PKX 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2026

Commission File Number: 1-13368

POSCO HOLDINGS INC.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

Exhibit 99.1: An English-language translated documents of POSCO HOLDINGS INC.’s Interim Report (2Q) for the year 2026.

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.

	POSCO HOLDINGS INC.
	(Registrant)
Date: August 31, 2026	By	/s/ Han, Young Ah
		(Signature)
		Name: Han, Young Ah
		Title: Executive Vice President

EX-99.1

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Exhibit 99.1

INTERIM REPORT

(From January 1, 2026 to June 30, 2026)

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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INTERIM REPORT

(From January 1, 2026 to June 30, 2026)

To: Korean Financial Services Commission and Korea Exchange

/s/ LEE, Ju Tae
LEE, Ju Tae
President and Representative Director
POSCO HOLDINGS INC.<br><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, Executive Vice President
POSCO HOLDINGS INC.<br><br>6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea
Telephone: +82-054-220-0114

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TABLE OF CONTENTS

I. Overview		4
II. Business		11
III. Financial Statements		37
IV. Corporate Governance		41
ø	Attachment: Independent auditors’ review reports on consolidated and separate financial statements
:---	:---

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I. OVERVIEW

1. Scope of Business

A. POSCO HOLDINGS INC. (the “Company,” formerly POSCO)^1)^

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

The Company’s business scope is as follows:

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

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2. Business Organization

A. Highlights of the Company’s Business Organization

(1) Location of the Headquarters

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

(2) Summary of consolidated subsidiaries

			(Unit: Number of companies)
	Number of consolidated subsidiaries					Number of<br><br>major subsidiaries
	Jan 1, 2026		Increase	Decrease	June 30, 2026
Listed	7		-	-	7	7
Unlisted	191		6	5	192	78
Total	198		6	5	199	85

All values are in US Dollars.

*	The number of consolidated companies above does not include POSCO HOLDINGS
*	Among listed corporations, there is one overseas corporation
:---	:---
(5 domestic corporations and 2 overseas corporation).
:---
*	Newly included : POS-Louisiana Inc., Centrux LNG Pte. Ltd., Gale<br>International Korea, LLC, Yingkou PFM Refractories Co., Ltd., FUTUREM VIETNAM COMPANY LIMITED, NRG Metals Argentina S.A.
:---	:---
*	Excluded subsidiaries : GOLDEN LACE POSCO INTERNATIONAL CO., LTD., POSCO (Zhangjiagang) Stainless Steel<br>Co.,Ltd., Qingdao Pohang Stainless Steel Co., Ltd., Zhangjigang Pohang Port Co., Ltd., Zhangjiagang BLZ Pohang International Trading
:---	:---

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(3) Major Changes in the Board of Directors

Date of<br><br>Change		Type of General<br><br>Meeting of<br><br>Shareholders		Appointment				Expiration of Term
				New		Re-appointment
March 18, 2022		Ordinary		Inside<br>Director<br><br>YOO, Byeong Og		Representative Director<br><br>CHON, Jung<br>Son		Representative Director<br><br>KIM, Hag<br>Dong
				Non-standing Director<br><br>KIM, Hag Dong		Inside Director<br><br>CHUNG, Chang<br>Hwa		Inside Director<br><br>JEONG,<br>Tak
				Independent Director<br><br>YOO, Jin<br>Nyong*****		Independent Director<br><br>PAHK, Heui<br>Jae		Independent Director<br><br>KIM, Shin<br>Bae
				Independent Director<br><br>SOHN Sung<br>Kyu*****				Independent Director<br><br>CHUNG, Moon<br>Ki
March 17, 2023		Ordinary		Representative Director<br><br>JEONG, Ki<br>Seop		Inside<br>Director<br><br>YOO, Byeong Og		Representative Director<br><br>CHON, Jung<br>Son
				Inside Director<br><br>KIM, Ji Yong		Non-standing Director<br><br>KIM, Hag Dong		Inside Director<br><br>CHUNG, Chang<br>Hwa
				Independent Director<br><br>KIM,<br>Joongi*				Independent Director<br><br>CHANG, Seung<br>Wha
March 21, 2024		Ordinary		Representative Director<br><br>CHANG, In<br>Hwa		Representative Director<br><br>JEONG, Ki<br>Seop		Representative Director<br><br>CHOI, Jeong<br>Woo
				Inside Director<br><br>KIM, Jun<br>Hyung		Independent Director<br><br>YOO, Young<br>Sook		Inside Director<br><br>KIM, Ji<br>Yong
				Inside Director<br><br>KIM, Ki Soo		Independent Director<br><br>Kwon,<br>Tae-Kyun		Inside Director<br><br>YOO, Byeong<br>Og
				Independent Director<br><br>PARK, Sung<br>Wook******				Independent Director<br><br>KIM, Sung<br>Jin
								Independent Director<br><br>PAHK, Heui<br>Jae*******
March 20, 2025		Ordinary		Representative Director<br><br>LEE, Ju<br>Tae		Inside Director<br><br>KIM, Ki Soo		Representative Director<br><br>JEONG, Ki<br>Seop
				Inside Director<br><br>CHUN, Sung<br>Lae		Independent Director<br><br>YOO, Jin<br>Nyong		Inside Director<br><br>KIM, Jun<br>Hyung
						Independent Director<br><br>SOHN, Sung<br>Kyu********
March 24, 2026		Ordinary		Inside<br>Director<br><br>CHUNG, Seok Mo		Inside<br>Director<br><br>KIM, Ki Soo		Inside Director<br><br>CHUN, Sung<br>Lae
				Non-executive Director<br><br>LEE, Hee<br>Geun		Independent Director<br><br>KIM,<br>Joongi*****
				Independent Director<br><br>KIM,<br>Jooyoun
*	Independent Director KIM, Joongi was newly appointed as an Audit Committee member at the General Meeting of<br>Shareholders held on March 17, 2023.
:---	:---
**	The newly appointed Independent Director PARK, Sung Wook, was elected to become an Audit Committee Member at the<br>General Meeting of Shareholders held on March 21, 2024.
:---	:---
***	Independent Director Pahk Heui Jae voluntarily resigned at the General Meeting of Shareholders held on<br>March 21, 2024.
:---	:---
****	Independent Director SOHN, Sung Kyu was re-appointed as Audit Committee Member at the General Meeting of<br>Shareholders held on March 20, 2025.
:---	:---
*****	Independent Director KIM, Joongi was re-elected as independent director to become an Audit Committee member at<br>the General Meeting of Shareholders held on March 24, 2026.
:---	:---

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(4) Changes of the Major Shareholders of POSCO HOLDINGS INC.

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

a) From SK Telecom to National Pension Service

b) Date of Change: January 30, 2007

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

B. POSCO HOLDINGS’ Merger, Acquisition and Handover of Businesses

(1)	January 2019: Small scale merger of POSCO Processing & Service Co., Ltd into POSCO
(2)	September 2019: Handover of business right of LNG terminal to POSCO ENERGY
:---	:---
(3)	September 2019: Small scale merger of By-Product Gas Generation<br>Business from POSCO ENERGY into POSCO after spin-off
:---	:---
(4)	January 2022: Handover of logistic related business to POSCO Terminal
:---	:---
(5)	March 2022: Completion of Vertical Spin-off
:---	:---
Classification		Company Name		Business Unit
:---:	---	:---:	---	:---:
Surviving Company		POSCO HOLDINGS INC.		Development of future business<br>portfolios and management of<br>group’s<br>businesses
New Company		POSCO		Production and sale of steel

3. Changes in Share Capital

(Unit: Share, KRW/share, KRW million)

Type		Details		As of June 30,<br><br>2026		As of December 31,<br>2025		As of December 31,<br>2024
Common Stock		Total number<br>of<br><br>issued shares		***79,241,527		**80,932,952		*82,624,377
		Par value (KRW)		5,000		5,000		5,000
		Share capital		482,403		482,403		482,403
Preferred Stock		Total number<br>of<br><br>issued shares		-		-		-
		Par value (KRW)		-		-		-
		Share capital		-		-		-
Others		Total number<br>of<br><br>issued shares		-		-		-
		Par value (KRW)		-		-		-
		Share capital		-		-		-
Sum		Share capital		482,403		482,403		482,403
*	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on July 12,<br>2024, the total number of shares issued by the company was decreased from 84,571,230 to 82,624,377, and there is no change in capital.
:---	:---
**	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19,<br>2025, the total number of shares issued by the company was decreased from 82,624,377 to 80,932,952, and there is no change in capital.
:---	:---
***	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19,<br>2026, the total number of shares issued by the company was decreased from 80,932,952 to 79,241,527, and there is no change in capital.
:---	:---

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4. Other Information Regarding Shares

A. Total Number of Shares

(As of June 30, 2026)

Authorized Shares		Issued Shares
200,000,000		79,241,527
ø	Currency of the Republic of Korea is the Korean Won (“KRW”).
:---	:---
ø	Par Value: KRW 5,000 per share
:---	:---
ø	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19,<br>2026, the total number of shares issued by the company was decreased from 80,932,952 to 79,241,527 without any change in capital. For more detail, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2026, at<br>SEC.
:---	:---

B. Treasury Shares Acquisition and Disposal

(As of June 30, 2026)

Method of<br>Purchase		Type		Beginning<br><br>Balance		Increased		Decreased		Cancelled		Ending<br><br>Balance		Remark
Direct		Common<br><br>Stock		1,996,299		-		-		1,691,425		304,874		(1)
Trust Contract				3,315,874		-		-		-		3,315,874
Total				5,312,173		-		-		1,691,425		3,620,748		(2)
(1)	On February 19, 2026, the Board of directors resolved to cancel 1,691,425 previously acquired treasury<br>shares, reducing the number of treasury shares from 5,312,173 to 3,620,748. For more detail, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2026, at SEC.
:---	:---
(2)	Aforementioned number of treasury shares includes 87,977 treasury shares which are subject to the exchange of<br>exchangeable bonds issued by the company on September 1, 2021. The treasury shares subject to this exchange is finalized at the time the exchange right is exercised and is currently deposited with the Korea Securities Depository.
:---	:---
ø	Changes after the disclosure reporting date (June 30, 2026)
:---	:---
-	On August 7, 2026, the Board of Directors passed a resolution for a dividend payout of 2,000 won per<br>common share for Q2; as a result, 994 treasury shares were additionally deposited for exchangeable bonds. The total number of deposited shares as of the report’s submission date is 88,971. For more detail, refer to the ‘Adjustment of<br>Conversion Price, Exercise Price of New Share Subscription Rights, and Exchange Price’ disclosure dated August 7, 2026.
:---	:---

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5. Voting Rights

(As of June 30, 2026)

Classification		Number of Common Shares		Remarks
(1) Number of Issued Shares		79,241,527		-
(2) Shares without Voting Rights		3,620,748		Treasury stock
(3) Shares with Voting Rights		75,620,779		-

6. Earnings and Dividends

(Unit: KRW million)

		2026.1H		2025		2024
(Consolidated) Profit*****		1,151,960		657,654		1,094,917
(Separate) Profit		776,320		494,878		1,621,282
Earnings per Share******<br><br>(Consolidated, KRW)		15,233		8,697		14,451
Cash Dividend Paid		302,483		756,208		757,485
Pay-out Ratio<br><br>(Consolidated, %)		26.3		115		69.2
Dividend per Share (KRW)		4,000		10,000		10,000
Dividend Yield (%)		1.3		2.8		4.0
*	(Consolidated) Profit : Profit attributable to owners of the controlling company
:---	:---
**	Earnings per Share is based on consolidated financial statement prepared in<br>K-IFRS
:---	:---
ø	Changes after the disclosure reporting date (June 30, 2026)
:---	:---
-	On August 7, 2026, the Board of Directors passed a resolution for a dividend payout of KRW 2,000/share for<br>Q2 (total dividend payout: KRW151.2 billion).
:---	:---

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7. Stock Price and Trading Volume

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

A. The Korean Stock Market

(Unit: KRW/share, thousand shares)

				January<br><br>2026		February<br><br>2026		March<br><br>2026		April<br><br>2026		May<br><br>2026		June<br><br>2026
Common<br><br>share		Highest<br><br>price		378,000		413,000		374,500		469,000		535,000		413,000
		Lowest<br><br>price		297,500		341,500		321,500		341,000		417,000		305,000
		Average<br><br>price		338,286		379,471		341,881		388,273		467,333		361,738
Trading<br><br>volume		Daily<br>highest		2,436		1,514		1,237		1,962		1,309		593
		Daily<br><br>lowest		304		400		201		204		360		289
		Monthly		18,122		10,726		8,681		10,824		11,706		9,258

B. New York Stock Exchange

(Unit: USD/ADS*, thousand ADS*)

				January<br><br>2026		February<br><br>2026		March<br><br>2026		April<br><br>2026		May<br><br>2026		June<br><br>2026
American<br><br>Depositary<br><br>Share<br><br>(ADS)		Highest<br><br>price		64.71		70.55		69.04		79.4		91.72		70.11
		Lowest<br><br>price		51.41		60.17		55.68		58.21		70.9		49.96
		Average<br><br>price		58.12		65.49		58.84		66.13		79.73		60.26
Trading<br><br>volume		Daily<br><br>highest		766		284		357		358		503		1,058
		Daily<br><br>lowest		117		86		115		109		123		256
		Monthly		5,425		3,099		4,689		3,796		5,776		10,758
*	ADS: One American Depositary Share represents one-fourth of one Common<br>Share
:---	:---

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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)
Business<br><br>Segment		2026.1H						2025						2024
		Sales			Operating<br>Income<br>(Loss)			Sales			Operating<br>Income<br>(Loss)			Sales			Operating<br>Income<br>(Loss)
Steel			30,356,911			747,983			59,413,172			1,960,162			62,200,920			1,636,808
Infrastructure<br><br>(Trading)			23,664,705			766,059			42,220,911			1,102,781			42,903,253			1,113,710
Infrastructure<br><br>(Construction)			3,598,183			94,775			7,228,333			(504,421	)		9,829,578			64,804
Infrastructure<br><br>(Logistics and<br>etc.)			2,061,211			37,388			3,554,224			83,603			4,139,201			147,603
Rechargeable Battery Materials			2,030,684			33,992			3,338,386			(440,863	)		3,829,851			(277,472	)
Others			1,025,018			744,370			1,500,108			972,350			2,111,150			1,600,212
Total			62,736,712			2,424,567			117,255,134			3,173,612			125,013,953			4,285,664

* Based on aggregation including internal transactions among affiliates.

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2. Business Status of Segments

A. Steel

There are 79 consolidated companies in the steel segment, e.g., POSCO, POSCO STEELEON, and overseas subsidiaries, including PT.Krakatau POSCO in Indonesia, and overseas processing centers.

∎ POSCO

(1) Summary of Business

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

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

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

Overall growth in the global steel market slowed in 1H 2026. While infrastructure investment drove demand in emerging countries such as India, it was offset by prolonged slump in China’s domestic market and weaker global demand driven by heightened Middle East risks. Furthermore, soaring energy costs and supply chain disruption resulting from the Middle East conflict directly impacted manufacturing costs of steelmakers around the globe. Assuming progressive stabilization of the situation in the Middle East, global steel market conditions are expected to gradually improve in 2H 2026, led by a moderate demand recovery in advanced economies, i.e., the U.S. and Europe, as well as robust growth in India.

Global Crude Steel Production

		(Unit: million ton)
Crude Steel<br><br>Production	2026.1H	2025	2024
Global	932	1,804	1,839
Korea<br><br>(Ratio)	32<br><br>(3.4%)	62<br><br>(3.4%)	64<br><br>(3.5%)
ø	Source: World Steel Association (www.worldsteel.org)
:---	:---

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

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

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 advance a comprehensive response system that integrates marketing, production, R&D, and technology service to strengthen long-term partnership with key customers, thereby maintaining its competitive edge in the domestic market.

As for overseas steel, POSCO is securing a foundation for growth anchored on its global operations, as supply chains become increasingly localized and new demand centers emerge.

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On the production side, the company is developing strategic, high value-added products and upgrading sales network to respond to the growing demand in the next-generation energy sector, i.e., new mobility, low-carbon energy, and smart infrastructure. Furthermore, the newly completed electric arc furnace in Gwangyang will help POSCO to meet global customer demand for carbon-reduced steel. Additionally, the company seeks to address global decarbonization goals and bolster its market leadership with its HyREX (hydrogen-based steelmaking) project.

(2) Market Share

															(Unit: million ton)
Category			2026.1H						2025						2024
			Production			Market share			Production			Market share			Production			Market share
Crude Steel Production				32			100.0	%		62			100.0	%		64			100.0	%
	POSCO			18			56.3	%		35			56.5	%		35			55.2	%
	Others			14			43.7	%		27			43.5	%		29			44.8	%
ø	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 consist of approximately 54% domestic sales and 46% 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 62% to secure sales stability.

In the face of persisting uncertainty in the global economy, POSCO is carrying out key strategies to respond to changing business conditions. These strategies include fundamental innovation, global expansion, AI transformation (AX) and work innovation in the steel industry, and transition toward decarbonization.

Under the ‘P-Innovation’ strategy, POSCO is shifting to a profitability-focused portfolio by decommissioning low-efficiency facilities and accelerating the production of high-grade steel centered on strategic products. Furthermore, new growth engines are secured through localized production systems established in high-profit overseas markets, i.e., India.

POSCO is leading the AX of the steel industry by applying the technology to implement AI steelworks tailored to POSCO’s operations. Through development of Intelligent Factory models and integration of AI agents, the company seeks to maximize operational efficiency; at the same time, a ‘One Team’ system is established across sales, production, and procurement to enhance the pace of decision-making and market responsiveness.

As demonstrated by the completion of the 2.5Mpta Electric Arc Furnace (EAF) plant in Gwangyang, POSCO is making concentrated efforts to drive the steel industry’s transition to decarbonization. Additionally, the company broke ground on the construction of the HyREX Demo Plant to speed up the commercialization of hydrogen-based steelmaking and to strengthen its competencies in carbon-reduced steel production.

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

Business Areas

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.
Engineering business		Steel packaging engineering, mechanical equipment and etc.
Consignment operation business		Ferromanganese factory and etc.

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(2) Market Share

														(Unit: ton)
Category		2026.1H						2025						2024
		Sales<br><br>Volume			Market<br><br>share			Sales<br><br>Volume			Market<br><br>share			Sales<br><br>Volume			Market<br><br>share
POSCO M-TECH			20,118			45.3%			35,387			41.3%			38,284			44.3%
PJ Metal			24,303			54.7%			50,213			58.7%			48,231			55.7%
Total			44,421			100.0%			85,600			100.0%			86,515			100.0%
ø	The exact market share of aluminum deoxidizers cannot be estimated since total domestic production and sales<br>volume are not tallied.
:---	:---

B. Infrastructure [Trading]

There are 39 subsidiaries in trading segment including POSCO INTERNATIONAL.

∎ POSCO INTERNATIONAL

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

[Trading]

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

Market Share

				(Unit: million)
Category		2026.1H		2025.1H	Growth Rate
All Trading Companies in Korea		394,461		334,664	17.9%
POSCO INTERNATIONAL Corp.		3,057		3,957	(22.7%)

All values are in US Dollars.

ø	Source: Korea International Trade Association (www.kita.net)
•	Steel/Mobility business: Through collaboration with other POSCO group affiliates, we are generating<br>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<br>material supplies for rechargeable battery materials.
:---	:---

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•	Motor core business: POSCO INTERNATIONAL started engaging in the electric vehicle (EV) motor core business<br>with POSCO Mobility Solution, a company subsidiary. We plan to expand our motor core production to 7.5 million by 2030. In particular, we demonstrate first-class quality competitiveness in our production by leveraging POSCO’s high-quality<br>non-oriented (NO) electrical steel and POSCO Mobility Solution’s proprietary stacking technology.
•	Palm farm in Indonesia: Through the development of the PT. BIA palm plantation in Indonesia, we have<br>established a stable Crude Palm Oil (CPO) production system and secured profitability. We operate a sustainable palm business based on RSPO certification. Notably, in 2025, we significantly expanded our production base by completing the acquisition<br>of PT. Sampoerna Agro (now renamed PT. Prime AgriResources), a listed Indonesian company. In the second half of the same year, we completed the construction of a refinery with annual capacity of 500,000 tons. Consequently, we have successfully<br>integrated upstream and midstream processes to our value chain, spanning ‘seed-plantation-milling-refining,’.
:---	:---

[Energy]

The Energy Business segment is comprised of the Energy Business Division, Gas Business Division, Senex Energy, and other domestic and international power generation-related investment entities.

•	Myanmar gas field business: In February 2021, as part of the third phase of the development project, the<br>company began EPCIC to install a gas compression platform to produce low-pressure gas from the reservoir. Since completing construction in April 2024, the company has been producing gas since May 2024 from the<br>new facilities. Additionally, in July 2024, we began construction on the fourth phase of the development project, designed to acquire additional reserves to sustain the current level of gas production. Phase 4 is scheduled to begin operation in<br>2027.
•	Onshore gas business in Australia: For timely implementation of the Group’s decarbonization and<br>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<br>Australia, that produces gas from onshore oil and gas fields in eastern Australia for domestic and overseas customers. By the end of 2025, we completed the construction of three gas processing plants, establishing a 60PJ annual production system,<br>with efforts to continue growing our production and sales volumes.
:---	:---
•	LNG terminal & connected business: The Gwangyang LNG Terminal, Korea’s first<br>privately operated LNG import terminal, has a storage capacity of 930,000 KL across six tanks. By the end of 2026, we will expand to build two additional units to obtain total storage capacity of 1,330,000 KL. Serving as a key facility in the LNG<br>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<br>captive demand within the business group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses.
:---	:---

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•	Power generation business: As the first private power generator in Korea, our Incheon LNG Combined Cycle<br>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<br>accounts for about 9% of the region’s generation capacity. The power plant is a smart power generation facility, incorporating IoT and big data technologies in its operations.
•	Domestic onshore wind power business: In January 2015, the Sinan Green Energy acquired a business permit<br>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<br>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.
:---	:---
•	Expansion into new business To diversify its power generation portfolio, the company is driving district<br>power generation and integrated energy supply projects as well as LNG-hydrogen co-firing power generation. Furthermore, it will continue domestic and international<br>expansion of LNG and renewable energy projects to solidify its position in the energy business.
:---	:---

B. Infrastructure [Construction]

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

∎ POSCO E&C

[Plant business]

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

The company has an extensive track record in various sectors, including roads, bridges, airports, seaports, and water treatment, and continues to expand its presence in the world. Particularly in the offshore wind sector, the company is focused on signing projects and collaborating with global industry leaders to take early action to gain dominance in the market. In effect, the company aims to systematically enhance our project execution capability and take a leading position as an EPC player in the offshore wind industry.

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[Construction business]

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

B. Infrastructure [Logistics and associated businesses]

There are 16 subsidiaries of logistics and etc. segment including POSCO FLOW and POSCO DX.

∎ POSCO DX

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

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

C. Rechargeable Battery Materials

Rechargeable Battery Materials segment includes businesses related to EV battery materials, such as lithium, nickel, cathode material, anode material, and recycling, and there are a total of 19 subsidiaries, including POSCO FUTURE M and POSCO Argentina.

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∎ POSCO FUTURE M

[Basic Industrial Materials]

•	Refractory production: Refractories maintain their chemical properties and strength even at high<br>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.<br>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<br>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<br>value-added products.
•	Lime business: The quicklime market is dominated by POSCO and Hyundai Steel, which together account for<br>over 90% of the total quicklime used for steelmaking. POSCO FUTURE M is the largest supplier to POSCO.
:---	:---

[Energy Materials]

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

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

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

D. Others

In Others segment, there are 24 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS is focusing on investment in new growth businesses and opportunities.

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3. Key Products

A. Sales of Key Products (2026.1H )

(Unit: KRW 100 million, %)

Business<br><br>Segment		Item /<br><br>Business<br>Sector		Specific Use		Total Sales			Ratio
Steel		Hot-rolled Product (HR)		Steel pipe, Shipbuilding, etc.			63,861			21.0%
		Cold-rolled Product (CR)		Automobile, Home appliances, etc.			99,516			32.8%
		Stainless Steel Products		Tableware, Pipes, etc.			37,915			12.5%
		Others		Plates, Wire rods, etc.			102,277			33.7%
		Gross Sum					303,569			100.0%
		Deduction of Internal Trade					(115,638)
		Sub Total					187,931
Infra-<br><br>structure		Trading		Steel, Metal			166,657			56.8%
				Chemical, Strategic Item, Energy			42,835			14.6%
				Others			27,090			9.2%
		Construction		Architecture (Domestic)			23,035			7.9%
				Plant (Domestic)			8,597			2.9%
				Others (Domestic)			724			0.2%
				Overseas Construction			2,115			0.7%
				Owned Construction			620			0.2%
				Others			2,236			0.8%
		Logistics and etc.		Others			19,332			6.6%
		Gross Sum					293,241			100.0%
		Deduction of Internal Trade					(121,758)
		Sub Total					171,483
Rechargeable Battery<br><br>Materials		Gross Sum					20,307			100.0%
		Deduction of Internal Trade					(8,508)
		Sub Total					11,799
Others		Gross Sum					10,250			100.0%
		Deduction of Internal Trade					(10,115)
		Sub Total					135
Total Sum							371,348
*	Due to the organizational restructuring of POSCO E&C in December 2025, the performance of ‘Civil<br>Engineering (Domestic)’ sector has been consolidated into the ‘Plant (Domestic)’ sector.
:---	:---

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B. Price Movement Trends of Key Products

				(Unit: KRW thousand/ton, KRW/kWh)
Business Segment		Products		2026.1H		2025		2024
Steel		Hot-rolled Product (HR)		895		869		910
		Cold-rolled Product (CR)		1,080		1,068		1,144
Infrastructure (Trading)		Electric Power		148		144		160
Rechargeable Battery Materials		Refractory		978		973		1,001
		Lime		164		158		142
*	Construction and Logistics and associated business segments of Infrastructure are omitted because the raw<br>materials fluctuations defy meaningful measurement. In the case of the Rechargeable Battery Material business, detailed descriptions are omitted to avoid risk of information leakage.
:---	:---

[Steel]

(1) Criteria for Calculation

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

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

(2) Price Changing Factors

Steel prices in 1H of 2026 rose on increased FX volatility and higher raw materials and energy costs triggered by the Middle East conflict.

[Infrastructure (Trading)]

(1) Criteria for Calculation

a) Subjects for Calculation: Price of electric power

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

(2) Price Changing Factors

• Power: Korea Gas Corporation cost, etc.

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

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[Rechargeable Battery Materials]

(1) Criteria for Calculation

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

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

(2) Price Changing Factors

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

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

C) Raw materials for Rechargeable Battery Materials: Subject to price fluctuations depending on the international supply of mineral resources.

4. Major Raw Materials

A. Current Status of Major Raw Materials

(Unit: KRW 100 million)

Business Segment		Type of<br>Purchase		Item		Specific Use		Purchase<br><br>Amount		Portion
Steel		Raw Materials		Materials for<br><br>Iron-making		Iron ore for<br>blast<br><br>furnaces		86,419		68.9%
				Sub-materials		Sub-materials for ironmaking, steelmaking		24,520		19.6%
				Stainless Steel Materials		Key materials forsts production		14,460		11.5%
Infra-<br><br>structure	Trading	Raw Materials		LNG		Material for Power Generation		6,423		100.0%
	Construction	Raw Materials		Ready-mixed Concrete		Construction of Structure		1,301		19.7%
				Steel<br><br>Reinforcement		Strengthening Concrete		950		14.3%
				Cable		Electricity Transfer		140		2.1%
				H-Beam		Structural steel for civil/construction		244		3.7%
				Others		Construction of Pipe and Structure etc.		3,980		60.2%
	Logistics<br><br>and etc.	Raw Materials		Others		For other use		2,718		100.0%
Rechargeable Battery Materials		Raw Materials		NCM and etc.		Production of cathode materials		5,220		80.1%
				Graphite and etc.		Production<br>of<br><br>anode materials		213		3.3%
				Limestone and etc.		Production of lime		544		8.3%
				Others		Production of refractory		543		8.3%
*	Amount: CIF + customs duties + stevedoring fees + other incidental expenses
:---	:---

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B. Price Movement Trends of Major Raw Materials

(Unit: KRW thousand)

Business Segment				Category		2026.1H		2025		2024
Steel				Iron Ore<br><br>(per ton)		144		133		135
				Coal<br><br>(per ton)		355		268		329
				Scrap Iron<br><br>(per ton)		560		485		505
				Nickel<br><br>(per ton)		26,636		21,559		22,934
Infrastructure		Trading		LNG<br><br>(per ton)		970		944		1,058
		Construction		Ready-mixed<br>Concrete<br><br>(per m^3^)		91		88		90
				Steel Pile<br><br>(per m)		1.2		1.1		1.1
				Steel Reinforcement<br><br>(per kg)		1.0		0.9		0.9
				Cable<br><br>(per m)		1.4		1.2		1.0
Rechargeable Battery Materials				Refractory<br><br>(per ton)		631		631		443
				Limestone<br><br>(per ton)		24		25		25
*	Infrastructure (Logistics and associated businesses) and Others segment are omitted because the raw materials<br>fluctuations defy meaningful measurement. In Rechargeable Battery Materials business, detailed descriptions are omitted to avoid risk of information leakage.
:---	:---

[Steel]

(1) Iron Ore:	Prices fell 2% QoQ to U$95/ton in Q2 2026; rising coking coal and coke prices squeezed steel mill margins and<br>dampened iron ore demand, while supply from Australia increased.
														(Unit: U$/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q2		’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1
95		97		96		92		89		96		94		89		101		113
(2) Coal:	Prices rose 2% QoQ to U$238/ton in Q2 2026 due to tight supply spurred by production setbacks at key Australian<br>hard coking coal mines and a mining accident in Shanxi, China.
:---	:---
														(Unit: U$/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q2		’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1
238		235		200		184		184		185		203		211		242		308
(3) Scrap:	Scrap prices increased by 12% QoQ to U$394/ton in Q2 2026, driven by supply-demand issues resulting from the<br>Middle East conflict and higher ocean freight rates.
:---	:---
														(Unit: U$/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q2		’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1
394		352		344		340		337		342		350		364		376		392

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(4) Nickel:	Prices rose 4% QoQ to U$18,131/ton in 1H 2026. Supply chain remained fragile on the back of reduction in<br>Indonesian nickel production quota and sulfur supply disruptions caused by the Middle East conflict, which was further impacted by mining suspensions in Indonesia following early exhaustion of 2026 quota.
														(Unit: U$/lb, U$/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q2		’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1
8.22		7.87		6.75		6.81		6.88		7.06		7.27		7.37		8.35		7.53
18,131		17,356		14,892		15,014		15,171		15,571		16,038		16,259		18,415		16,589
*	LME: London Metal Exchange
:---	:---

[Infrastructure]

(1) Criteria for Calculation

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

[Rechargeable Battery Materials]

(1)	Criteria for Calculation
•	Refractory and lime: Purchase prices including freight costs
:---	:---
(2)	Price Changing Factors
:---	:---
a)	Refractory raw materials: Price fluctuations and compositional costs of raw materials in China
:---	:---
b)	Limestone: Raw material price fluctuation is not extreme, and there are slight variations depending on the<br>freight cost
:---	:---
c)	Rechargeable Battery Materials: Price trends are not disclosed considering concerns about information leakage
:---	:---

5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

(Unit: thousand ton)

Business Area		Products		2026.1H		2025		2024
Steel		Crude Steel		19,741		39,810		40,461

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∎ POSCO STEELEON

(Unit: thousand ton)

Business Area	Products	Plant		2026.1H			2025		2024
Steel	Galvanized / Color-<br>coated Steel	Pohang		496			1,000		1,000
		Myanmar		34			70		70
Total				530			1,070		1,070

All values are in US Dollars.

