# EDGAR Filing Document

**Accession Number:** 0000889132
**File Stem:** 0001193125-25-301242
**Filing Date:** 2025-11
**Character Count:** 401470
**Document Hash:** 099aecd12c4ad21b2e2f019e0fa3548c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301242.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301242

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532417

**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 November, 2025** 

**Commission File Number: 1-13368** 

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

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

**(Address of principal executive offices)** 

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

Form 20-F ☒ Form 40-F ☐

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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.'s 3Q Quarterly Report for the year 2025.

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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> |
|  |  | (Registrant) |
|  <u>Date: November 28, 2025</u><br>| By | /s/ Han, Young-Ah |
|  |  | (Signature) |
|  |  | Name: Han, Young-Ah |
|  |  | Title: Senior Vice President |

---

## Exhibit 99.1

##### [**Table of Contents**](#toc)
**Exhibit 99.1**![LOGO](g64503g1126144809826.jpg)

## QUARTERLY REPORT
**(From January 1, 2025 to September 30, 2025)** 

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

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

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

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

To: Korean Financial Services Commission and Korea Exchange

---

| |
|:---|
| /s/ Lee, Ju tae |
| **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 |

---

---

| |
|:---|
| /s/ Han, Young-Ah |
| **Han, Young-Ah** |
| Head of IR office, Senior 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_164503_1) | 4 |
| II. | [Business](#ex99_164503_2) | 5 |
| III. | [Financial Statements](#ex99_164503_3) | 34 |

---

---

| | |
|:---|:---|
| ![LOGO](g64503dsp.jpg) | Attachment: Independent auditors' review reports on consolidated and separate financial statements  |

---

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

Company Overview part is omitted on the quarterly report. Please refer to our Annual Report (20-F) disclosed on April 30, 2025 or summarized version of Business Report on March 31, 2025.

------

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

**1. Overview** 

**A. Classification of Business** 

We classify our business into six segments:

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
| **Business Segment** | Sales | Operating<br>Income (Loss) | Sales | Operating<br>Income (Loss) | Sales | Operating<br>Income (Loss) |
|  Steel | 44891955 | 1705940 | 62200920 | 1636808 | 63538698 | 2556779 |
|  Infrastructure (Trading) | 31727916 | 898723 | 42903253 | 1113710 | 42943752 | 1133512 |
|  Infrastructure (Construction) | 5323666 | (280985) | 9829578 | 64804 | 10267503 | 197352 |
|  Infrastructure (Logistics and etc.) | 2637466 | 73760 | 4139201 | 147603 | 3945953 | 202010 |
|  Rechargeable Battery Materials | 2694007 | (283808) | 3829851 | -277472 | 4821886 | -161334 |
|  Others | 1303838 | 923095 | 2111150 | 1600212 | 1562214 | 1106332 |
|  Total | 88578848 | 3036725 | 125013953 | 4285664 | 127080006 | 5034651 |

---

\* Based on aggregation including internal transactions among affiliates.

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

**2. Business Status of Segments** 

**A. Steel** 

There are 88 consolidated companies in the steel segment, e.g., POSCO, POSCO STEELEON, and overseas subsidiaries, including PT.Krakatau POSCO in Indonesia, POSCO (Zhangjiagang) Stainless Steel Co., Ltd. in China, and overseas processing centers.

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

**(1) Summary of Business** 

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

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

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

**Global Crude Steel Production** 

---

| | | | |
|:---|:---|:---|:---|
|  | | | **(Million Tons, %)** |
| **Crude Steel Production** | **2025.Q3** | **2024** | **2023** |
|  Global | 1374 | 1839 | 1850 |
|  Korea<br> (Ratio) | 46<br> (3.4%)  | 64<br> (3.5%)  | 67<br> (3.6%)  |

---

---

| | |
|:---|:---|
| ![LOGO](g64503g81h66.jpg) | Source: worldsteel (www.worldsteel.org)  |

---

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

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

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

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

**(2) Market Share** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **(Million Ton, %)** | **(Million Ton, %)** |
| **Category** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
| **Category** | Production | Market share | Production | Market share | Production | Market share |
|  Crude Steel Production | 46 | 100% | 64 | 100% | 67 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | 26 | 56% | 35 | 55% | 36 | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 20 | 44% | 29 | 45% | 31 | 46% |

---

---

| | |
|:---|:---|
| ![LOGO](g64503g81h66.jpg) | Source: worldsteel (www.worldsteel.org)  |

---

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

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

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

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

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

∎ **POSCO STEELEON** 

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

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

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

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

∎ **POSCO M-TECH** 

**(1) Summary of Business** 

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

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

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

---

**(2) Market Share** 

**(Ton)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
| **Category** | Sales Volume | Market share | Sales Volume | Market share | Sales Volume | Market share |
|  POSCO M-TECH | 25682 | 39.7% | 38284 | 44.3% | 31984 | 44.7% |
|  PJ Metal | 39025 | 60.3% | 48231 | 55.7% | 39600 | 55.3% |
|  Total | 64707 | 100.0% | 86515 | 100.0% | 71584 | 100.0% |

---

---

| | |
|:---|:---|
| ![LOGO](g64503g81h66.jpg) | The exact market share of aluminum deoxidizers cannot be estimated since total domestic production and sales volume are not tallied.  |

---

**B. Infrastructure [Trading]** 

There are 37 subsidiaries in the trading segment, including POSCO INTERNATIONAL.

∎ **POSCO INTERNATIONAL** 

**[Trading]** 

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

**Market Share** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **(Unit: USD million)** | **(Unit: USD million)** |
| **Category** |<br>**2025.Q3** | **2024.Q3** | **Growth Rate** |
|  All Trading Companies in Korea | 519701 | 508461 | 2.2% |
|  POSCO INTERNATIONAL Corp. | 6086 | 6559 | -7.2% |

---

---

| | |
|:---|:---|
| ![LOGO](g64503dsp.jpg) | Source: Korea International Trade Association (www.kita.net)  |

---

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

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

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

**[Energy]** 

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

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

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

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

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

**LNG asset-linked business**: Drawing on its expertise in developing international energy sources, the company began LNG trading in 2017 to meet POSCO Group's LNG demand. In May 2022, POSCO Group entered into a 20-year supply agreement with a U.S. company, Cheniere Energy, for 400,000 tons of LNG. In October of the same year, a sales contract was finalized. In 2023, POSCO INTERNATIONAL acquired POSCO Energy and obtained an additional value chain across the LNG business, from LNG import terminals to power generation. <br>

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

**Expansion into new business** <br>

To reduce carbon emissions, POSCO Group is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally. The expansion of the Gwangyang LNG Terminal No. 2 is currently underway; this project will strengthen our LNG value chain through diversification of terminal-linked operations, i.e., ship commissioning, bunkering, and LNG trading. <br>

**B. Infrastructure [Construction]** 

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

∎ **POSCO E&C** 

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

**[Plant Business]** 

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

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

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

**[Construction Business]** 

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

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

There are 12 subsidiaries of logistics and associated business segment including POSCO Flow and POSCO DX.

∎ **POSCO DX** 

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

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

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

Rechargeable Battery Materials segment includes businesses related to electric vehicle (EV) battery materials, such as lithium, nickel, cathode material, anode material, and recycling. There are a total of 16 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. <br>

**[Energy Materials]** 

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

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

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

**D. Others** 

In Others segment, there are 22 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS focuses on investing in new growth businesses and opportunities.

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

**A. Sales of Key Products (2025.Q3)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business**<br>**Segment** | **Item /**<br> **Business Sector** | **Specific Use** | **Total Sales** | **Ratio** |
| Steel | Hot-rolled Product (HR) | Steel pipe, Shipbuilding, etc. | 93371 | 20.80% |
|  | Cold-rolled Product (CR) | Automobile, Home appliances, etc. | 143723 | 32.00% |
|  | Stainless Steel Products | Tableware, pipes, etc. | 74472 | 16.60% |
|  | Others | Plates, Wire rods, etc. | 137354 | 30.60% |
|  | Gross Sum | Gross Sum | 448920 | 100.00% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | (167068) |  |
|  | Sub Total | Sub Total | 281852 |  |
| Infra-structure | Trading | Steel, Metal | 236140 | 59.50% |
|  | Trading | Chemical, Strategic Item, Energy | 51321 | 12.90% |
|  | Trading | Others | 27261 | 6.90% |
|  | Construction | Architecture (Domestic) | 30942 | 7.80% |
|  | Construction | Plant (Domestic) | 13052 | 3.30% |
|  | Construction | Civil Engineering (Domestic) | 5403 | 1.40% |
|  | Construction | Others (Domestic) | 3701 | 0.90% |
|  | Construction | Overseas Construction |  | 0.00% |
|  | Construction | Owned Construction |  | 0.00% |
|  | Construction | Others | 3701 | 0.90% |
|  | Logistics and etc. | Others | 25369 | 6.40% |
|  | Gross Sum | Gross Sum | 396890 | 100.00% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | (174167) |  |
|  | Sub Total | Sub Total | 222723 |  |
| Rechargeable | Gross Sum | Gross Sum | 26940 | 100.00% |
| Battery | Deduction of Internal Trade | Deduction of Internal Trade | (9354) |  |
| Materials | Sub Total | Sub Total | 17586 |  |
| Others | Gross Sum | Gross Sum | 13038 | 100.00% |
|  | Deduction of Internal Trade | Deduction of Internal Trade | (12665) |  |
|  | Sub Total | Sub Total | 373 |  |
|  | Total Sum |  | 522534 |  |

---

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business<br>Segment** | **Products** | **2025.Q3** | **2024** | **2023** |
| **Steel** | **Hot-rolled Product (HR)** | 866 | 910 | 967 |
| **Steel** | **Cold-rolled Product (CR)** | 1071 | 1144 | 1157 |
| **Infrastructure (Trading)** | **Electric Power** | 150 | 160 | 205 |
| **Rechargeable Battery Materials** | **Refractory** | 994 | 1001 | 991 |
| **Rechargeable Battery Materials** | **Lime** | 155 | 142 | 147 |

---

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

**[Steel]** 

(1) Criteria for Calculation

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

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

(2) Factors of Price Changes **-** Sluggish demand in downstream industries due to external uncertainties and low-demand seasonal impact

**[Infrastructure (Trading Segment)]** 

(1) Criteria for Calculation

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

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

(2) Factors of Price Changes

- Power: Korea Gas Corporation cost, etc.

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

**[Rechargeable Battery Materials]** 

(1) Criteria for Calculation

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

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

------

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

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

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

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

**4. Major Raw Materials** 

**A. Current Status of Major Raw Materials (2025.Q3)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Business Segment** | **Business Segment** | <br>**Type of<br>Purchase** | <br>**Item** | **Specific Use** | **Purchase**<br>**Amount**<br>**(Portion, %)** | **Portion (%)** |
|  Steel | Steel | Raw<br>Materials | Materials for<br> Iron-making | Iron Ore for Blast<br> Furnaces | 108141 | 59.90% |
|  |  |  | Sub-materials | Sub-materials for Iron-making, Steelmaking | 40745 | 22.50% |
|  |  |  | Stainless Steel<br>Materials | Key Materials for STS Production | 31871 | 17.60% |
|  Infra-structure | Trading | Raw<br>Materials | LNG | Material for Power Generation | 10749 | 100.00% |
|  Infra-structure | Construction | Raw<br>Materials | Ready-mixed<br>Concrete | Construction of Structure | 1768 | 21.10% |
|  Infra-structure |  |  | Steel<br> Reinforcement | Strengthening Concrete | 1357 | 16.20% |
|  Infra-structure |  |  | Cable | Electricity Transfer | 119 | &nbsp;&nbsp;&nbsp;&nbsp;1.40% |
|  Infra-structure |  |  | Steel Pile | Foundation of Structure | 1 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
|  Infra-structure |  |  | Others | Construction of Pipe and Structure etc. | 5116 | 61.30% |
|  Infra-structure | Logistics<br> and etc. | Raw<br>Materials | Others | For other use | 4757 | 100.00% |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business Segment** | **Type of<br>Purchase** | **Item** | **Specific Use** | **Purchase<br>Amount**<br>**(Portion, %)** | **Portion (%)** |
|  Secondary Battery Materials | Raw<br>Materials | NCM and etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production of cathode materials | 11380 | 84.90% |
|  |  | Graphite<br>and etc. | Production of anode materials | 455 | 3.40% |
|  |  | Limestone and<br>etc. | Production of Lime | 857 | 6.40% |
|  |  | Others | Production of refractory | 706 | 5.30% |

---

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

------

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

**(Unit: KRW thousand)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business Segment** | **Business Segment** | **Category** | **2025.Q3** | **2024** | **2023** |
|  Steel |  | Iron Ore(per ton) | 130 | 135 | 145 |
|  Steel |  | Coal(per ton) | 260 | 329 | 387 |
|  Steel |  | Scrap Iron(per ton) | 480 | 505 | 526 |
|  Steel |  | Nickel(per ton) | 21553 | 22934 | 28043 |
|  Infrastructure | Trading | LNG<br> (per ton) | 951 | 1428 | 1594 |
|  Infrastructure | Construction | Ready-mixed Concrete<br> (per m<sup>3</sup>) | 88 | 90 | 85 |
|  Infrastructure | Construction | Steel Pile<br> (per m) | 346 | 181 | 165 |
|  Infrastructure | Construction | Steel Reinforcement<br> (per kg) | 0.9 | 0.9 | 0.9 |
|  Infrastructure | Construction | Cable<br> (per m) | 1 | 1 | 0.9 |
|  Rechargeable Battery Materials |  | Refractory<br> (per ton) | 634 | 443 | 334 |
|  Rechargeable Battery Materials |  | Limestone<br> (per ton) | 25 | 25 | 24 |

---

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

**[Steel]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Iron Ore: Short-term demand was driven by stockpiling demand and solid blast furnace utilization rate before the Chinese National Day holidays, increasing prices by 3% quarter-on-quarter to U$92/ton.

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | | | | | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** | **(Unit: US Dollars/Ton)** |
| **'25.Q3** | **'25.Q3** | **'25.Q2** | **'25.Q2** | **'25.Q1** | **'25.Q1** | **'24.Q4** | **'24.Q4** | **'24.Q3** | **'24.Q3** | **'24.Q2** | **'24.Q2** | **'24.Q1** | **'24.Q1** | **'23.Q4** | **'23.Q4** | **'23.Q3** | **'23.Q3** | **'23.Q2** | **'23.Q2** | **'23.Q1** | **'23.Q1** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;92 |  | &nbsp;&nbsp;&nbsp;&nbsp;89 |  | &nbsp;&nbsp;&nbsp;&nbsp;96 |  | &nbsp;&nbsp;&nbsp;&nbsp;94 |  | &nbsp;&nbsp;&nbsp;&nbsp;89 |  | &nbsp;&nbsp;&nbsp;&nbsp;101 |  | &nbsp;&nbsp;&nbsp;&nbsp;113 |  | &nbsp;&nbsp;&nbsp;&nbsp;117 |  | &nbsp;&nbsp;&nbsp;&nbsp;106 |  | &nbsp;&nbsp;&nbsp;&nbsp;102 |  | &nbsp;&nbsp;&nbsp;&nbsp;118 |

---

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Coal: After hitting a low in July due to the summer off-peak season, prices rebounded on expectations of demand recovery following the end of the Indian monsoon, ending the quarter with the price unchanged at U$184/ton.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Scrap: Although demand remained sluggish due to the global economic downturn, prices rose by 1% quarter-on-quarter to U$340/ton, driven by supply shortages following the drop in summer season scrap volume in Asia.

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | | | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** | **(Unit: US Dollars/ Ton)** |
| **'25.Q3** | **'25.Q3** | **'25.Q2** | **'25.Q2** | **'25.Q1** | **'25.Q1** | **'24.Q4** | **'24.Q4** | **'24.Q3** | **'24.Q3** | **'24.Q2** | **'24.Q2** | **'24.Q1** | **'24.Q1** | **'23.Q4** | **'23.Q4** | **'23.Q3** | **'23.Q3** | **'23.Q2** | **'23.Q2** | **'23.Q1** | **'23.Q1** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;340 |  | &nbsp;&nbsp;&nbsp;&nbsp;337 |  | &nbsp;&nbsp;&nbsp;&nbsp;342 |  | &nbsp;&nbsp;&nbsp;&nbsp;350 |  | &nbsp;&nbsp;&nbsp;&nbsp;364 |  | &nbsp;&nbsp;&nbsp;&nbsp;376 |  | &nbsp;&nbsp;&nbsp;&nbsp;392 |  | &nbsp;&nbsp;&nbsp;&nbsp;385 |  | &nbsp;&nbsp;&nbsp;&nbsp;385 |  | &nbsp;&nbsp;&nbsp;&nbsp;403 |  | &nbsp;&nbsp;&nbsp;&nbsp;438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Nickel: The ongoing U.S.–China tariff disputes and concerns of global economic downturn weakened demand, causing price to fall 1% quarter-on-quarter to U$15,014/ton.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** | **(Unit: U$/lb, U$/Ton)** |
|<br>**'25.Q3** |<br>**'25.Q2** |<br>**'25.Q1** |<br>**'24.Q4** |<br>**'24.Q3** |<br>**'24.Q2** |<br>**'24.Q1** |<br>**'23.Q4** | **'23.Q3** | **'23.Q2** | **'23.Q1** |
| 6.81 | 6.88 | 7.06 | 7.27 | 7.37 | 8.35 | 7.53 | 7.83 | 9.23 | 10.12 | 11.79 |
| 15014 | 15171 | 15571 | 16038 | 16259 | 18415 | 16589 | 17247 | 20344 | 22308 | 25983 |

---

\* LME: London Metal Exchange

**[Infrastructure]** 

(1) Criteria for Calculation

---

| | | | |
|:---|:---|:---|:---|
| **Business Sector** | **Products** | **Criteria for Calculation** | **Factors of Price Changes** |
| Trading | LNG | Average purchase price and LNG direct purchase price of Korea Gas Corporation | Cost of Korea Gas Corporation (cost consists of introduction cost, supply cost, etc. and is affected by crude oil, exchange rate, etc.) |
| Construction | Ready-mixed Concrete | Standard 25-210-15 | The negotiation price in the metropolitan area (effective from March 1, 2025) |
| Construction | Steel Pile | SPIRAL, 1000, 16T, STP275, KS F 4602, STEEL PILE | 2025 price calculation criteria updated.<br> - Pre-2025 standards: SPIRAL, 609.6, 12T, STP275, KS F 4602, STEEL PILE |
| Construction | Steel Reinforcement | SD400 10mm | Increase the price of raw materials (scrap) |
|  | Cable | TFR-3, 0.6/1KV, 2.5SQ, 2C | Increase the price of raw materials (electric copper) |

---

------

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

(1) Criteria for Calculation

- Unit Price based on receipt amount

(2) Factors of Price Changes

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

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

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

**5. Production and Facilities** 

**A. Production Capacity** 

**[Steel]** 

∎ **POSCO** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Business Area** | **Products** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
|  Steel | Crude Steel |  | 29776 |  | 40461 |  | 40680 |

---

∎ **POSCO STEELEON** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Business Area** | **Products** | **Place of Business** | **2025.Q3** | **2024** | **2023** |
|  Steel | Galvanized / Color-<br> coated Steel | Pohang | 748 | 960 | 960 |
|  | Galvanized / Color-<br> coated Steel | Myanmar | 52 | 70 | 70 |
|  Total | Total | Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;1030 |

---

∎ **POSCO M-TECH** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **(Ton)** | **(Ton)** |
| **Business Area** | **Products** | **Products** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
|  Raw materials for steel production |  | Deoxidizer |  | 32214 |  | 39058 |  | 39294 |

---

------

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

∎ **POSCO INTERNATIONAL** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | | | **(MW)** | **(MW)** |
| **Business Area** | **Products** | **Place of Business** | **Place of Business** | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
|  Power Generation | Electric Power |  | Incheon |  | 3412 |  | 3412 |  | 3412 |

---

**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **(Ton)** |
| **Business**<br> **Area**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Products**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Place of Business**  | **2025.Q3** | **2024** | **2023** |
|  Refractory | Brick and etc. | Pohang | 87180 | 116560 | 116560 |
|  LIME | Quicklime | Pohang | 819000 | 1095000 | 1095000 |
|  LIME | Quicklime | Gwangyang | 819000 | 1095000 | 1095000 |
|  Total | Total | Total | 1725180 | 2306560 | 2306560 |

---

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

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

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

**[Steel]** 

(1) Production

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** | **(Unit: Thousand Ton)** |
| **Products** | **Products** | **2025.Q3** | **2024** | **2023** |
| Crude Steel | Crude Steel | 28904 | 39281 | 39941 |
|  Products | Hot-Rolled Steel | 8059 | 10172 | 10660 |
|  Products | Plate | 4661 | 6636 | 6602 |
|  Products | Wire Rod | 1266 | 2131 | 2325 |
|  Products | Pickled-Oiled Steel | 2105 | 2713 | 2780 |
|  Products | Cold-Rolled Products | 5631 | 7498 | 7133 |
|  Products | Coated Steel | 5366 | 7543 | 7299 |
|  Products | Electrical Steel | 826 | 998 | 828 |
|  Products | Stainless Steel | 2355 | 3333 | 3104 |
|  Products | Others | 1124 | 1698 | 1795 |
|  Products |  |  |  |  |
|  Products | Total | 31393 | 42720 | 42528 |
|  Products |  |  |  |  |

---

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

------

##### [**Table of Contents**](#toc)
(2) Capacity Utilization Rate (2025.Q3)

**(Unit: Thousand Ton, %)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Company** | **Capacity** | **Production** | **Utilization Rate** |
|  Crude Steel Production | POSCO | 29776 | 25816 | 86.7% |
|  Crude Steel Production | PT. Krakatau POSCO | 2195 | 2174 | 99.0% |
|  Crude Steel Production | POSCO (Zhangjiagang)<br> StainlessSteel Co., Ltd. | 825 | 568 | 68.8% |
|  Crude Steel Production | POSCO Yamato Vina Steel<br>Joint Stock Company | 413 | 347 | 84.1% |
|  Crude Steel Production |  |  |  |  |
|  Crude Steel Production | Total | 33208 | 28904 | 87.0% |

---

**[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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **(Unit: GWh)** | **(Unit: GWh)** | **(Unit: GWh)** | **(Unit: GWh)** |
| **Business Area** | **Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Place of Business**  | **2025.Q3** | **2025.Q3** | **2024** | **2024** | **2023** | **2023** |
|  Power Generation | Electric Power | Incheon |  | 7991 |  | 12193 |  | 11213 |

---

(2) Capacity Utilization Rate (2025.Q3)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business Area** |<br>**Production Base** |<br> **Capacity** |<br> **Production** | **(Unit: Hour, %)**<br>**Utilization Rate** |
|  Power Generation | Incheon Power Plant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 | 3795 | 57.93% |

---

**[Rechargeable Battery Materials]** 

∎ **POSCO FUTURE M** 

(1) Production Result

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | **(Unit: Ton)** | **(Unit: Ton)** |
| **Business Area** | **Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Place of Business**  | **2025.Q3** | **2024** | **2023** |
|  Refractory | Brick and etc. | Pohang | 61272 | 80191 | 77437 |
|  LIME | Quicklime | Pohang | 818035 | 1055911 | 1110594 |
|  LIME | Quicklime | Gwangyang | 899796 | 1216072 | 1243040 |
|  Total | Total | Total | 1779103 | 2352174 | 2431071 |

