 8778584 | 8499389 |
| &nbsp;&nbsp;&nbsp; Trade accounts and notes receivable, net | 12264532 | 11197974 | 10821619 |
| &nbsp;&nbsp;&nbsp; Inventories | 14144103 | 13624433 | 14143500 |
| &nbsp;&nbsp;&nbsp; Other current assets | 1207995 | 912393 | 1536194 |
| &nbsp;&nbsp;&nbsp; [Total non-current assets] | 63518855 | 61708569 | 59374276 |
| &nbsp;&nbsp;&nbsp; Other receivables, net | 1543918 | 1635253 | 1306329 |
| &nbsp;&nbsp;&nbsp; Other long-term financial assets | 3527351 | 3060842 | 2571651 |
| &nbsp;&nbsp;&nbsp; Investments in associates and joint ventures | 5611522 | 4980153 | 4738793 |
| &nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 42961735 | 42292820 | 39846828 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 5675428 | 5493529 | 4774824 |
| &nbsp;&nbsp;&nbsp; Other non-current assets | 4198901 | 4245972 | 6135851 |
| &nbsp;&nbsp;&nbsp; Total assets | 108345623 | 105192438 | 103404199 |
| &nbsp;&nbsp;&nbsp; [Total current liabilities] | 23609050 | 23131654 | 22779719 |
| &nbsp;&nbsp;&nbsp; [Total non-current liabilities] | 21343418 | 19683093 | 19174112 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 44952468 | 42814747 | 41953831 |

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account** | **2026.Q1** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;[Equity attributable to owners of the controlling company] | 56793065 | 55730185 | 55394231 |
| &nbsp;&nbsp;&nbsp;Share capital | 482403 | 482403 | 482403 |
| &nbsp;&nbsp;&nbsp;Capital surplus | 1528595 | 1685116 | 1648894 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 53088320 | 53177472 | 53658368 |
| &nbsp;&nbsp;&nbsp;Other equity attributable to owners of the controlling company | 1693747 | 385194 | (395434) |
| &nbsp;&nbsp;&nbsp;[Non-controlling Interests] | 6600090 | 6647506 | 6056137 |
| &nbsp;&nbsp;&nbsp;Total equity | 63393155 | 62377691 | 61450368 |
|  | From January 1, 2026 <br> to March 31, 2026  | From January 1, 2025 <br> to December 31, 2025  | From January 1, 2024 <br> to December 31, 2024  |
| &nbsp;&nbsp;&nbsp;Revenue | 17876106 | 69094886 | 72688143 |
| &nbsp;&nbsp;&nbsp;Operating profit | 706832 | 1827063 | 2173573 |
| &nbsp;&nbsp;&nbsp;Profit | 543390 | 504403 | 947580 |
| &nbsp;&nbsp;&nbsp;[Profit attributable to owners of the controlling company] | 467206 | 657654 | 1094917 |
| &nbsp;&nbsp;&nbsp;[Profit attributable to non-controlling interests] | 76184 | (153251) | (147337) |
| &nbsp;&nbsp;&nbsp;Total comprehensive Income | 1683953 | 923026 | 2110358 |
| &nbsp;&nbsp;&nbsp;[Total comprehensive income attributable to owners of the controlling company] | 1403785 | 1032628 | 2008919 |
| &nbsp;&nbsp;&nbsp;[Total comprehensive income attributable to non-controlling interests] | 280168 | (109602) | 101439 |
| &nbsp;&nbsp;&nbsp;Earnings per share (KRW) | 6178 | 8697 | 14451 |
| &nbsp;&nbsp;&nbsp;Number of Consolidated Companies | 202 | 199 | 194 |

---

**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.

------

##### [**Table of Contents**](#toc)
**2. Separate Financial Statements** 

**A. Summary** 

(Unit: KRW million)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account** | **2026.Q1** | **2025** | **2024** |
|  | As of March 31, 2026 | As of December 31, 2025 | As of December 31, 2024 |
| &nbsp;&nbsp;&nbsp; **[Total current assets]** | **4770651** | **3945123** | **3793469** |
| &nbsp;&nbsp;&nbsp; Cash and Cash equivalents | 361212 | 184416 | 409387 |
| &nbsp;&nbsp;&nbsp; Trade accounts and notes receivable, net | 927704 | 157668 | 178822 |
| &nbsp;&nbsp;&nbsp; Other receivables, net | 194848 | 146146 | 21388 |
| &nbsp;&nbsp;&nbsp; Other short-term financial assets | 3284899 | 3454794 | 2686420 |
| &nbsp;&nbsp;&nbsp; Inventories | 0 | 0 | 467796 |
| &nbsp;&nbsp;&nbsp; Other current assets | 1988 | 2099 | 29656 |
| &nbsp;&nbsp;&nbsp; **[Total non-current assets]** | **47941622** | **47870462** | **46840329** |
| &nbsp;&nbsp;&nbsp; Other receivables, net | 26520 | 17414 | 14894 |
| &nbsp;&nbsp;&nbsp; Other long-term financial assets | 588775 | 506736 | 421822 |
| &nbsp;&nbsp;&nbsp; Investments in Subsidiaries, associates and joint ventures | 46267604 | 46290252 | 45631965 |
| &nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 708028 | 703140 | 415993 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 29630 | 29659 | 21461 |
| &nbsp;&nbsp;&nbsp; Other non-current assets | 321065 | 323261 | 334194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **52712273** | **51815585** | **50633797** |
| &nbsp;&nbsp;&nbsp; **[Total current liabilities]** | **506590** | **245628** | **162831** |
| &nbsp;&nbsp;&nbsp; **[Total non-current Liabilities]** | **3693573** | **3631688** | **2281936** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **4200163** | **3877316** | **2444768** |
| &nbsp;&nbsp;&nbsp; [Share capital] | 482403 | 482403 | 482403 |
| &nbsp;&nbsp;&nbsp; [Capital surplus] | 1367990 | 1367990 | 1367990 |
| &nbsp;&nbsp;&nbsp; [Retained earnings] | 47509469 | 47310066 | 47952144 |
| &nbsp;&nbsp;&nbsp; [Other equity] | (847752) | (1222190) | (1613507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** | **48512110** | **47938269** | **48189030** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account** | **2026.Q1** | **2025** | **2024** |
|  | From January 1, 2026 <br> to March 31, 2026  | From January 1, 2025 <br> to December 31, 2025  | From January 1, 2024 <br> to December 31, 2024  |
| &nbsp;&nbsp;&nbsp; Revenue | 850360 | 1403310 | 1997128 |
| &nbsp;&nbsp;&nbsp; Operating profit | 754768 | 976825 | 1596420 |
| &nbsp;&nbsp;&nbsp; Profit | 763078 | 494878 | 1621282 |
| &nbsp;&nbsp;&nbsp; Earnings per share (KRW) | 10091 | 6544 | 21398 |

---

**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").

------

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

**and its subsidiaries** 

Interim condensed consolidated financial statements

for each of the three-month periods ended March 31, 2026 and 2025

with the independent auditor's review report

------

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

[Report on review of interim condensed consolidated financial statements](#ex99_1115896_301)

---

| | |
|:---|:---|
|  | Page |
|  [Interim condensed consolidated financial statements](#ex99_1115896_302) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of financial position](#ex99_1115896_303) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of comprehensive income](#ex99_1115896_304) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of changes in equity](#ex99_1115896_305) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed consolidated statements of cash flows](#ex99_1115896_306) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the interim condensed consolidated financial statements](#ex99_1115896_307) | 8 |

---

------

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

---

| | |
|:---|:---|
| ![LOGO](g115896g85z49.jpg) | <br> **EY Han Young**<br> 2-3F, 7-8F, 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 March 31, 2026, and the related interim condensed consolidated statements of comprehensive income, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the three-month periods ended March 31, 2026 and 2025, 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*.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g115896g85z49.jpg)

**Other matters** 

We have audited the consolidated statement of financial position of the Group as of December 31, 2025, 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 11, 2026 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2025, presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

May 15, 2026

This review report is effective as of May 15, 2026, 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.

------

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

Interim condensed consolidated financial statements

for each of the three-month periods ended March 31, 2026 and 2025

"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 HOLDINGS INC.

------

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

**Interim condensed consolidated statements of financial position** 

**as of March 31, 2026 (Unaudited) and December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **March 31, 2026<br>(unaudited)** | **March 31, 2026<br>(unaudited)** | **December 31, 2025** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 21 | W | 7069783 | 7049800 |
|  Trade accounts and notes receivable, net | 41521252633 |  | 12264532 | 11197974 |
|  Other receivables, net | 52133 |  | 2111273 | 1920685 |
|  Other short-term financial assets | 621 |  | 8029082 | 8778584 |
|  Inventories | 7 |  | 14144103 | 13624433 |
|  Current income tax assets |  |  | 82246 | 78704 |
|  Assets held for sale | 8 |  | 8142 | 20167 |
|  Other current assets | 14 |  | 1117607 | 813522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 44826768 | 43483869 |
|  Long-term trade accounts and notes receivable, net | 421 |  | 17962 | 19708 |
|  Other receivables, net | 52133 |  | 1543918 | 1635253 |
|  Other long-term financial assets | 621 |  | 3527351 | 3060842 |
|  Investments in associates and joint ventures | 9 |  | 5611522 | 4980153 |
|  Investment property, net | 11 |  | 1718694 | 1691625 |
|  Property, plant and equipment, net | 12 |  | 42961735 | 42292820 |
|  Intangible assets, net | 13 |  | 5675428 | 5493529 |
|  Defined benefit assets, net | 19 |  | 319115 | 360112 |
|  Deferred tax assets | 31 |  | 2016141 | 2038844 |
|  Other non-current assets | 14 |  | 126989 | 135683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 63518855 | 61708569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 108345623 | 105192438 |

---

(continued)

------

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

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

**as of March 31, 2026 (Unaudited) and December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **March 31, 2026<br>(unaudited)** | **March 31, 2026<br>(unaudited)** | **December 31, 2025** |
|  **Liabilities** |  |  |  |  |
|  Trade accounts and notes payable | 2133 | W | 4987857 | 5106921 |
|  Short-term borrowings and current installments of long-term borrowings | 1521 |  | 12372073 | 12117422 |
|  Other payables | 162133 |  | 3524383 | 3406505 |
|  Other short-term financial liabilities | 1721 |  | 47199 | 66623 |
|  Current income tax liabilities |  |  | 254283 | 223666 |
|  Liabilities directly associated with the assets held for sale | 8 |  |  | 3678 |
|  Provisions | 18 |  | 522807 | 632644 |
|  Other current liabilities | 202526 |  | 1900448 | 1574195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 23609050 | 23131654 |
|  Long-term borrowings, excluding current installments | 1521 |  | 17888390 | 16374578 |
|  Other payables | 1621 |  | 1301933 | 1237358 |
|  Other long-term financial liabilities | 1721 |  | 77011 | 91068 |
|  Defined benefit liabilities, net | 19 |  | 74707 | 63189 |
|  Deferred tax liabilities | 31 |  | 1225267 | 1159973 |
|  Long-term provisions | 18 |  | 666835 | 650329 |
|  Other non-current liabilities | 20 |  | 109275 | 106598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 21343418 | 19683093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 44952468 | 42814747 |
|  **Equity** |  |  |  |  |
|  Share capital | 22 |  | 482403 | 482403 |
|  Capital surplus | 22 |  | 1528595 | 1685116 |
|  Other components of equity | 23 |  | 2495518 | 1561510 |
|  Treasury shares | 24 |  | (801771) | (1176317) |
|  Retained earnings |  |  | 53088320 | 53177472 |
|  **Equity attributable to owners of the controlling company** |  |  | 56793065 | 55730184 |
|  **Non-controlling interests** |  |  | 6600090 | 6647507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 63393155 | 62377691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 108345623 | 105192438 |

---

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 periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the three-month period**<br>**ended March 31**<br>**(Unaudited)** | **For the three-month period**<br>**ended March 31**<br>**(Unaudited)** | **For the three-month period**<br>**ended March 31**<br>**(Unaudited)** |
| *(in millions of Won, except per share information)* |<br>**Notes** | **2026** | **2026** | **2025** |
|  **Revenue** | 252633 | W | 17876106 | 17436776 |
|  **Cost of sales** | 2630 |  | (16359693) | (16100898) |
|  **Gross profit** |  |  | 1516413 | 1335878 |
|  Selling and administrative expenses | 212730 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other administrative expenses |  |  | (751748) | (715583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses |  |  | (57833) | (51854) |
|  **Operating profit** |  |  | 706832 | 568441 |
|  Share of profit of equity-accounted investees, net | 9 |  | 91410 | 65284 |
|  Finance income and costs | 2128 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 1528597 | 804679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | (1592555) | (948161) |
|  Other non-operating income and expenses | 212930 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income |  |  | 138319 | 132865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses |  |  | (115992) | (113150) |
|  **Profit before income tax** |  |  | 756611 | 509958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 31 |  | (213221) | (165723) |
|  **Profit for the period, net of tax** |  |  | 543390 | 344235 |
|  **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 equity-accounted investees |  |  | 2914 | (5627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | 195003 | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 19 |  | 5489 | (664) |
| &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 | 21 |  | 112091 | 39274 |
| &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 equity-accounted investees |  |  | 265622 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | 559418 | 29960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on valuation of derivatives | 21 |  | 26 | (126) |
|  **Other comprehensive income, net of tax** |  |  | 1140563 | 71119 |
|  **Total comprehensive income** |  | W | 1683953 | 415354 |
|  **Profit for the period attributable to** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 467206 | 302295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 76184 | 41940 |
|  **Profit for the period, net** |  | W | 543390 | 344235 |
|  **Total comprehensive income attributable to :** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 1403785 | 369836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 280168 | 45518 |
|  **Total comprehensive income** |  | W | 1683953 | 415354 |
|  **Earnings per share (in Won)** | 32 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 6178 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 6178 | 3998 |

---

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 three-month periods ended March 31, 2026 and 2025 (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** | | |
|  | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Other<br>components<br>of equity** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **Non- <br>controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2025** | W | 482403 | 1648894 | 1155429 | (1550862) | 53658367 | 55394231 | 6056137 | 61450368 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 302295 | 302295 | 41940 | 344235 |
| &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 |  |  |  |  |  | 1203 | 1203 | (1867) | (664) |
| &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 |  |  |  | (2167) |  |  | (2167) | (2165) | (4332) |
| &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 |  |  |  | 37869 |  | 803 | 38672 | 602 | 39274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | 29960 |  |  | 29960 | 7006 | 36966 |
| &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 |  |  |  | (126) |  |  | (126) |  | (126) |
|  **Total comprehensive income** |  |  |  | 65536 |  | 304301 | 369837 | 45516 | 415353 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) | (98005) | (287057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | 1335 |  |  |  | 1335 | 90871 | 92206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374545 | (374545) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 641 |  |  | (203) | 438 | 2416 | 2854 |
|  **Total transactions with owners of the controlling company** |  |  | 1976 |  | 374545 | (563800) | (187279) | (4718) | (191997) |
|  **Balance as of March 31, 2025 (Unaudited)** | W | 482403 | 1650870 | 1220965 | (1176317) | 53398868 | 55576789 | 6096935 | 61673724 |

---

(continued)

------

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

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

**for each of the three-month periods ended March 31, 2026 and 2025 (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** | | **Total** |
|  | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Other<br>components<br>of equity** | **Treasury<br>shares** | **Retained<br>earnings** | **Subtotal** | **Non-<br>controlling<br>interests** | **Total** |
|  **Balance as of January 1, 2026** | W | 482403 | 1685116 | 1561510 | (1176317) | 53177472 | 55730184 | 6647507 | 62377691 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 467206 | 467206 | 76184 | 543390 |
| &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 |  |  |  |  |  | 2352 | 2352 | 3137 | 5489 |
| &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 |  |  |  | 262248 |  |  | 262248 | 6288 | 268536 |
| &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 |  |  |  | 111455 |  | 1080 | 112535 | (444) | 112091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | 559418 |  |  | 559418 | 195003 | 754421 |
| &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 |  |  |  | 26 |  |  | 26 |  | 26 |
|  **Total comprehensive income** |  |  |  | 933147 |  | 470638 | 1403785 | 280168 | 1683953 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) | (68708) | (257760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | (155119) |  |  |  | (155119) | (255689) | (410808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374546 | (374546) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (1402) | 861 |  | 3808 | 3267 | (3188) | 79 |
|  **Total transactions with owners of the controlling company** |  |  | (156521) | 861 | 374546 | (559790) | (340904) | (327585) | (668489) |
|  **Balance as of March 31, 2026 (Unaudited)** | W | 482403 | 1528595 | 2495518 | (801771) | 53088320 | 56793065 | 6600090 | 63393155 |

---

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 three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2025<br>(Unaudited)** |
|  **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  | W | 543390 | 344235 |
| &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 |  |  | 920064 | 909721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  |  | 133776 | 112756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | (1086600) | (483184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 1143047 | 519907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  | 213221 | 165723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  |  | 133 | 47580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  |  | (1457) | (2163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 22800 | 13274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on goodwill and other intangible assets |  |  | 415 | 12 |
| &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 |  |  | (3968) | (25447) |
| &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 |  |  | 8525 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of equity-accounted investees |  |  | (91410) | (65284) |
| &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 |  |  |  | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  | (6300) | (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 |  |  | 1229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  |  | 66308 | 65522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade and other receivables |  |  | 21292 | 24119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) Loss on valuation of inventories |  |  | 79586 | (85294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) to provisions |  |  | (22614) | 32474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on insurance claim |  |  | (75) | (806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | 54158 | (13834) |
|  |  |  | 1452130 | 1167887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | 35 |  | (2119269) | (422567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 146124 | 111661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (325320) | (318223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 88356 | 73502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (144708) | (287716) |
| &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 | (359297) | 668779 |

---

(continued)

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

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

**for each of the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **for the three-month**<br>**period ended <br>March 31, 2026 <br>(Unaudited)** | **for the three-month**<br>**period ended <br>March 31, 2026 <br>(Unaudited)** | **for the three-month<br>period ended <br>March 31, 2025 <br>(Unaudited)** |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term financial instruments |  |  | W (4465247) | (4879919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005638 | 4299071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in loans |  |  | (119438) | (75171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of loans |  |  | 204360 | 82448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of securities |  |  | (38402) | (290774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of securities |  |  | 378228 | 212246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term financial instruments |  |  | (511) | (1437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment in associates and joint ventures |  |  | (282481) | (17669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment in associates and joint ventures |  |  | 10780 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment property |  |  | (2176) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment property |  |  | 363 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property, plant and equipment |  |  | (957049) | (1371538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of property, plant and equipment |  |  | 28808 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  | (123490) | (148599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  | 498 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  |  | 8037 | 199886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of lease receivables |  |  | 6300 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflow from insurance claim |  |  | 75 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | (63981) | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | W | (409688) | (1966132) |
|  **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of borrowings |  |  | 2355270 | 2172812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  |  | (2154051) | (1821797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of short-term borrowings, net |  |  | 777901 | 762707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from non-controlling interests |  |  | 761 | 110556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  |  | (1883) | (3278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  |  | (43598) | (50078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | (244303) | 132622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities |  | W | 690097 | 1303544 |
|  **Effect of exchange rate fluctuation on cash held** |  |  | 98871 | 5920 |
|  **Net increase in cash and cash equivalents** |  |  | 19983 | 12111 |
|  **Changes in cash classified as assets held for sale** |  |  |  | (7466) |
|  **Cash and cash equivalents at beginning of the period** |  |  | 7049800 | 6767898 |
|  **Cash and cash equivalents at end of the period** |  | W | 7069783 | 6772543 |

---

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** 

**March 31, 2026 and 2025 (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 65 domestic subsidiaries including POSCO INC. and 136 foreign subsidiaries including POSCO America Corporation, and 109 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 March 31, 2026, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange.