∎ POSCO M-TECH

(Unit: ton)

Business<br>Area	Products		2026.1H			2025			2024
Raw materials for steel production	Deoxidizer		19,352			41,005			39,058

All values are in US Dollars.

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(Unit: MW)

Business Area	Products			2026.1H		2025		2024
Power Generation	Electric Power	Incheon		3,412		3,412		3,412

All values are in US Dollars.

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(Unit: ton)

Business Area	Products	Place of Business		2026.1H			2025			2024
Refractory	Brick and etc.	Pohang		57,801			116,560			116,560
LIME	Quicklime	Pohang		543,000			1,095,000			1,095,000
		Gwangyang		543,000			1,095,000			1,095,000
Total				1,143,801			2,306,560			2,306,560

All values are in US Dollars.

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

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B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production Result

(Unit: thousand ton)

Products				2026.1H		2025		2024
Crude Steel				17,703		38,643		39,281
Products		Hot-Rolled Steel		5,265		10,724		10,172
		Plate		3,220		6,365		6,636
		Wire Rod		821		1,594		2,131
		Pickled-Oiled Steel		1,407		2,725		2,713
		Cold-Rolled Products		3,737		7,365		7,498
		Coated Steel		3,420		7,164		7,543
		Electrical Steel		557		1,084		998
		Stainless Steel		1,104		3,098		3,333
		Others		1,180		1,525		1,698
		Total		20,711		41,644		42,720
*	The amount of products is the aggregate amount of POSCO’s production and production of POSCO’s<br>subsidiaries, which may include interested parties’ transactions.
:---	:---

(2) Capacity Utilization Rate (2026.1H)

(Unit: thousand ton)

Company				Capacity				Production				Utilization Rate
Crude Steel Production		POSCO			19,741				17,703				89.7	%
		PT. Krakatau POSCO			1,468				1,479				100.8	%
		POSCO Yamato Vina Steel Joint Stock<br><br>Company			275				239				86.9	%
Total					21,484				19,421				90.4	%

[Infrastructure (Trading)]

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

∎ POSCO INTERNATIONAL

(1) Production Result

(Unit: GWh)

Business Area		Products		Place of Business		2026.1H		2025		2024
Power Generation		Electric Power		Incheon		5,177		10,529		12,193

(2) Capacity Utilization Rate (2026.1H)

(Unit: Hour, %)

Business Area		Production Base		Capacity		Production	Utilization Rate
Power Generation		Incheon Power Plant		4,344		2,430	55.93%

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[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

(Unit: Ton)

Business Area	Products	Place of Business		2026.1H		2025		2024
Refractory	Brick and etc.	Pohang		35,694		79,417		80,191
LIME	Quicklime	Pohang		561,595		1,088,517		1,055,911
		Gwangyang		615,279		1,187,103		1,216,072
Total				1,212,568		2,355,037		2,352,174
*	In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration<br>of technology and information leakage concerns.
:---	:---
*	As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
:---	:---

(2) Capacity Utilization Rate (2026.1H)

(Unit: Ton)

Business Area		Capacity		Production		Utilization Rate
Refractory Factory		57,801		35,694		62%
Quicklime Factory (Pohang)		543,000		561,595		103%
Quicklime Factory (Gwangyang)		543,000		615,279		113%
Total		1,143,801		1,212,568
*	In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration<br>of technology and information leakage concerns.
:---	:---
*	As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
:---	:---

C. Production Facilities

(1) The current status of production facilities (2026.1H)

[Land]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				2,004,373		140,415		-		-		2,144,788
Infrastructure		Trading		776,528		1,053		(63,475)		-		714,106
		Construction		334,781		32,804		(3,233)		-		364,352
		Logistics and etc.		59,555		1,050		-		-		60,605
Rechargeable Battery Materials				248,660		1,894		-		-		250,554
Others				262,489		488,809		(2,889)		-		748,409

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[Buildings]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				3,303,256		290,744		(1,956)		(190,384)		3,401,660
Infrastructure		Trading		627,798		33,784		(28,706)		(13,051)		619,825
		Construction		78,290		12,763		(9,954)		(2,037)		79,062
		Logistics and etc.		113,363		5,590		(292)		(5,231)		113,430
Rechargeable Battery Materials				1,556,550		11,582		(291)		(119)		1,567,722
Others				114,583		4,760		(7,705)		(3,102)		108,536

[Structures]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				2,773,749		174,358		(20,507)		(152,621)		2,774,979
Infrastructure		Trading		1,019,221		78,477		(715)		(27,547)		1,069,436
		Construction		37,792		9,008		(198)		(3,600)		43,002
		Logistics and etc.		81,046		1,462		-		(4,471)		78,037
Rechargeable Battery Materials				364,583		11,193		-		(2,126)		373,650
Others				13,982		421		(707)		(226)		13,470

[Machinery]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				14,437,095		1,584,934		(417,915)		(1,280,247)		14,323,867
Infrastructure		Trading		1,081,085		142,460		(106,463)		(42,025)		1,075,057
		Construction		4,758		679		(18)		(799)		4,620
		Logistics and etc.		202,628		24,083		(355)		(33,986)		192,370
Rechargeable Battery Materials				2,456,276		126,362		(354)		(11,523)		2,570,761
Others				23,485		5,989		(2,650)		(6,650)		20,174

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[Vehicles]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				55,806		26,531		(6,620)		(15,796)		59,921
Infrastructure		Trading		30,807		2,956		(18,679)		(3,886)		11,198
		Construction		4,215		1,755		(869)		(913)		4,188
		Logistics and etc.		374		3,257		(1,746)		(63)		1,822
Rechargeable Battery Materials				9,382		1,832		(1,746)		(58)		9,410
Others				31		270		-		(278)		23

[Tools and Fixtures]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				61,868		21,661		(6,261)		(19,181)		58,087
Infrastructure		Trading		21,683		7,599		-		(5,332)		23,950
		Construction		1,436		765		(572)		(364)		1,265
		Logistics and etc.		5,567		1,873		(180)		(1,356)		5,904
Rechargeable Battery Materials				27,670		1,613		(5,461)		(1,258)		22,564
Others				33		2		(3)		-		32

[Equipment]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				114,254		36,188		(5,313)		(27,726)		117,403
Infrastructure		Trading		28,908		4,134		(15,090)		(6,047)		11,905
		Construction		5,739		2,728		(735)		(2,076)		5,656
		Logistics and etc.		13,289		2,432		(38)		(2,797)		12,886
Rechargeable Battery Materials				38,793		2,293		(1,119)		(1,977)		37,990
Others				18,185		729		(7)		(1,401)		17,506

[Financial Lease Assets]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				107,543		37,991		(43,207)		(45,387)		56,940
Infrastructure		Trading		816,828		141,660		(43,438)		(42,101)		872,949
		Construction		58,863		42,348		(34,378)		(17,679)		49,154
		Logistics and etc.		269,427		24,997		(1,576)		-		292,848
Rechargeable Battery Materials				103,757		1,847		-		-		105,604
Others				17,909		9,073		(3,398)		(6,460)		17,124

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[Biological Assets]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				-		-		-		-		-
Infrastructure		Trading		362,871		5,737		(866)		(15,494)		352,248
		Construction		-		-		-		-		-
		Logistics and etc.		-		-		-		-		-
Rechargeable Battery Materials				-		-		-		-		-
Others				-		-		-		-		-

[Assets under Construction]

(Unit: KRW million)

Business Segment				Beginning<br><br>Book Balance		Increased		Decreased		Depreciation		Ending Book<br>Balance
Steel				1,796,458		1,273,555		(1,670,960)		-		1,399,053
Infrastructure		Trading		955,410		189,816		(175,615)		-		969,611
		Construction		5,141		11,035		(1,702)		-		14,474
		Logistics and etc.		48,897		20,118		(4,825)		-		64,190
Rechargeable Battery Materials				4,832,415		703,058		(2,099)		-		5,533,374
Others				503,335		33,991		(485,496)		-		51,830

(2) New Facility Establishment, Purchase, etc. (2026.1H)

•	Investments under Construction
ø	The total duration and investment amount of individual projects with investments in excess of KRW<br>100 billion have been aggregated on a simple sum basis.
:---	:---

[Steel]

(Unit: KRW hundred million)

Date		Project	Total<br><br>Investment	Invested<br><br>Amount	Amount to be<br><br>Invested
Expansion/<br><br>Establishment	October 2020<br>- February 2030	Revamping of Pohang Coke Oven No. 3 among others	60,544	19,316	41,228

[Infrastructure]

(Unit: KRW hundred million)

Date		Project	Total<br><br>Investment	Invested<br><br>Amount	Amount to be<br><br>Invested
Expansion/<br><br>Establishment	May 2022<br><br>– June 2027	Gwangyang LNG terminal, etc.	20,226	11,741	8,485

[Rechargeable Battery Materials]

(Unit: KRW hundred million)

Date		Project	Total<br><br>Investment	Invested<br><br>Amount	Amount to be<br><br>Invested
Expansion/<br><br>Establishment	March 2020<br>~ May 2027	Cathode/Anode material factory,<br><br>lithium commercialization plant, etc.	74,056	54,167	19,889

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6. Product Sales

[Steel]

(Unit: KRW hundred million)

Items			2026.1H				2025				2024
Domestic		Hot-Rolled Products		27,966				50,136				52,703
		Cold-Rolled Products		23,483				45,883				51,263
		Stainless Steel		14,725				26,422				29,493
		Others		50,034				91,676				95,180
Overseas		Hot-Rolled Products		35,895				72,135				72,818
		Cold-Rolled Products		76,033				144,832				152,461
		Stainless Steel		23,190				71,055				75,395
		Others		52,243				91,993				92,696
Total		Gross Sum		303,569				594,132				622,009
		Internal Transaction		(115,638	)			(221,283	)			(230,968	)
		Total		187,931				372,849				391,041

[Infrastructure]

(Unit: KRW hundred million)

Business<br><br>Area		Items			2026.1H				2025				2024
Trading		Domestic<br><br>Trading		Merchandise		18,176				34,233				45,670
				Product		13,513				27,683				32,545
				Others		229				846				1,412
		Overseas<br><br>Trading		Merchandise		88,342				116,886				118,643
				Product		675				1,132				3,881
				Others		1,366				243				144
		Trades among the 3 countries				114,281				240,748				226,736
Construction		Domestic<br><br>Construction		Building		23,035				42,872				49,469
				Plant		8,597				20,378				31,427
				Others		724				1,807				2,724
		Overseas				2,115				3,905				8,777
		Own Construction				2,856				6,239				5,899
Logistics and etc.		Others				19,332				33,063				41,393
Total		Gross Sum				293,241				530,035				568,720
		Deduction of Internal Transaction				(121,758	)			(233,353	)			(261,735	)
		Total				171,483				296,682				306,985

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[Rechargeable Battery Materials]

(Unit: KRW hundred million)

Items		2026.1H		2025		2024
Gross Sum		20,307		33,384		38,299
Deduction of Internal Transaction		(8,508)		(12,421)		(10,174)
Total		11,799		20,963		28,125

[Others]

(Unit: KRW hundred million)

Items		2026.1H		2025		2024
Gross Sum		10,250		15,000		21,112
Deduction of Internal Transaction		(10,115)		(14,545)		(20,381)
Total		135		455		730
*	Domestic and overseas categorized by the sales area.
:---	:---
*	Sales of POSCO INTERNATIONAL’s foreign branches are included in ‘trade among the 3<br>countries’ under Infrastructure (Trading) Segment.
:---	:---

7. Derivatives

POSCO HOLDINGS signed currency swap contracts to hedge against exchange rate risks on foreign currency borrowings. As of June 30, 2026, the Company has currency swap contracts of USD 400 million (due to mature in May 2030) and USD 300 million (due to mature in May 2035), measured at fair value. The valuation gain on the currency swaps, as reflected in the Company’s financial statements as of June 30, 2026, amounts to KRW 92.42 billion.

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POSCO uses currency swap contracts to hedge against the exchange rate risk on its long-term and short-term foreign currency borrowings. As of June 30, 2026, the company has currency swap contracts of USD 2.5 billion, measured at fair value. The valuation gain on the currency swaps, as reflected in POSCO’s financial statements as of June 30, 2026, amounts to KRW 298.484 billion; additionally, associated transaction gain amounts to KRW 30.592 billion.

POSCO also hedges against exchange rate risk on expected sales revenue and foreign currency borrowings through currency forward contracts. As of June 30, 2026, the company has signed currency forward contracts denominated in USD and THB. The company recognized valuation gains of KRW 34.324 billion, valuation losses of KRW 2.652 billion, and realized transaction gains of KRW 9.062 billion on these derivatives, reflected in the company’s financial statements as of June 30, 2026.

8. Significant Contracts

(1)	POSCO’s equity investment in an integrated steel mill JV in Odisha, India
a)	Contract Counterparty: Saffron Resources Private Limited
:---	:---
b)	Transaction amount: USD 1,093 million (Total contribution)
:---	:---
c)	Purpose: Equity investment to jointly construct an integrated steel mill in Odisha, India
:---	:---
d)	Contract execution: April 2026 (Board resolution date)
:---	:---
e)	Payment method: Cash payment
:---	:---

ø Disclosure date: February 24, 2026

•	Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO’s Material<br>Business Matters to report)
(2)	POSCO’s equity investment to build an electric arc furnace steel mill in Louisiana, USA
:---	:---
a)	Contract Counterparty: POS-Louisiana Inc. (tentative)
:---	:---
b)	Transaction amount: USD 582 million (Total contribution)
:---	:---
c)	Purpose: Equity investment to jointly construct an electric arc furnace steel mill in Louisiana, USA
:---	:---
d)	Contract execution: December 2025 (Board resolution date)
:---	:---
e)	Payment method: Cash payment
:---	:---

ø Disclosure date: December 16, 2025

•	Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO’s Material<br>Business Matters to report)
(3)	Price Movement Trend of Major Raw Materials
:---	:---

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

a)	Contract Counterparty: POSCO
b)	Transaction amount: KRW 0.6588 trillion
:---	:---
c)	Purpose: In order to improve the management efficiency of the steel business as a following step of the<br>vertical spin-off on March 2022.
:---	:---
d)	Contract period: December 2024
:---	:---
e)	Payment method: Cash payment
:---	:---
f)	Company subject to transfer: POSCO Maharashtra Steel Private Limited, POSCO India Processing Center Private<br>Limited, POSCO India Pune Processing Center Private Limited, POSCO ASSAN TST STEEL INDUSTRY Inc
:---	:---

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∎ POSCO INTERNATIONAL

(1) Myanmar gas field

Contract		Date		Remarks
Investment<br>on<br><br>the 3^rd^ stage<br><br>development of<br><br>A-1 / A-3 block<br><br>in Myanmar gas<br><br>field		September<br><br>2020		1)<br>Investment amount: KRW 365,786,302,000<br><br>2)<br>Development period: September 1, 2019 ~ December 31, 2024<br><br>3) Schedule : Installation Completion of low-pressure gas compression platform<br>and commenced operation in 2024<br><br>4) Other Information<br><br>- Location: North-west offshore,<br>Myanmar<br><br>- This investment is the 3^rd^ 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><br>- In the first quarter of 2021, the design and production of the equipment for this work<br>was started, and it<br>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><br>- Participation rate of each company in gas<br>production and offshore pipeline transportation business<br><br>. POSCO INTERNATIONAL Corporation : 51.0%<br><br>. ONGC VIDESH(Oil and Natural Gas<br>Corporation Videsh Limited) : 17.0%<br><br>. MOGE(Myanmar Oil and Gas Enterprise): 15.0%<br><br>. GAIL (India) Limited : 8.5%<br><br>. KOGAS(Korea Gas Corporation): 8.5%<br><br>- Investment size of USD<br>315,170 thousand, applying the exchange rate of 1USD=1,160.60 KRW, which is the date of the Board resolution.<br><br>- Detailed information and future timeline on this resource development investment is subject to change.<br><br>ø POSCO INTERNATIONAL disclosure date : September 22, 2020<br>(Decision on natural resources investment)
Investment<br>on<br><br>the 4^th^ stage<br><br>development of<br><br>A-1 / A-3 block<br><br>in Myanmar gas<br><br>field		June<br><br>2024		1)<br>Investment amount: KRW 926,302,200,195<br><br>2)<br>Development period: July 1, 2024 ~ June 30, 2027<br><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><br>4) Other Information<br><br>- Location: North-west offshore,<br>Myanmar<br><br>- This investment is the 4^th^ 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<br>fields and one additional production well in a shallow-sea field and to install processing facilities on subsea pipelines and existing platform.<br><br>- With its commencement of development in<br>July 2024, the gas production expected to begin in the third quarter of 2027.<br><br>- Participation rate of each company in gas production and offshore pipeline transportation business<br><br>. POSCO INTERNATIONAL Corporation :<br>51.0%<br><br>. KOGAS(Korea Gas Corporation):<br>8.5%<br><br>. ONGC VIDESH(Oil and Natural Gas<br>Corporation Videsh Limited) : 17.0%<br><br>. MOGE(Myanmar Oil and Gas Enterprise): 15.0%<br><br>. GAIL (India) Limited : 8.5%<br><br>- Investment size of USD 667 million, applying the exchange rate of June 25, 2024 (1USD=1,387.50<br>KRW).<br><br>- Detailed information and future<br>timeline on this resource development investment is subject to change.<br><br>ø POSCO INTERNATIONAL disclosure date : June 27, 2024<br>(Decision on natural resources investment)

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(2) Acquisition of Shares in PT.PAR, a Palm Oil Company in Indonesia

a)	Purpose: To seek greater synergy in the Indonesian palm business
b)	Payment method: Cash
:---	:---
c)	Contract execution: November 2025 (Board resolution date)
:---	:---
d)	Transaction amount: KRW 1,244,727,212,414
:---	:---
e)	Number of shares held: 1,794,889,157
:---	:---
f)	Shareholding ratio: 98.7%
:---	:---
ø	POSCO INTERNATIONAL disclosure date: February 23, 2026
:---	:---
•	Decision on Acquisition of Shares or Investment Certificates of Other Corporations (Material Business Matters of<br>Subsidiary Company)
:---	:---

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9. Research and Development

A. R&D Expenses (2026.1H)

									(Unit: KRW million)
Category	Business Segment
	Steel	Infrastructure						Rechargeable<br>Battery<br>Materials	Others	Total
		Trading		Construction		Logisticsand etc.
Selling and<br>Administrative Cost	9,367	1,387		2,123		7,933		29,782	56,646	107,238
Manufacturing<br>Cost	168,472	25		26		-		34	-	168,557
R&D Cost (Intangible<br>Assets)	14,290	2		306		1,122		3,710	-1,054	18,376
Total*	192,129	1,414		2,455		9,055		33,526	55,592	294,171
Government<br>Subsidy	-	-		681		-		-	-	681
R&D/Sales Ratio<br>(%)	1.02%	0.01	%	0.08	%	6.39	%	2.84%	412.04%	0.79%

All values are in US Dollars.

*	Total includes government subsidy.

B. Research and Development (R&D) Organization (2026.1H)

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

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III. Financial Statements

1. Consolidated Financial Statements

A. Summary

(Unit: KRW million)

Account		2026.1H		2025		2024
		As of June 30, 2026		As of December 31, 2025		As of December 31, 2024
[Total current assets]		45,223,699		43,483,869		44,029,923
Cash and cash equivalents		6,346,928		7,049,800		6,767,898
Other receivables, net		2,224,430		1,920,685		2,261,323
Other short-term financial assets		8,166,052		8,778,584		8,499,389
Trade accounts and notes receivable, net		13,333,112		11,197,974		10,821,619
Inventories		13,967,774		13,624,433		14,143,500
Other current assets		1,185,403		912,393		1,536,194
[Total non-current assets]		64,488,945		61,708,569		59,374,276
Other receivables, net		1,474,877		1,635,253		1,306,329
Other long-term financial assets		3,650,214		3,060,842		2,571,651
Investments in associates and<br><br>joint ventures		6,318,089		4,980,153		4,738,793
Property, plant and equipment, net		42,893,581		42,292,820		39,846,828
Intangible assets, net		5,880,421		5,493,529		4,774,824
Other non-current assets		4,271,763		4,245,972		6,135,851
Total assets		109,712,644		105,192,438		103,404,199
[Total current liabilities]		22,806,896		23,131,654		22,779,719
[Total non-current liabilities]		22,742,604		19,683,093		19,174,112
Total liabilities		45,549,500		42,814,747		41,953,831

All values are in US Dollars.

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Account		2026.1H		2025			2024
[Equity attributable to owners of the controlling company]			57,465,538		55,730,185			55,394,231
Share capital			482,403		482,403			482,403
Capital surplus			1,528,038		1,685,116			1,648,894
Retained earnings			53,646,915		53,177,472			53,658,368
Other equity attributable to owners of the controlling company			1,808,182		385,194			(395,434	)
[Non-controlling Interests]			6,697,607		6,647,506			6,056,137
Total equity			64,163,144		62,377,691			61,450,368
		From January 1, 2026<br><br>to June 30, 2026		From January 1, 2025<br><br>to December 31, 2025			From January 1, 2024<br><br>to December 31, 2024
Revenue			37,134,791		69,094,886			72,688,143
Operating profit			1,525,845		1,827,063			2,173,573
Profit			1,304,704		504,403			947,580
[Profit attributable to owners of the controlling company]			1,151,960		657,654			1,094,917
[Profit attributable to non-controlling interests]			152,744		(153,251	)		(147,337	)
Total comprehensive income			2,548,642		923,026			2,110,358
[Total comprehensive income attributable to owners of the controlling company]			2,204,056		1,032,628			2,008,919
[Total comprehensive income attributable to non-controlling interests]			344,586		(109,602	)		101,439
Earnings per share (KRW)			15,233		8,697			14,451
Number of Consolidated Companies			200		199			194

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B. The Standards Used for Reporting the Financial Statements

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

2. Separate Financial Statements

A. Summary

(Unit: KRW million)

Account	2026.1H		2025		2024
	As of June 30, 2026		As of December 31, 2025		As of December 31, 2024
[Total current assets]	4,678,457		3,945,123		3,793,469
Cash and Cash equivalents	240,948		184,416		409,387
Trade accounts and notes receivable, net	123,112		157,668		178,822
Other receivables, net	177,801		146,146		21,388
Other short-term financial assets	4,134,179		3,454,794		2,686,420
Inventories	-		-		467,796
Other current assets	2,417		2,099		29,656
[Total non-current assets]	47,744,317		47,870,462		46,840,329
Other receivables, net	29,718		17,414		14,894
Other long-term financial assets	599,131		506,736		421,822
Investments in Subsidiaries, associates, and joint ventures	46,042,080		46,290,252		45,631,965
Property, plant and equipment, net	728,784		703,140		415,993
Intangible assets, net	30,079		29,659		21,461
Other non-current assets	314,525		323,261		334,194
Total assets	52,422,774		51,815,585		50,633,797
[Total current liabilities]	327,665		245,628		162,831
[Total non-current Liabilities]	3,734,760		3,631,688		2,281,936
Total liabilities	4,062,425		3,877,316		2,444,768

All values are in US Dollars.

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Account	2026.1H			2025			2024
Share capital		482,403			482,403			482,403
Capital surplus		1,367,990			1,367,990			1,367,990
Retained earnings		47,371,447			47,310,066			47,952,144
Other equity		(861,491	)		(1,222,190	)		(1,613,507	)
Total equity		48,360,349			47,938,269			48,189,030
		From January 1, 2026<br><br>to June 31, 2026			From January 1, 2025<br><br>to December 31, 2025			From January 1, 2024<br><br>to December 31, 2024
Revenue		964,879			1,403,310			1,997,128
Operating profit		751,039			976,825			1,596,420
Profit		776,320			494,878			1,621,282
Earnings per share (KRW)		10,266			6,544			21,398

B. The Standards Used for Reporting the Financial Statements

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

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IV. CORPORATE GOVERNANCE

1. Overview of Corporate Governance

A. Board of Directors

(1) Board of Directors (Board)

The Board consists of four inside directors (CHANG, In Hwa/ LEE, Ju Tae/ CHUNG, Seok Mo/ KIM, Ki Soo), seven independent directors (KWON, Tae-Kyun/ YOO, Young Sook/ YOO, Jin Nyong/ SOHN, Sung Kyu/ KIM, Joon Gi/ PARK, Sung Wook) and 1 other non-executive director (LEE, Hee Geun).

The Board manages six Special Committees:

a) ESG Committee

b) Director Candidate Recommendation Committee

c) Evaluation and Compensation Committee

d) Finance Committee

e) Audit Committee and

f) CEO Candidate Pool Management Committee

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(2) Composition of the Special Committees under the Board and their functions (as of August 14, 2026)

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

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

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Finance<br><br>Committee		3 Independent<br><br>Directors;<br><br>1 Inside Director		KWON, Tae-Kyun<br><br>(Chairman)<br><br>PARK, Sung Wook<br><br>KIM, Jooyoun<br><br>LEE, Ju Tae		•<br><br>Agenda<br><br>1. Policy development to foster sound internal corporate value and finances<br><br>2. Prior deliberation of filings for litigation<br>or arbitration, or formulation of responses to reconciliation or trial mediation, or any equivalent legal actions in the amount of KRW 100 billion or more<br><br>3. Regarding investment activities<br><br>a) Prior deliberation on new investments (KRW 100 billion or more. Investment and capital increase includes<br>borrowings and liabilities that the company assumes)<br><br>b) Prior deliberation on existing investments (KRW 200 billion or more. Investment and capital increase includes<br>borrowings and liabilities that the company assumes)<br><br>c) Approval of new investments (more than KRW 50 billion and less than KRW 100 billion. Investment and<br>capital increase includes borrowings and liabilities that the company assumes)<br><br>d) Approval of existing investments (between KRW 100 billion and KRW 200 billion. Investment and capital<br>increase includes borrowings and liabilities that the company assumes)<br><br>e) Preliminary deliberation on the acquisition and disposal of tangible and intangible fixed assets and important<br>investment assets (in excess of KRW 200 billion, based on book value per unit of investment assets)<br><br>4. Deliberation and resolution on bond issuance and important borrowings (including refinancing borrowings exceeding<br>KRW 100 billion)<br><br>5. Prior deliberation on<br>bond issuance and important borrowings (new long-term borrowings exceeding KRW 100 billion)<br><br>6. Prior deliberation on the delegation of authority to the CEO for bond issuance exceeding KRW 100 billion, and<br>deliberation of and resolution on the delegation of authority to the CEO for bond issuance of KRW 100 billion or less. (for predetermined amount and type of bonds, and with a maturity period not exceeding one year)<br><br>7. Deliberation and resolution on offering non-current assets as collateral<br><br>8. Deliberation of and resolution on the assumption of liabilities, including collateral and guarantees, for invested<br>companies for amounts under KRW 200 billion, and prior deliberation for such assumption of KRW 200 billion or more.