---

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

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

------

##### [**Table of Contents**](#toc)
(2) Capacity Utilization Rate (2025.Q3)

---

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

---

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

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

**C. Production Facilities** 

(1) The current status of production facilities (2025.Q3)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Land]** |  | | | | | |
| **Business Segment** | **Business Segment** |<br>**Beginning Book<br>Balance** |<br>**Increased** |<br>**Decreased** |<br>**Depreciation** | **(Unit: KRW million)**<br>**Ending Book<br>Balance** |
|  Steel | Steel | 1957023 | 23281 | (7364) |  | 1972940 |
|  Infrastructure | Trading | 514978 | 50577 | (13) | (1477) | 564065 |
|  | Construction | 348243 | 205 | (13238) |  | 335210 |
|  | Logistics and etc. | 111653 | 208 | (51284) |  | 60577 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 217586 | 31358 | (2) |  | 248942 |
|  Others | Others | 186392 | 8578 | (3365) |  | 191605 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Buildings]** |  | | | | | |
| **Business Segment** | **Business Segment** | <br>**Beginning Book<br>Balance** | <br>**Increased** | <br>**Decreased** | <br>**Depreciation** | <br>**(Unit: KRW million)**<br>**Ending Book<br>Balance** |
|  Steel | Steel | 3002051 | 611740 | (46569) | (224268) | 3342954 |
|  Infrastructure | Trading | 574270 | 38229 | (70049) | (13669) | 528781 |
|  | Construction | 85969 | 3867 | (6168) | (3624) | 80044 |
|  | Logistics and etc. | 104483 | 2586 | (4410) | (3696) | 98963 |
| Rechargeable Battery Materials | Rechargeable Battery Materials | 1397132 | 97524 | (8433) | (46683) | 1439540 |
|  Others | Others | 117064 | 1716 | (18691) | (1284) | 98805 |
| **[Structures]** |  |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 2796242 | 204850 | (10173) | (196737) | 2794182 |
|  Infrastructure | Trading | 601835 | 399340 | (101459) | (29520) | 870196 |
|  Infrastructure | Construction | 47043 | 44 | (3204) | (5059) | 38824 |
|  Infrastructure | Logistics and etc. | 88603 | 3844 | (4773) | (5451) | 82223 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 312117 | 115108 | (12819) | (11063) | 403343 |
|  Others | Others | 14684 | 151 | (591) | (192) | 14052 |
| **[Machinery]** |  |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 14544015 | &nbsp;&nbsp;&nbsp;&nbsp;1502433 | (161835) | (1696394) | &nbsp;&nbsp;&nbsp;&nbsp;14188220 |
|  Infrastructure | Trading | 1163227 | 269494 | (269826) | (90010) | 1072885 |
|  Infrastructure | Construction | 6921 | 373 | (1401) | (1141) | 4752 |
|  Infrastructure | Logistics and etc. | 239947 | 675 | (15759) | (16431) | 208432 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 2336689 | 587392 | (11531) | (169597) | 2742953 |
|  Others | Others | 20878 | 4595 | (19471) | (3718) | 2284 |
| **[Vehicles]** | **[Vehicles]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning Book<br>Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 56789 | 23446 | (8420) | (22622) | 49192 |
|  Infrastructure | Trading | 12534 | 13009 | (11995) | (1170) | 12378 |
|  Infrastructure | Construction | 5655 | 897 | (792) | (1384) | 4376 |
|  Infrastructure | Logistics and etc. | 989 | 2601 | (2473) | (177) | 940 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 13963 | 1730 | (881) | (3233) | 11579 |
|  Others | Others | 45 | 420 |  | (70) | 396 |
| **[Tools and Fixtures]** | **[Tools and Fixtures]** |  |  |  |  |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** |<br>**Beginning<br>Book Balance** |<br>**Increased** |<br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 67073 | 26546 | (17019) | (19835) | 56766 |
|  Infrastructure | Trading | 22310 | 9547 | (4943) | (8096) | 18818 |
|  Infrastructure | Construction | 1432 | 1347 | (690) | (506) | 1583 |
|  Infrastructure | Logistics and etc. | 6328 | 1399 | (852) | (1647) | 5228 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 37326 | 11245 | (9893) | (10066) | 28612 |
|  Others | Others | 32 | 2 |  |  | 33 |
| **[Equipment]** | **[Equipment]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning<br>Book Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 100089 | 72538 | (11981) | (41200) | 119446 |
|  Infrastructure | Trading | 24966 | 13949 | (8155) | (6935) | 23825 |
|  Infrastructure | Construction | 8457 | 4584 | (4335) | (2747) | 5959 |
|  Infrastructure | Logistics and etc. | 12137 | 2684 | (1046) | (756) | 13019 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 40920 | 6915 | (3155) | (6531) | 38149 |
|  Others | Others | 13464 | 2138 | (1106) | (1225) | 13271 |
| **[Financial Lease Assets]** | **[Financial Lease Assets]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning<br>Book Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 184109 | 47930 | (54275) | (40134) | 137631 |
|  Infrastructure | Trading | 375702 | 616862 | (130034) | (47287) | 815243 |
|  Infrastructure | Construction | 29826 | 124897 | (68199) | (27830) | 58694 |
|  Infrastructure | Logistics and etc. | 258550 | 5805 | (3110) | (6208) | 255037 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 102998 | 15024 | (368) | (17260) | 100394 |
|  Others | Others | 19448 | 1353 | (6920) | (3262) | 10619 |
| **[Biological Assets]** | **[Biological Assets]** |  |  |  |  |  |
|  |  |  |  |  | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** | **Beginning<br>Book Balance** | **Increased** | **Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel |  |  |  |  |  |
|  Infrastructure | Trading | 139451 | 7213 | (25041) |  | 121623 |
|  Infrastructure | Construction |  |  |  |  |  |
|  Infrastructure | Logistics and etc. |  |  |  |  |  |
|  Rechargeable Battery Materials | Rechargeable Battery Materials |  |  |  |  |  |
|  Others | Others |  |  |  |  |  |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[Assets under Construction]** | **[Assets under Construction]** | | | | | |
|  |  | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Business Segment** | **Business Segment** |<br>**Beginning<br>Book Balance** |<br>**Increased** |<br>**Decreased** | **Depreciation** | **Ending Book<br>Balance** |
|  Steel | Steel | 2250595 | 1889685 | (2404026) | (8081) | 1728173 |
|  Infrastructure | Trading | 573964 | 883074 | (417628) | (31625) | 1007785 |
|  Infrastructure | Construction | 11373 | 1826 | (4077) |  | 9122 |
|  Infrastructure | Logistics and etc. | 363080 | 13095 | (339895) |  | 36280 |
|  Rechargeable Battery Materials | Rechargeable Battery Materials | 4031453 | 1586321 | (1215204) |  | 4402570 |
|  Others | Others | 292725 | 155416 | (5624) |  | 442517 |

---

(2) New Facility Establishment, Purchase, Etc. (2025.Q3)

- Investments under Construction

---

| | |
|:---|:---|
| ![LOGO](g64503dsp.jpg) | The total duration and investment amount of individual projects with investments in excess of KRW 100 billion have been aggregated on a simple sum basis.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **[Steel]** |  | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Date** | **Date** | <br>**Project** |<br>**Total<br>Investment** | **Invested**<br>**Amount** | **Amount to<br>be Invested** |
| Expansion/<br>Establishment | October 2020 ~<br>September 2029 | Construction of a new electric arc furnace at the Gwangyang Works, etc. | 44233 | 13684 | 30549 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **[Infrastructure]** |  | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Date** | **Date** | <br>**Project** |<br>**Total<br>Investment** | **Invested**<br>**Amount** | **Amount to<br>be Invested** |
| Expansion/<br>Establishment | June 2023 ~<br>May 2027 | Gwangyang LNG terminal, etc. | 9935 | 6047 | 3888 |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **[Rechargeable Battery Materials]** | **[Rechargeable Battery Materials]** | | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Date** | **Date** | <br>**Project** |<br>**Total<br>Investment** | **Invested**<br>**Amount** | **Amount to<br>be Invested** |
| Expansion/<br>Establishment | March 2020 ~<br>May 2027 | Cathode/Anode material factory, lithium commercialization plant, etc. | 70477 | 46530 | 23947 |

---

**6. Product Sales** 

**[Steel]** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **Items** | **2025.Q3** | **2024** | **2023** |
|  Domestic | Hot-Rolled Products | 38717 | 52703 | 58730 |
|  Domestic | Cold-Rolled Products | 35141 | 51263 | 52754 |
|  Domestic | Stainless Steel | 20543 | 29493 | 30313 |
|  Domestic | Others | 67795 | 95180 | 106558 |
|  Overseas | Hot-Rolled Products | 54654 | 72818 | 75979 |
|  Overseas | Cold-Rolled Products | 108581 | 152461 | 142160 |
|  Overseas | Stainless Steel | 53929 | 75395 | 76521 |
|  Overseas | Others | 69560 | 92696 | 92373 |
|  Total | Gross Sum | 448920 | 622009 | 635387 |
|  Total | Internal Transaction | (167068) | -230968 | -231454 |
|  | Total | 281852 | 391041 | 403933 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Business Area** | **Items** | **Items** | **2025.Q3** | **2024** | **2023** |
|  Trading | Domestic<br> Trading | Merchandise | 27085 | 45670 | 54327 |
|  Trading | Domestic<br> Trading | Product | 21464 | 32545 | 39121 |
|  Trading | Domestic<br> Trading | Others | 637 | 1412 | 1366 |
|  Trading | Overseas<br> Trading | Merchandise | 89863 | 118643 | 121136 |
|  Trading | Overseas<br> Trading | Product | 1007 | 3881 | 3375 |
|  Trading | Overseas<br> Trading | Others | 259 | 144 | 48 |
|  Trading | Trades among the 3 countries | Trades among the 3 countries | 174407 | 226736 | 210065 |
|  Construction | Domestic<br> Construction | Building | 30942 | 49469 | 41251 |
|  Construction | Domestic<br> Construction | Plant | 13052 | 21275 | 23371 |
|  Construction | Domestic<br> Construction | Civil Engineering | 5403 | 10210 | 11658 |
|  Construction | Domestic<br> Construction | Others | 3701 | 2724 | 2096 |
|  Construction | Overseas | Overseas |  | 8719 | 14975 |
|  Construction | Own Construction | Own Construction | 3701 | 5899 | 9325 |
|  Logistics and etc. | Others | Others | 25369 | 41393 | 42014 |
|  Total | Gross Sum | Gross Sum | 396890 | 568720 | 571572 |
|  Total | Deduction of Internal Transaction | Deduction of Internal Transaction | (174167) | -261735 | -243520 |
|  Total |  |  |  |  |  |
|  | Total | Total | 222723 | 306985 | 328052 |

---

**[Rechargeable Battery Materials]** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **2025.Q3** | **2024** | **2023** |
|  Gross Sum | 26940 | 38299 | 48219 |
|  Deduction of Internal Transaction | (9354) | -10174 | -10059 |
|  Total | 17586 | 28125 | 38160 |

---

**[Others]** 

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** | **(Unit: KRW hundred million)** |
| **Items** | **2025.Q3** | **2024** | **2023** |
|  Gross Sum | 13038 | 38299 | 48219 |
|  Deduction of Internal Transaction | (12665) | -10174 | -10059 |
|  Total | 373 | 28125 | 38160 |

---

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

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

**7. Derivatives** 

POSCO HOLDINGS has agreed to currency swap contracts to hedge against exchange rate risks on foreign currency borrowings. As of September 30, 2025, the Company had currency swap contracts of USD 400 million (due to mature in May 2030) and USD 300 million (due to mature in May 2035), which were measured at fair value. The valuation gain on these currency swaps, as reflected in the Company's financial statements as of September 30, 2025, amounted to KRW 17,681 million.

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##### [**Table of Contents**](#toc)
POSCO uses currency swap contracts to hedge against the exchange rate risk on foreign currency loans. The loss on valuation of currency swaps, as reflected in POSCO's financial statements as of September 30, 2025, amounted to KRW 87,205 million; additionally, associated transaction loss amounted to KRW 7,706 million.

POSCO also hedges against exchange rate risk on expected sales revenue and foreign currency borrowings through currency forward products. The loss on valuation of derivatives, as reflected in POSCO's financial statements as of September 30, 2025, amounted to KRW 9,377 million, while the associated transaction losses amounted to KRW 50,087 million.

**8. Significant Contracts** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purpose: In order to improve the management efficiency of the steel business as a following step of the
vertical spin-off on March 2022.

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

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

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

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

(4) Sales contract of CSP shares

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

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

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

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

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

(5) Equity Investment Agreement for lithium in LithiumCo (pseudonym)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Contract Counterparty: LithiumCo (pseudonym)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Transaction amount: KRW 1.1121 trillion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purpose: Investment in prominent assets to enhance cost-competitiveness of the lithium business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Contract period: November 11, 2025 (Board resolution and term sheet signing date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - The definitive agreement is scheduled to be signed in the first half of 2026, after further negotiation on the detailed terms and conditions.

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

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

∎ **POSCO INTERNATIONAL** 

---

| |
|:---|
| **Contract** |
| Investment on the 3<sup>rd</sup> stage development of<br> A-1 / A-3 block<br> in Myanmar gas field<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Investment amount: KRW 365,786,302,000<br> 2) Development period: September 1, 2019 ~ December 31, 2024<br> 3) Schedule: Installation Completion of low-pressure gas compression platform and<br> commenced operation in 2024<br> 4) Other Information<br> - Location: North-west offshore, Myanmar<br> - This investment is the 3<sup>rd</sup> stage of development, which consists of 3 stages in Myanmar gas field development. The purpose of investment is to maintain current gas production level stably by installing low-pressure gas compression platform.<br> - In the first quarter of 2021, the design and production of the equipment for this work <br>was started, and it is planned to start operation in 2024. The " (2) Development period" above is the period including the basic design progress period, September 2019 to September 2020.<br> - Participation rate of each company in gas production and offshore pipeline transportation business<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• POSCO INTERNATIONAL Corporation: 51.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ONGC VIDESH (Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MOGE (Myanmar Oil and Gas Enterprise): 15.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAIL (India) Limited: 8.5%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KOGAS (Korea Gas Corporation): 8.5%<br>- Investment size of USD 315,170 thousand, applying the exchange rate of<br> 1USD=1,160.60KRW, which is the date of the BOD resolution.<br> - Detailed information and future timeline on this resource development investment is<br> subjectto change.<br> ![LOGO](g64503g0905104843780.jpg) POSCO INTERNATIONAL disclosure date: September 22, 2020 (Decision on natural resources investment) |
| Investment on the 4<sup>th</sup> stage development of<br> A-1 / A-3 block<br> in Myanmar gas field<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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• POSCO INTERNATIONAL Corporation: 51.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KOGAS (Korea Gas Corporation): 8.5%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ONGC VIDESH (Oil and Natural Gas Corporation Videsh Limited) : 17.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MOGE (Myanmar Oil and Gas Enterprise): 15.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAIL (India) Limited: 8.5%<br>- Investment size of USD 667 million, applying the exchange rate of June 25, 2024<br> (1USD=1,387.50KRW).<br> - Detailed information and future timeline on this resource development investment is<br> subjectto change.<br> ![LOGO](g64503g0905104843780.jpg) POSCO INTERNATIONAL disclosure date: June 27, 2024 (Decision on natural resources investment) |

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

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| | |
|:---|:---|
| **Contract** | **Remarks** |
| Decision on Merger of<br> POSCO Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) Purpose: The purpose of the merger is to consolidate the energy business within the group and complete the value chain of the LNG business, thereby strengthening competitiveness, improving management efficiency and laying the foundation for sustainable growth.<br> 2) Method of Merger: POSCO Energy Co., Ltd. ("POSCO Energy") will be merged with and into POSCO INTERNATIONAL Co., Ltd. ("POSCO INTERNATIONAL").<br> 3) Date of board resolution (decision Date): August 12, 2022<br> 4) Date of General Shareholders Meeting for merger approval: November 4, 2022<br> 5) Merger ratio: POSCO INTERNATIONAL: POSCO Energy = 1 : 1.1626920<br> 6) Record date of merger: January 1, 2023<br> 7) Scheduled date of merger registration: January 2, 2023<br> ![LOGO](g64503g0905104843780.jpg) POSCO INTERNATIONAL disclosure date: January 2, 2023 |

---

**9. Research and Development** 

**A. Research and Development ("R&D") Organization (2025.Q3)** 

---

| | | |
|:---|:---|:---|
| **Business Segment** | **Company** | **Organization** |
| Steel | POSCO | Technology Strategy Office |
| Steel | POSCO | Technical Research Laboratories |
| Steel | POSCO | Technical Research Laboratories<br> Steel Product R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Steel Manufacturing Process DX R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Future Steel R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Automotive Steel R&D Center |
| Steel | POSCO | Technical Research Laboratories<br> Steel Solution R&D Center |
| Steel | POSCO (Zhangjiagang) Stainless Steel Co., Ltd. | R&D Center |
| Steel | POSCO STEELEON | Process & Quality Development Department |
| Steel | POSCO M-TECH | Automation R&D Center |
| Steel | POSCO M-TECH | Pohang Steel Business Office |

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

---

| | | |
|:---|:---|:---|
| **Business Segment** | **Company** | **Organization** |
| Infrastructure | POSCO MOBILITY SOLUTION | STS Division Production Group |
| Infrastructure | POSCO MOBILITY SOLUTION | Core Division Tool & Die R&D Group |
| Infrastructure | POSCO MOBILITY SOLUTION | Core Division Development Group |
| Infrastructure | POSCO Eco & Challenge | Research & Development Center |
| Infrastructure | POSCO A&C | Architecture Design Business Office |
| Infrastructure | POSCO DX | Technology Research Laboratory |
| Rechargeable Battery Materials | POSCO Future M | Technical Research Laboratories |
| Others | POSCO HOLDINGS INC. | POSCO Group Technology Strategy Office |
| Others | POSCO HOLDINGS INC. | AI & Robotics Convergence R&D Laboratories |
| Others | POSCO HOLDINGS INC. | Energy Materials R&D Laboratories |
|  |  | Hydrogen & Low-Carbon R&D Laboratories |
|  |  | Australia Critical Minerals R&D Laboratories |
|  |  | POSCO N.EX.T Hub |

---

**B. R&D Expenses (2025.Q3)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **(Unit: KRW million)** | **(Unit: KRW million)** |
| **Category** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** | **Business Segment** |
| **Category** | **Steel** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
| **Category** | **Steel** | Trading | Construction | Logistics<br>and etc. | **Rechargeable<br>Battery<br>Materials** | **Others** | **Total** |
|  Selling and Administrative Cost | 17111 | 2007 | 3486 | 7018 | 26474 | 86741 | 142837 |
|  Manufacturing Cost | 241285 | 99 | 58 |  | 6 |  | 241448 |
|  R&D Cost (Intangible Assets) | 20346 |  | 460 | 1023 | 7696 | 2844 | 32369 |
|  Total\* | 278742 | 2106 | 4004 | 8041 | 34176 | 89585 | 416654 |
|  Government Subsidy |  |  | 1673 |  |  |  | 1673 |
|  R&D/Sales Ratio (%) | 0.99% | 0.01% | 0.10% | 3.79% | 1.94% | 240.48% | 0.80% |

---

\* Total includes government subsidy. 

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

**1. Consolidated Financial Statements** 

**A. Summary** 

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **(Unit: KRW million)** |
| **Account** | **2025.Q3** | **2024** | **2023** |
|  | As of September 30, 2025 | As of December 31, 2024 | As of December 31, 2023 |
|  [Total current assets] | 43583503 | 44029925 | 46212299 |
|  Cash and cash equivalents | 7168846 | 6767898 | 6670879 |
|  Other receivables, net | 1987349 | 2261323 | 1947529 |
|  Other short-term financial assets | 8848553 | 8499389 | 11403166 |
|  Trade accounts and notes receivable, net | 11437177 | 10821620 | 11015303 |
|  Inventories | 12805223 | 14143500 | 13825514 |
|  Other current assets | 1336355 | 1536195 | 1349908 |
|  [Total non-current assets] | 59018090 | 59374275 | 54733095 |
|  Other receivables, net | 1650416 | 1306329 | 1452445 |
|  Other long-term financial assets | 2680190 | 2571651 | 2708325 |
|  Investments in associates and joint ventures | 4773682 | 4738793 | 5020264 |
|  Property, plant and equipment, net | 40914031 | 39846828 | 35206248 |
|  Intangible assets, net | 4844453 | 4774824 | 4714784 |
|  Other non-current assets | 4155318 | 6135850 | 5631029 |
|  Total assets | 102601593 | 103404200 | 100945394 |
|  [Total current liabilities] | 22268963 | 22779719 | 21861518 |
|  [Total non-current liabilities] | 18275489 | 19174112 | 19419979 |
|  Total liabilities | 40544452 | 41953831 | 41281497 |
|  [Equity attributable to owners of the controlling company] | 55619259 | 55394231 | 54180849 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  Share capital | 482403 | 482403 | 482403 |
|  Capital surplus | 1676704 | 1648894 | 1663334 |
|  Hybrid bonds |  |  |  |
|  Retained earnings | 53636511 | 53658367 | 53857514 |
|  Other equity attributable to owners of the controlling company | (176359) | (395433) | (1822402) |
|  [Non-controlling Interests] | 6437882 | 6056137 | 5483048 |
|  Total equity | 62057141 | 61450368 | 59663897 |
|  | From January 1, 2025<br> to September 30, 2025 | From January 1, 2024<br> to December 31, 2024 | From January 1, 2023<br> to December 31, 2023 |
|  Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52253405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72688143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77127197 |
|  Operating profit | 1814380 | 2173573 | 3531423 |
|  Profit | 814994 | 947580 | 1845850 |
|  [Profit attributable to owners of the controlling company] | 883006 | 1094917 | 1698092 |
|  [Profit attributable to non-controlling interests] | (68012) | (147337) | 147758 |
|  Total comprehensive income | 613865 | 2110358 | 2330891 |
|  [Total comprehensive income attributable to owners of the controlling company] | 739519 | 2008919 | 2131737 |
|  [Total comprehensive income attributable to non-controlling interests] | (125654) | 101439 | 199154 |
|  Earnings per share (KRW) | 11677 | 14451 | 22382 |
|  Number of Consolidated Companies | 200 | 194 | 192 |

---

**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)** |
| **Account** | **2025.Q3** | **2024** | **2023** |
|  | As of September 30,<br>2025 | As of December 31,<br>2024 | As of December 31,<br>2023 |
|  [Total current assets] | 4539169 | 3793469 | 4657899 |
|  Cash and Cash equivalents | 514070 | 409387 | 376914 |
|  Trade accounts and notes receivable, net | 146205 | 178822 | 238332 |
|  Other receivables, net | 285676 | 21388 | 68821 |
|  Other short-term financial assets | 3365200 | 2686420 | 3940743 |
|  Inventories | 225724 | 467796 |  |
|  Other current assets | 2294 | 29655 | 33089 |
|  [Total non-current assets] | 47808939 | 46840328 | 46988299 |
|  Other receivables, net | 21176 | 14894 | 6955 |
|  Other long-term financial assets | 466502 | 421822 | 1131074 |
|  Investments in Subsidiaries, associates, and joint ventures | 46405479 | 45631965 | 45321370 |
|  Property, plant and equipment, net | 568628 | 415993 | 197787 |
|  Intangible assets, net | 24690 | 21461 | 19341 |
|  Other non-current assets | 322464 | 334193 | 311772 |
|  Total assets | 52348108 | 50633797 | 51646198 |
|  [Total current liabilities] | 418818 | 162831 | 1819670 |
|  [Total non-current Liabilities] | 3322030 | 2281936 | 2326663 |
|  Total liabilities | 3740848 | 2444767 | 4146333 |
|  [Share capital] | 482403 | 482403 | 482403 |
|  [Capital surplus] | 1367990 | 1367990 | 1370557 |
|  [Retained earnings] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47981558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47952144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47505885 |
|  [Other equity] | (1224691) | (1613507) | (1858980) |
|  Total equity | 48607260 | 48189030 | 47499865 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Account** | **2025.Q3** | **2024** | **2023** |
|  | From January 1, 2025<br> to September 30, 2025 | From January 1, 2024<br> to December 31, 2024 | From January 1, 2023<br> to December 31, 2023 |
|  Revenue | 1232268 | 1997128 | 1454079 |
|  Operating profit | 925518 | 1596420 | 1106629 |
|  Profit | 969846 | 1621282 | 799578 |
|  Earnings per share (KRW) | 12825 | 21398 | 10539 |

---

**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 nine-month periods ended September 30, 2025 and 2024** 

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

------

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

---

| | |
|:---|:---|
|  | **Page** |
|  **[Report on review of interim condensed consolidated financial statements](#fin1toc64503_1)** | 1 |
|  **[Interim condensed consolidated financial statements](#fin1toc64503_2)** | 3 |
|  [Interim condensed consolidated statements of financial position](#fin1toc64503_3) | 4 |
|  [Interim condensed consolidated statements of comprehensive income](#fin1toc64503_4) | 6 |
|  [Interim condensed consolidated statements of changes in equity](#fin1toc64503_5) | 7 |
|  [Interim condensed consolidated statements of cash flows](#fin1toc64503_6) | 9 |
|  [Notes to the interim condensed consolidated financial statements](#fin1toc64503_7) | 11 |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g64503g1128135315334.jpg)

**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 September 30, 2025, and the related interim condensed consolidated statements of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the nine-month periods ended September 30, 2025 and 2024, and a summary of material accounting policy information and other explanatory information.