(b) New subsidiaries subject to consolidation

Subsidiaries, acquired or newly established, subject to consolidation for the three-month period ended March 31, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Date of addition** | **Ownership (%)** | **Reason** |
|  POS-Louisiana Inc. | January 2026 | 100.00 | New establishment |
|  Centrux LNG Pte. Ltd. | January 2026 | 100.00 | New establishment |
|  Gale International Korea, LLC | February 2026 | 100.00 | New establishment |
|  Yingkou PFM Refractories Co., Ltd. | March 2026 | 100.00 | New establishment |

---

(c) Subsidiaries excluded from consolidation due to loss of control

A subsidiary excluded from consolidation for the three-month period ended March 31, 2026 is as follows:

---

| | | |
|:---|:---|:---|
| **Company** | **Date of exclusion** | **Reason** |
|  GOLDEN LACE POSCO INTERNATIONAL CO., LTD. | March 2026 | Divestiture |

---

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**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, 2025. 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, 2025. 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.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• &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;• &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.

**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, 2025.

**Changes in Accounting Policies** 

(a) Amendments to KIFRS 1109 *Financial Instruments* and 1107: *Financial Instruments: Disclosures – Classification and Measurement of Financial Instruments* 

The amendments to KIFRS 1109 and KIFRS 1107 Classification and Measurement of Financial Instruments include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a clarification that a financial liability is derecognized on the "settlement date" and the
introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional guidance on how the contractual cash flows for financial assets with environmental, social and
corporate governance (ESG) and similar features should be assessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarifications on what constitute "non-recourse features"
and what are the characteristics of contractually linked instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the introduction of disclosures for financial instruments with contingent features and additional disclosure
requirements for equity instruments measured at fair value through other comprehensive income (OCI).

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**3. Summary of Material Accounting Policy Information (cont'd)** 

(b) Annual Improvements to KIFRS – Volume 11

Annual Improvements to KIFRS - Volume 11 have been announced for the purpose of improving consistency of requirements set out in each standard, enhancing clarity, and providing better understanding of the amendments.

- Amendments to KIFRS 1101 *First-time adoption of KIFRS: Hedge accounting by a first-time adopter*

- Amendments to KIFRS 1107 *Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for application of amendments in practice*

- Amendments to KIFRS 1109 *Financial Instruments: Accounting for derecognition of lease liabilities and definition of transaction prices*

- Amendments to KIFRS 1110 *Consolidated Financial Statements: Determination of a 'de facto agent'*

- Amendments to KIFRS 1007 *Statement of Cash Flows: Cost Method*

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

(c) Amendments to KIFRS 1109 *Financial Instruments* and KIFRS 1107 *Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity* 

The amendments to KIFRS 1109 and KIFRS 1107 - Contracts Referencing Nature-dependent Electricity have been issued and include the followings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarification of the application of the "own-use" requirements for in-scope contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments to the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addition of new disclosure requirements to enable investors to understand the effect of these contracts on an
entity's financial performance and cash flows.

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**3. Summary of Material Accounting Policy Information (cont'd)** 

**New and amended standards not yet adopted by the Group** 

The following new and amended accounting standards and interpretations had been issued but were not mandatory for annual reporting periods ending on December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *KIFRS 1118 Presentation and Disclosure in Financial Statements* 

Key changes in the accounting policies

KIFRS 1118 has been issued, which replaces KIFRS 1001 Presentation of Financial Statements. KIFRS 1118 is expected to enhance the comparability of financial performance among similar firms by providing information users with useful information for analyzing and comparing firm performance, with a focus on the statement of profit or loss.

KIFRS 1118 is effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted. As the Group must apply this standard retrospectively in accordance with KIFRS 1008 Accounting Policies, Changes in Accounting Estimates and Errors, comparative information for the fiscal year ended December 31, 2027 is restated in accordance with KIFRS 1118.

The major accounting policies expected to result in significant differences from the current financial statements when the Group prepares the financial statements in accordance with KIFRS 1118 are as follows. These do not include all the differences that may incur in the future and are subject to change based on further analysis.

1) Changes such as presentation in the statement of profit or loss

KIFRS 1118 introduces new requirements for presentation within the statement of profit or loss to classify all income and expenses into one of five categories: operating, investing, financing, income taxes and discontinued operations. An entity is required to classify all income and expenses shown in the statement of profit or loss to the operating category if they do not fall under the investing, financing, income taxes, or discontinued operations categories. According to KIFRS 1118, the operating category is a residual category, meaning it will encompass any income and expenses not assigned to the other specified categories.

The Group shall evaluate its main business activities to classify income and expenses; if the Group's core business is to provide financing to customers or invest in assets with particular features, some income and expenses that might ordinarily have been classified in the investing or financing category, when applying the general principles, will be presented in the operating category.

The operating profit or loss of KIFRS 1118 differs significantly from the operating profit or loss under KIFRS 1001, which is defined as income less cost of goods sold and selling and administrative expenses under KIFRS 1001. KIFRS 1118 requires the disclosure of operating profit or loss calculated in accordance with KIFRS 1001 in the notes, and the details of the adjustments for the difference between operating profit or loss under KIFRS 1118 and operating profit or loss under KIFRS 1001 shall also be disclosed in the notes.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**3. Summary of Material Accounting Policy Information (cont'd)** 

In addition, KIFRS 1118 requires the presentation of "operating profit or loss," consisting of all income and expenses classified under operating category, operating profit or loss and "operating profit or loss before financing and income taxes," consisting of all income and expenses classified under investing category, and "net profit or loss." However, there is an exception from presenting the subtotal "profit or loss before financing and income taxes" if the Group has a main business activity of providing financing to customers, depending on the accounting policies applied.

2) Disclosure of management-defined performance measures(MPMs)

KIFRS 1118 introduces the concept of MPMs which are defined as a subtotal of income and expenses that an entity uses in public communications outside financial statements, to communicate management's view of an aspect of the financial performance of the entity as a whole to the users. KIFRS 1118 defines MPMs as subtotals of income and expenses that are not specified in paragraph 118 of KIFRS 1118 or for which presentation and disclosure of subtotals of income and expenses are not specifically required.

If a performance measure qualifies as an MPM, KIFRS 1118 specifies the disclosure requirements. These disclosures should be included in a single note in the financial statements, and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the aspect of financial performance which is communicated by the MPM, as well as explanation
of why the MPM provides useful financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how the MPM is calculated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the
income tax effects and the effect on non-controlling interests for each reconciling item.

3) Changes such as classification of cash flows, etc.

In addition, narrow-scope amendments have been made to KIFRS 1007 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest.

Assessment of major impact

The Group has not applied KIFRS 1118 as it is not mandatorily applicable yet, and the Group plans to report the first interim financial statements for the reporting period ended December 31, 2027, in accordance with KIFRS 1118.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**4. Trade Accounts and Notes Receivable** 

Details of trade accounts and notes receivable as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 11205569 | 10133240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1618159 | 1594458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (559196) | (529724) |
|  | W | 12264532 | 11197974 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 58466 | 64902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (40504) | (45194) |
|  | W | 17962 | 19708 |

---

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the three-month period ended March 31, 2026 and the year ended December 31, 2025. 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 March 31, 2026 and December 31, 2025, the book value of the trade accounts receivable from the transaction is W122,652 million and W136,758 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**5. Other Receivables** 

Details of other receivables as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans | W | 376801 | 348621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 1390934 | 1276332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 332901 | 341802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 91649 | 106612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 38090 | 36209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 16354 | 14432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (135456) | (203323) |
|  | W | 2111273 | 1920685 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans(\*1) | W | 1410491 | 1369527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 451762 | 461676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 166309 | 183455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 135749 | 141782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 66792 | 65676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (687185) | (586863) |
|  | W | 1543918 | 1635253 |

---

(\*1) The Group recognized an allowance for doubtful accounts for all of the 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**6. Other Financial Assets** 

Details of other financial assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 200755 | 235924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 668765 | 927586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 6721187 | 7123233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments(\*1) |  | 436908 | 491841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 1467 |  |
|  | W | 8029082 | 8778584 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 699286 | 426649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities(\*2) |  | 1897357 | 1721439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 182188 | 172181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities(\*2) |  | 706352 | 696148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 42168 | 44425 |
|  | W | 3527351 | 3060842 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026 and December 31, 2025, financial instruments amounting to W913,046 million and W362,150 million, respectively, are restricted in use for financial arrangements, pledge and others.  |

---

(\*2) As of March 31, 2026 and December 31, 2025, W122,979 million and W122,285 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**7. Inventories** 

(a) Details of inventories as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Finished goods | W | 2584910 | 2754668 |
|  Merchandise |  | 1280219 | 1247922 |
|  Semi-finished goods |  | 2772703 | 2764000 |
|  Raw materials |  | 3799665 | 3333252 |
|  Fuel and materials |  | 1103539 | 1095038 |
|  Construction inventories |  | 161432 | 166689 |
|  Materials-in-transit |  | 2746839 | 2490175 |
|  Others |  | 178077 | 169010 |
|  |  | 14627384 | 14020754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for inventories valuation(\*1) |  | (483281) | (396321) |
|  | W | 14144103 | 13624433 |

---

(\*1) For each of the three-month periods ended March 31, 2026 and 2025, allowance for inventories valuation was increased by W79,586 million and reversed by W85,294 million, respectively.

(b) The allowances for inventories valuation by item as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Finished goods | W | 217342 | 158268 |
|  Merchandise |  | 12982 | 7255 |
|  Semi-finished goods |  | 67084 | 90155 |
|  Raw materials |  | 161116 | 115651 |
|  Fuel and materials |  | 6101 | 6069 |
|  Construction inventories |  | 7944 | 7989 |
|  Others |  | 10712 | 10934 |
|  | W | 483281 | 396321 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**8. Assets Held for Sale** 

Details of assets held for sale as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Asset** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  |  | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account reveivables and other receivables |  |  | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Securities(\*1) |  | 7669 | 7276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 473 | 10361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  |  | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 7 |
|  | W | 8142 | 20167 |
|  **Liability** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | W |  | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  |  | 259 |
|  | W |  | 3678 |

---

(\*1) The equity securities of GOLDEN LACE POSCO INTERNATIONAL CO., LTD., which had been classified as assets held for sale for the year ended December 31, 2025, were disposed of for the three-month period ended March 31, 2026.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

(a) Details of investments in associates as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31,<br>2025** |
| **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 | 423056 | 421699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd(\*1) | 17308143 | 49.10 |  | 86541 |  | 17040 | 16685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp.(\*1) | 7109230 | 27.89 |  | 35546 |  | 8060 | 17194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd | 944920 | 29.53 |  | 4725 |  | 12053 | 12096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1(\*2) | 2399914684 | 8.80 |  | 2400 |  | 2516 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 127625 | 134363 |
|  |  |  |  |  |  | 590350 | 604828 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. | 50082 | 25.04 |  | 83030 |  | 267531 | 263375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. | 284463243 | 25.85 |  | 328509 |  | 444388 | 411602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD | 49 | 49.00 |  | 209664 |  | 206688 | 162606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. | 2400 | 20.00 |  | 135205 |  | 23735 | 19524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power(\*1) | 8708400 | 20.00 |  | 10054 |  | 13488 | 16483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. | 50 | 25.00 |  | 4723 |  | 13270 | 11994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd(\*3) | 72000000 | 92.31 |  | 104511 |  | 98469 | 101884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai-POSCO Louisiana Steel LLC | 20 | 20.00 |  | 278043 |  | 311112 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 297315 | 252322 |
|  |  |  |  |  |  | 1675996 | 1239790 |
|  |  |  |  |  | W | 2266346 | 1844618 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026 and December 31, 2025, investments in associates amounting to W478,017 million and W486,995 million, respectively, are provided as collateral in relation to the associates' borrowings.  |

---

---

| | |
|:---|:---|
| (\*2) | As of March 31, 2026, 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 March 31, 2026, the entity is classified as an associate since the Group has significant influence over the investee although the Group's percentage of ownership is more than 50%, considering the structure of the entity's Board of Directors and others.  |

---

(b) Details of investments in joint ventures as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31,<br>2025** |
| **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; POSCO MC MATERIALS | 11568000 | 60.00 | W | 115680 | W | 147124 | 146038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC | 18130000 | 49.00 |  | 90650 |  | —  | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 12200 | 12702 |
|  |  |  |  |  |  | 159324 | 161104 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd(\*1) | 13117972 | 12.50 |  | 1528672 |  | 1553903 | 1441376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC | 325050000 | 50.00 |  | 364609 |  | 492007 | 466492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO | 2010719185 | 50.00 |  | 32950 |  | 143476 | 126943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. | —  | 25.00 |  | 61961 |  | 144147 | 132616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY | 152764706 | 49.00 |  | 603178 |  | 692401 | 649462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd | —  | 50.00 |  | 235251 |  | 132194 | 134404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 27724 | 23138 |
|  |  |  |  |  |  | 3185852 | 2974431 |
|  |  |  |  |  | W | 3345176 | 3135535 |

---

(\*1) As of March 31, 2026 and December 31, 2025, 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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

(c) Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026
and the year ended December 31, 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | | |
| **Company** | **December 31,<br>2025 <br>Book value** | **December 31,<br>2025 <br>Book value** | **Acquisition** | **Dividends** | **Share of<br>profits (losses)** | **Other increase<br>(decrease)(\*1)** | **March 31,<br>2026<br>Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. | W | 421699 | —  | —  | 1358 | (1) | 423056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 2364 | —  | —  | (2364) | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 16685 | —  | —  | (251) | 606 | 17040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 17194 | —  | —  | (9134) | —  | 8060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd |  | 12096 | —  | —  | (43) | —  | 12053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 2791 | —  | —  | 403 | (678) | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 146038 | —  | —  | 1086 | —  | 147124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 147064 | 4438 | (214) | (2035) | (9428) | 139825 |
|  |  | 765931 | 4438 | (214) | (10980) | (9501) | 749674 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 263375 | —  | (16776) | 13363 | 7569 | 267531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 411602 | —  | (11630) | 14766 | 29650 | 444388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 162606 | —  | —  | 27553 | 16529 | 206688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 19524 | —  | (749) | 784 | 4176 | 23735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 16483 | —  | (909) | 56 | (2142) | 13488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 11994 | —  | —  | 162 | 1114 | 13270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1441376 | —  | (29196) | 34771 | 106952 | 1553903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 466492 | —  | (12359) | 12346 | 25528 | 492007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 126943 | —  | —  | 3742 | 12791 | 143476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 132616 | —  | —  | 2836 | 8695 | 144147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 649462 | —  | —  | 18164 | 24775 | 692401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 134404 | —  | —  | (11033) | 8823 | 132194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  | 101884 | —  | —  | (11308) | 7893 | 98469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai-POSCO Louisiana Steel LLC |  | —  | 278043 | —  | (972) | 34041 | 311112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 275461 | —  | (1296) | (2840) | 53714 | 325039 |
|  |  | 4214222 | 278043 | (72915) | 102390 | 340108 | 4861848 |
|  | W | 4980153 | 282481 | (73129) | 91410 | 330607 | 5611522 |

---

(\*1) Others represent 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 three-month period ended March 31, 2026.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) For the year ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | | |
| **Company** | **December 31,<br>2024<br>Book value** | **December 31,<br>2024<br>Book value** | **Acquisition** | **Dividends** | **Share of<br>profits (losses)** | **Other increase<br>(decrease)(\*1)** | **December 31,<br>2025<br>Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. | W | 392269 | 17509 | (2795) | 7595 | 7121 | 421699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 38046 |  |  | (35826) | 144 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 14054 |  |  | 2016 | 615 | 16685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 14834 |  |  | 2360 |  | 17194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd |  | 12401 |  |  | (306) | 1 | 12096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 6181 |  | (227) | (469) | (2694) | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 153839 |  | (3000) | (5072) | 271 | 146038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 132730 | 25597 | (2216) | (2445) | (6602) | 147064 |
|  |  | 764354 | 43106 | (8238) | (32147) | (1144) | 765931 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 279349 |  | (37273) | 57362 | (36063) | 263375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 426276 |  | (21180) | 12359 | (5853) | 411602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 68478 |  |  | 95188 | (1060) | 162606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 25622 |  | (5040) | 5192 | (6250) | 19524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 17680 |  | (1708) | 739 | (228) | 16483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 10713 |  |  | 983 | 298 | 11994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1397824 |  | (213794) | 161274 | 96072 | 1441376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 477898 |  | (44955) | 43229 | (9680) | 466492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 119820 |  | (22955) | 17761 | 12317 | 126943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 126906 |  | (11440) | 15399 | 1751 | 132616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY(\*2) |  | 578604 | 62574 |  | 19497 | (11213) | 649462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co. Ltd |  | 179841 |  |  | (47669) | 2232 | 134404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  |  | 104511 |  | (2210) | (417) | 101884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 265428 | 3088 | (9526) | 2953 | 13518 | 275461 |
|  |  | 3974439 | 170173 | (367871) | 382057 | 55424 | 4214222 |
|  | W | 4738793 | 213279 | (376109) | 349910 | 54280 | 4980153 |

---

(\*1) Others represent 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, 2025.