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Audit<br><br>Committee		3 Independent<br><br>Directors		PARK, Sung Wook<br><br>(Chairman)<br><br>KIM,<br>Joongi<br><br>SOHN, Sung Kyu		•<br><br>Agenda<br><br>1. Defining the work scope of the committee<br><br>2. Matters delegated by the Board or<br>Representative Directors<br><br>3. Request for<br>Extraordinary GMoS<br><br>4. Consulting of<br>external experts<br><br>5. Audit of the<br>legitimacy of management’s business execution<br><br>6. Review of the soundness and validity of the Company’s financial activities and the appropriateness of<br>the financial reporting<br><br>7. Review of<br>the validity of important accounting standards or changes in accounting estimates<br><br>8. Evaluation of the operation status of the internal accounting management system<br><br>9. Evaluation of the internal control<br>system<br><br>10. Agreement on appointment or<br>dismissal of the internal audit department representative<br><br>11. Contract for appointment, remuneration and non-audit services of<br>independent auditors<br><br>12. Evaluation of<br>independent auditors’ audit activities<br><br>13. Report internal audit department’s annual audit plan and results<br><br>14. Report on the evaluation results of the<br>Company’s ethical compliance<br><br>15. An independent auditor reports on important facts of the Company’s Directors’ misconduct or<br>actions in violation of laws or the Articles of Incorporation<br><br>16. Report that independent auditors have violated the Company’s accounting standards<br><br>17. Enactment, amendment, or repeal of<br>internal accounting management regulations<br><br>18. Other items deemed necessary by each committee member
CEO Candidate<br><br>Pool Management<br><br>Committee		6 Independent<br><br>Directors<br><br>(all)		YOO, Jin Nyong<br><br>(Chairman)<br><br>YOO, Young Sook<br><br>KWON, Tae-Kyun<br><br>SOHN, Sung Kyu<br><br>KIM, Joongi<br><br>PARK, Sung Wook<br><br>KIM, Jooyoun		•<br><br>Agenda<br><br>1. Prior deliberation on the basic qualifications of CEO candidates as defined by the Board of Directors<br><br>2. Pooling results of CEO candidates<br><br>3. CEO candidate development plans<br><br>•<br><br>Reported<br>Items<br><br>1. Results of the development of the CEO candidate<br>pool

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

•	January 1, 2026 ~ March 19, 2026
No.		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-1		February 3		1. The 58th Operations Report and Financial Statements and the schedule for the Annual General Meeting of<br>Shareholders (AGM)<br><br>•<br><br>Reported<br>items<br><br>- 2025<br>consolidated business performance<br><br>- 2025 ICFR operational status<br><br>- 2025 evaluation of the ICFR operational status		Approved<br><br>-
2026-2		February 19		1. Recommendation of inside director and other non-executive director<br>candidates<br><br>2. Partial amendment to the<br>Articles of Incorporation<br><br>3. Agenda<br>items for the 58th AGM<br><br>4. Cancellation<br>of treasury shares, and treasury shares report<br><br>5. Improvements to board operations and amendment of relevant rules<br><br>•<br><br>Reported<br>items<br><br>- Implementation of Board-approved agenda items in 2025		Approved<br><br>Approved<br><br>Approved<br><br>Approved<br><br>Approved After Amendment<br><br>-
•	March 24, 2026 ~ June 30, 2026
:---	:---
No.		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-3		March 24		1. Appointment of the Chair of the Board<br><br>2. Appointment of Representative<br>Director<br><br>3. Appointment of Board<br>Committee members		Approved<br><br>Approved<br><br>Approved After Amendment
2026-4		April 3		1. Borrowing of Government Policy Funds<br><br>•<br><br>Reported<br>items<br><br>- Mid-term<br>shareholder return policy<br><br>- Implementation of Board-approved agenda items in 2025		Approved
2026-5		May 12		1. Dividend payment for Q1 2026<br><br>2. Investment in DLE Demo Plant<br><br>3. Payment guarantee for POSCO—Argentina<br><br>4. Construction contract for POSCO Global<br>Center main building<br><br>5. Limit to<br>aggregate transaction with POSCO<br><br>•<br><br>Reported<br>items<br><br>- Business<br>performance of the group in Q1 2026<br><br>- Update on the integrated steel mill JV in India<br><br>- 2024 Board activities and<br>evaluation results<br><br>- Evaluation<br>of Independent Director activities and utilization of the results<br><br>- Implementation of Board-approved agenda items		Approved<br><br>Approved<br><br>Approved<br><br>Approved<br><br>Approved
*	At the 58th Annual General Meeting of Shareholders held on March 24, 2026, Inside Director CHUN Sung<br>Lae retired upon the expiration of his term. The shareholders elected KIM Jooyoun as a new Independent Director, CHUNG Seok Mo as an Inside Director, and LEE Hee Geun as a<br>Non-executive Director. Additionally, Independent Director KIM Joongi and Inside Directors LEE Ju Tae and KIM Ki Soo were re-elected.
:---	:---

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•	July 1, 2026 ~ August 14, 2026
No.		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-6		August 7		1. Dividend payment for Q2 2026<br><br>2. Disposal of equity stakes in a listed subsidiary<br><br>3. Treasury shares report<br><br>•<br><br>Reported<br>Items<br><br>- Business<br>performance of the group in Q2 2026<br><br>- Update and proposed plan for the group’s new business initiatives<br><br>- Implementation of Board-approved<br>agenda items		Approved<br><br>Approved<br><br>Approved

(4) Key Activities of Independent Directors

•	January 1, 2026 ~ August 14, 2026
No.		Date		Independent Director Attendance<br><br>(Total Independent Directors)		Remarks
:---:	---	:---:	---	---	---	:---:
2026-1		February 3		6 (6)		-
2026-2		February 19		6 (6)		-
2026-3		March 24		7 (7)		-
2026-4		April 3		7 (7)		-
2026-5		May 12		7 (7)		-
2026-6		August 7		7 (7)		-

(5) Special Committees under the Board and their Activities

•	ESG Committee (January 1, 2026 ~ March 23, 2026)
Date		Agenda		Approval
:---:	---	:---:	---	:---:
January 22,<br><br>2026		•<br><br>Reported<br>items<br><br>- Review<br>outcomes on the possibility of recognition and use of emission reduction at PT.BIA as carbon credits in Korea<br><br>- Measures to improve operating companies’ ESG disclosure indices		-
February 13,<br><br>2026		1. Improvements to Board operations and amendment of relevant rules<br><br>•<br><br>Reported<br>items<br><br>- 2026 POSCO<br>group consolidated ESG management action plan<br><br>- 2026 POSCO group human rights management action plan		Deliberated
•	ESG Committee (March 24, 2026 ~ June 30, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
May 7,<br><br>2026		1. Publication of<br>the 2025 Sustainability Report<br><br>2. Endowment to POSCO Educational Foundation<br><br>3. Payment guarantee for POSCO<br>Argentina<br><br>4. Construction contract for<br>POSCO Global Center main building<br><br>•<br><br>Reported<br>items<br><br>- Q1 2026<br>consolidated ESG performance		Approved<br><br>Approved<br><br>Deliberated<br><br>Deliberated
•	ESG Committee (July 1, 2026 ~ August 14, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
August 3,<br><br>2026		•<br><br>Reported<br>items<br><br>- Q2 2026<br>consolidated ESG performance<br><br>- Update on self-directed fair trade CP practices for 1H 2026		-

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•	Director Candidate Recommendation and Management Committee (January 1, 2026~March 23, 2026)
Date		Agenda		Approval
:---:	---	:---:	---	:---:
February 19,<br><br>2026		1. Recommendation<br>of independent director candidates<br><br>2. Qualification review of inside director candidates<br><br>3. Appointment of 2026 Board Committee<br>members		Approved<br><br>Deliberated<br><br>Deliberated
•	Director Candidate Recommendation and Management Committee (March 24, 2026 ~ June 30, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
March 24,<br><br>2026		1. Appointment<br>of the Representative Director		Deliberated
•	Director Candidate Recommendation and Management Committee (July 1, 2026 ~ August 14, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
August 7,<br><br>2026		1. Operation of<br>the Independent Director Candidate Recommendation Advisory Panel		Approved
•	Evaluation and Compensation Committee (January 1, 2026 ~ March 23, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
February 4,<br><br>2026		1. 2025<br>group-wide business performance assessment		Approved
•	Finance Committee (March 24, 2026 ~ June 30, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
April 3,<br><br>2026		1. Borrowing of Government Policy Funds		Deliberated
May 6,<br><br>2026		1. Investment in DLE Demo Plant<br><br>2. Payment guarantee for POSCO-Argentina		Deliberated<br><br>Deliberated
•	Finance Committee (July 1, 2026 ~ August 14, 2026)
:---	:---
Date		Agenda		Approval
:---:	---	:---:	---	:---:
August 3,<br><br>2026		1. Disposal of<br>equity stakes in a listed subsidiary		Deliberated

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•	CEO Candidate Pool Management Committee (March 24, 2026 ~ June 30, 2026)
Date		Agenda		Approval
:---:	---	:---:	---	:---:
May 8,<br><br>2026		1. Result of<br>candidates pooled for the Representative Director & CEO position<br><br>2. 2026 development plan to groom internal CEO candidate pool		Approved<br><br>Approved

B. Audit Committee

(1) Composition of the Audit Committee

Name		Qualifications		Remarks
Park, Sung Wook<br><br>Kim, Joongi<br><br>Sohn, Sung Kyu*		Satisfiesthe<br>requirements stipulated in the Korean Commercial Act		Chair<br><br>-<br><br>-
*	SOHN, Sung-Kyu is an accounting and financial expert
:---	:---

(2) Major Activities of the Audit Committee

•	January 1, 2026 ~ March 23, 2026
Session		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-1		February 2, 2026		1. 2025 evaluation of ICFR operational status<br><br>2. Authorization of audit and non-audit service agreements for POSCO Holdings and its consolidated entities<br><br>3. 2025 Audit Committee activities<br><br>•<br><br>Reported<br>items<br><br>- 2025 ICFR<br>operational status		Approved<br><br>Approved<br><br>Approved
2026-2		February 26, 2026		1. Authorization of non-audit service agreement for POSCO<br><br>2. 2025<br>year-end consolidation internal audit result<br><br>3. 2025 internal audit performance and 2026 plan<br><br>4. Deliberation on AGM agenda items<br><br>•<br><br>Reported<br>items<br><br>- 2025 year-end consolidation external audit result		Approved<br><br>Approved<br><br>Approved<br><br>Approved
•	March 24, 2026 ~ June 30, 2026
:---	:---
Session		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-3		March 24,<br><br>2026		1. Appointment of the Chair of the Audit Committee		Approved
2026-4		April 24,<br><br>2026		1. Internal audit results of the Q1 2026 consolidated financial statements<br><br>•<br><br>Reported<br>items<br><br>- Plan for the<br>2026 ICFR Operational Status Review<br><br>- Updates on the 2025 20-F audit and the external review of Q1<br>2026 consolidated financial statements		Approved<br><br>-

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•	July 1, 2026 ~ August 14, 2026
Session		Date		Agenda		Approval
:---:	---	:---:	---	:---:	---	:---:
2026-5		August 11<br><br>2026		1. Internal audit result of the Q2 2026 consolidated financial statements<br><br>2. Assessment result of external auditor<br>activities for 2025<br><br>3. External auditor<br>selection criteria<br><br>4. 1H 2026 internal<br>audit results and 2H 2026 plans<br><br>•<br><br>Reported<br>items<br><br>- Assessment<br>results of the 2026 ICFR design<br><br>- External review results for the Q2 2026 consolidated financial statements		Approved<br><br>Approved<br><br>Approved<br><br>Approved

C. Voting Rights of Shareholders

(1)	The Cumulative Voting System: The cumulative voting system was introduced at the 36th General Meeting of<br>Shareholders on March 12, 2004.
(2)	The Electronic Voting System: The electronic voting system was determined at the Board of Directors meeting on<br>February 20, 2019.
:---	:---

D. Compensation of Directors and Officers

(1)	The Salary of Directors and Audit Committee Members

(Unit: KRW million)

Category		Fiscal Year		No. of people		Total payment		Average payment<br><br>(Per person)
Inside Director<br><br>(Excluding<br>Independent<br><br>Director, Audit Committee<br><br>Member)		2026.1H		5		2,818		720
		2025		4		5,246		1,338
		2024		4		5,431		1,306
Independent Director<br><br>(Excluding<br>Audit Committee<br><br>Members)		2026.1H		4		193		55
		2025		3		326		109
		2024		3		422		125
Audit Committee<br><br>Members		2026.1H		3		160		53
		2025		3		331		110
		2024		3		394		128
ø	No. of people: The number of directors and the Audit Committee members in office as of June 30, 2026,<br>December 31, 2025, and December 31, 2024
:---	:---
ø	Total payment: The total amount of remuneration paid to all directors and Audit Committee members who served<br>during the period (includes directors who retired during the year)
:---	:---
ø	Average payment per person: The sum of average payment per director during the period
:---	:---

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POSCO HOLDINGS INC.

and its subsidiaries

Interim condensed consolidated financial statements

for each of the six-month periods ended June 30, 2026 and 2025

with the independent auditor’s review report

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Table of Contents

Report on review of interim condensed consolidated financial statements

		Page
Interim condensed consolidated financial statements
Interim condensed consolidated statements of financial<br>position			1
Interim condensed consolidated statements of comprehensive<br>income			3
Interim condensed consolidated statements of changes in<br>equity			4
Interim condensed consolidated statements of cash flows			6
Notes to the interim condensed consolidated financial<br>statements			8

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	EY Han Young<br><br>2-3F, 7-8F, Taeyoung Building, 111,<br>Yeouigongwon-ro,<br><br>Yeongdeungpo-gu, Seoul 07241 Korea<br><br>Tel: +82 2 3787 6600<br><br>Fax: +82 2 783 5890<br><br>ey.com/kr

Report on review of interim condensed consolidated financial statements

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed consolidated financial statements of POSCO HOLDINGS INC. and its subsidiaries (collectively referred to as the “Group”), which comprise the interim condensed consolidated statement of financial position as of June 30, 2026, and the related interim condensed consolidated statements of comprehensive income or loss for each of the three-month and six-month periods ended June 30, 2026 and 2025, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the six-month periods ended June 30, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed consolidated financial statements

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

Auditor’s responsibility

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

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

Conclusion

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

Table of Contents

Other matters

We have audited the consolidated statement of financial position of the Group as of December 31, 2025, and the related consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 11, 2026 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2025, presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

August 14, 2026

This review report is effective as of August 14, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed consolidated financial statements and may result in modification to this review report.

Table of Contents

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated financial statements

for each of the six-month periods ended June 30, 2026 and 2025

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

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

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position

as of June 30, 2026 (Unaudited) and December 31, 2025

(in millions of Won)		Notes			June 30, 2026<br>(unaudited)				December 31,<br>2025
Assets
Cash and cash equivalents			21		~~W~~	6,346,928				7,049,800
Trade accounts and notes receivable, net			4,15,21,25,26,33			13,333,112				11,197,974
Other receivables, net			5,21,33			2,224,430				1,920,685
Other short-term financial assets			6,21			8,166,052				8,778,584
Inventories			7			13,967,774				13,624,433
Current income tax assets						92,500				78,704
Assets held for sale			8			8,279				20,167
Other current assets			14			1,084,624				813,522
Total current assets						45,223,699				43,483,869
Long-term trade accounts and notes receivable, net			4,21			16,528				19,708
Other receivables, net			5,21,33			1,474,877				1,635,253
Other long-term financial assets			6,21			3,650,214				3,060,842
Investments in associates and joint ventures			9			6,318,089				4,980,153
Investment property, net			11			1,727,088				1,691,625
Property, plant and equipment, net			12			42,893,581				42,292,820
Intangible assets, net			13			5,880,421				5,493,529
Defined benefit assets, net			19			278,152				360,112
Deferred tax assets			31			2,043,319				2,038,844
Other non-current assets			14			206,676				135,683
Total non-current assets						64,488,945				61,708,569
Total assets					~~W~~	109,712,644				105,192,438

(continued)

1

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position, continued

as of June 30, 2026 (Unaudited) and December 31, 2025

(in millions of Won)		Notes		June 30, 2026<br>(unaudited)			December 31,<br>2025
Liabilities
Trade accounts and notes payable		21,33		~~W~~	5,514,721			5,106,921
Short-term borrowings and current installments of long-term borrowings		15,21			11,107,218			12,117,422
Other payables		16,21,33			3,450,986			3,406,505
Other short-term financial liabilities		17,21			67,700			66,623
Current income tax liabilities					275,489			223,666
Liabilities directly associated with the assets held for sale		8			—			3,678
Provisions		18			573,651			632,644
Other current liabilities		20,25,26			1,817,131			1,574,195
Total current liabilities					22,806,896			23,131,654
Long-term borrowings, excluding current installments		15,21			19,296,704			16,374,578
Other payables		16,21			1,300,341			1,237,358
Other long-term financial liabilities		17,21			93,813			91,068
Defined benefit liabilities, net		19			89,415			63,189
Deferred tax liabilities		31			1,185,666			1,159,973
Long-term provisions		18			671,764			650,329
Other non-current liabilities		20			104,901			106,598
Total non-current liabilities					22,742,604			19,683,093
Total liabilities					45,549,500			42,814,747
Equity
Share capital		22			482,403			482,403
Capital surplus		22			1,528,038			1,685,116
Other components of equity		23			2,609,952			1,561,510
Treasury shares		24			(801,771	)		(1,176,317	)
Retained earnings					53,646,915			53,177,472
Equity attributable to owners of the controlling company					57,465,537			55,730,184
Non-controlling interests					6,697,607			6,647,507
Total equity					64,163,144			62,377,691
Total liabilities and equity				~~W~~	109,712,644			105,192,438

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

2

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of comprehensive income

for each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)

					For the three-month period<br>ended June 30<br>(unaudited)						For the six-month period<br>ended June 30<br>(unaudited)
(in millions of Won, except per share information)		Notes			2026			2025			2026			2025
Revenue			25,26,33		~~W~~	19,258,684			17,555,587			37,134,791			34,992,363
Cost of sales			26,30			(17,599,341	)		(16,170,232	)		(33,959,035	)		(32,271,130	)
Gross profit						1,659,343			1,385,355			3,175,756			2,721,233
Selling and administrative expenses			21,27,30
Other administrative expenses						(783,904	)		(708,693	)		(1,535,652	)		(1,424,276	)
Selling expenses						(56,425	)		(69,490	)		(114,258	)		(121,344	)
Operating profit						819,014			607,172			1,525,846			1,175,613
Share of profit of equity-accounted investees, net			9			72,428			87,516			163,838			152,800
Finance income and costs			21,28
Finance income						795,006			1,264,053			2,323,603			2,068,732
Finance costs						(1,040,822	)		(1,591,099	)		(2,633,377	)		(2,539,259	)
Other non-operating income and expenses			21,29,30
Other non-operating income						553,186			50,657			691,504			183,521
Other non-operating expenses						(287,708	)		(190,617	)		(403,700	)		(303,767	)
Profit before income tax						911,104			227,682			1,667,714			737,640
Income tax expense			31			(149,789	)		(143,836	)		(363,010	)		(309,559	)
Profit						761,315			83,846			1,304,704			428,081
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method						(34	)		1			2,881			(5,625	)
Foreign currency translation differences						(18,082	)		(163,610	)		176,921			(156,603	)
Remeasurements of defined benefit plans			19			5,609			5,602			11,099			4,938
Net changes in fair value of equity investments at fair value through other comprehensive<br>income			21			(67,148	)		(25,164	)		44,943			14,111
Items that are or may be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method						102,561			(218,578	)		368,182			(217,283	)
Foreign currency translation differences						79,735			(596,783	)		639,154			(566,825	)
Gains or losses on valuation of derivatives			21			733			(133	)		759			(259	)
Other comprehensive income (loss), net of tax						103,374			(998,665	)		1,243,939			(927,546	)
Total comprehensive income (loss)					~~W~~	864,689			(914,819	)		2,548,643			(499,465	)
Profit attributable to:
Owners of the controlling company					~~W~~	684,754			159,865			1,151,960			462,161
Non-controlling interests						76,560			(76,019	)		152,744			(34,080	)
Profit					~~W~~	761,314			83,846			1,304,704			428,081
Total comprehensive income attributable to:
Owners of the controlling company					~~W~~	800,271			(668,060	)		2,204,056			(298,224	)
Non-controlling interests						64,418			(246,759	)		344,586			(201,241	)
Total comprehensive income (loss)					~~W~~	864,689			(914,819	)		2,548,642			(499,465	)
Earnings per share (in Won)			32
Basic earnings per share (in Won)						9,055			2,114			15,233			6,112
Diluted earnings per share (in Won)					~~W~~	9,055			2,114			15,233			6,112

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

3

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		Attributable to owners of the controlling company
		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~~	482,403				1,648,894			1,155,429			(1,550,862	)		53,658,368			55,394,232			6,056,136			61,450,368
Comprehensive income:
Profit for the period			—				—			—			—			462,161			462,161			(34,080	)		428,081
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax			—				—			—			—			5,353			5,353			(415	)		4,938
Capital adjustment arising from investments in equity-accounted investees, net of tax			—				—			(212,037	)		—			—			(212,037	)		(10,871	)		(222,908	)
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax			—				—			12,916			—			467			13,383			728			14,111
Foreign currency translation differences, net of tax			—				—			(566,824	)		—			—			(566,824	)		(156,603	)		(723,427	)
Gains or losses on valuation of derivatives, net of tax			—				—			(259	)		—			—			(259	)		—			(259	)
Total comprehensive income			—				—			(766,204	)		—			467,981			(298,223	)		(201,241	)		(499,464	)
Transactions with owners of the controlling company, recognized directly in<br>equity:
Year-end dividends			—				—			—			—			(189,052	)		(189,052	)		(102,372	)		(291,424	)
Interim dividends			—				—			—			—			(189,052	)		(189,052	)		—			(189,052	)
Changes in the scope of consolidation			—				—			—			—			—			—			5,000			5,000
Changes in ownership interest in subsidiaries			—				(34,967	)		—			—			—			(34,967	)		156,631			121,664
Retirement of treasury shares			—				—			—			374,545			(374,545	)		—			—			—
Others			—				(8,422	)		—			—			(7,890	)		(16,312	)		9,121			(7,191	)
Total transactions with owners of the controlling company			—				(43,389	)		—			374,545			(760,539	)		(429,383	)		68,380			(361,003	)
Balance as of June 30, 2025 (Unaudited)		~~W~~	482,403				1,605,505			389,225			(1,176,317	)		53,365,810			54,666,626			5,923,275			60,589,901

(continued)

4

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity, continued

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		Attributable to owners of the controlling company																						Total
		Share<br>capital				Capital<br>surplus			Other<br>components<br>of equity			Treasury<br>shares			Retained<br>earnings			Subtotal			Non-<br>controlling<br>interests
Balance as of January 1, 2026		~~W~~	482,403				1,685,116			1,561,510			(1,176,317	)		53,177,472			55,730,184			6,647,507			62,377,691
Comprehensive income:
Profit for the period			—				—			—			—			1,151,960			1,151,960			152,744			1,304,704
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax			—				—			—			—			5,086			5,086			6,012			11,098
Capital adjustment arising from investments in equity-accounted investees, net of tax			—				—			362,210			—			—			362,210			8,853			371,063
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax			—				—			45,457			—			(571	)		44,886			57			44,943
Foreign currency translation differences, net of tax			—				—			639,154			—			—			639,154			176,921			816,075
Gains or losses on valuation of derivatives, net of tax			—				—			759			—			—			759			—			759
Total comprehensive income			—				—			1,047,580			—			1,156,475			2,204,055			344,587			2,548,642
Transactions with owners of the controlling company, recognized directly in<br>equity:
Year-end dividends			—				—			—			—			(189,052	)		(189,052	)		(77,028	)		(266,080	)
Interim dividends			—				—			—			—			(151,242	)		(151,242	)		—			(151,242	)
Changes in the scope of consolidation			—				—			—			—			—			—			(16,707	)		(16,707	)
Changes in ownership interest in subsidiaries			—				(155,120	)		—			—			—			(155,120	)		(228,885	)		(384,005	)
Retirement of treasury shares			—				—			—			374,546			(374,546	)		—			—			—
Others			—				(1,958	)		862			—			27,808			26,712			28,133			54,845
Total transactions with owners of the controlling company			—				(157,078	)		862			374,546			(687,032	)		(468,702	)		(294,487	)		(763,189	)
Balance as of June 30, 2026 (Unaudited)		~~W~~	482,403				1,528,038			2,609,952			(801,771	)		53,646,915			57,465,537			6,697,607			64,163,144

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

5

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		Notes			for the six-month<br>period ended<br>June 30, 2026<br>(Unaudited)			for the six-month<br>period ended<br>June 30, 2025<br>(Unaudited)
Cash flows from operating activities
Profit for the period					~~W~~	1,304,704			428,081
Adjustments for:
Depreciation						1,889,359			1,818,192
Amortization						253,386			221,053
Finance income						(1,430,672	)		(1,312,039	)
Finance costs						1,671,174			1,536,247
Income tax expense						363,010			309,559
Impairment loss on property, plant and equipment						123,508			113,159
Gain on disposal of property, plant and equipment						(2,465	)		(22,018	)
Loss on disposal of property, plant and equipment						65,202			53,034
Impairment loss on goodwill and other intangible assets						5,703			25,678
Gain on disposal of investments in subsidiaries, associates and joint ventures						(480,032	)		(24,973	)
Loss on disposal of investments in subsidiaries, associates and joint ventures						99,071			752
Share of profit of equity-accounted investees						(163,838	)		(152,800	)
Impairment loss on disposal of assets held for sale						—			831
Gain on disposal of assets held for sale						(9,788	)		(52,148	)
Loss on disposal of assets held for sale						—			653
Expenses related to post-employment benefit						136,095			129,051
Impairment loss on trade and other receivables						51,517			53,043
(Reversal of) Loss on valuation of inventories						(54,316	)		(39,259	)
Increase (decrease) to provisions						40,888			77,129
Gain on insurance claim						(12,850	)		(1,884	)
Others, net						44,081			(7,347	)
						2,589,033			2,725,913
Changes in operating assets and liabilities			35			(2,682,615	)		(132,462	)
Interest received						278,753			206,075
Interest paid						(575,447	)		(497,113	)
Dividends received						127,127			247,074
Income taxes paid						(332,935	)		(544,806	)
Net cash provided by operating activities					~~W~~	708,620			2,432,762

(continued)

6

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows, consolidated

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		Notes		for the six-month<br>period ended<br>June 30, 2026<br>(Unaudited)			for the six-month<br>period ended<br>June 30, 2025<br>(Unaudited)
Cash flows from investing activities
Acquisitions of short-term financial instruments				~~W~~	(9,960,400)			(9,248,078)
Proceeds from disposal of short-term financial instruments					10,075,763			8,034,242
Increase in loans					(242,537)			(150,960)
Collection of loans					300,428			23,516
Acquisitions of securities					(197,633	)		(620,313	)
Proceeds from disposal of securities					615,631			337,297
Acquisitions of long-term financial instruments					(26,931	)		(1,896	)
Acquisitions of investment in associates and joint ventures					(867,853	)		(151,870	)
Proceeds from disposal of investment in associates and joint ventures					105,335			10,172
Acquisitions of investment property					(3,368	)		—
Proceeds from disposal of investment property					6,588			567
Acquisitions of property, plant and equipment					(2,118,713	)		(2,872,762	)
Proceeds from disposal of property, plant and equipment					61,180			154,464
Acquisitions of intangible assets					(216,670	)		(298,296	)
Proceeds from disposal of intangible assets					2,611			8,472
Proceeds from disposal of assets held for sale					13,041			221,417
Collection of lease receivables					6,377			13,420
Cash inflow from insurance claim					12,787			1,816
Cash inflow from changes in the scope of consolidation					485,058			—
Others, net					(51,584)			(26,447)
Net cash used in investing activities				~~W~~	(2,000,890	)		(4,565,239)
Cash flows from financing activities
Origination of borrowings					4,611,169			3,980,458
Repayment of borrowings					(3,067,590	)		(2,233,025	)
Repayment of short-term borrowings, net					(402,047	)		1,024,032
Capital contribution from non-controlling<br>interests					30,908			172,573
Payment of cash dividends					(405,441	)		(480,768	)
Repayment of lease liabilities					(89,323	)		(92,399	)
Others, net					(245,038	)		125,512
Net cash provided by financing activities				~~W~~	432,638			2,496,383
Effect of exchange rate fluctuation on cash held					156,760			(122,515	)
Net increase in cash and cash equivalents					(702,872	)		241,391
Changes in cash classified as assets held for sale					—			(7,002	)
Cash and cash equivalents at beginning of the period					7,049,800			6,767,898
Cash and cash equivalents at end of the period				~~W~~	6,346,928			7,002,287

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

7

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements

June 30, 2026 and 2025 (Unaudited)

1. General Information

General information about POSCO HOLDINGS INC. (the “Company”), the controlling company, and its subsidiaries in the scope of consolidation, such as 65 domestic subsidiaries including POSCO INC. and 134 foreign subsidiaries including POSCO America Corporation, and 110 associates and joint ventures (collectively referred to as the “Group”) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 is as follows:

(a)	The controlling company

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

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

As of June 30, 2026, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange.

(b)	New subsidiaries subject to consolidation

Subsidiaries, acquired or newly established, subject to consolidation for the six-month period ended June 30, 2026 are as follows:

Company		Date of addition		Ownership (%)		Reason
POS-Louisiana Inc.		January 2026		100.00		New establishment
Centrux LNG Pte. Ltd.		January 2026		100.00		New establishment
Gale International Korea, LLC		February 2026		100.00		Change in status
Yingkou PFM Refractories Co., Ltd.		March 2026		100.00		New establishment
FUTUREM VIETNAM COMPANY LIMITED		May 2026		100.00		New establishment
NRG Metals Argentina S.A.		May 2026		100.00		Acquisition
(c)	Subsidiaries excluded from consolidation due to loss of control
:---	:---

A subsidiary excluded from consolidation for the six-month period ended June 30, 2026 is as follows:

Company		Date of exclusion		Reason
GOLDEN LACE POSCO INTERNATIONAL CO., LTD.		March 2026		Divestiture
POSCO (Zhangjiagang) Stainless Steel Co., Ltd.		April 2026		Divestiture
Qingdao Pohang Stainless Steel Co., Ltd.		April 2026		Divestiture
Zhangjigang Pohang Port Co., Ltd.		April 2026		Divestiture
Zhangjiagang BLZ Pohang International Trading		April 2026		Divestiture

8

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of Preparation

Statement of compliance

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

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements as of December 31, 2025. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group incurred after December 31, 2025. These interim condensed consolidated financial statements do not include all of the disclosures required for full annual financial statements.

Use of estimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

(b)	Measurement of fair value

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

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

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

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

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2. Basis of Preparation (cont’d)

•	Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities.
•	Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or<br>liabilities, either directly or indirectly.
:---	:---
•	Level 3 - inputs for the assets or liabilities that are not based on observable market data.
:---	:---

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

3. Summary of Material Accounting Policy Information

Except for the items described below, the accounting policies applied by the Group in these interim condensed consolidated financial statements are the same as those applied to the consolidated financial statements as of and for the year ended December 31, 2025.

Changes in Accounting Policies

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

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

•	a clarification that a financial liability is derecognized on the “settlement date” and the<br>introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;
•	additional guidance on how the contractual cash flows for financial assets with environmental, social and<br>corporate governance (ESG) and similar features should be assessed;
:---	:---
•	clarifications on what constitute “non-recourse features”<br>and what are the characteristics of contractually linked instruments; and
:---	:---
•	the introduction of disclosures for financial instruments with contingent features and additional disclosure<br>requirements for equity instruments measured at fair value through other comprehensive income (OCI).
:---	:---

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

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

(b)	Annual Improvements to KIFRS – Volume 11

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

-	Amendments to KIFRS 1101 First-time adoption of KIFRS: Hedge accounting by a first-time adopter
-	Amendments to KIFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for<br>application of amendments in practice
:---	:---
-	Amendments to KIFRS 1109 Financial Instruments: Accounting for derecognition of lease liabilities and<br>definition of transaction prices
:---	:---
-	Amendments to KIFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto<br>agent’
:---	:---
-	Amendments to KIFRS 1007 Statement of Cash Flows: Cost Method
:---	:---

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

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

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

•	clarification of the application of the “own-use”<br>requirements for in-scope contracts;
•	amendments to the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and
:---	:---
•	addition of new disclosure requirements to enable investors to understand the effect of these contracts on an<br>entity’s financial performance and cash flows.
:---	:---

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

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

New and amended standards not yet adopted by the Group

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

(a)	KIFRS 1118 Presentation and Disclosure in Financial Statements

Key changes in the accounting policies

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

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

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

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

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

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

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

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

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

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

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

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

•	a description of the aspect of financial performance which is communicated by the MPM, as well as explanation<br>of why the MPM provides useful financial information;
•	how the MPM is calculated; and
:---	:---
•	a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the<br>income tax effects and the effect on non-controlling interests for each reconciling item.
:---	:---

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

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

Assessment of major impact

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

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4. Trade Accounts and Notes Receivable

Details of trade accounts and notes receivable as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Trade accounts and notes receivable		~~W~~	12,402,069				10,133,240
Due from customers for contract work			1,508,834				1,594,458
Less: Allowance for doubtful accounts			(577,791	)			(529,724	)
		~~W~~	13,333,112				11,197,974
Non-current
Trade accounts and notes receivable		~~W~~	59,547				64,902
Less: Allowance for doubtful accounts			(43,019	)			(45,194	)
		~~W~~	16,528				19,708

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the six-month period ended June 30, 2026 and the year ended December 31, 2025. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of June 30, 2026 and December 31, 2025, the book value of the trade accounts receivable from the transaction is ~~W~~224,044 million and ~~W~~136,758 million, respectively, and the amount is included in the short-term borrowings.