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

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

**Auditor's responsibility** 

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

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

**Conclusion** 

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

------

##### [**Table of Contents**](#toc)
![LOGO](g64503g1128135315569.jpg)

**Other matters** 

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

November 14, 2025

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

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

**Interim condensed consolidated financial statements** 

**for each of the nine-month periods ended September 30, 2025 and 2024** 

"The accompanying interim condensed consolidated financial statements, including all footnotes and

disclosures, have been prepared by, and are the responsibility of, the Group."

Ju tae Lee

Representative Director & President

POSCO HODINGS INC.

------

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

**Interim condensed consolidated statements of financial position** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **September 30, 2025<br>(unaudited)** | **September 30, 2025<br>(unaudited)** | **December 31, 2024** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 21 | W | 7168846 | 6767898 |
|  Trade accounts and notes receivable, net | 41521252633 |  | 11437177 | 10821620 |
|  Other receivables, net | 52133 |  | 1987349 | 2261323 |
|  Other short-term financial assets | 621 |  | 8848553 | 8499389 |
|  Inventories | 7 |  | 12805223 | 14143500 |
|  Current income tax assets |  |  | 106761 | 140494 |
|  Assets held for sale | 8 |  | 308659 | 608758 |
|  Other current assets | 14 |  | 920935 | 786943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 43583503 | 44029925 |
|  Long-term trade accounts and notes receivable, net | 421 |  | 24744 | 27779 |
|  Other receivables, net | 52133 |  | 1650416 | 1306329 |
|  Other long-term financial assets | 621 |  | 2680190 | 2571651 |
|  Investments in associates and joint ventures | 9 |  | 4773682 | 4738793 |
|  Investment property, net | 11 |  | 1903790 | 1955896 |
|  Property, plant and equipment, net | 12 |  | 40914031 | 39846828 |
|  Intangible assets, net | 13 |  | 4844453 | 4774824 |
|  Defined benefit assets, net | 19 |  | 286490 | 409147 |
|  Deferred tax assets | 31 |  | 1845470 | 3609344 |
|  Other non-current assets | 14 |  | 94824 | 133684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 59018090 | 59374275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 102601593 | 103404200 |

---

(continued)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **September 30, 2025<br>(unaudited)** | **September 30, 2025<br>(unaudited)** | **December 31, 2024** |
|  **Liabilities** |  |  |  |  |
|  Trade accounts and notes payable | 2133 | W | 5239219 | 6159127 |
|  Short-term borrowings and current portion of long-term borrowings | 1521 |  | 11988500 | 11115747 |
|  Other payables | 162133 |  | 2971887 | 3463871 |
|  Other short-term financial liabilities | 1721 |  | 22660 | 120875 |
|  Current income tax liabilities |  |  | 350942 | 350570 |
|  Liabilities directly associated with the assets held for sale | 8 |  | 34829 |  |
|  Provisions | 18 |  | 387710 | 396030 |
|  Other current liabilities | 202526 |  | 1273216 | 1173499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 22268963 | 22779719 |
|  Long-term trade accounts and notes payable | 21 |  | 1025 | 2049 |
|  Long-term borrowings, excluding current portion | 1521 |  | 15476130 | 14881620 |
|  Other payables | 1621 |  | 1221139 | 809012 |
|  Other long-term financial liabilities | 1721 |  | 81932 | 72920 |
|  Defined benefit liabilities, net | 19 |  | 74770 | 43143 |
|  Deferred tax liabilities | 31 |  | 747071 | 2685549 |
|  Long-term provisions | 18 |  | 576541 | 580559 |
|  Other non-current liabilities | 20 |  | 96881 | 99260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 18275489 | 19174112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 40544452 | 41953831 |
|  **Equity** |  |  |  |  |
|  Share capital | 22 |  | 482403 | 482403 |
|  Capital surplus | 22 |  | 1676704 | 1648894 |
|  Other components of equity | 23 |  | 999958 | 1155429 |
|  Treasury shares | 24 |  | (1176317) | (1550862) |
|  Retained earnings |  |  | 53636511 | 53658367 |
|  **Equity attributable to owners of the controlling company** |  |  | 55619259 | 55394231 |
|  **Non-controlling interests** |  |  | 6437882 | 6056137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 62057141 | 61450368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 102601593 | 103404199 |

---

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

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

**Interim condensed consolidated statements of comprehensive income** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won, except per share information)* |  | **For the three-month period<br>ended September 30<br>(unaudited)** | **For the three-month period<br>ended September 30<br>(unaudited)** | **For the three-month period<br>ended September 30<br>(unaudited)** | **For the nine-month period<br>ended September 30<br>(unaudited)** | **For the nine-month period<br>ended September 30<br>(unaudited)** |
|  | **Notes** | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Revenue** | 252633 | W | 17261041 | 18321368 | 52253405 | 54882999 |
|  **Cost of sales** | 2630 |  | (15844979) | (16814861) | (48116110) | (50552662) |
|  **Gross profit** |  |  | 1416062 | 1506507 | 4137295 | 4330337 |
|  Selling and administrative expenses | 2730 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other administrative expenses |  |  | (717927) | (717936) | (2142203) | (2101583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses |  |  | (59368) | (45404) | (180712) | (150565) |
|  **Operating profit** |  |  | 638767 | 743167 | 1814380 | 2078189 |
|  Share of profit of equity-accounted investees, net | 9 |  | 93547 | 68226 | 246347 | 242406 |
|  Finance income and costs | 2128 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 227220 | 771393 | 2295952 | 3293716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | (343578) | (767946) | (2882837) | (3179318) |
|  Other non-operating income and expenses | 2930 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income |  |  | 51799 | 54896 | 235319 | 181593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses |  |  | (149912) | (178407) | (453679) | (473220) |
|  **Profit before income tax** |  |  | 517843 | 691329 | 1255482 | 2143366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 31 |  | (130929) | (194510) | (440488) | (492511) |
|  **Profit** |  |  | 386914 | 496819 | 814994 | 1650855 |
|  **Other comprehensive income (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in subsidiaries under equity method |  |  |  |  | (5625) | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | 100375 | (58584) | (56228) | 57057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans | 19 |  | 12904 | 2390 | 17842 | 4206 |
| &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 |  | 184079 | 49494 | 198190 | (27453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in subsidiaries under equity method |  |  | 134118 | (109145) | (83165) | 89548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences |  |  | 294827 | (233651) | (271997) | 282236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on valuation of derivatives | 21 |  | 113 | (421) | (146) | (443) |
|  **Other comprehensive income (loss), net of tax** |  |  | 726416 | (349917) | (201129) | 406135 |
|  **Total comprehensive income** |  | W | 1113330 | 146902 | 613865 | 2056990 |
|  **Profit attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 420845 | 452654 | 883006 | 1523303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | (33931) | 44165 | (68012) | 127552 |
|  **Profit** |  | W | 386914 | 496819 | 814994 | 1650855 |
|  **Total comprehensive income attributable to:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | 1037743 | 171597 | 739519 | 1849384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 75587 | (24694) | (125654) | 207606 |
|  **Total comprehensive income** |  | W | 1113330 | 146903 | 613865 | 2056990 |
|  **Earnings per share (in Won)** | 32 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 5565 | 5980 | 11677 | 20092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 5565 | 5694 | 11677 | 17578 |

---

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-<br>controlling<br>interests** | **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, 2024** | W | 482403 | 1663334 | 67256 | (1889658) | 53857514 | 54180849 | 5483048 | 59663897 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 1523303 | 1523303 | 127552 | 1650855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | 4790 | 4790 | (584) | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments in equity-accounted investees, net of tax |  |  |  | 66519 |  |  | 66519 | 24013 | 90532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax |  |  |  | (26145) |  | (705) | (26850) | (603) | (27453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | 282236 |  |  | 282236 | 57057 | 339293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on valuation of derivatives, net of tax |  |  |  | (614) |  |  | (614) | 171 | (443) |
|  **Total comprehensive income** |  |  |  | 321996 |  | 1527388 | 1849384 | 207606 | 2056990 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189691) | (189691) | (85674) | (275365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (379381) | (379381) |  | (379381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the scope of consolidation |  |  |  |  |  |  |  | 57399 | 57399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | (15916) |  |  |  | (15916) | 264520 | 248604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  |  | (92311) |  | (92311) |  | (92311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 431107 | (431107) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based payments |  |  | (2567) |  |  |  | (2567) |  | (2567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 3886 | (51143) |  | 104 | (47153) | (25702) | (72855) |
|  **Total transactions with owners of the controlling company** |  |  | (14597) | (51143) | 338796 | (1000075) | (727019) | 210543 | (516476) |
|  **Balance as of September 30, 2024 (Unaudited)** | W | 482403 | 1648737 | 338109 | (1550862) | 54384827 | 55303214 | 5901197 | 61204411 |

---

(continued)

------

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Attributable to owners of the controlling company** | **Non-<br>controlling<br>interests** | **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, 2025** | W | 482403 | 1648894 | 1155429 | (1550862) | 53658367 | 55394231 | 6056137 | 61450368 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 883006 | 883006 | (68012) | 814994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurements of defined benefit plans, net of tax |  |  |  |  |  | 12464 | 12464 | 5378 | 17842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital adjustment arising from investments <br>in equity-accounted investees, net of tax |  |  |  | (81251) |  |  | (81251) | (7539) | (88790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments <br>at fair value through other comprehensive income, net of tax |  |  |  | 195367 |  | 2075 | 197442 | 747 | 198189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation differences, net of tax |  |  |  | (271997) |  |  | (271997) | (56228) | (328225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on valuation of derivatives, net of tax |  |  |  | (146) |  |  | (146) |  | (146) |
|  **Total comprehensive income** |  |  |  | (158027) |  | 897545 | 739518 | (125654) | 613864 |
|  **Transactions with owners of the controlling company, recognized directly in equity:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) | (158122) | (347174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (378104) | (378104) |  | (378104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the scope of consolidation |  |  |  |  |  |  |  | 7040 | 7040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in ownership interest in subsidiaries |  |  | 35622 |  |  |  | 35622 | 687894 | 723516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374545 | (374545) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (7812) | 2556 |  | 22300 | 17044 | (29413) | (12369) |
|  **Total transactions with owners of the controlling company** |  |  | 27810 | 2556 | 374545 | (919401) | (514490) | 507399 | (7091) |
|  **Balance as of September 30, 2025 (Unaudited)** | W | 482403 | 1676704 | 999958 | (1176317) | 53636511 | 55619259 | 6437882 | 62057141 |

---

*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 nine-month periods ended September 30, 2025 and 2024 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **Notes** | **September 30, 2025<br>(Unaudited)** | **September 30, 2025<br>(Unaudited)** | **September 30, 2024<br>(Unaudited)** |
|  **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  | W | 814994 | 1650854 |
| &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 |  |  | 2740684 | 2629545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  |  | 326815 | 352394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | (1182575) | (2155923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 1497327 | 1937285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  |  | 440488 | 492511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  |  | 113147 | 179400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  |  | (32039) | (14079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  |  | 82146 | 56291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on goodwill and other intangible assets |  |  | 42448 | 362 |
| &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 |  |  | (29178) | (9590) |
| &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 |  |  | 31264 | 42539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of profit of equity-accounted investees |  |  | (246347) | (242406) |
| &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 |  |  | 11922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  |  | (53672) | (705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  |  | 6277 | 34830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  |  | 191241 | 183381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on trade and other receivables |  |  | 100191 | 70037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) Loss on valuation of inventories |  |  | (102147) | (62047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  |  | 195906 | 40815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance benefit income |  |  | (10675) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  | (2438) | (8356) |
|  |  |  | 4120785 | 3526284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | 35 |  | (1307874) | (450846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  |  | 334945 | 423968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  |  | (786801) | (847985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received |  |  | 339337 | 541054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (858867) | (429491) |
| &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 | 2656519 | 4413838 |

---

(continued)

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **Notes** | **September 30, 2025<br>(Unaudited)** | **September 30, 2025<br>(Unaudited)** | **September 30, 2024<br>(Unaudited)** |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of short-term financial instruments |  | W | (12990582) | (10755681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  |  | 12918623 | 14529930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in loans |  |  | (277472) | (705255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of loans |  |  | 198635 | 645503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of securities |  |  | (756966) | (1110904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of securities |  |  | 456530 | 645082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of long-term financial instruments |  |  | (19763) | (3442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment in associates and joint ventures |  |  | (167792) | (166147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment in associates and joint ventures |  |  | 21309 | 46266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of investment property |  |  | (1802) | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investment property |  |  | 1415 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of property, plant and equipment |  |  | (4065766) | (5680476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of property, plant and equipment |  |  | 281050 | 30397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of intangible assets |  |  | (386726) | (266216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  | 3753 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  |  | 476236 | 23531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collection of lease receivables |  |  | 19678 | 22391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash inflow from insurance claim |  |  | 10675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of net assets due to changes in consolidated entities |  |  | (67002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of net assets due to changes in consolidated entities |  |  | 43275 | 9831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | (209407) | (2884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities |  | W | (4512099) | (2736032) |
|  **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination of borrowings |  |  | 4861494 | 4788074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings |  |  | (4577572) | (6149738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of short-term borrowings, net |  |  | 1993846 | 1163905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from non-controlling interests |  |  | 774495 | 308777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  |  | (725605) | (655132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  |  | (106150) | (145157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acqusition of treasury shares |  |  |  | (92311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  | 108898 | 114696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities |  | W | 2329406 | (666886) |
|  **Effect of exchange rate fluctuation on cash held** |  |  | (65592) | 47132 |
|  **Net increase in cash and cash equivalents** |  |  | 408234 | 1058052 |
|  **Changes in cash classified as assets held for sale** |  |  | (7286) |  |
|  **Cash and cash equivalents at beginning of the period** |  |  | 6767898 | 6670879 |
|  **Cash and cash equivalents at end of the period** |  | W | 7168846 | 7728931 |

---

*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** 

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

**1. General Information** 

General information about POSCO HOLDINGS INC. (the "Company"), the controlling company, and its subsidiaries in the scope of consolidation, such as 65 domestic subsidiaries including POSCO INC. and 134 foreign subsidiaries including POSCO America Corporation, and 117 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 September 30, 2025, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchanges.

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Date of inclusion** | **Ownership (%)** | **Reason** |
|  POSCO DEEPTECH IP FUND | June 2025 | 60.00 | New establishment |
|  FUTURE GRAPH CO., LTD. | June 2025 | 100.00 | New establishment |
|  Chemgas Korea Co., Ltd. | July 2025 | 100.00 | Acquired |
|  POSCO-EVER NEW MEDICAL Investment Fund | July 2025 | 60.00 | New establishment |
|  POSCO Stainless Precision & Processing | August 2025 | 100.00 | New establishment |
|  POSCO INTERNATIONAL CVC 1st Fund | August 2025 | 100.00 | New establishment |
|  POSCO CVC 1st Fund | August 2025 | 100.00 | New establishment |
|  NYUJERO 2ND CO., LTD. | September 2025 | 100.00 | Acquired |
|  POSCO DX CVC 1st Fund | September 2025 | 100.00 | New establishment |
|  POSCO Group AC Fund I | September 2025 | 100.00 | New establishment |
|  POSCO SAFETY SOLUTION CO., LTD. | September 2025 | 100.00 | New establishment |

---

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

---

| | | |
|:---|:---|:---|
| **Company** | **Date of exclusion** | **Reason** |
|  SANPU TRADING Co., Ltd. | May 2025 | liquidation |
|  NEH Co., Ltd. | June 2025 | Merger |
|  POSCO CNGR Nickel Solution | July 2025 | Liquidation |
|  POSCO ENGINEERING & CONSTRUCTION VIETNAM COMPANY LIMITED | August 2025 | Disposal |
|  SK SOLRA POWER GENERATION COPORATION | August 2025 | Disposal |

---

------

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

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

**September 30, 2025 and 2024 (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, 2024. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group incurred after December 31, 2024.

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.

------

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

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

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

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

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

&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;• 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, 2024.

**Changes in accounting policies** 

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

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

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

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

------

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

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

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

**4. Trade Accounts and Notes Receivable** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 10306250 | 9654940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1520968 | 1488180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (390041) | (321501) |
|  | W | 11437177 | 10821619 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 69409 | 72387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  | (44665) | (44608) |
|  | W | 24744 | 27779 |

---

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the nine-month period ended September 30, 2025 and the year ended December 31, 2024. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of September 30, 2025 and December 31, 2024, the book value of the trade accounts receivable from the transaction is W148,876 million and W119,076 million, respectively, and the amount is included in the short-term borrowings.

------

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

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

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

**5. Other Receivables** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term loans | W | 329492 | 375244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 1387386 | 1671039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income(\*1) |  | 312572 | 293985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 45316 | 80007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 43611 | 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 14258 | 18224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*1) |  | (145286) | (205656) |
|  | W | 1987349 | 2261323 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term loans(\*1) | W | 1339728 | 1247255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable |  | 397735 | 192736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 207926 | 189565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 241206 | 142698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease receivables |  | 66266 | 76680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*1) |  | (602445) | (542605) |
|  | W | 1650416 | 1306329 |

---

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

------

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

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

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

**6. Other Financial Assets** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 178093 | 465178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 928407 | 400771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 6919891 | 6420797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments(\*1) |  | 822162 | 1212643 |
|  | W | 8848553 | 8499389 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives assets | W | 268029 | 497698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities(\*2) |  | 1497778 | 1171544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 124648 | 115601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities(\*2) |  | 744878 | 762177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments(\*1) |  | 44857 | 24631 |
|  | W | 2680190 | 2571651 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025 and December 31, 2024, financial instruments amounting to W78,537 million and W98,116 million, respectively, are restricted in use for financial arrangements, pledge and others.  |

---

(\*2) As of September 30, 2025 and December 31, 2024, W185,688 million and W182,862 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.