---

| | |
|:---|:---|
| (\*2) | For the year ended December 31, 2025, the Group acquired an additional investment in a joint venture amounting to W62,574 million by participating in a capital increase of PT NICOLE METAL INDUSTRY for an investment in a nickel pyrometallurgical plant in Indonesia.  |

---

------

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

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

**March 31, 2026 and 2025 (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 three-month period
ended March 31, 2026 and the year ended December 31, 2025 is as follows:

1) As of and for the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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 | 5167269 | 4337697 | 829572 | 134185 | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 578354 | 585983 | (7629) | 140748 | (29789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 522002 | 395742 | 126260 | 96455 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 658869 | 593085 | 65784 | 3612 | (33026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |  | 12997 | 2497 | 10500 |  | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 30884 | 2278 | 28606 | 5318 | 4578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 346856 | 101236 | 245620 | 54928 | 713 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 1550245 | 481825 | 1068420 | 120939 | 53371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 1737357 | 4971 | 1732386 |  | 57126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 96723 | 1716634 | (1619911) |  | (13877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 118940 | 264 | 118676 | 4387 | 3920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 482900 | 311969 | 170931 | 30903 | (21785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 332670 | 45975 | 286695 | 77188 | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 189907 | 110151 | 79756 | 3913 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 104512 | 56215 | 48297 | 32893 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 11937819 | 2598742 | 9339077 | 1879767 | 409143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 983810 |  | 983810 |  | 19195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 293429 | 7082 | 286347 | 12914 | 7484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 1502735 | 953012 | 549723 | 384216 | 11343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 986993 | 1893629 | (906636) | 215383 | (43376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 1001080 | 720172 | 280908 | 169820 | (22425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 1124505 | 135515 | 988990 | 238448 | 37543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  | 102450 | 23 | 102427 |  | (7878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai-POSCO Louisiana Steel LLC |  | 1480157 | 17767 | 1462390 |  | (4860) |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) As of and for the year ended December 31, 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 | 5186881 | 4361206 | 825675 | 638593 | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 553862 | 531702 | 22160 | 767857 | (73652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 505987 | 382416 | 123571 | 363995 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 683282 | 584471 | 98811 | 24289 | 7364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |  | 13340 | 2694 | 10646 | 1050 | (1049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 33795 | 2067 | 31728 | 891 | (5329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 349737 | 104830 | 244907 | 205386 | (8479) |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 1445230 | 393409 | 1051821 | 462017 | 229086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 1631812 | 21 | 1631791 |  | 47813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 57067 | 1579336 | (1522269) |  | (96001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 97944 | 325 | 97619 | 28117 | 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 491050 | 303284 | 187766 | 187021 | (70342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 340488 | 71616 | 268872 | 187600 | (21282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 190896 | 111514 | 79382 | 19108 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 99974 | 55384 | 44590 | 151451 | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 11118720 | 2625843 | 8492877 | 7209853 | 1641837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 932780 |  | 932780 |  | 79937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 276085 | 22804 | 253281 | 54101 | 35522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 1272968 | 769371 | 503597 | 1455502 | 61595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 875900 | 1692942 | (817042) | 856215 | (684937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 964614 | 679930 | 284684 | 625983 | (97928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 1073184 | 172335 | 900849 | 701059 | 40197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  | 109139 | 3 | 109136 |  | (2761) |

---

**10. Joint Operations** 

Details of significant joint operations that the Group is participating in as a party to a joint arrangement as of March 31, 2026 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**11. Investment Property** 

Changes in the carrying amounts of investment properties for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(a) For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment<br>loss** | **Others(\*1)** | **Ending** |
|  Land | W | 794740 |  |  |  |  | 1807 | 796547 |
|  Buildings |  | 752471 | 2176 | (339) | (9265) | 2 | 24635 | 769680 |
|  Structures |  | 1210 |  |  | (225) |  | 400 | 1385 |
|  Right of use assets |  | 143204 |  | (22) | (1798) |  | 9698 | 151082 |
|  | W | 1691625 | 2176 | (361) | (11288) | 2 | 36540 | 1718694 |

---

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

(b) For the year ended December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment<br>loss** | **Others(\*1)** | **Ending** |
|  Land | W | 866450 | 163 | (510) |  |  | (71363) | 794740 |
|  Buildings |  | 942851 | 2727 | (607) | (21147) | (2553) | (168800) | 752471 |
|  Structures |  | 1755 |  |  | (909) |  | 364 | 1210 |
|  Right of use assets |  | 144840 | 1464 | (276) | (5621) |  | 2797 | 143204 |
|  | W | 1955896 | 4354 | (1393) | (27677) | (2553) | (237002) | 1691625 |

---

(\*1) 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**12. Property, Plant and Equipment** 

(a) Changes in the carrying amounts of property, plant and equipment for the three-month period ended
March 31, 2026 and the year ended December 31, 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment<br>loss** | **Others(\*1)** | **Ending** |
|  Land | W | 3686386 | 601 | (1812) |  |  | 104606 | 3789781 |
|  Buildings |  | 5793840 | 3080 | (3568) | (101627) | (70) | 151260 | 5842915 |
|  Structures |  | 4290373 | 34430 | (3268) | (86108) |  | 127354 | 4362781 |
|  Machinery and equipment |  | 18205327 | 20502 | (6929) | (613028) | (5) | 412816 | 18018683 |
|  Vehicles |  | 100615 | 3386 | (446) | (10899) |  | 3277 | 95933 |
|  Tools |  | 118257 | 4952 | (435) | (14018) |  | 8471 | 117227 |
|  Furniture and fixtures |  | 219168 | 4627 | (845) | (22357) | (58) | 15739 | 216274 |
|  Lease assets |  | 1374327 | 33273 | (1532) | (52849) |  | 69484 | 1422703 |
|  Bearer plants |  | 362871 |  | (368) | (7890) |  | 16643 | 371256 |
|  Construction-in-progress |  | 8141656 | 872645 | (8340) |  |  | (281779) | 8724182 |
|  | W | 42292820 | 977496 | (27543) | (908776) | (133) | 627871 | 42961735 |

---

(\*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, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Business<br>Combination(\*1)** | **Disposals** | **Depreciation** | **Impairment<br>loss(\*2)** | **Others(\*3)** | **Ending** |
|  Land | W | 3335875 | 33702 | 218786 | (13247) |  | (1364) | 112634 | 3686386 |
|  Buildings |  | 5280968 | 28996 | 62944 | (35868) | (403394) |  | 860194 | 5793840 |
|  Structures |  | 3860523 | 13591 | 10796 | (103544) | (330278) |  | 839285 | 4290373 |
|  Machinery and equipment |  | 18311678 | 107319 | 23146 | (43106) | (2543786) | (88769) | 2438845 | 18205327 |
|  Vehicles |  | 89975 | 9538 | 19921 | (1463) | (40783) | (1344) | 24771 | 100615 |
|  Tools |  | 134501 | 23288 |  | (1850) | (53854) | (1) | 16173 | 118257 |
|  Furniture and fixtures |  | 200033 | 30487 | 4818 | (3466) | (79619) |  | 66915 | 219168 |
|  Lease assets |  | 970634 | 644892 |  | (43705) | (202668) |  | 5174 | 1374327 |
|  Bearer plants |  | 139451 |  | 249352 | (4647) | (11229) |  | (10056) | 362871 |
|  Construction-in-progress |  | 7523190 | 5176786 | 44872 | (8941) |  | (44175) | (4550076) | 8141656 |
|  | W | 39846828 | 6068599 | 634635 | (259837) | (3665611) | (135653) | (196141) | 42292820 |

---

(\*1) For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as subsidiaries, the Group included the resulting increase in property, plant and equipment in business combinations.

---

| | |
|:---|:---|
| (\*2) | For the year ended December 31, 2025, the Group estimated the recoverable amount of individual assets whose operation was suspended, such as Finex Plant no. 3, at their net fair value and recognized an impairment loss of W69,988 million.  |

---

(\*3) Includes assets transferred from construction-in-progress to intangible assets and other property, plant and equipment categories, reclassifications resulting from change in purpose of use, adjustments of 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** 

**March 31, 2026 and 2025 (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 three-month period ended March 31, 2026 and the year ended
December 31, 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others** | **Ending** |
|  Land | W | 326232 | 14435 | (111) | (4260) | 14311 | 350607 |
|  Buildings and structures |  | 193783 | 9066 | (507) | (14869) | 13432 | 200905 |
|  Machinery and equipment |  | 332121 | 2747 | (50) | (17323) | 32490 | 349985 |
|  Vehicles |  | 40769 | 3644 | (735) | (4478) | 4972 | 44172 |
|  Ships |  | 426786 |  |  | (9771) |  | 417015 |
|  Others |  | 197840 | 3381 | (150) | (3946) | 13976 | 211101 |
|  | W | 1517531 | 33273 | (1553) | (54647) | 79181 | 1573785 |

---

2) For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation** | **Others** | **Ending** |
|  Land | W | 348918 | 15560 | (16154) | (22092) | 326232 |
|  Buildings and structures |  | 154747 | 119586 | (55532) | (25018) | 193783 |
|  Machinery and equipment |  | 346642 | 29687 | (64748) | 20540 | 332121 |
|  Vehicles |  | 45071 | 15832 | (21623) | 1489 | 40769 |
|  Ships |  | 196070 | 264508 | (33792) |  | 426786 |
|  Others |  | 24026 | 201183 | (16440) | (10929) | 197840 |
|  | W | 1115474 | 646356 | (208289) | (36010) | 1517531 |

---

(c) The amounts recognized in profit or loss related to leases for each of the three-month periods ended
March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Interest on lease liabilities | W | 18907 |  | 11422 |
|  Expenses related to short-term leases |  | 9286 |  | 11626 |
|  Expenses related to leases of low-value assets |  | 4365 |  | 5053 |
|  | W | 32558 |  | 28101 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**13. Goodwill and Other Intangible Assets** 

Changes in the carrying amounts of goodwill and other intangible assets for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(a) For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Impairment<br>loss** | **Others(\*2)** | **Ending** |
|  Goodwill | W | 826772 |  |  |  | (344) | 568 | 826996 |
|  Intellectual property rights |  | 3375658 | 125966 |  | (81268) |  | 147025 | 3567381 |
|  Membership(\*1) |  | 139238 | 954 | (43) | (71) | (71) | 349 | 140356 |
|  Development expense |  | 200753 | 2199 |  | (16536) |  | 6154 | 192570 |
|  Port facilities usage rights |  | 153152 |  |  | (3711) |  |  | 149441 |
|  Exploratation and evaluation assets |  | 147013 | 512 |  |  |  | 10294 | 157819 |
|  Development assets |  | 83341 |  |  | (58) |  | 4558 | 87841 |
|  Customer relationships |  | 116246 |  |  | (8710) |  | 31 | 107567 |
|  Other intangible assets |  | 451356 | 16982 | (4) | (23422) |  | 545 | 445457 |
|  | W | 5493529 | 146613 | (47) | (133776) | (415) | 169524 | 5675428 |

---

(\*1) Lease premiums included memberships with the indefinite useful lives.

(\*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.

(b) For the year ended December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Business<br>Combination(\*3)** | **Disposals** | **Amortization** | **Impairment<br>loss** | **Others(\*2)** | **Ending** |
|  Goodwill | W | 357851 |  | 466537 | (461) |  |  | 2845 | 826772 |
|  Intellectual property rights |  | 3247517 | 377414 |  | (4) | (289446) | (30426) | 70603 | 3375658 |
|  Membership(\*1) |  | 136108 | 7243 |  | (4892) | (238) | (519) | 1536 | 139238 |
|  Development expense |  | 95041 | 12089 |  |  | (50481) | (6124) | 150228 | 200753 |
|  Port facilities usage rights |  | 167996 |  |  |  | (14844) |  |  | 153152 |
|  Exploratation and evaluation assets |  | 115309 | 44097 |  | (22) |  | (14548) | 2177 | 147013 |
|  Development assets |  | 86711 |  |  |  |  |  | (3370) | 83341 |
|  Customer relationships |  | 145699 |  |  |  | (42068) |  | 12615 | 116246 |
|  Other intangible assets |  | 422592 | 162142 | 88338 | (563) | (68858) | (1) | (152294) | 451356 |
|  | W | 4774824 | 602985 | 554875 | (5942) | (465935) | (51618) | 84340 | 5493529 |

---

(\*1) Lease premiums included memberships with the indefinite useful lives.

(\*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.

(\*3) For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as subsidiaries, the Group included the resulting increase in goodwill and other intangible assets in business combinations.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**14. Other Assets** 

Details of other assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 795964 | 582909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 274484 | 186066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment asset |  | 8315 | 9221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | 38844 | 35326 |
|  | W | 1117607 | 813522 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 36095 | 54896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 18645 | 18156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 72249 | 62631 |
|  | W | 126989 | 135683 |

---

**15. Borrowings** 

(a) Details of short-term borrowings and current portion of long-term borrowings and others as of March 31,
2026 and December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate (%)** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Short-term borrowings** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdrafts | JP Morgan<br>and others | June, 2025~ March, 2026 | April, 2026~ December,<br>2026 | 3.40~6.50 | W | 150748 | 137852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | HSBC and<br>others | April, 2025~ March, 2026 | April, 2026~ March, 2027 | 0.90~7.60 |  | 8333441 | 7294105 |
|  |  |  |  |  |  | 8484189 | 7431957 |
|  **Current portion of long-term liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings | Export-Import<br>Bank of<br>Korea and<br>others | September, 2001~ March,<br>2026 | April, 2026~ March, 2027 | 0.75~8.50 |  | 1397609 | 1302568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debentures | KB Securities<br>co., Ltd.<br>and others | July, 2019~ January, 2025 | April, 2026~ March, 2027 | 1.72~5.62 |  | 2448302 | 3340036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion of discount on debentures issued |  |  |  |  |  | (4225) | (1648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of exchangable bonds | Foreign<br>currency<br>exchangable<br>bonds | September, 2021 | September, 2026 |  |  | 46198 | 44509 |
|  |  |  |  |  |  | 3887884 | 4685465 |
|  |  |  |  |  | W | 12372073 | 12117422 |

---

------

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

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

**March 31, 2026 and 2025 (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 : -<br>- 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<br>- Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2) (Won/share) | 419025 |
| 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<br>- 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<br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br>- 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 convertible bonds of EUR 1,065,900,000 during the year ended December 31, 2025.  |

---

(\*2) The exchange price has changed due to cash dividends paid during the three-month period ended March 31, 2026.

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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

(b) Details of long-term borrowings, excluding current portion and others, as of March 31, 2026 and
December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate (%)** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Long-term borrowings | Export-Import Bank of Korea and others | September, 2001~ March, 2026 | April, 2027~ March, 2040 | 0.75~8.25 | W | 7357988 | 6605336 |
|  Less: Present value discount |  |  |  |  |  | (47413) | (49101) |
|  Bonds | KB Securities co., Ltd. and others | July, 2019~ January, 2026 | April, 2027~ January, 2036 | 1.77~8.25 |  | 10625061 | 9859696 |
|  Less: Discount on debentures issued |  |  |  |  |  | (47246) | (41353) |
|  |  |  |  |  | W | 17888390 | 16374578 |

---

(c) Details of assets pledged as collateral with regard to the borrowings as of March 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Book value** | **Book value** | **Pledged amount** |
|  Property, plant and equipment and Investment property | Korea Development Bank and others | W | 5421993 | 5107830 |
|  Trade accounts and notes receivable | Korea Development Bank and others |  | 122652 | 122652 |
|  Financial instruments | Korea Development Bank and others |  | 508699 | 508699 |
|  Cash equivalents | Korea Development Bank and others |  | 3780 | 3780 |
|  |  | W | 6057124 | 5742961 |

---

**16. Other Payables** 

Details of other payables as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 1686880 | 1646460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 1047947 | 1242403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 260453 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 191895 | 180424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 337208 | 332620 |
|  | W | 3524383 | 3406505 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 3857 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 19035 | 18459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 1224338 | 1160230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings |  | 54703 | 54597 |
|  | W | 1301933 | 1237358 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**17. Other Financial Liabilities** 

Details of other financial liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 34329 | 49947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 4378 | 8194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 8492 | 8482 |
|  | W | 47199 | 66623 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 3511 | 7627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  |  | 9941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 73500 | 73500 |
|  | W | 77011 | 91068 |

---

**18. Provisions** 

(a) Details of provisions as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Current** | **Current** | **Non-**<br>**current** | **Current** | **Non-**<br>**current** |
|  Provision for bonus payments | W | 70282 | 104118 | 119010 | 101039 |
|  Provision for construction warranties |  | 30517 | 159891 | 39393 | 148673 |
|  Provision for legal contingencies and claims(\*1) |  | 6137 | 46577 | 5685 | 45363 |
|  Provision for the restoration |  | 2976 | 209708 | 2979 | 196651 |
|  Others(\*2) |  | 412895 | 146541 | 465577 | 158603 |
|  | W | 522807 | 666835 | 632644 | 650329 |

---

---

| | |
|:---|:---|
| (\*1) | The Group recognized probable outflow of resources amounting to W35,585 million and W35,061 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the Group recognized W51,943 million and W45,150 million respectively, as provision.  |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

(b) Changes in provisions for the three-month period ended March 31, 2026 and the year ended December 31,
2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Reversal** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 220049 | 36323 | (73734) | (2623) | (5615) | 174400 |
|  Provision for construction warranties |  | 188066 | 10898 | (7940) | (1174) | 558 | 190408 |
|  Provision for legal contingencies and claims |  | 51048 | 522 | (8) | (214) | 1366 | 52714 |
|  Provision for the restoration |  | 199630 | 11657 | (1600) | (5365) | 8362 | 212684 |
|  Others |  | 624180 | 55473 | (33217) | (94411) | 7411 | 559436 |
|  | W | 1282973 | 114873 | (116499) | (103787) | 12082 | 1189642 |

---

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

2) For the year ended December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Business<br>Combination(\*1)** | **Utilization** | **Reversal** | **Others(\*2)** | **Ending** |
|  Provision for bonus payments | W | 191861 | 159990 |  | (133528) | (2634) | 4360 | 220049 |
|  Provision for construction warranties |  | 186860 | 43891 |  | (35139) | (6005) | (1541) | 188066 |
|  Provision for legal contingencies and claims |  | 96446 | 10856 |  | (23507) | (15782) | (16965) | 51048 |
|  Provision for the restoration |  | 207851 | 26853 |  | (4953) | (4843) | (25278) | 199630 |
|  Others |  | 293571 | 484936 | 138212 | (29447) | (68387) | (194705) | 624180 |
|  | W | 976589 | 726526 | 138212 | (226574) | (97651) | (234129) | 1282973 |

---

(\*1) For the year ended December 31, 2025, PT. Prime Agri Resources was newly included as a subsidiary, and the Group included the resulting increase in provisions as part of the business combination.