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5. Other Receivables

Details of other receivables as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Short-term loans		~~W~~	420,422				348,621
Other accounts receivable			1,504,199				1,276,332
Accrued income			291,215				341,802
Deposits			80,308				106,612
Others			38,170				36,209
Lease receivables			16,663				14,432
Less: Allowance for doubtful accounts			(126,547	)			(203,323	)
		~~W~~	2,224,430				1,920,685
Non-current
Long-term loans(*1)		~~W~~	1,350,520				1,369,527
Other accounts receivable			468,119				461,676
Accrued income			171,746				183,455
Deposits			124,405				141,782
Lease receivables			65,366				65,676
Less: Allowance for doubtful accounts			(705,279	)			(586,863	)
		~~W~~	1,474,877				1,635,253
(*1)	The Group recognized an allowance for doubtful accounts for all of the other receivables from FQM Australia<br>Holdings Pty Ltd., an associate, due to low possibility of collecting these receivables.
:---	:---

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6. Other Financial Assets

Details of other financial assets as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Derivatives assets		~~W~~	212,702				235,924
Debt securities			390,543				927,586
Deposit instruments(*1)			7,359,353				7,123,233
Short-term financial instruments(*1)			201,419				491,841
Other securities			2,035				—
		~~W~~	8,166,052				8,778,584
Non-current
Derivatives assets		~~W~~	798,746				426,649
Equity securities(*2)			1,799,464				1,721,439
Debt securities			214,139				172,181
Other securities(*2)			767,944				696,148
Deposit instruments(*1)			69,921				44,425
		~~W~~	3,650,214				3,060,842
(*1)	As of June 30, 2026 and December 31, 2025, financial instruments amounting to<br>~~W~~852,180 million and ~~W~~362,150 million, respectively, are restricted in use for financial arrangements, pledge and others.
:---	:---
(*2)	As of June 30, 2026 and December 31, 2025, ~~W~~123,107 million and<br>~~W~~122,285 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.
:---	:---

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7. Inventories

(a) Details of inventories as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Finished goods		~~W~~	2,455,818				2,754,668
Merchandise			1,287,163				1,247,922
Semi-finished goods			2,627,702				2,764,000
Raw materials			3,387,946				3,333,252
Fuel and materials			1,127,296				1,095,038
Construction inventories			155,084				166,689
Materials-in-transit			3,104,341				2,490,175
Others			172,459				169,010
			14,317,809				14,020,754
Less: Allowance for inventories valuation(*1)			(350,035	)			(396,321	)
		~~W~~	13,967,774				13,624,433
(*1)	For each of the six-month periods ended June 30, 2026 and 2025,<br>allowance for inventories valuation was increased by ~~W~~54,316 million and reversed by ~~W~~39,259 million, respectively.
:---	:---

(b) The allowances for inventories valuation by item as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Finished goods		~~W~~	124,741				158,268
Merchandise			15,688				7,255
Semi-finished goods			40,976				90,155
Raw materials			140,986				115,651
Fuel and materials			9,190				6,069
Construction inventories			7,711				7,989
Others			10,743				10,934
		~~W~~	350,035				396,321

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June 30, 2026 and 2025 (Unaudited)

8. Assets Held for Sale

Details of assets held for sale as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Asset
Cash and cash equivalents			—				1,924
Account receivables and other receivables			—				314
Equity Securities			7,833				7,276
Property, plant and equipment			446				10,361
Intangible assets			—				285
Others			—				7
		~~W~~	8,279				20,167
Liability
Other receivables		~~W~~	—				3,419
Provisions			—				259
		~~W~~	—				3,678

9. Investments in Associates and Joint ventures

(a)	Details of investments in associates as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026																December 31,<br>2025
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---
Company		Number<br>of shares				Ownership<br>(%)				Acquisition<br>cost				Book value				Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.(*1)			4,507,138				34.00			~~W~~	473,093			~~W~~	408,590				421,699
Chun-cheon Energy Co., Ltd(*1)			17,308,143				49.10				86,541				16,988				16,685
Pocheon-Hwado Highway Corp.(*1)			7,109,230				27.89				35,546				7,273				17,194
CHUNGJU ENTERPRISE CITY<br>DEVELOPMENT Co.,Ltd			944,920				29.53				4,725				12,011				12,096
PCC Amberstone Private Equity Fund 1(*2)			2,253,533,435				8.80				2,254				2,335				2,791
Others(*1)															131,113				134,363
															578,310				604,828
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			50,082				25.04				83,030				285,942				263,375
9404-5515 Quebec Inc.			284,463,243				25.85				328,509				448,964				411,602
AMCI (WA) PTY LTD			49				49.00				209,664				193,010				162,606
KOREA LNG LTD.			2,400				20.00				135,205				24,159				19,524
PT. Wampu Electric Power(*1)			8,708,400				20.00				10,054				16,747				16,483
POS-SeAH Steel Wire(Nantong) Co.,<br>Ltd.			50				25.00				4,723				14,204				11,994
M RES NSW HCC II Pty Ltd(*3)			72,000,000				92.31				104,511				98,822				101,884
Hyundai-POSCO Louisiana Steel LLC			20				20.00				278,043				322,421				—
PT.Xinheng Metal Indonesia			255,000,000				44.12				578,350				590,906				—
Others(*1)															310,500				252,322
															2,305,675				1,239,790
														~~W~~	2,883,985				1,844,618
(*1)	As of June 30, 2026 and December 31, 2025, investments in associates amounting to<br>~~W~~466,890 million and ~~W~~486,995 million, respectively, are provided as collateral in relation to the associates’ borrowings.
:---	:---
(*2)	As of June 30, 2026, the entity is classified as an associate since the Group has significant influence<br>over the investee although the Group’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
:---	:---
(*3)	As of June 30, 2026, the entity is classified as an associate since the Group has significant influence<br>over the investee although the Group’s percentage of ownership is more than 50%, considering the structure of the entity’s Board of Directors and others.
:---	:---

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

(b)	Details of investments in joint ventures as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026																December 31,<br>2025
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---
Company		Number<br>of shares				Ownership<br>(%)				Acquisition<br>cost				Book value				Book value
[Domestic]
POSCO MC MATERIALS			11,568,000				60.00			~~W~~	115,680			~~W~~	151,796				146,038
SNNC			18,130,000				49.00				90,650				—				2,364
Others															10,212				12,702
															162,008				161,104
[Foreign]
Roy Hill Holdings Pty Ltd(*1)			13,117,972				12.50				1,528,672				1,592,394				1,441,376
POSCO-NPS Niobium LLC			325,050,000				50.00				364,609				501,127				466,492
KOBRASCO			2,010,719,185				50.00				32,950				155,207				126,943
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			—				25.00				61,961				152,010				132,616
PT NICOLE METAL INDUSTRY			152,764,706				49.00				603,178				720,660				649,462
HBIS-POSCO Automotive Steel Co., Ltd			—				50.00				235,251				123,895				134,404
Others															26,803				23,138
															3,272,096				2,974,431
														~~W~~	3,434,104				3,135,535
(*1)	As of June 30, 2026 and December 31, 2025, the investments in joint ventures are provided as<br>collateral in relation to the joint ventures’ borrowings.
:---	:---

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

(c)	Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and<br>the year ended December 31, 2025 are as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		December 31,<br>2025<br>Book value				Acquisition				Dividends			Share of<br>profits (losses)			Other increase<br>(decrease)(*1)			June 30,<br>2026<br>Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.		~~W~~	421,699				—				—			6,866			(19,975	)		408,590
SNNC			2,364				—				—			(2,363	)		(1	)		—
Chun-cheon Energy Co., Ltd			16,685				—				—			—			303			16,988
Pocheon-Hwado Highway Corp.			17,194				—				—			(9,922	)		1			7,273
CHUNGJU ENTERPRISE CITY<br>DEVELOPMENT Co.,Ltd			12,096				—				—			(85	)		—			12,011
PCC Amberstone Private Equity Fund 1			2,791				35				—			367			(858	)		2,335
POSCO MC MATERIALS			146,038				—				—			5,758			—			151,796
Others			147,064				11,425				(396	)		(6,281	)		(10,487	)		141,325
			765,931				11,460				(396	)		(5,660	)		(31,017	)		740,318
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			263,375				—				(16,776	)		26,467			12,876			285,942
9404-5515 Quebec Inc.			411,602				—				(14,470	)		14,399			37,433			448,964
AMCI (WA) PTY LTD			162,606				—				—			21,847			8,557			193,010
KOREA LNG LTD.			19,524				—				(2,779	)		2,776			4,638			24,159
PT. Wampu Electric Power			16,483				—				(909	)		285			888			16,747
POS-SeAH Steel Wire(Nantong) Co.,<br>Ltd.			11,994				—				—			423			1,787			14,204
Roy Hill Holdings Pty Ltd			1,441,376				—				(95,904	)		74,581			172,341			1,592,394
POSCO-NPS Niobium LLC			466,492				—				(12,359	)		14,615			32,379			501,127
KOBRASCO			126,943				—				—			10,471			17,793			155,207
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			132,616				—				—			5,458			13,936			152,010
PT NICOLE METAL INDUSTRY			649,462				—				—			29,395			41,803			720,660
HBIS-POSCO Automotive Steel Co., Ltd			134,404				—				—			(23,966	)		13,457			123,895
M RES NSW HCC II Pty Ltd			101,884				—				—			(14,811	)		11,749			98,822
Hyundai-POSCO Louisiana Steel LLC			—				278,043				—			319			44,059			322,421
PT.Xinheng Metal Indonesia			—				578,350				—			1,168			11,388			590,906
Others			275,461				—				(5,554	)		6,071			61,325			337,303
			4,214,222				856,393				(148,751	)		169,498			486,409			5,577,771
		~~W~~	4,980,153				867,853				(149,147	)		163,838			455,392			6,318,089
(*1)	Others represent the changes in investments in associates and joint ventures due to disposals and change in<br>capital adjustments effect from translations of financial statements of foreign investees and others for the six-month period ended June 30, 2026.
:---	:---

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June 30, 2026 and 2025 (Unaudited)

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

2)	For the year ended December 31, 2025
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		December 31,<br>2024<br>Book value				Acquisition			Dividends			Share of<br>profits (losses)			Other increase<br>(decrease)(*1)			December 31,<br>2025<br>Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.		~~W~~	392,269				17,509			(2,795	)		7,595			7,121			421,699
SNNC			38,046				—			—			(35,826	)		144			2,364
Chun-cheon Energy Co., Ltd			14,054				—			—			2,016			615			16,685
Pocheon-Hwado Highway Corp.			14,834				—			—			2,360			—			17,194
CHUNGJU ENTERPRISE CITY<br>DEVELOPMENT Co.,Ltd			12,401				—			—			(306	)		1			12,096
PCC Amberstone Private Equity Fund 1			6,181				—			(227	)		(469	)		(2,694	)		2,791
POSCO MC MATERIALS			153,839				—			(3,000	)		(5,072	)		271			146,038
Others			132,730				25,597			(2,216	)		(2,445	)		(6,602	)		147,064
			764,354				43,106			(8,238	)		(32,147	)		(1,144	)		765,931
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			279,349				—			(37,273	)		57,362			(36,063	)		263,375
9404-5515 Quebec Inc.			426,276				—			(21,180	)		12,359			(5,853	)		411,602
AMCI (WA) PTY LTD			68,478				—			—			95,188			(1,060	)		162,606
KOREA LNG LTD.			25,622				—			(5,040	)		5,192			(6,250	)		19,524
PT. Wampu Electric Power			17,680				—			(1,708	)		739			(228	)		16,483
POS-SeAH Steel Wire(Nantong) Co., Ltd.			10,713				—			—			983			298			11,994
Roy Hill Holdings Pty Ltd			1,397,824				—			(213,794	)		161,274			96,072			1,441,376
POSCO-NPS Niobium LLC			477,898				—			(44,955	)		43,229			(9,680	)		466,492
KOBRASCO			119,820				—			(22,955	)		17,761			12,317			126,943
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			126,906				—			(11,440	)		15,399			1,751			132,616
PT NICOLE METAL INDUSTRY(*2)			578,604				62,574			—			19,497			(11,213	)		649,462
HBIS-POSCO Automotive Steel Co.Ltd			179,841				—			—			(47,669	)		2,232			134,404
M RES NSW HCC II Pty Ltd			—				104,511			—			(2,210	)		(417	)		101,884
Others			265,428				3,088			(9,526	)		2,953			13,518			275,461
			3,974,439				170,173			(367,871	)		382,057			55,424			4,214,222
		~~W~~	4,738,793				213,279			(376,109	)		349,910			54,280			4,980,153
(*1)	Others represent the changes in investments in associates and joint ventures due to disposals and change in<br>capital adjustments effect from translations of financial statements of foreign investees and others for the year ended December 31, 2025.
:---	:---
(*2)	For the year ended December 31, 2025, the Group acquired an additional investment in a joint venture<br>amounting to ~~W~~62,574 million by participating in a capital increase of PT NICOLE METAL INDUSTRY for an investment in a nickel pyrometallurgical plant in Indonesia.
:---	:---

21

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(d)	The summarized financial information on associates and joint ventures as of and for the six-month period ended<br>June 30, 2026 and the year ended December 31, 2025 is as follows:
1)	As of and for the six-month period ended June 30, 2026
:---	:---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Assets				Liabilities			Equity<br>(deficit)			Sales			Net income<br>(loss)
[Domestic]
Samcheok Blue Power Co.,Ltd.		~~W~~	5,258,536				4,414,621			843,915			327,546			18,139
SNNC			602,206				623,917			(21,711	)		317,658			(43,871	)
Chun-cheon Energy Co., Ltd			514,703				391,245			123,458			190,073			(113	)
Pocheon-Hwado Highway Corp.			654,710				592,023			62,687			10,808			(36,124	)
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd			12,870				2,512			10,358			—			(288	)
PCC Amberstone Private Equity Fund 1			26,590				50			26,540			7,335			4,175
POSCO MC MATERIALS			341,668				87,214			254,454			126,754			9,546
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			1,594,026				452,070			1,141,956			229,609			105,704
9404-5515 Quebec Inc.			1,751,350				312			1,751,038			—			55,704
FQM Australia Holdings Pty Ltd			97,996				1,792,467			(1,694,471	)		—			(56,822	)
KOREA LNG LTD.			121,089				293			120,796			14,735			13,878
Nickel Mining Company SAS			505,413				331,190			174,223			108,992			(21,417	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD			357,889				61,522			296,367			161,614			(1,588	)
PT. Wampu Electric Power			193,317				111,798			81,519			7,947			1,209
POS-SeAH Steel Wire(Nantong) Co., Ltd.			114,192				62,985			51,207			73,168			1,693
Roy Hill Holdings Pty Ltd			12,398,023				2,929,968			9,468,055			3,965,541			837,293
POSCO-NPS Niobium LLC			1,002,051				—			1,002,051			—			23,733
KOBRASCO			325,998				16,190			309,808			33,830			20,942
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			1,350,384				769,211			581,173			789,707			21,834
DMSA/AMSA			837,397				1,908,555			(1,071,158	)		285,203			(185,924	)
HBIS-POSCO Automotive Steel Co., Ltd			1,021,995				758,244			263,751			400,223			(49,083	)
PT NICOLE METAL INDUSTRY			1,186,353				155,618			1,030,735			471,251			60,522
M RES NSW HCC II Pty Ltd			101,843				72			101,771			—			(11,615	)
Hyundai-POSCO Louisiana Steel LLC			1,500,197				8,637			1,491,560			—			1,593
PT.Xinheng Metal Indonesia			1,137,351				24,544			1,112,807			—			2,647

22

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

2)	As of and for the year ended December 31, 2025
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Assets				Liabilities			Equity<br>(deficit)			Sales			Net income<br>(loss)
[Domestic]
Samcheok Blue Power Co.,Ltd.		~~W~~	5,186,881				4,361,206			825,675			638,593			23,070
SNNC			553,862				531,702			22,160			767,857			(73,652	)
Chun-cheon Energy Co., Ltd			505,987				382,416			123,571			363,995			377
Pocheon-Hwado Highway Corp.			683,282				584,471			98,811			24,289			7,364
CHUNGJU ENTERPRISE CITY<br>DEVELOPMENT Co.,Ltd			13,340				2,694			10,646			1,050			(1,049	)
PCC Amberstone Private Equity Fund 1			33,795				2,067			31,728			891			(5,329	)
POSCO MC MATERIALS			349,737				104,830			244,907			205,386			(8,479	)
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			1,445,230				393,409			1,051,821			462,017			229,086
9404-5515 Quebec Inc.			1,631,812				21			1,631,791			—			47,813
FQM Australia Holdings Pty Ltd			57,067				1,579,336			(1,522,269	)		—			(96,001	)
KOREA LNG LTD.			97,944				325			97,619			28,117			25,960
Nickel Mining Company SAS			491,050				303,284			187,766			187,021			(70,342	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD			340,488				71,616			268,872			187,600			(21,282	)
PT. Wampu Electric Power			190,896				111,514			79,382			19,108			3,693
POS-SeAH Steel Wire(Nantong) Co., Ltd.			99,974				55,384			44,590			151,451			3,814
Roy Hill Holdings Pty Ltd			11,118,720				2,625,843			8,492,877			7,209,853			1,641,837
POSCO-NPS Niobium LLC			932,780				—			932,780			—			79,937
KOBRASCO			276,085				22,804			253,281			54,101			35,522
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			1,272,968				769,371			503,597			1,455,502			61,595
DMSA/AMSA			875,900				1,692,942			(817,042	)		856,215			(684,937	)
HBIS-POSCO Automotive Steel Co., Ltd			964,614				679,930			284,684			625,983			(97,928	)
PT NICOLE METAL INDUSTRY			1,073,184				172,335			900,849			701,059			40,197
M RES NSW HCC II Pty Ltd			109,139				3			109,136			—			(2,761	)

10. Joint Operations

Details of significant joint operations that the Group is participating in as a party to a joint arrangement as of June 30, 2026 are as follows:

Joint operations		Operation		Ownership (%)		Location
Myanmar A-1/A-3<br>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

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

11. Investment Property

Changes in the carrying amounts of investment properties for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Impairment<br>loss			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	794,740				—			(5,200	)		—			158			5,775			795,473
Buildings			752,471				3,368			(347	)		(15,868	)		352			34,970			774,946
Structures			1,210				—			—			(447	)		—			667			1,430
Right of use assets			143,204				—			(44	)		(3,510	)		—			15,589			155,239
		~~W~~	1,691,625				3,368			(5,591	)		(19,825	)		510			57,001			1,727,088
(*1)	Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation<br>difference and others.
:---	:---
(b)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Impairment<br>loss			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	866,450				163			(510	)		—			—			(71,363	)		794,740
Buildings			942,851				2,727			(607	)		(21,147	)		(2,553	)		(168,800	)		752,471
Structures			1,755				—			—			(909	)		—			364			1,210
Right of use assets			144,840				1,464			(276	)		(5,621	)		—			2,797			143,204
		~~W~~	1,955,896				4,354			(1,393	)		(27,677	)		(2,553	)		(237,002	)		1,691,625
(*1)	Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation<br>difference and others.
:---	:---

24

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

12. Property, Plant and Equipment

(a)	Changes in the carrying amounts of property, plant and equipment for the<br>six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Impairment<br>loss			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	3,686,386				3,866			(3,233	)		—			—			595,795			4,282,814
Buildings			5,793,840				6,439			(4,365	)		(205,562	)		(8,362	)		308,245			5,890,235
Structures			4,290,373				7,030			(3,369	)		(173,551	)		(17,040	)		249,131			4,352,574
Machinery and equipment			18,205,327				77,743			(14,818	)		(1,277,336	)		(97,894	)		1,293,827			18,186,849
Vehicles			100,615				6,762			(890	)		(20,994	)		—			1,069			86,562
Tools			118,257				10,649			(772	)		(27,722	)		231			11,160			111,803
Furniture and fixtures			219,168				12,248			(999	)		(41,959	)		(65	)		14,953			203,346
Lease assets			1,374,327				69,014			(6,557	)		(106,916	)		—			64,751			1,394,619
Bearer plants			362,871				—			(406	)		(15,494	)		—			5,277			352,248
Construction-in-progress			8,141,656				1,832,581			(4,380	)		—			—			(1,937,326	)		8,032,531
		~~W~~	42,292,820				2,026,332			(39,789	)		(1,869,534	)		(123,130	)		606,882			42,893,581
(*1)	Presenting reclassifications resulting from change in purpose of use, adjustments of foreign currency<br>translation differences and others.
:---	:---
2)	For the year ended December 31, 2025
:---	:---
(in millions of Won)	Beginning			Acquisitions		Business<br>Combination(*1)		Disposals			Depreciation			Impairment<br>loss(*2)			Others(*3)			Ending
---	:---:	---	---	:---:	---	:---:	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land	~~W~~	3,335,875			33,702		218,786		(13,247	)		—			(1,364	)		112,634			3,686,386
Buildings		5,280,968			28,996		62,944		(35,868	)		(403,394	)		—			860,194			5,793,840
Structures		3,860,523			13,591		10,796		(103,544	)		(330,278	)		—			839,285			4,290,373
Machinery and equipment		18,311,678			107,319		23,146		(43,106	)		(2,543,786	)		(88,769	)		2,438,845			18,205,327
Vehicles		89,975			9,538		19,921		(1,463	)		(40,783	)		(1,344	)		24,771			100,615
Tools		134,501			23,288		—		(1,850	)		(53,854	)		(1	)		16,173			118,257
Furniture and fixtures		200,033			30,487		4,818		(3,466	)		(79,619	)		—			66,915			219,168
Lease assets		970,634			644,892		—		(43,705	)		(202,668	)		—			5,174			1,374,327
Bearer plants		139,451			—		249,352		(4,647	)		(11,229	)		—			(10,056	)		362,871
Construction-in-progress		7,523,190			5,176,786		44,872		(8,941	)		—			(44,175	)		(4,550,076	)		8,141,656
	~~W~~	39,846,828			6,068,599		634,635		(259,837	)		(3,665,611	)		(135,653	)		(196,141	)		42,292,820
(*1)	For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as<br>subsidiaries, the Group included the resulting increase in property, plant and equipment in business combinations.
:---	:---
(*2)	For the year ended December 31, 2025, the Group estimated the recoverable amount of individual assets<br>whose operation was suspended, such as Finex Plant no. 3, at their net fair value and recognized an impairment loss of ~~W~~69,988 million.
:---	:---
(*3)	Includes reclassifications resulting from change in purpose of use, adjustments of foreign currency translation<br>differences and others.
:---	:---

25

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

12. Property, Plant and Equipment (cont’d)

(b)	Changes in the carrying amounts of<br>right-of-use assets presented as investment properties and property, plant and equipment for the six-month period ended<br>June 30, 2026 and the year ended December 31, 2025 are as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Others			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	326,232				6,746			(40	)		(7,936	)		916			325,918
Buildings and structures			193,783				18,501			(6,570	)		(30,941	)		18,451			193,224
Machinery and equipment			332,121				12,114			(943	)		(35,249	)		45,307			353,350
Vehicles			40,769				5,382			(768	)		(9,079	)		4,531			40,835
Ships			426,786				—			—			(19,097	)		—			407,689
Others			197,840				26,271			(141	)		(8,123	)		12,995			228,842
		~~W~~	1,517,531				69,014			(8,462	)		(110,425	)		82,200			1,549,858
2)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Depreciation			Others			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	348,918				15,560			(16,154	)		(22,092	)		326,232
Buildings and structures			154,747				119,586			(55,532	)		(25,018	)		193,783
Machinery and equipment			346,642				29,687			(64,748	)		20,540			332,121
Vehicles			45,071				15,832			(21,623	)		1,489			40,769
Ships			196,070				264,508			(33,792	)		—			426,786
Others			24,026				201,183			(16,440	)		(10,929	)		197,840
		~~W~~	1,115,474				646,356			(208,289	)		(36,010	)		1,517,531
(c)	The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
		For the three-month<br>periods ended<br>June 30							For the six-month<br>periods ended<br>June 30
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---
(in millions of Won)		2026				2025			2026			2025
Interest on lease liabilities		~~W~~	19,981				13,364			38,888			24,786
Expenses related to short-term leases			3,069				8,958			12,355			20,584
Expenses related to leases of low-value assets			1,062				2,803			5,427			7,856
		~~W~~	24,112				25,125			56,670			53,226

26

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Goodwill and Other Intangible Assets

Changes in the carrying amounts of goodwill and other intangible assets for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Amortization			Impairment<br>loss			Others(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Goodwill		~~W~~	826,772				—			—			—			(343	)		1,305			827,734
Intellectual property rights			3,375,658				296,285			—			(162,594	)		—			296,864			3,806,213
Membership(*1)			139,238				158			(93	)		(134	)		(11	)		333			139,491
Development expense			200,753				4,593			—			(34,675	)		—			8,889			179,560
Port facilities usage rights			153,152				—			—			(7,422	)		—			—			145,730
Exploratation and evaluation assets			147,013				5,004			—			—			(5,288	)		9,399			156,128
Development assets			83,341				—			—			(151	)		—			6,186			89,376
Customer relationships			116,246				—			—			(17,419	)		—			213			99,040
Other intangible assets			451,356				37,370			(81	)		(30,991	)		18			(20,523	)		437,149
		~~W~~	5,493,529				343,410			(174	)		(253,386	)		(5,624	)		302,666			5,880,421
(*1)	Lease premiums included memberships with the indefinite useful lives.
:---	:---
(*2)	Presenting assets transferred from<br>construction-in-progress to intangible assets, adjustments of foreign currency translation difference and others.
:---	:---
(b)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Business<br>Combination(*3)			Disposals			Amortization			Impairment<br>loss			Others(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Goodwill		~~W~~	357,851				—			466,537			(461	)		—			—			2,845			826,772
Intellectual property rights			3,247,517				377,414			—			(4	)		(289,446	)		(30,426	)		70,603			3,375,658
Membership(*1)			136,108				7,243			—			(4,892	)		(238	)		(519	)		1,536			139,238
Development expense			95,041				12,089			—			—			(50,481	)		(6,124	)		150,228			200,753
Port facilities usage rights			167,996				—			—			—			(14,844	)		—			—			153,152
Exploratation and evaluation assets			115,309				44,097			—			(22	)		—			(14,548	)		2,177			147,013
Development assets			86,711				—			—			—			—			—			(3,370	)		83,341
Customer relationships			145,699				—			—			—			(42,068	)		—			12,615			116,246
Other intangible assets			422,592				162,142			88,338			(563	)		(68,858	)		(1	)		(152,294	)		451,356
		~~W~~	4,774,824				602,985			554,875			(5,942	)		(465,935	)		(51,618	)		84,340			5,493,529
(*1)	Lease premiums included memberships with the indefinite useful lives.
:---	:---
(*2)	Presenting assets transferred from<br>construction-in-progress to intangible assets, adjustments of foreign currency translation difference and others.
:---	:---
(*3)	For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as<br>subsidiaries, the Group included the resulting increase in goodwill and other intangible assets in business combinations.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

14. Other Assets

Details of other assets as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Advance payments		~~W~~	774,814				582,909
Prepaid expenses			261,347				186,066
Firm commitment asset			13,085				9,221
Others			35,378				35,326
		~~W~~	1,084,624				813,522
Non-current
Long-term advance payments		~~W~~	108,069				54,896
Long-term prepaid expenses			17,827				18,156
Others			80,780				62,631
		~~W~~	206,676				135,683

15. Borrowings

(a)	Details of short-term borrowings and current portion of long-term borrowings and others as of June 30,<br>2026 and December 31, 2025 are as follows:
(in millions of Won)	Lenders			Issuance date			Maturity date		Interest rate (%)	June 30, 2026			December 31, 2025
---	:---:	---	---	:---:	---	---	:---:	---	:---:	:---:	---	---	:---:	---	---
Short-term borrowings
Bank overdrafts		JP Morgan<br>and others			January, 2026~ June, 2026			July, 2026~ June, 2027	3.40~6.30	~~W~~	172,391			137,852
Short-term borrowings		HSBC and<br>others			July, 2025~ June, 2026			July, 2026~ June, 2027	0.50~7.89		7,094,130			7,294,105
											7,266,521			7,431,957
Current portion of long-term liabilities
Current portion of long-term borrowings		Export-Import<br>Bank of<br>Korea and<br>others			September, 2001~ June,<br>2026			July, 2026~ June, 2027	1.00~8.50		1,389,705			1,302,568
Current portion of debentures		KB Securities<br>co., Ltd.<br>and others			July, 2019~ May, 2025			July, 2026~ June, 2027	1.72~8.4		2,406,544			3,340,036
Less: Current portion of discount on debentures issued											(3,021	)		(1,648	)
Current portion of exchangable bonds		Foreign<br>currency<br>exchangable<br>bonds			September, 2021			September, 2026			47,469			44,509
											3,840,697			4,685,465
										~~W~~	11,107,218			12,117,422

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

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

		Foreign currency exchangeable bonds
Type of bond		Exchangeable bonds
Aggregate principal amount(*1)		EUR 27,100,000
Interest rate		- Coupon rate : -
		- Yield to maturity : (0.78%)
Maturity date		September 1, 2026
Redemption		- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum
		- Prepayment : The issuer has call option and the bondholders have put option
Exchange rate		100%
Exchange price(*2) (Won/share)		419,025
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<br>options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price.
Put option by bondholders		- In the event of a change of control of the Company<br><br>- Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days)
Call option by the issuer		- Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading<br>days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds<br><br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br><br>- Where additional reasons for tax burden arise due to the amendment of relevant laws<br>and regulations, etc
(*1)	Due to investors exercising their early redemption rights, EUR 1,038,800,000 of the total face value of EUR<br>1,065,900,000 in exchangeable bonds was redeemed during the year ended December 31, 2024.
:---	:---
(*2)	The exchange price has changed due to cash dividends paid during the six-month period ended June 30, 2026.
:---	:---

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

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

(b)	Details of long-term borrowings, excluding current portion and others,<br>as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		Lenders		Issuance date		Maturity date		Interest rate (%)			June 30, 2026			December 31, 2025
---	---	:---:	---	:---:	---	:---:	---	:---:	---	---	:---:	---	---	:---:	---	---
Long-term borrowings		Export-Import Bank of Korea and others		September, 2001~ June, 2026		July, 2027~ March, 2040			0.98~7.50		~~W~~	7,788,806			6,605,336
Less: Present value discount												(51,257	)		(49,101	)
Bonds		KB Securities co., Ltd. and others		October, 2019~ June, 2026		July, 2027~ January, 2036			1.77~8.25			11,612,605			9,859,696
Less: Discount on debentures issued												(53,450	)		(41,353	)
											~~W~~	19,296,704			16,374,578
(c)	Details of assets pledged as collateral with regard to the borrowings as of June 30, 2026 are as follows:
:---	:---
(in millions of Won)		Lenders		Book value			Pledged amount
---	---	:---:	---	:---:	---	---	:---:	---
Property, plant and equipment and Investment property		Korea Development Bank and others		~~W~~	5,349,597			4,992,601
Trade accounts and notes receivable		Korea Development Bank and others			224,044			224,044
Financial instruments		Korea Development Bank and others			497,410			497,410
Cash equivalents		Korea Development Bank and others			9,972			9,972
				~~W~~	6,081,023			5,724,027

16. Other Payables

Details of other payables as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026			December 31, 2025
Current
Accounts payable		~~W~~	1,633,495			1,646,460
Accrued expenses			1,258,141			1,242,403
Dividend payable			16,381			4,598
Lease liabilities			203,382			180,424
Withholdings			339,587			332,620
		~~W~~	3,450,986			3,406,505
Non-current
Accounts payable		~~W~~	2,970			4,072
Accrued expenses			24,864			18,459
Lease liabilities			1,218,301			1,160,230
Long-term withholdings			54,206			54,597
		~~W~~	1,300,341			1,237,358

