6-K - PKX - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026

Commission File Number: 1-13368

POSCO HOLDINGS INC.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

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

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: May 29, 2026	By	/s/ HAN, Young Ah
		(Signature)
		Name: HAN, Young Ah
		Title: Executive Vice President

EX-99.1

Exhibit 99.1

LOGO

QUARTERLY REPORT

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

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

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

QUARTERLY REPORT

(From January 1, 2026 to March 31, 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

TABLE OF CONTENTS

I. Overview
II. Business
III. Financial Statements
ø	Attachment: Independent auditors’ review reports on consolidated and separate financial statements<br>
---	---

I. OVERVIEW

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

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

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><br>Segment		2026.Q1					2025					2024
		Sales		OperatingIncome(Loss)			Sales		OperatingIncome(Loss)			Sales		OperatingIncome(Loss)
Steel			14,964,225		345,183			59,413,172		1,960,162			62,200,920		1,636,808
Infrastructure<br> <br>(Trading)			11,171,241		340,225			42,220,911		1,102,781			42,903,253		1,113,710
Infrastructure<br><br><br>(Construction)			1,752,329		51,754			7,228,333		(504,421	)		9,829,578		64,804
Infrastructure<br> <br>(Logistics and<br>etc.)			934,990		13,249			3,554,224		83,603			4,139,201		147,603
Rechargeable Battery Materials			978,834		(6,797	)		3,338,386		(440,863	)		3,829,851		(277,472	)
Others			875,447		747,286			1,500,108		972,350			2,111,150		1,600,212
Total			30,677,066		1,490,900			117,255,134		3,173,612			125,013,953		4,285,664
*	Based on aggregation of internal transactions among affiliates.
---	---
*	‘Energy Materials’ segment was renamed as ‘Rechargeable Battery Materials’ by<br>management decision in June 2025.
---	---

2. Business Status of Segments

A. Steel

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

∎POSCO

(1) Summary ofBusiness

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

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

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

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

Global Crude Steel Production

			(Unit: million ton)
Crude Steel Production		2026.Q1	2025	2024
Global		459	1,804	1,839
Korea<br><br><br><br><br><br>(Ratio)		16 <br><br><br><br>(3.5%)	62 <br><br><br><br>(3.4%)	64 <br><br><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 maintain its competitive edge in the domestic market by strengthening long-term partnership with key customers and by devising comprehensive responses, such as marketing, R&D, technology services, and productions, to address global protectionism. In addition, we are expanding steel processing centers to meet the needs of global frontline industries, such as automobiles, shipbuilding, home appliances, and construction, while strengthening global sales network by operating steel production bases in Indonesia (upstream) and India (cold-rolling mills). Additionally, we are seeking opportunities to expand overseas production capacity; one such example is the JV project completed with Hebei Steel.

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

(2) Market Share

													(Unit: million ton)
Category			2026.Q1					2025					2024
		Production			Market share		Production			Market share		Production			Market share
Crude Steel Production				16		100.0	%		62		100.0	%		64		100.0	%
		POSCO		9		56.5	%		35		56.5	%		35		55.2	%
		Others		7		43.5	%		27		43.5	%		29		44.8	%
ø	Source: World Steel Association (www.worldsteel.org)
---	---

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

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

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

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

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

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

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

∎POSCO STEELEON

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

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

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

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	Ferro-manganese factory and etc.

(2) Market Share

										(Unit: ton)
Category		2026.Q1				2025				2024
		Sales<br><br><br>Volume		Market<br><br><br>share		Sales<br><br><br>Volume		Market<br><br><br>share		Sales<br><br><br>Volume		Market<br><br><br>share
POSCO M-TECH			10,419		45.0%		35,387		41.3%		38,284		44.3%
PJ Metal			12,725		55.0%		50,213		58.7%		48,231		55.7%
Total			23,144		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.Q1	2025.Q1	Growth Rate
All Trading Companies in Korea	219,870	159,534	37.8%
POSCO INTERNATIONAL Corp.	1,782	2,032	(12.3%)

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.
---	---
•	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]

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

•	Myanmar Gas Field business: : In February 2021, as part of the third phase of the development project, the<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.
---	---
•	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 reduce carbon emissions, the company is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally.

B. Infrastructure [Construction]

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

∎ POSCO E&C

[Plant business]

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

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

[Construction business]

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

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 BatteryMaterials

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

∎ POSCO FUTURE M

[Basic Industrial Materials]

•	Refractory production: Refractories maintain their chemical properties and strength even at high<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.
---	---

•

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

•

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

---

[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.

3. Key Products

A. Sales of Key Products (2026.Q1 )

(Unit: KRW 100 million, %)

Business<br><br><br>Segment		Item /<br> <br>BusinessSector	Specific Use
Steel		Hot-rolled Product (HR)	Steel pipe, Shipbuilding, etc.	30,634	20.5%
		Cold-rolled Product (CR)	Automobile, Home appliances, etc.	49,397	33.0%
		Stainless Steel Products	Tableware, pipes, etc.	22,546	15.1%
		Others	Plates, Wire rods, etc.	47,065	31.4%
		Gross Sum		149,642	100.0%
		Deduction of Internal Trade		(56,163)
		Sub Total		93,479
Infra-<br><br><br>structure		Trading	Steel, Metal	80,834	58.3%
			Chemical, Strategic Item, Energy	19,884	14.4%
			Others	10,968	7.9%
		Construction	Architecture (Domestic)	10,698	7.7%
			Plant (Domestic)	4,706	3.4%
			Others (Domestic)	344	0.2%
			Overseas Construction	1,068	0.8%
			Owned Construction	260	0.2%
			Others	1,051	0.8%
		Logistics and etc.	Others	8,773	6.3%
		Gross Sum		138,586	100.0%
		Deduction of Internal Trade		(59,443)
		Sub Total		79,143
Rechargeable Battery<br><br><br>Materials		Gross Sum		9,788	100.0%
		Deduction of Internal Trade		(3,729)
		Sub Total		6,059
Others		Gross Sum		8,755	100.0%
		Deduction of Internal Trade		(8,675)
		Sub Total		80
Total Sum				178,761
*	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.
---	---

B. Price Movement Trends of Key Products

			(Unit: KRW thousand/ton, KRW/kWh)
Business Segment		Products	2026.Q1	2025	2024
Steel		Hot-rolled Product (HR)	869	869	910
		Cold-rolled Product (CR)	1,054	1,068	1,144
Infrastructure (Trading)		Electric Power	131	144	160
Rechargeable Battery Materials		Refractory	966	973	1,001
		Lime	168	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

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

[Infrastructure (Trading)]

(1) Criteria for Calculation

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

[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 ofMajor Raw Materials

(Unit: KRW 100 million)

Business Segment			Type of Purchase	Item	Specific Use	Purchase<br><br><br>Amount	Portion
Steel			Raw Materials	Materials for<br><br><br>Iron-making	Iron Ore for Blast<br><br><br>Furnaces	42,682	65.0%
		Sub-materials		Sub-materials for Iron-making, Steelmaking	12,465	19.0%
		Stainless Steel Materials		Key Materials for<br> <br>STS<br>Production	10,514	16.0%
Infra-<br>structure		Trading	Raw Materials	LNG	Material for Power Generation	3,399	100.0%
		Construction	Raw Materials	Ready-mixed Concrete	Construction of Structure	669	22.6%
				Steel<br><br><br>Reinforcement	Strengthening Concrete	487	16.4%
				Cable	Electricity Transfer	63	2.1%
				H-Beam	Structural steel for civil/ construction	119	4.0%
				Others	Construction of Pipe and Structure etc.	1,625	54.9%
		Logistics<br><br><br>and etc.	Raw Materials	Others	For other use	1,446	100.0%
Rechargeable Battery Materials			Raw Materials	NCM and etc.	Production of<br>cathode<br> <br>materials	1,159	63.6%
		Graphite and etc.		Production<br>of<br> <br>anode materials	75	4.1%
		Limestone and etc.		Production of Lime	271	14.9%
		Others		Production of refractory	316	17.4%
*	Amount: CIF + customs duties + stevedoring fees + other incidental expenses
---	---

B. Price Movement Trends of Major Raw Materials

(Unit: KRW thousand)

Business Segment			Category	2026.Q1	2025	2024
Steel			Iron Ore<br><br><br>(per ton)	142	133	135
		Coal<br><br><br>(per ton)	343	268	329
		Scrap Iron<br><br><br>(per ton)	515	485	505
		Nickel<br><br><br>(per ton)	25,378	21,559	22,934
Infrastructure		Trading	LNG<br><br><br>(per ton)	916	944	1,058
		Construction	Ready-mixed<br>Concrete<br> <br>(per m^3^)	88	88	90
			Steel Pile<br><br><br>(per m)	1.1	1.1	1.1
			Steel Reinforcement<br><br><br>(per kg)	0.9	0.9	0.9
			Cable<br><br><br>(per m)	1.3	1.2	1.0
Rechargeable Battery Materials			Refractory<br><br><br>(per ton)	568	631	443
		Limestone<br><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 rose 1% QoQ to U$97/ton in Q1 of 2026, triggered by CMRG’s expanded trade restrictions imposed on<br>BHP iron ore and oil prices pushed up by the U.S.-Iran conflict.
												(Unit: U/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3	’24.Q2		’24.Q1
97		96		92		89		96		94		89	101		113

All values are in US Dollars.

(2) Coal:	Prices rose 17% QoQ to U$235/ton in Q1 of 2026 due to tight supply spurred by the rainy season in eastern<br>Australia and production setbacks at key hard coking coal mines.
												(Unit: U/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3	’24.Q2		’24.Q1
235		200		184		184		185		203		211	242		308

All values are in US Dollars.

(3) Scrap:	Scrap prices increased by 2% QoQ to U$352/ton in Q1 of 2026, driven by steady demand from steel producers<br>in Southwest Asia, particularly India.
												(Unit: U/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q1		’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3	’24.Q2		’24.Q1
352		344		340		337		342		350		364	376		392

All values are in US Dollars.

(4) Nickel:	Prices rose 17% to U$17,356/ton in Q1 of 2026 triggered by the Indonesian government’s policy to reduce<br>nickel ore production, in addition to rising costs and unstable supply caused by the US-Iran conflict.
																		(Unit: U/lb, U/ton)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
’26.Q1			’25.Q4			’25.Q3			’25.Q2			’25.Q1			’24.Q4			’24.Q3		’24.Q2			’24.Q1
	7.87			6.75			6.81			6.88			7.06			7.27			7.37			8.35			7.53
	17,356			14,892			15,014			15,171			15,571			16,038			16,259			18,415			16,589

All values are in US Dollars.

*	LME: London Metal Exchange

[Infrastructure]

(1) Criteria for Calculation

BusinessSector	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 30030010*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<br>
---	---
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<br>
---	---

5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

(Unit: thousand ton)

Business Area		Products		2026.Q1		2025		2024
Steel		Crude Steel		9,816		39,810		40,461

∎ POSCO STEELEON

(Unit: thousand ton)

Business Area	Products	Plant	2026.Q1	2025	2024
Steel	Galvanized / Color-<br>coated Steel	Pohang	247	1,000	1,000
		Myanmar	17	70	70
Total			264	1,070	1,070

∎ POSCO M-TECH

(Unit: ton)

Business Area	Products		2026.Q1		2025		2024
Raw materials for steel production	Deoxidizer		8,968		41,005		39,058

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(Unit: MW)

Business Area	Products			2026.Q1		2025		2024
Power Generation	Electric Power	Incheon		3,412		3,412		3,412

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(Unit: ton)

Business Area	Products	Place of Business	2026.Q1	2025	2024
Refractory	Brick and etc.	Pohang	28,741	116,560	116,560
LIME	Quicklime	Pohang	270,000	1,095,000	1,095,000
		Gwangyang	270,000	1,095,000	1,095,000
Total			568,741	2,306,560	2,306,560
*	In the case of the Rechargeable Battery Materials business, detailed notation is omitted in consideration of<br>technology and information leakage concerns.
---	---

B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production

(Unit: thousand ton)

Products			2026.Q1	2025	2024
Crude Steel			9,770	38,643	39,281
Products		Hot-Rolled Steel	2,648	10,724	10,172
		Plate	1,626	6,365	6,636
		Wire Rod	406	1,594	2,131
		Pickled-Oiled Steel	706	2,725	2,713
		Cold-Rolled Products	1,854	7,365	7,498
		Coated Steel	1,698	7,164	7,543
		Electrical Steel	266	1,084	998
		Stainless Steel	657	3,098	3,333
		Others	493	1,525	1,696
		Total	10,354	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.Q1)

(Unit: thousand ton, %)

Company
Crude Steel<br><br><br>Production	POSCO	9,816	8,819	89.8	%
	PT. Krakatau POSCO	705	716	101.5	%
	POSCO (Zhangjiagang) Stainless<br><br><br>Steel Co., Ltd.	275	126	45.7	%
	POSCO Yamato Vina Steel Joint Stock<br><br><br>Company	138	109	79.5	%
Total		10,934	9,770	89.4	%

[Infrastructure (Trading)]

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

∎ POSCO INTERNATIONAL

(1) Production Result

(Unit: GWh)

Business Area		Products		2026.Q1		2025		2024
Power Generation		Electric Power<br><br><br>(Incheon Power Plant)		2,777		10,529		12,193

(2) Capacity Utilization Rate (2026.Q1)

(Unit: hour, %)

Business Area		Production Base		2026.Q1<br><br><br>Capacity		2026.Q1<br><br><br>Production	Utilization Rate
Power Generation		Incheon Power Plant		2,160		1,249	57.85%

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

(Unit: ton)

Business Area	Products	Place of Business	2026.Q1	2025	2024
Refractory	Brick and etc.	Pohang	18,045	79,417	80,191
LIME	Quicklime	Pohang	284,522	1,088,517	1,055,911
		Gwangyang	308,828	1,187,103	1,216,072
Total			611,395	2,355,037	2,352,174
*	As coke oven gas (COG) plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
---	---
*	In the case of the Rechargeable Battery Material business, detailed descriptions are omitted to avoid risk of<br>information leakage.
---	---

(2) Capacity Utilization Rate (2026.Q1)

(Unit: ton)

Business Area		Capacity	Production	Utilization Rate
Refractory Factory		28,741	18,045	63%
Quicklime Factory (Pohang)		270,000	284,522	105%
Quicklime Factory (Gwangyang)		270,000	308,828	96%
Total		568,741	611,395	-
*	Coke oven gas (COG) plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
---	---
*	In the case of the Rechargeable Battery Materia business, detailed descriptions are omitted to avoid risk of<br>information leakage.
---	---

C. Production Facilities

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

[Land]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		2,004,373	421,867	-	-	2,426,240
Infrastructure	Trading	776,528	274	(354,077)	-	422,725
	Construction	334,781	36,088	(1,812)	-	369,057
	Logistics and etc.	59,555	1,083	-	-	60,638
Rechargeable Battery Materials		248,660	1,379	-	-	250,039
Others		262,489	1,004	(2,411)	-	261,082

[Buildings]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		3,303,256	364,903	(71)	(88,622)	3,579,466
Infrastructure	Trading	627,798	31,149	(271,901)	(6,254)	380,792
	Construction	78,290	16,304	(9,777)	(1,190)	83,627
	Logistics and etc.	113,363	4,868	(291)	(3,009)	114,931
Rechargeable Battery Materials		1,556,550	16,679	(290)	(48)	1,572,891
Others		114,583	4,760	(5,561)	(2,574)	111,208

[Structures]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		2,773,749	997,012	(4,316)	(67,254)	3,699,191
Infrastructure	Trading	1,019,221	1,082	(885,900)	(13,460)	120,943
	Construction	37,792	5,991	(200)	(1,786)	41,797
	Logistics and etc.	81,046	1,086	-	(2,426)	79,706
Rechargeable Battery Materials		364,583	43,800	-	(1,070)	407,313
Others		13,982	421	(460)	(112)	13,831

[Machinery]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		14,437,095	2,433,202	(78,783)	(554,621)	16,236,893
Infrastructure	Trading	1,081,085	6,925	(2,134,929)	(26,560)	(1,073,479)
	Construction	4,758	463	(19)	(419)	4,783
	Logistics and etc.	202,628	17,087	(271)	(20,594)	198,850
Rechargeable Battery Materials		2,456,276	179,134	(270)	(6,628)	2,628,512
Others		23,485	3,850	-	(4,211)	23,124

[Vehicles]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		55,806	4,890	(1,411)	(8,092)	51,193
Infrastructure	Trading	30,807	1,519	(2,186)	(1,918)	28,222
	Construction	4,215	1,061	(586)	(448)	4,242
	Logistics and etc.	374	1,822	(239)	(86)	1,871
Rechargeable Battery Materials		9,382	1,319	(239)	(83)	10,379
Others		31	269	(2)	(272)	26

[Tools and Fixtures]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		61,868	11,988	(2,614)	(10,154)	61,088
Infrastructure	Trading	21,683	3,081	-	(2,426)	22,338
	Construction	1,436	163	(69)	(173)	1,357
	Logistics and etc.	5,567	1,147	-	(655)	6,059
Rechargeable Battery Materials		27,670	1,071	(1,779)	(610)	26,352
Others		32	-	-	-	32

[Equipment]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		114,254	15,384	(1,909)	(16,146)	111,583
Infrastructure	Trading	28,908	3,105	(896)	(3,052)	28,065
	Construction	5,739	2,133	(530)	(1,309)	6,033
	Logistics and etc.	13,289	928	(30)	(185)	14,002
Rechargeable Battery Materials		38,793	1,017	(30)	(995)	38,785
Others		18,185	349	-	(728)	17,806

[Financial Lease Assets]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		107,543	44,100	(14,031)	(35,227)	102,385
Infrastructure	Trading	816,828	77,697	(14,860)	(20,748)	858,917
	Construction	58,863	23,787	(19,327)	(9,071)	54,252
	Logistics and etc.	269,427	646	(1,337)	16,082	284,818
Rechargeable Battery Materials		103,757	730	(1,336)	1,719	104,870
Others		17,909	7,958	(2,802)	(5,604)	17,461

[Biological Assets]

(Unit: KRW million)

Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		-	-	-	-	-
Infrastructure	Trading	362,871	17,039	(764)	(7,890)	371,256
	Construction	-	-	-	-	-
	Logistics and etc.	-	-	-	-	-
Rechargeable Battery Materials		-	-	-	-	-
Others		-	-	-	-	-

[Assets under Construction]

					(Unit: KRW million)
Business Segment		Beginning<br><br><br>Book Balance	Increase	Decrease	Depreciation	Ending BookBalance
Steel		1,796,458	501,298	(426,188)	-	1,871,568
Infrastructure	Trading	955,410	109,815	(67,682)	-	997,543
	Construction	5,141	6,326	(837)	-	10,630
	Logistics and etc.	48,897	1,054	-	-	49,951
Rechargeable Battery Materials		4,832,415	450,744	-	-	5,283,159
Others		503,336	8,026	(30)	-	511,332