------

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

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

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

**7. Inventories** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Finished goods | W | 2364402 | 2741236 |
|  Merchandise |  | 1073586 | 1166464 |
|  Semi-finished goods |  | 2530097 | 2659707 |
|  Raw materials |  | 3356036 | 3764453 |
|  Fuel and materials |  | 1124899 | 1038854 |
|  Construction inventories |  | 172127 | 200825 |
|  Materials-in-transit |  | 2407684 | 2889334 |
|  Others |  | 103998 | 118391 |
|  |  | 13132829 | 14579264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for inventories valuation(\*1) |  | (327606) | (435764) |
|  | W | 12805223 | 14143500 |

---

(\*1) For each of the nine-month periods ended September 30, 2025 and 2024, allowance for inventories valuation decreased by W102,147 million and W62,047 million, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Finished goods | W | 120628 | 187902 |
|  Merchandise |  | 10267 | 14288 |
|  Semi-finished goods |  | 71962 | 103751 |
|  Raw materials |  | 109354 | 113413 |
|  Fuel and materials |  | 5528 | 6060 |
|  Construction inventories |  | 5915 | 6420 |
|  Others |  | 3952 | 3930 |
|  | W | 327606 | 435764 |

---

------

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

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

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

**8. Assets Held for Sale** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Asset** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | W | 9154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account receivables |  | 21396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | 12671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities(\*1) |  | 225724 | 604439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 35601 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | 2676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1437 |  |
|  | W | 308659 | 608758 |
|  **Liability** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | W | (34577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (252) |  |
|  | W | (34829) |  |

---

---

| | |
|:---|:---|
| (\*1) | Some of the equity securities of Nippon Steel Corporation amounting to W402,860 million, which have been classified as assets held for sale for the year ended December 31, 2024, were disposed of during the nine-month period ended September 30, 2025, and the carrying amount of the remaining equity securities is W225,724 million.  |

---

------

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
| **Company** | **Number<br>of shares** | **Ownership<br>(%)** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd.(\*1) | 4507138 | 34.00 | W | 473093 | W | 421594 | 392269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd(\*1) | 17308143 | 49.10 |  | 86541 |  | 14054 | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp.(\*1) | 7109230 | 27.89 |  | 35546 |  | 17044 | 14834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd | 944920 | 29.53 |  | 4725 |  | 12259 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1(\*2) | 3666151104 | 8.80 |  | 3666 |  | 3712 | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 132966 | 122688 |
|  |  |  |  |  |  | 601629 | 562427 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. | 50082 | 25.04 |  | 102298 |  | 273336 | 279349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. | 284463243 | 25.85 |  | 328509 |  | 397429 | 426276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD | 49 | 49.00 |  | 209664 |  | 113847 | 68478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. | 2400 | 20.00 |  | 135205 |  | 19073 | 25622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power(\*1) | 8708400 | 20.00 |  | 10054 |  | 15651 | 17680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. | 50 | 25.00 |  | 4723 |  | 11143 | 10713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd(\*3) | 48000000 | 80.00 |  | 68861 |  | 64940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  |  |  |  |  | 229937 | 241841 |
|  |  |  |  |  |  | 1125356 | 1069959 |
|  |  |  |  |  | W | 1726985 | 1632386 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025 and December 31, 2024, investments in associates amounting to W482,255 million and W452,614 million, respectively, are provided as collateral in relation to the associates' borrowings.  |

---

---

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

---

---

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

---

------

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
| **Company** | **Number<br>of shares** | **Ownership<br>(%)** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS | 11568000 | 60.00 | W | 115680 | W | 144557 | 153839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC | 18130000 | 49.00 |  | 90650 |  | 25008 | 38046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 19145 | 10042 |
|  |  |  |  |  |  | 188710 | 201927 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd(\*1) | 13117972 | 12.50 |  | 1528672 |  | 1357782 | 1397824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC | 325050000 | 50.00 |  | 364609 |  | 455867 | 477898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO | 2010719185 | 50.00 |  | 32950 |  | 128113 | 119820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 25.00 |  | 61961 |  | 121580 | 126906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY | 152764706 | 49.00 |  | 603178 |  | 632502 | 578604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 50.00 |  | 235251 |  | 140995 | 179841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  |  | 21148 | 23587 |
|  |  |  |  |  |  | 2857987 | 2904480 |
|  |  |  |  |  | W | 3046697 | 3106407 |

---

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

------

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

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

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

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | | |
| **Company** | **January 1,<br>2025<br>Book value** | **January 1,<br>2025<br>Book value** | **Acquisition** | **Dividends** | **Share of<br>profits (losses)** | **Other<br>increase<br>(decrease)(\*1)** | **September 30,<br>2025<br>Book value** |
|  **[Domestic]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. | W | 392269 | 17509 | (2795) | 14603 | 8 | 421594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 38046 |  |  | (13038) |  | 25008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 14054 |  |  | (323) | 323 | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 14834 |  |  | 2210 |  | 17044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd |  | 12401 |  |  | (143) | 1 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 6181 |  |  | (364) | (2105) | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 153839 |  | (3000) | (6282) |  | 144557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 132730 | 18097 | (1248) | 2776 | (244) | 152111 |
|  |  | 764354 | 35606 | (7043) | (561) | (2017) | 790339 |
|  **[Foreign]** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 279349 |  | (26653) | 44436 | (23796) | 273336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 426276 |  | (21180) | 14749 | (22416) | 397429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 68478 |  |  | 49677 | (4308) | 113847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 25622 |  | (4443) | 4574 | (6680) | 19073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 17680 |  | (1708) | 511 | (832) | 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 10713 |  |  | 755 | (325) | 11143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 1397824 |  | (164092) | 105580 | 18470 | 1357782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 477898 |  | (32031) | 32144 | (22144) | 455867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 119820 |  | (18197) | 13506 | 12984 | 128113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 126906 |  | (11440) | 8971 | (2857) | 121580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 578604 | 62573 |  | 14840 | (23515) | 632502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 179841 |  |  | (35291) | (3555) | 140995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  |  | 68861 |  | (2195) | (1726) | 64940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 265428 | 751 | (8707) | (5349) | (1038) | 251085 |
|  |  | 3974439 | 132185 | (288451) | 246908 | (81738) | 3983343 |
|  | W | 4738793 | 167791 | (295494) | 246347 | (83755) | 4773682 |

---

---

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

---

------

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

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

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

2) For the year ended December 31, 2024

---

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

---

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

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

------

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

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

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

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

1) As of and for the nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | | | |
| **Company** | **Assets** | **Assets** | **Liabilities** | **Equity<br>(deficit)** | **Sales** | **Net income<br>(loss)** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. | W | 5272989 | 4425359 | 847630 | 513676 | 45199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 629272 | 561518 | 67754 | 572524 | (27764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chun-cheon Energy Co., Ltd |  | 520094 | 396593 | 123501 | 281121 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 683308 | 584762 | 98546 | 17184 | 7100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd |  | 14030 | 2817 | 11213 | 1050 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCC Amberstone Private Equity Fund 1 |  | 43757 | 1561 | 42196 | 1397 | (4142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 348065 | 104817 | 243248 | 151069 | (9687) |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  | 1454148 | 362538 | 1091610 | 347150 | 177469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc. |  | 1604080 | 9 | 1604071 |  | 57061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 56562 | 1510781 | (1454219) |  | (61793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOREA LNG LTD. |  | 95655 | 291 | 95364 | 24476 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 503701 | 304421 | 199280 | 135799 | (53787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZHEJIANG HUAYOU-POSCO ESM CO., LTD |  | 307360 | 51858 | 255502 | 104233 | (23972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Wampu Electric Power |  | 182429 | 107223 | 75206 | 13306 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 100784 | 58800 | 41984 | 114195 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 10705670 | 2647567 | 8058103 | 5243024 | 1167733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | 911530 |  | 911530 |  | 57767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO |  | 271831 | 16210 | 255621 | 40462 | 27012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. |  | 1004515 | 545060 | 459455 | 1066995 | 35885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMSA/AMSA |  | 826471 | 1696559 | (870088) | 569544 | (697846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 965173 | 665159 | 300014 | 396883 | (70554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY |  | 1071554 | 200703 | 870851 | 491610 | 30407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M RES NSW HCC II Pty Ltd |  | 81412 | 3 | 81409 |  | (2744) |

---

------

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

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

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

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

---

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

---

**10. Joint Operations** 

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

---

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

---

------

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

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

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

**11. Investment Property** 

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

(a) For the nine-month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 866450 |  | (510) |  | (14306) | 851634 |
|  Buildings |  | 942851 | 1878 |  | (19082) | (13761) | 911886 |
|  Structures |  | 1755 |  |  | (681) | 322 | 1396 |
|  Right of use assets |  | 144840 | 1464 | (254) | (4166) | (3010) | 138874 |
|  | W | 1955896 | 3342 | (764) | (23929) | (30755) | 1903790 |

---

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

(b) For the year ended December 31, 2024

---

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

---

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

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

------

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

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

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

**12. Property, Plant and Equipment** 

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment<br>loss** | **Others(\*1)** | **Ending** |
|  Land | W | 3335875 | 2677 | (13233) |  | (1476) | 49496 | 3373339 |
|  Buildings |  | 5280968 | 10688 | (27333) | (293224) |  | 617989 | 5589088 |
|  Structures |  | 3860523 | 7524 | (101533) | (245493) | (2530) | 684328 | 4202819 |
|  Machinery and equipment |  | 18311678 | 49970 | (35407) | (1907861) | (69430) | 1870577 | 18219527 |
|  Vehicles |  | 89975 | 5568 | (1394) | (28656) |  | 13368 | 78861 |
|  Tools |  | 134501 | 11507 | (800) | (40146) | (4) | 5982 | 111040 |
|  Furniture and fixtures |  | 200033 | 17754 | (1292) | (59394) |  | 56568 | 213669 |
|  Lease assets |  | 970634 | 596290 | (24103) | (141980) |  | (23222) | 1377619 |
|  Bearer plants |  | 139451 |  | (78) |  |  | (17751) | 121622 |
|  Construction-in-progress |  | 7523190 | 3909255 | (1333) |  | (39707) | (3764958) | 7626447 |
|  | W39,846,828 | W39,846,828 | 4611233 | (206506) | (2716754) | (113147) | (507623) | 40914031 |

---

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

2) For the year ended December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Impairment<br>loss(\*2,3)** | **Others(\*1)** | **Ending** |
|  Land | W | 3290244 | 20523 | (6061) |  | (6620) | 37789 | 3335875 |
|  Buildings |  | 4427632 | 14002 | (11137) | (346334) | (67797) | 1264602 | 5280968 |
|  Structures |  | 3081524 | 11663 | (4497) | (306017) | (15328) | 1093178 | 3860523 |
|  Machinery and equipment |  | 16539192 | 179457 | (47511) | (2484915) | (385367) | 4510822 | 18311678 |
|  Vehicles |  | 79595 | 17353 | (1487) | (39263) | (56) | 33833 | 89975 |
|  Tools |  | 128865 | 28731 | (673) | (54966) | (1573) | 34117 | 134501 |
|  Furniture and fixtures |  | 189887 | 27966 | (2380) | (70561) | (3260) | 58381 | 200033 |
|  Lease assets |  | 998305 | 132219 | (18706) | (177475) | (1994) | 38285 | 970634 |
|  Bearer plants |  | 137331 |  | (27) | (9602) |  | 11749 | 139451 |
|  Construction-in-progress |  | 6333673 | 7634826 | (3482) |  | (128119) | (6313708) | 7523190 |
|  | W35,206,248 | W35,206,248 | 8066740 | (95961) | (3489133) | (610114) | 769048 | 39846828 |

---

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

---

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

---

---

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

---

------

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

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

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

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation** | **Impairment<br>loss** | **Others** | **Ending** |
|  Land | W | 348918 | 7967 | (10768) | – | (28471) | 317646 |
|  Buildings and structures |  | 154747 | 108737 | (43880) | – | (19429) | 200175 |
|  Machinery and equipment |  | 346642 | 19925 | (40045) | – | 8649 | 335171 |
|  Vehicles |  | 45071 | 11491 | (15252) | – | (1172) | 40138 |
|  Ships |  | 196070 | 264508 | (24048) | – |  | 436530 |
|  Others |  | 24026 | 185126 | (12152) | – | (10167) | 186833 |
|  | W | 1115474 | 597754 | (146145) | – | (50590) | 1516493 |

---

2) For the year ended December 31, 2024

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Interest on lease liabilities | W | 19002 | 12880 | 43788 | 37192 |
|  Expenses related to short-term leases |  | 11704 | 11584 | 32288 | 40028 |
|  Expenses related to leases of low-value assets |  | 6047 | 6502 | 13903 | 19373 |
|  | W | 36753 | 30966 | 89979 | 96593 |

---

------

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

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

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

**13. Goodwill and Other Intangible Assets** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the nine-month period ended September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Business<br>Combination** | **Disposals** | **Amortization** | **Impairment<br>loss** | **Others(\*2)** | **Ending** |
|  Goodwill | W | 357851 |  | 39413 |  |  |  | (625) | 396639 |
|  Intellectual property rights |  | 3247517 | 244042 |  | (4) | (215288) | (25680) | (1760) | 3248827 |
|  Membership(\*1) |  | 136108 | 4241 |  | (2940) | (160) | (511) | 1403 | 138141 |
|  Development expense |  | 95041 | 10661 |  |  | (24741) |  | 12903 | 93864 |
|  Port facilities usage rights |  | 167996 |  |  |  | (11133) |  |  | 156863 |
|  Exploratation and evaluation assets |  | 115309 | 39271 |  |  |  | (16256) | (1147) | 137177 |
|  Development assets |  | 86711 |  |  |  | (201) |  | (3997) | 82513 |
|  Customer relationships |  | 145699 |  |  |  | (33359) |  | 7097 | 119437 |
|  Other intangible assets |  | 422592 | 98224 | 4975 | (47) | (41933) | (1) | (12818) | 470992 |
|  | W | 4774824 | 396439 | 44388 | (2991) | (326815) | (42448) | 1056 | 4844453 |

---

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

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

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

---

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

---

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

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

------

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

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

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

**14. Other Assets** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 637374 | 509922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 267283 | 259145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment asset |  | 1829 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | 14449 | 15387 |
|  | W | 920935 | 786943 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 28396 | 33308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 17420 | 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 49008 | 79688 |
|  | W | 94824 | 133685 |

---

**15. Borrowings** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate (%)** | **September 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
|  **Short-term borrowings** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank overdrafts | JP Morgan and others | January, 2025~<br>September, 2025 | October, 2025~<br>September, 2026 | 3.40~7.00 | W | 108817 | 85892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | HSBC and others | October, 2024~<br>September, 2025 | October, 2025~<br>September, 2026 | 0.49~7.00 |  | 7025453 | 5647199 |
|  |  |  |  |  |  | 7134270 | 5733091 |
|  **Current portion of long-term liabilities** | **Current portion of long-term liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings | Export-Import Bank of Korea and others | December, 2006~<br>September, 2025 | October, 2025~<br>September, 2026 | 1.00~6.13 |  | 1230195 | 1323002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debentures | KB Securities co., Ltd. and others | March, 2021~<br>March, 2024 | October, 2025~<br>September, 2026 | 1.72~5.63 |  | 3583413 | 4024084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion of discount on debentures issued |  |  |  |  |  | (2804) | (3483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of exchangable bonds | Foreign currency exchangable bonds | September, 2021 | September, 2026 |  |  | 43426 | 39053 |
|  |  |  |  |  |  | 4854230 | 5382656 |
|  |  |  |  |  | W | 11988500 | 11115747 |

---

------

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

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

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

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

---

| | |
|:---|:---|
|  | **Foreign currency exchangeable bonds** |
| Type of bond | Exchangeable bonds |
| Aggregate principal amount(\*1) | EUR 27,100,000 |
| Interest rate | - Coupon rate : - |
|  | - Yield to maturity : (0.78%) |
| Maturity date | September 1, 2026 |
| Redemption | - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum |
|  | - Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2)<br> (Won/share) | 425631 |
| Underlying shares | Registered common shares(treasury shares) |
| Exchange period | From October 12, 2021 to August 22, 2026 |
| Adjustments for exchange price | Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price. |
| Put option by bondholders | - In the event of a change of control of the Company |
|  | - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days) |
| Call option by the issuer | - Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds |
|  | - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) |
|  | - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc |

---

---

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

---

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

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

------

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance date** | **Maturity date** | **Interest rate (%)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Long-term borrowings | Export-Import Bank of<br>Korea and others | September, 2001~<br>September, 2025 | October, 2026~<br>March, 2040 | 1.00~8.50 | W | 6339568 | 4868703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Present value discount |  |  |  |  |  | (49652) | (51173) |
|  Bonds | KB Securities co., Ltd.<br>and others | July, 2019~<br>September, 2025 | October, 2026~<br>May, 2035 | 1.77~6.38 |  | 9228470 | 10108600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Discount on debentures issued |  |  |  |  |  | (42256) | (44510) |
|  |  |  |  |  | W | 15476130 | 14881620 |

---

(c) Assets pledged as collateral with regard to the borrowings as of September 30, 2025 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 | 3696653 | 4425743 |
|  Trade accounts and notes receivable | Korea Development Bank and others |  | 148876 | 148876 |
|  Financial instruments | Korea Development Bank and others |  | 10146 | 10146 |
|  |  | W | 3855675 | 4584765 |

---

**16. Other Payables** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 1383220 | 1652957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 1060340 | 1275068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 3782 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 177094 | 161601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 347451 | 370063 |
|  | W | 2971887 | 3463871 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 5364 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 17160 | 11979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 1149443 | 744500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings |  | 49172 | 46437 |
|  | W | 1221139 | 809012 |

---

------

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

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

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

**17. Other Financial Liabilities** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 7969 | 108786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 7575 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 7116 | 7117 |
|  | W | 22660 | 120875 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 11190 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 10964 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 59778 | 61740 |
|  | W | 81932 | 72920 |

---

**18. Provisions** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Provision for bonus payments | W | 92690 | 75591 | 121757 | 70104 |
|  Provision for construction warranties |  | 39125 | 143419 | 49659 | 137201 |
|  Provision for legal contingencies and claims(\*1) |  | 5700 | 63876 | 17960 | 78486 |
|  Provision for the restoration |  | 2959 | 213322 | 10041 | 197810 |
|  Others(\*2) |  | 247236 | 80333 | 196613 | 96958 |
|  | W | 387710 | 576541 | 396030 | 580559 |

---

---

| | |
|:---|:---|
| (\*1) | The Group recognized probable outflow of resources amounting to W52,122 million and W80,220 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of September 30, 2025 and December 31, 2024, respectively.  |

---

---

| | |
|:---|:---|
| (\*2) | According to the *Act on the promotion of the development, use and diffusion of new and renewable energy*, POSCO INTERNATIONAL Corporation is obliged to supply a certain amount of power generated by new and renewable energy sources. In accordance with the Act, POSCO INTERNATIONAL Corporation estimated the cost required to fulfill its obligations, such as insufficient supply of power using new and renewable energy to be borne, and as of September 30, 2025 and December 31, 2024, the Group recognized W58,404 million and W64,249 million respectively, as provision.  |

---

------

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

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

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

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Reversal** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 191861 | 101328 | (107748) | (16011) | (1149) | 168281 |
|  Provision for construction warranties |  | 186860 | 36146 | (37317) | (1958) | (1187) | 182544 |
|  Provision for legal contingencies and claims |  | 96446 | 24986 | (13306) | (36794) | (1756) | 69576 |
|  Provision for the restoration |  | 207851 | 17694 | (1391) | (7786) | (87) | 216281 |
|  Others |  | 293571 | 219292 | (3974) | (55674) | (125646) | 327569 |
|  | W | 976589 | 399446 | (163736) | (118223) | (129825) | 964251 |

---

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

2) For the year ended December 31, 2024

---

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

---

(\*1) Including transfer to liabilities held for sale, 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** 

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

**19. Employee Benefits** 

(a) Defined contribution plans

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Expense related to post-employment benefit plans under defined contribution plans | W | 20238 | 18827 | 57869 | 56227 |

---

(b) Defined benefit plans

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Present value of funded obligations | W | 2560953 | 2589246 |
|  Fair value of plan assets(\*1) |  | (2787397) | (2962342) |
|  Present value of non-funded obligations |  | 14724 | 7092 |
|  Net defined benefit liabilities | W | (211720) | (366004) |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025 and December 31, 2024, the Group recognized net defined benefit assets amounting to W286,490 million and W409,147 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of defined benefit obligations.  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Current service costs | W | 66859 | 66208 | 203801 | 199556 |
|  Net interest costs |  | (4669) | (5590) | (12560) | (16175) |
|  | W | 62190 | 60618 | 191241 | 183381 |

---

------

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

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

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

**20. Other Liabilities** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work | W | 544002 | 491495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received |  | 384073 | 253171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 114304 | 87969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 204998 | 307753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firm commitment liability |  | 2246 | 10384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 23593 | 22726 |
|  | W | 1273216 | 1173498 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | W | 2416 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*1) |  | 94465 | 94942 |
|  | W | 96881 | 99259 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025 and December 31, 2024, the Group recognized the assumed liability amounting to W35,299 million and W41,770 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy Limited.  |

---

------

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

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

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

**21. Financial Instruments** 

(a) Classification and fair value of financial instruments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | W | 440552 |  | 440552 |  | 440552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 822162 |  | 822162 |  | 822162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 79844 | 15219 |  | 64625 | 79844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 125685 |  | 86908 | 38777 | 125685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 744878 |  |  | 744878 | 744878 |
|  Derivative hedging instruments(\*2) |  | 5570 |  | 5570 |  | 5570 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 1417934 | 825477 | 47 | 592410 | 1417934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 225724 | 225724 |  |  | 225724 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 7168846 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 9950985 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 3291101 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 927370 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 6964748 |  |  |  |  |
|  Assets held for sale |  | 30551 |  |  |  |  |
|  | W | 32195950 | 1066420 | 1355239 | 1440690 | 3862349 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W | 17749 |  | 17749 |  | 17749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 43426 | 43426 |  |  | 43426 |
|  Derivative hedging instruments(\*2) |  | 1410 |  | 1410 |  | 1410 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes payable |  | 5240244 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 27421204 |  | 27667643 |  | 27667643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 18539 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3600021 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial Liabilities |  | 66894 |  |  |  |  |
|  | W | 36409487 | 43426 | 27686802 |  | 27730228 |

---

---

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

---

---

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

---

------

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

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

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

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

---

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

---

---

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

---

---

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

---

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the nine-month period ended September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Other**<br>**comprehensive**<br>**income (loss)** |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Loss**<br>**on valuation** | **Gain (loss) on**<br>**foreign currency** | **Gain (loss)**<br>**on disposal** | **Others** | **Total** | **Other**<br>**comprehensive**<br>**income (loss)** |
|  Financial assets at fair value through profit or loss | W |  | (5204) |  | 39593 | 1216 | 35605 |  |
|  Derivative assets |  |  | (95183) |  | 137134 |  | 41951 |  |
|  Financial assets at fair value through other comprehensive income |  |  |  |  |  | 31687 | 31687 | 198190 |
|  Financial assets measured at amortized cost |  | 366722 |  | (285967) | (58381) | (1064) | 21310 |  |
|  Financial liabilities at fair value through profit or loss |  |  | (1315) | 3057 |  |  | 1742 |  |
|  Derivative liabilities |  |  | (15471) |  | (306774) |  | (322245) | (146) |
|  Financial liabilities measured at amortized cost |  | (791825) |  | 424376 |  | (29486) | (396935) |  |
|  | W | (425103) | (117173) | 141466 | (188428) | 2353 | (586885) | 198044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the nine-month period ended September 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Other<br>comprehensive<br>loss** |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain<br>on valuation** | **Gain (loss)on<br>foreign currency** | **Gain (loss)<br>on disposal** | **Others** | **Total** | **Other<br>comprehensive<br>loss** |
|  Financial assets at fair value through profit or loss | W |  | 109930 |  | 92375 | 819 | 203124 |  |
|  Derivative assets |  |  | 165915 |  | 238056 |  | 403971 |  |
|  Financial assets at fair value through other comprehensive income |  |  |  |  |  | 71811 | 71811 | (27453) |
|  Financial assets measured at amortized cost |  | 446113 |  | 293084 | (57778) | (3834) | 677585 |  |
|  Financial liabilities at fair value through profit or loss |  |  | 236931 | (56301) | (6258) |  | 174372 |  |
|  Derivative liabilities |  |  | 25903 |  | (210968) |  | (185065) | (443) |
|  Financial liabilities measured at amortized cost |  | (787113) |  | (421586) |  | (22701) | (1231400) |  |
|  | W | (341000) | 538679 | (184803) | 55427 | 46095 | 114398 | (27896) |

---

(b) Financial risk management

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

------

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

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

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

**22. Share Capital and Capital Surplus** 

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

---

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

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.  |

---

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Share premium | W | 463825 |  | 463825 |
|  Gain on disposal of treasury shares |  | 808994 |  | 808994 |
|  Other capital surplus |  | 403885 |  | 376075 |
|  | W | 1676704 |  | 1648894 |

---

**23. Other components of equity** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Capital adjustment arising from investments in equity-accounted investees | W | (4382) | 76870 |
|  Changes in fair value of equity investments at fair value through other comprehensive income |  | 215434 | 20066 |
|  Foreign currency translation differences |  | 711074 | 983071 |
|  Losses on valuation of derivatives |  | (1071) | (925) |
|  Others |  | 78903 | 76347 |
|  | W | 999958 | 1155429 |

---

**24. Treasury Shares** 

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

---

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

---

------

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

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

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

**25. Revenue** 

(a) Disaggregation of revenue

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the nine-month period ended September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and**<br>**others** | **Rechargeable<br>battery materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 27436343 | 16202144 |  | 1855 | 1709678 |  | 45350020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 639124 | 1801935 | 98932 | 176900 | 2328 | 6396 | 2725615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 3944594 |  | 34403 |  | 3978997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 109752 | 3727 | 8808 | 33437 | 12191 | 30858 | 198773 |
|  | W | 28185219 | 18007806 | 4052334 | 212192 | 1758600 | 37254 | 52253405 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 27546095 | 16205871 | 273188 | 35292 | 1721869 | 30858 | 45813173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 639124 | 1801935 | 3779146 | 176900 | 36731 | 6396 | 6440232 |
|  | W | 28185219 | 18007806 | 4052334 | 212192 | 1758600 | 37254 | 52253405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the nine-month period ended September 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable<br>battery materials** | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Rechargeable<br>battery materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 28642479 | 15009876 |  | 5988 | 2297474 |  | 45955817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 663205 | 2186302 | 94133 | 240144 | 3424 | 9425 | 3196633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 5451805 |  | 20975 |  | 5472780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 131090 | 4588 | 40696 | 33180 |  | 48215 | 257769 |
|  | W | 29436774 | 17200766 | 5586634 | 279312 | 2321873 | 57640 | 54882999 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 28773569 | 15014464 | 308117 | 39168 | 2297474 | 48215 | 46481007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 663205 | 2186302 | 5278517 | 240144 | 24399 | 9425 | 8401992 |
|  | W | 29436774 | 17200766 | 5586634 | 279312 | 2321873 | 57640 | 54882999 |