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

17. Other Financial Liabilities

Details of other financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026			December 31, 2025
Current
Derivative liabilities		~~W~~	48,419			49,947
Financial guarantee liabilities			10,784			8,194
Others			8,497			8,482
		~~W~~	67,700			66,623
Non-current
Derivative liabilities		~~W~~	3,124			7,627
Financial guarantee liabilities			17,189			9,941
Others			73,500			73,500
		~~W~~	93,813			91,068

18. Provisions

(a)	Details of provisions as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026						December 31, 2025
---	---	:---:	---	---	---	---	---	:---:	---	---	---	---
		Current			Non-<br>current			Current			Non-<br>current
Provision for bonus payments		~~W~~	103,869			103,535			119,010			101,039
Provision for construction warranties			33,140			157,835			39,393			148,673
Provision for legal contingencies and claims(*1)			10,345			46,905			5,685			45,363
Provision for the restoration			2,552			222,014			2,979			196,651
Others(*2)			423,745			141,475			465,577			158,603
		~~W~~	573,651			671,764			632,644			650,329
(*1)	The Group recognized probable outflow of resources amounting to ~~W~~36,096 million and<br>~~W~~35,061 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of June 30, 2026 and December 31, 2025, respectively.
:---	:---
(*2)	According to the Act on the promotion of the development, use and diffusion of new and renewable energy,<br>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<br>insufficient supply of power using new and renewable energy to be borne, and as of June 30, 2026 and December 31, 2025, the Group recognized ~~W~~59,110 million and ~~W~~45,150 million respectively, as<br>provision.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

18. Provisions (cont’d)

(b)	Changes in provisions for the six-month period ended June 30, 2026<br>and the year ended December 31, 2025 are as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Beginning			Increase			Utilization			Reversal			Others(*1)			Ending
---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Provision for bonus payments		~~W~~	220,049			71,284			(77,753	)		(1,139	)		(5,037	)		207,404
Provision for construction warranties			188,066			21,983			(15,138	)		(4,582	)		646			190,975
Provision for legal contingencies and claims			51,048			4,953			(104	)		(593	)		1,946			57,250
Provision for the restoration			199,630			20,957			(2,610	)		(5,723	)		12,312			224,566
Others			624,180			39,281			(60,943	)		(35,388	)		(1,910	)		565,220
		~~W~~	1,282,973			158,458			(156,548	)		(47,425	)		7,957			1,245,415
(*1)	Including adjusted foreign currency translation differences and others.
:---	:---
2)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning			Increase			Business<br>Combination(*1)			Utilization			Reversal			Others(*2)			Ending
---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Provision for bonus payments		~~W~~	191,861			159,990			—			(133,528	)		(2,634	)		4,360			220,049
Provision for construction warranties			186,860			43,891			—			(35,139	)		(6,005	)		(1,541	)		188,066
Provision for legal contingencies and claims			96,446			10,856			—			(23,507	)		(15,782	)		(16,965	)		51,048
Provision for the restoration			207,851			26,853			—			(4,953	)		(4,843	)		(25,278	)		199,630
Others			293,571			484,936			138,212			(29,447	)		(68,387	)		(194,705	)		624,180
		~~W~~	976,589			726,526			138,212			(226,574	)		(97,651	)		(234,129	)		1,282,973
(*1)	For the year ended December 31, 2025, PT. Prime Agri Resources was newly included as a subsidiary, and the<br>Group included the resulting increase in provisions as part of the business combination.
:---	:---
(*2)	Including adjusted foreign currency translation differences and others.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

19. Post-employment plans

(a)	Defined contribution plans

The expenses related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month<br>periods ended June 30							For the six-month<br>periods ended June 30
		2026				2025			2026			2025
Expense related to post-employment benefit plans under defined contribution plans		~~W~~	19,600				18,867			40,041			37,631
(b)	Defined benefit plans
:---	:---
1)	The amounts recognized in relation to net defined benefit assets in the consolidated statements of financial<br>position as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---	---
Present value of funded obligations		~~W~~	2,532,621				2,631,811
Fair value of plan assets(*1)			(2,708,898	)			(2,923,780	)
Present value of non-funded obligations			(12,460	)			(4,955	)
Net defined benefit liabilities		~~W~~	(188,737	)			(296,924	)
(*1)	As of June 30, 2026 and December 31, 2025, the Group recognized net defined benefit assets amounting<br>to ~~W~~278,152 million and ~~W~~360,112 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of defined benefit obligations.
:---	:---
2)	The amounts recognized in relation to net defined benefit plan in the interim condensed consolidated statements<br>of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
		For the three-month<br>periods ended June 30								For the six-month<br>periods ended June 30
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
(in millions of Won)		2026				2025				2026				2025
Current service costs		~~W~~	73,390				67,164				143,494				136,942
Net interest costs			(3,602	)			(3,635	)			(7,399	)			(7,891	)
		~~W~~	69,788				63,529				136,095				129,051

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

20. Other Liabilities

Details of other liabilities as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Due to customers for contract work		~~W~~	717,045				727,902
Advances received			730,232				500,831
Unearned revenue			134,696				102,275
Withholdings			187,556				209,450
Firm commitment liability			5,971				2,910
Others(*1)			41,632				30,827
		~~W~~	1,817,132				1,574,195
Non-current
Unearned revenue		~~W~~	3,645				3,704
Others(*1)			101,256				102,894
		~~W~~	104,901				106,598
(*1)	As of June 30, 2026 and December 31, 2025, the Group recognized the assumed liability amounting to<br>~~W~~41,589 million and ~~W~~43,850 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy<br>Limited.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments

(a)	Classification and fair value of financial instruments
1)	The classification of the carrying amounts and fair values of financial assets and financial liabilities by the<br>fair value hierarchy level as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
①	June 30, 2026
:---	:---
(in millions of Won)						Fair value
---	---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Book value				Level 1			Level 2			Level 3			Total
Financial assets
Fair value through profit or loss
Derivative assets		~~W~~	999,309				—			999,309			—			999,309
Short-term financial instruments			201,419				—			201,419			—			201,419
Equity securities			86,383				6,784			—			79,599			86,383
Debt securities			162,393				—			104,107			58,286			162,393
Other securities			769,979				—			—			769,979			769,979
Derivative hedging instruments(*2)			12,139				—			12,139			—			12,139
Fair value through other comprehensive income
Equity securities			1,713,081				1,260,227			23,318			429,536			1,713,081
Assets held for sale			7,833				—			7,833			—			7,833
Financial assets measured at amortized cost(*1)
Cash and cash equivalents			6,346,928				—			—			—			—
Trade accounts and notes receivable			11,854,744				—			—			—			—
Other receivables			2,922,629				—			—			—			—
Debt securities			442,289				—			—			—			—
Deposit instruments			7,429,274				—			—			—			—
		~~W~~	32,948,400				1,267,011			1,348,125			1,337,400			3,952,536
Financial liabilities
Fair value through profit or loss
Derivative liabilities		~~W~~	37,916				—			37,916			—			37,916
Borrowings			47,469				47,469			—			—			47,469
Derivative hedging instruments(*2)			13,627				—			13,627			—			13,627
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable			5,514,721				—			—			—			—
Borrowings			30,356,453				—			30,339,532			—			30,339,532
Financial guarantee liabilities			27,973				—			—			—			—
Others			4,084,876				—			—			—			—
Other financial liabilities			81,997				—			—			—			—
		~~W~~	40,165,032				47,469			30,391,075			—			30,438,544
(*1)	Fair value of financial assets and liabilities measured at amortized cost except borrowings approximates their<br>carrying amounts.
:---	:---
(*2)	The Group applies hedge accounting which uses forward contracts as hedging instrument in order to hedge the<br>risk of changes in fair value of product prices regarding firm commitments or purchase commitments. Also, the Group applies cash flow hedge accounting which uses currency swap as hedging instrument in order to hedge the risk of interest rate and<br>foreign exchange rate changes in foreign currency which influence cash flow from borrowings.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

②	December 31, 2025
(in millions of Won)						Fair value
---	---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Book value				Level 1			Level 2			Level 3			Total
Financial assets
Fair value through profit or loss
Derivative assets		~~W~~	656,181				—			656,181			—			656,181
Short-term financial instruments			491,841				—			491,841			—			491,841
Equity securities			95,230				16,695			—			78,535			95,230
Debt securities			137,647				—			91,699			45,948			137,647
Other securities			696,148				—			—			696,148			696,148
Derivative hedging instruments(*2)			6,392				—			6,392			—			6,392
Fair value through other comprehensive income
Equity securities			1,626,209				1,158,867			28,682			438,660			1,626,209
Assets held for sale			7,276				—			7,276			—			7,276
Financial assets measured at amortized cost(*1)
Cash and cash equivalents			7,049,800				—			—			—			—
Trade accounts and notes receivable			9,633,385				—			—			—			—
Other receivables			3,335,169				—			—			—			—
Debt securities			962,120				—			—			—			—
Deposit instruments			7,167,658				—			—			—			—
Assets held for sale			2,238				—			—			—			—
		~~W~~	31,867,294				1,175,562			1,282,071			1,259,291			3,716,924
Financial liabilities
Fair value through profit or loss
Derivative liabilities		~~W~~	41,131				—			41,129			—			41,129
Borrowings			44,509				44,509			—			—			44,509
Derivative hedging instruments(*2)			16,443				—			16,443			—			16,443
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable			5,106,921				—			—			—			—
Borrowings			28,447,491				—			28,645,932			—			28,645,932
Financial guarantee liabilities			18,135				—			—			—			—
Others			4,075,379				—			—			—			—
Other financial liabilities			81,982				—			—			—			—
		~~W~~	37,831,991				44,509			28,703,504			—			28,748,013
(*1)	Fair value of financial assets and liabilities measured at amortized cost except borrowings approximates their<br>carrying amounts.
:---	:---
(*2)	The Group applies hedge accounting which uses forward contracts as hedging instrument in order to hedge the<br>risk of changes in fair value of product prices regarding firm commitments or purchase commitments. Also, the Group applies cash flow hedge accounting which uses currency swap as hedging instrument in order to hedge the risk of interest rate and<br>foreign exchange rate changes in foreign currency which influence cash flow from borrowings.
:---	:---

36

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

2)	Gains (losses) on financial instruments by category for each of the<br>six-month periods ended June 30, 2026 and 2025 are as follows:
①	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)	Finance income and costs																		Other<br>comprehensive<br>income (loss)
---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---
	Interest income<br>(expense)			Gain and loss<br>on valuation			Gain and loss on<br>foreign currency			Gain and loss<br>on disposal			Others			Total
Financial assets at fair value<br>through profit or loss	~~W~~	—			(31,393	)		—			20,736			35,588			24,931			—
Derivative assets		—			556,659			—			199,426			—			756,085			—
Financial assets at fair value<br>through other comprehensive income		—			—			—			—			(9,509	)		(9,509	)		44,943
Financial assets measured at<br>amortized cost		246,652			—			451,252			(37,685	)		8,980			669,199			—
Financial liabilities at fair value<br>through profit or loss		—			(929	)		(2,032	)		—			—			(2,961	)		—
Derivative liabilities		—			(36,465	)		—			(123,063	)		—			(159,528	)		759
Financial liabilities measured at<br>amortized cost		(567,062	)		—			(979,589	)		—			(41,339	)		(1,587,990	)		—
	~~W~~	(320,410	)		487,872			(530,369	)		59,414			(6,280	)		(309,773	)		45,702
②	For the six-month period ended June 30, 2025
:---	:---
(in millions of Won)		Finance income and costs																		Other<br>comprehensive<br>income (loss)
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---
		Interest income<br>(expense)			Gain and loss<br>on valuation			Gain and loss on<br>foreign currency			Gain and loss<br>on disposal			Others			Total
Financial assets at fair value<br>through profit or loss		~~W~~	—			(745	)		—			27,981			1,282			28,518			—
Derivative assets			—			(234,893	)		—			141,784			—			(93,109	)		—
Financial assets at fair value<br>through other comprehensive income			—			—			—			—			27,487			27,487			14,111
Financial assets measured at<br>amortized cost			252,225			—			(447,731	)		(40,949	)		(3,983	)		(240,438	)		—
Financial liabilities at fair value<br>through profit or loss			—			(1,003	)		—			—			—			(1,003	)		—
Derivative liabilities			—			(237,140	)		—			(227,318	)		—			(464,458	)		(259	)
Financial liabilities measured at<br>amortized cost			(525,259	)		—			816,965			—			(19,231	)		272,475			—
		~~W~~	(273,034	)		(473,781	)		369,234			(98,502	)		5,555			(470,528	)		13,852
(b)	Financial risk management
:---	:---

The Group is exposed to credit risk, liquidity risk and market risk arising from financial assets and liabilities. The Group’s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as of and for the year ended December 31, 2025.

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

22. Share Capital and Capital Surplus

(a) Share capital as of June 30, 2026 and December 31, 2025 is as follows:

(Share, in Won)		June 30, 2026				December 31, 2025
Numbers of authorized shares			200,000,000				200,000,000
Par value per share		~~W~~	5,000				5,000
Number of shares issued(*1,2)			79,241,527				80,932,952
Share capital(*3)		~~W~~	482,403,125,000				482,403,125,000
(*1)	As of June 30, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock<br>market amounts to 12,701,316 and such ADRs are equivalent to 3,175,329 shares of common stock.
:---	:---
(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company decided<br>to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of June 30, 2026, the Company’s total number of issued shares has decreased.
:---	:---
(*3)	As of June 30, 2026, the difference between the ending balance of common stock and the aggregate par value<br>of issued common stock is ~~W~~86,195 million due to retirement of 17,239,098 treasury stocks.
:---	:---

(b) Details of capital surplus as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Share premium		~~W~~	463,825				463,825
Gain on disposal of treasury shares			808,994				808,994
Other capital surplus			255,219				412,297
		~~W~~	1,528,038				1,685,116

23. Other Components of Equity

Details of other components of equity as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Capital adjustment arising from investments in<br>equity-accounted investees		~~W~~	488,253				126,043
Gain on valuation of equity securities			386,655				341,198
Gain on translation of foreign operations			1,655,444				1,016,290
Loss on valuation of derivatives			(158	)			(917	)
Other equity adjustments			79,758				78,896
		~~W~~	2,609,952				1,561,510

24. Treasury Shares

Based on the Board of Directors’ resolution, the Group holds treasury shares for business purposes including price stabilization. Changes in treasury shares for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(shares, in millions of Won)		June 30, 2026						December 31, 2025
		Number of<br>shares			Amount			Number of<br>shares			Amount
Beginning			5,312,173		~~W~~	1,176,316			7,003,598		~~W~~	1,550,862
Retirement of treasury shares			(1,691,425	)		(374,545	)		(1,691,425	)		(374,546	)
Ending			3,620,748		~~W~~	801,771			5,312,173		~~W~~	1,176,316

38

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Revenue

(a)	Disaggregation of revenue

1. Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

①	For the six-month period ended June 30, 2026
(in millions of Won)					Infrastructure
---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel			Trading			Construction			Logistics and<br>others			Materials of<br>Rechargeable battery			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	18,353,313			12,624,820			8,894			5,375			1,170,512			—			32,162,914
Revenue from services			386,567			1,092,230			76,433			114,448			3,615			—			1,673,293
Revenue from construction contract			—			—			2,958,622			—			5,813			—			2,964,435
Others			53,226			232,945			12,524			21,963			—			13,491			334,149
		~~W~~	18,793,106			13,949,995			3,056,473			141,786			1,179,940			13,491			37,134,791
Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	18,406,539			12,857,765			47,650			27,338			1,170,512			13,491			32,523,295
Revenue recognized over time			386,567			1,092,230			3,008,823			114,448			9,428			—			4,611,496
		~~W~~	18,793,106			13,949,995			3,056,473			141,786			1,179,940			13,491			37,134,791
②	For the six-month period ended June 30, 2025
:---	:---
(in millions of Won)					Infrastructure
---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel			Trading			Construction			Logistics and<br>others			Materials of<br>Rechargeable battery			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	18,190,227			10,862,377			—			1,855			1,069,670			—			30,124,129
Revenue from services			420,331			1,212,207			62,740			112,023			399			6,618			1,814,318
Revenue from construction contract			—			—			2,887,572			—			22,161			—			2,909,733
Others			84,693			2,423			5,506			22,997			—			28,564			144,183
		~~W~~	18,695,251			12,077,007			2,955,818			136,875			1,092,230			35,182			34,992,363
Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	18,274,920			10,864,800			108,433			24,852			1,069,670			28,564			30,371,239
Revenue recognized over time			420,331			1,212,207			2,847,385			112,023			22,560			6,618			4,621,124
		~~W~~	18,695,251			12,077,007			2,955,818			136,875			1,092,230			35,182			34,992,363

2. Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month periods ended June 30, 2026 and 2025 are as follows:

①	For the three-month period ended June 30, 2026
(in millions of Won)					Green Infrastructure
---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel			Construction			Trading			Energy and<br>others			Green materials and<br>Energy			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	9,215,308			6,937,556			8,894			(1,774	)		574,315			—			16,734,299
Revenue from services			204,664			489,061			41,120			66,365			2,077			(3,116	)		800,171
Revenue from construction contract			—			—			1,546,730			—			(2,400	)		—			1,544,330
Others			25,265			131,792			2,654			11,567			—			8,606			179,884
		~~W~~	9,445,237			7,558,409			1,599,398			76,158			573,992			5,490			19,258,684
Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	9,240,573			7,069,348			24,939			9,793			574,315			8,606			16,927,574
Revenue recognized over time			204,664			489,061			1,574,459			66,365			(323	)		(3,116	)		2,331,110
		~~W~~	9,445,237			7,558,409			1,599,398			76,158			573,992			5,490			19,258,684

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Revenue (cont’d)

②	For the three-month period ended June 30, 2025
(in millions of Won)					Green Infrastructure
---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel			Construction			Trading			Energy and<br>others			Green materials and<br>Energy			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	9,060,502			5,591,325			—			—			452,627			—			15,104,454
Revenue from services			196,918			628,479			36,129			28,819			399			1,673			892,417
Revenue from construction contract			—			—			1,445,177			—			18,020			—			1,463,197
Others			52,585			837			4,567			12,144			—			25,386			95,519
		~~W~~	9,310,005			6,220,641			1,485,873			40,963			471,046			27,059			17,555,587
Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	9,113,087			5,592,162			97,664			12,144			452,627			25,386			15,293,070
Revenue recognized over time			196,918			628,479			1,388,209			28,819			18,419			1,673			2,262,517
		~~W~~	9,310,005			6,220,641			1,485,873			40,963			471,046			27,059			17,555,587
(b)	Details of contract assets and liabilities from contracts with customers as of June 30, 2026 and<br>December 31, 2025 are as follows:
:---	:---
(in millions of Won)		June 30, 2026			December 31, 2025
---	---	:---:	---	---	:---:	---
Receivables
Trade accounts and notes receivable		~~W~~	11,854,744			9,633,385
Contract assets
Due from customers for contract work			1,494,896			1,584,297
Contract liabilities
Advance received			734,424			505,394
Due to customers for contract work			717,045			727,902
Unearned revenue			132,879			100,967

26. Contract under Input Method

(a)	Details of outstanding contracts as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026								December 31, 2025
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
		Construction<br>segment				Others				Construction<br>segment				Others
Accumulated cost		~~W~~	18,300,988				170,635				16,843,416				226,619
Accumulated contract profit			1,576,274				39,122				1,325,037				65,174
Accumulated contract loss			(707,384	)			(6,793	)			(723,085	)			(6,795	)
Accumulated contract revenue			19,169,878				202,964				17,445,368				284,998
(b)	Details of due from customers for contract work and due to customers for contract work as of June 30, 2026<br>and December 31, 2025 are as follows:
:---	:---
(in millions of Won)		June 30, 2026								December 31, 2025
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
		Construction<br>segment				Others				Construction<br>segment				Others
Due from customers for contract		~~W~~	1,482,224				26,610				1,560,490				33,968
Due to customers for contract work			(710,532	)			(6,513	)			(724,368	)			(3,534	)
		~~W~~	771,692				20,097				836,122				30,434

40

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

26. Contract under Input Method (cont’d)

(c)	Details of the provisions for construction loss as of June 30, 2026 and December 31, 2025 are as<br>follows:
(in millions of Won)		June 30, 2026			December 31, 2025
---	---	:---:	---	---	:---:	---
Construction segment		~~W~~	121,232			113,391
Others			662			915
		~~W~~	121,894			114,306
(d)	For the six-month period ended June 30, 2026, the total contract<br>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 total<br>contract revenue			Changes in estimated<br>total contract costs			Net income			Future income<br>(loss)			Total
Construction segment		~~W~~	719,370			670,430			(41,787	)		90,727			48,940
Others			3,381			2,776			220			385			605
		~~W~~	722,751			673,206			(41,567	)		91,112			49,545

The above details of impact on profit for the current and future periods are calculated based on the total contract costs estimated considering the events that occurred for the period from the commencement date of the contract to June 30, 2026 and the estimated total contract revenue as of June 30, 2026. The estimated total contract costs and revenue are subject to change in future periods.

(e) Uncertainty of estimates

1. Total contract revenues

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

2. Total contract costs

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

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

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

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

27. Selling and Administrative Expenses

(a)	Other administrative expenses

Details of other administrative expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
		2026				2025				2026				2025
Wages and salaries		~~W~~	298,953				275,133				618,629				587,901
Expenses related to post-employment benefits			28,102				21,657				55,177				46,149
Other employee benefits			71,267				73,595				153,276				155,730
Travel			16,593				14,291				30,487				26,259
Depreciation			46,083				41,496				92,600				89,582
Amortization			36,980				28,829				74,262				57,046
Communication			2,787				2,491				6,973				6,252
Electricity			4,030				3,556				8,016				8,279
Taxes and public dues			35,090				35,241				44,798				54,623
Rental			9,299				10,939				18,440				20,622
Repairs			2,069				2,684				3,874				5,295
Entertainment			7,141				2,856				11,184				6,209
Advertising			22,009				23,977				42,495				42,214
Research & development			54,727				47,295				106,557				94,165
Service fees			86,894				77,380				139,437				130,724
Vehicles maintenance			1,918				2,047				4,406				4,195
Industry association fee			3,478				3,430				7,313				7,277
Conference			5,608				5,866				11,839				11,911
Bad debt expenses			30,961				15,339				58,683				41,201
Others			19,915				20,591				47,206				28,642
		~~W~~	783,904				708,693				1,535,652				1,424,276

(b) Selling and logistic expenses

Details of selling and logistics expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
		2026				2025				2026				2025
Freight and custody expenses		~~W~~	12,991				5,781				25,804				10,968
Operating expenses for distribution center			175				191				272				374
Sales commissions			22,590				21,451				43,662				39,374
Sales advertising			484				308				682				402
Sales promotion			2,489				2,506				4,811				5,053
Sample			428				595				748				1,332
Sales insurance premium			9,987				9,138				19,091				18,625
Contract cost			4,085				25,559				12,600				37,554
Others			3,196				3,961				6,588				7,662
		~~W~~	56,425				69,490				114,258				121,344

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

28. Finance Income and Costs

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
		2026				2025				2026			2025
Finance income
Interest income		~~W~~	126,734				126,553				246,652			252,225
Dividend income			6,645				11,529				26,080			28,769
Gain on foreign currency transactions			367,509				376,226				720,978			633,555
Gain on foreign currency translations			61,511				692,583				521,729			924,274
Gain on derivatives transactions			89,821				89,475				208,052			153,703
Gain on valuations of derivatives			133,119				(56,214	)			558,602			23,934
Gain on disposals of financial assets at fair value through profit of loss			4,387				15,083				24,301			31,317
Gain on valuations of financial assets at fair value through profit or loss			3,035				5,155				11,400			15,806
Others			2,245				3,662				5,809			5,148
		~~W~~	795,006				1,264,052				2,323,603			2,068,731
Finance costs
Interest expenses		~~W~~	274,407				262,903				567,062			525,259
Loss on foreign currency transactions			404,170				435,025				790,039			708,746
Loss on foreign currency translations			195,626				264,680				983,036			479,849
Loss on derivatives transactions			85,084				118,010				131,689			239,237
Loss on valuation of derivatives			16,558				464,676				38,409			495,967
Loss on disposal of trade accounts and notes receivable			20,194				20,930				37,685			40,949
Loss on disposals of financial assets at fair value through profit or loss			2,691				2,435				3,565			3,336
Loss on valuations of financial assets at fair value through profit or loss			12,962				9,458				42,793			16,551
Loss on valuations of financial liabilities at fair value through profit or loss			510				922				929			1,003
Others			28,620				12,059				38,170			28,362
		~~W~~	1,040,822				1,591,098				2,633,377			2,539,259

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

29. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
		2026				2025				2026			2025
Other non-operating income
Recovery of other bad debt expenses		~~W~~	1,000				1,304				13,495			1,649
Gain on disposals of investment in subsidiaries, associates and joint ventures			476,064				(474	)			480,032			24,973
Gain on disposals of property, plant and equipment			1,008				19,855				2,465			22,018
Gain on disposal of assets held for sale			3,488				—				9,788			52,148
Gain on valuation of firm commitment			20,622				9,049				34,062			18,655
Reversal of other provisions			7,979				3,608				23,087			7,427
Gain on disposals of emission rights			—				—				3			4
Others			43,025				17,315				128,572			56,647
		~~W~~	553,186				50,657				691,504			183,521
Other non-operating expenses
Other bad debt expenses		~~W~~	264				13,490				6,329			13,490
Loss on disposals of investments in subsidiaries, associates and joint ventures			90,546				556				99,071			752
Loss on disposals of property, plant and equipment			42,402				39,760				65,202			53,034
Impairment loss on property, plant and equipment			123,375				65,579				123,508			113,159
Impairment loss on intangible assets			5,288				25,667				5,703			25,678
Loss on disposal of assets held for sale			(1,229	)			653				—			653
Loss on valuation of firm commitment			3,921				17,873				13,992			20,320
Donations			7,366				10,327				33,051			31,850
Idle tangible asset expenses			1,376				1,165				3,163			2,486
Increase to provisions			3,622				3,338				4,254			4,643
Others			10,777				12,209				49,427			37,702
		~~W~~	287,708				190,617				403,700			303,767

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30. Expenses by Nature

Expenses that are recorded by nature as cost of sales, selling and administrative expenses, impairment loss on other receivables and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (excluding finance costs and income tax expense):

(in millions of Won)		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
		2026				2025			2026			2025
Raw material used, changes in inventories and others		~~W~~	11,106,620				8,945,921			21,882,976			19,453,869
Employee benefits expenses			1,276,911				1,206,538			2,609,495			2,472,507
Outsourced processing cost			2,093,250				2,288,309			4,006,102			4,325,967
Electricity and water expenses			266,128				313,885			483,197			677,904
Depreciation(*1)			969,295				908,471			1,889,359			1,818,192
Amortization			119,610				108,297			253,386			221,053
Freight and custody expenses			907,509				805,253			1,580,175			1,367,470
Sales commissions			22,590				21,451			43,662			39,374
Loss on disposal of property, plant and equipment			42,402				39,760			65,202			53,034
Impairment loss on property, plant and equipment			123,375				65,579			123,508			113,159
Impariment loss on intangible assets			5,288				25,667			5,703			25,678
Donations			7,366				10,327			33,051			31,850
Other expenses			1,787,035				2,399,574			3,036,829			3,520,460
		~~W~~	18,727,379				17,139,032			36,012,645			34,120,517
(*1)	Including depreciation of investment property.
:---	:---

31. Income Taxes

The effective tax rates of the Group for each of the six-month periods ended June 30, 2026 and 2025 are 21.77% and 41.96%, 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.

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31. Income Taxes (cont’d)

(b)	Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the parent company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Group calculated the Pillar Two income tax expense for the six-month period ended June 30, 2026 as it is subject to global minimum tax under the OECD’s Pillar Two Model Rules. The Group reviewed subsidiaries qualifying as taxpayers, including the parent company and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2026 as the impact of the global minimum tax on the consolidated financial statements as of June 30, 2026 would not be significant. Furthermore, the Group applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum tax and does not disclose information related to deferred income tax.