(2) New Facility Establishment, Purchase, Etc.

a) Investments under Construction

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

[Steel]

				(Unit: KRW 100 million)
Date		Project	Total Investment	Invested<br><br><br>Amount	Amount to be Invested
Expansion/<br> <br>Establishment	October 2020<br>~ February 2030	Revamping of Pohang Coke Oven No.3 among others	60,945	17,480	43,465

[Infrastructure]

				(Unit: KRW 100 million)
Date		Project	Total Investment	Invested<br><br><br>Amount	Amount to be Invested
Expansion/<br> <br>Establishment	May 2022<br>~ June 2027	Gwangyang LNG terminal, etc.	20,039	9,372	10,307

[Rechargeable Battery Materials]

				(Unit: KRW 100 million)
Date		Project	Total Investment	Invested<br><br><br>Amount	Amount to be Invested
Expansion/<br> <br>Establishment	March 2020<br>~ July 2027	Cathode/Anode material factory,<br><br><br>lithium commercialization plant, etc.	70,477	51,228	19,249

6. Product Sales

[Steel]

(Unit: KRW 100 million)

Items		2026.Q1	2025	2024
Domestic	Hot-Rolled Products	12,749	50,136	52,703
	Cold-Rolled Products	11,513	45,883	51,263
	Stainless Steel	7,114	26,422	29,493
	Others	24,117	91,676	95,180
Overseas	Hot-Rolled Products	17,885	72,135	72,818
	Cold-Rolled Products	37,885	144,832	152,461
	Stainless Steel	15,432	71,055	75,395
	Others	22,947	91,993	92,696
Total	Gross Sum	149,642	594,132	622,009
	Internal Transaction	(56,163)	(221,283)	(230,968)
	Total	93,479	372,849	391,041

[Infrastructure]

(Unit: KRW 100 million)

Business<br><br><br>Area	Items
Trading	Domestic<br><br><br>Trading	Merchandise	8,585		34,233		45,670
		Product	6,743		27,683		32,545
		Others	185		846		1,412
	Overseas<br><br><br>Trading	Merchandise	57,343		116,886		118,643
		Product	119		1,132		3,881
		Others	1,267		243		144
	Trades among the 3 countries		37,444		240,748		226,736
Construction	Domestic<br><br><br>Construction	Building	10,698		42,872		49,469
		Plant	4,706		20,378		31,427
		Others	344		1,807		2,724
	Overseas		1,068		3,905		8,777
	Own Construction		1,311		6,239		5,899
Logistics and etc.	Others		8,773		33,063		41,393
Total	Gross Sum		138,586		530,035		568,720
	Deduction of Internal Transaction		(59,443	)	(233,353	)	(261,735	)
	Total		79,143		296,682		306,985

[Rechargeable Battery Materials]

(Unit: KRW 100 million)

Items	2026.Q1	2025	2024
Gross Sum	9,788	33,384	38,299
Deduction of Internal Transaction	(3,729)	(12,421)	(10,174)
Total	6,059	20,963	28,125

[Others]

(Unit: KRW 100 million)

Items		2026.Q1	2025	2024
Gross Sum		8,755	15,000	21,112
Deduction of Internal Transaction		(8,674)	(14,545)	(20,381)
Total		80	455	730
*	Domestic and overseas categorized by the sales area.
---	---
*	Sales of POSCO INTERNATIONAL’s foreign branches are included in ‘trade among the 3 countries’<br>under Infrastructure (Trading) Segment.
---	---

7. Derivatives

POSCO HOLDINGS has signed currency swap contracts to hedge against FX risks on foreign currency borrowings. As of March 31, 2026, the Company has currency swap contracts of USD 400 million (due to mature in May 2030) and USD 300 million (due to mature in May 2035), which were measured at fair value. The valuation gain on these currency swaps, as reflected in the Company’s financial statements as of March 31, 2026, amounted to KRW 77,689 million.

8. Significant Contracts

[Steel]

(1)	POSCO’s equity investment in an integrated steel mill JV in Odisha, India
a)	Contract Counterparty: Saffron Resources Private Limited
---	---
b)	Transaction amount: USD 1,093 million (Total contribution)
---	---
c)	Purpose: Equity investment to jointly construct an integrated steel mill in Odisha, India<br>
---	---
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<br>
---	---
a)	Contract Counterparty: POS-Louisiana Inc. (tentative)<br>
---	---
b)	Transaction amount: USD 582 million (Total contribution)
---	---
c)	Purpose: Equity investment to jointly construct an electric arc furnace steel mill in Louisiana, USA<br>
---	---
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
---	---
(1)	Transfer contract of steel business related shares or investment certificates of POSCO HOLDINGS (2024)<br>
---	---
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
---	---

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(1) Myanmargas field

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

(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<br>of Subsidiary Company)
---	---

9. Research and Development

A. Research and Development (“R&D”) Organization

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

B. R&D Expenses in 2026.Q1

																		(Unit: KRW million)
Category		Business Segment
		Steel				Infrastructure									RechargeableBatteryMaterials			Others			Total
					Trading				Construction			Logisticsand etc.
Selling and Administrative Cost			4,122				650			1,131			4,202			13,625			28,150			51,880
Manufacturing Cost			86,169				43			53			-			22			-			86,287
R&D Cost (Intangible Assets)			9,669				-			153			151			2,200			40			12,213
Total*			99,960				693			1,337			4,353			15,847			28,190			150,380
Government Subsidy			-							50			-			-			-			50
R&D/Sales Ratio (%)			1.07	%			0.01	%		0.09	%		4.54	%		2.55	%		347.04	%		0.86	%
*	Total includes government subsidy.
---	---

III. Financial Statements

1. Consolidated Financial Statements

A. Summary

(Unit: KRW million)

Account	2026.Q1		2025		2024
	As of March 31, 2026		As of December 31, 2025		As of December 31, 2024
[Total current assets]		44,826,768		43,483,869		44,029,923
Cash and cash equivalents		7,069,783		7,049,800		6,767,898
Other receivables, net		2,111,273		1,920,685		2,261,323
Other short-term financial assets		8,029,082		8,778,584		8,499,389
Trade accounts and notes receivable, net		12,264,532		11,197,974		10,821,619
Inventories		14,144,103		13,624,433		14,143,500
Other current assets		1,207,995		912,393		1,536,194
[Total non-current assets]		63,518,855		61,708,569		59,374,276
Other receivables, net		1,543,918		1,635,253		1,306,329
Other long-term financial assets		3,527,351		3,060,842		2,571,651
Investments in associates and joint ventures		5,611,522		4,980,153		4,738,793
Property, plant and equipment, net		42,961,735		42,292,820		39,846,828
Intangible assets, net		5,675,428		5,493,529		4,774,824
Other non-current assets		4,198,901		4,245,972		6,135,851
Total assets		108,345,623		105,192,438		103,404,199
[Total current liabilities]		23,609,050		23,131,654		22,779,719
[Total non-current liabilities]		21,343,418		19,683,093		19,174,112
Total liabilities		44,952,468		42,814,747		41,953,831

Account	2026.Q1	2025	2024
[Equity attributable to owners of the controlling company]	56,793,065	55,730,185	55,394,231
Share capital	482,403	482,403	482,403
Capital surplus	1,528,595	1,685,116	1,648,894
Retained earnings	53,088,320	53,177,472	53,658,368
Other equity attributable to owners of the controlling company	1,693,747	385,194	(395,434)
[Non-controlling Interests]	6,600,090	6,647,506	6,056,137
Total equity	63,393,155	62,377,691	61,450,368
	From January 1, 2026<br><br><br>to March 31, 2026	From January 1, 2025<br><br><br>to December 31, 2025	From January 1, 2024<br><br><br>to December 31, 2024
Revenue	17,876,106	69,094,886	72,688,143
Operating profit	706,832	1,827,063	2,173,573
Profit	543,390	504,403	947,580
[Profit attributable to owners of the controlling company]	467,206	657,654	1,094,917
[Profit attributable to non-controlling interests]	76,184	(153,251)	(147,337)
Total comprehensive Income	1,683,953	923,026	2,110,358
[Total comprehensive income attributable to owners of the controlling company]	1,403,785	1,032,628	2,008,919
[Total comprehensive income attributable to non-controlling interests]	280,168	(109,602)	101,439
Earnings per share (KRW)	6,178	8,697	14,451
Number of Consolidated Companies	202	199	194

B. The Standards Used for Reporting the Financial Statements

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

2. Separate Financial Statements

A. Summary

(Unit: KRW million)

Account	2026.Q1	2025	2024
	As of March 31, 2026	As of December 31, 2025	As of December 31, 2024
[Total current assets]	4,770,651	3,945,123	3,793,469
Cash and Cash equivalents	361,212	184,416	409,387
Trade accounts and notes receivable, net	927,704	157,668	178,822
Other receivables, net	194,848	146,146	21,388
Other short-term financial assets	3,284,899	3,454,794	2,686,420
Inventories	0	0	467,796
Other current assets	1,988	2,099	29,656
[Total non-current assets]	47,941,622	47,870,462	46,840,329
Other receivables, net	26,520	17,414	14,894
Other long-term financial assets	588,775	506,736	421,822
Investments in Subsidiaries, associates and joint ventures	46,267,604	46,290,252	45,631,965
Property, plant and equipment, net	708,028	703,140	415,993
Intangible assets, net	29,630	29,659	21,461
Other non-current assets	321,065	323,261	334,194
Total assets	52,712,273	51,815,585	50,633,797
[Total current liabilities]	506,590	245,628	162,831
[Total non-current Liabilities]	3,693,573	3,631,688	2,281,936
Total liabilities	4,200,163	3,877,316	2,444,768
[Share capital]	482,403	482,403	482,403
[Capital surplus]	1,367,990	1,367,990	1,367,990
[Retained earnings]	47,509,469	47,310,066	47,952,144
[Other equity]	(847,752)	(1,222,190)	(1,613,507)
Total equity	48,512,110	47,938,269	48,189,030

Account	2026.Q1	2025	2024
	From January 1, 2026<br><br><br>to March 31, 2026	From January 1, 2025<br><br><br>to December 31, 2025	From January 1, 2024<br><br><br>to December 31, 2024
Revenue	850,360	1,403,310	1,997,128
Operating profit	754,768	976,825	1,596,420
Profit	763,078	494,878	1,621,282
Earnings per share (KRW)	10,091	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”). ****

POSCO HOLDINGS INC.

and its subsidiaries

Interim condensed consolidated financial statements

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

with the independent auditor’s review report

Table of Contents

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

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

POSCOHOLDINGS INC.

We have reviewed the accompanying interim condensed consolidated financial statements of POSCO HOLDINGS INC. and its subsidiaries (collectively referred to as the “Group”), which comprise the interim condensed consolidated statement of financial position as of March 31, 2026, and the related interim condensed consolidated statements of comprehensive income, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the three-month periods ended March 31, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed consolidated financial statements

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

Auditor’s responsibility

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

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

Conclusion

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

LOGO

Other matters

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

May 15, 2026

This review report is effective as of May 15, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed consolidated financial statements and may result in modification to this review report.

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated financial statements

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

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

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

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position

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

(in millions of Won)		March 31, 2026(unaudited)
Assets
Cash and cash equivalents	21	~~W~~	7,069,783	7,049,800
Trade accounts and notes receivable, net	4,15,21,25,26,33		12,264,532	11,197,974
Other receivables, net	5,21,33		2,111,273	1,920,685
Other short-term financial assets	6,21		8,029,082	8,778,584
Inventories	7		14,144,103	13,624,433
Current income tax assets			82,246	78,704
Assets held for sale	8		8,142	20,167
Other current assets	14		1,117,607	813,522

Total current assets			44,826,768	43,483,869

Long-term trade accounts and notes receivable, net	4,21		17,962	19,708
Other receivables, net	5,21,33		1,543,918	1,635,253
Other long-term financial assets	6,21		3,527,351	3,060,842
Investments in associates and joint ventures	9		5,611,522	4,980,153
Investment property, net	11		1,718,694	1,691,625
Property, plant and equipment, net	12		42,961,735	42,292,820
Intangible assets, net	13		5,675,428	5,493,529
Defined benefit assets, net	19		319,115	360,112
Deferred tax assets	31		2,016,141	2,038,844
Other non-current assets	14		126,989	135,683

Total non-current assets			63,518,855	61,708,569

Total assets		~~W~~	108,345,623	105,192,438

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position, continued

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

(in millions of Won)	Notes	March 31, 2026(unaudited)
Liabilities
Trade accounts and notes payable	21,33	~~W~~	4,987,857		5,106,921
Short-term borrowings and current installments of long-term borrowings	15,21		12,372,073		12,117,422
Other payables	16,21,33		3,524,383		3,406,505
Other short-term financial liabilities	17,21		47,199		66,623
Current income tax liabilities			254,283		223,666
Liabilities directly associated with the assets held for sale	8		—		3,678
Provisions	18		522,807		632,644
Other current liabilities	20,25,26		1,900,448		1,574,195

Total current liabilities			23,609,050		23,131,654

Long-term borrowings, excluding current installments	15,21		17,888,390		16,374,578
Other payables	16,21		1,301,933		1,237,358
Other long-term financial liabilities	17,21		77,011		91,068
Defined benefit liabilities, net	19		74,707		63,189
Deferred tax liabilities	31		1,225,267		1,159,973
Long-term provisions	18		666,835		650,329
Other non-current liabilities	20		109,275		106,598

Total non-current liabilities			21,343,418		19,683,093

Total liabilities			44,952,468		42,814,747

Equity
Share capital	22		482,403		482,403
Capital surplus	22		1,528,595		1,685,116
Other components of equity	23		2,495,518		1,561,510
Treasury shares	24		(801,771	)	(1,176,317	)
Retained earnings			53,088,320		53,177,472

Equity attributable to owners of the controlling company			56,793,065		55,730,184
Non-controlling interests			6,600,090		6,647,507

Total equity			63,393,155		62,377,691

Total liabilities and equity		~~W~~	108,345,623		105,192,438

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of comprehensive income

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

			For the three-month period<br>ended March 31<br>(Unaudited)
(in millions of Won, except per share information)	Notes		2026			2025
Revenue		25,26,33	~~W~~	17,876,106			17,436,776
Cost of sales		26,30		(16,359,693	)		(16,100,898	)

Gross profit				1,516,413			1,335,878
Selling and administrative expenses		21,27,30
Other administrative expenses				(751,748	)		(715,583	)
Selling expenses				(57,833	)		(51,854	)

Operating profit				706,832			568,441
Share of profit of equity-accounted investees, net		9		91,410			65,284
Finance income and costs		21,28
Finance income				1,528,597			804,679
Finance costs				(1,592,555	)		(948,161	)
Other non-operating income and expenses		21,29,30
Other non-operating income				138,319			132,865
Other non-operating expenses				(115,992	)		(113,150	)

Profit before income tax				756,611			509,958
Income tax expense		31		(213,221	)		(165,723	)

Profit for the period, net of tax				543,390			344,235
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in equity-accounted investees				2,914			(5,627	)
Foreign currency translation differences				195,003			7,007
Remeasurements of defined benefit plans		19		5,489			(664	)
Net changes in fair value of equity investments at fair value through other comprehensive<br>income		21		112,091			39,274
Items that are or may be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in equity-accounted investees				265,622			1,295
Foreign currency translation differences				559,418			29,960
Gains or losses on valuation of derivatives		21		26			(126	)

Other comprehensive income, net of tax				1,140,563			71,119

Total comprehensive income			~~W~~	1,683,953			415,354

Profit for the period attributable to
Owners of the controlling company			~~W~~	467,206			302,295
Non-controlling interests				76,184			41,940

Profit for the period, net			~~W~~	543,390			344,235

Total comprehensive income attributable to :
Owners of the controlling company			~~W~~	1,403,785			369,836
Non-controlling interests				280,168			45,518

Total comprehensive income			~~W~~	1,683,953			415,354

Earnings per share (in Won)		32
Basic earnings per share (in Won)				6,178			3,998
Diluted earnings per share (in Won)			~~W~~	6,178			3,998

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity

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

(in millions of Won)	Attributable to owners of the controlling company
	Sharecapital		Capitalsurplus		Othercomponentsof equity			Treasuryshares			Retainedearnings			Subtotal			Non- controllinginterests			Total
Balance as of January 1, 2025	~~W~~	482,403		1,648,894		1,155,429			(1,550,862	)		53,658,367			55,394,231			6,056,137			61,450,368
Comprehensive income:
Profit for the period		—		—		—			—			302,295			302,295			41,940			344,235
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—		—			—			1,203			1,203			(1,867	)		(664	)
Capital adjustment arising from investments in equity-accounted investees, net of tax		—		—		(2,167	)		—			—			(2,167	)		(2,165	)		(4,332	)
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax		—		—		37,869			—			803			38,672			602			39,274
Foreign currency translation differences, net of tax		—		—		29,960			—			—			29,960			7,006			36,966
Gains or losses on valuation of derivatives, net of tax		—		—		(126	)		—			—			(126	)		—			(126	)

Total comprehensive income		—		—		65,536			—			304,301			369,837			45,516			415,353

Transactions with owners of the controlling company, recognized directly inequity:
Year-end dividends		—		—		—			—			(189,052	)		(189,052	)		(98,005	)		(287,057	)
Changes in ownership interest in subsidiaries		—		1,335		—			—			—			1,335			90,871			92,206
Retirement of treasury shares		—		—		—			374,545			(374,545	)		—			—			—
Others		—		641		—			—			(203	)		438			2,416			2,854

Total transactions with owners of the controlling company		—		1,976		—			374,545			(563,800	)		(187,279	)		(4,718	)		(191,997	)

Balance as of March 31, 2025 (Unaudited)	~~W~~	482,403		1,650,870		1,220,965			(1,176,317	)		53,398,868			55,576,789			6,096,935			61,673,724

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity, continued

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

(in millions of Won)	Attributable to owners of the controlling company
	Sharecapital		Capitalsurplus			Othercomponentsof equity		Treasuryshares			Retainedearnings			Subtotal			Non-controllinginterests
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		—		—			—		—			467,206			467,206			76,184		543,390
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—		—			2,352			2,352			3,137		5,489
Capital adjustment arising from investments in equity-accounted investees, net of tax		—		—			262,248		—			—			262,248			6,288		268,536
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax		—		—			111,455		—			1,080			112,535			(444	)	112,091
Foreign currency translation differences, net of tax		—		—			559,418		—			—			559,418			195,003		754,421
Gains or losses on valuation of derivatives, net of tax		—		—			26		—			—			26			—		26