---

------

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

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Green Infrastructure** | **Green Infrastructure** | **Green Infrastructure** | **Rechargeable<br>battery materials** | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Rechargeable<br>battery materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9246116 | 5339767 |  |  | 640008 |  | 15225891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 218793 | 589728 | 36192 | 64877 | 1929 | (222) | 911297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1057022 |  | 12242 |  | 1069264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 25059 | 1304 | 3302 | 10440 | 12191 | 2293 | 54589 |
|  | W | 9489968 | 5930799 | 1096516 | 75317 | 666370 | 2071 | 17261041 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9271175 | 5341071 | 164755 | 10440 | 652199 | 2293 | 15441933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 218793 | 589728 | 931761 | 64877 | 14171 | (222) | 1819108 |
|  | W | 9489968 | 5930799 | 1096516 | 75317 | 666370 | 2071 | 17261041 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Green Infrastructure** | **Green Infrastructure** | **Green Infrastructure** | **Rechargeable<br>battery materials** | | |
|  | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and<br>others** | **Rechargeable<br>battery materials** | **Others** | **Total** |
|  **Types of revenue** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from sales of goods | W | 9511165 | 5361162 |  | 962 | 706106 |  | 15579395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from services |  | 230462 | 597703 | 36070 | 74161 | 908 | 4635 | 943939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from construction contract |  |  |  | 1692966 |  | 7367 |  | 1700333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 38596 | 1500 | 31871 | 10874 |  | 14860 | 97701 |
|  | W | 9780223 | 5960365 | 1760907 | 85997 | 714381 | 19495 | 18321368 |
|  **Timing of revenue recognition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 9549761 | 5362662 | 118190 | 11836 | 706106 | 14860 | 15763415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 230462 | 597703 | 1642717 | 74161 | 8275 | 4635 | 2557953 |
|  | W | 9780223 | 5960365 | 1760907 | 85997 | 714381 | 19495 | 18321368 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 9950985 | 9374218 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from customers for contract work |  | 1510935 | 1475180 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 387973 | 256522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to customers for contract work |  | 544002 | 491495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 112662 | 89807 |

---

------

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

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

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

**26. Contract under Input Method** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Construction<br>segment** | **Construction<br>segment** | **Others** | **Construction<br>segment** | **Others** |
|  Accumulated cost | W | 20077080 | 282353 | 27830242 | 262814 |
|  Accumulated contract profit |  | 1501312 | 57502 | 1903582 | 43690 |
|  Accumulated contract loss |  | (627316) | (12591) | (707167) | (1930) |
|  Accumulated contract revenue |  | 20951076 | 327264 | 29026657 | 304574 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Construction<br>segment** | **Construction<br>segment** | **Others** | **Construction<br>segment** | **Others** |
|  Due from customers for contract | W | 1479418 | 41550 | 1473843 | 13716 |
|  Due to customers for contract work |  | (540068) | (3934) | (479546) | (11949) |
|  | W | 939350 | 37616 | 994297 | 1767 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Construction segment | W | 84816 |  | 52492 |
|  Others |  | 795 |  | 857 |
|  | W | 85611 |  | 53349 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | | **Changes in profit (loss) of contract** | **Changes in profit (loss) of contract** | **Changes in profit (loss) of contract** |
|  | **Changes in total** | **Changes in total** | **Changes in estimated** |  |  |  |
|  | **contract revenue** | **contract revenue** | **total contract costs** | **Net income (loss)** | **Future income** | **Total** |
|  Construction segment | W | 1174999 | 1115898 | (256632) | 315733 | 59101 |
|  Others |  | 2173 | (23) | 1962 | 234 | 2196 |
|  | W | 1177172 | 1115875 | (254670) | 315967 | 61297 |

---

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 September 30, 2025 and the estimated total contract revenue as of September 30, 2025. The estimated total contract costs and revenue are subject to change in future periods.

------

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

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

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

(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 | Based on recent purchasing price at market price |
| Labor cost | Based on average monthly and daily labor cost |
| Outsourcing cost | Based on historical cost over similar project and actual contractual rate |

---

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** 

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

**27. Selling and Administrative Expenses** 

(a) Other administrative expenses

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Wages and salaries | W | 304411 | 297320 | 892312 | 873799 |
|  Expenses related to post-employment benefits |  | 22482 | 24759 | 68631 | 71209 |
|  Other employee benefits |  | 71358 | 77473 | 227088 | 226982 |
|  Travel |  | 14125 | 11890 | 40384 | 34320 |
|  Depreciation |  | 41319 | 43174 | 130901 | 127215 |
|  Amortization |  | 29311 | 28291 | 86357 | 84913 |
|  Communication |  | 2751 | 3902 | 9003 | 10211 |
|  Electricity |  | 4721 | 3723 | 13000 | 10679 |
|  Taxes and public dues |  | 20116 | 14239 | 74739 | 63070 |
|  Rental |  | 9020 | 10871 | 29642 | 32929 |
|  Repairs |  | 2902 | 4608 | 8197 | 12526 |
|  Entertainment |  | 3057 | 3106 | 9266 | 9851 |
|  Advertising |  | 25317 | 24195 | 67531 | 69509 |
|  Research & development |  | 46999 | 52253 | 141164 | 156263 |
|  Service fees |  | 50086 | 48226 | 180810 | 174380 |
|  Vehicles maintenance |  | 1760 | 2064 | 5955 | 6035 |
|  Industry association fee |  | 2194 | 2217 | 9471 | 8603 |
|  Conference |  | 5369 | 5497 | 17280 | 15893 |
|  Bad debt expenses |  | 42285 | 34549 | 83486 | 56452 |
|  Others |  | 18344 | 25579 | 46986 | 56744 |
|  | W | 717927 | 717936 | 2142203 | 2101583 |

---

(b) Selling expenses

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Freight and custody expenses | W | 9704 | 7281 | 20672 | 21183 |
|  Operating expenses for distribution center |  | 83 | 765 | 457 | 1384 |
|  Sales commissions |  | 27101 | 17222 | 66475 | 58979 |
|  Sales advertising |  | 377 | 1351 | 779 | 1790 |
|  Sales promotion |  | 2561 | 2329 | 7614 | 7536 |
|  Sample |  | 441 | 744 | 1773 | 1869 |
|  Sales insurance premium |  | 7776 | 8300 | 26401 | 23983 |
|  Contract cost |  | 6896 | 4373 | 44450 | 26447 |
|  Others |  | 4429 | 3039 | 12091 | 7394 |
|  | W | 59368 | 45404 | 180712 | 150565 |

---

------

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

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

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

**28. Finance Income and Costs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Finance income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 114497 | 144378 | 366722 | 446113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | 4134 | 49416 | 32903 | 72630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 306200 | 332979 | 939755 | 965803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | (263855) | 321449 | 660419 | 786405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivatives transactions |  | 57874 | 117868 | 211577 | 261701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of derivatives |  | (8316) | (262408) | 15618 | 252873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of financial assets at fair value through profit of loss |  | 11666 | 33886 | 42983 | 108613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of financial assets at fair value through profit or loss |  | 2723 | 27748 | 18529 | 154385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuations of financial liabilities at fair value through profit or loss |  |  | 2713 |  | 236931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 2297 | 3364 | 7446 | 8262 |
|  | W | 227220 | 771393 | 2295952 | 3293716 |
|  **Finance costs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 266566 | 268101 | 791825 | 787113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 273528 | 375354 | 982274 | 929150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | (3415) | (17473) | 476434 | 1007861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivatives transactions |  | 141980 | 92673 | 381217 | 234613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of derivatives |  | (369695) | (2558) | 126272 | 61055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of trade accounts and notes receivable |  | 17432 | 19429 | 58381 | 57778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of financial assets at fair value through profit or loss |  | 54 | 741 | 3390 | 16238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  | 7182 | 17317 | 23733 | 44455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial liabilities at fair value through profit or loss |  | 312 |  | 1315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 9634 | 14362 | 37996 | 41055 |
|  | W | 343578 | 767946 | 2882837 | 3179318 |

---

------

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods**<br>**ended September 30** | **For the three-month periods**<br>**ended September 30** | **For the three-month periods**<br>**ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Other non-operating income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of other bad debt expenses | W | 2131 | 3184 | 3780 | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of investment in subsidiaries, associates and joint ventures |  | 4205 | 2494 | 29178 | 9590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of property, plant and equipment |  | 10021 | 2029 | 32039 | 14079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of assets held for sale |  | 1524 | 705 | 53672 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of firm commitment |  | 6760 | 10586 | 25415 | 41909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  |  | 5803 | 7427 | 8043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance benefit income |  | 8791 | 175 | 10675 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposals of emission rights |  | 4 | (13341) | 8 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 18363 | 43262 | 73126 | 99608 |
|  | W | 51799 | 54897 | 235320 | 181593 |
|  **Other non-operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expenses | W | 6996 | 8861 | 20486 | 20460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of investments in subsidiaries, associates and joint ventures |  | 30512 | (55) | 31264 | 42539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment |  | 29112 | 19951 | 82146 | 56291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment |  | (12) | 116278 | 113147 | 179400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on intangible assets |  | 16770 | 351 | 42448 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale(\*1) |  | 5624 | 18 | 6277 | 34830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of firm commitment |  | 465 | 9222 | 20785 | 28366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 33060 | 6353 | 64910 | 41424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idle tangible asset expenses |  | 1311 | (422) | 3797 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 3909 | 6646 | 8552 | 13839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 22165 | 11204 | 59867 | 53790 |
|  | W | 149912 | 178407 | 453679 | 473220 |

---

------

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

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

**September 30, 2025 and 2024 (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 and nine-month periods ended September 30, 2025 and 2024 are as follows (excluding finance costs and income tax expense):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Raw material used, changes in inventories and others | W | 11139744 | 11559948 | 30593613 | 32047240 |
|  Employee benefits expenses |  | 1310035 | 1223901 | 3782542 | 3640771 |
|  Outsourced processing cost |  | 1998278 | 2463406 | 6324245 | 7785600 |
|  Electricity and water expenses |  | 350904 | 277401 | 1028808 | 860611 |
|  Depreciation(\*1) |  | 922491 | 941483 | 2740683 | 2629545 |
|  Amortization |  | 105762 | 115833 | 326815 | 352394 |
|  Freight and custody expenses |  | 420214 | 637633 | 1787684 | 1881609 |
|  Sales commissions |  | 27101 | 17222 | 66475 | 58979 |
|  Loss on disposal of property, plant and equipment |  | 29112 | 19951 | 82146 | 56291 |
|  Impairment loss on property, plant and equipment |  | (12) | 116278 | 113147 | 179400 |
|  Impariment loss on intangible assets |  | 16770 | 351 | 42448 | 362 |
|  Donations |  | 33060 | 6353 | 64910 | 41424 |
|  Other expenses |  | 418728 | 376848 | 3939188 | 3743804 |
|  | W | 16772187 | 17756608 | 50892704 | 53278030 |

---

(\*1) Including depreciation of investment property.

**31. Income Taxes** 

The effective tax rates of the Group for each of the nine-month periods ended September 30, 2025 and 2024 are 35.08% and 22.98%, 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** 

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

(b) Global minimum tax

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

**32. Earnings per Share** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in Won, except per share information)* | **For the three-month periods**<br>**ended September 30** | **For the three-month periods**<br>**ended September 30** | **For the three-month periods**<br>**ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Profit attributable to controlling interest | W | 420845012935 | 452654013695 | 883005591639 | 1523302524204 |
|  Weighted-average number of common shares outstanding(\*1) |  | 75620779 | 75699376 | 75620779 | 75816833 |
|  Basic earnings per share | W | 5565 | 5980 | 11677 | 20092 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(shares)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Total number of common shares issued | 80932952 | 83297040 | 81490565 | 84143400 |
|  Weighted-average number of treasury shares | (5312173) | (7597664) | (5869786) | (8326567) |
|  Weighted-average number of common shares outstanding | 75620779 | 75699376 | 75620779 | 75816833 |

---

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

The Group has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of September 30, 2025. The diluted earnings per share for the nine-month period ended September 30, 2025 is 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** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month period<br>ended September 30, 2024** | **For the three-month period<br>ended September 30, 2024** | **For the nine-month period<br>ended September 30, 2024** |
|  Profit attributable to controlling interest | W | 452654013695 | 1523302524204 |
|  Loss on revaluation of exchangeable bonds considering exchange rates |  | (8425258347) | (138904137256) |
|  Adjusted weighted-average number of common shares outstanding(\*1) |  | 78013947 | 78757791 |
|  Diluted earnings per share | W | 5694 | 17578 |

---

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

---

| | | |
|:---|:---|:---|
| *(shares)* | **For the three-month period<br>ended September 30, 2024** | **For the nine-month period<br>ended September 30, 2024** |
|  Weighted-average number of common shares outstanding | 75699376 | 75816833 |
|  Weighted-average number of potential common shares | 2314571 | 2940958 |
|  Adjusted weighted-average number of common shares | 78013947 | 78757791 |

---

------

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

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

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

**33. Related Party Transactions** 

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

---

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

---

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of<br>material** | **Others** |
|  **Associates and joint ventures(\*1)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 46194 |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 68058 |  | 512 | 428954 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 42637 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 7103 |  |  |  | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEEL WIRE (TIANJIN) CO., Ltd |  | 8759 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS SeAH Steel Wire(Nantong) Co., Ltd. |  | 39878 |  |  | 258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 26653 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 101698 | 3000 | 1486 | 4937 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 202841 | 2795 | 352 |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 149410 |  |  | 186803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 20819 |  |  | 29313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  |  | 164092 |  | 1102161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 157492 | 98867 | 1372 | 312156 | 37346 |
|  | W | 844889 | 295407 | 3722 | 2064586 | 43088 |

---

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

------

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

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

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

2) For the nine-month period ended September 30, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of<br>material** | **Others** |
|  **Associates and joint ventures(\*1)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 163004 |  | 1427 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 84760 |  | 12 | 273107 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER |  | 37595 |  |  | 782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 24803 |  |  |  | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd |  | 10106 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO SeAH Steel Wire(Nantong) Co., Ltd. |  | 38199 |  |  | 241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-East Asia Gas Pipeline Company Ltd. |  |  | 41843 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 99021 | 1800 |  | 5324 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 234445 | 8208 | 687 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 56516 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 209708 |  |  | 237225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 32117 |  |  | 16714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 249 | 253262 | 9680 | 1362711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 83752 | 105101 | 3957 | 145873 | 242498 |
|  | W | 1074275 | 410214 | 15763 | 2041977 | 249518 |

---

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

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

1) September 30, 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 payable** | **Others** | **Total** |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Songdo International City Development, LLC | W | 32267 |  | 1651 | 33918 |  | 3827 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gunggi Green Energy |  | 13216 |  | 14831 | 28047 |  | 813 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO(Guangdong) Automotive Steel Co., Ltd |  | 38960 | 10018 |  | 48978 | 37691 |  | 37691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  |  | 141482 |  | 141482 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd |  | 4277 |  |  | 4277 | 4394 | 524 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd |  | 3549 |  |  | 3549 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samcheok Blue Power Co., Ltd. |  | 271108 |  | 177 | 271285 |  | 385 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  |  | 74003 | 3126 | 77129 |  | 358 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-SeAH Steel Wire(Nantong) Co., Ltd. |  | 14103 |  |  | 14103 | 145 |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO MC MATERIALS |  | 11348 |  | 194 | 11542 | 890 | 439 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pocheon-Hwado Highway Corp. |  | 5491 |  |  | 5491 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. |  |  | 39333 | 96 | 39429 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 36895 |  | 9224 | 46119 | 339025 |  | 339025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 11289 |  | 53 | 11342 | 10655 | 437 | 11092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  |  | 283321 |  | 283321 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 26849 | 20481 | 135037 | 182367 | 47701 | 79452 | 127153 |
|  | W | 469352 | 568638 | 164389 | 1202379 | 440501 | 86237 | 526738 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to W515,005 million.  |

---

------

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

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

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

2) December 31, 2024

---

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

---

---

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

---

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Lend** | **Collect** | **Others(\*1)** | **Ending** |
|  **Associates and joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UITrans LRT Co., Ltd. | W | 51051 |  | (11718) |  | 39333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT. Tanggamus Electric Power |  | 3854 |  | (2454) | 1712 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS |  | 68793 |  |  | 5210 | 74003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRAKATAU POS-CHEM DONG-SUH CHEMICAL |  | 1470 |  | (1413) | (57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyo-chun Co., Ltd. |  | 2382 |  |  | 413 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCI (WA) PTY LTD |  | 142767 | 68 | (2662) | 1309 | 141482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POS-AUSTEM WUHAN AUTOMOTIVE CO., LTD |  | 5636 |  | (1369) | (134) | 4133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd |  | 292764 |  |  | (9443) | 283321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POHANG E&E Co., LTD |  | 3228 | 1344 |  |  | 4572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Guangdong) Automotive Steel Co., Ltd. |  | 6162 | 47751 | (43785) | (110) | 10018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gale International Korea, LLC |  | 100 | 234 |  |  | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&O Chemical Co., Ltd. |  | 3060 |  |  | (3060) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAML |  |  | 5433 |  | 102 | 5535 |
|  | W | 581267 | 54830 | (63401) | (4058) | 568638 |

---

(\*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** 

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

2) For the year ended December 31, 2024

---

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

---

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

(e) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional
investments in associates and joint ventures and others amounting to W 167,792 million and W 166,147 million, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  Short-term benefits | W | 127598 |  | 123032 |
|  Long-term benefits |  | 4131 |  | 7754 |
|  Retirement benefits |  | 16692 |  | 19865 |
|  | W | 148421 |  | 150651 |

---

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.

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

------

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

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

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

(b) Details of guarantees

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **Guarantee limit** | **Guarantee limit** | **Guarantee limit** | **Guarantee amount** | **Guarantee amount** |
| **Guarantor** | **Guarantee beneficiary** | **Financial institution** | **Foreign currency** | **Foreign currency** | **Won equivalent** | **Foreign currency** | **Won equivalent** |
|  **[The Company]** |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | POSCO Asia Co., Ltd. | ING Bank and others | USD | 200000000 | 280440 | 25000000 | 35055 |
|  | POSCO Argentina S.A.U | HSBC and others | USD | 1079900000 | 1514236 | 1012383833 | 1419565 |
|  POSCO | POSCO ASSAN TST STEEL INDUSTRY Inc | Citibank and others | USD | 122850000 | 172260 | 122850000 | 172260 |
|  POSCO INTERNATIONAL Corporation | PT. Bio Inti Agrindo | KEB Hana Indonesia and others | IDR | 631200000000 | 53084 | 631200000000 | 53084 |
|  | POSCO ASSAN TST STEEL INDUSTRY | Woori Bank Hong Kong and others | USD | 13650000 | 19140 | 13650000 | 19140 |
|  | POSCO INTERNATIONAL Deutschland GmbH | Bank Mendes Gans Amsterdam | USD | 50000000 | 70110 | 10555200 | 14801 |
|  | POSCO INTERNATIONAL JAPAN Corp. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL AMERICA Corp. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL SINGAPORE Pte. Ltd. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL Malaysia SDN BHD |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL ITALIA S.R.L. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL MEXICOS.A. de C.V. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD |  |  |  |  | 1000000 | 1402 |
|  | POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o |  |  |  |  |  |  |
|  | POSCO INTERNATIONAL E&P MALAYSIA SDN. BHD. | SC MALAYSIA | USD | 5000000 | 7011 | 5000000 | 7011 |
|  | PT. KRAKATAU POSCO ENERGY | POSCO Asia Co., Ltd. and others | USD | 102903407 | 144291 | 35350000 | 49568 |
|  | POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. | Export-Import Bank of Korea and others | USD | 52054800 | 72991 | 51379000 | 72044 |
|  | POSCO INTERNATIONAL POLAND E-MOBILITY SP. Z O.O. | BNP Paribas Polska S.A. | EUR | 23678000 | 38938 | 12000000 | 19734 |
|  | PT POSCO INTERNATIONAL ENP INDONESIA | PT Bank Negara Indonesia | USD | 750000 | 1052 | 750000 | 1052 |
|  | AGPA PTE. LTD. | SMBC Singapore | USD | 20880000 | 29278 | 20880000 | 29278 |
|  POSCO STEELEON CO.,LTD. | Myanmar POSCO C&C Company, Limited. | POSCO Asia Co., Ltd. | CNY | 121678106 | 23949 | 101398422 | 19957 |
|  POSCO FUTURE M CO., LTD. | ULTIUM CAM LIMITED PARTNERSHIP | Investissement Quebec, Strategic Innovation Fund | CAD | 299562500 | 301866 | 232265400 | 234052 |
|  **[Associates and joint ventures]**  |  |  |  |  |  |  |  |
|  POSCO HOLDINGS INC. | Nickel Mining Company SAS | ING Bank | EUR | 46000000 | 75647 | 46000000 | 75647 |
|  | PT. Nicole Metal Industry | STANDARD CHARTERED | USD | 39200000 | 54966 | 35824311 | 50233 |
|  POSCO | POSUK Titanium LLP | Shinhan Bank | USD | 12750000 | 17878 | 12750000 | 17878 |
|  POSCO INTERNATIONAL Corporation | GLOBAL KOMSCO Daewoo LLC | Hana Bank Bahrain | USD | 6650000 | 9325 | 4200000 | 5889 |
|  POSCO Eco & Challenge Co., Ltd. | Chun-cheon Energy Co., Ltd | Kookmin Bank and others | KRW | 149200 | 149200 | 117980 | 117980 |
|  **[Others]**  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Subcontractors for maintenance projects, etc. | Kookmin Bank and others | KRW | 380652 | 380652 | 174539 | 174539 |
|  POSCO AUSTRALIA PTY LTD | Department of Trade and Investment (NSW Government) and others | Woori Bank and others | AUD | 18744862 | 17290 | 18744862 | 17290 |
|  POSCO COATED STEEL (THAILAND) CO., LTD. | AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others | SC Bank | THB | 54614000 | 2377 | 54614000 | 2377 |
|  | BUREAU OF INDIAN STANDARDS (BIS) | SC Bank | USD | 10000 | 14 | 10000 | 14 |
|  POSCO Maharashtra Steel Private Limited | Gail India and others | Deutsche Bank and others | INR | 928835426 | 14685 | 928835426 | 14685 |