(\*2) Including 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**19. Post-employment plans** 

(a) Defined contribution plans

The expenses related to defined contribution retirement plans for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Expense related to post-employment benefit plans<br>under defined contribution plans | W | 20441 |  | 18764 |

---

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit assets in the consolidated statements of financial position as of March 31, 2026 and December 31, 2025 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Present value of funded obligations | W | 2591240 | 2631811 |
|  Fair value of plan assets(\*1) |  | (2811938) | (2923780) |
|  Present value of non-funded obligations |  | (23710) | (4955) |
|  Net defined benefit liabilities | W | (244408) | (296924) |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026 and December 31, 2025, the Group recognized net defined benefit assets amounting to W319,115 million and W360,112 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 periods ended March 31, 2026 and 2025 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Current service costs | W | 70104 | 69778 |
|  Net interest costs |  | (3797) | (4256) |
|  | W | 66307 | 65522 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**20. Other Liabilities** 

Details of other liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work | W | 740979 | 727902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received |  | 759772 | 500831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 127689 | 102275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 219442 | 209450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment liability |  | 12802 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 39764 | 30827 |
|  | W | 1900448 | 1574195 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | W | 3684 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 105591 | 102894 |
|  | W | 109275 | 106598 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026 and December 31, 2025, the Group recognized the assumed liability amounting to W43,922 million and W43,850 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**21. Financial Instruments** 

(a) Classification and fair value of financial instruments

1) The classification of the carrying amounts and fair values of financial assets and financial liabilities by the fair value hierarchy level as of March 31, 2026 and December 31, 2025 are as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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 | 887336 |  | 887336 |  | 887336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 436908 |  | 436908 |  | 436908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 97834 | 14892 |  | 82942 | 97834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 145701 |  | 100089 | 45612 | 145701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 707819 |  |  | 707819 | 707819 |
|  Derivative hedging instruments(\*2) |  | 12705 |  | 12705 |  | 12705 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 1799523 | 1347172 | 1398 | 450953 | 1799523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 7669 |  | 7669 |  | 7669 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 7069783 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 10680545 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2997576 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 705252 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 6763355 |  |  |  |  |
|  | W | 32312006 | 1362064 | 1446105 | 1287326 | 4095495 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 20127 |  | 20127 |  | 20127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 46198 | 46198 |  |  | 46198 |
|  Derivative hedging instruments(\*2) |  | 17713 |  | 17713 |  | 17713 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes payable |  | 4987857 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 30214265 |  | 30340823 |  | 30340823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 4378 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 4302964 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities |  | 81992 |  |  |  |  |
|  | W | 39675494 | 46198 | 30378663 |  | 30424861 |

---

---

| | |
|:---|:---|
| (\*1) | Fair value 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 instrument 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 instrument 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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② December 31, 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 | 656181 |  | 656181 |  | 656181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 491841 |  | 491841 |  | 491841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 95230 | 16695 |  | 78535 | 95230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 137647 |  | 91699 | 45948 | 137647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 696148 |  |  | 696148 | 696148 |
|  Derivative hedging instruments(\*2) |  | 6392 |  | 6392 |  | 6392 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 1626209 | 1158867 | 28682 | 438660 | 1626209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 7276 |  | 7276 |  | 7276 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 7049800 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 9633385 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 3335169 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 962120 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 7167658 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 2238 |  |  |  |  |
|  | W | 31867294 | 1175562 | 1282071 | 1259291 | 3716924 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 41131 |  | 41129 |  | 41129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 44509 | 44509 |  |  | 44509 |
|  Derivative hedging instruments(\*2) |  | 16443 |  | 16443 |  | 16443 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes payable |  | 5106921 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 28447491 |  | 28645932 |  | 28645932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 18135 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 4075379 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities |  | 81982 |  |  |  |  |
|  | W | 37831991 | 44509 | 28703504 |  | 28748013 |

---

---

| | |
|:---|:---|
| (\*1) | Fair value 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 instrument 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 instrument in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.  |

---

2) Gains (losses) on financial instruments by category for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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** | **Other**<br>**comprehensive<br>income (loss)** |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain and loss<br>on 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 through profit or loss | W |  | (21466) |  | 19040 | 610 | (1816) |  |
|  Derivative assets |  |  | 347065 |  | 110832 |  | 457897 |  |
|  Financial assets at fair value through other comprehensive income |  |  |  |  |  | 18825 | 18825 | 112091 |
|  Financial assets measured at amortized cost |  | 119918 |  | 347014 | (17491) | 5963 | 455404 |  |
|  Financial liabilities at fair value through profit or loss |  |  | (419) | (1270) |  |  | (1689) |  |
|  Derivative liabilities |  |  | 56567 |  | (39206) |  | 17361 | 26 |
|  Financial liabilities measured at amortized cost |  | (292655) |  | (705336) |  | (11949) | (1009940) |  |
|  | W | (172737) | 381747 | (359592) | 73175 | 13449 | (63958) | 112117 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the three-month period ended March 31, 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** | **Other**<br>**comprehensive<br>income (loss)** |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain and loss<br>on 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 |  | 3558 |  | 15333 | 1086 | 19977 |  |
|  Derivative assets |  |  | 77298 |  | 58286 |  | 135584 |  |
|  Financial assets at fair value<br>through other comprehensive income |  |  |  |  |  | 16154 | 16154 | 39274 |
|  Financial assets measured at<br>amortized cost |  | 125672 |  | 87102 | (20019) | (4134) | 188621 |  |
|  Financial liabilities at fair value<br>through profit or loss |  |  | (81) | (1513) |  |  | (1594) |  |
|  Derivative liabilities |  |  | (28441) |  | (115285) |  | (143726) | (126) |
|  Financial liabilities measured at<br>amortized cost |  | (262356) |  | (85459) |  | (10683) | (358498) |  |
|  | W | (136684) | 52334 | 130 | (61685) | 2423 | (143482) | 39148 |

---

(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, 2025.

**22. Share Capital and Capital Surplus** 

(a) Share capital as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Share, in Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  Numbers of authorized shares |  | 200000000 |  | 200000000 |
|  Par value per share | W | 5000 |  | 5000 |
|  Number of shares issued(\*1,2) |  | 79241527 |  | 80932952 |
|  Share capital(\*3) | W | 482403125000 |  | 482403125000 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 10,005,636 and such ADRs are equivalent to 2,501,409 shares of common stock.  |

---

---

| | |
|:---|:---|
| (\*2) | Pursuant to the resolution of the Board of Directors' meeting on February 19, 2026, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of March 31, 2026, the Company's total number of issued shares has decreased.  |

---

(\*3) As of March 31, 2026, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W86,195 million due to retirement of 17,239,098 treasury stocks.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**22. Share Capital and Capital Surplus (cont'd)** 

(b) Details of capital surplus as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  Share premium | W | 463825 |  | 463825 |
|  Gain on disposal of treasury shares |  | 808994 |  | 808994 |
|  Other capital surplus |  | 255776 |  | 412297 |
|  | W | 1528595 |  | 1685116 |

---

**23. Other Components of Equity** 

Details of other components of equity as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Capital adjustment arising from investments in<br>equity-accounted investees | W | 388292 | 126043 |
|  Gain on valuation of equity securities |  | 452653 | 341198 |
|  Gain on translation of foreign operations |  | 1575708 | 1016290 |
|  Loss on valuation of derivatives |  | (891) | (917) |
|  Other equity adjustments |  | 79756 | 78896 |
|  | W | 2495518 | 1561510 |

---

**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 three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(shares, in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Number of<br>shares** | **Amount** | **Amount** | **Number of<br>shares** | **Amount** | **Amount** |
|  Beginning | 5312173 | W | 1176316 | 7003598 | W | 1550862 |
|  Retirement of teasury shares | (1691425) |  | (374545) | (1691425) |  | (374546) |
|  Ending | 3620748 | W | 801771 | 5312173 | W | 1176316 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**25. Revenue** 

(a) Disaggregation of revenue

Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Materials of<br>Rechargeable battery** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9138005 | 5687264 |  | 7149 | 596197 |  | 15428615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 181903 | 603169 | 35313 | 48083 | 1538 | 3116 | 873122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1411892 |  | 8213 |  | 1420105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 27961 | 101153 | 9870 | 10396 |  | 4884 | 154264 |
|  | W | 9347869 | 6391586 | 1457075 | 65628 | 605948 | 8000 | 17876106 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9165966 | 5788417 | 22711 | 17545 | 596197 | 4884 | 15595720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 181903 | 603169 | 1434364 | 48083 | 9751 | 3116 | 2280386 |
|  | W | 9347869 | 6391586 | 1457075 | 65628 | 605948 | 8000 | 17876106 |

---

2) For the three-month period ended March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Materials of<br>Rechargeable battery** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9129725 | 5271052 |  | 1855 | 617043 |  | 15019675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 223413 | 583728 | 26611 | 83204 |  | 4945 | 921901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1442395 |  | 4141 |  | 1446536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 32108 | 1586 | 939 | 10853 |  | 3178 | 48664 |
|  | W | 9385246 | 5856366 | 1469945 | 95912 | 621184 | 8123 | 17436776 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9161833 | 5272638 | 10769 | 12708 | 617043 | 3178 | 15078169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 223413 | 583728 | 1459176 | 83204 | 4141 | 4945 | 2358607 |
|  | W | 9385246 | 5856366 | 1469945 | 95912 | 621184 | 8123 | 17436776 |

---

(b) Details of contract assets and liabilities from contracts with customers as of March 31, 2026 and
December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 10680545 | 9633385 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1601949 | 1584297 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 763731 | 505394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work |  | 740979 | 727902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 126365 | 100967 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**26. Contract under Input Method** 

(a) Details of outstanding contracts as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Construction<br>segment** | **Construction<br>segment** | **Others** | **Construction<br>segment** | **Others** |
|  Accumulated cost | W | 16214535 | 188882 | 16843416 | 226619 |
|  Accumulated contract profit |  | 1279470 | 59465 | 1325037 | 65174 |
|  Accumulated contract loss |  | (664971) | (6794) | (723085) | (6795) |
|  Accumulated contract revenue |  | 16829034 | 241553 | 17445368 | 284998 |

---

(b) Details of due from customers for contract work and due to customers for contract work as of March 31,
2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Construction<br>segment** | **Construction<br>segment** | **Others** | **Construction<br>segment** | **Others** |
|  Due from customers for contract | W | 1578129 | 40030 | 1560490 | 33968 |
|  Due to customers for contract work |  | (738385) | (2594) | (724368) | (3534) |
|  | W | 839744 | 37436 | 836122 | 30434 |

---

(c) Details of the provisions for construction loss as of March 31, 2026 and December 31, 2025 are as
follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  Construction segment | W | 108918 |  | 113391 |
|  Others |  | 672 |  | 915 |
|  | W | 109590 |  | 114306 |

---

(d) For the three-month period ended March 31, 2026, 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 revenue** | **Changes in total<br>contract revenue** | **Changes in estimated<br>total contract costs** | **Net income** | **Future income<br>(loss)** | **Total** |
|  Construction segment | W | 824387 | 747319 | 3649 | 73419 | 77068 |
|  Others |  | 172693 | 172243 | 98 | 352 | 450 |
|  | W | 997080 | 919562 | 3747 | 73771 | 77518 |

---

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 March 31, 2026 and the estimated total contract revenue as of March 31, 2026. 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** 

**March 31, 2026 and 2025 (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** 

**March 31, 2026 and 2025 (Unaudited)** 

**27. Selling and Administrative Expenses** 

(a) Other administrative expenses

Details of other administrative expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Wages and salaries | W | 319676 | 312768 |
|  Expenses related to post-employment benefits |  | 27075 | 24492 |
|  Other employee benefits |  | 82009 | 82135 |
|  Travel |  | 13894 | 11968 |
|  Depreciation |  | 46517 | 48086 |
|  Amortization |  | 37282 | 28217 |
|  Communication |  | 4186 | 3761 |
|  Electricity |  | 3986 | 4723 |
|  Taxes and public dues |  | 9708 | 19382 |
|  Rental |  | 9141 | 9683 |
|  Repairs |  | 1805 | 2611 |
|  Entertainment |  | 4043 | 3353 |
|  Advertising |  | 20486 | 18237 |
|  Research & development |  | 51830 | 46870 |
|  Service fees |  | 52543 | 53344 |
|  Vehicles maintenance |  | 2488 | 2148 |
|  Industry association fee |  | 3835 | 3847 |
|  Conference |  | 6231 | 6045 |
|  (Recovery of) Bad debt expenses |  | 27722 | 25862 |
|  Others |  | 27291 | 8051 |
|  | W | 751748 | 715583 |

---

(b) Selling and logistic expenses

Details of selling and logistics expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Freight and custody expenses | W | 12813 | 5187 |
|  Operating expenses for distribution center |  | 97 | 183 |
|  Sales commissions |  | 21072 | 17923 |
|  Sales advertising |  | 198 | 94 |
|  Sales promotion |  | 2322 | 2547 |
|  Sample |  | 320 | 737 |
|  Sales insurance premium |  | 9104 | 9487 |
|  Contract cost |  | 8515 | 11995 |
|  Others |  | 3392 | 3700 |
|  | W | 57833 | 51853 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**28. Finance Income and Costs** 

Details of finance income and costs for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Finance income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 119918 | 125672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | 19435 | 17240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 353469 | 257329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 460218 | 231691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives transactions |  | 118231 | 64228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of derivatives |  | 425483 | 80148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of financial assets at fair value through profit of loss |  | 19914 | 16234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of financial assets at fair value through profit or loss |  | 8365 | 10651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3564 | 1486 |
|  | W | 1528597 | 804679 |
|  **Finance costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 292655 | 262356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 385869 | 273721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 787410 | 215169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivatives transactions |  | 46605 | 121227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of derivatives |  | 21851 | 31291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of trade accounts and notes receivable |  | 17491 | 20019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of financial assets at fair value through profit or loss |  | 874 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  | 29831 | 7093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial liabilities at fair value through profit or loss |  | 419 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 9550 | 16303 |
|  | W | 1592555 | 948161 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

Details of other non-operating income and expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Other non-operating income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of other bad debt expenses | W | 12495 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of investment in subsidiaries, associates and joint ventures |  | 3968 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of property, plant and equipment |  | 1457 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  | 6300 | 52148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of firm commitment |  | 13440 | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  | 15108 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of emission rights |  | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others  |  | 85548 | 39333 |
|  | W | 138319 | 132865 |
|  **Other non-operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expenses | W | 6065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of investments in subsidiaries, associates and joint ventures |  | 8525 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment |  | 22800 | 13274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  | 133 | 47580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  | 1229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of firm commitment |  | 10071 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idle tangible asset expenses |  | 1787 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 632 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 25685 | 21523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 39065 | 25504 |
|  | W | 115992 | 113150 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**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 periods ended March 31, 2026 and 2025 are as follows (excluding finance costs and income tax expense):

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Raw material used, changes in inventories and others | W | 10776356 | 10507948 |
|  Employee benefits expenses |  | 1332584 | 1265969 |
|  Outsourced processing cost |  | 1912852 | 2037658 |
|  Electricity and water expenses |  | 217069 | 364019 |
|  Depreciation(\*1) |  | 920064 | 909721 |
|  Amortization |  | 133776 | 112756 |
|  Freight and custody expenses |  | 672666 | 562217 |
|  Sales commissions |  | 21072 | 17923 |
|  Loss on disposal of property, plant and equipment |  | 22800 | 13274 |
|  Impairment loss on property, plant and equipment |  | 133 | 47580 |
|  Impairment loss on intangible assets |  | 415 | 12 |
|  Donations |  | 25685 | 21523 |
|  Other expenses |  | 1249794 | 1120885 |
|  | W | 17285266 | 16981485 |

---

(\*1) Including depreciation of investment property.

**31. Income Taxes** 

The effective tax rates of the Group for each of the three-month periods ended March 31, 2026 and 2025 are 28.18% and 32.50%, 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.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**31. Income Taxes (cont'd)** 

(b) Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the parent 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 three-month period ended March 31, 2026 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 parent company and, as a result, did not recognize any income tax expense for the three-month period ended March 31, 2026 as the impact of the global minimum tax on the consolidated financial statements as of March 31, 2026 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**32. Earnings per Share** 

(a) Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are calculated
as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except per share information)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Profit attributable to controlling interest | W | 467206262405 | 302295393171 |
|  Weighted-average number of common shares outstanding(\*1) |  | 75620779 | 75620779 |
|  Basic earnings per share | W | 6178 | 3998 |

---

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

---

| | | |
|:---|:---|:---|
| *(shares)* | **March 31, 2026** | **March 31, 2025** |
|  Total number of common shares issued | 80932952 | 82624377 |
|  Weighted-average number of treasury shares | (5312173) | (7003598) |
|  Weighted-average number of common shares outstanding | 75620779 | 75620779 |

---

(b) The Group has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of
March 31, 2026 and December 31, 2025. The diluted earnings per share for the three-month period ended March 31, 2026 are the same as the basic earnings per share due to the anti-dilutive effect.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**33. Related Party Transactions** 

(a) Related parties of the Group as of December 31, 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]<br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC,<br> 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 its related parties for each of the three-month periods ended
March 31, 2026 and 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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; New Songdo International City |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development, LLC | W | 3429 |  | 6474 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 19847 |  | 34 | 71342 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 1135 |  |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  |  |  |  |  | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS SeAH Steel Wire(Nantong) Co., Ltd. |  | 11067 |  |  | 89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 16776 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 25495 |  |  | 698 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 65867 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 52821 |  |  | 57087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 3310 |  |  | 29821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 29196 |  | 381961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 56926 | 27157 | 797 | 147493 | 7620 |
|  | W | 239897 | 73129 | 7305 | 688502 | 9889 |

---

(\*1) As of March 31, 2026, the Group provides payment guarantees to its related parties (see Note 34).