Total comprehensive income		—		—			933,147		—			470,638			1,403,785			280,168		1,683,953

Transactions with owners of the controlling company, recognized directly inequity:
Year-end dividends		—		—			—		—			(189,052	)		(189,052	)		(68,708	)	(257,760	)
Changes in ownership interest in subsidiaries		—		(155,119	)		—		—			—			(155,119	)		(255,689	)	(410,808	)
Retirement of treasury shares		—		—			—		374,546			(374,546	)		—			—		—
Others		—		(1,402	)		861		—			3,808			3,267			(3,188	)	79

Total transactions with owners of the controlling company		—		(156,521	)		861		374,546			(559,790	)		(340,904	)		(327,585	)	(668,489	)

Balance as of March 31, 2026 (Unaudited)	~~W~~	482,403		1,528,595			2,495,518		(801,771	)		53,088,320			56,793,065			6,600,090		63,393,155

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows

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

(in millions of Won)		for the three-monthperiod endedMarch 31, 2026(Unaudited)
Cash flows from operating activities
Profit for the period		~~W~~	543,390		344,235
Adjustments for:
Depreciation			920,064		909,721
Amortization			133,776		112,756
Finance income			(1,086,600	)	(483,184	)
Finance costs			1,143,047		519,907
Income tax expense			213,221		165,723
Impairment loss on property, plant and equipment			133		47,580
Gain on disposal of property, plant and equipment			(1,457	)	(2,163	)
Loss on disposal of property, plant and equipment			22,800		13,274
Impairment loss on goodwill and other intangible assets			415		12
Gain on disposal of investments in subsidiaries, associates and joint ventures			(3,968	)	(25,447	)
Loss on disposal of investments in subsidiaries, associates and joint ventures			8,525		196
Share of profit of equity-accounted investees			(91,410	)	(65,284	)
Impairment loss on disposal of assets held for sale			—		4,763
Gain on disposal of assets held for sale			(6,300	)	(52,148	)
Loss on disposal of assets held for sale			1,229		—
Expenses related to post-employment benefit			66,308		65,522
Impairment loss on trade and other receivables			21,292		24,119
(Reversal of) Loss on valuation of inventories			79,586		(85,294	)
Increase (decrease) to provisions			(22,614	)	32,474
Gain on insurance claim			(75	)	(806	)
Others, net			54,158		(13,834	)

			1,452,130		1,167,887

Changes in operating assets and liabilities	35		(2,119,269	)	(422,567	)
Interest received			146,124		111,661
Interest paid			(325,320	)	(318,223	)
Dividends received			88,356		73,502
Income taxes paid			(144,708	)	(287,716	)

Net cash provided by operating activities		~~W~~	(359,297	)	668,779

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows, consolidated

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

(in millions of Won)	for the three-month<br>period ended March 31, 2026 (Unaudited)
Cash flows from investing activities
Acquisitions of short-term financial instruments		~~W~~ (4,465,247)		(4,879,919)
Proceeds from disposal of short-term financial instruments		5,005,638		4,299,071
Increase in loans		(119,438)		(75,171)
Collection of loans		204,360		82,448
Acquisitions of securities		(38,402	)	(290,774	)
Proceeds from disposal of securities		378,228		212,246
Acquisitions of long-term financial instruments		(511	)	(1,437	)
Acquisitions of investment in associates and joint ventures		(282,481	)	(17,669	)
Proceeds from disposal of investment in associates and joint ventures		10,780		6,860
Acquisitions of investment property		(2,176	)	—
Proceeds from disposal of investment property		363		538
Acquisitions of property, plant and equipment		(957,049	)	(1,371,538	)
Proceeds from disposal of property, plant and equipment		28,808		6,369
Acquisitions of intangible assets		(123,490	)	(148,599	)
Proceeds from disposal of intangible assets		498		1,201
Proceeds from disposal of assets held for sale		8,037		199,886
Collection of lease receivables		6,300		7,653
Cash inflow from insurance claim		75		741
Others, net		(63,981)		1,962

Net cash used in investing activities	~~W~~	(409,688	)	(1,966,132)

Cash flows from financing activities
Origination of borrowings		2,355,270		2,172,812
Repayment of borrowings		(2,154,051	)	(1,821,797	)
Repayment of short-term borrowings, net		777,901		762,707
Capital contribution from non-controlling<br>interests		761		110,556
Payment of cash dividends		(1,883	)	(3,278	)
Repayment of lease liabilities		(43,598	)	(50,078	)
Others, net		(244,303	)	132,622

Net cash provided by financing activities	~~W~~	690,097		1,303,544

Effect of exchange rate fluctuation on cash held		98,871		5,920

Net increase in cash and cash equivalents		19,983		12,111
Changes in cash classified as assets held for sale		—		(7,466	)
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~~	7,069,783		6,772,543

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements

March 31, 2026 and 2025 (Unaudited)

1. General Information

General information about POSCO HOLDINGS INC. (the “Company”), the controlling company, and its subsidiaries in the scope of consolidation, such as 65 domestic subsidiaries including POSCO INC. and 136 foreign subsidiaries including POSCO America Corporation, and 109 associates and joint ventures (collectively referred to as the “Group”) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 is as follows:

(a)	The controlling company

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

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

As of March 31, 2026, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange.

(b)	New subsidiaries subject to consolidation

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

Company		Date of addition	Ownership (%)	Reason
POS-Louisiana Inc.		January 2026	100.00	New establishment
Centrux LNG Pte. Ltd.		January 2026	100.00	New establishment
Gale International Korea, LLC		February 2026	100.00	New establishment
Yingkou PFM Refractories Co., Ltd.		March 2026	100.00	New establishment
(c)	Subsidiaries excluded from consolidation due to loss of control
---	---

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

2. Basis of Preparation

Statement of compliance

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

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

Use of estimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

(b)	Measurement of fair value

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

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

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

2. Basis of Preparation (cont’d)

•	Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities.<br>
•	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.<br>
---	---

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 PolicyInformation

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 inAccounting Policies

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

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

•	a clarification that a financial liability is derecognized on the “settlement date” and the<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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

(b)	Annual Improvements to KIFRS – Volume 11

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

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

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

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

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

•	clarification of the application of the “own-use”<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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

New and amended standards not yet adopted by the Group

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

(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.

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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

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

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.
---	---

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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

4. Trade Accounts and Notes Receivable

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

(in millions of Won)	March 31, 2026
Current
Trade accounts and notes receivable	~~W~~	11,205,569		10,133,240
Due from customers for contract work		1,618,159		1,594,458
Less: Allowance for doubtful accounts		(559,196	)	(529,724	)

	~~W~~	12,264,532		11,197,974

Non-current
Trade accounts and notes receivable	~~W~~	58,466		64,902
Less: Allowance for doubtful accounts		(40,504	)	(45,194	)

	~~W~~	17,962		19,708

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the three-month period ended March 31, 2026 and the year ended December 31, 2025. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of March 31, 2026 and December 31, 2025, the book value of the trade accounts receivable from the transaction is ~~W~~122,652 million and ~~W~~136,758 million, respectively, and the amount is included in the short-term borrowings.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

5. Other Receivables

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

(in millions of Won)		March 31, 2026
Current
Short-term loans		~~W~~	376,801		348,621
Other accounts receivable			1,390,934		1,276,332
Accrued income			332,901		341,802
Deposits			91,649		106,612
Others			38,090		36,209
Lease receivables			16,354		14,432
Less: Allowance for doubtful accounts			(135,456	)	(203,323	)

		~~W~~	2,111,273		1,920,685

Non-current
Long-term loans(*1)		~~W~~	1,410,491		1,369,527
Other accounts receivable			451,762		461,676
Accrued income			166,309		183,455
Deposits			135,749		141,782
Lease receivables			66,792		65,676
Less: Allowance for doubtful accounts			(687,185	)	(586,863	)

		~~W~~	1,543,918		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.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

6. Other Financial Assets

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

(in millions of Won)		March 31, 2026
Current
Derivatives assets		~~W~~	200,755	235,924
Debt securities			668,765	927,586
Deposit instruments(*1)			6,721,187	7,123,233
Short-term financial instruments(*1)			436,908	491,841
Other securities			1,467	—

		~~W~~	8,029,082	8,778,584

Non-current
Derivatives assets		~~W~~	699,286	426,649
Equity securities(*2)			1,897,357	1,721,439
Debt securities			182,188	172,181
Other securities(*2)			706,352	696,148
Deposit instruments(*1)			42,168	44,425

		~~W~~	3,527,351	3,060,842

(*1)	As of March 31, 2026 and December 31, 2025, financial instruments amounting to<br>~~W~~913,046 million and ~~W~~362,150 million, respectively, are restricted in use for financial arrangements, pledge and others.
---	---
(*2)	As of March 31, 2026 and December 31, 2025, ~~W~~122,979 million and<br>~~W~~122,285 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

7. Inventories

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

(in millions of Won)		March 31, 2026
Finished goods		~~W~~	2,584,910		2,754,668
Merchandise			1,280,219		1,247,922
Semi-finished goods			2,772,703		2,764,000
Raw materials			3,799,665		3,333,252
Fuel and materials			1,103,539		1,095,038
Construction inventories			161,432		166,689
Materials-in-transit			2,746,839		2,490,175
Others			178,077		169,010

			14,627,384		14,020,754

Less: Allowance for inventories valuation(*1)			(483,281	)	(396,321	)

		~~W~~	14,144,103		13,624,433

(*1)	For each of the three-month periods ended March 31, 2026 and 2025, allowance for inventories valuation was<br>increased by ~~W~~79,586 million and reversed by ~~W~~85,294 million, respectively.
---	---

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

(in millions of Won)	March 31, 2026
Finished goods	~~W~~	217,342	158,268
Merchandise		12,982	7,255
Semi-finished goods		67,084	90,155
Raw materials		161,116	115,651
Fuel and materials		6,101	6,069
Construction inventories		7,944	7,989
Others		10,712	10,934

	~~W~~	483,281	396,321

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

8. Assets Held for Sale

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

(in millions of Won)		March 31, 2026
Asset
Cash and cash equivalents			—	1,924
Account reveivables and other receivables			—	314
Equity Securities(*1)			7,669	7,276
Property, plant and equipment			473	10,361
Intangible assets			—	285
Others			—	7

		~~W~~	8,142	20,167

Liability
Other receivables		~~W~~	—	3,419
Provisions			—	259

		~~W~~	—	3,678

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

9. Investments in Associates and Joint ventures

(a)	Details of investments in associates as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)		March 31, 2026																December 31,2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Numberof shares				Ownership(%)				Acquisitioncost				Book value				Book value
[Domestic]
Samcheok Blue Power Co., Ltd.(*1)			4,507,138				34.00			~~W~~	473,093			~~W~~	423,056				421,699
Chun-cheon Energy Co., Ltd(*1)			17,308,143				49.10				86,541				17,040				16,685
Pocheon-Hwado Highway Corp.(*1)			7,109,230				27.89				35,546				8,060				17,194
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd			944,920				29.53				4,725				12,053				12,096
PCC Amberstone Private Equity Fund 1(*2)			2,399,914,684				8.80				2,400				2,516				2,791
Others(*1)															127,625				134,363

															590,350				604,828

[Foreign]
South-East Asia Gas Pipeline Company Ltd.			50,082				25.04				83,030				267,531				263,375
9404-5515 Quebec Inc.			284,463,243				25.85				328,509				444,388				411,602
AMCI (WA) PTY LTD			49				49.00				209,664				206,688				162,606
KOREA LNG LTD.			2,400				20.00				135,205				23,735				19,524
PT. Wampu Electric Power(*1)			8,708,400				20.00				10,054				13,488				16,483
POS-SeAH Steel Wire(Nantong) Co.,<br>Ltd.			50				25.00				4,723				13,270				11,994
M RES NSW HCC II Pty Ltd(*3)			72,000,000				92.31				104,511				98,469				101,884
Hyundai-POSCO Louisiana Steel LLC			20				20.00				278,043				311,112				—
Others(*1)															297,315				252,322

															1,675,996				1,239,790

														~~W~~	2,266,346				1,844,618

(*1)	As of March 31, 2026 and December 31, 2025, investments in associates amounting to<br>~~W~~478,017 million and ~~W~~486,995 million, respectively, are provided as collateral in relation to the associates’ borrowings.
---	---
(*2)	As of March 31, 2026, the entity is classified as an associate since the Group has<br>significant influence over the investee although the Group’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
---	---
(*3)	As of March 31, 2026, the entity is classified as an associate since the Group has<br>significant influence over the investee although the Group’s percentage of ownership is more than 50%, considering the structure of the entity’s Board of Directors and others.
---	---
(b)	Details of investments in joint ventures as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(in millions of Won)		March 31, 2026																December 31,2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Numberof shares				Ownership(%)				Acquisitioncost				Book value				Book value
[Domestic]
POSCO MC MATERIALS			11,568,000				60.00			~~W~~	115,680			~~W~~	147,124				146,038
SNNC			18,130,000				49.00				90,650				—				2,364
Others															12,200				12,702

															159,324				161,104

[Foreign]
Roy Hill Holdings Pty Ltd(*1)			13,117,972				12.50				1,528,672				1,553,903				1,441,376
POSCO-NPS Niobium LLC			325,050,000				50.00				364,609				492,007				466,492
KOBRASCO			2,010,719,185				50.00				32,950				143,476				126,943
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			—				25.00				61,961				144,147				132,616
PT NICOLE METAL INDUSTRY			152,764,706				49.00				603,178				692,401				649,462
HBIS-POSCO Automotive Steel Co., Ltd			—				50.00				235,251				132,194				134,404
Others															27,724				23,138

															3,185,852				2,974,431

														~~W~~	3,345,176				3,135,535

(*1)	As of March 31, 2026 and December 31, 2025, the investments in joint ventures are<br>provided as collateral in relation to the joint ventures’ borrowings.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

(c)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2026<br>and the year ended December 31, 2025 are as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		December 31,2025 Book value				Acquisition				Dividends			Share ofprofits (losses)			*Other increase(decrease)(1)**			March 31,2026Book value
[Domestic]
Samcheok Blue Power Co., Ltd.		~~W~~	421,699				—				—			1,358			(1	)		423,056
SNNC			2,364				—				—			(2,364	)		—			—
Chun-cheon Energy Co., Ltd			16,685				—				—			(251	)		606			17,040
Pocheon-Hwado Highway Corp.			17,194				—				—			(9,134	)		—			8,060
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd			12,096				—				—			(43	)		—			12,053
PCC Amberstone Private Equity Fund 1			2,791				—				—			403			(678	)		2,516
POSCO MC MATERIALS			146,038				—				—			1,086			—			147,124
Others			147,064				4,438				(214	)		(2,035	)		(9,428	)		139,825

			765,931				4,438				(214	)		(10,980	)		(9,501	)		749,674

[Foreign]
South-East Asia Gas Pipeline Company Ltd.			263,375				—				(16,776	)		13,363			7,569			267,531
9404-5515 Quebec Inc.			411,602				—				(11,630	)		14,766			29,650			444,388
AMCI (WA) PTY LTD			162,606				—				—			27,553			16,529			206,688
KOREA LNG LTD.			19,524				—				(749	)		784			4,176			23,735
PT. Wampu Electric Power			16,483				—				(909	)		56			(2,142	)		13,488
POS-SeAH Steel Wire(Nantong) Co.,<br>Ltd.			11,994				—				—			162			1,114			13,270
Roy Hill Holdings Pty Ltd			1,441,376				—				(29,196	)		34,771			106,952			1,553,903
POSCO-NPS Niobium LLC			466,492				—				(12,359	)		12,346			25,528			492,007
KOBRASCO			126,943				—				—			3,742			12,791			143,476
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			132,616				—				—			2,836			8,695			144,147
PT NICOLE METAL INDUSTRY			649,462				—				—			18,164			24,775			692,401
HBIS-POSCO Automotive Steel Co., Ltd			134,404				—				—			(11,033	)		8,823			132,194
M RES NSW HCC II Pty Ltd			101,884				—				—			(11,308	)		7,893			98,469
Hyundai-POSCO Louisiana Steel LLC			—				278,043				—			(972	)		34,041			311,112
Others			275,461				—				(1,296	)		(2,840	)		53,714			325,039

			4,214,222				278,043				(72,915	)		102,390			340,108			4,861,848

		~~W~~	4,980,153				282,481				(73,129	)		91,410			330,607			5,611,522

(*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 three-month period ended March 31, 2026.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

2)	For the year ended December 31, 2025
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		December 31,2024Book value				Acquisition			Dividends			Share ofprofits (losses)			*Other increase(decrease)(1)**			December 31,2025Book 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 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.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

(d)	The summarized financial information on associates and joint ventures as of and for the three-month period<br>ended March 31, 2026 and the year ended December 31, 2025 is as follows:
1)	As of and for the three-month period ended March 31, 2026
---	---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Assets				Liabilities			Equity(deficit)			Sales			Net income(loss)
[Domestic]
Samcheok Blue Power Co.,Ltd.		~~W~~	5,167,269				4,337,697			829,572			134,185			3,897
SNNC			578,354				585,983			(7,629	)		140,748			(29,789	)
Chun-cheon Energy Co., Ltd			522,002				395,742			126,260			96,455			2,690
Pocheon-Hwado Highway Corp.			658,869				593,085			65,784			3,612			(33,026	)
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd			12,997				2,497			10,500			—			(146	)
PCC Amberstone Private Equity Fund 1			30,884				2,278			28,606			5,318			4,578
POSCO MC MATERIALS			346,856				101,236			245,620			54,928			713
[Foreign]
South-East Asia Gas Pipeline Company Ltd.			1,550,245				481,825			1,068,420			120,939			53,371
9404-5515 Quebec Inc.			1,737,357				4,971			1,732,386			—			57,126
FQM Australia Holdings Pty Ltd			96,723				1,716,634			(1,619,911	)		—			(13,877	)
KOREA LNG LTD.			118,940				264			118,676			4,387			3,920
Nickel Mining Company SAS			482,900				311,969			170,931			30,903			(21,785	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD			332,670				45,975			286,695			77,188			(465	)
PT. Wampu Electric Power			189,907				110,151			79,756			3,913			555
POS-SeAH Steel Wire(Nantong) Co., Ltd.			104,512				56,215			48,297			32,893			648
Roy Hill Holdings Pty Ltd			11,937,819				2,598,742			9,339,077			1,879,767			409,143
POSCO-NPS Niobium LLC			983,810				—			983,810			—			19,195
KOBRASCO			293,429				7,082			286,347			12,914			7,484
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.			1,502,735				953,012			549,723			384,216			11,343
DMSA/AMSA			986,993				1,893,629			(906,636	)		215,383			(43,376	)
HBIS-POSCO Automotive Steel Co., Ltd			1,001,080				720,172			280,908			169,820			(22,425	)
PT NICOLE METAL INDUSTRY			1,124,505				135,515			988,990			238,448			37,543
M RES NSW HCC II Pty Ltd			102,450				23			102,427			—			(7,878	)
Hyundai-POSCO Louisiana Steel LLC			1,480,157				17,767			1,462,390			—			(4,860	)