---

------

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

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

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

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

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

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | *(in millions of Won)* |  |  |  | | | | **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<br>~2 years** | **2 years<br>~3 years** | **After<br>3 years** |
|  **[The Company]** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other projects | JB CLARK HILLS CORP | Main PF | Debt assumption | W | 44590 | 37158 | 37158 | 37158 |  |  |  |  |  |
|  **[Associates and joint ventures]**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Other projects | New Songdo International City Development, LLC | Mortgage loan | Debt assumption |  | 494000 | 314100 | 314100 |  |  | 72900 | 241200 |  |  |
|  **[Others]**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Maintenance projects | Bangbae Shindonga Apartment Reconstruction and Maintenance Project Association, etc. | Main PF | Debt assumption |  | 1040316 | 484246 | 484246 |  |  | 58000 | 140097 | 53200 | 232949 |
|  | Other projects | Civic Center PFV | Main PF | Debt assumption |  | 45000 | 45000 | 45000 |  |  |  |  |  | 45000 |
|  | Other projects | LandmarkSewoon | Main PF | Debt assumption |  | 50000 | 50000 | 50000 |  |  |  |  |  | 50000 |
|  | Other projects | DAON INP Co., Ltd. | Main PF | Joint guarantee |  | 36000 | 18800 | 18800 |  | 18800 |  |  |  |  |
|  | Other projects | Jeonju Eco-city | Main PF | Debt assumption |  | 53300 | 22800 | 22800 |  |  | 22800 |  |  |  |
|  | Other projects | Apcity HNG | Main PF | Debt assumption |  | 10000 | 10000 | 10000 |  | 10000 |  |  |  |  |
|  | Other projects | ISLAND ONE CO., LTD. | Main PF | Debt assumption |  | 50000 | 50000 | 50000 |  |  |  |  | 50000 |  |
|  POSCO DX | Other projects | Jeonnong school keeper co. and others(\*2) | Main PF | Supplemental funding agreement |  | 123309 | 38595 | 38595 |  |  |  |  | 1672 | 36923 |
|  |  |  |  |  |  | 1407925 | 719441 | 719441 |  | 28800 | 80800 | 140097 | 104872 | 364872 |
|  |  |  |  |  | W | 1946515 | 1070699 | 1070699 | 37158 | 28800 | 153700 | 381297 | 104872 | 364872 |

---

(\*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 W354,887 million).  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of constructions** | **Contract amount** | **Contract amount** | **Contingency amount(\*1)(\*2)** | **Balance of loans** |
|  Maintenance projects | All | 20 | W | 9317237 | 3679641 | 2057583 |
|  | Between the Group | 20 |  | 6863586 | 2646897 | 1345859 |
|  Other projects | All | 1 |  | 2197729 | 5350000 | 1335900 |
|  | Between the Group | 1 |  | 2197729 | 5350000 | 1335900 |
|  | All | 21 |  | 11514966 | 9029641 | 3393483 |
|  | Between the Group | 21 | W | 9061315 | 7996897 | 2681759 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W28,305 million for maintenance projects.  |

---

---

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

---

------

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Number of constructions** | **Contract amount** | **Contract amount** | **Contingency amount(\*1)(\*2)** | **Balance of loans** |
|  Maintenance projects | All | 1 | W | 316398 | 76000 | 31253 |
|  | Between the Group | 1 |  | 316398 | 76000 | 31253 |
|  Other projects | All | 34 |  | 10963081 | 11556700 | 7788988 |
|  | Between the Group | 34 |  | 10334984 | 11167354 | 7481389 |
|  | All | 35 |  | 11279479 | 11632700 | 7820241 |
|  | Between the Group | 35 | W | 10651382 | 11243354 | 7512642 |

---

---

| | |
|:---|:---|
| (\*1) | The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W173,800 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;② SOC projects

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | | | | |
| **Provider** | **Recipient** | **Credit enhancement<br>measures** | **Number of<br>constructions** | **Approved<br>amount** | **Approved<br>amount** | **Remaining<br>balance<br>after repayment** |
|  **[Associates and joint ventures]**  |  |  |  |  |  |  |
|  POSCO DX | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 | W | 24923 | 22265 |
|  POSCO Eco & Challenge Co., Ltd. | Pocheon-Hwado Highway Corp.(\*1) | Providing funds | 1 |  | 319515 | 285439 |
|  | POHANG E&E Co., LTD(\*2) | Providing funds and supplemental funding agreement | 2 |  | 71930 | 40444 |
|  | Pureun Tongyeong Enviro Co., Ltd.(\*2) | Providing funds | 1 |  | 25630 | 10088 |
|  | Pure Gimpo.Co.,Ltd(\*2) | Providing funds | 1 |  | 51565 | 21699 |
|  | Clean Iksan Co.,Ltd(\*2) | Providing funds | 1 |  | 44054 | 20644 |
|  |  |  | 7 |  | 537617 | 400579 |
|  **[Others]**  |  |  |  |  |  |  |
|  POSCO DX | Western Inland highway CO.,LTD. | Providing funds | 1 |  | 47348 | 32668 |
|  | Busan Sanseong Tunnel | Refinancing | 1 |  | 7621 | 7621 |
|  POSCO Eco & Challenge Co., Ltd. | Western Seoul highway CO.,LTD. and others | Supplemental funding agreement | 11 |  | 63683 | 28201 |
|  | Western Inland highway CO.,LTD. and others | Providing funds | 42 |  | 2778848 | 1566941 |
|  | Pohang Youngil Bay New Port | Debt assumption | 1 |  | 2250 | 1440 |
|  | Busan Sanseong Tunnel | Refinancing | 1 |  | 35296 | 26750 |
|  |  |  | 57 |  | 2935046 | 1663621 |
|  |  |  | 64 | W | 3472663 | 2064200 |

---

(\*1) The Group provides a funding commitment of W307,704 million (including other shares: W556,628 million) equivalent to the Group's share of the loan balance for the private investment project.

(\*2) The Group provides a funding commitment of W90,047 million (including other shares: W 166,323 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** 

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

3) Other guarantees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① As of September 30, 2025, the payment guarantees that the Group provides to clients, such as contract
performance guarantees, installment guarantees, and defect guarantees, by purchasing insurance policies from guarantee insurance companies or issuing guarantee certificates are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | | | |  |
| **Provider of credit<br>enhancement** | **Recipient of credit<br>enhancement** | **Types of guarantees** | **Agreed<br>amount** | **Agreed<br>amount** | **Executed<br>amount** | **Guarantor** |
|  **[Subsidiaries]**  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | Ventanas Philippines Construction Inc | Guarantee on performance for contracts and others | W | 10946 | 10946 | Credit Agricole and others |
|  POSCO GYR Tech | POSCO and others | Defect liability warranty |  | 194 | 194 | CI Guarantee |
|  |  |  |  | 11140 | 11140 |  |
|  **[Associates and joint ventures]**  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | PT. Tanggamus Electric Power | Letter of credit |  | 2812 | 2812 | Hana Bank |
|  | PT. Wampu Electric Power | Letter of credit |  | 2524 | 2524 | Hana Bank |
|  |  |  |  | 5336 | 5336 |  |
|  **[Others]**  |  |  |  |  |  |  |
|  POSCO Eco & Challenge Co., Ltd. | DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd and others | Guarantee on performance for construction and others |  | 9276362 | 7968734 | Construction Guarantee Cooperative |
|  POSCO WIDE Co., Ltd | Human Eco-Land Co., Ltd. | Guarantee on performance and others |  | 3050 | 3050 | Seoul Guarantee Insurance |
|  POSCO GYR Tech | KEPCO Plant Service & Engineering Co., Ltd. and others | Defect liability warranty |  | 19 | 19 | CI Guarantee |
|  |  |  |  | 9279431 | 7971803 |  |
|  |  |  | W | 9295907 | 7988279 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② As of September 30, 2025, the primary payment guarantees and other guarantees that the Group is provided
from the guarantee institution are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | | | |
| **Provider** | **Types of guarantees** | **Agreed amount** | **Agreed amount** | **Executed amount** |
|  Construction Guarantee Cooperative | Subcontractor Payment Guarantee and others | W | 4926034 | 4926034 |
|  Engineering guarantee insurance | Guarantee on performance for EPC contracts and others |  | 913756 | 619836 |
|  Seoul Guarantee Insurance | Construction performance guarantee and others |  | 554469 | 554469 |
|  Korea Housing & Urban Guarantee Corporation | Housing Guarantee and others |  | 4773240 | 4767553 |
|  Woori Bank and others | Foreign currency guarantee |  | 1914475 | 861968 |
|  Korea software financial cooperative | Guarantee on performance for contracts |  | 121202 | 121202 |
|  Seoul Guarantee Insurance | Guarantee on performance and others |  | 107819 | 107819 |
|  CI Guarantee | Defect liability warranty |  | 213 | 213 |
|  |  | W | 13311208 | 11959094 |

---

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

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

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

(c) Other commitments

Details of other commitments of the Group as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Company** | **Description** |
| POSCO HOLDINGS INC. | As of September 30, 2025, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign currency borrowings, which are limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowings depends on the success of the projects. POSCO HOLDINGS INC. is not liable for the repayment of full or part of the amount borrowed if the respective projects fail. POSCO HOLDINGS INC. has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of September 30, 2025, the ending balance of the borrowing amounts to USD 1.02 million. |
|  | POSCO HOLDINGS INC. has deposited 86,611 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of September 30, 2025. |
| POSCO | POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract period is more than two years for iron ore, three years for coal, and one year for nickel. These contracts provide for periodic price adjustments based on the market price. As of September 30, 2025, 51 million tons of iron ore and 15 million tons of coal remained to be purchased under such long-term contracts. |
|  | POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG annually for 20 years commencing in August 2005. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to 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 September 30, 2025, there are 32 vessels under contract, and the average remaining contract period is about 6 years. |
|  | POSCO entered into an agreement with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons of LNG annually for 15 years commencing in November 2026. The purchase price is subject to change based on changes of U.S. Natural Gas Spot Price (Henry Hub). POSCO has option of additionally extending the purchase contract by five years. |
| POSCO INTERNATIONAL Corporation | 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 December 2017, and transferred the remaining interests of the project to Sumitomo and AHL2 (Ambatovy Holdings II Limited) in August 2020. KAC has the rights and obligations to the 15.33% stake held by AHL and AHL2. |
| POSCO Eco & Challenge Co., Ltd. | As of September 30, 2025, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO Eco & Challenge Co., Ltd. is obligated to make contributions for core capital, unqualified investment, excess expenses occurred for business, and acceleration of payment. |
| POSCO FUTURE M CO., LTD | In accordance with the GP Shareholders Agreement with GM Battery Raw Materials Corporation ("GM"), the Company has an obligation to make additional capital contributions to ULTIUM CAM LIMITED PARTNERSHIP. As of September 30, 2025, the remaining amount of USD 576,692 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** 

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

(d) Litigation in progress

The Group is involved in 448 lawsuits aggregating to W 1,254.3 billion as defendant as of September 30, 2025, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to W 52.1 billion for 60 lawsuits based on its reliable estimate of outflow of resources.

(e) Other major contingencies for the Group as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Company** | **Description** |
| POSCO HOLDINGS INC. | POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings.<br>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 September 30, 2025, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 15 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and others. |
| POSCO Eco & Challenge Co., Ltd. | As of September 30, 2025, POSCO Eco & Challenge Co., Ltd. has provided 38 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans. |
| POSCO DX | As of September 30, 2025, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others. |

---

**35. Cash Flows from Operating Activities** 

Changes in operating assets and liabilities for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Trade accounts and notes receivable | W | (1357268) | 57694 |
|  Other receivables |  | (63759) | (216705) |
|  Inventories |  | 1223573 | 312139 |
|  Other current assets |  | (210942) | (26464) |
|  Other non-current assets |  | 60286 | (21825) |
|  Trade accounts and notes payable |  | (823357) | (245564) |
|  Other payables |  | (153394) | (116490) |
|  Other current liabilities |  | 121815 | 37423 |
|  Provisions |  | (78419) | (186254) |
|  Usufruct |  |  | 101557 |
|  Payments of severance benefits |  | (272129) | (309176) |
|  Plan assets |  | 258776 | 194123 |
|  Other non-current liabilities |  | (13056) | (31304) |
|  | W | (1307874) | (450846) |

---

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

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

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

**36. Operating Segments** 

(a) The Group's operating businesses are organized based on the nature of markets and customers. Operating
segments were re-categorized according to the revised reporting materials provided to the management for decision-making. Meanwhile, the Group has restated the information of the reporting segments from the
previous quarter in accordance with the changes in the operating segments.

Segment assets, liabilities and profit (loss) are generally measured based on separate financial statements in accordance with KIFRS of the subsidiaries that constitute reportable operating segments.

Meanwhile, the Group has classified the business segment, and the subsidiaries in each segments are as follows:

---

| | | |
|:---|:---|:---|
| **Operating segments** | **Operating segments** | **Main Business** |
|  Steel |  | Manufacture and sales of steel products |
|  infrastructure | Trading | Supply and purchase transactions between domestic and foreign companies, power generation, and resource development |
|  | Construction | Design, production and construction of steel mills and their facilities, commercial and residential facilities, etc. |
|  | Logistics and others | Logistics, network and system integration business |
|  Rechargeable battery Materials |  | EV battery materials such as lithium, nickel, negative/cathode materials |
|  Others |  | POSCO HOLDINGS. INC., Controlling company and Investment business |

---

The segment profit or loss does not reflect the consolidation adjustments allocated to each entity and is determined in the same way as the consolidated net income determined by KIFRS. Segment assets and liabilities are determined based on separate financial statements. There are various transactions between reporting segments, including disposal of property, plant and equipment and provision of construction services.

(b) The information about reportable segments for each of the nine-month periods ended September 30, 2025 and
2024 is as follows:

1) For the nine-month period ended September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable battery**<br>**materials** | | |
| *(In millions of Won)* | **Steel** | **Steel** | **Trading** | **Construction** | **Logistics and others** | **Rechargeable battery**<br>**materials** | **Others** | **Total** |
|  External revenues | W | 28185219 | 18007807 | 4052334 | 212192 | 1758600 | 37253 | 52253405 |
|  Internal revenues |  | 16692407 | 13720109 | 1271332 | 2425274 | 935407 | 1266585 | 36311114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues |  | 10399005 | 6204996 | 1215184 | 2402558 | 797576 | 1251229 | 22270548 |
|  Total revenues |  | 44877626 | 31727916 | 5323666 | 2637466 | 2694007 | 1303838 | 88564519 |
|  Segment profits (loss) |  | 1037666 | 449262 | (318849) | 57284 | (413919) | 965888 | 1777332 |

---

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

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

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

2) For the nine-month period ended September 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Infrastructure** | **Infrastructure** | **Infrastructure** | **Rechargeable battery**<br>**materials** | | |
| *(in millions of Won)* | **Steel** | **Steel** | **Construction** | **Trading** | **Logistics and others** | **Rechargeable battery**<br>**materials** |<br>**Others** |<br>**Total** |
|  External revenues | W | 29436774 | 17200766 | 5586634 | 279312 | 2321868 | 57645 | 54882999 |
|  Internal revenues |  | 17125375 | 15402898 | 1889536 | 2763952 | 746939 | 1485193 | 39413893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter segment revenues |  | 11161623 | 7119429 | 1801395 | 2752776 | 721458 | 1467893 | 25024574 |
|  Total revenues |  | 46562149 | 32603664 | 7476170 | 3043264 | 3068807 | 1542838 | 94296892 |
|  Segment profits |  | 697542 | 659154 | 62528 | 97423 | (65415) | 1442488 | 2893720 |

---

(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 for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Total profit for the period | W | 1777332 | 2893720 |
|  Fair value adjustments |  | (47418) | (30389) |
|  Elimination of intra-group transactions |  | (914920) | (1212476) |
|  Income tax expense |  | 440488 | 492511 |
|  Profit before income tax expense | W | 1255482 | 2143366 |

---

**37. Events after the reporting period** 

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay
interim cash dividends of W 2,500 per common share (Total dividends: W 189.1 billion).

(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire
a 30% stake in a newly established company by Mineral Resources Ltd., located in Australia, to strengthen cost competitiveness in the lithium business through investment in high-quality resources. The investment amount is USD 765 million.

(c) POSCO Future M Co., Ltd., a subsidiary, entered into a debt guarantee agreement on October 1, 2025, for
the borrowings of its subsidiary Ultium CAM LP. The debt and guarantee amount is USD 100,000,000, and the guarantee period lasts until the maturity date of the relevant borrowings, which is September 29, 2028.

**38. Uncertainty in Estimates Due to Imposition of Tariffs by the United States** 

In June 2025, the U.S. government announced an executive order imposing a 50% tariff on all steel and aluminum products, effective from June 4, 2025. This tariff imposition introduces uncertainty in the estimation of financial statements.

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

**Interim condensed separate financial statements** 

**for each of the nine-month periods ended September 30, 2025 and 2024** 

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

------

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

---

| | |
|:---|:---|
|  | **Page** |
|  **[Report on review of interim condensed separate financial statements](#fin2toc64503_7)** | 1 |
|  [Interim condensed separate financial statements](#fin2toc64503_1) | 3 |
|  [Interim condensed separate statements of financial position](#fin2toc64503_2) | 4 |
|  [Interim condensed separate statements of comprehensive income](#fin2toc64503_3) | 6 |
|  [Interim condensed separate statements of changes in equity](#fin2toc64503_4) | 7 |
|  [Interim condensed separate statements of cash flows](#fin2toc64503_5) | 8 |
|  [Notes to the interim condensed separate financial statements](#fin2toc64503_6) | 10 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g64503g1128075627748.jpg)

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

(English translation of a report originally issued in Korean)

**The Stockholders and Board of Directors** 

**POSCO HOLDINGS INC.** 

We have reviewed the accompanying interim condensed separate financial statements of POSCO HOLDINGS INC. (the "Company"), which comprise the interim condensed separate statement of financial position as of September 30, 2025 and the related interim condensed separate statements of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the nine-month periods ended September 30, 2025 and 2024, and a summary of material accounting policy information and other explanatory information.

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

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

**Auditor's responsibility** 

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

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

**Conclusion** 

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

------

##### [**Table of Contents**](#toc)
![LOGO](g64503g1128075628045.jpg)

**Other matters** 

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

November 14, 2025

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

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

**Interim condensed separate financial statements** 

**for each of the nine-month periods ended September 30, 2025 and 2024** 

"The accompanying interim condensed separate financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Company."

Ju tae Lee

Representative Director & President

POSCO HOLDINGS INC.

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

**Interim condensed separate statements of financial position** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **September 30,<br>2025<br>(unaudited)** | **September 30,<br>2025<br>(unaudited)** | **December 31,<br>2024** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 1932 | W | 514070 | 409387 |
|  Trade accounts and notes receivable, net | 4193032 |  | 146205 | 178822 |
|  Other receivables, net | 5193032 |  | 285676 | 21388 |
|  Other short-term financial assets | 61932 |  | 3365200 | 2686420 |
|  Assets held for sale | 7 |  | 225724 | 467796 |
|  Current income tax assets | 28 |  |  | 27940 |
|  Other current assets | 12 |  | 2294 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 4539169 | 3793469 |
|  Other receivables, net | 51930 |  | 21176 | 14894 |
|  Other long-term financial assets | 619 |  | 466502 | 421822 |
|  Investments in subsidiaries, associates and joint ventures | 8 |  | 46405479 | 45631965 |
|  Investment property, net | 9 |  | 321402 | 328372 |
|  Property, plant and equipment, net | 10 |  | 568628 | 415993 |
|  Intangible assets, net | 11 |  | 24690 | 21461 |
|  Other non-current assets | 12 |  | 1062 | 5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 47808939 | 46840328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** |  | W | 52348108 | 50633797 |

---

*(continued)* 

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Notes** | **September 30,<br>2025<br>(unaudited)** | **September 30,<br>2025<br>(unaudited)** | **December 31,<br>2024** |
|  **Liabilities** |  |  |  |  |
|  Short-term borrowings and current portion of long-term borrowings | 1319 | W | 43426 | 39053 |
|  Other current payables | 1430 |  | 77014 | 50356 |
|  Other short-term financial liabilities | 1519 |  | 21510 | 18302 |
|  Provisions | 16 |  | 43528 | 46268 |
|  Current income tax liabilities | 28 |  | 226668 |  |
|  Other current liabilities | 18 |  | 6672 | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 418818 | 162831 |
|  Long-term borrowings, excluding current portion | 13 |  | 972256 | 1500 |
|  Other non-current payables | 141930 |  | 34762 | 30783 |
|  Defined benefit liabilities, net | 17 |  | 5940 | 1296 |
|  Deferred tax liabilities | 28 |  | 2304063 | 2246030 |
|  Long-term provisions | 16 |  | 3383 |  |
|  Other non-current liabilities | 18 |  | 1626 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 3322030 | 2281936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** |  |  | 3740848 | 2444767 |
|  **Equity** |  |  |  |  |
|  Share capital | 20 |  | 482403 | 482403 |
|  Capital surplus | 20 |  | 1367990 | 1367990 |
|  Accumulated other comprehensive income (loss) | 21 |  | (48374) | (62645) |
|  Treasury shares | 22 |  | (1176317) | (1550862) |
|  Retained earnings |  |  | 47981558 | 47952144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** |  |  | 48607260 | 48189030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** |  | W | 52348108 | 50633797 |

---

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

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

**Interim condensed separate statements of comprehensive income** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won, except per share informations)* |  | **For the three-month period<br>ended September 30<br>(Unaudited)** | **For the three-month period<br>ended September 30<br>(Unaudited)** | **For the three-month period<br>ended September 30<br>(Unaudited)** | **For the nine-month period<br>ended September 30<br>(Unaudited)** | **For the nine-month period<br>ended September 30<br>(Unaudited)** |
|  | **Notes** | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Operating revenue** | 2330 | W | 412803 | 402268 | 1232268 | 1460868 |
|  **Operating expenses** | 24 |  | (104106) | (92447) | (306750) | (281956) |
|  **Operating profit** |  |  | 308697 | 309821 | 925518 | 1178912 |
|  Finance income and costs | 1925 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  |  | 15538 | 56357 | 143117 | 399638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  | 20425 | (17648) | (64309) | (80106) |
|  Other non-operating income and expenses | 26 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating income |  |  | 251 | 676 | 2199 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-operating expenses |  |  | (10511) | (699) | (24906) | (5970) |
|  **Profit before income tax** |  |  | 334400 | 348507 | 981619 | 1494717 |
|  Income tax benefit (expense) | 28 |  | 543 | (13513) | (11773) | (26145) |
|  **Profit** |  |  | 334943 | 334994 | 969846 | 1468572 |
|  **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 |  | (10) | (11) | (87) | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments <br>at fair value through other comprehensive income | 621 |  | 65352 | 30727 | 15628 | (35849) |
|  **Total comprehensive income** |  | W | 400285 | 365710 | 985387 | 1432480 |
|  **Earnings per share (in Won)** | 29 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share (in Won) |  |  | 4429 | 4425 | 12825 | 19370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share (in Won) |  | W | 4429 | 4186 | 12825 | 16883 |