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June 30, 2026 and 2025 (Unaudited)

32. Earnings per Share

(a)	Basic earnings per share for each of the three-month and six-month<br>periods ended June 30, 2026 and 2025 are calculated as follows:
(in Won, except per share information)		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---
		2026				2025			2026			2025
Profit attributable to controlling interest		~~W~~	684,754,194,987				159,865,185,533			1,151,960,457,392			462,160,578,704
Weighted-average number of common shares outstanding(*1)			75,620,779				75,620,779			75,620,779			75,620,779
Basic earnings per share		~~W~~	9,055				2,114			15,233			6,112
(*1)	The weighted-average number of common shares used to calculate basic earnings per share is as follows:
:---	:---
(shares)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
		2026				2025				2026				2025
Total number of common shares issued			79,241,527				80,932,952				80,082,567				81,773,992
Weighted-average number of treasury shares			(3,620,748	)			(5,312,173	)			(4,461,788	)			(6,153,213	)
Weighted-average number of common shares outstanding			75,620,779				75,620,779				75,620,779				75,620,779
(b)	The Group has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of<br>June 30, 2026. The diluted earnings per share for each of the six-month periods ended June 30, 2026 and 2025 are the same as the basic earnings per share due to the anti-dilutive effect.
:---	:---

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33. Related Party Transactions

(a)	Related parties of the Group as of June 30, 2026 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.,<br>9404-5515 Quebec Inc.,<br>KOREA LNG LTD., Nickel Mining Company SAS and others.
(b)	Material transactions between the Group and its related parties for each of the<br>six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Sales and others(*1)										Purchase and others
---	---	:---:	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---
		Sales				Dividends			Others			Purchase<br>of material			Others
Associates and joint ventures(*1)
New Songdo International City<br>Development, LLC		~~W~~	26,357				—			6,474			—			31
SNNC			55,321				—			3,018			174,267			124
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER			2,213				—			—			22			—
Gunggi Green Energy			—				—			—			—			3,875
POS SeAH Steel Wire(Nantong) Co., Ltd.			17,946				—			—			190			—
South-East Asia Gas Pipeline Company Ltd.			—				16,776			—			—			—
POSCO MC MATERIALS			68,222				—			—			1,258			266
Samcheok Blue Power Co., Ltd.			136,370				—			—			—			—
POSCO(Guangdong) Automotive Steel Co., Ltd			105,495				—			—			132,342			—
HBIS-POSCO Automotive Steel Co., Ltd			8,634				—			—			63,328			48
Roy Hill Holdings Pty Ltd			—				96,438			—			845,604			—
Others			112,973				36,466			983			291,209			10,076
		~~W~~	533,531				149,680			10,475			1,508,220			14,420
(*1)	As of June 30, 2026, the Group provides payment guarantees to its related parties (see Note 34).
:---	:---

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June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

2)	For the six-month period ended June 30, 2025
(in millions of Won)		Sales and others(*1)										Purchase and others
---	---	:---:	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---
		Sales				Dividends			Others			Purchase of<br>material			Others
Associates and joint ventures(*1)
New Songdo International City<br>Development, LLC		~~W~~	42,264				—			—			—			54
SNNC			48,646				—			4			355,240			2,596
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER			25,818				—			—			3			—
Gunggi Green Energy			7,103				—			—			—			2,715
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd			5,703				—			—			7			—
POSCO SeAH Steel Wire(Nantong) Co., Ltd.			28,060				—			—			495			—
South-East Asia Gas Pipeline Company Ltd.			—				11,941			—			—			—
POSCO MC MATERIALS			69,133				3,000			—			3,400			271
Samcheok Blue Power Co., Ltd.			103,083				2,795			—			—			—
POSCO(Guangdong) Automotive Steel Co., Ltd			92,510				—			—			121,003			—
HBIS-POSCO Automotive Steel Co., Ltd			15,387				—			—			20,486			—
Roy Hill Holdings Pty Ltd			1,682				118,313			—			758,356			—
Others			106,651				73,224			594			160,614			23,350
		~~W~~	546,040				209,273			598			1,419,604			28,986
(*1)	As of June 30, 2025, the Group provides payment guarantees to its related parties (see Note 34).
:---	:---
(c)	Outstanding balances arising from material transactions between the Group and its related parties as of<br>June 30, 2026 and December 31, 2025 are as follows:
:---	:---
1)	June 30, 2026
:---	:---
(in millions of Won)		Receivables(*1)													Payables
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	---
		Trade accounts<br>and<br>notes receivable				Loans			Others			Total			Trade accounts<br>and<br>notes payable			Others			Total
Associates and joint ventures
New Songdo International City<br>Development, LLC		~~W~~	27,915				—			100			28,015			—			—			—
Gunggi Green Energy			—				—			14,832			14,832			—			791			791
POSCO(Guangdong) Automotive Steel Co., Ltd			40,785				1,037			—			41,822			33,175			—			33,175
AMCI (WA) PTY LTD			—				143,618			—			143,618			—			—			—
HBIS-POSCO Automotive Steel Co.,Ltd			3,319				—			—			3,319			14,306			143			14,449
Samcheok Blue Power Co., Ltd.			327,840				—			139			327,979			—			386			386
Nickel Mining Company SAS			—				79,249			1,187			80,436			—			358			358
POS-SeAH Steel Wire(Nantong) Co., Ltd.			9,679				—			—			9,679			118			—			118
POSCO MC MATERIALS			15,932				—			22			15,954			49			317			366
Pocheon-Hwado Highway Corp.			5,491				—			—			5,491			—			—			—
UITrans LRT Co., Ltd.			—				39,331			4,116			43,447			—			—			—
Roy Hill Holdings Pty Ltd			53,900				—			13,273			67,173			482,247			14			482,261
SNNC			17,105				—			166,322			183,427			4,330			103			4,433
FQM Australia Holdings Pty Ltd			—				317,881			—			317,881			—			—			—
Others			15,673				34,894			146,195			196,762			17,369			58,965			76,334
		~~W~~	517,639				616,010			346,186			1,479,835			551,594			61,077			612,671
(*1)	As of June 30, 2026, the Group recognizes an allowance for doubtful account for receivables above<br>amounting to ~~W~~579,703 million.
:---	:---

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33. Related Party Transactions (cont’d)

2)	December 31, 2025
(in millions of Won)		Receivables(*1)													Payables
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	---
		Trade accounts<br>and<br>notes receivable				Loans			Others			Total			Trade accounts<br>and<br>notes receivable			Others			Total
Associates and joint ventures
New Songdo International City<br>Development, LLC		~~W~~	25,497				—			10,100			35,597			—			4			4
Gunggi Green Energy			—				—			14,832			14,832			—			—			—
POSCO(Guangdong) Automotive Steel Co., Ltd			32,218				6,212			—			38,430			37,313			—			37,313
AMCI (WA) PTY LTD			—				136,580			—			136,580			—			—			—
HBIS-POSCO Automotive Steel Co.,Ltd			3,701				—			—			3,701			15,584			207			15,791
POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd			4,965				—			—			4,965			—			—			—
Samcheok Blue Power Co., Ltd.			273,880				—			193			274,073			—			381			381
Nickel Mining Company SAS			—				75,857			707			76,564			—			358			358
POS-SeAH Steel Wire(Nantong) Co., Ltd.			13,334				—			—			13,334			150			—			150
POSCO MC MATERIALS			10,838				—			358			11,196			894			506			1,400
Pocheon-Hwado Highway Corp.			5,491				—			—			5,491			—			2			2
UITrans LRT Co., Ltd.			—				39,333			4,214			43,547			—			—			—
Roy Hill Holdings Pty Ltd			39,761				—			9,610			49,371			426,829			—			426,829
SNNC			10,694				—			28,433			39,127			5,439			447			5,886
FQM Australia Holdings Pty Ltd			—				292,591			—			292,591			—			—			—
Others			27,327				21,995			138,447			187,769			49,756			71,663			121,419
		~~W~~	447,706				572,568			206,894			1,227,168			535,965			73,568			609,533

(*1) As of December 31, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to ~~W~~531,031 million.

(d)	Major financial transactions between the Group and its related parties for the<br>six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Beginning				Lend			Collect			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Associates and joint ventures
UITrans LRT Co., Ltd.		~~W~~	39,333				—			(4	)		2			39,331
PT. Tanggamus Electric Power			2,588				—			(670	)		192			2,110
Nickel Mining Company SAS			75,857				—			—			3,392			79,249
Hyo-chun Co., Ltd.			2,382				—			—			—			2,382
AMCI (WA) PTY LTD			136,580				—			(7,284	)		14,322			143,618
FQM Australia Holdings Pty Ltd			292,591				—			—			25,290			317,881
POHANG E&E Co. , LTD			4,672				658			—			—			5,330
POSCO(Guangdong) Automotive Steel Co., Ltd.			6,212				19,437			(25,286	)		674			1,037
Gale International Korea, LLC			444				—			—			(444	)		—
CAML			5,766				11,892			—			605			18,263
POS-AUSTEM Suzhou Automotive			6,143				—			—			666			6,809
		~~W~~	572,568				31,987			(33,244	)		44,699			616,010
(*1)	Including adjustments of foreign currency translation differences and others.
:---	:---

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June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

2)	For the year ended December 31, 2025
(in millions of Won)		Beginning				Lend			Collect			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Associates and joint ventures
UITrans LRT Co., Ltd.		~~W~~	51,051				—			(11,718	)		—			39,333
PT. Tanggamus Electric Power			3,854				—			(3,089	)		1,823			2,588
Nickel Mining Company SAS			68,793				—			—			7,064			75,857
KRAKATAU POS-CHEM<br>DONG-SUH CHEMICAL			1,470				—			(1,435	)		(35	)		—
Hyo-chun Co., Ltd.			2,382				—			—			—			2,382
AMCI (WA) PTY LTD			142,767				73			(13,657	)		7,397			136,580
POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD			5,636				—			(5,733	)		97			—
FQM Australia Holdings Pty Ltd			292,764				—			—			(173	)		292,591
POHANG E&E Co. , LTD			3,228				1,444			—			—			4,672
POSCO(Guangdong) Automotive Steel Co., Ltd.			6,162				64,858			(64,914	)		106			6,212
Gale International Korea, LLC			100				344			—			—			444
P&O Chemical Co., Ltd.			3,060				—			—			(3,060	)		—
CAML			—				5,766			—			—			5,766
POS-AUSTEM Suzhou Automotive			—				6,143			—			—			6,143
		~~W~~	581,267				78,628			(100,546	)		13,219			572,568
(*1)	Including adjusted foreign currency translation differences and others.
:---	:---
(e)	For each of the six-month periods ended June 30, 2026 and<br>2025, there were additional investments in associates and joint ventures and others amounting to ~~W~~867,853 million and ~~W~~151,870 million, respectively.
:---	:---
(f)	For each of the six-month periods ended June 30, 2026 and 2025,<br>details of compensations to key management officers are as follows:
:---	:---
(in millions of Won)		June 30,<br>2026				June 30,<br>2025
---	---	:---:	---	---	---	:---:	---
Short-term benefits		~~W~~	86,665				84,577
Long-term benefits			1,551				3,086
Retirement benefits			12,028				11,787
		~~W~~	100,244				99,450

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 the consultations with internal and external legal counsel. In making the decision on the recognition of a provision, management considers the likelihood of an outflow of resources embodying economic benefits to settle the obligation and the possibility of making a reliable estimate of the amount.

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34. Commitments and Contingencies (cont’d)

(b)	Details of guarantees
1)	Contingent liabilities on outstanding guarantees provided by the Group as of June 30, 2026 are as follows:
:---	:---
(in millions of Won)			Guarantee limit					Guarantee amount
---	---	---	:---:	---	---	---	---	:---:	---	---	---
Guarantor	Guarantee beneficiary	Financial institution	Foreign currency			Won<br>equivalent		Foreign<br>currency		Won<br>equivalent
[The Company]
POSCO HOLDINGS INC.	POSCO Asia Co., Ltd.	Credit Agricole and others		USD	200,000,000		308,301		120,000,001		184,980
	POSCO Argentina S.A.U	HSBC and others		USD	1,079,900,000		1,664,664		1,059,305,000		1,632,919
POSCO	POSCO ASSAN TST STEEL INDUSTRY Inc	Citibank and others		USD	122,850,000		189,373		122,850,000		189,373
POSCO INTERNATIONAL Corporation	PT. Bio Inti Agrindo	BTPN and others		IDR	631,200,000,000		54,536		631,200,000,000		54,536
	POSCO ASSAN TST STEEL INDUSTRY Inc	Citibank and others		USD	13,650,000		21,041		13,650,000		21,041
	POSCO INTERNATIONAL Deutschland GmbH	Bank Mendes Gans Amsterdam		USD	50,000,000		77,075		10,282,050		15,850
	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 MEXICO S.A. de C.V.								—		—
	POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD								—		—
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE<br>C.V.								—		—
	POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o								—		—
	GRAIN TERMINAL HOLDING PTE. LTD.								1,700,000		2,621
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE<br>C.V.	Export-Import Bank of<br>Korea and others		USD	52,054,800		80,242		51,379,000		79,201
	POSCO INTERNATIONAL POLAND E-MOBI LITY SP. Z<br>O.O.	BNP Paribas Polska S.A.		EUR	23,678,000		41,699		23,678,000		41,699
	PT. KRAKATAU POSCO ENERGY	POSCO Asia Co., Ltd. and others		USD	102,903,407		158,626		23,450,000		36,148
	PT POSCO INTERNATIONAL ENP INDONESIA	PT Bank Negara Indonesia		USD	750,000		1,156		750,000		1,156
	POSCO INTERNATIONAL ALASKA ENERGY LLC	Glenfarne Alaska Partners, LLC		USD	45,000,000		69,368		45,000,000		69,368
	AGPA PTE. LTD.	SMBC Singapore		USD	20,880,000		32,187		20,880,000		32,187
POSCO STEELEON CO.,LTD.	Myanmar POSCO C&C Company, Limited.	POSCO Asia Co., Ltd.		CNY	121,678,106		27,617		101,398,422		23,014
POSCO FUTURE M CO., LTD.	ULTIUM CAM LIMITED PARTNERSHIP	Shinhan Bank		USD	100,000,000		154,150		100,000,000		154,150
		Investissement Quebec,<br>Strategic Innovation Fund		CAD	299,562,500		325,046		231,912,630		251,641
	FUTURE GRAPH CO., LTD.	Korea Development Bank		KRW	250,000		250,000		60,700		60,700
[Associates and joint ventures]
POSCO HOLDINGS INC.	NICKEL MINING COMPANY SAS	SMBC		EUR	46,000,000		81,010		46,000,000		81,010
	PT NICOLE METAL INDUSTRY	STANDARD CHARTERED and others		USD	40,180,000		61,938		18,757,063		28,914
POSCO INTERNATIONAL Corporation	GLOBAL KOMSCO Daewoo LLC	Hana Bank Bahrain		USD	6,650,000		10,251		4,200,000		6,474
POSCO Eco & Challenge Co., Ltd.	Chun-cheon Energy Co., Ltd (*1)	Kookmin Bank and others		KRW	149,200		149,200		116,590		116,590
[Others]
POSCO Eco & Challenge Co., Ltd.	Subcontractors for maintenance projects, etc. (*2)	Kookmin Bank and others		KRW	313,452		313,452		3,171		3,171
POSCO AUSTRALIA PTY LTD	Department of Trade and Investment (NSW Government) and others	Woori Bank and others		AUD	18,744,862		19,903		18,744,862		19,903
PT. Prime Agri<br>Resources	Koperasi Bakomo Diri Maju (KBDM) and others	Koperasi Simpan Pinjam Sahabat Mitra Sejati<br>and others		IDR	403,031,168,890		34,822		403,031,168,890		34,822
POSCO COATED STEEL (THAILAND) CO., LTD.	AMATA NATURAL GAS DISTRIBUTION<br>COMPANY LIMITED and others	SC Bank		THB	56,065,000		2,599		56,065,000		2,599
	BUREAU OF INDIAN STANDARDS (BIS)	SC Bank		USD	20,000		31		20,000		31
POSCO Maharashtra Steel Private Limited	Gail India and others	Deutsche Bank and others		INR	1,049,571,593		17,108		1,049,571,593		17,108
(*1)	This commitment is a PF commitment that provides credit enhancement through payment guarantees in connection<br>with SOC projects as of June 30, 2026.
:---	:---
(*2)	This commitment is a PF commitment that guarantees the interim payment loans of purchasers in connection with<br>maintenance projects and other projects as of June 30, 2026.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

2)	Details of credit enhancements by type of the Group’s PF business as of June 30, 2026 are as<br>follows:
①	Maintenance projects and others
:---	:---
a.	Information about maturity of the loans related to PF credit enhancements such as debt acceptance and fund<br>supplementation is as follows:
:---	:---
(in millions of Won)																		Balance of the loans
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Provider	Projects(*1)			Borrower			Type			Credit enhancement<br>measures			Agreed<br>amount			Executed<br>amount		Total		Within 3<br>months		3~6<br>months		6 months<br>~1 year		1 year ~2<br>years		2 years ~3<br>years		After<br>3 years
[The Company]
POSCO Eco & Challenge Co., Ltd.		Other projects			JB CLARK<br>HILLS CORP			Main PF			Debt assumption		~~W~~	49,020			39,925		39,925		—		39,925		—		—		—		—
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.		Other projects			New Songdo<br>International<br>City<br>Development,<br>LLC			Mortgage<br>loan			Debt assumption			524,500			354,000		354,000		—		—		334,000		—		20,000		—
[Others]
POSCO Eco & Challenge Co., Ltd.		Maintenance<br>projects			Bangbae<br>Shindonga<br>Apartment<br>Reconstruction<br>and<br>Maintenance<br>Project<br>Association,<br>etc.			Main PF			Debt assumption			1,495,216			702,801		702,801		—		34,327		111,947		—		305,198		251,329
		Other projects			Civic Center PFV			Main PF			Debt assumption			45,000			45,000		45,000		—		—		—		—		—		45,000
		Other projects			LandmarkSewoon			Main PF			Debt assumption			50,000			50,000		50,000		—		—		—		—		—		50,000
		Other projects			DAON INP Co.,<br>Ltd.			Main PF			Joint guarantee			78,000			60,000		60,000		—		—		—		—		60,000		—
		Other projects			Jeonju Eco-city			Main PF			Debt assumption			53,300			22,000		22,000		22,000		—		—		—		—		—
		Other projects			Apcity HNG			Main PF			Debt assumption			60,000			60,000		60,000		—		—		—		—		60,000		—
		Other projects			ISLAND ONE<br>CO., LTD.			Main PF			Debt assumption			50,000			50,000		50,000		—		—		—		50,000		—		—
		Other projects			KOREA ASSET<br>DEVELOPMENT<br>CO.,LTD.			Main PF			Debt assumption			48,000			40,000		40,000		—		—		—		40,000		—		—
		Other projects			Daegu MBC<br>Development<br>PFV Co., Ltd.			Main PF			Debt assumption			80,000			80,000		80,000		—		—		—		80,000		—		—
		Other projects			Sinhwa AMC<br>Co.,Ltd.			Main PF			Debt assumption			80,000			80,000		80,000		—		—		—		80,000		—		—
		Other projects			SEUM PACIFIC<br>CO.,LTD.			Main PF			Debt assumption			48,000			40,000		40,000		—		—		—		—		—		40,000
POSCO DX		Other projects			Jeonnong school<br>keeper co.<br>and others(*2)			Main PF			Supplemental<br>funding<br>agreement and<br>others			123,309			32,876		32,876		—		—		—		75		2,982		29,819
														2,210,825			1,262,677		1,262,677		22,000		34,327		111,947		250,075		428,180		416,148
													~~W~~	2,784,345			1,656,602		1,656,602		22,000		74,252		445,947		250,075		448,180		416,148
(*1)	The maintenance project mainly consists of reconstruction and condominium construction projects, and other<br>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<br>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<br>~~W~~1,122,320 million, outstanding loan balance of ~~W~~302,816 million)
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

b.	Details of conditional debt acceptance and principal and interest repayment commitments in the event of non-compliance with completion guarantee covenant as of June 30, 2026 are as follows:
(in millions of Won)				Number of<br>constructions				Contract<br>amount				Contingency<br>amount(*1)(*2)				Balance of<br>loans
---	---	---	---	:---:	---	---	---	:---:	---	---	---	:---:	---	---	---	:---:	---	---
Maintenance projects		All			23			~~W~~	11,124,790				4,847,129				1,987,319
		Between the Group			23				9,013,821				3,954,871				1,458,826
Other projects		All			1				2,197,729				5,350,000				1,548,900
		Between the Group			1				2,197,729				5,350,000				1,548,900
		All			24				13,322,519				10,197,129				3,536,219
		Between the Group			24			~~W~~	11,211,550				9,304,871				3,007,726
(*1)	The overlapping amount with other credit enhancement measures such as the agreed debt<br>assumption upon loan origination amounts to ~~W~~104,886 million for the maintenance projects.
:---	:---
(*2)	In the case of joint subcontracting projects, the total joint guarantee amount of the project<br>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.
:---	:---
c.	Details of contingent liability for damages in the event of<br>non-compliance with construction completion covenant as of June 30, 2026 are as follows:
:---	:---
(in millions of Won)				Number of<br>constructions			Contract<br>amount				Contingency<br>amount(*1)(*2)			Balance of<br>loans
---	---	---	---	:---:	---	---	:---:	---	---	---	:---:	---	---	:---:	---
Other projects		All			35		~~W~~	11,713,112				13,078,000			8,630,809
		Between the Group			35			11,084,715				12,688,654			8,302,489
(*1)	The overlapping amount with other credit enhancement measures such as the agreed debt<br>assumption upon loan origination amounts to ~~W~~505,000 million for maintenance projects.
:---	:---
(*2)	In the case of joint subcontracting projects, the total joint guarantee amount of the project<br>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.
:---	:---
②	SOC projects
:---	:---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Provider		Recipient		Credit enhancement<br><br>measures		Number of<br>constructions				Approved<br>amount				Remaining balance<br>after repayment
[Associates and joint ventures]
POSCO DX		Pocheon-Hwado Highway Corp.(*1)		Providing funds			1				24,923				22,157
POSCO Eco & Challenge Co., Ltd.		Pocheon-Hwado Highway Corp.(*1)		Providing funds			1				319,515				284,054
		POHANG E&E Co., LTD(*2)		Providing funds and supplemental funding agreement			2				71,930				36,347
		Pureun Tongyeong Enviro Co., Ltd.(*2)		Providing funds			1				25,630				9,219
		Pure Gimpo.Co.,Ltd(*2)		Providing funds			1				51,565				20,117
		Clean Iksan Co.,Ltd(*2)		Providing funds			1				44,054				19,098
							7				537,617				390,992
[Others]
POSCO DX		Western Inland highway CO.,LTD.		Providing funds			1				47,348				32,668
		BUSAN SANSEONG TUNNEL Co.,Ltd.		Refinancing			1				7,621				7,621
POSCO Eco & Challenge Co., Ltd.(*3)		Western Seoul highway CO.,LTD. and others		Supplemental funding agreement			9				40,726				20,795
		Western Inland highway CO.,LTD. and others		Providing funds			38				2,377,253				1,312,085
		Pohang Youngil Bay New Port		Debt assumption			1				2,250				1,440
		Busan Sanseong Tunnel		Refinancing			1				35,296				26,750
							51				2,510,494				1,401,359
							58			~~W~~	3,048,111				1,792,351
(*1)	The Group provides a funding commitment of<br>~~W~~306,211 million (including other shares: ~~W~~554,888 million) equivalent to the Group’s share of the loan balance for the private investment project.
:---	:---
(*2)	The Group provides a funding commitment of ~~W~~84,781 million (including<br>other shares: ~~W~~154,223 million) equivalent to the Group’s share of the loan balance for the private investment project.
:---	:---
(*3)	The Group provides a funding commitment of ~~W~~1,361,070 million (including<br>other shares: ~~W~~5,069,250 million) equivalent to the Group’s share of the loan balance for the private investment project.
:---	:---

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

3)	Other guarantees
①	As of June 30, 2026, the payment guarantees that the Group provides to clients, such as contract<br>performance guarantees, installment guarantees, and defect guarantees, by subscribing to insurance policies with guarantee insurance companies or issuing guarantee certificates are as follows:
:---	:---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Provider of credit enhancement		Recipient of credit enhancement		Types of guarantees		Agreed amount				Executed amount			Guarantor
[Subsidiaries]
POSCO GYR Tech		POSCO		Defect liability warranty			101				101		CI Guarantee
POSCO Eco & Challenge Co., Ltd.		PT.Tanggamus Electric Power		Letter of credit			3,091				3,091		Hana Bank
		PT. Wampu Electric Power		Letter of credit			2,775				2,775		Hana Bank
							5,866				5,866
[Others]
POSCO Eco & Challenge Co., Ltd.		DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd		Guarantee on performance for construction			10,741,422				10,329,233		Construction Guarantee Cooperative
POSCO GYR Tech		KEPCO Plant Service & Engineering Co., Ltd.		Defect liability warranty			2,032				2,032		CI Guarantee
							10,743,454				10,331,265
						~~W~~	10,749,421				10,337,232
②	As of June 30, 2026, the primary payment guarantees and other guarantees that the Group is provided from<br>the guarantee institution are as follows:
:---	:---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---
Provider		Types of guarantees		Agreed<br>amount				Executed<br>amount
Construction Guarantee Cooperative		Subcontractor Payment Guarantee and others		~~W~~	5,388,633				5,388,633
Engineering Guarantee Insurance		Guarantee on performance for EPC contracts and others			1,020,699				579,701
Seoul Guarantee Insurance		Construction performance guarantee and others			483,637				483,637
Korea Housing & Urban Guarantee Corporation		Housing Guarantee and others			6,195,951				5,522,772
Woori Bank and others		Foreign currency guarantee			1,989,612				850,606
Korea software financial cooperative		Guarantee on performance for contracts			120,173				60,316
Seoul Guarantee Insurance		Guarantee on performance and others			87,688				87,688
Construction Guarantee Cooperative		Guarantee on performance			24,482				195
CI Guarantee		Defect liability warranty			252,133				252,133
				~~W~~	15,563,008				13,225,681

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

(c)	Other commitments

Details of other commitments of the Group as of June 30, 2026 are as follows:

Company		Description
POSCO HOLDINGS INC.		As of June 30, 2026, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign<br>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<br>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<br>agreements.As of June 30, 2026, the ending balance of the borrowing amounts to USD 1.02 million.
		POSCO HOLDINGS INC. has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation to<br>foreign currency exchangeable bonds as of June 30, 2026.
POSCO		POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract<br>period is more than two years for iron ore, three years for coal, and one year for nickel. These contracts provide for periodic price adjustments based on the market price. As of June 30, 2026, 45 million tons of iron ore and<br>17 million tons of coal remained to be purchased under such long- term contracts.
		POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase<br>550 thousand tons of LNG. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to December 2026. The purchase price is subject to change, based on changes of the<br>monthly standard oil price (JCC) and with a price ceiling.
		POSCO has a long-term service contract for the transportation of raw material. As of June 30, 2026, there are 31<br>vessels under contract, and the average remaining contract period is about 6 years.
		POSCO entered into an agreement (LNG SPA) with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons<br>of LNG annually for 15 years commencing in November 2026.The purchase price is subject to change based on changes of U.S. Henry Hub Natural Gas Spot Price. POSCO has extension option of extending the purchase contract by five years.
		Regarding the shares of FEWM CO., LTD., the Company holds a call option, exercisable during the period from July 1,<br>2026 to June 30, 2027, to purchase a portion of the largest shareholder’s stake at a pre-negotiated exercise price, to the extent that the Company’s shareholding in the target company reaches<br>59% of the total issued shares of the target company at the time of exercise.
		POSCO has entered into an LNG terminal usage agreement with POSCO International to consume directly imported LNG for<br>processing and power generation at the Pohang and Gwangyang steelworks after unloading, storing, vaporizing, and transmitting it through the Gwangyang LNG terminal. This agreement grants the Company the exclusive and sole right to use 200,000<br>㎘ of LNG storage capacity in the new LNG storage tank and to use the terminal facilities, including other ancillary equipment. The contract period is from September 1, 2025, to August 31, 2041.
		To ensure stable operations in response to increased LNG demand, POSCO has entered into a long-term LNG purchase agreement<br>with QatarEnergy Trading LLC. The purchase period and volume are four years from January 2027 through December 2030, at an annual volume of 300,000 metric tons. The purchase price is adjusted based on fluctuations in the price of crude oil<br>(Brent).
		The Company has participated in an investment to jointly construct an electric arc furnace-based integrated steel mill<br>with Hyundai Motor Group in the State of Louisiana, U.S.A., in order to strengthen its response to the North American steel market and secure a production base for eco-friendly automotive steel sheets. Under<br>this investment structure, POS-Louisiana Inc., a wholly-owned subsidiary established through a 100% equity investment by the Company, will acquire a 20% equity interest in HYUNDAI-POSCO Louisiana Steel LLC.<br>The Company has guaranteed POS-Louisiana Inc.’s capital contribution obligation, amounting to a final investment of USD 582 million.

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

POSCO INTERNATIONAL Corporation		The Company invested in the Ambatovy Nickel Project (DMSA/AMSA) in Madagascar through the Korea Ambatovy Consortium (KAC)<br>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)<br>in November 2017, and transferred the remaining interests of the project to Sumitomo and AHL2 (Ambatovy Holdings II Limited) in August 2020. KAC has the rights and obligations to the 15.33% stake held by AHL and AHL2. Meanwhile, Sumitomo, a co-investor in the project, entered into an agreement in May 2026 to sell all of its interests to a consortium (AMRI) led by Essenwood Partners, a UK-based resource<br>development investment firm. The sale process is currently underway, and even upon completion of the transaction, there will be no changes to KAC’s ownership interest (15.33%) or its related rights and obligations.
		As of June 30, 2026, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO<br>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<br>has an obligation to make additional capital contributions to ULTIUM CAM LIMITED PARTNERSHIP. As of June 30, 2026, the remaining amount of USD 385,764 thousand is scheduled to be contributed additionally by 2026 through capital<br>call.

(d) Litigation in progress

The Group is involved in 451 lawsuits amounting to ~~W~~1,264.9 billion as a defendant as of June 30, 2026, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to ~~W~~36.1 billion for 37 lawsuits based on its reliable estimate of outflow of resources.

(e) Other major contingencies for the Group as of June 30, 2026 are as follows:

Company		Description
POSCO HOLDINGS INC.		POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings.
		The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.
POSCO INTERNATIONAL<br><br>Corporation		As of June 30, 2026, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 12 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and<br>others.
POSCO Eco & Challenge Co., Ltd.		As of June 30, 2026, POSCO Eco & Challenge Co., Ltd. has provided 40 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans.
POSCO DX		As of June 30, 2026, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others.

35. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		June 30, 2026				June 30, 2025
Trade accounts and notes receivable		~~W~~	(2,188,315	)			(1,000,685	)
Other receivables			(167,455	)			214,898
Inventories			(773,052	)			1,541,145
Other current assets			(309,740	)			(97,333	)
Other non-current assets			(17,162	)			(57,196	)
Trade accounts and notes payable			287,105				(598,158	)
Other payables			(11,247	)			(243,815	)
Other current liabilities			541,391				171,368
Provisions			(26,217	)			(62,255	)
Payments of severance benefits			(283,869	)			(210,762	)
Plan assets			267,452				210,154
Other non-current liabilities			(1,506	)			177
		~~W~~	(2,682,615	)			(132,462	)

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Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

36. Operating Segments

(a)	The Group’s operating businesses are organized based on the nature of markets and customers. During the<br>six-month period ended June 30, 2026, the Group changed its internal organization and internal reporting structures. As a result, operating segments were re-categorized according to the revised reporting<br>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<br>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				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, and hydrogen business
Others				POSCO HOLDINGS. INC., Controlling company and Investment business

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

(b)	The classification of the information by operating segments for each of the<br>six-month periods ended June 30, 2026 and 2025 is as follows:
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Steel				Infrastructure									Rechargeable<br>bettery materials			Others			Total
---	---	:---:	---	---	---	:---:	---	---	---	---	---	---	---	---	:---:	---	---	:---:	---	---	:---:	---
						Trading			Construction			Logistics and<br>others
External revenues		~~W~~	18,793,106				13,949,995			3,056,473			141,785			1,179,940			13,492			37,134,791
Internal revenues			11,563,805				9,714,710			541,710			1,919,425			850,744			1,011,527			25,601,921
Inter segment revenues			6,572,440				4,078,464			516,844			1,939,769			679,385			998,162			14,785,064
Total revenues			30,356,911				23,664,705			3,598,183			2,061,210			2,030,684			1,025,019			62,736,712
Segment profits (loss)			351,821				458,986			48,459			33,361			(70,664	)		748,315			1,570,278
2)	For the six-month period ended June 30, 2025
:---	:---
(in millions of Won)		Steel				Infrastructure									Rechargeable<br>bettery materials			Others			Total
---	---	:---:	---	---	---	:---:	---	---	---	---	---	---	---	---	:---:	---	---	:---:	---	---	:---:	---
						Construction			Trading			Logistics and<br>others
External revenues		~~W~~	18,695,251				12,077,007			2,955,818			136,875			1,092,230			35,182			34,992,363
Internal revenues			11,148,015				9,144,126			880,221			1,620,140			601,292			832,780			24,226,574
Inter segment revenues			7,270,608				4,188,756			839,854			1,588,554			521,484			824,197			15,233,453
Total revenues			29,843,266				21,221,133			3,836,039			1,757,015			1,693,522			867,962			59,218,937
Segment profits			578,230				201,823			(126,581	)		32,120			(297,667	)		628,759			1,016,684

58

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

36. Operating Segments (cont’d)

(c)	The reconciliations of the total segment revenues, profit or loss, assets and liabilities, and other<br>significant items to their respective consolidated financial statement line items for each of the six-month periods ended June 20, 2026 and 2025 are as follows:
(in millions of Won)		June 30, 2026				June 30, 2025
---	---	:---:	---	---	---	:---:	---	---
Total profit for the period		~~W~~	1,570,278				1,016,684
Fair value adjustments			(49,259	)			(72,666	)
Elimination of intra-group transactions			(216,315	)			(515,937	)
Income tax expense			363,010				309,559
Profit before income tax expense		~~W~~	1,667,714				737,640

37. Matters Concerning Tariffs

(a)	In June 2025, the U.S. government announced an executive order imposing a 50% tariff on all steel and aluminum<br>products, which took effect on June 4, 2025. The imposition of this tariff creates uncertainty in the estimates of the financial statements.
(b)	In July 2026, the EU implemented new restrictions on steel imports, resulting in a reduction in steel import<br>quotas and an increase in the tariff rate on quantities exceeding the quotas to 50%. The implementation of these measures introduces uncertainty in the estimation of financial statements.
:---	:---

38. Uncertainty Regarding the Impact of the Coup in Myanmar

There is uncertainty arising from the political instability in Myanmar and economic sanctions imposed by the international community, including the European Union and the U.S. government. The Myanmar gas field project in which the Group currently participates is operating normally, and the Group continues to monitor developments in international sanctions. As of the end of the reporting period, the impact of this matter on the financial statements cannot be reasonably estimated.