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

2)	As of and for the year ended December 31, 2025
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Assets				Liabilities			Equity(deficit)			Sales			Net income(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 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 March 31, 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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

11. Investment Property

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

(a)	For the three-month period ended March 31, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Impairmentloss			*Others(1)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Land		~~W~~	794,740				—			—			—			—			1,807			796,547
Buildings			752,471				2,176			(339	)		(9,265	)		2			24,635			769,680
Structures			1,210				—			—			(225	)		—			400			1,385
Right of use assets			143,204				—			(22	)		(1,798	)		—			9,698			151,082

		~~W~~	1,691,625				2,176			(361	)		(11,288	)		2			36,540			1,718,694

(*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			Impairmentloss			*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.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

12. Property, Plant and Equipment

(a)	Changes in the carrying amounts of property, plant and equipment for the three-month period ended<br>March 31, 2026 and the year ended December 31, 2025 are as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Impairmentloss			*Others(1)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Land		~~W~~	3,686,386				601			(1,812	)		—			—			104,606			3,789,781
Buildings			5,793,840				3,080			(3,568	)		(101,627	)		(70	)		151,260			5,842,915
Structures			4,290,373				34,430			(3,268	)		(86,108	)		—			127,354			4,362,781
Machinery and equipment			18,205,327				20,502			(6,929	)		(613,028	)		(5	)		412,816			18,018,683
Vehicles			100,615				3,386			(446	)		(10,899	)		—			3,277			95,933
Tools			118,257				4,952			(435	)		(14,018	)		—			8,471			117,227
Furniture and fixtures			219,168				4,627			(845	)		(22,357	)		(58	)		15,739			216,274
Lease assets			1,374,327				33,273			(1,532	)		(52,849	)		—			69,484			1,422,703
Bearer plants			362,871				—			(368	)		(7,890	)		—			16,643			371,256
Construction-in-progress			8,141,656				872,645			(8,340	)		—			—			(281,779	)		8,724,182

		~~W~~	42,292,820				977,496			(27,543	)		(908,776	)		(133	)		627,871			42,961,735

(*1)	Presenting assets transferred from<br>construction-in-progress to intangible assets and other property, plant and equipment, reclassifications resulting from change in purpose of use, adjustments of foreign<br>currency translation differences and others.
---	---
2)	For the year ended December 31, 2025
---	---
(in millions of Won)	Beginning			Acquisitions		*BusinessCombination(1)**		Disposals			Depreciation			*Impairmentloss(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 assets transferred from<br>construction-in-progress to intangible assets and other property, plant and equipment categories, reclassifications resulting from change in purpose of use, adjustments<br>of foreign currency translation differences and others.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

(b)	Changes in the carrying amounts of<br>right-of-use assets presented as investment properties and property, plant and equipment for the three-month period ended March 31, 2026 and the year ended<br>December 31, 2025 are as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Beginning				Acquisitions			Disposals			Depreciation			Others			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Land		~~W~~	326,232				14,435			(111	)		(4,260	)		14,311			350,607
Buildings and structures			193,783				9,066			(507	)		(14,869	)		13,432			200,905
Machinery and equipment			332,121				2,747			(50	)		(17,323	)		32,490			349,985
Vehicles			40,769				3,644			(735	)		(4,478	)		4,972			44,172
Ships			426,786				—			—			(9,771	)		—			417,015
Others			197,840				3,381			(150	)		(3,946	)		13,976			211,101

		~~W~~	1,517,531				33,273			(1,553	)		(54,647	)		79,181			1,573,785

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 periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---
Interest on lease liabilities		~~W~~	18,907				11,422
Expenses related to short-term leases			9,286				11,626
Expenses related to leases of low-value assets			4,365				5,053

		~~W~~	32,558				28,101

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

13. Goodwill and Other Intangible Assets

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

(a)	For the three-month period ended March 31, 2026
(in millions of Won)		Beginning				Acquisitions			Disposals			Amortization			Impairmentloss			*Others(2)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Goodwill		~~W~~	826,772				—			—			—			(344	)		568			826,996
Intellectual property rights			3,375,658				125,966			—			(81,268	)		—			147,025			3,567,381
Membership(*1)			139,238				954			(43	)		(71	)		(71	)		349			140,356
Development expense			200,753				2,199			—			(16,536	)		—			6,154			192,570
Port facilities usage rights			153,152				—			—			(3,711	)		—			—			149,441
Exploratation and evaluation assets			147,013				512			—			—			—			10,294			157,819
Development assets			83,341				—			—			(58	)		—			4,558			87,841
Customer relationships			116,246				—			—			(8,710	)		—			31			107,567
Other intangible assets			451,356				16,982			(4	)		(23,422	)		—			545			445,457

		~~W~~	5,493,529				146,613			(47	)		(133,776	)		(415	)		169,524			5,675,428

(*1)	Lease premiums included memberships with the indefinite useful lives.
---	---
(*2)	Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from<br>property, plant and equipment, adjustments of foreign currency translation difference and others.
---	---
(b)	For the year ended December 31, 2025
---	---
(in millions of Won)		Beginning				Acquisitions			*BusinessCombination(3)**			Disposals			Amortization			Impairmentloss			*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 construction-in-progress to intangible assets and assets transferred from<br>property, plant and equipment, adjustments of foreign currency translation difference and others.
---	---
(*3)	For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as<br>subsidiaries, the Group included the resulting increase in goodwill and other intangible assets in business combinations.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

14. Other Assets

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

(in millions of Won)	March 31, 2026
Current
Advance payments	~~W~~	795,964	582,909
Prepaid expenses		274,484	186,066
Firm commitment asset		8,315	9,221
Other current assets		38,844	35,326

	~~W~~	1,117,607	813,522

Non-current
Long-term advance payments	~~W~~	36,095	54,896
Long-term prepaid expenses		18,645	18,156
Others		72,249	62,631

	~~W~~	126,989	135,683

15. Borrowings

(a)	Details of short-term borrowings and current portion of long-term borrowings and others as of March 31,<br>2026 and December 31, 2025 are as follows:
(in millions of Won)	Lenders			Issuance date			Maturity date			Interest rate (%)	March 31, 2026			December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Short-term borrowings
Bank overdrafts		JP Morgan<br>and others			June, 2025~ March, 2026			April, 2026~ December,<br>2026		3.40~6.50	~~W~~	150,748			137,852
Short-term borrowings		HSBC and<br>others			April, 2025~ March, 2026			April, 2026~ March, 2027		0.90~7.60		8,333,441			7,294,105

												8,484,189			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~ March,<br>2026			April, 2026~ March, 2027		0.75~8.50		1,397,609			1,302,568
Current portion of debentures		KB Securities<br>co., Ltd.<br>and others			July, 2019~ January, 2025			April, 2026~ March, 2027		1.72~5.62		2,448,302			3,340,036
Less: Current portion of discount on debentures issued												(4,225	)		(1,648	)
Current portion of exchangable bonds		Foreign<br>currency<br>exchangable<br>bonds			September, 2021			September, 2026				46,198			44,509

												3,887,884			4,685,465

											~~W~~	12,372,073			12,117,422

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

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

		Foreign currency exchangeable bonds
Type of bond		Exchangeable bonds
Aggregate principal amount(*1)		EUR 27,100,000
Interest rate		- Coupon rate : -<br> <br><br><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><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><br><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<br>trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds<br> <br><br><br><br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br><br><br><br> <br>- Where additional reasons for tax burden arise due to the amendment of relevant laws<br>and regulations, etc
(*1)	Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out of the total face value of<br>convertible bonds of EUR 1,065,900,000 during the year ended December 31, 2025.
---	---
(*2)	The exchange price has changed due to cash dividends paid during the three-month period ended March 31,<br>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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

(b)	Details of long-term borrowings, excluding current portion and others, as of March 31, 2026 and<br>December 31, 2025 are as follows:
(in millions of Won)		Lenders		Issuance date		Maturity date		Interest rate (%)			March 31, 2026			December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Long-term borrowings		Export-Import Bank of Korea and others		September, 2001~ March, 2026		April, 2027~ March, 2040			0.75~8.25		~~W~~	7,357,988			6,605,336
Less: Present value discount												(47,413	)		(49,101	)
Bonds		KB Securities co., Ltd. and others		July, 2019~ January, 2026		April, 2027~ January, 2036			1.77~8.25			10,625,061			9,859,696
Less: Discount on debentures issued												(47,246	)		(41,353	)

											~~W~~	17,888,390			16,374,578

(c)	Details of assets pledged as collateral with regard to the borrowings as of March 31, 2026 are as follows:<br>
---	---
(in millions of Won)		Lenders		Book value				Pledged amount
---	---	---	---	---	---	---	---	---	---
Property, plant and equipment and Investment property		Korea Development Bank and others		~~W~~	5,421,993				5,107,830
Trade accounts and notes receivable		Korea Development Bank and others			122,652				122,652
Financial instruments		Korea Development Bank and others			508,699				508,699
Cash equivalents		Korea Development Bank and others			3,780				3,780

				~~W~~	6,057,124				5,742,961

16. Other Payables

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

(in millions of Won)	March 31, 2026
Current
Accounts payable	~~W~~	1,686,880	1,646,460
Accrued expenses		1,047,947	1,242,403
Dividend payable		260,453	4,598
Lease liabilities		191,895	180,424
Withholdings		337,208	332,620

	~~W~~	3,524,383	3,406,505

Non-current
Accounts payable	~~W~~	3,857	4,072
Accrued expenses		19,035	18,459
Lease liabilities		1,224,338	1,160,230
Long-term withholdings		54,703	54,597

	~~W~~	1,301,933	1,237,358

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

17. Other Financial Liabilities

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

(in millions of Won)	March 31, 2026
Current
Derivative liabilities	~~W~~	34,329	49,947
Financial guarantee liabilities		4,378	8,194
Others		8,492	8,482

	~~W~~	47,199	66,623

Non-current
Derivative liabilities	~~W~~	3,511	7,627
Financial guarantee liabilities		—	9,941
Others		73,500	73,500

	~~W~~	77,011	91,068

18. Provisions

(a)	Details of provisions as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)		March 31, 2026							December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Current				Non-<br>current			Current			Non-<br>current
Provision for bonus payments		~~W~~	70,282				104,118			119,010			101,039
Provision for construction warranties			30,517				159,891			39,393			148,673
Provision for legal contingencies and claims(*1)			6,137				46,577			5,685			45,363
Provision for the restoration			2,976				209,708			2,979			196,651
Others(*2)			412,895				146,541			465,577			158,603

		~~W~~	522,807				666,835			632,644			650,329

(*1)	The Group recognized probable outflow of resources amounting to ~~W~~35,585 million and<br>~~W~~35,061 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of March 31, 2026 and December 31, 2025, respectively.
---	---
(*2)	According to the Act on the promotion of the development, use and diffusion of new and renewable energy,<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 March 31, 2026 and December 31, 2025, the Group recognized ~~W~~51,943 million and ~~W~~45,150 million respectively, as provision.<br>
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

18. Provisions (cont’d)

(b)	Changes in provisions for the three-month period ended March 31, 2026 and the year ended December 31,<br>2025 are as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Beginning				Increase			Utilization			Reversal			*Others(1)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Provision for bonus payments		~~W~~	220,049				36,323			(73,734	)		(2,623	)		(5,615	)		174,400
Provision for construction warranties			188,066				10,898			(7,940	)		(1,174	)		558			190,408
Provision for legal contingencies and claims			51,048				522			(8	)		(214	)		1,366			52,714
Provision for the restoration			199,630				11,657			(1,600	)		(5,365	)		8,362			212,684
Others			624,180				55,473			(33,217	)		(94,411	)		7,411			559,436

		~~W~~	1,282,973				114,873			(116,499	)		(103,787	)		12,082			1,189,642

(*1)	Including adjusted foreign currency translation differences and others.
---	---
2)	For the year ended December 31, 2025
---	---
(in millions of Won)		Beginning				Increase			*BusinessCombination(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.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

19. Post-employment plans

(a)	Defined contribution plans

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

(in millions of Won)		March 31, 2026				March 31, 2025
Expense related to post-employment benefit plans<br>under defined contribution plans		~~W~~	20,441				18,764
(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 March 31, 2026 and December 31, 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---	---
Present value of funded obligations		~~W~~	2,591,240				2,631,811
Fair value of plan assets(*1)			(2,811,938	)			(2,923,780	)
Present value of non-funded obligations			(23,710	)			(4,955	)

Net defined benefit liabilities		~~W~~	(244,408	)			(296,924	)

(*1)	As of March 31, 2026 and December 31, 2025, the Group recognized net defined benefit assets amounting<br>to ~~W~~319,115 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 periods ended March 31, 2026 and 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Current service costs		~~W~~	70,104				69,778
Net interest costs			(3,797	)			(4,256	)

		~~W~~	66,307				65,522

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

20. Other Liabilities

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

(in millions of Won)		March 31, 2026
Current
Due to customers for contract work		~~W~~	740,979	727,902
Advances received			759,772	500,831
Unearned revenue			127,689	102,275
Withholdings			219,442	209,450
Firm commitment liability			12,802	2,910
Others(*1)			39,764	30,827

		~~W~~	1,900,448	1,574,195

Non-current
Unearned revenue		~~W~~	3,684	3,704
Others(*1)			105,591	102,894

		~~W~~	109,275	106,598

(*1)	As of March 31, 2026 and December 31, 2025, the Group recognized the assumed liability amounting to<br>~~W~~43,922 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 Limited.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

21. Financial Instruments

(a)	Classification and fair value of financial instruments
1)	The classification of the carrying amounts and fair values of financial assets and financial liabilities by the<br>fair value hierarchy level as of March 31, 2026 and December 31, 2025 are as follows:
---	---
①	March 31, 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~~	887,336				—			887,336			—			887,336
Short-term financial instruments			436,908				—			436,908			—			436,908
Equity securities			97,834				14,892			—			82,942			97,834
Debt securities			145,701				—			100,089			45,612			145,701
Other securities			707,819				—			—			707,819			707,819
Derivative hedging instruments(*2)			12,705				—			12,705			—			12,705
Fair value through other comprehensive income
Equity securities			1,799,523				1,347,172			1,398			450,953			1,799,523
Assets held for sale			7,669				—			7,669			—			7,669
Financial assets measured at amortized cost(*1)										—
Cash and cash equivalents			7,069,783				—			—			—			—
Trade accounts and notes receivable			10,680,545				—			—			—			—
Other receivables			2,997,576				—			—			—			—
Debt securities			705,252				—			—			—			—
Deposit instruments			6,763,355				—			—			—			—

		~~W~~	32,312,006				1,362,064			1,446,105			1,287,326			4,095,495

Financial liabilities
Fair value through profit or loss
Derivative liabilities		~~W~~	20,127				—			20,127			—			20,127
Borrowings			46,198				46,198			—			—			46,198
Derivative hedging instruments(*2)			17,713				—			17,713			—			17,713
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable			4,987,857				—			—			—			—
Borrowings			30,214,265				—			30,340,823			—			30,340,823
Financial guarantee liabilities			4,378				—			—			—			—
Others			4,302,964				—			—			—			—
Other financial liabilities			81,992				—			—			—			—

		~~W~~	39,675,494				46,198			30,378,663			—			30,424,861

(*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.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

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.
---	---
2)	Gains (losses) on financial instruments by category for each of the three-month periods ended March 31,<br>2026 and 2025 are as follows:
---	---
①	For the three-month period ended March 31, 2026
---	---
(in millions of Won)	Finance income and costs																		Other<br>comprehensiveincome (loss)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Interest income(expense)			Gain and losson valuation			Gain and loss onforeign currency			Gain and losson disposal			Others			Total
Financial assets at fair value through profit or loss	~~W~~	—			(21,466	)		—			19,040			610			(1,816	)		—
Derivative assets		—			347,065			—			110,832			—			457,897			—
Financial assets at fair value through other comprehensive income		—			—			—			—			18,825			18,825			112,091
Financial assets measured at amortized cost		119,918			—			347,014			(17,491	)		5,963			455,404			—
Financial liabilities at fair value through profit or loss		—			(419	)		(1,270	)		—			—			(1,689	)		—
Derivative liabilities		—			56,567			—			(39,206	)		—			17,361			26
Financial liabilities measured at amortized cost		(292,655	)		—			(705,336	)		—			(11,949	)		(1,009,940	)		—

	~~W~~	(172,737	)		381,747			(359,592	)		73,175			13,449			(63,958	)		112,117

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

②	For the three-month period ended March 31, 2025
(in millions of Won)		Finance income and costs																		Other<br>comprehensiveincome (loss)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest income(expense)			Gain and losson valuation			Gain and loss onforeign currency			Gain and losson disposal			Others			Total
Financial assets at fair value<br>through profit or loss		~~W~~	—			3,558			—			15,333			1,086			19,977			—
Derivative assets			—			77,298			—			58,286			—			135,584			—
Financial assets at fair value<br>through other comprehensive income			—			—			—			—			16,154			16,154			39,274
Financial assets measured at<br>amortized cost			125,672			—			87,102			(20,019	)		(4,134	)		188,621			—
Financial liabilities at fair value<br>through profit or loss			—			(81	)		(1,513	)		—			—			(1,594	)		—
Derivative liabilities			—			(28,441	)		—			(115,285	)		—			(143,726	)		(126	)
Financial liabilities measured at<br>amortized cost			(262,356	)		—			(85,459	)		—			(10,683	)		(358,498	)		—

		~~W~~	(136,684	)		52,334			130			(61,685	)		2,423			(143,482	)		39,148

(b)	Financial risk management
---	---

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

22. Share Capital and Capital Surplus

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

(Share, in Won)		March 31, 2026
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 March 31, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock<br>market amounts to 10,005,636 and such ADRs are equivalent to 2,501,409 shares of common stock.
---	---
(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company<br>decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of March 31, 2026, the Company’s total number of issued shares has decreased.
---	---
(*3)	As of March 31, 2026, the difference between the ending balance of common stock and the aggregate par<br>value of issued common stock is ~~W~~86,195 million due to retirement of 17,239,098 treasury stocks.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

22. Share Capital and Capital Surplus (cont’d)

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

(in millions of Won)	March 31, 2026
Share premium	~~W~~	463,825	463,825
Gain on disposal of treasury shares		808,994	808,994
Other capital surplus		255,776	412,297