---

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Share<br>capital** | **Share<br>capital** | **Capital<br>surplus** | **Accumulated<br>Other<br>Comprehensive<br>Income (loss)** | **Treasury<br>shares** | **Retained<br>earnings** | **Total** |
|  **Balance as of January 1, 2024** | W | 482403 | 1370557 | 30678 | (1889658) | 47505885 | 47499865 |
|  **Comprehensive income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit for the period |  |  |  |  |  | 1468572 | 1468572 |
| &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 |  |  |  |  |  | (243) | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments <br>at fair value through other comprehensive income, net of tax |  |  |  | (54004) |  | 18156 | (35848) |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189691) | (189691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (379381) | (379381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of treasury shares |  |  |  |  | (92311) |  | (92311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 431107 | (431107) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment |  |  | (2567) |  |  |  | (2567) |
|  **Balance as of September 30, 2024 (Unaudited)** | W | 482403 | 1367990 | (23326) | (1550862) | 47992191 | 48268396 |
|  **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 |  |  |  |  |  | 969846 | 969846 |
| &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 |  |  |  |  |  | (87) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value of equity investments <br>at fair value through other comprehensive income, net of tax |  |  |  | 14271 |  | 1357 | 15628 |
|  **Transactions with owners of the Company, recognized directly in equity:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year-end dividends |  |  |  |  |  | (189052) | (189052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividends |  |  |  |  |  | (378104) | (378104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement of treasury shares |  |  |  |  | 374546 | (374546) |  |
|  **Balance as of September 30, 2025 (Unaudited)** | W | 482403 | 1367990 | (48374) | (1176316) | 47981558 | 48607261 |

---

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

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

**Interim condensed separate statements of cash flows** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30,<br>2025<br>(unaudited)** | **September 30,<br>2025<br>(unaudited)** | **September 30,<br>2024<br>(unaudited)** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the period | W | 969846 | 1468572 |
|  Adjustments for : |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses related to post-employment benefit |  | 7136 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 12767 | 10219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 1693 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss (reversal) on other receivables |  | (33) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income |  | (126955) | (394481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | (1096388) | (1320175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | 36732 | 72299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of intangible assets |  |  | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  | 18 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries, associates and joint ventures |  | 6244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets held for sale |  | 5531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase to provisions |  | 331 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | 11773 | 26146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | (2) |
|  Changes in operating assets and liabilities |  | 34236 | 23542 |
|  Interest received |  | 46392 | 63853 |
|  Dividends received |  | 1095297 | 1369071 |
|  Income taxes refund |  | 55957 | 52441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | W | 1061345 | 1378183 |

---

*(continued)* 

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30,**<br>**2025**<br>**(unaudited)** | **September 30,**<br>**2025**<br>**(unaudited)** | **September 30,**<br>**2024**<br>**(unaudited)** |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in deposit instruments | W | 2400000 | 3050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of short-term financial instruments |  | 857856 | 3219599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of equity securities |  |  | 194230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of other securities |  | 5454 | 5663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of investments in subsidiaries, associates and joint ventures |  | 57980 | 13353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of intangible assets |  |  | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of assets held for sale |  | 233237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in short-term lease security deposits |  | 17 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits |  | (3150000) | (2550000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term financial instruments |  | (544426) | (2243699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of short-term debt securities |  | (230000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term loans |  |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of other securities |  | (13406) | (15932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investments in subsidiaries, associates and joint ventures |  | (837847) | (620852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of investment properties |  |  | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment |  | (153085) | (122640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets |  | (4734) | (2522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term lease security deposits |  | (614) | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities | W | (1379568) | 927527 |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in long-term financial liabilities |  | 3278 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from bonds |  | 987117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of cash dividends |  | (567484) | (569458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of current portion of bonds |  |  | (1542400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acqusition of treasury shares |  |  | (92312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | W | 422911 | (2201022) |
|  **Effect of exchange rate fluctuation on cash held** |  | (5) | 116 |
|  **Net increase in cash and cash equivalents** |  | 104683 | 104804 |
|  **Cash and cash equivalents at beginning of the period** |  | 409387 | 376914 |
|  **Cash and cash equivalents at end of the period** | W | 514070 | 481718 |

---

*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** 

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

**1. Reporting Entity** 

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

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

As of September 30, 2025, the shares of the Company are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchanges.

**2. Basis of preparation** 

**Statement of compliance** 

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

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

These condensed interim financial statements are separate interim financial statements prepared in accordance with KIFRS 1027 *Separate Financial Statements* presented by a parent, an investor with joint control of, or significant influence over an investee, in which the investments are accounted for at cost.

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

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

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

**Use of estimates and judgments** 

(a) Judgments, assumptions and estimation uncertainties

The preparation of the interim condensed separate financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period prospectively.

The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the annual financial statements as of and for the year ended December 31, 2024 except for the matters mentioned below.

(b) Measurement of fair value

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

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

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

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

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

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

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

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

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

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

Except for the items described in KIFRS 1034 *Interim Financial Reporting* and below, the accounting policies applied by the Company in these interim condensed separate financial statements are the same as those applied to the separate financial statements as of and for the year ended December 31, 2024.

Amendments to KIFRS 1021: *Lack of Exchangeability*

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

The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendment, the Company is not required to restate comparative information The amendments are not expected to have a material impact on the Company's interim condensed separate financial statements.

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

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

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

**4. Trade Accounts and Notes Receivable** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 49219 | 48349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables (contract assets) |  | 96986 | 130473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts |  |  |  |
|  | W | 146205 | 178822 |

---

**5. Other Receivables** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable(\*1) | W | 247785 | 12535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others(\*2) |  | 42134 | 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*2) |  | (4243) | (4448) |
|  | W | 285676 | 21388 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans(\*2) | W | 236264 | 247569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term other accounts receivable |  | 20253 | 14585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 923 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Allowance for doubtful accounts(\*2) |  | (236264) | (247569) |
|  | W | 21176 | 14894 |

---

---

| | |
|:---|:---|
| (\*1) | The Company includes the amounts to be collected from each domestic subsidiary in accordance with the consolidated tax payment system.  |

---

(\*2) The Company assessed the recoverability of other receivables to FQM Australia Pty Ltd, an associate, and recognized an allowance for doubtful accounts for such other receivables from the entity.

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

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

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

**6. Other Financial Assets** 

(a) Other financial assets as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments | W | 3010000 | 2260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 125200 | 426420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 230000 |  |
|  | W | 3365200 | 2686420 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | W | 182387 | 158761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 266431 | 263059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  | 17681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2 | 2 |
|  | W | 466501 | 421822 |

---

(b) Equity securities as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
|  | **Number of<br>shares** | **Ownership<br>(%)** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Fair<br>value** | **Net changes in**<br>**fair value of**<br>**equity securities** | **Book<br>value** | **Book<br>value** |
|  **Marketable equity securities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corporation(\*1) | 39242500 | 0.73 | W |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSN Mineracao S.A. | 102186675 | 1.86 |  | 206265 | 148845 | (57419) | 148845 | 125219 |
|  |  |  |  | 206265 | 148845 | (57419) | 148845 | 125219 |
|  **Non-marketable equity securities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLANTEC Co., Ltd. | 18337912 | 10.99 |  | 19437 | 31560 | 12123 | 31560 | 31560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual Discovery Co.,Ltd. | 200000 | 6.00 |  | 5000 | 1350 | (3650) | 1350 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pos-HYUNDAI STEEl | 1055496 | 6.00 |  | 612 | 612 |  | 612 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&M Media Co.,Ltd. | 2000 | 2.67 |  | 20 | 20 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XG Sciences | 300000 | 5.06 |  | 2724 |  | (2724) |  |  |
|  |  |  |  | 27793 | 33542 | 5749 | 33542 | 33542 |
|  |  |  | W | 234058 | 182387 | (51670) | 182387 | 158761 |

---

(\*1) For the year ended December 31, 2024, the Company decided to dispose of its shares in Nippon Steel Corporation and classified the equity securities as assets held for sale. Portion of shares were disposed of for the nine-month period ended September 30, 2025 (see Note 7).

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

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

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

**7. Assets Held for Sale** 

Assets held for sale as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Beginning | W | 467796 |  |
|  Transfers |  |  | 467796 |
|  Valuations |  | (3304) |  |
|  Disposals |  | (238768) |  |
|  Ending | W | 225724 | 467796 |

---

For the year ended December 31, 2024, the Company determined to sell its long-term investments in Nippon Steel Corporation and classified the equity security of W467,796 million as assets held for sale in entirety. For the nine-month period ended September 30, 2025, the Company disposed of a portion of its equity interests of W238,768 million and recognized loss on disposal of assets held for sale of W5,531 million. The carrying amount of remaining equity interests is W225,724 million.

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

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

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

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

(a) Investments in subsidiaries, associates and joint ventures of as of September 30, 2025 and
December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  Investment in subsidiaries | W | 43498114 |  | 42787174 |
|  Investment in associates |  | 208129 |  | 208129 |
|  Investment in joint ventures |  | 2699236 |  | 2636662 |
|  | W | 46405479 |  | 45631965 |

---

There are no significant restrictions on the ability of subsidiaries, associates and joint ventures to transfer funds to the controlling company, such as in the forms of cash dividends and repayment of loans or payment of advances.

(b) Details of subsidiaries and carrying amounts as of September 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
| *(in millions of Won)* |<br>**Country** | <br>**Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | Korea | Steel, rolled products, and plates manufacturing and sales | 100.00 | W | 29918622 | 29918622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation | Korea | Trading, power generation and natural resources exploration | 70.71 |  | 3740020 | 3740020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. | Korea | Engineering and construction | 52.80 |  | 1014963 | 1014963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Venture Capital Co., Ltd. | Korea | Investment in venture companies | 100.00 |  | 115931 | 115931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO.,LTD. | Korea | Refractory and anode/cathode material<br>manufacturing and sales | 58.18 |  | 1924555 | 1395687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO WIDE Co., Ltd. | Korea | Business facility maintenance | 100.00 |  | 308843 | 308843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX | Korea | Computer hardware and software distribution | 65.47 |  | 70990 | 70990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co., Ltd. | Korea | Municipal solid waste fuel and power generation | 70.00 |  | 30148 | 30148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSOCO-Pilbara LITHIUM SOLUTION Co., Ltd. | Korea | Lithium manufacturing and sales | 82.00 |  | 478940 | 314940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO LITHIUM SOLUTION | Korea | Lithium hydroxide manufacturing and sales | 100.00 |  | 287550 | 287550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QSONE Co.,Ltd. | Korea | Real estate rental and facility management | 100.00 |  | 238478 | 238478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO CNGR Nickel Solution(\*1) | Korea | Nickel refining |  |  |  | 49520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO ZT AIR SOLUTION | Korea | Manufacturing and Sales of High-Purity Rare Gases | 75.10 |  | 63481 | 63481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 513629 | 446037 |
|  |  |  |  |  | 38706150 | 37995210 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO WA PTY LTD | Australia | Iron ore sales and mine development | 100.00 |  | 646574 | 646574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Canada Ltd. | Canada | Coal sales | 100.00 |  | 560879 | 560879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO AUSTRALIA PTY LTD | Australia | Iron ore sales and mine development | 100.00 |  | 330623 | 330623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Zhangjiagang) Stainless Steel Co.,Ltd.(\*2) | China | Stainless steel manufacturing and sales | 58.60 |  | 283792 | 283792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-China Holding Corp. | China | Holding company | 100.00 |  | 593816 | 593816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation | USA | Researching and consulting | 99.45 |  | 192136 | 192136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO VST CO., LTD. | Vietnam | Stainless steel manufacturing and sales | 95.65 |  | 66060 | 66060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Asia Co., Ltd. | Hong Kong | Activities Auxiliary to financial service | 100.00 |  | 117690 | 117690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO JAPAN Co., Ltd. | Japan | Steel marketing, demand development,<br>and technology research | 100.00 |  | 68410 | 68410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qingdao Pohang Stainless Steel Co., Ltd.(\*2) | China | Stainless steel manufacturing and sales | 70.00 |  | 65982 | 65982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO (Suzhou) Automotive Processing Center Co., Ltd. | China | Steel manufacturing and sales | 90.00 |  | 62469 | 62469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO AFRICA (PROPRIETARY) LIMITED | South Africa | Mine development | 100.00 |  | 50297 | 50297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U. | Argentina | Mineral exploration, manufacturing<br>and sales | 100.00 |  | 1510551 | 1510551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 242685 | 242685 |
|  |  |  |  |  | 4791964 | 4791964 |
|  |  |  |  | W | 43498114 | 42787174 |

---

(\*1) POSCO CNR Nickel Solution Co., Ltd. was liquidated during the nine-month period ended September 30, 2025 and has been excluded from the scope of consolidation.

(\*2) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell the shares in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co., Ltd and Qingdao Pohang Stainless Steel Co., Ltd.

------

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

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

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

(c) Details of associates and carrying amounts as of September 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
|  | **Country** | **Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
|  **[Domestic]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO JK SOLID SOLUTION CO., LTD. | Korea | Material manufacturing for rechargeable battery | 40.00 | W | 26025 | 26025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 12111 | 12111 |
|  |  |  |  |  | 38136 | 38136 |
|  **[Foreign]** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9404-5515 Quebec Inc.(\*1) | Canada | Investments | 12.61 |  | 156194 | 156194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  |  |  | 13799 | 13799 |
|  |  |  |  |  | 169993 | 169993 |
|  |  |  |  | W | 208129 | 208129 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025, the entity is classified as an investment in an associate since the Company has significant influence over the investee although the Company's percentage of ownership is less than 20%, considering the structure of the entity's Board of Directors and others.  |

---

(d) Details of joint ventures and carrying amounts as of September 30, 2025 and December 31, 2024 are as
follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31,<br>2024** |
|  | **Country** | **Principal operations** | **Ownership (%)** | **Book value** | **Book value** | **Book value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd(\*1) | Australia | Natural resources exploration | 10.00 | W | 1225464 | 1225464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC | USA | Foreign investments in mining | 50.00 |  | 364609 | 364609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOBRASCO | Brazil | Steel materials manufacturing and sales | 50.00 |  | 98962 | 98962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBIS-POSCO Automotive Steel Co., Ltd | China | Steel manufacturing and sales | 50.00 |  | 235207 | 235207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX STEEL POSCO Cold Rolled Sheet Co., Ltd. | China | Steel manufacturing and sales | 25.00 |  | 63866 | 63866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT NICOLE METAL INDUSTRY | Indonesia | Nickel Smelting | 49.00 |  | 604045 | 541471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydrogen Duqm LLC | Oman | Green Hydrogen/Ammonia<br>product business development | 44.80 |  | 6452 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Mining Company SAS(\*2) | New Caledonia | Raw material manufacturing<br>and sales | 49.00 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC | Korea | STS material manufacturing<br>and sales | 49.00 |  | 100631 | 100631 |
|  |  |  |  | W | 2699236 | 2636662 |

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025 and December 31, 2024, the investments in joint ventures amounting to W1,225,464 million were provided as collateral in relation to revolving loan of Roy Hill Holdings Pty Ltd.  |

---

---

| | |
|:---|:---|
| (\*2) | As of December 31, 2024, due to continuous operating losses and a deteriorating business environment, the Company assessed that the value in use of our equity interest in Nickel Mining Company SAS is likely to be low. Accordingly, the Company recognized a full impairment loss of W189,197 million, which is the difference between carrying amount and recoverable amount.  |

---

------

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

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

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

**9. Investment Property** 

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

(a) For the nine -month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 216211 | – |  | (368) | 215843 |
|  Buildings |  | 97752 | – | (5562) | (370) | 91820 |
|  Structures |  | 14409 | – | (616) | (54) | 13739 |
|  | W | 328372 | – | (6178) | (792) | 321402 |

---

(\*1) The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(\*2) Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

(b) For the year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Depreciation(\*1)** | **Transfer(\*2)** | **Ending** |
|  Land | W | 193446 | 1200 |  | 21565 | 216211 |
|  Buildings |  | 101229 |  | (7378) | 3901 | 97752 |
|  Structures |  | 15225 |  | (824) | 8 | 14409 |
|  | W | 309900 | 1200 | (8202) | 25474 | 328372 |

---

(\*1) The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(\*2) Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

------

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

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

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

**10. Property, Plant and Equipment** 

Changes in the carrying amounts of property, plant and equipment for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

(a) For the nine-month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 45151 | 3210 |  |  | 368 | 48729 |
|  Buildings |  | 28447 |  |  | (1476) | 370 | 27341 |
|  Structures |  | 7338 |  | (63) | (302) | 54 | 7027 |
|  Machinery and equipment |  | 29821 | 3971 | (654) | (3724) | 624 | 30038 |
|  Vehicles |  | 44 |  |  | (12) |  | 32 |
|  Furniture and fixtures |  | 12933 | 2101 | (3) | (1075) |  | 13956 |
|  Construction-in-progress |  | 292259 | 144603 |  |  | 4643 | 441505 |
|  | W | 415993 | 153885 | (720) | (6589) | 6059 | 568628 |

---

(\*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.

(b) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Depreciation** | **Others(\*1)** | **Ending** |
|  Land | W | 50197 | 4 |  |  | (5050) | 45151 |
|  Buildings |  | 29539 | 4736 |  | (1927) | (3901) | 28447 |
|  Structures |  | 7748 | 1 |  | (403) | (8) | 7338 |
|  Machinery and equipment |  | 27549 | 5161 | (337) | (2552) |  | 29821 |
|  Vehicles |  | 63 |  |  | (19) |  | 44 |
|  Furniture and fixtures |  | 13485 | 622 | (4) | (1170) |  | 12933 |
|  Construction-in-progress |  | 69206 | 239567 |  |  | (16514) | 292259 |
|  | W | 197787 | 250091 | (341) | (6071) | (25473) | 415993 |

---

(\*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.

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

1) Right-of-use assets

As of September 30, 2025 and December 31, 2024, there are no right-of-use assets listed as property, plant and equipment.

2) Amount recognized in profit or loss 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Expenses related to short-term leases | W | 2546 | 2227 | 8505 | 6613 |
|  Expenses related to leases of low-value assets |  | 1320 | 1181 | 4235 | 3789 |
|  | W | 3866 | 3408 | 12740 | 10402 |

---

------

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

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

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

**11. Intangible Assets** 

Changes in the carrying amounts of intangible assets for the nine-month period ended September 30, 2025 and the year ended December 31, 2025 are as follows:

(a) For the nine -month period ended September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 803 |  |  | (142) | 230 | 891 |
|  Membership(\*1) |  | 10072 | 920 |  |  |  | 10992 |
|  Development expense |  | 3461 |  |  | (1377) | 3134 | 5218 |
|  Construction-in-progress |  | 6680 | 4021 | (19) |  | (3364) | 7318 |
|  Other intangible assets |  | 445 |  |  | (174) |  | 271 |
|  | W | 21461 | 4941 | (19) | (1693) |  | 24690 |

---

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

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

(b) For the year ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Acquisitions** | **Disposals** | **Amortization** | **Others(\*2)** | **Ending** |
|  Intellectual property rights | W | 576 |  | (4) | (170) | 401 | 803 |
|  Membership(\*1) |  | 11618 |  | (1546) |  |  | 10072 |
|  Development expense |  | 2905 |  |  | (1310) | 1866 | 3461 |
|  Construction-in-progress |  | 3565 | 5631 | (249) |  | (2267) | 6680 |
|  Other intangible assets |  | 677 |  |  | (232) |  | 445 |
|  | W | 19341 | 5631 | (1799) | (1712) |  | 21461 |

---

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

(\*2) Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.

------

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

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

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

**12. Other Assets** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance payments | W | 899 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 1395 | 918 |
|  | W | 2294 | 1716 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term advance payments | W | 764 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 298 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  |  | 8 |
|  | W | 1062 | 5821 |

---

**13. Borrowings** 

(a) Borrowings as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  **Short-term borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchangeable bonds | W | 43426 |  | 39053 |
|  **Long-term borrowings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | W | 972256 |  | 1500 |

---

------

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

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

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

(b) Current portion of debentures as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance<br>date** | **Maturity<br>date** | **Annual<br>interest rate (%)** | **September 30, 2025** | **December 31, 2024** |
|  Exchangeable bonds | Foreign currency<br>exchangeable bonds | Sep. 1, 2021 | Sep. 1, 2026 | – W | 43426 | 39053 |

---

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

---

| | |
|:---|:---|
|  | **Foreign currency exchangeable bonds** |
| Type of bond | Exchangeable bonds |
| Aggregate principal amount(\*1) | EUR 27,100,000 |
| Interest rate | - Coupon rate : - |
|  | - Yield to maturity : (0.78%) |
| Maturity date | September 1, 2026 |
| Redemption | - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum |
|  | - Prepayment : The issuer has call option and the bondholders have put option |
| Exchange rate | 100% |
| Exchange price(\*2)<br> (Won/share) | 425631 |
| Underlying shares | Registered common shares(treasury shares) |
| Exchange period | From October 12, 2021 to August 22, 2026 |
| Adjustments for exchange price | Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price. |
| Put option by bondholders | - In the event of a change of control of the Company |
|  | - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days) |
| Call option by the issuer | - Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds |
|  | - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) |
|  | - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc |

---

---

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

---

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

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

------

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Lenders** | **Issuance<br>date** | **Maturity<br>date** | **Annual<br>interest rate<br>(%)** | **September 30,<br>2025** | **September 30,<br>2025** | **December 31,<br>2024** |
|  Foreign borrowings | KOREA ENERGY AGENCY | Dec. 27, 2011 | Dec. 26, 2026 | 3 year<br>Government<br>bond | W | 1431 | 1500 |
|  Bonds payable in foreign currency(\*1) | Global Bonds (5 year maturity) | May. 7, 2025 | May. 7, 2030 | 5.125 |  | 555007 |  |
|  Bonds payable in foreign currency(\*1) | Global Bonds (10 year maturity) | May. 7, 2025 | May. 7, 2035 | 5.75 |  | 415818 |  |
|  |  |  |  |  | W | 972256 | 1500 |

---

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

**14. Other Payables** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | W | 31441 | 32514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 42884 | 14826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  | 2689 | 3016 |
|  | W | 77014 | 50356 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term withholdings | W | 36388 | 33110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Present value discount |  | (1626) | (2327) |
|  | W | 34762 | 30783 |

---

**15. Other Financial Liabilities** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  **Current** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities | W | 21510 |  | 18302 |

---

------

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

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

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

**16. Provisions** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Provision for bonus payments(\*1) | W | 2758 |  | 4175 |  |
|  Provision for restoration(\*2) |  | 2946 | 3383 | 6932 |  |
|  Others(\*3) |  | 37824 |  | 35161 |  |
|  | W | 43528 | 3383 | 46268 |  |

---

---

| | |
|:---|:---|
| (\*1) | Represents the provision for bonuses with the limit of 100% of annual salaries for executives.  |

---

---

| | |
|:---|:---|
| (\*2) | Due to contamination of land near the Company's magnesium smelting plant located in Gangneung city, the Company recognized present values of estimated costs for recovery as provisions for restoration as of September 30, 2025 and December 31, 2024. In order to determine the estimated costs, the Company has assumed that it would use all of technologies and materials available for now to recover the land. In addition, the Company has applied discount rates of 2.84% 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 W37,824 million of the financial guarantee liabilities the Company provided as other provisions.