39. Events after the reporting period

(a)	Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to provide a payment<br>guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The related loan agreement was entered into on August 6, 2026, and the guarantee period is three years from August 6, 2026.
(b)	POSCO E&C Co., Ltd., a subsidiary of the Company, decided to issue ~~W~~400 billion in<br>bond-type hybrid securities for the purpose of strengthening its financial soundness, among others, through a resolution of its Board of Directors on July 13, 2026, and issued the securities on July 20, 2026, The hybrid securities may be redeemed<br>after a certain period has elapsed from the issuance date, and the bondholders cannot demand early redemption. In addition, the maturity may be continuously extended under the same terms and conditions on the maturity date, and the payment of<br>interest may be suspended. Accordingly, the securities are expected to be classified as equity.
:---	:---
(c)	POSCO International Co., Ltd., a subsidiary of the Company, decided to provide a payment guarantee of<br>approximately ~~W~~184.5 billion for the borrowings of its subsidiary, Centrux LNG Pte. Ltd., pursuant to the resolution of its Board of Directors on July 31, 2026.
:---	:---

59

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POSCO HOLDINGS INC.

Interim condensed separate financial statements

for each of the six-month periods ended June 30, 2026 and 2025

with the independent auditor’s review report

Table of Contents

Table of Contents

Report on review of interim condensed separate financial statements

		Page
Interim condensed separate financial statements
Interim condensed separate statements of financial position			1
Interim condensed separate statements of comprehensive income or<br>loss			3
Interim condensed separate statements of changes in equity			4
Interim condensed separate statements of cash flows			5
Notes to the interim condensed separate financial statements			7

Table of Contents

	Ernst & Young Han Young<br><br>2-3F, 7-8F, Taeyoung Building, 111,<br>Yeouigongwon-ro,<br><br>Yeongdeungpo-gu, Seoul 07241 Korea<br><br>Tel: +82 2 3787 6600<br><br>Fax: +82 2 783 5890<br><br>ey.com/kr

Report on review of interim condensed separate financial statements

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed separate financial statements of POSCO HOLDINGS INC. (the “Company”), which comprise the interim condensed separate statement of financial position as of June 30, 2026 and the related interim condensed separate statements of comprehensive income or loss for each of the three-month and six-month periods ended June 30, 2026 and 2025, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the six-month periods ended June 30, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed separate financial statements

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

Auditor’s responsibility

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

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

Conclusion

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

Table of Contents

Other matters

We have audited the separate statement of financial position of the Company as of December 31, 2025, and the related separate statement of comprehensive income, separate statement of changes in equity and separate statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 11, 2026 expressed an unqualified opinion thereon. The accompanying separate statement of financial position of the Company as of December 31, 2025, presented for comparative purposes, is not different from the above audited separate statement of financial position.

August 14, 2026

This review report is effective as of August 14, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed separate financial statements and may result in modification to this review report.

Table of Contents

POSCO HOLDINGS INC.

Interim condensed separate financial statements

for each of the six-month periods ended June 30, 2026 and 2025

“The accompanying interim condensed separate financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Company.”

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

Table of Contents

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position

as of June 30, 2026 (Unaudited) and December 31, 2025

(in millions of Won)		Notes			June 30, 2026<br>(Unaudited)			December 31, 2025
Assets
Cash and cash equivalents			19,32		~~W~~	240,948			184,416
Trade accounts and notes receivable, net			4,19,30,32			123,112			157,668
Other receivables, net			5,19,30,32			177,802			146,146
Other short-term financial assets			6,19,32			4,134,180			3,454,794
Assets held for sale			7			—			—
Other current assets			12			2,415			2,099
Total current assets						4,678,457			3,945,123
Other receivables, net			5,19,30			29,718			17,414
Other long-term financial assets			6,19			599,131			506,736
Investments in subsidiaries, associates and joint ventures			8			46,042,081			46,290,252
Investment property, net			9			308,070			319,392
Property, plant and equipment, net			10			728,784			703,140
Intangible assets, net			11			30,079			29,659
Other non-current assets			12			6,454			3,869
Total non-current assets						47,744,317			47,870,462
Total assets					~~W~~	52,422,774			51,815,585

(continued)

1

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POSCO HOLDINGS INC.

Interim condensed separate statements of financial position, continued

as of June 30, 2026 (Unaudited) and December 31, 2025

(in millions of Won)		Notes			June 30, 2026<br>(Unaudited)			December 31,<br>2025
Liabilities
Short-term borrowings and current portion of long-term borrowings			13,19		~~W~~	49,042			45,973
Other current payables			14,30			80,299			53,466
Other short-term financial liabilities			15,19			29,840			21,545
Provisions			16			51,752			46,421
Current income tax liabilities			28			110,224			72,404
Other current liabilities			18			6,508			5,819
Total current liabilities						327,665			245,628
Long-term borrowings, excluding current portion			13			1,068,536			993,857
Other non-current payables			14,19,30			36,050			35,037
Defined benefit liabilities, net			17			7,525			5,533
Deferred tax liabilities			28			2,619,709			2,592,964
Long-term provisions			16			2,058			2,947
Other non-current liabilities			18			882			1,350
Total non-current liabilities						3,734,760			3,631,688
Total liabilities						4,062,425			3,877,316
Equity
Share capital			20			482,403			482,403
Capital surplus			20			1,367,990			1,367,990
Accumulated other comprehensive income (loss)			21			(59,720	)		(45,874	)
Treasury shares			22			(801,771	)		(1,176,316	)
Retained earnings						47,371,447			47,310,066
Total equity						48,360,349			47,938,269
Total liabilities and equity					~~W~~	52,422,774			51,815,585

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

2

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POSCO HOLDINGS INC.

Interim condensed separate statements of comprehensive income or loss

for each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)

					For the three-month period<br>ended June 30<br>(Unaudited)						For the six-month period<br>ended June 30<br>(Unaudited)
(in millions of Won, except per share informations)		Notes			2026			2025			2026			2025
Operating revenue			23,30		~~W~~	114,519			154,768			964,879			819,465
Operating expenses			24			(118,248	)		(112,328	)		(213,840	)		(202,644	)
Operating profit						(3,729	)		42,440			751,039			616,821
Finance income and costs
Finance income			19,25			60,315			95,863			174,328			127,579
Finance costs			19,25			(44,405	)		(80,449	)		(120,553	)		(84,734	)
Other non-operating income and expenses
Other non-operating income			26			32,943			1,031			34,025			1,947
Other non-operating expenses			26			(10,933	)		(12,871	)		(34,016	)		(14,395	)
Profit before income tax						34,191			46,014			804,823			647,218
Income tax benefit (expense)			28			(20,949	)		132			(28,503	)		(12,315	)
Profit						13,242			46,146			776,320			634,903
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans			17			(23	)		(88	)		(100	)		(78	)
Net changes in fair value of equity investments at fair value through other comprehensive<br>income			6,21			(13,739	)		(97,200	)		(13,846	)		(49,723	)
Total comprehensive income (loss)					~~W~~	(520	)		(51,142	)		762,374			585,102
Earnings per share (in Won)			29
Basic earnings per share (in Won)						175			610			10,266			8,396
Diluted earnings per share (in Won)					~~W~~	175			610			10,266			8,396

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

3

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POSCO HOLDINGS INC.

Interim condensed separate statements of changes in equity

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		Share<br>capital				Capital<br>surplus			Accumulated<br>Other<br>Comprehensive<br>Income (loss)			Treasury<br>shares			Retained<br>earnings			Total
Balance as of January 1, 2025		~~W~~	482,403				1,367,990			(62,645	)		(1,550,862	)		47,952,144			48,189,030
Comprehensive income:
Profit for the period			—				—			—			—			634,903			634,903
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax			—				—			—			—			(78	)		(78	)
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax			—				—			(49,723	)		—			—			(49,723	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends			—				—			—			—			(189,052	)		(189,052	)
Interim dividends			—				—			—			—			(189,052	)		(189,052	)
Retirement of treasury shares			—				—			—			374,545			(374,545	)		—
Balance as of June 30, 2025 (Unaudited)		~~W~~	482,403				1,367,990			(112,368	)		(1,176,317	)		47,834,320			48,396,028
Balance as of January 1, 2026		~~W~~	482,403				1,367,990			(45,874	)		(1,176,317	)		47,310,066			47,938,268
Comprehensive income:
Profit for the period			—				—			—			—			776,320			776,320
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax			—				—			—			—			(100	)		(100	)
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax			—				—			(13,846	)		—			—			(13,846	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends			—				—			—			—			(189,052	)		(189,052	)
Interim dividends			—				—			—			—			(151,241	)		(151,241	)
Retirement of treasury shares			—				—			—			374,546			(374,546	)		—
Balance as of June 30, 2026 (Unaudited)		~~W~~	482,403				1,367,990			(59,720	)		(801,771	)		47,371,447			48,360,349

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

4

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POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		June 30, 2026<br>(Unaudited)			June 30, 2025<br>(Unaudited)
Cash flows from operating activities
Profit for the period		~~W~~	776,320			634,903
Adjustments for :
Expenses related to post-employment benefit			4,340			5,126
Depreciation			11,205			8,240
Amortization			1,368			1,061
Impairment loss (reversal) on other receivables			—			(33	)
Finance income			(162,687	)		(112,381	)
Dividend income			(881,978	)		(728,223	)
Finance costs			113,188			58,189
Loss on disposal of property, plant and equipment			1,622			735
Gain on Disposal of Investment Property			(483	)
Gain on disposal of intangible assets			—			—
Loss on disposal of intangible assets			—			17
Gain on Disposal of Investments in Subsidiaries, associates and joint ventures			(30,673	)
Impairment loss on investments in subsidiaries, associates and joint ventures			25,822			6,651
Increase to provisions			(988	)		756
Income tax expense			28,503			12,315
Changes in operating assets and liabilities			86,589			108,327
Interest received			57,366			25,650
Interest Paid			(27,756	)
Dividends received			857,467			685,179
Income taxes refund (paid)			2,556			(13,412	)
Net cash provided by operating activities		~~W~~	861,781			693,100

(continued)

5

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POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows, continued

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)

(in millions of Won)		June 30, 2026<br>(Unaudited)			June 30, 2025<br>(Unaudited)
Cash flows from investing activities
Decrease in deposit instruments		~~W~~	2,360,000			1,480,000
Proceeds from disposal of short-term financial instruments			164,336			858,306
Proceeds from disposal of current debt securities			50,000			—
Proceeds from disposal of other securities			3,401			2,722
Proceeds from disposal of investments in subsidiaries, associates and joint ventures			361,851			11,382
Proceeds from Disposal of Investment Property			5,681			—
Increase in deposits			(3,010,000	)		(2,520,000	)
Acquisition of short-term financial instruments			(181,967	)		(534,226	)
Acquisition of short-term debt securities			(60,000	)		(50,000	)
Acquisition of long-term debt securities			(15,487	)		—
Acquisition of other securities			(2,160	)		(7,519	)
Acquisition of investments in subsidiaries, associates and joint ventures			(108,827	)		(301,743	)
Acquisition of investment properties			—			—
Acquisition of property, plant and equipment			(30,012	)		(126,963	)
Acquisition of intangible assets			(1,788	)		(2,772	)
Increase in long-term lease security deposits			(28	)		(475	)
Net cash provided by investing activities		~~W~~	(465,000	)		(1,191,288	)
Cash flows from financing activities
Increase in long-term financial liabilities			447			3,278
Proceeds from bonds			—			987,117
Payment of cash dividends			(340,708	)		(378,397	)
Net cash provided by financing activities		~~W~~	(340,261	)		611,998
Effect of exchange rate fluctuation on cash held			12			(11	)
Net increase in cash and cash equivalents			56,532			113,799
Cash and cash equivalents at beginning of the period			184,416			409,388
Cash and cash equivalents at end of the period		~~W~~	240,948			523,187

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

6

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements

June 30, 2026 and 2025 (Unaudited)

1.Reporting Entity

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

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

As of June 30, 2026, 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, 2025. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Company incurred after December 31, 2025. These interim condensed separate interim financial statements do not include all of the disclosures required for full annual financial statements.

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

7

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of preparation (cont’d)

Use of estimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

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

The 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, 2025 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.

8

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of preparation (cont’d)

•	Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities.
•	Level 2 – inputs other than quoted prices included in Level 1 that are observable for the<br>assets or liabilities, either directly or indirectly.
:---	:---
•	Level 3 – inputs for the assets or liabilities that are not based on observable market data.
:---	:---

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

3. Summary of Material Accounting Policy Information

Except for the items described in KIFRS 1034 Interim Financial Reporting and below, the accounting policies applied by the Company in these interim condensed separate financial statements are the same as those applied to the separate financial statements as of and for the year ended December 31, 2025.

Changes in Accounting Policies

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

These amendments include the following:

•	Clarification that a financial liability is derecognized on the settlemente date and the introduction of an<br>accounting policy choice to derecognize financial liabilities that are settled by using electronic payment system before the settlement date (if specific criteria are met);
•	Additional guidance as to how to assess contractual cash flows of financial assets with environmental, social and<br>corporate governance (ESG) and similar features;
:---	:---
•	Clarification on what constitutes non-recourse feature and the<br>characteristics of contractually linked financial instruments; and
:---	:---
•	Introduction of disclosures on financial instruments with contingent features and additional disclosure<br>requirements for equity instruments measured at fair value through other comprehensive income.
:---	:---

The amendments are not expected to have a material impact on the Company’s separate financial statements.

9

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

3. Material Accounting Policy Information (cont’d)

b)	Annual Improvements to KIFRS – Volume 11

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

•	Amendments to KIFRS 1101 First-time adoption of KIFRS: Hedge accounting by a first-time adopter
•	Amendments to KIFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for<br>application of amendments in practice
:---	:---
•	Amendments to KIFRS 1109 Financial Instruments: Accounting for derecognition of lease liabilities and<br>definition of transaction prices
:---	:---
•	Amendments to KIFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto<br>agent’
:---	:---
•	Amendments to KIFRS 1007 Statement of Cash Flows: Cost Method
:---	:---

The amendments are not expected to have a material impact on the Company’s separate financial statements.

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

The key amendments are as follows:

•	Clarification on the application of the ‘own-use’<br>requirements for contracts within the scope;
•	Amendment to the designation criteria for designating cash flow hedge items in cash flow hedge relationships for<br>contracts within the scope; and
:---	:---
•	Introduction of new disclosure requirements to enable users of financial statements to understand the effects of<br>these contracts on the entity’s financial performance and cash flows.
:---	:---

The amendments are not expected to have a material impact on the Company’s separate financial statements.

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

New and amended standards not yet adopted by the Group

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

(a)	Korean IFRS 1118 Presentation and Disclosure in Financial Statements

Key changes in the accounting policies

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

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

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

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

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

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

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

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

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

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

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

•	a description of the aspect of financial performance which is communicated by the MPM, as well as explanation of<br>why the MPM provides useful financial information;
•	how the MPM is calculated; and
:---	:---
•	a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the<br>income tax effects and the effect on non-controlling interests for each reconciling item.
:---	:---

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

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

Assessment of major impact

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

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

4. Trade Accounts and Notes Receivable

Trade accounts and notes receivable as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Trade accounts and notes receivable		~~W~~	65,665				41,384
Unbilled receivables (contract assets)			57,447				116,284
Less: Allowance for doubtful accounts			—				—
		~~W~~	123,112				157,668

5. Other Receivables

Other receivables as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Other accounts receivable(*1)		~~W~~	136,319				103,109
Others(*2)			46,148				47,379
Less: Allowance for doubtful accounts(*2)			(4,665	)			(4,342	)
		~~W~~	177,802				146,146
Non-current
Loans(*2)		~~W~~	259,491				241,717
Long-term other accounts receivable			28,640				16,365
Others			1,078				1,049
Less: Allowance for doubtful accounts(*2)			(259,491	)			(241,717	)
		~~W~~	29,718				17,414
(*1)	The Company includes the amounts to be collected from each domestic subsidiary in accordance with the<br>consolidated tax payment system.
:---	:---
(*2)	The Company assessed the recoverability of other receivables to FQM Australia Pty Ltd, an associate, and<br>recognized an allowance for doubtful accounts for such other receivables from the entity.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

6. Other Financial Assets

(a)	Other financial assets as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---
Current
Deposit instruments		~~W~~	3,770,000				3,120,000
Short-term financial instruments			124,180				104,794
Debt securities			240,000				230,000
		~~W~~	4,134,180				3,454,794
Non-current
Equity securities		~~W~~	151,916				170,819
Other securities			263,894				258,164
Derivative Assets			170,171				77,751
Deposit instruments			2				2
Debt Securities			13,148				—
		~~W~~	599,131				506,736
(b)	Equity securities as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
(in millions of Won)		June 30, 2026																			December 31, 2025
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	:---:	---
		Number of<br>shares			Ownership<br>(%)			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
CSN Mineracao S.A.			102,186,675			1.88			206,265				127,275			(78,990	)		127,275			145,885
									206,265				127,275			(78,990	)		127,275			145,885
Non-marketable equity securities
PLANTEC Co., Ltd.			18,337,912			10.99			19,437				23,271			3,834			23,271			23,564
Intellectual Discovery Co.,Ltd.			200,000			5.62			5,000				1,350			(3,650	)		1,350			1,350
S&M Media Co.,Ltd.			2,000			2.67			20				20			—			20			20
XG Sciences			300,000			5.06			2,724				—			(2,724	)		—			—
									27,181				24,641			(2,540	)		24,641			24,934
								~~W~~	233,446				151,916			(81,530	)		151,916			170,819

7. Assets Held for Sale

Details of assets Held for Sale as of june 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Beginning		~~W~~	—				467,796
Valuations			—				918
Disposals			—				(468,714	)
Ending		~~W~~	—				—

For the year ended December 31, 2025, the Company disposed its long-term investments in Nippon Steel Corporation and recognized losses on disposal of assets held for sale of ~~W~~ 9,883 million.

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

8. Investments in Subsidiaries, Associates and Joint ventures

(a)	Investments in subsidiaries, associates and joint ventures of as of June 30, 2026 and December 31,<br>2025 are as follows:
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---
Investment in subsidiaries		~~W~~	43,233,553				43,478,792
Investment in associates			209,923				212,855
Investment in joint ventures			2,598,605				2,598,605
		~~W~~	46,042,081				46,290,252

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

(b)	Details of subsidiaries and carrying amounts as of June 30, 2026 and December 31, 2025 are as<br>follows:
(in millions of Won)						June 30, 2026							December 31,<br>2025
---	---	---	---	---	---	:---:	---	---	---	---	---	---	:---:	---
		Country		Principal operations		Ownership (%)			Book value				Book value
[Domestic]
POSCO			Korea	Steel, rolled products, and plates manufacturing and sales			100.00		~~W~~	29,918,622				29,918,622
POSCO INTERNATIONAL Corporation			Korea	Trading, power generation and natural resources exploration			70.71			3,740,020				3,740,020
POSCO Eco & Challenge Co., Ltd.			Korea	Engineering and construction			52.80			1,014,963				1,014,963
POSCO Venture Capital Co., Ltd.			Korea	Investment in venture companies			100.00			115,931				115,931
POSCO FUTURE M CO.,LTD.			Korea	Refractory and anode/cathode material manufacturing and sales			58.18			1,924,555				1,924,555
POSCO WIDE Co., Ltd.			Korea	Business facility maintenance			100.00			308,843				308,843
POSCO DX			Korea	Computer hardware and software distribution			65.47			70,990				70,990
Busan E&E Co., Ltd.			Korea	Municipal solid waste fuel and power generation			70.00			30,148				30,148
POSCO-Pilbara LITHIUM SOLUTION Co., Ltd.			Korea	Lithium manufacturing and sales			82.00			642,940				642,940
POSCO LITHIUM SOLUTION			Korea	Lithium hydroxide manufacturing and sales			100.00			287,550				287,550
QSONE Co.,Ltd.			Korea	Real estate rental and facility management			100.00			238,478				238,478
POSCO ZT AIR SOLUTION			Korea	Manufacturing and Sales of High-Purity Rare Gases			75.10			63,481				63,481
Others										489,964				511,889
										38,846,485				38,868,410
[Foreign]
POSCO WA PTY LTD			Australia	Iron ore sales and mine development			100.00			646,574				646,574
POSCO Canada Ltd.			Canada	Coal sales			100.00			560,879				560,879
POSCO AUSTRALIA PTY LTD			Australia	Iron ore sales and mine development			100.00			330,623				330,623
POSCO (Zhangjiagang) Stainless Steel Co.,Ltd.(*1)			China	Stainless steel manufacturing and sales			—			—				259,819
POSCO-China Holding Corp.			China	Holding company			100.00			593,816				593,816
POSCO America Corporation			USA	Researching and consulting			99.45			192,136				192,136
POSCO VST CO., LTD.			Vietnam	Stainless steel manufacturing and sales			95.65			66,060				66,060
POSCO Asia Co., Ltd.			Hong Kong	Activities Auxiliary to financial service			100.00			117,690				117,690
POSCO JAPAN Co., Ltd.			Japan	Steel marketing, demand development, and technology research			100.00			68,410				68,410
Qingdao Pohang Stainless Steel Co., Ltd.(*1)			China	Stainless steel manufacturing and sales			—			—				65,982
POSCO (Suzhou) Automotive<br>Processing Center Co., Ltd.			China	Steel manufacturing and sales			90.00			62,469				62,469
POSCO AFRICA (PROPRIETARY) LIMITED			South Africa	Mine development			100.00			50,297				50,297
POSCO Argentina S.A.U.			Argentina	Mineral exploration, manufacturing and sales			100.00			1,454,453				1,352,943
Others										243,661				242,684
										4,387,068				4,610,382
									~~W~~	43,233,553				43,478,792

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(c)	Details of associates and carrying amounts as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)					June 30, 2026						December 31, 2025
---	---	---	---	---	:---:	---	---	---	---	---	:---:	---
		Country	Principal operations		Ownership (%)		Book value				Book value
[Domestic]
POSCO JK SOLID SOLUTION CO., LTD.		Korea	Material manufacturing for rechargeable battery		40.00		~~W~~	26,025				26,025
Others								13,904				16,837
								39,929				42,862
[Foreign]
9404-5515 Quebec Inc.(*1)		Canada	Investments		12.61			156,194				156,194
Others								13,799				13,799
								169,993				169,993
							~~W~~	209,922				212,855
(*1)	As of June 30, 2026, the entity is classified as an investment in an associate since the Company has<br>significant influence over the investee although the Company’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
:---	:---
(d)	Details of joint ventures and carrying amounts as of June 30, 2026 and December 31, 2025 are as<br>follows:
:---	:---
(in millions of Won)							June 30, 2025							December 31, 2024
---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	:---:	---
		Country			Principal operations		Ownership (%)			Book value				Book value
Roy Hill Holdings Pty Ltd(*1)			Australia		Natural resources exploration			10.00		~~W~~	1,225,464				1,225,464
POSCO-NPS Niobium LLC			USA		Foreign investments in mining			50.00			364,609				364,609
KOBRASCO			Brazil		Steel materials manufacturing<br>and sales			50.00			98,962				98,962
HBIS-POSCO Automotive Steel Co., Ltd			China		Steel manufacturing and sales			50.00			235,207				235,207
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			China		Steel manufacturing and sales			25.00			63,866				63,866
PT NICOLE METAL INDUSTRY			Indonesia		Nickel Smelting			49.00			604,045				604,045
Hydrogen Duqm LLC			Oman		Green Hydrogen/Ammonia<br>product business development			44.80			6,452				6,452
Nickel Mining Company SAS(*2)			New<br>Caledonia		Raw material manufacturing<br>and sales			49.00			—				—
SNNC(*2)			Korea		STS material manufacturing<br>and sales			49.00			—				—
										~~W~~	2,598,605				2,598,605
(*1)	As of June 30, 2026 and December 31, 2025, the investments in joint ventures amounting to<br>~~W~~1,225,464 million were provided as collateral in relation to revolving loan of Roy Hill Holdings Pty Ltd.
:---	:---
(*2)	In prior years, the Company assessed that the value in use of its equity interest in Nickel Mining Company SAS<br>was likely to be low and accordingly recognized a full impairment loss.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

9. Investment Property

Changes in the carrying amounts of investment properties for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six -month period ended June 30, 2026
(in millions of Won)		Beginning				Acquisitions			Depreciation(*1)			Transfer(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	215,866				(5,200	)		—			(1,004	)		209,662
Buildings			89,988				—			(3,642	)		(933	)		85,413
Structures			13,538				—			(403	)		(140	)		12,995
		~~W~~	319,392				(5,200	)		(4,045	)		(2,077	)		308,070
(*1)	The useful life and depreciation method of investment property are identical to those of property, plant and<br>equipment.
:---	:---
(*2)	Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio<br>and the purpose of use.
:---	:---
(b)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Depreciation(*1)			Transfer(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	216,211				—			—			(345	)		215,866
Buildings			97,752				—			(7,417	)		(347	)		89,988
Structures			14,409				—			(821	)		(50	)		13,538
		~~W~~	328,372				—			(8,238	)		(742	)		319,392
(*1)	The useful life and depreciation method of investment property are identical to those of property, plant and<br>equipment.
:---	:---
(*2)	Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio<br>and the purpose of use.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

10. Property, Plant and Equipment

Changes in the carrying amounts of property, plant and equipment for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	118,418				2,337			—			—			486,473			607,228
Buildings			26,826				—			—			(1,051	)		933			26,708
Structures			6,923				—			—			(209	)		140			6,854
Machinery and equipment			32,422				3,023			(1,620	)		(4,736	)		28			29,117
Vehicles			28				—			—			(8	)		—			20
Furniture and fixtures			17,830				121			(2	)		(1,156	)		—			16,793
Construction-in-progress			500,693				26,868			—			—			(485,497	)		42,064
		~~W~~	703,140				32,349			(1,622	)		(7,160	)		2,077			728,784
(*1)	Presenting assets transferred from<br>construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.
:---	:---
(b)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Land		~~W~~	45,151				34,545			—			—			38,722			118,418
Buildings			28,447				—			—			(1,967	)		346			26,826
Structures			7,338				—			(63	)		(403	)		51			6,923
Machinery and equipment			29,821				9,299			(1,162	)		(5,789	)		253			32,422
Vehicles			44				—			—			(16	)		—			28
Furniture and fixtures			12,933				6,581			(10	)		(1,674	)		—			17,830
Construction-in-progress			292,259				242,172			—			—			(33,738	)		500,693
		~~W~~	415,993				292,597			(1,235	)		(9,849	)		5,634			703,140
(*1)	Presenting assets transferred from<br>construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.
:---	:---
(c)	Information on lease agreements for which the Company is a lessee is as follows:
:---	:---
1)	Right-of-use assets
:---	:---

As of June 30, 2026 and December 31, 2025, there are no right-of-use assets listed as property, plant and equipment.