	~~W~~	1,528,595	1,685,116

23. Other Components of Equity

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

(in millions of Won)	March 31, 2026
Capital adjustment arising from investments in<br>equity-accounted investees	~~W~~	388,292		126,043
Gain on valuation of equity securities		452,653		341,198
Gain on translation of foreign operations		1,575,708		1,016,290
Loss on valuation of derivatives		(891	)	(917	)
Other equity adjustments		79,756		78,896

	~~W~~	2,495,518		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 three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(shares, in millions of Won)	March 31, 2026						December 31, 2025
	Number ofshares			Amount			Number ofshares			Amount
Beginning		5,312,173		~~W~~	1,176,316			7,003,598		~~W~~	1,550,862
Retirement of teasury 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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

25. Revenue

(a)	Disaggregation of revenue

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

1)	For the three-month period ended March 31, 2026
(in millions of Won)						Infrastructure
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel				Trading			Construction			Logistics andothers			Materials ofRechargeable battery			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	9,138,005				5,687,264			—			7,149			596,197			—			15,428,615
Revenue from services			181,903				603,169			35,313			48,083			1,538			3,116			873,122
Revenue from construction contract			—				—			1,411,892			—			8,213			—			1,420,105
Others			27,961				101,153			9,870			10,396			—			4,884			154,264

		~~W~~	9,347,869				6,391,586			1,457,075			65,628			605,948			8,000			17,876,106

Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	9,165,966				5,788,417			22,711			17,545			596,197			4,884			15,595,720
Revenue recognized over time			181,903				603,169			1,434,364			48,083			9,751			3,116			2,280,386

		~~W~~	9,347,869				6,391,586			1,457,075			65,628			605,948			8,000			17,876,106

2)	For the three-month period ended March 31, 2025
---	---
(in millions of Won)						Infrastructure
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Steel				Trading			Construction			Logistics andothers			Materials ofRechargeable battery			Others			Total
Types of revenue
Revenue from sales of goods		~~W~~	9,129,725				5,271,052			—			1,855			617,043			—			15,019,675
Revenue from services			223,413				583,728			26,611			83,204			—			4,945			921,901
Revenue from construction contract			—				—			1,442,395			—			4,141			—			1,446,536
Others			32,108				1,586			939			10,853			—			3,178			48,664

		~~W~~	9,385,246				5,856,366			1,469,945			95,912			621,184			8,123			17,436,776

Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	9,161,833				5,272,638			10,769			12,708			617,043			3,178			15,078,169
Revenue recognized over time			223,413				583,728			1,459,176			83,204			4,141			4,945			2,358,607

		~~W~~	9,385,246				5,856,366			1,469,945			95,912			621,184			8,123			17,436,776

(b)	Details of contract assets and liabilities from contracts with customers as of March 31, 2026 and<br>December 31, 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Receivables
Trade accounts and notes receivable		~~W~~	10,680,545				9,633,385
Contract assets
Due from customers for contract work			1,601,949				1,584,297
Contract liabilities
Advance received			763,731				505,394
Due to customers for contract work			740,979				727,902
Unearned revenue			126,365				100,967

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

26. Contract under Input Method

(a)	Details of outstanding contracts as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)		March 31, 2026								December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Constructionsegment				Others				Constructionsegment				Others
Accumulated cost		~~W~~	16,214,535				188,882				16,843,416				226,619
Accumulated contract profit			1,279,470				59,465				1,325,037				65,174
Accumulated contract loss			(664,971	)			(6,794	)			(723,085	)			(6,795	)
Accumulated contract revenue			16,829,034				241,553				17,445,368				284,998
(b)	Details of due from customers for contract work and due to customers for contract work as of March 31,<br>2026 and December 31, 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026								December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Constructionsegment				Others				Constructionsegment				Others
Due from customers for contract		~~W~~	1,578,129				40,030				1,560,490				33,968
Due to customers for contract work			(738,385	)			(2,594	)			(724,368	)			(3,534	)

		~~W~~	839,744				37,436				836,122				30,434

(c)	Details of the provisions for construction loss as of March 31, 2026 and December 31, 2025 are as<br>follows:
---	---
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Construction segment		~~W~~	108,918				113,391
Others			672				915

		~~W~~	109,590				114,306

(d)	For the three-month period ended March 31, 2026, the total contract revenues and the estimated total<br>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 totalcontract revenue				Changes in estimatedtotal contract costs			Net income			Future income(loss)			Total
Construction segment		~~W~~	824,387				747,319			3,649			73,419			77,068
Others			172,693				172,243			98			352			450

		~~W~~	997,080				919,562			3,747			73,771			77,518

The above details of impact on profit for the current and future periods are calculated based on the total contract costs estimated considering the events that occurred for the period from the commencement date of the contract to March 31, 2026 and the estimated total contract revenue as of March 31, 2026. The estimated total contract costs and revenue are subject to change in future periods.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

26. Contract under Input Method (cont’d)

(e) Uncertainty of estimates

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.

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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

27. Selling and Administrative Expenses

(a)	Other administrative expenses

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

(in millions of Won)	March 31, 2026
Wages and salaries	~~W~~	319,676	312,768
Expenses related to post-employment benefits		27,075	24,492
Other employee benefits		82,009	82,135
Travel		13,894	11,968
Depreciation		46,517	48,086
Amortization		37,282	28,217
Communication		4,186	3,761
Electricity		3,986	4,723
Taxes and public dues		9,708	19,382
Rental		9,141	9,683
Repairs		1,805	2,611
Entertainment		4,043	3,353
Advertising		20,486	18,237
Research & development		51,830	46,870
Service fees		52,543	53,344
Vehicles maintenance		2,488	2,148
Industry association fee		3,835	3,847
Conference		6,231	6,045
(Recovery of) Bad debt expenses		27,722	25,862
Others		27,291	8,051

	~~W~~	751,748	715,583

(b) Selling and logistic expenses

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

(in millions of Won)	March 31, 2026
Freight and custody expenses	~~W~~	12,813	5,187
Operating expenses for distribution center		97	183
Sales commissions		21,072	17,923
Sales advertising		198	94
Sales promotion		2,322	2,547
Sample		320	737
Sales insurance premium		9,104	9,487
Contract cost		8,515	11,995
Others		3,392	3,700

	~~W~~	57,833	51,853

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

28. Finance Income and Costs

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

(in millions of Won)	March 31, 2026
Finance income
Interest income	~~W~~	119,918	125,672
Dividend income		19,435	17,240
Gain on foreign currency transactions		353,469	257,329
Gain on foreign currency translations		460,218	231,691
Gain on derivatives transactions		118,231	64,228
Gain on valuations of derivatives		425,483	80,148
Gain on disposals of financial assets at fair value through profit of loss		19,914	16,234
Gain on valuations of financial assets at fair value through profit or loss		8,365	10,651
Others		3,564	1,486

	~~W~~	1,528,597	804,679

Finance costs
Interest expenses	~~W~~	292,655	262,356
Loss on foreign currency transactions		385,869	273,721
Loss on foreign currency translations		787,410	215,169
Loss on derivatives transactions		46,605	121,227
Loss on valuation of derivatives		21,851	31,291
Loss on disposal of trade accounts and notes receivable		17,491	20,019
Loss on disposals of financial assets at fair value through profit or loss		874	901
Loss on valuations of financial assets at fair value through profit or loss		29,831	7,093
Loss on valuations of financial liabilities at fair value through profit or loss		419	81
Others		9,550	16,303

	~~W~~	1,592,555	948,161

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

29. Other Non-Operating Income and Expenses

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

(in millions of Won)	March 31, 2026
Other non-operating income
Recovery of other bad debt expenses	~~W~~	12,495	345
Gain on disposals of investment in subsidiaries, associates and joint ventures		3,968	25,447
Gain on disposals of property, plant and equipment		1,457	2,163
Gain on disposal of assets held for sale		6,300	52,148
Gain on valuation of firm commitment		13,440	9,606
Reversal of other provisions		15,108	3,819
Gain on disposals of emission rights		3	4
Others		85,548	39,333

	~~W~~	138,319	132,865

Other non-operating expenses
Other bad debt expenses	~~W~~	6,065	—
Loss on disposals of investments in subsidiaries, associates and joint ventures		8,525	196
Loss on disposals of property, plant and equipment		22,800	13,274
Impairment loss on property, plant and equipment		133	47,580
Loss on disposal of assets held for sale		1,229	—
Loss on valuation of firm commitment		10,071	2,447
Idle tangible asset expenses		1,787	1,321
Increase to provisions		632	1,305
Donations		25,685	21,523
Others		39,065	25,504

	~~W~~	115,992	113,150

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

30. Expenses by Nature

Expenses that are recorded by nature as cost of sales, selling and administrative expenses, impairment loss on other receivables and other non-operating expenses in the statements of comprehensive income for each of the three-month periods ended March 31, 2026 and 2025 are as follows (excluding finance costs and income tax expense):

(in millions of Won)		March 31, 2026
Raw material used, changes in inventories and others		~~W~~	10,776,356	10,507,948
Employee benefits expenses			1,332,584	1,265,969
Outsourced processing cost			1,912,852	2,037,658
Electricity and water expenses			217,069	364,019
Depreciation(*1)			920,064	909,721
Amortization			133,776	112,756
Freight and custody expenses			672,666	562,217
Sales commissions			21,072	17,923
Loss on disposal of property, plant and equipment			22,800	13,274
Impairment loss on property, plant and equipment			133	47,580
Impairment loss on intangible assets			415	12
Donations			25,685	21,523
Other expenses			1,249,794	1,120,885

		~~W~~	17,285,266	16,981,485

(*1)	Including depreciation of investment property.
---	---

31. Income Taxes

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

(a)	Application of the Consolidated Tax Payment System

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

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

31. Income Taxes (cont’d)

(b)	Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the parent company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Group calculated the Pillar Two income tax expense for the three-month period ended March 31, 2026 as it is subject to global minimum tax under the OECD’s Pillar Two Model Rules. The Group reviewed subsidiaries qualifying as taxpayers, including the parent company and, as a result, did not recognize any income tax expense for the three-month period ended March 31, 2026 as the impact of the global minimum tax on the consolidated financial statements as of March 31, 2026 would not be significant. Furthermore, the Group applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum tax and does not disclose information related to deferred income tax.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

32. Earnings per Share

(a)	Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are calculated<br>as follows:
(in Won, except per share information)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---
Profit attributable to controlling interest		~~W~~	467,206,262,405				302,295,393,171
Weighted-average number of common shares outstanding(*1)			75,620,779				75,620,779
Basic earnings per share		~~W~~	6,178				3,998
(*1)	The weighted-average number of common shares used to calculate basic earnings per share is as follows:<br>
---	---
(shares)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Total number of common shares issued			80,932,952				82,624,377
Weighted-average number of treasury shares			(5,312,173	)			(7,003,598	)

Weighted-average number of common shares outstanding			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>March 31, 2026 and December 31, 2025. The diluted earnings per share for the three-month period ended March 31, 2026 are the same as the basic earnings per share due to the anti-dilutive effect.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

33. Related Party Transactions

(a) Related parties of the Group as of December 31, 2025 are as follows:

Type		Company
Investments in associates and joint ventures		[Domestic]<br>POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd.,<br>SNNC and others.
		[Foreign]<br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC,<br><br><br>KOBRASCO,<br>PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd,<br>South -East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc.,<br>KOREA LNG<br>LTD., Nickel Mining Company SAS and others.
(b)	Material transactions between the Group and its related parties for each of the three-month periods ended<br>March 31, 2026 and 2025 are as follows:
---	---
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		*Sales and others(1)**										Purchase and others
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales				Dividends			Others			Purchase ofmaterial			Others
*Associates and joint ventures(1)**
New Songdo International City
Development, LLC		~~W~~	3,429				—			6,474			—			31
SNNC			19,847				—			34			71,342			19
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER			1,135				—			—			11			—
Gunggi Green Energy			—				—			—			—			2,009
POS SeAH Steel Wire(Nantong) Co., Ltd.			11,067				—			—			89			—
South-East Asia Gas Pipeline Company Ltd.			—				16,776			—			—			—
POSCO MC MATERIALS			25,495				—			—			698			210
Samcheok Blue Power Co., Ltd.			65,867				—			—			—			—
POSCO(Guangdong) Automotive Steel Co., Ltd			52,821				—			—			57,087			—
HBIS-POSCO Automotive Steel Co., Ltd			3,310				—			—			29,821			—
Roy Hill Holdings Pty Ltd			—				29,196			—			381,961			—
Others			56,926				27,157			797			147,493			7,620

		~~W~~	239,897				73,129			7,305			688,502			9,889

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

2)	For the three-month period ended March 31, 2025
(in millions of Won)		*Sales and others(1)**										Purchase and others
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales				Dividends			Others			Purchase ofmaterial			Others
*Associates and joint ventures(1)**
New Songdo International City
Development, LLC		~~W~~	43,934				—			—			—			54
SNNC			17,840				—			3			126,584			1,815
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER			11,279				—			—			1			—
Gunggi Green Energy			5,724				—			—			—			1,477
POS-SEAH STEEL WIRE (TIANJIN) CO., Ltd			3,282				—			—			—			—
POSCO SeAH Steel Wire (Nantong) Co., Ltd.			13,085				—			—			86			—
South-East Asia Gas Pipeline Company Ltd.			—				11,941			—			—			—
POSCO MC MATERIALS			31,430				3,000			—			1,515			90
Samcheok Blue Power Co., Ltd.			61,920				2,795			352			—			—
POSCO (Guangdong) Automotive Steel Co., Ltd			52,643				—			—			60,632			—
HBIS-POSCO Automotive Steel Co., Ltd			5,645				—			—			8,907			71
Roy Hill Holdings Pty Ltd			—				62,937			—			387,494			—
Others			46,653				25,175			211			36,530			11,286

		~~W~~	293,435				105,848			566			621,749			14,793

(*1)	As of March 31, 2025, the Group provides payment guarantees to its related parties (see Note 34).<br>
---	---
(c)	Outstanding balances arising from material transactions between the Group and its related parties as of<br>March 31, 2026 and December 31, 2025 are as follows:
---	---
1)	March 31, 2026
---	---
(in millions of Won)		*Receivables(1)**													Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Trade accountsandnotes receivable				Loans			Others			Total			Trade accountsandnotes payable			Others			Total
Associates and joint ventures
New Songdo International City
Development, LLC		~~W~~	4,538				—			100			4,638			—			—			—
Gunggi Green Energy			—				—			14,832			14,832			—			594			594
POSCO (Guangdong) Automotive Steel Co., Ltd			33,830				4,583			—			38,413			30,365			—			30,365
AMCI (WA) PTY LTD			—				140,118			—			140,118			—			—			—
HBIS-POSCO Automotive Steel Co., Ltd			3,436				—			—			3,436			7,230			228			7,458
Samcheok Blue Power Co., Ltd.			254,541				—			120			254,661			—			407			407
Nickel Mining Company SAS			—				78,002			747			78,749			—			358			358
POS-SeAH Steel Wire (Nantong) Co., Ltd.			12,465				—			—			12,465			140			—			140
POSCO MC MATERIALS			9,540				—			287			9,827			680			427			1,107
Pocheon-Hwado Highway Corp.			5,491				—			—			5,491			—			—			—
UITrans LRT Co., Ltd.			—				39,331			4,116			43,447			—			—			—
Roy Hill Holdings Pty Ltd			23,357				—			5,827			29,184			148,091			—			148,091
SNNC			15,625				—			123,893			139,518			6,053			41			6,094
FQM Australia Holdings Pty Ltd			—				309,736			—			309,736			—			—			—
Others			26,562				34,329			156,407			217,298			34,557			52,959			87,516

		~~W~~	389,385				606,099			306,329			1,301,813			227,116			55,014			282,130

(*1)	As of March 31, 2026, the Group recognizes an allowance for doubtful account for receivables above<br>amounting to ~~W~~551,282 million.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

2)	December 31, 2025
(in millions of Won)		*Receivables(1)**													Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Trade accountsandnotes receivable				Loans			Others			Total			Trade accountsandnotes receivable			Others			Total
Associates and joint ventures
New Songdo International City
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 three-month period ended<br>March 31, 2026 and the year ended December 31, 2025 are as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Beginning				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				—			—			142			2,730
Nickel Mining Company SAS			75,857				—			—			2,145			78,002
Hyo-chun Co., Ltd.			2,382				—			—			—			2,382
AMCI (WA) PTY LTD			136,580				—			(7,106	)		10,644			140,118
FQM Australia Holdings Pty Ltd			292,591				—			—			17,145			309,736
POHANG E&E Co. , LTD			4,672				167			—			—			4,839
POSCO(Guangdong) Automotive Steel Co., Ltd.			6,212				12,189			(14,241	)		423			4,583
Gale International Korea, LLC			444				—			—			(444	)		—
CAML			5,766				11,602			—			449			17,817
POS-AUSTEM Suzhou Automotive			6,143				—			—			418			6,561

		~~W~~	572,568				23,958			(21,351	)		30,924			606,099

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

2)	For the year ended December 31, 2025
(in millions of Won)		Beginning				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 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 three-month periods ended March 31, 2026 and 2025, there were additional investments in<br>associates and joint ventures and others amounting to ~~W~~282,481 million and ~~W~~17,669 million, respectively.
---	---
(f)	For each of the three-month periods ended March 31, 2026 and 2025, details of compensations to key<br>management officers are as follows:
---	---
(in millions of Won)		March 31,2026				March 31,2025
---	---	---	---	---	---	---	---
Short-term benefits		~~W~~	48,759				46,078
Long-term benefits			1,250				2,518
Retirement benefits			5,410				7,125

		~~W~~	55,419				55,721

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.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