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

1) For the nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Others(\*1)** | **Ending** |
|  Provision for bonus payments | W | 4175 | 6316 | (7733) |  | 2758 |
|  Provision for restoration |  | 6932 | 331 | (934) |  | 6329 |
|  Others |  | 35161 |  |  | 2663 | 37824 |
|  | W | 46268 | 6647 | (8667) | 2663 | 46911 |

---

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

2) For the year ended December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Beginning** | **Beginning** | **Increase** | **Utilization** | **Ending** |
|  Provision for bonus payments | W | 6055 | 9087 | (10967) | 4175 |
|  Provision for restoration |  | 11562 | 1819 | (6449) | 6932 |
|  Others |  |  | 35161 |  | 35161 |
|  | W | 17617 | 46067 | (17416) | 46268 |

---

------

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

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

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

**17. Employee Benefits** 

(a) Defined contribution plans

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Expense related to post-employment benefit plans under defined contribution plans | W | 61 | 33 | 163 | 96 |

---

(b) Defined benefit plans

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Present value of funded obligations | W | 41132 | 39980 |
|  Fair value of plan assets |  | (35192) | (38684) |
|  Net defined benefit liabilities | W | 5940 | 1296 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Current service costs | W | 2040 | 1550 | 7224 | 5276 |
|  Interest costs |  | (29) | (86) | (87) | (256) |
|  | W | 2011 | 1464 | 7137 | 5020 |

---

**18. Other Liabilities** 

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances received | W | 2693 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholdings |  | 3469 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue |  | 509 | 2656 |
|  | W | 6671 | 8851 |
|  **Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | W | 1626 | 2327 |

---

------

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

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

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

**19. Financial Instruments** 

(a) Classification and fair value of financial instruments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | W | 17681 |  | 17681 |  | 17681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments |  | 125200 |  | 125200 |  | 125200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 266431 |  |  | 266431 | 266431 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 182387 | 148845 |  | 33542 | 182387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 225724 | 225724 |  |  | 225724 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 514070 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 49219 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 230000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 56967 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 3010002 |  |  |  |  |
|  | W | 4677681 | 374569 | 142881 | 299973 | 817423 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 43426 | 43426 |  |  | 43426 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 972256 |  | 972256 |  | 972256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 21510 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 89929 |  |  |  |  |
|  | W | 1127121 | 43426 | 972256 |  | 1015682 |

---

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | | | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Book value** | **Book value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term financial instruments | W | 426420 |  | 426420 |  | 426420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities |  | 263059 |  |  | 263059 | 263059 |
|  Fair value through other comprehensive income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 158761 | 125219 |  | 33542 | 158761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 467796 | 467796 |  |  | 467796 |
|  Financial assets measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 409387 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable |  | 48349 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 28833 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit instruments |  | 2260002 |  |  |  |  |
|  | W | 4062607 | 593015 | 426420 | 296601 | 1316036 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Fair value through profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | W | 39053 | 39053 |  |  | 39053 |
|  Financial liabilities measured at amortized cost(\*1) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 1500 |  | 1500 |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee liabilities |  | 18302 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 76376 |  |  |  |  |
|  | W | 135231 | 39053 | 1500 |  | 40553 |

---

---

| | |
|:---|:---|
| (\*1) | The fair values 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** 

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

2) Financial liabilities were recognized in connection with financial guarantee contracts as of September 30, 2025. Details of the amount of guarantees provided are as follows: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* |  | **Guarantee limit** | **Guarantee limit** | **Guarantee limit** | **Guarantee amount** | **Guarantee amount** |
| **Guarantee beneficiary** | **Financial institution** | **Foreign<br>currency** | **Foreign<br>currency** | **Won<br>equivalent** | **Foreign<br>currency** | **Won<br>equivalent** |
|  **Subsidiaries** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO ASIA COMPANY LIMITED | Credit Agricole | USD | 75000000 | 105165 |  |  |
|  | ING | USD | 75000000 | 105165 | 5000000 | 7011 |
|  | Shinhan | USD | 50000000 | 70110 | 20000000 | 28044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U. | BNP | USD | 110000000 | 154242 | 100868696 | 141438 |
|  | CITI | USD | 187975000 | 263579 | 178843695 | 250775 |
|  | Credit Agricole | USD | 187975000 | 263579 | 178843695 | 250775 |
|  | HSBC | USD | 187975000 | 263579 | 178843696 | 250775 |
|  | JPM | USD | 187975000 | 263579 | 178843696 | 250775 |
|  | BANK OF AMERICA | USD | 50900000 | 71372 | 45753254 | 64155 |
|  | KEXIM | USD | 167100000 | 234307 | 150387100 | 210871 |
|  **Associates and Joint ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NICKEL MINING COMPANY SAS | ING | EUR | 46000000 | 75647 | 46000000 | 75647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT.Nicole Metal Industry | STANDARD CHARTERED | USD | 39200000 | 54966 | 35824311 | 50233 |
|  |  | USD | 1319100000 | 1849643 | 1073208141 | 1504852 |
|  |  | EUR | 46000000 | 75647 | 46000000 | 75647 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① For the nine-month period ended September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain (loss) on<br>foreign currency** | **Gain on disposal** | **Gain (loss) on<br>valuation** | **Others** | **Total** | **Other<br>comprehensive<br>income** |
|  Financial assets at fair value <br>through profit or loss | W |  | (4422) | 11193 | 16267 |  | 23038 |  |
|  Financial assets at fair value <br>through other comprehensive income |  |  |  |  |  |  |  | 15628 |
|  Financial assets measured at <br>amortized cost |  | 75534 | (13682) |  |  |  | 61852 |  |
|  Financial liabilities at fair value <br>through profit or loss |  |  | (3057) |  | (1315) |  | (4372) |  |
|  Financial liabilities measured at <br>amortized cost |  | (22416) | 16966 |  |  | 3740 | (1710) |  |
|  | W | 53118 | (4195) | 11193 | 14952 | 3740 | 78808 | 15628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② For the nine-month period ended September 30, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | **Finance income and costs** | |
|  | **Interest income<br>(expense)** | **Interest income<br>(expense)** | **Gain (loss) on<br>foreign currency** | **Gain (loss)<br>on disposal** | **Gain on valuation** | **Others** | **Total** | **Other<br>comprehensive<br>loss** |
|  Financial assets at fair value <br>through profit or loss | W |  | 1510 | 27406 | 58685 |  | 87601 |  |
|  Financial assets at fair value <br>through other comprehensive income |  |  |  | (8219) |  |  | (8219) | (35849) |
|  Financial assets measured at <br>amortized cost |  | 69014 | 1683 |  |  |  | 70697 |  |
|  Financial liabilities at fair value <br>through profit or loss |  |  | (56301) | (12292) | 236931 |  | 168338 |  |
|  Financial liabilities measured at <br>amortized cost |  | (873) | 383 |  |  | 1606 | 1116 |  |
|  | W | 68141 | (52725) | 6895 | 295616 | 1606 | 319533 | (35849) |

---

------

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

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

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

**20. Share Capital and Capital Surplus** 

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

---

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

---

---

| | |
|:---|:---|
| (\*1) | As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.  |

---

---

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

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Share premium | W | 463825 | 463825 |
|  Gain on disposal of treasury shares |  | 808994 | 808994 |
|  Gain from merger |  | 80627 | 80627 |
|  Loss on disposal of hybrid bonds |  | (1787) | (1787) |
|  Share-based payment |  | 16331 | 16331 |
|  | W | 1367990 | 1367990 |

---

------

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

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

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

**21. Accumulated Other Comprehensive Income** 

Accumulated other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  Changes in fair value of equity investments at fair value through other comprehensive income | W | (48374) | (62645) |

---

**22. Treasury Shares** 

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

---

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

---

**23. Operating Revenue** 

(a) Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of
the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
| *(in millions of Won)* | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Types of revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | W | 368165 | 355460 | 1096388 | 1320175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 44638 | 46810 | 135880 | 140693 |
|  | W | 412803 | 402270 | 1232268 | 1460868 |
|  **Timing of revenue recognition** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized at a point in time | W | 368165 | 355826 | 1096388 | 1320183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue recognized over time |  | 44638 | 46444 | 135880 | 140685 |
|  | W | 412803 | 402270 | 1232268 | 1460868 |

---

------

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** |
|  **Receivables** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts and notes receivable | W | 49219 | 48349 |
|  **Contract assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables |  | 96986 | 130473 |
|  **Contract liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance received |  | 2693 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned income |  | 2135 | 4983 |

---

**24. Operating Expenses** 

Operating expenses for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Wages and salaries | W | 19336 | 17425 | 54689 | 50007 |
|  Expenses related to post-employment benefits |  | 2333 | 1852 | 8049 | 5478 |
|  Other employee benefits |  | 3716 | 4058 | 12461 | 13552 |
|  Travel |  | 2036 | 1450 | 5547 | 4117 |
|  Taxes and public dues |  | 79 | (1062) | 12975 | 11817 |
|  Depreciation |  | 2966 | 2802 | 8777 | 8410 |
|  Amortization |  | 610 | 409 | 1636 | 1213 |
|  Rental |  | 1769 | 1249 | 5589 | 3893 |
|  Repairs |  | 186 | 300 | 421 | 670 |
|  Advertising |  | 6934 | 5942 | 17040 | 16136 |
|  Research & development |  | 32786 | 37063 | 103819 | 107200 |
|  Service fees |  | 27777 | 16087 | 63710 | 47113 |
|  Supplies |  | 48 | 59 | 190 | 337 |
|  Vehicles maintenance |  | 626 | 646 | 1846 | 2121 |
|  Industry association fee |  | 43 | 78 | 1915 | 1815 |
|  Training |  | 475 | 336 | 1123 | 1171 |
|  Others |  | 2386 | 3753 | 6963 | 6906 |
|  | W | 104106 | 92447 | 306750 | 281956 |

---

------

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

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

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

**25. Finance Income and Costs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Finance income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | W | 25906 | 22512 | 75534 | 69014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency transactions |  | 967 | 9041 | 16154 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign currency translations |  | (32689) | 615 | 18622 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on derivative transactions |  |  | 1058 |  | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of derivatives |  | 17681 |  | 17681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets at fair value through profit or loss |  | 2498 | 4577 | 11193 | 26348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | (289) | 15213 | 185 | 58685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial liabilities at fair value through profit or loss |  |  | 2713 |  | 236931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1464 | 627 | 3748 | 1613 |
|  | W | 15538 | 56356 | 143117 | 399639 |
|  **Finance costs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | W | 14139 |  | 22416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency transactions |  | 1029 | 1291 | 27569 | 57005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translations |  | (694) | 3771 | 11402 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on derivative transactions |  |  | 6035 |  | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of derivatives |  | (36216) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial assets at fair value through profit or loss |  | 1002 |  | 1599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuations of financial liabilities at fair value through profit or loss |  | 312 |  | 1315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on transactions of equity securities |  |  |  |  | 8219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on redemption of bonds |  |  | 6257 |  | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3 | 294 | 8 | 880 |
|  | W | (20425) | 17648 | 64309 | 80106 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  **Other non-operating income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on other accounts receivables | W |  |  | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  |  |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 251 | 676 | 2165 | 2189 |
|  | W | 251 | 676 | 2198 | 2243 |
|  **Impairment loss on investments in subsidiaries, associates and joint ventures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on other accounts receivables | W |  |  |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of property, plant and equipment |  | 33 |  | 768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on investments in subsidiaries, associates and joint ventures |  | (407) |  | 6244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | 5500 |  | 11001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposals of assets held for sale |  | 5531 |  | 5531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase of other provisions |  | (425) | 139 | 331 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 279 | 560 | 1031 | 5630 |
|  | W | 10511 | 699 | 24906 | 5970 |

---

------

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

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

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

**27. Expenses by Nature** 

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows (excluding finance costs and income tax expenses):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Employee benefits expenses | W | 30128 | 27866 | 90488 | 81382 |
|  Depreciation(\*1) |  | 4527 | 3406 | 12767 | 10219 |
|  Amortization |  | 632 | 432 | 1693 | 1280 |
|  Service fees |  | 28308 | 16962 | 65983 | 48776 |
|  Rental |  | 3867 | 3408 | 12889 | 10867 |
|  Advertising |  | 7027 | 5953 | 17137 | 16147 |
|  Impairment loss on investments in subsidiaries, associates and joint ventures |  | (407) |  | 6244 |  |
|  Research & development |  | 22154 | 26298 | 64866 | 71368 |
|  Other expenses |  | 18382 | 8822 | 59589 | 47887 |
|  | W | 114618 | 93147 | 331656 | 287926 |

---

(\*1) Including depreciation of investment property.

**28. Income Taxes** 

The effective tax rates of the Company for each of the nine-month periods ended September 30, 2025 and 2024 are 1.20% and 1.75%, 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 that they will reverse through disposal or liquidation.

------

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

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

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

(b) Application of the Consolidated Tax Payment System

From the nine-month period ended September 30, 2025, the Company has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, when economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

The current tax liabilities recognized in relation to the consolidated tax payment system for the nine-month period ended September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** |
|  Current income tax liabilities(\*1) |  | 226668 |

---

---

| | |
|:---|:---|
| (\*1) | Presenting the amount calculated and recognized by applying the consolidated tax payment system for the nine-month period ended September 30, 2025.  |

---

(c) Global minimum top-up tax

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

------

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

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

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

**29. Earnings per Share** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
|  Profit for the period | W | 334942715344 | 334994032159 | 969846033432 | 1468571617105 |
|  Weighted-average number of common shares outstanding(\*1) |  | 75620779 | 75699376 | 75620779 | 75816833 |
|  Basic earnings per share | W | 4429 | 4425 | 12825 | 19370 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(shares)* | **For the three-month periods<br>ended September 30** | **For the three-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** | **For the nine-month periods<br>ended September 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Weighted-average shares outstanding | 80932952 | 83297040 | 81490565 | 84143400 |
|  Weighted-average number of treasury shares | (5312173) | (7597664) | (5869786) | (8326567) |
|  Weighted-average number of common shares outstanding | 75620779 | 75699376 | 75620779 | 75816833 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| *(in Won, except share information)* | **For the three-month period<br>ended September 30, 2024** | **For the three-month period<br>ended September 30, 2024** | **For the nine-month period<br>ended September 30, 2024** |
|  Profit for the period | W | 334994032159 | 1468571617105 |
|  Loss from revaluation of and exchange rate on exchangeable bonds |  | (8425258347) | (138904137256) |
|  Diluted profit for the period |  | 326568773812 | 1329667479849 |
|  Adjusted weighted-average number of common shares outstanding(\*1) |  | 78013947 | 78757791 |
|  Diluted earnings per share |  | 4186 | 16883 |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| *(shares)* | **For the three-month period**<br>**ended September 30, 2024** | **For the nine-month period**<br>**ended September 30, 2024** |
|  Weighted-average number of common shares outstanding | 75699376 | 75816833 |
|  Weighted-average number of potential common shares | 2314571 | 2940958 |
|  Adjusted weighted-average number of common shares | 78013947 | 78757791 |

---

**30. Related Party Transactions** 

(a) Related parties of the Company as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Type** | **Company** |
| Subsidiaries | [Domestic]<br> POSCO, POSCO Eco & Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE Co., Ltd., POSCO Capital, POSCO FUTURE M CO., LTD.,eNtoB Corporation, POSCO FLOW CO.,LTD., POSCO M-TECH, Busan E&E Co,. Ltd., POSCO INTERNATIONAL Corporation, POSCO Mobility Solution Corporation,<br>POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION,<br>Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH, POSCO A&C Co., Ltd,<br>Posco Group University, POSCO GY Solution, POSCO GYR Tech, POSCO GYS Tech, POSCO PR Tech,<br>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., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and others.<br>[Foreign]<br> POSCO America Corporation, POSCO AUSTRALIA PTY LTD., POSCO Asia Co., Ltd., POSCO (Zhangjiagang) Stainless Steel Co.,Ltd., POSCO-China Holding Corporation, POSCO JAPAN Co., Ltd., POSCO-VIETNAM Co., Ltd., POSCO MEXICO S.A. DE C.V., PT. KRAKATAU POSCO, YAMATO VINA STEEL JOINTSTOCK COMPANY, POSCO Argentina S.A.U., Senex Holdings PTY LTD, ULTIUM CAM LIMITED PARTNERSHIP and others. |
| Investments in associates and joint ventures | [Domestic]<br> POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd., SNNC, Gale International Korea, LLC,<br> 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,<br> HBIS-POSCO Automotive Steel Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc.,<br> AES Mong Duong Power Company Limited, KOREA LNG LTD., Nickel Mining Company SAS and others. |

---

------

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

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

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

(b) Material transactions with the related companies for each of the nine-month periods ended
September 30, 2025 and 2024 are as follows:

1) For the nine-month period ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of fixed<br>assets** | **Others** |
|  **Subsidiaries(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 113182 | 527363 | 557 | 370 | 11441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 7135 | 11037 | —  | 322 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 880 | —  | —  | —  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1408 | 12425 | 88 | 4301 | 10930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Research Institute |  | —  | —  | —  | —  | 8454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  | —  | —  | —  | —  | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 3060 | 17597 | 55 | —  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 4359 | 298551 | 224 | —  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  | —  | 3618 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  | —  | —  | —  | —  | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 4828 | 4761 | 3414 | 1 | 23298 |
|  |  | 134852 | 875352 | 4338 | 4994 | 67320 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | —  | 32031 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | —  | 131125 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 624 | 40046 | 337 | —  | 650 |
|  |  | 624 | 203202 | 337 | —  | 650 |
|  | W | 135476 | 1078554 | 4675 | 4994 | 67970 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of September 30, 2025, the Company provides payment guarantees to the related parties (see Note 19).

2) For the nine-month period ended September 30, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Sales and others(\*1)** | **Purchase and others** | **Purchase and others** |
|  | **Sales** | **Sales** | **Dividends** | **Others** | **Purchase of fixed<br>assets** | **Others** |
|  **Subsidiaries(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 113665 | 888008 | 66 | 191 | 9470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 7561 | 11037 | —  | 1729 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 899 | —  | —  | —  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1027 | 9940 | —  | 982 | 9540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Research Institute |  | —  | —  | —  | 30 | 8180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eNtoB Corporation |  | —  | —  | —  | 49 | 6231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 6459 | 11565 | —  | —  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 4548 | 124396 |  | —  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Busan E&E Co,. Ltd. |  | —  | 2472 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO America Corporation |  | —  | —  | —  | —  | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3907 | 831 | 1445 | 1 | 17279 |
|  |  | 138066 | 1048249 | 1585 | 2982 | 56514 |
|  **Associates and joint ventures(\*2)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO-NPS Niobium LLC |  | —  | 22045 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | —  | 202550 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 273 | 14494 | 168 | —  | —  |
|  |  | 273 | 239089 | 168 | —  | —  |
|  | W | 138339 | 1287338 | 1753 | 2982 | 56514 |

---

(\*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(\*2) As of September 30, 2024, 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** 

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

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

1) September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables** | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and notes<br>receivable** | **Trade accounts<br>and notes<br>receivable** | **Others** | **Total** | **Accounts<br>payable** | **Others** | **Total** |
|  **Subsidiaries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 76175 | 235921 | 312096 | 8048 | 40945 | 48993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 6881 | —  | 6881 | 88 | 735 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 860 | —  | 860 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1104 | —  | 1104 | 2371 | 1047 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 15225 | —  | 15225 | —  | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 609 | —  | 609 | —  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 4724 | —  | 4724 | —  | 473 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  | —  | 29390 | 29390 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 2560 | 249 | 2809 | 5824 | 472 | 6296 |
|  |  | 108138 | 265560 | 373698 | 16331 | 43730 | 60061 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 480 | —  | 480 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 36895 | —  | 36895 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  | —  | 238050 | 238050 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 164 | 3284 | 3448 | —  | —  | —  |
|  |  | 37539 | 241334 | 278873 | —  | —  | —  |
|  | W | 145677 | 506894 | 652571 | 16331 | 43730 | 60061 |

---

(\*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.

2) December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **Receivables** | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** | **Payables** |
|  | **Trade accounts<br>and notes<br>receivable** | **Trade accounts<br>and notes<br>receivable** | **Others** | **Total** | **Accounts<br>payable** | **Others** | **Total** |
|  **Subsidiaries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO | W | 102071 | 1093 | 103164 | 5854 | 36111 | 41965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Eco & Challenge Co., Ltd. |  | 8921 | —  | 8921 | —  | 499 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO STEELEON CO., Ltd |  | 1126 | —  | 1126 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO DX |  | 1561 | —  | 1561 | 2667 | 535 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO FUTURE M CO., LTD. |  | 15364 | —  | 15364 | —  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Mobility Solution Corporation |  | 802 | —  | 802 | —  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO INTERNATIONAL Corporation |  | 6664 | —  | 6664 | —  | 364 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Argentina S.A.U |  | —  | 26002 | 26002 | 768 | —  | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 3274 | 231 | 3505 | 7873 | 311 | 8184 |
|  |  | 139783 | 27326 | 167109 | 17162 | 37891 | 55053 |
|  **Associates and joint ventures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SNNC |  | 662 | —  | 662 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roy Hill Holdings Pty Ltd |  | 25023 | —  | 25023 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQM Australia Holdings Pty Ltd(\*1) |  | —  | 249560 | 249560 | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 10665 | 122 | 10787 | —  | —  | —  |
|  |  | 36350 | 249682 | 286032 | —  | —  | —  |
|  | W | 176133 | 277008 | 453141 | 17162 | 37891 | 55053 |

---

(\*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.

------

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

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

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

(d) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional
investments in subsidiaries and others amounting to W 837,847 million and W 620,852 million, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  Short-term benefits | W | 19574 |  | 19099 |
|  Retirement benefits |  | 4369 |  | 2570 |
|  | W | 23943 |  | 21669 |

---

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.

**31. Commitments and Contingencies** 

(a) Commitments

1) As of September 30, 2025, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign currency borrowing, which is limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowing depends on the success of the project. The Company is not liable for the repayment of full or part of the money borrowed if the respective project fails. The Company has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of September 30, 2025, the ending balance of borrowing amounts to USD 1.02 million. 

2) The Company has deposited 86,611 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of September 30, 2025.

(b) As of September 30, 2025, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral
for long-term foreign currency borrowings.

(c) Litigation in progress

The Company is involved in 3 lawsuits for contract payment (litigation amount: W1 billion) as defendant as of September 30, 2025. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation thereof as of September 30, 2025.

(d) The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.

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**POSCO HOLDINGS INC.** 

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

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

(e) As of September 30, 2025, the Company has been provided with a payment guarantee of W 2,753 million from Seoul Guarantee Insurance Company in relation to license guarantees and others.

(f) As of September 30, 2025, the Company has entered into a credit line agreement with Woori Bank, with a
limit of W 20,000 million.

**32. Cash Flows from Operating Activities** 

Changes in operating assets and liabilities for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

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| | | | |
|:---|:---|:---|:---|
| *(in millions of Won)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** |
|  Trade accounts and notes receivable | W | 34249 | 37170 |
|  Other accounts receivable |  | 4095 | 11591 |
|  Prepaid expenses |  | (289) | (2293) |
|  Other current assets |  | (101) | (365) |
|  Other non-current assets |  | (699) | (6307) |
|  Other accounts payable |  | (2126) | (3510) |
|  Accrued expenses |  | 7058 | 8682 |
|  Advances received |  | (497) | 1167 |
|  Withholdings |  | 464 | (1463) |
|  Unearned revenue |  | (2960) | (1060) |
|  Other current liabilities |  | (2351) | (8508) |
|  Payments of severance benefits |  | (6986) | (14093) |
|  Plan assets |  | 4380 | 2531 |
|  | W | 34237 | 23542 |

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**33. Events after the reporting period** 

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay
interim cash dividends of W 2,500 per common share (total dividends: W 189.1 billion).

(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire
a 30% equity interest in a newly established entity by Mineral Resources Ltd., located in Australia, to enhance cost competitiveness in its lithium business through strategic investment in high-quality resources. The total investment amount is USD
765 million.