2)	Amount recognized in profit or loss

The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
(in millions of Won)		2026				2025			2026			2025
Expenses related to short-term leases		~~W~~	3,190				3,067			5,793			5,959
Expenses related to leases of low-value assets			1,473				1,269			3,329			2,915
		~~W~~	4,663				4,336			9,122			8,874

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

11. Intangible Assets

Changes in the carrying amounts of intangible assets for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six -month period ended June 30, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Amortization			Others(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Intellectual property rights		~~W~~	928				—			—			(117	)		326			1,137
Membership(*1)			10,992				—			—			—			—			10,992
Development expense			5,369				—			—			(1,135	)		—			4,234
Construction-in-progress			12,157				1,788			—			—			(326	)		13,619
Other intangible assets			213				—			—			(116	)		—			97
		~~W~~	29,659				1,788			—			(1,368	)		—			30,079
(*1)	Estimated useful life of membership is indefinite.
:---	:---
(*2)	Presenting assets transferred from<br>construction-in-progress to other intangible assets.
:---	:---
(b)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Acquisitions			Disposals			Amortization			Others(*2)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Intellectual property rights		~~W~~	803				—			—			(194	)		319			928
Membership(*1)			10,072				920			—			—			—			10,992
Development expense			3,461				2,413			—			(1,916	)		1,411			5,369
Construction-in-progress			6,680				7,230			(23	)		—			(1,730	)		12,157
Other intangible assets			445				—			—			(232	)		—			213
		~~W~~	21,461				10,563			(23	)		(2,342	)		—			29,659
(*1)	Estimated useful life of membership is indefinite.
:---	:---
(*2)	Presenting assets transferred from<br>construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

12. Other Assets

Other assets as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Advance payments		~~W~~	894				901
Prepaid expenses			1,521				1,198
		~~W~~	2,415				2,099
Non-current
Long-term advance payments		~~W~~	6,342				3,638
Long-term prepaid expenses			112				231
Others			—				—
		~~W~~	6,454				3,869

13. Borrowings

(a)	Borrowings as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---
Short-term borrowings
Exchangeable bonds		~~W~~	47,469				44,509
Current portion of long-term borrowings			1,573				1,464
			49,042				45,973
Long-term borrowings
Long-term borrowings		~~W~~	1,068,536				993,857

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

(b)	Current portion of debentures as of June 30, 2026 and December 31, 2025 are as follows:
(in millions of Won)		Lenders		Issuance<br>date		Maturity<br>date		Annual<br>interest rate (%)				June 30, 2026				December 31, 2025
---	---	:---:	---	:---:	---	:---:	---	:---:	---	---	---	:---:	---	---	---	:---:	---
Exchangeable bonds		Foreign currency<br><br>exchangeable bonds		Sep. 1, 2021		Sep. 1, 2026			—			~~W~~	47,469				44,509
Foreign borrowings		KOREA ENERGY AGENCY		Dec. 27, 2011		Dec. 26, 2026			3 year<br>Government bond				1,573				1,464
												~~W~~	49,042				45,973
(c)	The issuance conditions of the exchangeable bonds issued by the Company are as follows:
:---	:---
		Foreign currency exchangeable bonds
---	---	:---:
Type of bond		Exchangeable bonds
Aggregate principal amount(*1)		EUR 27,100,000
Interest rate		- Coupon rate : -<br><br>- Yield to maturity : (0.78%)
Maturity date		September 1, 2026
Redemption		- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at<br>maturity as a lump sum<br><br>- Prepayment : The issuer has call option and the bondholders<br>have put option
Exchange rate		100%
Exchange price(*2) (Won/share)		419,025
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<br>options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price.
Put option by bondholders		- In the event of a change of control of the Company<br><br>- Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days)
Call option by the issuer		- Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading<br>days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds<br><br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br><br>- Where additional reasons for tax burden arise due to the amendment of relevant laws and<br>regulations, etc
(*1)	Due to investors exercising their early redemption rights, EUR 1,038,800,000 of the total face value of EUR<br>1,065,900,000 in exchangeable bonds was redeemed during the year ended December 31, 2024.
:---	:---
(*2)	The exchange value has changed due to cash dividends during the six-month period ended june 30, 2026.
:---	:---

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

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

(d)	Long-term borrowings and others excluding current portion, as of June 30, 2026 and December 31, 2025<br>are as follows:
(in millions of Won)		Lenders	Issuance<br>date		Maturity<br>date		Annual<br>interest rate (%)			June 30, 2026				December 31, 2025
---	---	:---:	:---:	---	:---:	---	:---:	---	---	:---:	---	---	---	:---:	---
Bonds payable in foreign currency(*1)		Global Bonds (5 year maturity)	May. 7, 2025		May. 7, 2030			5.125			611,091				568,243
Bonds payable in foreign currency(*1)		Global Bonds (10 year maturity)	May. 7, 2025		May. 7, 2035			5.750			457,445				425,614
										~~W~~	1,068,536				993,857
(*1)	The Company enters into currency swap contracts to hedge foreign exchange risk associated with its foreign<br>currency-denominated bonds.
:---	:---

14. Other Payables

Other payables as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Accounts payable		~~W~~	36,195				27,162
Accrued expenses			41,378				23,164
Dividend payable			2,726				3,140
		~~W~~	80,299				53,466
Non-current
Long-term withholdings		~~W~~	36,835				36,388
Less: Present value discount			(785	)			(1,351	)
		~~W~~	36,050				35,037

15. Other Financial Liabilities

Other financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Financial guarantee liabilities		~~W~~	29,840				21,545

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

16. Provisions

(a) Provisions as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026							December 31, 2025
		Current				Non-current			Current			Non-current
Provision for bonus payments(*1)		~~W~~	8,931				—			4,907			—
Provision for restoration(*2)			2,317				2,058			2,742			2,947
Others(*3)			40,504				—			38,772			—
		~~W~~	51,752				2,058			46,421			2,947
(*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<br>Company recognized present values of estimated costs for recovery as provisions for restoration as of June 30, 2026 and December 31, 2025. In order to determine the estimated costs, the Company has assumed that it would use all of<br>technologies and materials available for now to recover the land. In addition, the Company has applied discount rates of 4.26% to assess present value of these costs.
:---	:---
(*3)	Considering the operational circumstance of the Company’s investments in joint ventures, Nickel Mining<br>Company SAS, the Company recognized ~~W~~40,504 million of the financial guarantee liabilities the Company provided as other provisions.
:---	:---

(b) Changes in provisions for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

1)	For the six-month period ended June 30, 2026
(in millions of Won)		Beginning				Increase			Utilization			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Provision for bonus payments		~~W~~	4,907				8,405			(4,381	)		—			8,931
Provision for restoration			5,689				(988	)		(326	)		—			4,375
Others			38,772				—			—			1,732			40,504
		~~W~~	49,368				7,417			(4,707	)		1,732			53,810
(*1)	Reflecting the effect of exchange rate fluctuation.
:---	:---
2)	For the year ended December 31, 2025
:---	:---
(in millions of Won)		Beginning				Increase			Utilization			Others(*1)			Ending
---	---	:---:	---	---	---	:---:	---	---	:---:	---	---	:---:	---	---	:---:	---
Provision for bonus payments		~~W~~	4,175				8,465			(7,733	)		—			4,907
Provision for restoration			6,932				341			(1,584	)		—			5,689
Others			35,161				—			—			3,611			38,772
		~~W~~	46,268				8,806			(9,317	)		3,611			49,368
(*1)	Reflecting the effect of exchange rate fluctuation.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

17. Employee Benefits

(a)	Defined contribution plans

The expense related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
		2026				2025			2026			2025
Expense related to post-employment benefit plans under defined contribution plans		~~W~~	85				58			156			102
(b)	Defined benefit plans
:---	:---
1)	The amounts recognized in relation to net defined benefit liabilities in the statements of financial position<br>as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---	---
Present value of funded obligations		~~W~~	44,255				42,815
Fair value of plan assets			(36,730	)			(37,282	)
Net defined benefit liabilities		~~W~~	7,525				5,533
2)	The amounts recognized in relation to net defined benefit plan in the interim condensed separate statements of<br>comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
		2026				2025				2026				2025
Current service costs		~~W~~	2,047				1,871				4,411				5,184
Interest costs			(35	)			(29	)			(71	)			(58	)
		~~W~~	2,012				1,842				4,340				5,126

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

18. Other Liabilities

Other liabilities as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Current
Advances received		~~W~~	3,544				2,420
Withholdings			2,911				3,327
Unearned revenue			53				72
		~~W~~	6,508				5,819
Non-current
Advances received		~~W~~	97				—
Unearned revenue			785				1,351
		~~W~~	882				1,351

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (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<br>value hierarchy as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
①	June 30, 2026
:---	:---
(in millions of Won)						Fair value
---	---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Book value				Level 1			Level 2			Level 3			Total
Financial assets
Fair value through profit or loss
Derivative assets		~~W~~	170,171				—			170,171			—			170,171
Short term financial instruments			124,179				—			124,179			—			124,179
Other securities			263,894				—			—			263,894			263,894
Fair value through other comprehensive income
Equity securities			151,916				127,275			23,271			1,370			151,916
Financial assets measured at amortized cost(*1)
Cash and cash equivalents			240,948				—			—			—			—
Trade accounts and notes receivable			65,665				—			—			—			—
Debt securities			253,148				—			—			—			—
Other receivables			77,059				—			—			—			—
Deposit instruments			3,770,002				—			—			—			—
		~~W~~	5,116,982				127,275			317,621			265,264			710,160
Financial liabilities
Fair value through profit or loss
Borrowings		~~W~~	47,469				47,469			—			—			47,469
Financial liabilities measured at amortized cost(*1)
Borrowings			1,070,109				—			1,070,109			—			1,070,109
Financial guarantee liabilities			29,840				—			—			—			—
Others			80,420				—			—			—			—
		~~W~~	1,227,838				47,469			1,070,109			—			1,117,578
(*1)	The fair values of financial assets and liabilities measured at amortized cost except for borrowings<br>approximates their carrying amounts.
:---	:---
②	December 31, 2025
:---	:---
(in millions of Won)						Fair value
---	---	---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Book value				Level 1			Level 2			Level 3			Total
Financial assets
Fair value through profit or loss
Derivative assets		~~W~~	77,751				—			77,751			—			77,751
Short term financial instruments			104,794				—			104,794			—			104,794
Other securities			258,164				—			—			258,164			258,164
Fair value through other comprehensive income
Equity securities			170,819				145,885			23,564			1,370			170,819
Financial assets measured at amortized cost(*1)
Cash and cash equivalents			184,416				—			—			—			—
Trade accounts and notes receivable			41,384				—			—			—			—
Debt securities			230,000				—			—			—			—
Other receivables			66,208				—			—			—			—
Deposit instruments			3,120,002				—			—			—			—
		~~W~~	4,253,538				145,885			206,109			259,534			611,528
Financial liabilities
Fair value through profit or loss
Borrowings		~~W~~	44,509				44,509			—			—			44,509
Financial liabilities measured at amortized cost(*1)
Borrowings			995,321				—			995,321			—			995,321
Financial guarantee liabilities			21,545				—			—			—			—
Others			77,383				—			—			—			—
		~~W~~	1,138,758				44,509			995,321			—			1,039,830
(*1)	The fair values of financial assets and liabilities measured at amortized cost approximates their carrying<br>amounts.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

19. Financial Instruments (cont’d)

2)	Financial liabilities were recognized in connection with financial guarantee contracts as of June 30,<br>2026. Details of the amount of guarantees provided are as follows:
(in millions of Won)					Guarantee limit								Guarantee amount
---	---	---	---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---
Guarantee beneficiary		Financial institution			Foreign<br>currency					Won<br>equivalent			Foreign<br>currency			Won<br>equivalent
Subsidiaries
POSCO ASIA COMPANY LIMITED			Credit Agricole					75,000,000			115,613			70,000,000			107,905
			ING					75,000,000			115,613			—			—
			Shinhan					50,000,000			77,075			50,000,000			77,075
POSCO Argentina S.A.U.			BNP					110,000,000			169,565			109,503,786			168,800
			CITI					187,975,000			289,763			185,529,411			285,994
			Credit Agricole					187,975,000			289,763			185,529,411			285,994
			HSBC					187,975,000			289,763			175,231,912			270,120
			JPM					187,975,000			289,763			185,529,412			285,994
			BANK OF AMERICA					50,900,000			78,462			50,900,000			78,462
			KEXIM					167,100,000			257,585			167,081,068			257,555
Joint ventures
NICKEL MINING COMPANY SAS			ING					46,000,000			81,010			46,000,000			81,010
PT Nicole Metal Industry			STANDARD CHARTERED					24,500,000			37,767			18,757,063			28,914
			OCBC					15,680,000			24,171			—			—
								1,320,080,000			2,034,903			1,198,062,063			1,846,813
								46,000,000			81,010			46,000,000			81,010
3)	The classification of finance income and costs by category of financial instrument for each of the six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
①	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)		Finance income and costs
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest income<br>(expense)			Gain and loss on<br>foreign currency			Gain on<br>disposal			Loss on<br>valuation			Others			Total			Other<br>comprehensive<br>loss
Financial assets at fair value<br>through profit or loss		~~W~~	—			6,971			546			93,422			—			100,939			—
Financial assets at fair value<br>through other comprehensive income			—			—			—			—			—			—			(13,846	)
Financial assets measured at<br>amortized cost			55,869			(1,797	)		—			—			—			54,072			—
Financial liabilities at fair value<br>through profit or loss			—			(2,032	)		—			(929	)		—			(2,961	)		—
Financial liabilities measured at<br>amortized cost			(23,911	)		(77,085	)		—			—			2,721			(98,275	)		—
		~~W~~	31,958			(73,943	)		546			92,493			2,721			53,775			(13,846	)

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

②	For the six-month period ended June 30, 2025
(in millions of Won)		Finance income and costs
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest income<br>(expense)			Gain and loss on<br>foreign currency			Gain and loss<br>on disposal			Gain on<br>valuation			Others			Total			Other<br>comprehensive<br>loss
Financial assets at fair value<br>through profit or loss		~~W~~	—			(7,408	)		8,695			(123	)		—			1,164			—
Financial assets at fair value<br>through other comprehensive income			—			—			—			—			—			—			(49,724	)
Financial assets measured at<br>amortized cost			49,628			(13,424	)		—			—			—			36,204			—
Financial liabilities at fair value<br>through profit or loss			—			(1,653	)		—			(37,219	)		—			(38,872	)		—
Financial liabilities measured at<br>amortized cost			(8,277	)		50,347			—			—			2,279			44,349			—
		~~W~~	41,351			27,862			8,695			(37,342	)		2,279			42,845			(49,724	)

20. Share Capital and Capital Surplus

(a) Details of share capital as of June 30, 2026 and December 31, 2025 are as follows:

(in Won, except share information)		June 30, 2026				December 31, 2025
Authorized shares			200,000,000				200,000,000
Par value		~~W~~	5,000				5,000
Issued shares(*1,2)			79,241,527				80,932,952
Share capital(*3)		~~W~~	482,403,125,000				482,403,125,000
(*1)	As of June 30, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock<br>market amounts to 12,701,316 and such ADRs are equivalent to 3,175,329 shares of common stock.
:---	:---
(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company decided<br>to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of June 30, 2026, the Company’s total number of issued shares has decreased.
:---	:---
(*3)	As of June 30, 2026, the difference between the ending balance of common stock and the aggregate par value<br>of issued common stock is ~~W~~86,195 million due to retirement of 17,239,098 treasury stocks.
:---	:---

(b) Details of capital surplus as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Share premium		~~W~~	463,825				463,825
Gain on disposal of treasury shares			808,994				808,994
Gain from merger			80,627				80,627
Loss on disposal of hybrid bonds			(1,787	)			(1,787	)
Share-based payment			16,331				16,331
		~~W~~	1,367,990				1,367,990

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Accumulated Other Comprehensive Income

Accumulated other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)		June 30, 2026				December 31, 2025
Changes in fair value of equity investments at fair value through other comprehensive<br>income		~~W~~	(59,720	)			(45,874	)

22. Treasury Shares

Based on the Board of Directors’ resolution, the Company holds treasury shares for business purposes including price stabilization. Changes in treasury shares for six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(shares, in millions of Won)		June 30, 2026								December 31, 2025
		Number of shares				Amount				Number of shares				Amount
Beginning			5,312,173			~~W~~	1,176,316				7,003,598			~~W~~	1,550,862
Retirement of treasury shares			(1,691,425	)			(374,545	)			(1,691,425	)			(374,546	)
Ending			3,620,748			~~W~~	801,771				5,312,173			~~W~~	1,176,316

23. Operating Revenue

(a)	Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of<br>the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:
		For the three-month periods							For the six-month periods
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---
		ended June 30							ended June 30
(in millions of Won)		2026				2025			2026			2025
Types of revenue
Dividend income		~~W~~	73,394				109,514			881,978			728,223
Others			41,125				45,254			82,901			91,242
		~~W~~	114,519				154,768			964,879			819,465
Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	73,394				109,514			881,978			728,223
Revenue recognized over time			41,125				45,254			82,901			91,242
		~~W~~	114,519				154,768			964,879			819,465

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

23. Operating Revenue (cont’d)

(b)	Details of contract assets and liabilities from contracts with customers as of June 30, 2026 and<br>December 31, 2025 are as follows:
(in millions of Won)		June 30, 2026				December 31, 2025
---	---	:---:	---	---	---	:---:	---
Receivables
Trade accounts and notes receivable		~~W~~	65,665				41,384
Contract assets
Unbilled receivables			57,447				116,284
Contract liabilities
Advance received			3,641				2,420
Unearned income			838				1,423

24. Operating Expenses

Operating expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
(in millions of Won)		2026				2025			2026			2025
Wages and salaries		~~W~~	19,804				16,433			39,809			35,353
Expenses related to post-employment benefits			2,046				2,114			4,260			5,716
Other employee benefits			3,849				3,753			8,167			8,745
Travel			1,820				2,095			3,024			3,511
Taxes and public dues			13,632				12,851			13,785			12,896
Depreciation			3,223				2,976			6,440			5,811
Amortization			665				608			1,324			1,026
Rental			1,662				1,904			4,198			3,820
Repairs			122				104			242			235
Advertising			5,195				6,307			11,314			10,106
Research & development			34,941				36,008			67,804			71,033
Service fees			27,753				22,858			45,187			35,933
Supplies			51				58			103			142
Vehicles maintenance			490				606			988			1,220
Industry association fee			274				725			1,520			1,872
Training			629				580			804			648
Others			2,092				2,348			4,871			4,577
		~~W~~	118,248				112,328			213,840			202,644

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Finance Income and Costs

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
		2026				2025				2026			2025
Finance income
Interest income		~~W~~	30,575				27,954				55,869			49,628
Gain on foreign currency transactions			10,305				15,057				11,653			15,187
Gain on foreign currency translations			2,725				50,590				10,111			51,311
Gain on valuation of derivatives			14,731				—				92,420			—
Gain on disposal of financial assets at fair value through profit or loss			—				860				546			8,695
Gain on valuation of financial assets at fair value through profit or loss			599				202				1,002			474
Gain on valuation of financial liabilities at fair value through profit or loss			—				—				—			—
Others			1,380				1,200				2,727			2,284
		~~W~~	60,315				95,863				174,328			127,579
Finance costs
Interest expenses		~~W~~	7,298				8,008				23,911			8,277
Loss on foreign currency transactions			14,158				25,742				14,310			26,540
Loss on foreign currency translations			22,437				10,330				81,397			12,096
Loss on valuation of derivatives			—				36,216				—			36,216
Loss on valuations of financial assets at fair value through profit or loss			—				(772	)			—			597
Loss on valuation of financial liabilities at fair value through profit or loss			509				922				929			1,003
Loss on transactions of equity securities			—				—				—			—
Others			3				3				6			5
		~~W~~	44,405				80,449				120,553			84,734

26. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
(in millions of Won)		2026				2025			2026			2025
Other non-operating income
Gain on Disposal of Investments in Subsidiaries, associates and joint ventures		~~W~~	30,673				—			30,673			—
Reversal of impairment loss on other accounts receivables			988				33			988			33
Reversal of other provisions			—				—			—			—
Others			1,282				998			2,364			1,914
		~~W~~	32,943				1,031			34,025			1,947
Impairment loss on investments in subsidiaries, associates and joint ventures
Impairment loss on other accounts receivables		~~W~~	—				—			—			—
Loss on disposals of property, plant and equipment			1,622				48			1,622			735
Impairment loss on investments in subsidiaries, associates and joint ventures			3,049				6,651			25,822			6,651
Donations			5,002				5,001			5,002			5,501
Increase of other provisions			(34	)			720			—			756
Others			1,294				451			1,570			752
		~~W~~	10,933				12,871			34,016			14,395

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

27. Expenses by Nature

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (excluding finance costs and income tax expenses):

(in millions of Won)		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
		2026				2025			2026			2025
Employee benefits expenses		~~W~~	29,595				27,179			61,207			60,360
Depreciation(*1)			5,678				4,238			11,205			8,240
Amortization			687				630			1,368			1,061
Service fees			28,250				23,483			46,700			37,675
Rental			4,662				4,477			9,121			9,022
Advertising			5,213				6,311			11,334			10,110
Impairment loss on investments in subsidiaries, associates and joint ventures			3,049				6,651			25,822			6,651
Research & development			21,953				23,088			40,624			42,712
Other expenses			30,095				29,142			40,476			41,207
		~~W~~	129,182				125,199			247,857			217,038
(*1)	Including depreciation of investment property.
:---	:---

28. Income Taxes

The effective tax rates of the Company for each of the six-month periods ended June 30, 2026 and 2025 are 3.5% and 1.9%, 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 ~~W~~8,452,339 million under the Corporate Tax Act were incurred for the net asset transferred to the newly established company (POSCO). For the transfer gain, the Company simultaneously set provision for accelerated depreciation and recognized deferred tax liabilities.

Deductible temporary differences related to the investment in newly established company (POSCO), which arise from transfer gains under the Corporate Tax Act, were not recognized as deferred tax assets, since it is not probable they will reverse through disposal or liquidation.

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

28. Income Taxes (cont’d)

(b)	Application of the Consolidated Tax Payment System

From the six-month period ended June 30, 2026, 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.

(c)	Global minimum top-up tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the Company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Company calculated the Pillar Two income tax expense for the six-month period ended June 30, 2026 as it is subject to global minimum top-up tax under the application of the OECD’s Pillar Two Model Rules via domestic legislation. The Company reviewed subsidiaries qualifying as taxpayer, including the Company, and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2026 as the impact of the global minimum top-up tax on the separate financial statements as of June 30, 2026 would not be significant. Furthermore, the Company applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum top-up tax and does not disclose information related to deferred income tax.

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

29. Earnings per Share

(a)	Basic earnings per share for each of the three-month and six-month<br>periods ended June 30, 2026 and 2025 are as follows:
(in Won, except share information)		For the three-month periods<br>ended June 30							For the six-month periods<br>ended June 30
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---
		2026				2025			2026			2025
Profit for the period		~~W~~	13,242,387,324				46,145,579,835			776,320,355,897			634,903,318,088
Weighted-average number of common shares outstanding(*1)			75,620,779				75,620,779			75,620,779			75,620,779
Basic earnings per share		~~W~~	175				610			10,266			8,396
(*1)	The weighted-average number of common shares outstanding used to calculate basic earnings per share is as<br>follows:
:---	:---
(shares)		For the three-month periods<br>ended June 30								For the six-month periods<br>ended June 30
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
		2026				2025				2026				2025
Weighted-average shares outstanding			79,241,527				80,932,952				80,082,567				81,773,992
Weighted-average number of treasury shares			(3,620,748	)			(5,312,173	)			(4,461,788	)			(6,153,213	)
Weighted-average number of common shares outstanding			75,620,779				75,620,779				75,620,779				75,620,779

The Company has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of June 30, 2026 and 2025. The diluted earnings per share for the six-month period ended June 30, 2026 is the same as the basic earnings per share due to the anti-dilutive effect.

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions

(a)	Related parties of the Company as of June 30, 2026 are as follows:
Type		Company
:---:	---	:---:
Subsidiaries		[Domestic]<br>POSCO, POSCO Eco & Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE<br>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><br>POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION, Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH, POSCO A&C Co., Ltd, Posco Group University, POSCO GY<br>Solution, POSCO GYR Tech, POSCO GYS Tech, POSCO PR Tech, POSCO PS Tech, POSCO PH Solution, POSCO Humans Co.,Ltd., Pohang Scrap Recycling Distribution Center Co., Ltd., POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd.,<br>Songdo Development PMC<br>(Project Management Company) LLC., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and others.<br><br>[Foreign]<br><br>POSCO America Corporation, POSCO AUSTRALIA PTY<br>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<br>Argentina S.A.U., Senex Holdings PTY LTD, ULTIUM CAM LIMITED PARTNERSHIP and others.
Investments in associates and joint ventures		[Domestic]<br>POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd., SNNC, Eco Energy Solution, UITrans LRT Co., Ltd., Pohang Special Welding<br>Co.,Ltd., and others.<br><br>[Foreign]<br><br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel<br>Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc., AES Mong Duong Power Company Limited, KOREA LNG LTD., Nickel Mining Company SAS and others.
(b)	Material transactions with the related companies for each of the<br>six-month periods ended June 30, 2026 and 2025 are as follows:
:---	:---
1)	For the six-month period ended June 30, 2026
:---	:---
(in millions of Won)			Sales and others(*1)											Purchase and others
---	---	:---:	:---:	---	---	---	---	---	---	---	---	---	:---:	:---:	---	---	---	---
		Sales				Dividends			Others				Purchase of fixed<br>assets			Others
Subsidiaries(*2)
POSCO		~~W~~	70,727				605,705			14				—			8,404
POSCO Eco & Challenge Co., Ltd.			3,322				—			—				10,258			1,702
POSCO STEELEON CO., Ltd			508				—			—				—			1
POSCO DX			578				18,390			—				190			7,363
POSCO Research Institute			—				—			—				—			4,595
eNtoB Corporation			—				—			—				87			5,175
POSCO FUTURE M CO., LTD.			1,348				24,596			14				—			7
POSCO INTERNATIONAL Corporation			3,130				124,396			—				—			7
Busan E&E Co,. Ltd.			—				3,618			—				—			—
POSCO America Corporation			—				—			—				—			4,061
Others			2,438				2,313			2,547				—			15,880
			82,051				779,018			2,575				10,535			47,195
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC			—				12,359			—				—			—
Roy Hill Holdings Pty Ltd			—				77,257			—				—			—
Others			458				7,060			180				—			208
			458				96,676			180				—			208
		~~W~~	82,509				875,694			2,755				10,535			47,403
(*1)	Sales and others mainly consist of trademark usage income, rental income, and dividend income from<br>subsidiaries, associates and joint ventures.
:---	:---
(*2)	As of June 30, 2026, the Company provided payment guarantees to the related parties (see Note 19).
:---	:---

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

2)	For the six-month period ended June 30, 2025
(in millions of Won)		Sales and others(*1)										Purchase and others
---	---	:---:	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---
		Sales				Dividends			Others			Purchase of fixed<br>assets			Others
Subsidiaries(*2)
POSCO		~~W~~	79,129				332,858			—			370			7,526
POSCO Eco & Challenge Co., Ltd.			4,842				11,037			—			208			—
POSCO STEELEON CO., Ltd			593				—			—			—			—
POSCO DX			1,040				12,425			—			3,181			7,900
POSCO Research Institute			—				—			—			—			4,580
eNtoB Corporation			—				—			—			—			4,327
POSCO FUTURE M CO., LTD.			1,767				11,671			—			—			24
POSCO INTERNATIONAL Corporation			2,784				192,814			166			—			10
Busan E&E Co,. Ltd.			—				3,618			—			—			—
POSCO America Corporation			—				—			—			—			3,338
Others			678				1,606			2,165			—			9,399
			90,833				566,029			2,331			3,759			37,104
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC			—				9,896			—			—			—
Roy Hill Holdings Pty Ltd			—				94,502			—			—			—
Others			409				39,971			119			—			—
			409				144,369			119			—			—
		~~W~~	91,242				710,398			2,450			3,759			37,104
(*1)	Sales and others mainly consist of trademark usage income, rental income, and dividend income from<br>subsidiaries, associates and joint ventures.
:---	:---
(*2)	As of June 30, 2025, the Company provided payment guarantees to the related parties (see Note 19).
:---	:---
(c)	The balances of receivables and payables arising from significant transactions between the Company and the<br>related parties as of June 30, 2026 and December 31, 2025 are as follows:
:---	:---
1)	June 30, 2026
:---	:---
(in millions of Won)		Receivables										Payables
---	---	:---:	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	---
		Trade accounts<br>and notes<br>receivable				Others			Total			Accounts<br>payable			Others			Total
Subsidiaries
POSCO		~~W~~	45,921				111,950			157,871			1,224			46,038			47,262
POSCO Eco & Challenge Co., Ltd.			3,372				—			3,372			4,257			710			4,967
POSCO STEELEON CO., Ltd			602				—			602			—			—			—
POSCO DX			6,501				77			6,578			1,565			51			1,616
POSCO FUTURE M CO., LTD.			2,647				153			2,800			—			48			48
POSCO Mobility Solution Corporation			360				—			360			—			13			13
POSCO INTERNATIONAL Corporation			3,102				—			3,102			—			521			521
POSCO Argentina S.A.U			—				44,822			44,822			—			—			—
Others			1,816				10,498			12,314			8,169			420			8,589
			64,321				167,500			231,821			15,215			47,801			63,016
Associates and joint ventures
SNNC			427				—			427			—			—			—
Roy Hill Holdings Pty Ltd			53,900				—			53,900			—			—			—
FQM Australia Holdings Pty Ltd(*1)			—				261,699			261,699			—			—			—
Others			104				793			897			—			—			—
			54,431				262,492			316,923			—			—			—
		~~W~~	118,752				429,992			548,744			15,215			47,801			63,016
(*1)	FQM Australia Holdings Pty Ltd’s other receivable consists of long-term loans and accrued interest and<br>the Company has recognized allowance for doubtful accounts for all of other receivables.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

2)	December 31, 2025
(in millions of Won)		Receivables										Payables
---	---	:---:	---	---	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---	---
		Trade accounts<br>and notes<br>receivable				Others			Total			Accounts<br>payable			Others			Total
Subsidiaries
POSCO		~~W~~	92,175				81,349			173,524			1,657			40,742			42,399
POSCO Eco & Challenge Co., Ltd.			6,793				693			7,486			305			3,788			4,093
POSCO STEELEON CO., Ltd			1,299				—			1,299			—			—			—
POSCO DX			1,109				48			1,157			3,738			47			3,785
POSCO FUTURE M CO., LTD.			4,904				1			4,905			—			62			62
POSCO Mobility Solution Corporation			713				—			713			—			11			11
POSCO INTERNATIONAL Corporation			6,176				—			6,176			—			508			508
POSCO Argentina S.A.U			—				27,929			27,929			—			—			—
Others			3,606				7,874			11,480			4,274			537			4,811
			116,775				117,894			234,669			9,974			45,695			55,669
Associates and joint ventures
SNNC			929				—			929			—			—			—
Roy Hill Holdings Pty Ltd			39,761				—			39,761			—			—			—
FQM Australia Holdings Pty Ltd(*1)			—				243,601			243,601			—			—			—
Others			203				867			1,070			—			—			—
			40,893				244,468			285,361			—			—			—
		~~W~~	157,668				362,362			520,030			9,974			45,695			55,669
(*1)	FQM Australia Holdings Pty Ltd’s other receivable consists of long-term loans and
:---	:---
accrued	interest. Meanwhile, the Company has recognized allowance for doubtful accounts for all of other receivables.
:---	:---
(d)	For each of the six-month periods ended June 30, 2026 and<br>2025, there were additional investments in subsidiaries and others amounting to ~~W~~108,827 million and ~~W~~301,743 million, respectively.
:---	:---
(e)	For each of the six-month periods ended June 30, 2026 and 2025,<br>details of compensation to key management officers are as follows:
:---	:---
(in millions of Won)		June 30, 2026				June 30, 2025
---	---	:---:	---	---	---	:---:	---
Short-term benefits		~~W~~	18,156				13,241
Retirement benefits			2,333				3,280
		~~W~~	20,489				16,521

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

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

31. Commitments and Contingencies

(a)	Commitments
1)	As of June 30, 2026, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign<br>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<br>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<br>June 30, 2026, the ending balance of borrowing amounts to USD 1.02 million.
:---	:---
2)	The Company has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation<br>to foreign currency exchangeable bonds as of June 30, 2026.
:---	:---
(b)	As of June 30, 2026, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for<br>long-term foreign currency borrowings.
:---	:---
(c)	Litigation in progress
:---	:---

The Company is involved in 3 lawsuits for contract payment amounting to ~~W~~600 million as defendant as of June 30, 2026. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation as of June 30, 2026.

(d)	The Company has a joint obligation with the company newly established through<br>spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.
(e)	As of June 30, 2026, the Company has been provided a payment guarantee of<br>~~W~~8,887 million from Seoul Guarantee Insurance in relation to license guarantees and others.
:---	:---
(f)	As of June 30, 2026, the Company has entered into a credit line agreement with Woori Bank, with a limit of<br>~~W~~20,000 million.
:---	:---

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Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

32. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)		June 30, 2026				June 30, 2025
Trade accounts and notes receivable		~~W~~	58,387				65,003
Other accounts receivable			(10,733	)			32,242
Prepaid expenses			(204	)			(452	)
Other current assets			7				(96	)
Other non-current assets			(2,705	)			8
Other accounts payable			24,042				(3,402	)
Accrued expenses			16,460				15,771
Advances received			1,123				(770	)
Withholdings			(416	)			(184	)
Unearned revenue			(584	)			1,916
Other current liabilities			3,696				532
Payments of severance benefits			(2,484	)			(6,187	)
Plan assets			—				3,946
		~~W~~ 86,589				108,327

33. Events after the reporting period

(a)	Pursuant to the resolution of the Board of Directors on August 7, 2026, the Company decided to pay interim cash<br>dividends of ~~W~~2,000 per common share (Total dividends: ~~W~~151.2 billion).
(b)	Pursuant to the resolution of the Board of Directors on August 7, 2026, the Company decided to sell<br>36,434,963 common shares of POSCO International Corporation, representing approximately 20.71% of its issued shares, at KRW 55,400 per share, and 23,385,917 shares of POSCO DX Co., Ltd., representing approximately 15.38% of its issued shares, at KRW<br>20,600 per share.
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(c)	Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to provide a<br>payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The related loan agreement was entered into on August 6, 2026, and the guarantee period is three years from August 6, 2026.
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