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

(b)	Details of guarantees
1)	Contingent liabilities on outstanding guarantees provided by the Group as of March 31, 2026 are as<br>follows:
---	---
(in millions of Won)			Guarantee limit					Guarantee amount
---	---	---	---	---	---	---	---	---	---	---	---
Guarantor	Guarantee beneficiary	Financial institution	Foreign currency			Won equivalent		Foreigncurrency		Won equivalent
[The Company]
POSCO HOLDINGS INC.	POSCO Asia Co., Ltd.	ING Bank and others		USD	200,000,000		302,680		90,000,000		136,206
	POSCO Argentina S.A.U	HSBC and others		USD	1,079,900,000		1,634,319		1,038,169,570		1,571,165
POSCO	POSCO ASSAN TST STEEL INDUSTRY Inc	Citibank and others		USD	122,850,000		185,921		122,850,000		185,921
POSCO INTERNATIONAL Corporation	PT. Bio Inti Agrindo	Hana Bank Indonesia and others		IDR	631,200,000,000		56,240		631,200,000,000		56,240
	POSCO ASSAN TST STEEL INDUSTRY	Citibank and others		USD	13,650,000		20,658		13,650,000		20,658
	POSCO INTERNATIONAL Deutschland GmbH	Bank Mendes Gans Amsterdam		USD	50,000,000		75,670		10,308,060		15,600
	POSCO INTERNATIONAL JAPAN Corp.								15,639,075		23,668
	POSCO INTERNATIONAL AMERICA Corp.								—		—
	POSCO INTERNATIONAL SINGAPORE Pte. Ltd.								—		—
	POSCO INTERNATIONAL Malaysia SDN BHD								—		—
	POSCO INTERNATIONAL ITALIA S.R.L.								—		—
	POSCO INTERNATIONAL MEXICO S.A. de C.V.								—		—
	POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD								—		—
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V.								—		—
	POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o								—		—
	PT. KRAKATAU POSCO ENERGY	POSCO Asia Co., Ltd. and others		USD	102,903,407		155,734		29,400,000		44,494
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V.	Export-Import Bank of Korea and others		USD	52,054,800		78,780		51,379,000		77,757
	POSCO INTERNATIONAL POLAND E-MOBI LITY SP. Z O.O.	BNP Paribas Polska S.A.		EUR	23,678,000		41,043		23,678,000		41,043
	PT POSCO INTERNATIONAL ENP INDONESIA	PT Bank Negara Indonesia		USD	750,000		1,135		750,000		1,135
	AGPA PTE. LTD.	SMBC Singapore		USD	20,880,000		31,600		20,880,000		31,600
	POSCO INTERNATIONAL ALASKA ENERGY LLC	Glenfarne Alaska Partners, LLC		USD	45,000,000		68,103		45,000,000		68,103
POSCO STEELEON CO.,LTD.	Myanmar POSCO C&C Company, Limited.	POSCO Asia Co., Ltd.		CNY	121,678,106		26,611		101,398,422		22,176
POSCO FUTURE M CO., LTD.	ULTIUM CAM LIMITED PARTNERSHIP	Investissement Quebec, Strategic Innovation Fund		CAD	299,562,500		325,466		232,265,400		252,349
		Shinhan Bank		USD	100,000,000		151,340		100,000,000		151,340
[Associates and joint ventures]
POSCO HOLDINGS INC.	NICKEL MINING COMPANY SAS	ING Bank		EUR	46,000,000		79,735		46,000,000		79,735
	PT NICOLE METAL INDUSTRY	STANDARD CHARTERED and others		USD	40,180,000		60,808		9,991,706		15,122
POSCO	POSUK TITANIUM LLP	Shinhan Bank		USD	12,750,000		19,296		12,750,000		19,296
POSCO INTERNATIONAL Corporation	GLOBAL KOMSCO Daewoo LLC	Hana Bank Bahrain		USD	6,650,000		10,064		4,200,000		6,356
POSCO Eco & Challenge Co., Ltd.	Chun-cheon Energy Co., Ltd	Kookmin Bank and others		KRW	149,200		149,200		116,590		116,590
[Others]
POSCO Eco & Challenge Co., Ltd.	Subcontractors for maintenance projects, etc.	Kookmin Bank and others		KRW	380,652		380,652		6,135		6,135
POSCO AUSTRALIA PTY LTD	Department of Trade and Investment (NSW Government) and others	Woori Bank and others		AUD	18,744,862		19,418		18,744,862		19,418
PT. Bio lnti Agrindo	KSU Mandob Sejatera	Bank Muamalat		IDR	80,000,000,000		7,128		5,866,666,666		523
POSCO COATED STEEL (THAILAND) CO., LTD.	AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others	SC Bank		THB	56,065,000		2,585		56,065,000		2,585
	BUREAU OF INDIAN STANDARDS (BIS)	SC Bank		USD	10,000		15		10,000		15
POSCO Maharashtra Steel Private Limited	Gail India and others	Deutsche Bank and others		INR	1,049,571,593		16,835		1,049,571,593		16,835
PT. Prime Agri Resources	Koperasi Bakomo Diri Maju (KBDM) and others	Koperasi Simpan Pinjam Sahabat Mitra Sejati and others		IDR	430,382,237,704		38,347		430,382,237,704		38,347

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

2)	Details of credit enhancements by type of the Group’s PF business as of March 31, 2026 are as<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 enhancementmeasures			Agreedamount			Executedamount		Total		Within 3months		3~6months		6 months~1 year		1 year ~2years		2 years ~3<br>years		After3 years
[The Company]
POSCO Eco & Challenge Co., Ltd.		Other<br>projects			JB CLARK<br>HILLS CORP			Main PF			Debt<br>assumption		~~W~~	48,120			39,197		39,197		—		—		39,197		—		—		—
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.		Other<br>projects			New Songdo<br>International<br>City<br>Development,<br>LLC			Mortgage<br>loan			Debt<br>assumption			494,000			324,100		324,100		74,500		—		—		249,600		—		—
[Others]
POSCO Eco & Challenge Co., Ltd.		Maintenance<br>projects			Bangbae<br>Shindonga<br>Apartment<br>Reconstruction<br>and<br>Maintenance<br>Project<br>Association,<br>etc.			Main PF			Debt<br>assumption			1,550,690			700,711		700,711		64,900		—		142,064		—		101,060		392,687
		Other<br>projects			Civic Center PFV			Main PF			Debt<br>assumption			45,000			45,000		45,000		—		—		—		—		—		45,000
		Other<br>projects			LandmarkSewoon			Main PF			Debt<br>assumption			50,000			50,000		50,000		—		—		—		—		—		50,000
		Other<br>projects			DAON INP Co.,<br>Ltd.			Main PF			Joint<br>guarantee			78,000			60,000		60,000		—		—		—		—		60,000		—
		Other<br>projects			Jeonju Eco-city			Main PF			Debt<br>assumption			53,300			22,200		22,200		—		22,200		—		—		—		—
		Other<br>projects			Apcity HNG			Main PF			Debt<br>assumption			60,000			60,000		60,000		—		—		—		—		60,000		—
		Other<br>projects			ISLAND ONE<br>CO., LTD.			Main PF			Debt<br>assumption			50,000			50,000		50,000		—		—		—		—		50,000		—
		Other<br>projects			KOREA ASSET<br>DEVELOPMENT<br>CO.,LTD.			Main PF			Debt<br>assumption			48,000			40,000		40,000		—		—		—		40,000		—		—
		Other<br>projects			Daegu MBC<br>Development<br>PFV Co., Ltd.			Main PF			Debt<br>assumption			80,000			80,000		80,000		—		—		—		80,000		—		—
		Other<br>projects			Sinhwa AMC<br>Co.,Ltd.			Main PF			Debt<br>assumption			80,000			80,000		80,000		—		—		—		80,000		—		—
POSCO DX		Other<br>projects			Jeonnong school<br>keeper co. and<br>others(*2)			Main PF			Supplemental<br>funding<br>agreement<br>and others			123,309			34,858		34,858		—		—		—		272		3,344		31,242

														2,218,299			1,222,769		1,222,769		64,900		22,200		142,064		200,272		274,404		518,929

													~~W~~	2,760,419			1,586,066		1,586,066		139,400		22,200		181,261		449,872		274,404		518,929

(*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 ~~W~~1,122,320<br>million, outstanding loan balance of ~~W~~320,896 million)
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

b.	Details of contingent liability for damages in the event of non-compliance with construction completion<br>covenant as of March 31, 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			22			~~W~~	9,449,687				3,787,629				1,821,178
		Between the Group			22				7,338,719				2,938,971				1,308,472
Other projects		All			1				2,197,729				5,350,000				1,440,800
		Between the Group			1				2,197,729				5,350,000				1,440,800

		All			23				11,647,416				9,137,629				3,261,978
		Between the Group			23			~~W~~	9,536,448				8,288,971				2,749,272

(*1)	The overlapping amount with other credit enhancement measures such as the agreed debt<br>assumption upon loan origination amounts to ~~W~~55,755 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.<br>
---	---
c.	Details of conditional debt acceptance and principal and interest repayment commitments in the event of<br>non-compliance with completion guarantee covenant as of March 31, 2026 are as follows:
---	---
(in millions of Won)				Number ofconstructions			Contractamount				*Contingencyamount(1)(2)*			Balance ofloans
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Maintenance projects		All			35		~~W~~	11,323,579				12,940,000			8,516,653
		Between the Group			35			10,695,182				12,550,654			8,190,586
(*1)	The overlapping amount with other credit enhancement measures such as the agreed debt<br>assumption upon loan origination amounts to ~~W~~119,100 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.<br>
---	---
②	SOC projects
---	---
(in millions of Won)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Provider		Recipient		Credit enhancementmeasures		Number ofconstructions				Approved amount				Remaining balanceafter repayment
[Associates and joint ventures]
POSCO DX		Pocheon-Hwado Highway Corp.(*1)		Providing funds			1				24,923				22,196
POSCO Eco & Challenge Co., Ltd.		Pocheon-Hwado Highway Corp.(*1)		Providing funds			1				319,515				284,547
		POHANG E&E Co., LTD(*2)		Providing funds and<br>supplemental funding agreement			2				71,930				37,968
		Pureun Tongyeong Enviro Co., Ltd.(*2)		Providing funds			1				25,630				9,513
		Pure Gimpo.Co.,Ltd(*2)		Providing funds			1				51,565				20,651
		Clean Iksan Co.,Ltd(*2)		Providing funds			1				44,054				19,619

							7				537,617				394,494

[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.<br>and others		Supplemental funding agreement			11				63,683				27,125
		Western Inland highway CO.,LTD. and others		Providing funds			42				2,778,848				1,579,982
		Pohang Youngil Bay New Port		Debt assumption			1				2,250				1,440
		Busan Sanseong Tunnel		Refinancing			1				35,296				26,750

							57				2,935,046				1,675,586

							64			~~W~~	3,472,663				2,070,080

(*1)	The Group provides a funding commitment of ~~W~~306,742 million (including other<br>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~~87,751 million (including other<br>shares: ~~W~~159,195 million) equivalent to the Group’s share of the loan balance for the private investment project.
---	---
(*3)	The Group provides a funding commitment of ~~W~~1,635,297 million (including other<br>shares: ~~W~~7,728,453 million) equivalent to the Group’s share of the loan balance for the private investment project.
---	---

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

3)	Other guarantees
①	As of March 31, 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 Eco & Challenge Co., Ltd.		Ventanas Philippines Construction Inc		Guarantee on performance for contracts and others		~~W~~	11,814				11,814		Korea Trade Insurance Corporation
POSCO GYR Tech		POSCO		Defect liability warranty			101				101		CI Guarantee

							11,915				11,915

[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.		PT.Tanggamus Electric Power		Letter of credit			3,035				3,035		Hana Bank
		PT. Wampu Electric Power		Letter of credit			2,724				2,724		Hana Bank

							5,759				5,759

[Others]
POSCO Eco & Challenge Co., Ltd.		DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd		Guarantee on performance for construction			8,634,973				8,624,380		Construction Guarantee Cooperative
POSCO WIDE Co., Ltd		Human Eco-Land Co., Ltd		Guarantee on performance for contracts and others			3,050				3,050		Seoul Guarantee Insurance
POSCO GYR Tech		KEPCO Plant Service & Engineering Co., Ltd.		Defect liability warranty			1,095				1,095		CI Guarantee

							8,639,118				8,628,525

						~~W~~	8,656,792				8,646,199

②	As of March 31, 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~~	5,570,310				5,570,310
Engineering Guarantee Insurance		Guarantee on performance for EPC contracts and others			1,018,701				583,353
Seoul Guarantee Insurance		Construction performance guarantee and others			566,919				566,919
Korea Housing & Urban Guarantee Corporation		Housing Guarantee and others			6,430,139				5,756,960
Woori Bank and others		Foreign currency guarantee			2,052,005				855,163
Korea software financial cooperative		Guarantee on performance for contracts			120,173				59,900
Seoul Guarantee Insurance		Guarantee on performance and others			80,078				80,078
Construction Guarantee Cooperative		Guarantee on performance			24,482				195
CI Guarantee		Defect liability warranty			1,196				1,196

				~~W~~	15,864,003				13,474,074

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

(c)	Other commitments

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

Company		Description
POSCO HOLDINGS INC.		As of March 31, 2026, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign<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 March 31, 2026, the ending balance of the borrowing amounts to USD 1.02 million.
		POSCO HOLDINGS INC. has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation to<br>foreign currency exchangeable bonds as of March 31, 2026.
POSCO		POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract<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 March 31, 2026, 57 million tons of iron ore and 18 million tons of<br>coal remained to be purchased under such long-term contracts.
		POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand<br>tons of LNG. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to December 2026. The purchase price is subject to change, based on changes of the monthly standard<br>oil price (JCC) and with a price ceiling.
		POSCO has a long-term service contract for the transportation of raw material. As of March 31, 2026, there are 32 vessels<br>under contract, and the average remaining contract period is about 6 years.
		POSCO entered into an agreement (LNG SPA) with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons of LNG<br>annually for 15 years commencing in November 2026. The purchase price is subject to change based on changes of U.S. Henry Hub Natural Gas Spot Price. POSCO has extension option of extending the purchase contract by five years.
		Regarding the shares of FEWM CO., LTD., the Company holds a call option, exercisable during the period from July 1, 2026<br>to June 30, 2027, to purchase a portion of the largest shareholder’s stake at a pre-negotiated exercise price, to the extent that the Company’s shareholding in the target company reaches 59% of the total issued shares of the target<br>company at the time of exercise.
		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 this investment structure, POS-Louisiana<br>Inc., a wholly-owned subsidiary established through a 100% equity investment by the Company, will acquire a 20% equity interest in HYUNDAI-POSCO Louisiana Steel LLC. The Company has guaranteed POS-Louisiana Inc.’s capital contribution<br>obligation, amounting to a final investment of USD 582 million.
POSCO INTERNATIONAL Corporation		The Company invested in the Ambatovy Nickel Project (DMSA/AMSA) in Madagascar through the Korea Ambatovy Consortium (KAC)<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.
		As of March 31, 2026, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO Eco<br>& 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 March 31, 2026, the remaining amount of USD 484,364 thousand is scheduled to be contributed additionally by 2026 through capital<br>call.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

(d) Litigation in progress

The Group is involved in 432 lawsuits amounting to ~~W~~1,218.9 billion as a defendant as of March 31, 2026, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to ~~W~~35.6 billion for 35 lawsuits based on its reliable estimate of outflow of resources.

(e) Other major contingencies for the Group as of March 31, 2026 are as follows:

Company		Description
POSCO HOLDINGS INC.		POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings.
		The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.
POSCO INTERNATIONAL Corporation		As of march 31, 2026, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 12 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and others.
POSCO Eco & Challenge Co., Ltd.		As of march 31, 2026, POSCO Eco & Challenge Co., Ltd. has provided 40 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans.
POSCO DX		As of march 31, 2026, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others.

35. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

(in millions of Won)	March 31, 2026
Trade accounts and notes receivable	~~W~~	(357,706	)	(202,991	)
Other receivables		(83,139	)	431,409
Inventories		(399,086	)	865,893
Other current assets		(208,233	)	(159,501	)
Other non-current assets		(18,373	)	(29,769	)
Trade accounts and notes payable		(553,028	)	(518,828	)
Other payables		(837,026	)	(644,452	)
Other current liabilities		478,654		(65,404	)
Provisions		(110,338	)	(76,578	)
Payments of severance benefits		(149,644	)	(131,551	)
Plan assets		141,114		124,073
Other non-current liabilities		(22,464	)	(14,868	)

	~~W~~	(2,119,269	)	(422,567	)

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

36. Operating Segments

(a)

The Group’s operating businesses are organized based on the nature of markets and customers. During the three-month period ended March 31, 2026, the Group changed its internal organization and internal reporting structures. As a result, operating segments were re-categorized according to the revised reporting materials provided to the management for decision-making. Meanwhile, the Group has restated the information of the reporting segments from the previous quarter in accordance with the changes in the operating segments.

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

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

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

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

(b)	The classification of the information by operating segments for each of the three-month periods ended<br>March 31, 2026 and 2025 is as follows:
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Steel				Infrastructure									Rechargeablebettery materials			Others			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
					Trading				Construction			Logistics andothers
External revenues		~~W~~	9,347,869				6,391,586			1,457,075			65,628			605,948			8,000			17,876,106
Internal revenues			5,616,356				4,779,655			295,254			869,361			372,886			867,448			12,800,960
Inter segment revenues			3,232,721				2,013,623			284,129			862,927			304,088			864,352			7,561,840
Total revenues			14,964,225				11,171,241			1,752,329			934,989			978,834			875,448			30,677,066
Segment profits (loss)			292,752				183,349			25,836			9,497			(51,239	)		745,106			1,205,301
2)	For the three-month period ended March 31, 2025
---	---
(in millions of Won)		Steel				Infrastructure									Rechargeablebettery materials			Others			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
					Construction				Trading			Logistics andothers
External revenues		~~W~~	9,385,246				5,856,366			1,469,945			95,912			621,184			8,123			17,436,776
Internal revenues			5,577,344				4,704,403			418,255			781,190			308,624			678,380			12,468,196
Inter segment revenues			3,748,127				2,269,085			394,431			776,037			269,624			676,556			8,133,860
Total revenues			14,962,590				10,560,769			1,888,200			877,102			929,808			686,503			29,904,972
Segment profits			222,137				156,202			(8,193	)		24,986			(97,014	)		586,932			885,050

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

March 31, 2026 and 2025 (Unaudited)

36. Operating Segments (cont’d)

(c)	Reconciliations of the total segment revenues, profit or loss, assets and liabilities, and other significant<br>items to their respective consolidated financial statement line items are as follows:
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Total profit for the period		~~W~~	1,205,301				885,050
Fair value adjustments			(13,840	)			(15,590	)
Elimination of intra-group transactions			(648,071	)			(525,225	)
Income tax expense			213,221				165,723

Profit before income tax expense		~~W~~	756,611				509,958

37. Matters Concerning Tariffs

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

38. Events after the reporting period

(a)	Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to pay interim<br>cash dividends of ~~W~~2,000 per common share (Total dividends: ~~W~~151.2 billion).
(b)	On April 13, 2026, the Company completed the disposal of its equity interests in its subsidiaries, POSCO<br>(Zhangjiagang) Stainless Steel Co., Ltd. and Qingdao Pohang Stainless Steel Co., Ltd., in order to enhance the operational efficiency of its steel business.
---	---
(c)	Pursuant to a resolution of the Board of Directors on May 12, 2026, the Company decided to provide a<br>payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The guarantee period is five years from June 1, 2026 to May 31, 2031.
---	---
(d)	POSCO, a subsidiary of the Company, entered into a joint venture agreement with JSW Steel Limited<br>(“JSW”) to construct an integrated steel mill in the State of Odisha, India, In order to strengthen its competitiveness in the Indian steel market and continue to expand its market share in the automotive steel sheet segment. Under this<br>structure, POSCO will acquire newly issued shares of Saffron Resources Private Limited (“Saffron”), a subsidiary of JSW, thereby converting Saffron into a joint venture company (JVC) with an ownership ratio of 50% by POSCO and 50% by<br>JSW. The total investment for this project amounts to USD 7,288 million, of which POSCO’s share of the total investment is USD 3,644 million (consisting of USD 1,093 million in equity and USD 2,551 million in borrowings).<br>The borrowing portion of USD 2,551 million is scheduled to be submitted separately to the Board of Directors for approval upon the finalization of the financing plan.
---	---

POSCO HOLDINGS INC.