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) For the three-month period ended March 31, 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; New Songdo International City |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development, LLC | W | 43934 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 17840 |  | 3 | 126584 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 11279 |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 5724 |  |  |  | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAH STEEL WIRE (TIANJIN) CO., Ltd |  | 3282 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO SeAH Steel Wire (Nantong) Co., Ltd. |  | 13085 |  |  | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 11941 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 31430 | 3000 |  | 1515 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 61920 | 2795 | 352 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Guangdong) Automotive Steel Co., Ltd |  | 52643 |  |  | 60632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 5645 |  |  | 8907 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 62937 |  | 387494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 46653 | 25175 | 211 | 36530 | 11286 |
|  | W | 293435 | 105848 | 566 | 621749 | 14793 |

---

(\*1) As of March 31, 2025, the Group provides payment guarantees to its related parties (see Note 34).

(c) Outstanding balances arising from material transactions between the Group and its related parties as of
March 31, 2026 and December 31, 2025 are as follows:

1) March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 payable** | **Others** | **Total** |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development, LLC | W | 4538 |  | 100 | 4638 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  |  |  | 14832 | 14832 |  | 594 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Guangdong) Automotive Steel Co., Ltd |  | 33830 | 4583 |  | 38413 | 30365 |  | 30365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  |  | 140118 |  | 140118 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 3436 |  |  | 3436 | 7230 | 228 | 7458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 254541 |  | 120 | 254661 |  | 407 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  |  | 78002 | 747 | 78749 |  | 358 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire (Nantong) Co., Ltd. |  | 12465 |  |  | 12465 | 140 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 9540 |  | 287 | 9827 | 680 | 427 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 5491 |  |  | 5491 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. |  |  | 39331 | 4116 | 43447 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 23357 |  | 5827 | 29184 | 148091 |  | 148091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 15625 |  | 123893 | 139518 | 6053 | 41 | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  |  | 309736 |  | 309736 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 26562 | 34329 | 156407 | 217298 | 34557 | 52959 | 87516 |
|  | W | 389385 | 606099 | 306329 | 1301813 | 227116 | 55014 | 282130 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026, the Group recognizes an allowance for doubtful account for receivables above amounting to W551,282 million.  |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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; New Songdo International City |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development, LLC | W | 25497 |  | 10100 | 35597 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  |  |  | 14832 | 14832 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 32218 | 6212 |  | 38430 | 37313 |  | 37313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  |  | 136580 |  | 136580 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co.,Ltd |  | 3701 |  |  | 3701 | 15584 | 207 | 15791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd |  | 4965 |  |  | 4965 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 273880 |  | 193 | 274073 |  | 381 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  |  | 75857 | 707 | 76564 |  | 358 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 13334 |  |  | 13334 | 150 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 10838 |  | 358 | 11196 | 894 | 506 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 5491 |  |  | 5491 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. |  |  | 39333 | 4214 | 43547 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 39761 |  | 9610 | 49371 | 426829 |  | 426829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 10694 |  | 28433 | 39127 | 5439 | 447 | 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  |  | 292591 |  | 292591 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 27327 | 21995 | 138447 | 187769 | 49756 | 71663 | 121419 |
|  | W | 447706 | 572568 | 206894 | 1227168 | 535965 | 73568 | 609533 |

---

(\*1) As of December 31, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to W531,031 million.

(d) Major financial transactions between the Group and its related parties for the three-month period ended
March 31, 2026 and the year ended December 31, 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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 | 39333 |  | (4) | 2 | 39331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Tanggamus Electric Power |  | 2588 |  |  | 142 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 75857 |  |  | 2145 | 78002 |
| &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 |  | 136580 |  | (7106) | 10644 | 140118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 292591 |  |  | 17145 | 309736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POHANG E&E Co. , LTD |  | 4672 | 167 |  |  | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd. |  | 6212 | 12189 | (14241) | 423 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gale International Korea, LLC |  | 444 |  |  | (444) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAML |  | 5766 | 11602 |  | 449 | 17817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM Suzhou Automotive |  | 6143 |  |  | 418 | 6561 |
|  | W | 572568 | 23958 | (21351) | 30924 | 606099 |

---

(\*1) Including adjustments of 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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

2) For the year ended December 31, 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 |  | (3089) | 1823 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 68793 |  |  | 7064 | 75857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRAKATAU POS-CHEM DONG-SUH CHEMICAL |  | 1470 |  | (1435) | (35) |  |
| &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 | 73 | (13657) | 7397 | 136580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD |  | 5636 |  | (5733) | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 292764 |  |  | (173) | 292591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POHANG E&E Co. , LTD |  | 3228 | 1444 |  |  | 4672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd. |  | 6162 | 64858 | (64914) | 106 | 6212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gale International Korea, LLC |  | 100 | 344 |  |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&O Chemical Co., Ltd. |  | 3060 |  |  | (3060) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAML |  |  | 5766 |  |  | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM Suzhou Automotive |  |  | 6143 |  |  | 6143 |
|  | W | 581267 | 78628 | (100546) | 13219 | 572568 |

---

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

(e) For each of the three-month periods ended March 31, 2026 and 2025, there were additional investments in
associates and joint ventures and others amounting to W 282,481 million and W 17,669 million, respectively.

(f) For each of the three-month periods ended March 31, 2026 and 2025, details of compensations to key
management officers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31,<br>2026** | **March 31,<br>2026** | **March 31,<br>2025** | **March 31,<br>2025** |
|  Short-term benefits | W | 48759 |  | 46078 |
|  Long-term benefits |  | 1250 |  | 2518 |
|  Retirement benefits |  | 5410 |  | 7125 |
|  | W | 55419 |  | 55721 |

---

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.

**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.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

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 the 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 on outstanding guarantees provided by the Group as of March 31, 2026 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 equivalent** | **Foreign<br>currency** | **Won equivalent** |
|  **[The Company]** |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | POSCO Asia Co., Ltd. | ING Bank and others | USD | 200000000 | 302680 | 90000000 | 136206 |
|  | POSCO Argentina S.A.U | HSBC and others | USD | 1079900000 | 1634319 | 1038169570 | 1571165 |
|  POSCO | POSCO ASSAN TST STEEL INDUSTRY Inc | Citibank and others | USD | 122850000 | 185921 | 122850000 | 185921 |
|  POSCO INTERNATIONAL Corporation | PT. Bio Inti Agrindo | Hana Bank Indonesia and others | IDR | 631200000000 | 56240 | 631200000000 | 56240 |
|  | POSCO ASSAN TST STEEL INDUSTRY | Citibank and others | USD | 13650000 | 20658 | 13650000 | 20658 |
|  | POSCO INTERNATIONAL Deutschland GmbH | Bank Mendes Gans Amsterdam | USD | 50000000 | 75670 | 10308060 | 15600 |
|  | POSCO INTERNATIONAL JAPAN Corp. |  |  |  |  | 15639075 | 23668 |
|  | POSCO INTERNATIONAL AMERICA Corp. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL SINGAPORE Pte. Ltd. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL Malaysia SDN BHD |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL ITALIA S.R.L. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL MEXICO S.A. de C.V. |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |
|  | PT. KRAKATAU POSCO ENERGY | POSCO Asia Co., Ltd. and others | USD | 102903407 | 155734 | 29400000 | 44494 |
|  | POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. | Export-Import Bank of Korea and others | USD | 52054800 | 78780 | 51379000 | 77757 |
|  | POSCO INTERNATIONAL POLAND E-MOBI LITY SP. Z O.O. | BNP Paribas Polska S.A. | EUR | 23678000 | 41043 | 23678000 | 41043 |
|  | PT POSCO INTERNATIONAL ENP INDONESIA | PT Bank Negara Indonesia | USD | 750000 | 1135 | 750000 | 1135 |
|  | AGPA PTE. LTD. | SMBC Singapore | USD | 20880000 | 31600 | 20880000 | 31600 |
|  | POSCO INTERNATIONAL ALASKA ENERGY LLC | Glenfarne Alaska Partners, LLC | USD | 45000000 | 68103 | 45000000 | 68103 |
|  POSCO STEELEON CO.,LTD. | Myanmar POSCO C&C Company, Limited. | POSCO Asia Co., Ltd. | CNY | 121678106 | 26611 | 101398422 | 22176 |
|  POSCO FUTURE M CO., LTD. | ULTIUM CAM LIMITED PARTNERSHIP | Investissement Quebec, Strategic Innovation Fund | CAD | 299562500 | 325466 | 232265400 | 252349 |
|  |  | Shinhan Bank | USD | 100000000 | 151340 | 100000000 | 151340 |
|  **[Associates and joint ventures]** |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | NICKEL MINING COMPANY SAS | ING Bank | EUR | 46000000 | 79735 | 46000000 | 79735 |
|  | PT NICOLE METAL INDUSTRY | STANDARD CHARTERED and others | USD | 40180000 | 60808 | 9991706 | 15122 |
|  POSCO | POSUK TITANIUM LLP | Shinhan Bank | USD | 12750000 | 19296 | 12750000 | 19296 |
|  POSCO INTERNATIONAL Corporation | GLOBAL KOMSCO Daewoo LLC | Hana Bank Bahrain | USD | 6650000 | 10064 | 4200000 | 6356 |
|  POSCO Eco & Challenge Co., Ltd. | Chun-cheon Energy Co., Ltd | Kookmin Bank and others | KRW | 149200 | 149200 | 116590 | 116590 |
|  **[Others]** |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Subcontractors for maintenance projects, etc. | Kookmin Bank and others | KRW | 380652 | 380652 | 6135 | 6135 |
|  POSCO AUSTRALIA PTY LTD | Department of Trade and Investment (NSW Government) and others | Woori Bank and others | AUD | 18744862 | 19418 | 18744862 | 19418 |
|  PT. Bio lnti Agrindo | KSU Mandob Sejatera | Bank Muamalat | IDR | 80000000000 | 7128 | 5866666666 | 523 |
|  POSCO COATED STEEL (THAILAND) CO., LTD. | AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others | SC Bank | THB | 56065000 | 2585 | 56065000 | 2585 |
|  | BUREAU OF INDIAN STANDARDS (BIS) | SC Bank | USD | 10000 | 15 | 10000 | 15 |
|  POSCO Maharashtra Steel Private Limited | Gail India and others | Deutsche Bank and others | INR | 1049571593 | 16835 | 1049571593 | 16835 |
|  PT. Prime Agri Resources | Koperasi Bakomo Diri Maju (KBDM) and others | Koperasi Simpan Pinjam Sahabat Mitra Sejati and others | IDR | 430382237704 | 38347 | 430382237704 | 38347 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) Details of credit enhancements by type of the Group's PF business as of March 31, 2026 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. Information about 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)* | | | | | | | **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** | **Agreed<br>amount** | **Executed<br>amount** | **Total** | **Within 3<br>months** | **3~6<br>months** | **6 months<br>~1 year** | **1 year ~2<br>years** | **2 years ~3**<br>**years** | **After<br>3 years** |
|  **[The Company]** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other<br>projects | JB CLARK<br>HILLS CORP | Main PF | Debt<br>assumption | W | 48120 | 39197 | 39197 |  |  | 39197 |  |  |  |
|  **[Associates and joint ventures]** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other<br>projects | New Songdo<br>International<br>City<br>Development,<br>LLC | Mortgage<br>loan | Debt<br>assumption |  | 494000 | 324100 | 324100 | 74500 |  |  | 249600 |  |  |
|  **[Others]** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Maintenance<br>projects | Bangbae<br>Shindonga<br>Apartment<br>Reconstruction<br>and<br>Maintenance<br>Project<br>Association,<br>etc. | Main PF | Debt<br>assumption |  | 1550690 | 700711 | 700711 | 64900 |  | 142064 |  | 101060 | 392687 |
|  | Other<br>projects | Civic Center PFV | Main PF | Debt<br>assumption |  | 45000 | 45000 | 45000 |  |  |  |  |  | 45000 |
|  | Other<br>projects | LandmarkSewoon | Main PF | Debt<br>assumption |  | 50000 | 50000 | 50000 |  |  |  |  |  | 50000 |
|  | Other<br>projects | DAON INP Co.,<br>Ltd. | Main PF | Joint<br>guarantee |  | 78000 | 60000 | 60000 |  |  |  |  | 60000 |  |
|  | Other<br>projects | Jeonju Eco-city | Main PF | Debt<br>assumption |  | 53300 | 22200 | 22200 |  | 22200 |  |  |  |  |
|  | Other<br>projects | Apcity HNG | Main PF | Debt<br>assumption |  | 60000 | 60000 | 60000 |  |  |  |  | 60000 |  |
|  | Other<br>projects | ISLAND ONE<br>CO., LTD. | Main PF | Debt<br>assumption |  | 50000 | 50000 | 50000 |  |  |  |  | 50000 |  |
|  | Other<br>projects | KOREA ASSET<br>DEVELOPMENT<br>CO.,LTD. | Main PF | Debt<br>assumption |  | 48000 | 40000 | 40000 |  |  |  | 40000 |  |  |
|  | Other<br>projects | Daegu MBC<br>Development<br>PFV Co., Ltd. | Main PF | Debt<br>assumption |  | 80000 | 80000 | 80000 |  |  |  | 80000 |  |  |
|  | Other<br>projects | Sinhwa AMC<br>Co.,Ltd. | Main PF | Debt<br>assumption |  | 80000 | 80000 | 80000 |  |  |  | 80000 |  |  |
|  POSCO DX | Other<br>projects | Jeonnong school<br>keeper co. and<br>others(\*2) | Main PF | Supplemental<br>funding<br>agreement<br>and others |  | 123309 | 34858 | 34858 |  |  |  | 272 | 3344 | 31242 |
|  |  |  |  |  |  | 2218299 | 1222769 | 1222769 | 64900 | 22200 | 142064 | 200272 | 274404 | 518929 |
|  |  |  |  |  | W | 2760419 | 1586066 | 1586066 | 139400 | 22200 | 181261 | 449872 | 274404 | 518929 |

---

(\*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 W320,896 million)  |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Details of contingent liability for damages in the event of non-compliance with construction completion
covenant as of March 31, 2026 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of**<br>**constructions** | **Contract**<br>**amount** | **Contract**<br>**amount** | **Contingency**<br>**amount(\*1)(\*2)** | **Balance of**<br>**loans** |
|  Maintenance projects | All | 22 | W | 9449687 | 3787629 | 1821178 |
|  | Between the Group | 22 |  | 7338719 | 2938971 | 1308472 |
|  Other projects | All | 1 |  | 2197729 | 5350000 | 1440800 |
|  | Between the Group | 1 |  | 2197729 | 5350000 | 1440800 |
|  | All | 23 |  | 11647416 | 9137629 | 3261978 |
|  | Between the Group | 23 | W | 9536448 | 8288971 | 2749272 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W55,755 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;c. Details of conditional debt acceptance and principal and interest repayment commitments in the event of
non-compliance with completion guarantee covenant as of March 31, 2026 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of<br>constructions** | **Number of<br>constructions** | **Contract<br>amount** | **Contract<br>amount** | **Contingency<br>amount(\*1)(\*2)** | **Contingency<br>amount(\*1)(\*2)** | **Balance of<br>loans** | **Balance of<br>loans** |
|  Maintenance projects | All |  | 35 | W | 11323579 |  | 12940000 |  | 8516653 |
|  | Between the Group |  | 35 |  | 10695182 |  | 12550654 |  | 8190586 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W119,100 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.  |

---

&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** | **Approved amount** | **Remaining balance<br>after repayment** |
|  **[Associates and joint ventures]** |  |  |  |  |  |  |
|  POSCO DX | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 |  | 24923 | 22196 |
|  POSCO Eco & Challenge Co., Ltd. | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 |  | 319515 | 284547 |
|  | POHANG E&E Co., LTD(\*2) | Providing funds and<br>supplemental funding agreement | 2 |  | 71930 | 37968 |
|  | Pureun Tongyeong Enviro Co., Ltd.(\*2) | Providing funds | 1 |  | 25630 | 9513 |
|  | Pure Gimpo.Co.,Ltd(\*2) | Providing funds | 1 |  | 51565 | 20651 |
|  | Clean Iksan Co.,Ltd(\*2) | Providing funds | 1 |  | 44054 | 19619 |
|  |  |  | 7 |  | 537617 | 394494 |
|  **[Others]** |  |  |  |  |  |  |
|  POSCO DX | Western Inland highway CO.,LTD. | Providing funds | 1 |  | 47348 | 32668 |
|  | BUSAN SANSEONG TUNNEL Co.,Ltd. | Refinancing | 1 |  | 7621 | 7621 |
|  POSCO Eco & Challenge Co., Ltd.(\*3) | Western Seoul highway CO.,LTD.<br>and others | Supplemental funding agreement | 11 |  | 63683 | 27125 |
|  | Western Inland highway CO.,LTD. and others | Providing funds | 42 |  | 2778848 | 1579982 |
|  | Pohang Youngil Bay New Port | Debt assumption | 1 |  | 2250 | 1440 |
|  | Busan Sanseong Tunnel | Refinancing | 1 |  | 35296 | 26750 |
|  |  |  | 57 |  | 2935046 | 1675586 |
|  |  |  | 64 | W | 3472663 | 2070080 |

---

(\*1) The Group provides a funding commitment of W306,742 million (including other shares: W554,888 million) equivalent to the Group's share of the loan balance for the private investment project.

(\*2) The Group provides a funding commitment of W87,751 million (including other shares: W159,195 million) equivalent to the Group's share of the loan balance for the private investment project.