Interim condensed separate financial statements

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

with the independent auditor’s review report

Table of Contents

Report on review of interim condensed separate financial statements

		Page
Interim condensed separate financial statements
Interim condensed separate statements of financial<br>position			1
Interim condensed separate statements of comprehensive<br>income			3
Interim condensed separate statements of changes in<br>equity			4
Interim condensed separate statements of cash flows			5
Notes to the interim condensed separate financial<br>statements			6

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

POSCOHOLDINGS INC.

We have reviewed the accompanying interim condensed separate financial statements of POSCO HOLDINGS INC. (the “Company”), which comprise the interim condensed separate statement of financial position as of March 31, 2026 and the related interim condensed separate statements of comprehensive income, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the three-month periods ended March 31, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed separate financial statements

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

Auditor’s responsibility

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

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.

LOGO

Other matters

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

May 15, 2026

This review report is effective as of May 15, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed separate financial statements and may result in modification to this review report.

POSCO HOLDINGS INC.

Interim condensed separate financial statements

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

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

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

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position

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

(in millions of Won)		March 31, 2026(unaudited)
Assets
Cash and cash equivalents	19, 32	~~W~~	361,212	184,416
Trade accounts, net	4, 19, 30, 32		927,704	157,668
Other receivables, net	5, 19, 30, 32		194,848	146,146
Other short-term financial assets	6, 19		3,284,899	3,454,794
Assets held for sale	7		—	—
Other current assets	12		1,988	2,099

Total current assets			4,770,651	3,945,123

Other receivables, net	5, 19, 30		26,520	17,414
Other long-term financial assets	6, 19		588,775	506,736
Investments in subsidiaries, associates and joint ventures	8		46,267,604	46,290,252
Investment property, net	9		315,277	319,392
Property, plant and equipment, net	10		708,028	703,140
Intangible assets, net	11		29,630	29,659
Other non-current assets	12		5,788	3,869

Total non-current assets			47,941,622	47,870,462

Total assets		~~W~~	52,712,273	51,815,585

(continued)

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position, continued

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

(in millions of Won)		March 31, 2026(unaudited)
Liabilities
Short-term borrowings and current portion of long-term borrowings	13, 19	~~W~~	47,742		45,973
Other current payables	14, 30, 32		260,230		53,466
Other short-term financial liabilities	15, 19		29,386		21,545
Provisions	16		45,360		46,421
Current tax liabilities	28		116,921		72,404
Other current liabilities	18		6,951		5,819

Total current liabilities			506,590		245,628

Long-term borrowings, excluding current portion	13		1,048,639		993,857
Other non-current payables	14, 19, 30, 32		35,766		35,037
Defined benefit liabilities, net	17		5,962		5,533
Deferred tax liabilities	28		2,599,543		2,592,964
Long-term provisions	16		2,498		2,947
Other non-current liabilities	18		1,165		1,350

Total non-current liabilities			3,693,573		3,631,688

Total liabilities			4,200,163		3,877,316

Equity
Share capital	20		482,403		482,403
Capital surplus	20		1,367,990		1,367,990
Accumulated other comprehensive loss	21		(45,981	)	(45,874	)
Treasury shares	22		(801,771	)	(1,176,316	)
Retained earnings			47,509,469		47,310,066

Total equity			48,512,110		47,938,269

Total liabilities and equity		~~W~~	52,712,273		51,815,585

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

POSCO HOLDINGS INC.

Interim condensed separate statements of comprehensive income

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

			For the three-month periodended March 31(Unaudited)
(in millions of Won, except per share informations)	Notes		2026			2025
Operating revenue		23, 30	~~W~~	850,360			664,697
Operating expenses		24		(95,592	)		(90,316	)

Operating profit				754,768			574,381

Finance income and costs
Finance income		19, 25		114,014			31,716
Finance costs		19, 25		(76,148	)		(4,285	)
Other non-operating income and expenses
Other non-operating income		26		1,082			916
Other non-operating expenses		26		(23,083	)		(1,523	)

Profit before income tax				770,633			601,205
Income tax expense		28		(7,555	)		(12,447	)

Profit				763,078			588,758
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans		17		(77	)		10
Net changes in fair value of equity investments at fair value through other comprehensive<br>income		6, 21		(107	)		47,476

Total comprehensive income			~~W~~	762,894			636,244

Earnings per share (in Won)		29
Basic earnings per share (in Won)				10,091			7,786
Diluted earnings per share (in Won)			~~W~~	10,091			7,786

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

POSCO HOLDINGS INC.

Interim condensed separate statements of changes in equity

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

(in millions of Won)	Sharecapital
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		—	—	—		—		588,758		588,758
Other comprehensive income
Remeasurements of defined benefit plans, net of tax		—	—	—		—		10		10
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax		—	—	47,476		—		—		47,476
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—	—	—		—		(189,052	)	(189,052	)
Retirement of treasury shares		—	—	—		374,545		(374,545	)	—

Balance as of March 31, 2025 (Unaudited)	~~W~~	482,403	1,367,990	(15,169	)	(1,176,317	)	47,977,315		48,636,222

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		—	—	—		—		763,078		763,078
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—	—	—		—		(77	)	(77	)
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax		—	—	(107	)	—		—		(107	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—	—	—		—		(189,052	)	(189,052	)
Retirement of treasury shares		—	—	—		374,546		(374,546	)	—

Balance as of March 31, 2026 (Unaudited)	~~W~~	482,403	1,367,990	(45,981	)	(801,771	)	47,509,469		48,512,110

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

POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows, continued

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

(in millions of Won)	for the three-monthperiod endedMarch 31, 2026(Unaudited)			for the three-monthperiod endedMarch 31, 2025(Unaudited)
Cash flows from operating activities
Profit for the period	~~W~~	763,078			588,758
Adjustments for :
Expenses related to post-employment benefit		2,329			3,283
Depreciation		5,527			4,002
Amortization		681			431
Finance income		(112,675	)		(31,585	)
Dividend income		(808,584	)		(618,709	)
Finance costs		75,993			3,485
Loss on disposal of property, plant and equipment		—			687
Loss on disposal of intangible assets		—			6
Impairment loss on investments in subsidiaries, associates and joint venture		22,773			—
Increase to provisions		34			36
Income tax expense		7,555			12,447
Changes in operating assets and liabilities		(24,192	)		(45,241	)
Interest received		23,278			11,002
Dividends received		67,295			54,910
Income taxes paid		(6,029	)		(6,754	)

Net cash provided by (used in) operating activities	~~W~~	17,063			(23,242	)

(in millions of Won)	for the three-monthperiod endedMarch 31, 2026(Unaudited)			for the three-monthperiod endedMarch 31, 2025(Unaudited)
Cash flows from investing activities
Decrease in deposit instruments	~~W~~	1,000,000			700,000
Proceeds from disposal of short-term financial instruments		193,122			728,328
Proceeds from disposal of other securities		1,752			2,469
Proceeds from disposal of investments in subsidiaries, associates and joint ventures		—			8,222
Increase in deposits		(780,000	)		(910,000	)
Acquisition of short-term financial instruments		(181,967	)		(489,226	)
Acquisition of current portion of debt securities		(60,000	)		—
Acquisition of other securities		(1,115	)		(6,314	)
Acquisition of investments in subsidiaries, associates and joint ventures		(5,500	)		(619	)
Acquisition of property, plant and equipment		(6,259	)		(2,986	)
Acquisition of intangible asstes		(652	)		(262	)
Increase in long-term lease security deposits		(90	)		(466	)

Net cash provided by investing activities	~~W~~	159,291			29,146

Cash flows from financing activities
Increase in long-term financial liabilities		447			3,278
Payment of cash dividends		(15	)		(4	)

Net cash provided by financing activities	~~W~~	432			3,274

Effect of exchange rate fluctuation on cash held		10			—
Net increase in cash and cash equivalents		176,796			9,178
Cash and cash equivalents at beginning of the period		184,416			409,387

Cash and cash equivalents at end of the period	~~W~~	361,212			418,565

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements

March 31, 2026 and 2025 (Unaudited)

1.Reporting Entity

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

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

2. Basis of Preparation

Statement of compliance

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

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

These condensed interim financial statements are separate interim financial statements prepared in accordance with KIFRS 1027 Separate FinancialStatements 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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

2. Basis of Preparation (cont’d)

Use ofestimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

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

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

(b)	Measurement of fair value

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

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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

2. Basis of Preparation (cont’d)

•	Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities.<br>
•	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.<br>
---	---

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 PolicyInformation

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

Changes in Accounting Policies

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

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

●	a clarification that a financial liability is derecognized on the “settlement date” and the<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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

3. Material Accounting Policy Information (cont’d)

(b)	Annual Improvements to KIFRS – Volume 11

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

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

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

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

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

●	clarification of the application of the “own-use”<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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

New and amended standards not yet adopted by the Group

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

(a)	KIFRS 1118 Presentation and Disclosure in Financial Statements

Key changes in the accounting policies

Changes such as presentation in the statement of profit or loss

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

Disclosure of management-defined performance measures(MPMs)

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.
---	---

Changes such as classification of cash flows, etc.

Assessment of major impact

4. Trade Receivable and Notes Receivable

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

(in millions of Won)	March 31, 2026
Current
Trade accounts and notes receivable	~~W~~	780,061	41,384
Unbilled receivables (contract assets)		147,643	116,284
Less: Allowance for doubtful accounts		—	—

	~~W~~	927,704	157,668

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

5. Other Receivables

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

(in millions of Won)		March 31, 2026
Current
Other accounts receivable(*1)		~~W~~	149,829		103,109
Others(*2)			49,599		47,379
Less: Allowance for doubtful accounts(*2)			(4,580	)	(4,342	)

		~~W~~	194,848		146,146

Non-current
Loans(*2)		~~W~~	254,806		241,717
Long-term other accounts receivable			25,381		16,365
Others			1,139		1,049
Less: Allowance for doubtful accounts(*2)			(254,806	)	(241,717	)

		~~W~~	26,520		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.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

6. Other Financial Assets

(a)	Details of other financial assets as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Current
Deposit instruments			2,900,000				3,120,000
Short-term financial instruments			94,899				104,794
Debt Securities			290,000				230,000

		~~W~~	3,284,899				3,454,794

Non-current
Equity securities			170,672				170,819
Other securities			262,661				258,164
Derivative assets			155,440				77,751
Deposit instruments			2				2

		~~W~~	588,775				506,736

(b)	Details of equity securities as of March 31, 2026 and December 31, 2025 are as follows:<br>
---	---
(in millions of Won)		March 31, 2026																			December 31,2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Number ofshares			Ownership(%)			Acquisitioncost				Fairvalue			Net changes infair value ofequity securities			Bookvalue			Bookvalue

Marketable equity securities
CSN Mineracao S.A.			102,186,675			1.88			206,265				145,738			(60,527	)		145,738			145,885

									206,265				145,738			(60,527	)		145,738			145,885

Non-marketable equity securities
PLANTEC Co., Ltd.			18,337,912			10.99			19,437				23,564			4,127			23,564			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				24,934			(2,247	)		24,934			24,934

								~~W~~	233,446				170,672			(62,774	)		170,672			170,819

7. Assets Held for Sale

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

(in millions of Won)	March 31, 2026
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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

8. Investments in Subsidiaries, Associates and Joint ventures

(a)	Details of investments in subsidiaries, associates and joint ventures as of March 31, 2026 and<br>December 31, 2025 are as follows:
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Investment in subsidiaries		~~W~~	43,459,077				43,478,793
Investment in associates			209,922				212,855
Investment in joint ventures			2,598,605				2,598,605

		~~W~~	46,267,604				46,290,253

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

(b)	Details of subsidiaries and carrying amounts as of March 31, 2026 and December 31, 2025 are as<br>follows:
(in millions of Won)						March 31, 2026							December 31,2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		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
POSOCO-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										492,173				511,889

										38,848,694				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			58.60			259,819				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,<br>and technology research			100.00			68,410				68,410
Qingdao Pohang Stainless Steel Co., Ltd.(*1)			China	Stainless steel manufacturing and sales			70.00			65,982				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			1,352,943				1,352,943
Others										242,685				242,685

										4,610,383				4,610,383

									~~W~~	43,459,077				43,478,793

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

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

(c)	Details of associates and carrying amounts as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)					March 31, 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 March 31, 2026, the entity is classified as an associate since the Company has significant influence<br>over the investee although the Company’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
---	---
(d)	Details of joint ventures and carrying amounts as of March 31, 2026 and December 31, 2025 are as<br>follows:
---	---
(in millions of Won)							March 31, 2026							December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		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 March 31, 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 the equity interest was likely to be low and<br>recognized a full impairment loss.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

9. Investment Property

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

(a)	For the three-month period ended March 31, 2026
(in millions of Won)		Beginning				*Depreciation(1)**			*Transfer(2)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Land		~~W~~	215,866				—			(1,004	)		214,862
Buildings			89,988				(1,835	)		(933	)		87,220
Structures			13,538				(203	)		(140	)		13,195

		~~W~~	319,392				(2,038	)		(2,077	)		315,277

(*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				*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.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

10. Property, Plant and Equipment

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

(a)	For the three-month period ended March 31, 2026
(in millions of Won)		Beginning				Acquisitions			Depreciation			*Others(1)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Land		~~W~~	118,418				—			—			1,004			119,422
Buildings			26,826				—			(511	)		933			27,248
Structures			6,923				—			(103	)		140			6,960
Machinery and equipment			32,422				1,906			(2,296	)		28			32,060
Vehicles			28				—			(4	)		—			24
Furniture and fixtures			17,830				26			(575	)		—			17,281
Construction-in-progress			500,693				4,368			—			(28	)		505,033

		~~W~~	703,140				6,300			(3,489	)		2,077			708,028

(*1)	Includes assets transferred to investment property.
---	---
(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)	Includes assets transferred from<br>construction-in-progress to other property, plant and equipment categories, assets transferred to investment property, and assets transferred from advance payments.<br>
---	---
(c)	Information on lease agreements for which the Company is a lessee is as follows:
---	---
1)	Right-of-use assets<br>
---	---

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

2)	Amount recognized in profit or loss

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

(in millions of Won)	March 31, 2026
Expenses related to short-term leases	~~W~~	2,603	2,892
Expenses related to leases of low-value assets		1,856	1,646

	~~W~~	4,459	4,538

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

11. Intangible Assets

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

(a)	For the three-month period ended March 31, 2026
(in millions of Won)		Beginning				Acquisitions			Amortization			*Others(2)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Intellectual property rights		~~W~~	928				—			(56	)		167			1,039
Membership(*1)			10,992				—			—			—			10,992
Development expense			5,369				—			(568	)		—			4,801
Construction-in-progress			12,157				652			—			(167	)		12,642
Other intangible assets			213				—			(57	)		—			156

		~~W~~	29,659				652			(681	)		—			29,630

(*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 other intangible assets.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

12. Other Assets

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

(in millions of Won)	March 31, 2026
Current
Advance payments	~~W~~	897	901
Prepaid expenses		1,091	1,198

	~~W~~	1,988	2,099

Non-current
Long-term advance payments	~~W~~	5,616	3,638
Long-term prepaid expenses		172	231

	~~W~~	5,788	3,869

13. Borrowings

(a)	Details of borrowings as of March 31, 2026 and December 31, 2025 are as follows:<br>
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Short-term borrowings
Exchangeable bonds		~~W~~	46,198				44,509
Current portion of long-term borrowings			1,544				1,464

			47,742				45,973

Long-term borrowings
Long-term borrowings		~~W~~	1,048,639				993,857

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

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

(in millions of Won)	Lenders	Issuancedate	Maturitydate		March 31, 2026
Exchangeable bonds	Foreign currency<br>exchangeable bonds	Sep. 1, 2021	Sep. 1, 2026	—	~~W~~	46,198	44,509
Foreign borrowings	KOREA ENERGY AGENCY	Dec. 27, 2011	Dec. 26, 2026	3 year<br>Government bond		1,544	1,464

					~~W~~	47,742	45,973

		Foreign currency exchangeable bonds
Type of bond		Exchangeable bonds
Aggregate principal amount(*1)		EUR 27,100,000
Interest rate		- Coupon rate : -<br> <br><br><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><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><br><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><br><br><br>- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)<br><br><br><br> <br>- Where additional reasons for tax burden arise due to the amendment of relevant laws and<br>regulations, etc
(*1)	Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out the total face value of<br>exchangeable bonds of EUR 1,065,900,000 during the year ended December 31, 2025.
---	---
(*2)	The exchange price has changed due to cash dividends paid during the three-month period ended March 31,<br>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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

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

(in millions of Won)		Lenders	Issuance<br><br><br>date	Maturity<br><br><br>date		March 31, 2026
Bonds payable in foreign currency(*1)		Global Bonds (5 year maturity)	May. 7, 2025	May. 7, 2030	5.125		599,639	568,243
Bonds payable in foreign currency(*1)		Global Bonds (10 year maturity)	May. 7, 2025	May. 7, 2035	5.750		449,000	425,614

						~~W~~	1,048,639	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

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

(in millions of Won)	March 31, 2026
Current
Accounts payable	~~W~~	24,617		27,162
Accrued expenses		43,436		23,164
Dividend payable		192,177		3,140

	~~W~~	260,230		53,466

Non-current
Long-term withholdings		36,835		36,388
Less: Present value discount		(1,069	)	(1,351	)

	~~W~~	35,766		35,037

15. Other Financial Liabilities

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

(in millions of Won)		March 31, 2026				December 31, 2025
Current
Financial guarantee liabilities		~~W~~	29,386				21,545

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

16. Provisions

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

(in millions of Won)		March 31, 2026							December 31, 2025
		Current				Non-current			Current			Non-current
Provision for bonus payments(*1)		~~W~~	2,753				—			4,907			—
Provision for restoration(*2)			2,739				2,498			2,742			2,947
Others(*3)			39,868				—			38,772			—