(\*3) The Group provides a funding commitment of W1,635,297 million (including other shares: W7,728,453 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** 

**March 31, 2026 and 2025 (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 March 31, 2026, the payment guarantees that the Group provides to clients, such as contract
performance guarantees, installment guarantees, and defect guarantees, by subscribing to insurance policies with 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** | **Agreed amount** | **Executed amount** | **Guarantor** |
|  **[Subsidiaries]** |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Ventanas Philippines Construction Inc | Guarantee on performance for contracts and others | W | 11814 | 11814 | Korea Trade Insurance Corporation |
|  POSCO GYR Tech | POSCO | Defect liability warranty |  | 101 | 101 | CI Guarantee |
|  |  |  |  | 11915 | 11915 |  |
|  **[Associates and joint ventures]** |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | PT.Tanggamus Electric Power | Letter of credit |  | 3035 | 3035 | Hana Bank |
|  | PT. Wampu Electric Power | Letter of credit |  | 2724 | 2724 | Hana Bank |
|  |  |  |  | 5759 | 5759 |  |
|  **[Others]** |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd | Guarantee on performance for construction |  | 8634973 | 8624380 | Construction Guarantee Cooperative |
|  POSCO WIDE Co., Ltd | Human Eco-Land Co., Ltd | Guarantee on performance for contracts and others |  | 3050 | 3050 | Seoul Guarantee Insurance |
|  POSCO GYR Tech | KEPCO Plant Service & Engineering Co., Ltd. | Defect liability warranty |  | 1095 | 1095 | CI Guarantee |
|  |  |  |  | 8639118 | 8628525 |  |
|  |  |  | W | 8656792 | 8646199 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② As of March 31, 2026, 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**<br>**amount** | **Agreed**<br>**amount** | **Executed**<br>**amount** |
|  Construction Guarantee Cooperative | Subcontractor Payment Guarantee and others | W | 5570310 | 5570310 |
|  Engineering Guarantee Insurance | Guarantee on performance for EPC contracts and others |  | 1018701 | 583353 |
|  Seoul Guarantee Insurance | Construction performance guarantee and others |  | 566919 | 566919 |
|  Korea Housing & Urban Guarantee Corporation | Housing Guarantee and others |  | 6430139 | 5756960 |
|  Woori Bank and others | Foreign currency guarantee |  | 2052005 | 855163 |
|  Korea software financial cooperative | Guarantee on performance for contracts |  | 120173 | 59900 |
|  Seoul Guarantee Insurance | Guarantee on performance and others |  | 80078 | 80078 |
|  Construction Guarantee Cooperative | Guarantee on performance |  | 24482 | 195 |
|  CI Guarantee | Defect liability warranty |  | 1196 | 1196 |
|  |  | W | 15864003 | 13474074 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other commitments

Details of other commitments of the Group as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Company** | **Description** |
| POSCO HOLDINGS INC. | As of March 31, 2026, 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 March 31, 2026, the ending balance of the borrowing amounts to USD 1.02 million. |
|  | POSCO HOLDINGS INC. has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of March 31, 2026. |
| 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 March 31, 2026, 57 million tons of iron ore and 18 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. 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 December 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 March 31, 2026, there are 32 vessels under contract, and the average remaining contract period is about 6 years. |
|  | POSCO entered into an agreement (LNG SPA) 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. Henry Hub Natural Gas Spot Price. POSCO has extension option of extending the purchase contract by five years. |
|  | Regarding the shares of FEWM CO., LTD., the Company holds a call option, exercisable during the period from July 1, 2026 to June 30, 2027, to purchase a portion of the largest shareholder's stake at a pre-negotiated exercise price, to the extent that the Company's shareholding in the target company reaches 59% of the total issued shares of the target company at the time of exercise. |
|  | The Company has participated in an investment to jointly construct an electric arc furnace-based integrated steel mill with Hyundai Motor Group in the State of Louisiana, U.S.A., in order to strengthen its response to the North American steel market and secure a production base for eco-friendly automotive steel sheets. Under this investment structure, POS-Louisiana Inc., a wholly-owned subsidiary established through a 100% equity investment by the Company, will acquire a 20% equity interest in HYUNDAI-POSCO Louisiana Steel LLC. The Company has guaranteed POS-Louisiana Inc.'s capital contribution obligation, amounting to a final investment of USD 582 million. |
| POSCO INTERNATIONAL Corporation | 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. |
|  | As of March 31, 2026, 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 March 31, 2026, the remaining amount of USD 484,364 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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Litigation in progress

The Group is involved in 432 lawsuits amounting to W1,218.9 billion as a defendant as of March 31, 2026, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to W35.6 billion for 35 lawsuits based on its reliable estimate of outflow of resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other major contingencies for the Group as of March 31, 2026 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 march 31, 2026, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 12 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 march 31, 2026, POSCO Eco & Challenge Co., Ltd. has provided 40 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans. |
| POSCO DX | As of march 31, 2026, 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 three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Trade accounts and notes receivable | W | (357706) | (202991) |
|  Other receivables |  | (83139) | 431409 |
|  Inventories |  | (399086) | 865893 |
|  Other current assets |  | (208233) | (159501) |
|  Other non-current assets |  | (18373) | (29769) |
|  Trade accounts and notes payable |  | (553028) | (518828) |
|  Other payables |  | (837026) | (644452) |
|  Other current liabilities |  | 478654 | (65404) |
|  Provisions |  | (110338) | (76578) |
|  Payments of severance benefits |  | (149644) | (131551) |
|  Plan assets |  | 141114 | 124073 |
|  Other non-current liabilities |  | (22464) | (14868) |
|  | W | (2119269) | (422567) |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**36. Operating Segments** 

(a) The Group's operating businesses are organized based on the nature of markets and customers. During the
three-month period ended March 31, 2026, the Group changed its internal organization and internal reporting structures. As a result, 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 |
| Rechargeable<br> battery Materials |  | EV battery materials such as lithium, nickel, negative/cathode materials, and hydrogen business |
| 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 classification of the information by operating segments for each of the three-month periods ended
March 31, 2026 and 2025 is as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Steel** | **Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>bettery materials** | **Others** | **Total** |
| *(in millions of Won)* | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Rechargeable<br>bettery materials** | **Others** | **Total** |
|  External revenues | W | 9347869 | 6391586 | 1457075 | 65628 | 605948 | 8000 | 17876106 |
|  Internal revenues |  | 5616356 | 4779655 | 295254 | 869361 | 372886 | 867448 | 12800960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues |  | 3232721 | 2013623 | 284129 | 862927 | 304088 | 864352 | 7561840 |
|  Total revenues |  | 14964225 | 11171241 | 1752329 | 934989 | 978834 | 875448 | 30677066 |
|  Segment profits (loss) |  | 292752 | 183349 | 25836 | 9497 | (51239) | 745106 | 1205301 |

---

2) For the three-month period ended March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Steel** | **Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>bettery materials** | **Others** | **Total** |
| *(in millions of Won)* | **Steel** | **Steel** | **Construction** | **Trading** | **Logistics and<br>others** | **Rechargeable<br>bettery materials** | **Others** | **Total** |
|  External revenues | W | 9385246 | 5856366 | 1469945 | 95912 | 621184 | 8123 | 17436776 |
|  Internal revenues |  | 5577344 | 4704403 | 418255 | 781190 | 308624 | 678380 | 12468196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues |  | 3748127 | 2269085 | 394431 | 776037 | 269624 | 676556 | 8133860 |
|  Total revenues |  | 14962590 | 10560769 | 1888200 | 877102 | 929808 | 686503 | 29904972 |
|  Segment profits |  | 222137 | 156202 | (8193) | 24986 | (97014) | 586932 | 885050 |

---

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

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

**March 31, 2026 and 2025 (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)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Total profit for the period | W | 1205301 | 885050 |
|  Fair value adjustments |  | (13840) | (15590) |
|  Elimination of intra-group transactions |  | (648071) | (525225) |
|  Income tax expense |  | 213221 | 165723 |
|  Profit before income tax expense | W | 756611 | 509958 |

---

**37. Matters Concerning Tariffs** 

In June 2025, the U.S. government announced an executive order imposing a 50% tariff on all steel and aluminum products, which took effect on June 4, 2025. The imposition of this tariff creates uncertainty in the estimates of the financial statements.

**38. Events after the reporting period** 

(a) Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to pay interim
cash dividends of W 2,000 per common share (Total dividends: W 151.2 billion).

(b) On April 13, 2026, the Company completed the disposal of its equity interests in its subsidiaries, POSCO
(Zhangjiagang) Stainless Steel Co., Ltd. and Qingdao Pohang Stainless Steel Co., Ltd., in order to enhance the operational efficiency of its steel business.

(c) Pursuant to a resolution of the Board of Directors on May 12, 2026, the Company decided to provide a
payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The guarantee period is five years from June 1, 2026 to May 31, 2031.

(d) POSCO, a subsidiary of the Company, entered into a joint venture agreement with JSW Steel Limited
("JSW") to construct an integrated steel mill in the State of Odisha, India, In order to strengthen its competitiveness in the Indian steel market and continue to expand its market share in the automotive steel sheet segment. Under this
structure, POSCO will acquire newly issued shares of Saffron Resources Private Limited ("Saffron"), a subsidiary of JSW, thereby converting Saffron into a joint venture company (JVC) with an ownership ratio of 50% by POSCO and 50% by
JSW. The total investment for this project amounts to USD 7,288 million, of which POSCO's share of the total investment is USD 3,644 million (consisting of USD 1,093 million in equity and USD 2,551 million in borrowings).
The borrowing portion of USD 2,551 million is scheduled to be submitted separately to the Board of Directors for approval upon the finalization of the financing plan.

------

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

Interim condensed separate financial statements

for each of the three-month periods ended March 31, 2026 and 2025

with the independent auditor's review report

------

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

[Report on review of interim condensed separate financial statements](#ex99_1115896_201)

---

| | |
|:---|:---|
|  | Page |
|  [Interim condensed separate financial statements](#ex99_1115896_202) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed separate statements of financial position](#ex99_1115896_203) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed separate statements of comprehensive income](#ex99_1115896_204) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed separate statements of changes in equity](#ex99_1115896_205) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Interim condensed separate statements of cash flows](#ex99_1115896_206) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to the interim condensed separate financial statements](#ex99_1115896_207) | 6 |

---

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

---

| | |
|:---|:---|
| ![LOGO](g115896g85z49.jpg) | <br> **EY Han Young**<br> 2-3F, 7-8F, 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 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 March 31, 2026 and the related interim condensed separate statements of comprehensive income, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the three-month periods ended March 31, 2026 and 2025, 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*.

------

##### [**Table of Contents**](#toc)
![LOGO](g115896g85z49.jpg)

**Other matters** 

We have audited the separate statement of financial position of the Company as of December 31, 2025, 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 11, 2026 expressed an unqualified opinion thereon. The accompanying separate statement of financial position of the Company as of December 31, 2025, presented for comparative purposes, is not different from the above audited separate statement of financial position.

May 15, 2026

This review report is effective as of May 15, 2026, 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.

------

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

Interim condensed separate financial statements

for each of the three-month periods ended March 31, 2026 and 2025

"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 HOLDINGS INC.

------

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

**Interim condensed separate statements of financial position** 

**as of March 31, 2026 (Unaudited) and December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **March 31, 2026<br>(unaudited)** | **March 31, 2026<br>(unaudited)** | **December 31,<br>2025** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 19, 32 | W | 361212 | 184416 |
|  Trade accounts, net | 4, 19, 30, 32 |  | 927704 | 157668 |
|  Other receivables, net | 5, 19, 30, 32 |  | 194848 | 146146 |
|  Other short-term financial assets | 6, 19 |  | 3284899 | 3454794 |
|  Assets held for sale | 7 |  |  |  |
|  Other current assets | 12 |  | 1988 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 4770651 | 3945123 |
|  Other receivables, net | 5, 19, 30 |  | 26520 | 17414 |
|  Other long-term financial assets | 6, 19 |  | 588775 | 506736 |
|  Investments in subsidiaries, associates and joint ventures | 8 |  | 46267604 | 46290252 |
|  Investment property, net | 9 |  | 315277 | 319392 |
|  Property, plant and equipment, net | 10 |  | 708028 | 703140 |
|  Intangible assets, net | 11 |  | 29630 | 29659 |
|  Other non-current assets | 12 |  | 5788 | 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 47941622 | 47870462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 52712273 | 51815585 |

---

*(continued)* 

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

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

**as of March 31, 2026 (Unaudited) and December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **March 31, 2026<br>(unaudited)** | **March 31, 2026<br>(unaudited)** | **December 31,<br>2025** |
|  **Liabilities** |  |  |  |  |
|  Short-term borrowings and current portion of long-term borrowings | 13, 19 | W | 47742 | 45973 |
|  Other current payables | 14, 30, 32 |  | 260230 | 53466 |
|  Other short-term financial liabilities | 15, 19 |  | 29386 | 21545 |
|  Provisions | 16 |  | 45360 | 46421 |
|  Current tax liabilities | 28 |  | 116921 | 72404 |
|  Other current liabilities | 18 |  | 6951 | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 506590 | 245628 |
|  Long-term borrowings, excluding current portion | 13 |  | 1048639 | 993857 |
|  Other non-current payables | 14, 19, 30, 32 |  | 35766 | 35037 |
|  Defined benefit liabilities, net | 17 |  | 5962 | 5533 |
|  Deferred tax liabilities | 28 |  | 2599543 | 2592964 |
|  Long-term provisions | 16 |  | 2498 | 2947 |
|  Other non-current liabilities | 18 |  | 1165 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 3693573 | 3631688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 4200163 | 3877316 |
|  **Equity** |  |  |  |  |
|  Share capital | 20 |  | 482403 | 482403 |
|  Capital surplus | 20 |  | 1367990 | 1367990 |
|  Accumulated other comprehensive loss | 21 |  | (45981) | (45874) |
|  Treasury shares | 22 |  | (801771) | (1176316) |
|  Retained earnings |  |  | 47509469 | 47310066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 48512110 | 47938269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 52712273 | 51815585 |

---

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

------

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

**Interim condensed separate statements of comprehensive income** 

**for each of the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the three-month period<br>ended March 31<br>(Unaudited)** | **For the three-month period<br>ended March 31<br>(Unaudited)** | **For the three-month period<br>ended March 31<br>(Unaudited)** |
| *(in millions of Won, except per share informations)* |<br>**Notes** | **2026** | **2026** | **2025** |
|  **Operating revenue** | 23, 30 | W | 850360 | 664697 |
|  **Operating expenses** | 24 |  | (95592) | (90316) |
|  **Operating profit** |  |  | 754768 | 574381 |
|  Finance income and costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | 19, 25 |  | 114014 | 31716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 19, 25 |  | (76148) | (4285) |
|  Other non-operating income and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income | 26 |  | 1082 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses | 26 |  | (23083) | (1523) |
|  **Profit before income tax** |  |  | 770633 | 601205 |
|  Income tax expense | 28 |  | (7555) | (12447) |
|  **Profit** |  |  | 763078 | 588758 |
|  **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 |  | (77) | 10 |
| &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 | 6, 21 |  | (107) | 47476 |
|  **Total comprehensive income** |  | W | 762894 | 636244 |
|  **Earnings per share (in Won)** | 29 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 10091 | 7786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 10091 | 7786 |

---

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

------

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

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

**for each of the three-month periods ended March 31, 2026 and 2025 (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, 2025** | W | 482403 | 1367990 | (62645) | (1550862) | 47952144 | 48189030 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 588758 | 588758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | 10 | 10 |
| &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 |  |  |  | 47476 |  |  | 47476 |
|  **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; Retirement of treasury shares |  |  |  |  | 374545 | (374545) |  |
|  **Balance as of March 31, 2025 (Unaudited)** | W | 482403 | 1367990 | (15169) | (1176317) | 47977315 | 48636222 |
|  **Balance as of January 1, 2026** | W | 482403 | 1367990 | (45874) | (1176317) | 47310066 | 47938268 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 763078 | 763078 |
| &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 |  |  |  |  |  | (77) | (77) |
| &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 |  |  |  | (107) |  |  | (107) |
|  **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; Retirement of treasury shares |  |  |  |  | 374546 | (374546) |  |
|  **Balance as of March 31, 2026 (Unaudited)** | W | 482403 | 1367990 | (45981) | (801771) | 47509469 | 48512110 |

---

The accompanying notes are an integral part of the interim condensed separate financial statements

------

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

**Interim condensed separate statements of cash flows, continued** 

**for each of the three-month periods ended March 31, 2026 and 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2025<br>(Unaudited)** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the period | W | 763078 | 588758 |
|  Adjustments for : |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  | 2329 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 5527 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 681 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  | (112675) | (31585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | (808584) | (618709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | 75993 | 3485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries, associates and joint venture |  | 22773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | 7555 | 12447 |
|  Changes in operating assets and liabilities |  | (24192) | (45241) |
|  Interest received |  | 23278 | 11002 |
|  Dividends received |  | 67295 | 54910 |
|  Income taxes paid |  | (6029) | (6754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | W | 17063 | (23242) |
| *(in millions of Won)* | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2026<br>(Unaudited)** | **for the three-month<br>period ended<br>March 31, 2025<br>(Unaudited)** |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposit instruments | W | 1000000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  | 193122 | 728328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of other securities |  | 1752 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investments in subsidiaries, associates and joint ventures |  |  | 8222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  | (780000) | (910000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term financial instruments |  | (181967) | (489226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of current portion of debt securities |  | (60000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of other securities |  | (1115) | (6314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investments in subsidiaries, associates and joint ventures |  | (5500) | (619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment |  | (6259) | (2986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible asstes |  | (652) | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term lease security deposits |  | (90) | (466) |
| &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 investing activities | W | 159291 | 29146 |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term financial liabilities |  | 447 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  | (15) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | W | 432 | 3274 |
|  **Effect of exchange rate fluctuation on cash held** |  | 10 |  |
|  **Net increase in cash and cash equivalents** |  | 176796 | 9178 |
|  **Cash and cash equivalents at beginning of the period** |  | 184416 | 409387 |
|  **Cash and cash equivalents at end of the period** | W | 361212 | 418565 |

---

The accompanying notes are an integral part of the interim condensed separate financial statements

------

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

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

**March 31, 2026 and 2025 (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 March 31, 2026, the shares of the Company are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange.

**2. Basis of Preparation** 

**Statement of compliance** 

The interim condensed separate financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS"), 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, 2025. 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, 2025. 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.

------

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

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

**March 31, 2026 and 2025 (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 accounting policies applied by the Company in the preparation of the interim condensed separate financial statements, and the judgments made by management in determining the estimated amounts, were the same as those applied and described in the Company's annual financial statements for the year ended December 31, 2025.

(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.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• &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;• &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 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, 2025.

**Changes in Accounting Policies** 

(a) Amendments to KIFRS 1109 *Financial Instruments* and 1107: *Financial Instruments: Disclosures – Classification and Measurement of Financial Instruments* 

The amendments to KIFRS 1109 and KIFRS 1107 Classification and Measurement of Financial Instruments include:

● a clarification that a financial liability is derecognized on the "settlement date" and the introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;

● additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed;

● clarifications on what constitute "non-recourse features" and what are the characteristics of contractually linked instruments; and

● the introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments measured at fair value through other comprehensive income (OCI).

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**3. Material Accounting Policy Information (cont'd)** 

(b) Annual Improvements to KIFRS – Volume 11

Annual Improvements to KIFRS—Volume 11 have been announced for the purpose of improving consistency of requirements set out in each standard, enhancing clarity, and providing better understanding of the amendments.

- Amendments to KIFRS 1101 *First-time adoption of KIFRS: Hedge accounting by a first-time adopter*

- Amendments to KIFRS 1107 *Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for application of amendments in practice*

- Amendments to KIFRS 1109 *Financial Instruments: Accounting for derecognition of lease liabilities and definition of transaction prices*

- Amendments to KIFRS 1110 *Consolidated Financial Statements: Determination of a 'de facto agent'*

- Amendments to KIFRS 1007 *Statement of Cash Flows: Cost Method*

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

(c) Amendments to KIFRS 1109 *Financial Instruments* and KIFRS 1107 *Financial Instruments: Disclosures—Contracts Referencing Nature-dependent Electricity* 

The amendments to KIFRS 1109 and KIFRS 1107—Contracts Referencing Nature-dependent Electricity have been issued and include the followings:

● clarification of the application of the "own-use" requirements for in-scope contracts;

● amendments to the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and

● addition of new disclosure requirements to enable investors to understand the effect of these contracts on an entity's financial performance and cash flows.

The amendments have no material impact on the Group's interim condensed consolidated financial statements.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**New and amended standards not yet adopted by the Group** 

The following new and amended accounting standards and interpretations had been issued but were not mandatory for annual reporting periods ending on December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *KIFRS 1118 Presentation and Disclosure in Financial Statements* 

Key changes in the accounting policies

KIFRS 1118 has been issued, which replaces KIFRS 1001 Presentation of Financial Statements. KIFRS 1118 is expected to enhance the comparability of financial performance among similar firms by providing information users with useful information for analyzing and comparing firm performance, with a focus on the statement of profit or loss.

KIFRS 1118 is effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted. As the Group must apply this standard retrospectively in accordance with KIFRS 1008 Accounting Policies, Changes in Accounting Estimates and Errors, comparative information for the fiscal year ended December 31, 2027 is restated in accordance with KIFRS 1118.

The major accounting policies expected to result in significant differences from the current financial statements when the Group prepares the financial statements in accordance with KIFRS 1118 are as follows. These do not include all the differences that may incur in the future and are subject to change based on further analysis.

1) Changes such as presentation in the statement of profit or loss

KIFRS 1118 introduces new requirements for presentation within the statement of profit or loss to classify all income and expenses into one of five categories: operating, investing, financing, income taxes and discontinued operations. An entity is required to classify all income and expenses shown in the statement of profit or loss to the operating category if they do not fall under the investing, financing, income taxes, or discontinued operations categories. According to KIFRS 1118, the operating category is a residual category, meaning it will encompass any income and expenses not assigned to the other specified categories.

The Group shall evaluate its main business activities to classify income and expenses; if the Group's core business is to provide financing to customers or invest in assets with particular features, some income and expenses that might ordinarily have been classified in the investing or financing category, when applying the general principles, will be presented in the operating category.

The operating profit or loss of KIFRS 1118 differs significantly from the operating profit or loss under KIFRS 1001, which is defined as income less cost of goods sold and selling and administrative expenses under KIFRS 1001. KIFRS 1118 requires the disclosure of operating profit or loss calculated in accordance with KIFRS 1001 in the notes, and the details of the adjustments for the difference between operating profit or loss under KIFRS 1118 and operating profit or loss under KIFRS 1001 shall also be disclosed in the notes.

In addition, KIFRS 1118 requires the presentation of "operating profit or loss," consisting of all income and expenses classified under operating category, operating profit or loss and "operating profit or loss before financing and income taxes," consisting of all income and expenses classified under investing category, and "net profit or loss." However, there is an exception from presenting the subtotal "profit or loss before financing and income taxes" if the Group has a main business activity of providing financing to customers, depending on the accounting policies applied.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**New and amended standards not yet adopted by the Group (cont'd)** 

2) Disclosure of management-defined performance measures(MPMs)

KIFRS 1118 introduces the concept of MPMs which are defined as a subtotal of income and expenses that an entity uses in public communications outside financial statements, to communicate management's view of an aspect of the financial performance of the entity as a whole to the users. KIFRS 1118 defines MPMs as subtotals of income and expenses that are not specified in paragraph 118 of KIFRS 1118 or for which presentation and disclosure of subtotals of income and expenses are not specifically required.

If a performance measure qualifies as an MPM, KIFRS 1118 specifies the disclosure requirements. These disclosures should be included in a single note in the financial statements, and include:

● a description of the aspect of financial performance which is communicated by the MPM, as well as explanation of why the MPM provides useful financial information;

● how the MPM is calculated; and

● a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the income tax effects and the effect on non-controlling interests for each reconciling item.

3) Changes such as classification of cash flows, etc.

In addition, narrow-scope amendments have been made to KIFRS 1007 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest.

Assessment of major impact

The Group has not applied KIFRS 1118 as it is not mandatorily applicable yet, and the Group plans to report the first interim financial statements for the reporting period ended December 31, 2027, in accordance with KIFRS 1118.

**4. Trade Receivable and Notes Receivable** 

Details of trade accounts and notes receivable as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 780061 | 41384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables (contract assets) |  | 147643 | 116284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  |  |  |
|  | W | 927704 | 157668 |

---

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**5. Other Receivables** 

Details of other receivables as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable(\*1) | W | 149829 | 103109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*2) |  | 49599 | 47379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*2) |  | (4580) | (4342) |
|  | W | 194848 | 146146 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans(\*2) | W | 254806 | 241717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term other accounts receivable |  | 25381 | 16365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1139 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*2) |  | (254806) | (241717) |
|  | W | 26520 | 17414 |

---

---

| | |
|:---|:---|
| (\*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.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**6. Other Financial Assets** 

(a) Details of other financial assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2900000 | 3120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 94899 | 104794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Securities |  | 290000 | 230000 |
|  | W | 3284899 | 3454794 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 170672 | 170819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 262661 | 258164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 155440 | 77751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2 | 2 |
|  | W | 588775 | 506736 |

---

(b) Details of equity securities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31,<br>2025** |
|  | **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; CSN Mineracao S.A. | 102186675 | 1.88 |  | 206265 | 145738 | (60527) | 145738 | 145885 |
|  |  |  |  | 206265 | 145738 | (60527) | 145738 | 145885 |
|  **Non-marketable equity securities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLANTEC Co., Ltd. | 18337912 | 10.99 |  | 19437 | 23564 | 4127 | 23564 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual Discovery Co., Ltd. | 200000 | 5.62 |  | 5000 | 1350 | (3650) | 1350 | 1350 |
| &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) |  |  |
|  |  |  |  | 27181 | 24934 | (2247) | 24934 | 24934 |
|  |  |  | W | 233446 | 170672 | (62774) | 170672 | 170819 |

---

**7. Assets Held for Sale** 

Details of assets Held for Sale as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **December 31, 2025** |
|  Beginning | W – | 467796 |
|  Valuations | – | 918 |
|  Disposals | – | (468714) |
|  Ending | W – |  |

---

For the year ended December 31, 2025, the Company disposed its long-term investments in Nippon Steel Corporation and recognized losses on disposal of assets held for sale of W9,883 million.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**8. Investments in Subsidiaries, Associates and Joint ventures** 

(a) Details of investments in subsidiaries, associates and joint ventures as of March 31, 2026 and
December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  Investment in subsidiaries | W | 43459077 |  | 43478793 |
|  Investment in associates |  | 209922 |  | 212855 |
|  Investment in joint ventures |  | 2598605 |  | 2598605 |
|  | W | 46267604 |  | 46290253 |

---

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 March 31, 2026 and December 31, 2025 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31,<br>2025** |
|  | **Country** | **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 | 58.18 |  | 1924555 | 1924555 |
| &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 |  | 642940 | 642940 |
| &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 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 |  |  |  |  | 492173 | 511889 |
|  |  |  |  |  | 38848694 | 38868410 |
|  **[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.(\*1) | China | Stainless steel manufacturing and sales | 58.60 |  | 259819 | 259819 |
| &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,<br>and technology research | 100.00 |  | 68410 | 68410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qingdao Pohang Stainless Steel Co., Ltd.(\*1) | China | Stainless steel manufacturing and sales | 70.00 |  | 65982 | 65982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Suzhou) Automotive <br>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 |  | 1352943 | 1352943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 242685 | 242685 |
|  |  |  |  |  | 4610383 | 4610383 |
|  |  |  |  | W | 43459077 | 43478793 |

---

(\*1) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell its equity interest in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co., Ltd and Qingdao Pohang Stainless Steel Co., Ltd.

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**8. Investments in Subsidiaries, Associates and Joint ventures (cont'd)** 

(c) Details of associates and carrying amounts as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  | **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 |  |  |  |  | 13904 | 16837 |
|  |  |  |  |  | 39929 | 42862 |
|  **[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 | 209922 | 212855 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026, the entity is classified as 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 March 31, 2026 and December 31, 2025 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  | **Country** | **Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
|  Roy Hill Holdings Pty Ltd(\*1) | Australia | Natural resources exploration | 10.00 | W | 1225464 | 1225464 |
|  POSCO-NPS Niobium LLC | USA | Foreign investments in mining | 50.00 |  | 364609 | 364609 |
|  KOBRASCO | Brazil | Steel materials manufacturing<br>and sales | 50.00 |  | 98962 | 98962 |
|  HBIS-POSCO Automotive Steel Co., Ltd | China | Steel manufacturing and sales | 50.00 |  | 235207 | 235207 |
|  BX STEEL POSCO Cold Rolled Sheet Co., Ltd. | China | Steel manufacturing and sales | 25.00 |  | 63866 | 63866 |
|  PT NICOLE METAL INDUSTRY | Indonesia | Nickel Smelting | 49.00 |  | 604045 | 604045 |
|  Hydrogen Duqm LLC | Oman | Green Hydrogen/Ammonia<br>product business development | 44.80 |  | 6452 | 6452 |
|  Nickel Mining Company SAS(\*2) | New<br>Caledonia | Raw material manufacturing<br>and sales | 49.00 |  |  |  |
|  SNNC(\*2) | Korea | STS material manufacturing<br>and sales | 49.00 |  |  |  |
|  |  |  |  | W | 2598605 | 2598605 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026 and December 31, 2025, 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) In prior years, the Company assessed that the value in use of the equity interest was likely to be low and recognized a full impairment loss.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**9. Investment Property** 

Changes in the carrying amounts of investment properties for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(a) For the three-month period ended March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 215866 |  | (1004) | 214862 |
|  Buildings |  | 89988 | (1835) | (933) | 87220 |
|  Structures |  | 13538 | (203) | (140) | 13195 |
|  | W | 319392 | (2038) | (2077) | 315277 |

---

(\*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, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 216211 |  | (345) | 215866 |
|  Buildings |  | 97752 | (7417) | (347) | 89988 |
|  Structures |  | 14409 | (821) | (50) | 13538 |
|  | W | 328372 | (8238) | (742) | 319392 |

---

(\*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** 

**March 31, 2026 and 2025 (Unaudited)** 

**10. Property, Plant and Equipment** 

Changes in the carrying amounts of property, plant and equipment for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(a) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 118418 |  |  | 1004 | 119422 |
|  Buildings |  | 26826 |  | (511) | 933 | 27248 |
|  Structures |  | 6923 |  | (103) | 140 | 6960 |
|  Machinery and equipment |  | 32422 | 1906 | (2296) | 28 | 32060 |
|  Vehicles |  | 28 |  | (4) |  | 24 |
|  Furniture and fixtures |  | 17830 | 26 | (575) |  | 17281 |
|  Construction-in-progress |  | 500693 | 4368 |  | (28) | 505033 |
|  | W | 703140 | 6300 | (3489) | 2077 | 708028 |

---

(\*1) Includes assets transferred to investment property.

(b) For the year ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 45151 | 34545 |  |  | 38722 | 118418 |
|  Buildings |  | 28447 |  |  | (1967) | 346 | 26826 |
|  Structures |  | 7338 |  | (63) | (403) | 51 | 6923 |
|  Machinery and equipment |  | 29821 | 9299 | (1162) | (5789) | 253 | 32422 |
|  Vehicles |  | 44 |  |  | (16) |  | 28 |
|  Furniture and fixtures |  | 12933 | 6581 | (10) | (1674) |  | 17830 |
|  Construction-in-progress |  | 292259 | 242172 |  |  | (33738) | 500693 |
|  | W | 415993 | 292597 | (1235) | (9849) | 5634 | 703140 |

---

(\*1) Includes assets transferred from construction-in-progress to other property, plant and equipment categories, assets transferred to investment property, and assets transferred from advance payments.

(c) Information on lease agreements for which the Company is a lessee is as follows:

1) Right-of-use assets

As of March 31, 2026 and December 31, 2025, 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 periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Expenses related to short-term leases | W | 2603 |  | 2892 |
|  Expenses related to leases of low-value assets |  | 1856 |  | 1646 |
|  | W | 4459 |  | 4538 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**11. Intangible Assets** 

Changes in the carrying amount of intangible assets for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(a) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 928 |  | (56) | 167 | 1039 |
|  Membership(\*1) |  | 10992 |  |  |  | 10992 |
|  Development expense |  | 5369 |  | (568) |  | 4801 |
|  Construction-in-progress |  | 12157 | 652 |  | (167) | 12642 |
|  Other intangible assets |  | 213 |  | (57) |  | 156 |
|  | W | 29659 | 652 | (681) |  | 29630 |

---

(\*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, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 803 |  |  | (194) | 319 | 928 |
|  Membership(\*1) |  | 10072 | 920 |  |  |  | 10992 |
|  Development expense |  | 3461 | 2413 |  | (1916) | 1411 | 5369 |
|  Construction-in-progress |  | 6680 | 7230 | (23) |  | (1730) | 12157 |
|  Other intangible assets |  | 445 |  |  | (232) |  | 213 |
|  | W | 21461 | 10563 | (23) | (2342) |  | 29659 |

---

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

(\*2) Presenting assets transferred from construction-in-progress to other intangible assets.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**12. Other Assets** 

Details of other assets as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 897 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 1091 | 1198 |
|  | W | 1988 | 2099 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 5616 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 172 | 231 |
|  | W | 5788 | 3869 |

---

**13. Borrowings** 

(a) Details of borrowings as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Short-term borrowings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchangeable bonds | W | 46198 | 44509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings |  | 1544 | 1464 |
|  |  | 47742 | 45973 |
|  **Long-term borrowings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | W | 1048639 | 993857 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

(b) Details of current portion of debentures as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance<br>date** | **Maturity<br>date** | **Annual<br>interest rate (%)** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Exchangeable bonds | Foreign currency<br>exchangeable bonds | Sep. 1, 2021 | Sep. 1, 2026 |  | W | 46198 | 44509 |
|  Foreign borrowings | KOREA ENERGY AGENCY | Dec. 27, 2011 | Dec. 26, 2026 | 3 year<br>Government bond |  | 1544 | 1464 |
|  |  |  |  |  | W | 47742 | 45973 |

---

(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 : -<br>- 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<br>- Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2) (Won/share) | 419025 |
| 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<br>- 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<br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br>- 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, 2025.  |

---

(\*2) The exchange price has changed due to cash dividends paid during the three-month period ended March 31, 2026.

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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

(d) Details of long-term borrowings and others excluding current portion, as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance**<br> **date** | **Maturity**<br> **date** | **Annual<br>interest rate (%)** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Bonds payable in foreign currency(\*1) | Global Bonds (5 year maturity) | May. 7, 2025 | May. 7, 2030 | 5.125 |  | 599639 | 568243 |
|  Bonds payable in foreign currency(\*1) | Global Bonds (10 year maturity) | May. 7, 2025 | May. 7, 2035 | 5.750 |  | 449000 | 425614 |
|  |  |  |  |  | W | 1048639 | 993857 |

---

(\*1) The Company enters into currency swap contracts to hedge foreign exchange risk associated with its foreign currency-denominated bonds.

**14. Other Payables** 

Details of other payables as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 24617 | 27162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 43436 | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 192177 | 3140 |
|  | W | 260230 | 53466 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings |  | 36835 | 36388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Present value discount |  | (1069) | (1351) |
|  | W | 35766 | 35037 |

---

**15. Other Financial Liabilities** 

Details of other financial liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  **Current** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities | W | 29386 |  | 21545 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**16. Provisions** 

(a) Details of provisions as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Provision for bonus payments(\*1) | W | 2753 |  | 4907 |  |
|  Provision for restoration(\*2) |  | 2739 | 2498 | 2742 | 2947 |
|  Others(\*3) |  | 39868 |  | 38772 |  |
|  | W | 45360 | 2498 | 46421 | 2947 |

---

---

| | |
|:---|:---|
| (\*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 March 31, 2026. 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 3.99% 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 W39,868 million of the financial guarantee liabilities the Company provided as other provisions.

(b) Changes in provisions for the three-month period ended March 31, 2026 and the year ended December 31,
2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 4907 | 2213 | (4367) |  | 2753 |
|  Provision for restoration |  | 5689 | 34 | (486) |  | 5237 |
|  Others |  | 38772 |  |  | 1096 | 39868 |
|  | W | 49368 | 2247 | (4853) | 1096 | 47858 |

---

(\*1) Reflecting the effect of exchange rate fluctuation.

2) For the year ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 4175 | 8465 | (7733) |  | 4907 |
|  Provision for restoration |  | 6932 | 341 | (1584) |  | 5689 |
|  Others |  | 35161 |  |  | 3611 | 38772 |
|  | W | 46268 | 8806 | (9317) | 3611 | 49368 |

---

(\*1) Reflecting the effect of exchange rate fluctuation.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**17. Post-employment plans** 

(a) Defined contribution plans

The expense related to defined contribution retirement plans for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Expense related to post-employment benefit plans under defined contribution plans | W | 71 |  | 44 |

---

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of March 31, 2026 and December 31, 2025 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Present value of funded obligations | W | 43073 | 42815 |
|  Fair value of plan assets |  | (37111) | (37282) |
|  Net defined benefit liabilities | W | 5962 | 5533 |

---

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 periods ended March 31, 2026 and 2025 are as follows: 

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Current service costs | W | 2364 | 3312 |
|  Net interest costs |  | (36) | (29) |
|  | W | 2328 | 3283 |

---

**18. Other Liabilities** 

Details of other liabilities as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received | W | 3552 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 3274 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 125 | 72 |
|  | W | 6951 | 5819 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received | W | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 1068 | 1351 |
|  | W | 1165 | 1351 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**19. Financial Instruments** 

(a) Classification and fair value of financial instruments

1) The classification of the carrying amounts and fair values of financial assets and financial liabilities by the fair value hierarchy level as of March 31, 2026 and December 31, 2025 are as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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 | 155440 |  | 155440 |  | 155440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments |  | 94899 |  | 94899 |  | 94899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 262661 |  |  | 262661 | 262661 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 170672 | 145738 | 23564 | 1370 | 170672 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 361212 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 780061 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 290000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 77881 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2900002 |  |  |  |  |
|  | W | 5092828 | 145738 | 273903 | 264031 | 683672 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 46198 | 46198 |  |  | 46198 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 1050183 |  | 1050183 |  | 1050183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 29386 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 279856 |  |  |  |  |
|  | W | 1405623 | 46198 | 1050183 |  | 1096381 |

---

---

| | |
|:---|:---|
| (\*1) | Fair value of financial assets and liabilities measured at amortized cost approximates their carrying amounts.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② December 31, 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 | 77751 |  | 77751 |  | 77751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments |  | 104794 |  | 104794 |  | 104794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 258164 |  |  | 258164 | 258164 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 170819 | 145885 | 23564 | 1370 | 170819 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 184416 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 41384 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 230000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 66208 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 3120002 |  |  |  |  |
|  | W | 4253538 | 145885 | 206109 | 259534 | 611528 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 44509 | 44509 |  |  | 44509 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 995321 |  | 995321 |  | 995321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 21545 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 77383 |  |  |  |  |
|  | W | 1138758 | 44509 | 995321 |  | 1039830 |

---

---

| | |
|:---|:---|
| (\*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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

2) Financial liabilities were recognized in connection with financial guarantee contracts as of March 31, 2026. 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 | 113505 |  |  |
|  | ING | USD | 75000000 | 113505 | 40000000 | 60536 |
|  | Shinhan | USD | 50000000 | 75670 | 50000000 | 75670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U. | BNP | USD | 110000000 | 166474 | 106651981 | 161407 |
|  | CITI | USD | 187975000 | 284481 | 182677605 | 276464 |
|  | Credit Agricole | USD | 187975000 | 284481 | 182677605 | 276464 |
|  | HSBC | USD | 187975000 | 284481 | 172380106 | 260880 |
|  | JPM | USD | 187975000 | 284481 | 182677606 | 276464 |
|  | BANK OF AMERICA | USD | 50900000 | 77032 | 49306801 | 74621 |
|  | KEXIM | USD | 167100000 | 252889 | 161797866 | 244865 |
|  **Joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NICKEL MINING COMPANY SAS | ING | EUR | 46000000 | 79735 | 46000000 | 79735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT.Nicole Metal Industry | STANDARD CHARTERED | USD | 24500000 | 37078 | 2927727 | 4431 |
|  | OCBC | USD | 15680000 | 23730 | 7063979 | 10691 |
|  |  | USD | 1320080000 | 1997807 | 1138161278 | 1722493 |
|  |  | EUR | 46000000 | 79735 | 46000000 | 79735 |

---

3) Gains (losses) on financial instruments by category for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the three-month period ended March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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 on<br>disposal** | **Gain and loss<br>on valuation** | **Others** | **Total** | **Other<br>comprehensive<br>income** |
|  Financial assets at fair value <br>through profit or loss | W |  | 5134 | 546 | 78092 |  | 83772 |  |
|  Financial assets at fair value <br>through other comprehensive income |  |  |  |  |  |  |  | (107) |
|  Financial assets measured at <br>amortized cost |  | 25294 | 2890 |  |  |  | 28184 |  |
|  Financial liabilities at fair value <br>through profit or loss |  |  | (1270) |  | (419) |  | (1689) |  |
|  Financial liabilities measured at <br>amortized cost |  | (16613) | (57133) |  |  | 1345 | (72401) |  |
|  | W | 8681 | (50379) | 546 | 77673 | 1345 | 37866 | (107) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the three-month period ended March 31, 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 and loss on<br>disposal** | **Gain and loss on<br>valuation** | **Others** | **Total** | **Other<br>comprehensive<br>loss** |
|  Financial assets at fair value <br>through profit or loss | W |  | (229) | 7835 | (1097) |  | 6509 |  |
|  Financial assets at fair value <br>through other comprehensive income |  |  |  |  |  |  |  | 47476 |
|  Financial assets measured at <br>amortized cost |  | 21674 | 274 |  |  |  | 21948 |  |
|  Financial liabilities at fair value <br>through profit or loss |  |  | (1513) |  | (81) |  | (1594) |  |
|  Financial liabilities measured at <br>amortized cost |  | (269) | (245) |  |  | 1082 | 568 |  |
|  | W | 21405 | (1713) | 7835 | (1178) | 1082 | 27431 | 47476 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**20. Share Capital and Capital Surplus** 

(a) Share capital as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except share information)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Number of shares authorized shares |  | 200000000 | 200000000 |
|  Par value per share | W | 5000 | 5000 |
|  Number of shares Issued(\*1,2) |  | 79241527 | 80932952 |
|  Share capital(\*3) | W | 482403125000 | 482403125000 |

---

---

| | |
|:---|:---|
| (\*1) | As of March 31, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 10,005,636 and such ADRs are equivalent to 2,501,409 shares of common stock.  |

---

---

| | |
|:---|:---|
| (\*2) | Pursuant to the resolution of the Board of Directors' meeting on February 19, 2026, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of March 31, 2026, the Company's total number of issued shares has decreased.  |

---

(\*3) As of March 31, 2026, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W86,195 million due to retirement of 17,239,098 treasury stocks.

(b) Details of capital surplus as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Share premium | W | 463825 | 463825 |
|  Gain on disposal of treasury shares |  | 808994 | 808994 |
|  Gain from business combination |  | 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**21. Accumulated Other Comprehensive Income** 

Accumulated other comprehensive income as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  Changes in fair value of equity investments at fair value through other comprehensive income | W | (45981) | (45874) |

---

**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 three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(shares, in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Number of shares** | **Amount** | **Amount** | **Number of shares** | **Amount** | **Amount** |
|  Beginning | 5312173 | W | 1176316 | 7003598 | W | 1550862 |
|  Retirement of teasury shares | (1691425) |  | (374545) | (1691425) |  | (374546) |
|  Ending | 3620748 | W | 801771 | 5312173 | W | 1176316 |

---

**23. Operating Revenue** 

(a) Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of
the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Types of revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | W | 808584 | 618709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 41776 | 45988 |
|  | W | **850360** | **664697** |
|  **Timing of revenue recognition** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 808584 | 618709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 41776 | 45988 |
|  | W | **850360** | **664697** |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**23. Operating Revenue (cont'd)** 

(b) Details of contract assets and liabilities from contracts with customers as of March 31, 2026 and
December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 780061 | 41384 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables |  | 147643 | 116284 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 3649 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income |  | 1193 | 1423 |

---

**24. Operating Expenses** 

Details of operating expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Wages and salaries | W | 20005 | 18920 |
|  Expenses related to post-employment benefits |  | 2214 | 3602 |
|  Other employee benefits |  | 4318 | 4992 |
|  Travel |  | 1204 | 1416 |
|  Taxes and public dues |  | 153 | 45 |
|  Depreciation |  | 3217 | 2835 |
|  Amortization |  | 659 | 418 |
|  Rental |  | 2536 | 1916 |
|  Repairs |  | 120 | 131 |
|  Advertising |  | 6119 | 3799 |
|  Research & development |  | 32863 | 35025 |
|  Service fees |  | 17434 | 13075 |
|  Supplies |  | 52 | 84 |
|  Vehicles maintenance |  | 498 | 614 |
|  Industry association fee |  | 1246 | 1147 |
|  Training |  | 175 | 68 |
|  Others |  | 2779 | 2229 |
|  | W | 95592 | 90316 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**25. Finance Income and Costs** 

Details of finance income and costs for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Finance income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 25294 | 21674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 1348 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | 7385 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of derivatives |  | 77689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets at fair value through profit or loss |  | 546 | 7835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | 403 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1349 | 1084 |
|  | W | 114014 | 31716 |
|  **Finance costs** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 16613 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 152 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | 58960 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  |  | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial liabilities at fair value through profit or loss |  | 419 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 4 | 2 |
|  | W | 76148 | 4285 |

---

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

Details of other non-operating income and expenses for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  **Other non-operating income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | W | 1082 | 916 |
|  | W | 1082 | 916 |
|  **Other non-operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment | W |  | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investment in subsidiaries, associates and joint ventures |  | 22773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of other provisions |  | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 276 | 300 |
|  | W | 23083 | 1523 |

---

------

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

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

**March 31, 2026 and 2025 (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 periods ended March 31, 2026 and 2025 are as follows (excluding finance costs and income tax expenses):

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Employee benefits expenses |  | 31612 | 33181 |
|  Depreciation(\*1) |  | 5527 | 4002 |
|  Amortization |  | 681 | 431 |
|  Service fees |  | 18450 | 14192 |
|  Rental |  | 4459 | 4545 |
|  Advertising |  | 6121 | 3799 |
|  Impairment loss on investment in subsidiaries, associates and joint ventures |  | 22773 |  |
|  Research & development |  | 18671 | 19624 |
|  Other expenses |  | 10381 | 12065 |
|  | W | 118675 | 91839 |

---

(\*1) Including depreciation of investment property.

**28. Income Taxes** 

The effective tax rates of the Company for the three-month periods ended March 31, 2026 and 2025 are 0.98% and 2.07% 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**28. Income Taxes (cont'd)** 

(b) Application of the Consolidated Tax Payment System

From the three-month period ended March 31, 2026, the Company 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.

(c) Global minimum 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 three-month period ended March 31, 2026 as it is subject to global minimum tax under the application of the OECD's Pillar Two Model Rules via domestic legislation. The Company reviewed subsidiaries qualifying as taxpayers, including the Company, and, as a result, did not recognize any income tax expense for the three-month period ended March 31, 2026 as the impact of the global minimum tax on the separate financial statements as of March 31, 2026 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 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** 

**March 31, 2026 and 2025 (Unaudited)** 

**29. Earnings per Share** 

(a) Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as
calculated follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in Won, except share information)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Profit for the period | W | 763077968573 |  | 588757738253 |
|  Weighted-average number of common shares outstanding(\*1) |  | 75620779 |  | 75620779 |
|  Basic earnings per share | W | 10091 |  | 7786 |

---

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

---

| | | |
|:---|:---|:---|
| *(shares)* | **March 31, 2026** | **March 31, 2025** |
|  Total number of common shares issued | 80932952 | 82624377 |
|  Weighted-average number of treasury shares | (5312173) | (7003598) |
|  Weighted-average number of common shares outstanding | 75620779 | 75620779 |

---

(b) The Company has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of
March 31, 2026 and 2025. The diluted earnings per share for the three-month period ended March 31, 2026 is the same as the basic earnings per share due to the anti-dilutive effect.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**30. Related Party Transactions** 

(a) Related parties of the Company as of March 31, 2026 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.,<br> Songdo Development PMC (Project Management Company) LLC., NEH Co.,Ltd., 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, 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., KOREA LNG LTD., Nickel Mining Company SAS and others. |

---

(b) Material transactions with the related companies for each of the three-month periods ended March 31, 2026
and 2025 are as follows:

1) For the three-month period ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(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;&nbsp;&nbsp; POSCO | W | 37090 | 605705 |  |  | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 1698 |  |  | 6122 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 325 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 277 | 12425 |  | 785 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Research Institute |  |  |  |  |  | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  |  |  |  | 80 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 752 | 18734 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 1544 | 124396 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  |  | 3618 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  |  |  |  |  | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1337 | 958 | 1258 |  | 7389 |
|  |  | 43023 | 765836 | 1258 | 6987 | 21063 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  |  | 12359 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 23357 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 283 | 5674 | 91 |  |  |
|  |  | 283 | 41390 | 91 |  |  |
|  | W | 43306 | 807226 | 1349 | 6987 | 21063 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of March 31, 2026, 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** 

**March 31, 2026 and 2025 (Unaudited)** 

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

2) For the three-month period ended March 31, 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;&nbsp;&nbsp; POSCO | W | 39437 | 332858 |  |  | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 2230 | 11037 |  | 208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 281 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 521 | 12425 |  | 873 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  |  |  |  |  | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 1270 | 5809 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 1666 | 192814 | 161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  |  | 3618 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  |  |  |  |  | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1387 |  | 1026 |  | 4275 |
|  |  | 46792 | 558561 | 1187 | 1081 | 15684 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 50201 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 220 | 9885 | 59 |  |  |
|  |  | 220 | 60086 | 59 |  |  |
|  | W | 47012 | 618647 | 1246 | 1081 | 15684 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of March 31, 2025, the Company provided payment guarantees to the related parties (see Note 19).

(c) Outstanding balances arising from material transactions between the Company and the related parties as of
March 31, 2026 and December 31, 2025 are as follows:

1) March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(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;&nbsp;&nbsp; POSCO | W | 722706 | 126942 | 849648 | 2992 | 40715 | 43707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 8491 |  | 8491 | 2296 | 6401 | 8697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 1624 |  | 1624 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 13812 |  | 13812 | 1732 | 637 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 18683 | 117 | 18800 |  | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 891 |  | 891 |  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 132117 |  | 132117 |  | 468 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  |  | 43109 | 43109 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 5101 | 11827 | 16928 | 1241 | 6355 | 7596 |
|  |  | 903425 | 181995 | 1085420 | 8261 | 54626 | 62887 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 1161 |  | 1161 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 23357 |  | 23357 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  |  | 256928 | 256928 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 253 | 757 | 1010 |  |  |  |
|  |  | 24771 | 257685 | 282456 |  |  |  |
|  | W | 928196 | 439680 | 1367876 | 8261 | 54626 | 62887 |

---

(\*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.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

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

2) December 31, 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;&nbsp;&nbsp; POSCO | W | 92175 | 81349 | 173524 | 1657 | 40742 | 42399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 6793 | 693 | 7486 | 305 | 3788 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 1299 |  | 1299 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1109 | 48 | 1157 | 3738 | 47 | 3785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 4904 | 1 | 4905 |  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 713 |  | 713 |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 6176 |  | 6176 |  | 508 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  |  | 27929 | 27929 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3606 | 7874 | 11480 | 4274 | 537 | 4811 |
|  |  | 116775 | 117894 | 234669 | 9974 | 45695 | 55669 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 929 |  | 929 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 39761 |  | 39761 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  |  | 243601 | 243601 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 203 | 867 | 1070 |  |  |  |
|  |  | 40893 | 244468 | 285361 |  |  |  |
|  | W | 157668 | 362362 | 520030 | 9974 | 45695 | 55669 |

---

(\*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 three-month periods ended March 31, 2026 and 2025, there were additional
investments in subsidiaries and others amounting to W 5,500 million and W 619 million, respectively.

(e) For each of the three-month periods ended March 31, 2026 and 2025, details of compensation to key
management officers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Short-term benefits | W | 7306 |  | 6770 |
|  Retirement benefits |  | 1326 |  | 2361 |
|  | W | 8632 |  | 9131 |

---

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.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**31. Commitments and Contingencies** 

(a) As of March 31, 2026, 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
March 31, 2026, the ending balance of borrowing amounts to USD 1.02 million.

(b) The Company has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation
to foreign currency exchangeable bonds as of March 31, 2026.

(c) As of March 31, 2026, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for
long-term foreign currency borrowings.

(d) Litigation in progress

The Company is involved in 4 lawsuits for contract payment amounting to W900 million as defendant as of March 31, 2026. 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 March 31, 2026.

(e) 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.

(f) As of March 31, 2026, the Company has been provided a payment guarantee of W 2,954 million from Seoul Guarantee Insurance in relation to license guarantees and others.

(g) As of March 31, 2026, the Company has entered into a credit line agreement with Woori Bank, with a limit
of W 20,000 million.

------

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

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

**March 31, 2026 and 2025 (Unaudited)** 

**32. Cash Flows from Operating Activities** 

Changes in operating assets and liabilities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  Trade accounts and notes receivable | W | (28690) | (31290) |
|  Other accounts receivable |  | 8364 | 2084 |
|  Prepaid expenses |  | 167 | 152 |
|  Other current assets |  | 4 | (8) |
|  Other non-current assets |  | (1979) |  |
|  Other accounts payable |  | (2594) | (13666) |
|  Accrued expenses |  | 4331 | 1573 |
|  Advances received |  | 1131 | (770) |
|  Withholdings |  | (52) | 122 |
|  Unearned revenue |  | (229) | 275 |
|  Other current liabilities |  | (2641) | (1586) |
|  Payments of severance benefits |  | (2004) | (4549) |
|  Plan assets |  |  | 2422 |
|  | W | (24192) | (45241) |

---

**33. Events after the reporting period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to pay interim
cash dividends of W 2,000 per common share (total dividends: W 151.2 billion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On April 13, 2026, the Company completed the disposal of its equity interests in its subsidiaries, POSCO
(Zhangjiagang) Stainless Steel Co., Ltd. and Qingdao Pohang Stainless Steel Co., Ltd., in order to enhance the operational efficiency of its steel business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to a resolution of the Board of Directors on May 12, 2026, the Company decided to provide a
payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The guarantee period is five years from June 1, 2026 to May 31, 2031.