		~~W~~	45,360				2,498			46,421			2,947

(*1)	Represents the provision for bonuses with the limit of 100% of annual salaries for executives.<br>
---	---
(*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 March 31, 2026. In order to determine the estimated costs, the Company has assumed that it would use all of technologies and materials<br>available for now to recover the land. In addition, the Company has applied discount rates of 3.99% to assess present value of these costs.
---	---
(*3)	Considering the operational circumstance of the Company’s investments in joint ventures, Nickel Mining<br>Company SAS, the Company recognized ~~W~~39,868 million of the financial guarantee liabilities the Company provided as other provisions.
---	---
(b)	Changes in provisions for the three-month period ended March 31, 2026 and the year ended December 31,<br>2025 are as follows:
---	---
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Beginning				Increase			Utilization			*Others(1)**			Ending
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Provision for bonus payments		~~W~~	4,907				2,213			(4,367	)		—			2,753
Provision for restoration			5,689				34			(486	)		—			5,237
Others			38,772				—			—			1,096			39,868

		~~W~~	49,368				2,247			(4,853	)		1,096			47,858

(*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.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

17. Post-employment plans

(a)	Defined contribution plans

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

(in millions of Won)		March 31, 2026				March 31, 2025
Expense related to post-employment benefit plans under defined contribution plans		~~W~~	71				44
(b)	Defined benefit plans
---	---
1)	The amounts recognized in relation to net defined benefit liabilities in the statements of financial position<br>as of March 31, 2026 and December 31, 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---	---
Present value of funded obligations		~~W~~	43,073				42,815
Fair value of plan assets			(37,111	)			(37,282	)

Net defined benefit liabilities		~~W~~	5,962				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 periods ended March 31, 2026 and 2025 are as follows:
---	---
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Current service costs		~~W~~	2,364				3,312
Net interest costs			(36	)			(29	)

		~~W~~	2,328				3,283

18. Other Liabilities

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

(in millions of Won)	March 31, 2026
Current
Advances received	~~W~~	3,552	2,420
Withholdings		3,274	3,327
Unearned revenue		125	72

	~~W~~	6,951	5,819

Non-current
Advances received	~~W~~	97	—
Unearned revenue		1,068	1,351

	~~W~~	1,165	1,351

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

19. Financial Instruments

(a)	Classification and fair value of financial instruments
1)	The classification of the carrying amounts and fair values of financial assets and financial liabilities by the<br>fair value hierarchy level as of March 31, 2026 and December 31, 2025 are as follows:
---	---
①	March 31, 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~~	155,440				—			155,440			—			155,440
Short term financial instruments			94,899				—			94,899			—			94,899
Other securities			262,661				—			—			262,661			262,661
Fair value through other comprehensive income
Equity securities			170,672				145,738			23,564			1,370			170,672
Financial assets measured at amortized cost(*1)
Cash and cash equivalents			361,212				—			—			—			—
Trade accounts and notes receivable			780,061				—			—			—			—
Debt securities			290,000				—			—			—			—
Other receivables			77,881				—			—			—			—
Deposit instruments			2,900,002				—			—			—			—

		~~W~~	5,092,828				145,738			273,903			264,031			683,672

Financial liabilities
Fair value through profit or loss
Borrowings		~~W~~	46,198				46,198			—			—			46,198
Financial liabilities measured at amortized cost(*1)
Borrowings			1,050,183				—			1,050,183			—			1,050,183
Financial guarantee liabilities			29,386				—			—			—			—
Others			279,856				—			—			—			—

		~~W~~	1,405,623				46,198			1,050,183			—			1,096,381

(*1)	Fair value of financial assets and liabilities measured at amortized cost approximates their carrying amounts.<br>
---	---
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)	Fair value of financial assets and liabilities measured at amortized cost approximates their carrying amounts.<br>
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

19. Financial Instruments (cont’d)

2)	Financial liabilities were recognized in connection with financial guarantee contracts as of March 31,<br>2026. Details of the amount of guarantees provided are as follows:
(in millions of Won)					Guarantee limit									Guarantee amount
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Guarantee beneficiary		Financial institution			Foreigncurrency						Wonequivalent			Foreigncurrency			Wonequivalent
Subsidiaries
POSCO ASIA COMPANY LIMITED			Credit Agricole					75,000,000			113,505			—			—
			ING					75,000,000			113,505			40,000,000			60,536
			Shinhan					50,000,000			75,670			50,000,000			75,670
POSCO Argentina S.A.U.			BNP					110,000,000			166,474			106,651,981			161,407
			CITI					187,975,000			284,481			182,677,605			276,464
			Credit Agricole					187,975,000			284,481			182,677,605			276,464
			HSBC					187,975,000			284,481			172,380,106			260,880
			JPM					187,975,000			284,481			182,677,606			276,464
			BANK OF AMERICA					50,900,000			77,032			49,306,801			74,621
			KEXIM					167,100,000			252,889			161,797,866			244,865
Joint ventures
NICKEL MINING COMPANY SAS			ING					46,000,000			79,735			46,000,000			79,735
PT.Nicole Metal Industry			STANDARD CHARTERED					24,500,000			37,078			2,927,727			4,431
			OCBC					15,680,000			23,730			7,063,979			10,691

								1,320,080,000			1,997,807			1,138,161,278			1,722,493
								46,000,000			79,735			46,000,000			79,735

All values are in US Dollars.

3)	Gains (losses) on financial instruments by category for each of the three-month periods ended March 31,<br>2026 and 2025 are as follows:
①	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		Finance income and costs
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest income(expense)			Gain and loss onforeign currency			Gain and loss ondisposal			Gain and losson valuation			Others			Total			Othercomprehensiveincome
Financial assets at fair value <br>through profit or loss		~~W~~	—			5,134			546			78,092			—			83,772			—
Financial assets at fair value <br>through other comprehensive income			—			—			—			—			—			—			(107	)
Financial assets measured at <br>amortized cost			25,294			2,890			—			—			—			28,184			—
Financial liabilities at fair value <br>through profit or loss			—			(1,270	)		—			(419	)		—			(1,689	)		—
Financial liabilities measured at <br>amortized cost			(16,613	)		(57,133	)		—			—			1,345			(72,401	)		—

		~~W~~	8,681			(50,379	)		546			77,673			1,345			37,866			(107	)

②	For the three-month period ended March 31, 2025
---	---
(in millions of Won)		Finance income and costs
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest income(expense)			Gain and loss onforeign currency			Gain and loss ondisposal			Gain and loss onvaluation			Others			Total			Othercomprehensiveloss
Financial assets at fair value <br>through profit or loss		~~W~~	—			(229	)		7,835			(1,097	)		—			6,509			—
Financial assets at fair value <br>through other comprehensive income			—			—			—			—			—			—			47,476
Financial assets measured at <br>amortized cost			21,674			274			—			—			—			21,948			—
Financial liabilities at fair value <br>through profit or loss			—			(1,513	)		—			(81	)		—			(1,594	)		—
Financial liabilities measured at <br>amortized cost			(269	)		(245	)		—			—			1,082			568			—

		~~W~~	21,405			(1,713	)		7,835			(1,178	)		1,082			27,431			47,476

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

20. Share Capital and Capital Surplus

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

(in Won, except share information)		March 31, 2026
Number of shares 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 March 31, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock<br>market amounts to 10,005,636 and such ADRs are equivalent to 2,501,409 shares of common stock.
---	---
(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company<br>decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of March 31, 2026, the Company’s total number of issued shares has decreased.
---	---
(*3)	As of March 31, 2026, the difference between the ending balance of common stock and the aggregate par<br>value 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 March 31, 2026 and December 31, 2025 is as follows:

(in millions of Won)	March 31, 2026
Share premium	~~W~~	463,825		463,825
Gain on disposal of treasury shares		808,994		808,994
Gain from business combination		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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

21. Accumulated Other Comprehensive Income

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

(in millions of Won)		March 31, 2026				December 31, 2025
Changes in fair value of equity investments at fair value through other comprehensive<br>income		~~W~~	(45,981	)			(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 three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:

(shares, in millions of Won)	March 31, 2026						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 teasury 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 periods ended March 31, 2026 and 2025 are as follows:
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Types of revenue
Dividend income		~~W~~	808,584				618,709
Others			41,776				45,988

		~~W~~	850,360	****		****	664,697	****

Timing of revenue recognition
Revenue recognized at a point in time		~~W~~	808,584				618,709
Revenue recognized over time			41,776				45,988

		~~W~~	850,360	****		****	664,697	****

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

23. Operating Revenue (cont’d)

(b)	Details of contract assets and liabilities from contracts with customers as of March 31, 2026 and<br>December 31, 2025 are as follows:
(in millions of Won)		March 31, 2026				December 31, 2025
---	---	---	---	---	---	---	---
Receivables
Trade accounts and notes receivable		~~W~~	780,061				41,384
Contract assets
Unbilled receivables			147,643				116,284
Contract liabilities
Advance received			3,649				2,420
Unearned income			1,193				1,423

24. Operating Expenses

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

(in millions of Won)	March 31, 2026
Wages and salaries	~~W~~	20,005	18,920
Expenses related to post-employment benefits		2,214	3,602
Other employee benefits		4,318	4,992
Travel		1,204	1,416
Taxes and public dues		153	45
Depreciation		3,217	2,835
Amortization		659	418
Rental		2,536	1,916
Repairs		120	131
Advertising		6,119	3,799
Research & development		32,863	35,025
Service fees		17,434	13,075
Supplies		52	84
Vehicles maintenance		498	614
Industry association fee		1,246	1,147
Training		175	68
Others		2,779	2,229

	~~W~~	95,592	90,316

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

25. Finance Income and Costs

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

(in millions of Won)	March 31, 2026
Finance income
Interest income	~~W~~	25,294	21,674
Gain on foreign currency transactions		1,348	130
Gain on foreign currency translations		7,385	721
Gain on valuation of derivatives		77,689	—
Gain on disposal of financial assets at fair value through profit or loss		546	7,835
Gain on valuation of financial assets at fair value through profit or loss		403	272
Others		1,349	1,084

	~~W~~	114,014	31,716

Finance costs
Interest expenses	~~W~~	16,613	269
Loss on foreign currency transactions		152	798
Loss on foreign currency translations		58,960	1,766
Loss on valuations of financial assets at fair value through profit or loss		—	1,369
Loss on valuation of financial liabilities at fair value through profit or loss		419	81
Others		4	2

	~~W~~	76,148	4,285

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

26. Other Non-Operating Income and Expenses

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

(in millions of Won)	March 31, 2026
Other non-operating income
Others	~~W~~	1,082	916

	~~W~~	1,082	916

Other non-operating expenses
Loss on disposals of property, plant and equipment	~~W~~	—	687
Impairment loss on investment in subsidiaries, associates and joint ventures		22,773	—
Donations		—	500
Increase of other provisions		34	36
Others		276	300

	~~W~~	23,083	1,523

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

27. Expenses by Nature

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month periods ended March 31, 2026 and 2025 are as follows (excluding finance costs and income tax expenses):

(in millions of Won)		March 31, 2026
Employee benefits expenses			31,612	33,181
Depreciation(*1)			5,527	4,002
Amortization			681	431
Service fees			18,450	14,192
Rental			4,459	4,545
Advertising			6,121	3,799
Impairment loss on investment in subsidiaries, associates and joint ventures			22,773	—
Research & development			18,671	19,624
Other expenses			10,381	12,065

		~~W~~	118,675	91,839

(*1)	Including depreciation of investment property.
---	---

28. Income Taxes

The effective tax rates of the Company for the three-month periods ended March 31, 2026 and 2025 are 0.98% and 2.07% respectively.

(a)	Income taxes

The Company vertically spun off its steel business at the spin-off date on March 1, 2022. The Company’s vertical spin-off meets the requirements for qualified spin-off under the Corporate Tax Act. Accordingly, transfer gains of ~~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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

28. Income Taxes (cont’d)

(b)	Application of the Consolidated Tax Payment System

From the three-month period ended March 31, 2026, the Company has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, if economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

(c)	Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the Company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Company calculated the Pillar Two income tax expense for the three-month period ended March 31, 2026 as it is subject to global minimum tax under the application of the OECD’s Pillar Two Model Rules via domestic legislation. The Company reviewed subsidiaries qualifying as taxpayers, including the Company, and, as a result, did not recognize any income tax expense for the three-month period ended March 31, 2026 as the impact of the global minimum tax on the separate financial statements as of March 31, 2026 would not be significant. Furthermore, the Company applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum tax and does not disclose information related to deferred income tax.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

29. Earnings per Share

(a)	Basic earnings per share for each of the three-month periods ended March 31, 2026 and 2025 are as<br>calculated follows:
(in Won, except share information)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---
Profit for the period		~~W~~	763,077,968,573				588,757,738,253
Weighted-average number of common shares outstanding(*1)			75,620,779				75,620,779
Basic earnings per share		~~W~~	10,091				7,786
(*1)	The weighted-average number of common shares outstanding used to calculate basic earnings per share is as<br>follows:
---	---
(shares)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---	---
Total number of common shares issued			80,932,952				82,624,377
Weighted-average number of treasury shares			(5,312,173	)			(7,003,598	)

Weighted-average number of common shares outstanding			75,620,779				75,620,779

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

30. Related Party Transactions

(a)	Related parties of the Company as of March 31, 2026 are as follows:
Type		Company
---	---	---
Subsidiaries		[Domestic] <br>POSCO, POSCO Eco & Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE<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>POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION, Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH, POSCO A&C Co., Ltd, Posco Group University, POSCO GY Solution,<br>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><br><br>Songdo Development PMC (Project Management Company) LLC., NEH Co.,Ltd., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and others.<br><br><br><br> <br>[Foreign]<br><br><br>POSCO America Corporation, POSCO AUSTRALIA PTY LTD., POSCO Asia Co., Ltd., POSCO (Zhangjiagang) Stainless Steel Co.,Ltd., POSCO-China Holding Corporation,<br>POSCO JAPAN Co., Ltd., POSCO-VIETNAM Co., Ltd., POSCO MEXICO S.A. DE C.V., PT. KRAKATAU POSCO, YAMATO VINA STEEL JOINTSTOCK COMPANY, POSCO Argentina S.A.U., Senex Holdings PTY LTD, ULTIUM CAM LIMITED PARTNERSHIP and others.
Investments in associates and joint ventures		[Domestic]<br> <br>POSCO MC MATERIALS, Samcheok<br>Blue Power Co.,Ltd., SNNC, Eco Energy Solution, UITrans LRT Co., Ltd., Pohang Special Welding Co.,Ltd. and others.<br> <br><br><br><br>[Foreign]<br> <br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc., KOREA LNG LTD., Nickel Mining Company SAS and<br>others.
(b)	Material transactions with the related companies for each of the three-month periods ended March 31, 2026<br>and 2025 are as follows:
---	---
1)	For the three-month period ended March 31, 2026
---	---
(in millions of Won)		*Sales and others(1)**										Purchase and others
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales				Dividends			Others			Purchase of fixedassets			Others
*Subsidiaries(2)**
POSCO		~~W~~	37,090				605,705			—			—			3,907
POSCO Eco & Challenge Co., Ltd.			1,698				—			—			6,122			729
POSCO STEELEON CO., Ltd			325				—			—			—			1
POSCO DX			277				12,425			—			785			3,875
POSCO Research Institute			—				—			—			—			1,305
eNtoB Corporation			—				—			—			80			2,028
POSCO FUTURE M CO., LTD.			752				18,734			—			—			—
POSCO INTERNATIONAL Corporation			1,544				124,396			—			—			1
Busan E&E Co,. Ltd.			—				3,618			—			—			—
POSCO America Corporation			—				—			—			—			1,828
Others			1,337				958			1,258			—			7,389

			43,023				765,836			1,258			6,987			21,063

*Associates and joint ventures(2)**
POSCO-NPS Niobium LLC			—				12,359			—			—			—
Roy Hill Holdings Pty Ltd			—				23,357			—			—			—
Others			283				5,674			91			—			—

			283				41,390			91			—			—

		~~W~~	43,306				807,226			1,349			6,987			21,063

(*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 March 31, 2026, the Company provided payment guarantees to the related parties (see Note 19).<br>
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

2)	For the three-month period ended March 31, 2025
(in millions of Won)		*Sales and others(1)**										Purchase and others
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales				Dividends			Others			Purchase of fixedassets			Others
*Subsidiaries(2)**
POSCO		~~W~~	39,437				332,858			—			—			3,157
POSCO Eco & Challenge Co., Ltd.			2,230				11,037			—			208			—
POSCO STEELEON CO., Ltd			281				—			—			—			—
POSCO DX			521				12,425			—			873			4,740
eNtoB Corporation			—				—			—			—			1,561
POSCO FUTURE M CO., LTD.			1,270				5,809			—			—			20
POSCO INTERNATIONAL Corporation			1,666				192,814			161			—			—
Busan E&E Co,. Ltd.			—				3,618			—			—			—
POSCO America Corporation			—				—			—			—			1,931
Others			1,387				—			1,026			—			4,275

			46,792				558,561			1,187			1,081			15,684

*Associates and joint ventures(2)**
Roy Hill Holdings Pty Ltd			—				50,201			—			—			—
Others			220				9,885			59			—			—

			220				60,086			59			—			—

		~~W~~	47,012				618,647			1,246			1,081			15,684

(*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 March 31, 2025, the Company provided payment guarantees to the related parties (see Note 19).<br>
---	---
(c)	Outstanding balances arising from material transactions between the Company and the related parties as of<br>March 31, 2026 and December 31, 2025 are as follows:
---	---
1)	March 31, 2026
---	---
(in millions of Won)		Receivables										Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Trade accountsand notesreceivable				Others			Total			Accountspayable			Others			Total
Subsidiaries
POSCO		~~W~~	722,706				126,942			849,648			2,992			40,715			43,707
POSCO Eco & Challenge Co., Ltd.			8,491				—			8,491			2,296			6,401			8,697
POSCO STEELEON CO., Ltd			1,624				—			1,624			—			—			—
POSCO DX			13,812				—			13,812			1,732			637			2,369
POSCO FUTURE M CO., LTD.			18,683				117			18,800			—			38			38
POSCO Mobility Solution Corporation			891				—			891			—			12			12
POSCO INTERNATIONAL Corporation			132,117				—			132,117			—			468			468
POSCO Argentina S.A.U			—				43,109			43,109			—			—			—
Others			5,101				11,827			16,928			1,241			6,355			7,596

			903,425				181,995			1,085,420			8,261			54,626			62,887

Associates and joint ventures
SNNC			1,161				—			1,161			—			—			—
Roy Hill Holdings Pty Ltd			23,357				—			23,357			—			—			—
FQM Australia Holdings Pty Ltd(*1)			—				256,928			256,928			—			—			—
Others			253				757			1,010			—			—			—

			24,771				257,685			282,456			—			—			—

		~~W~~	928,196				439,680			1,367,876			8,261			54,626			62,887

(*1)	FQM Australia Holdings Pty Ltd’s other receivable consists of long-term loans and accrued interest.<br>Meanwhile, the Company has recognized allowance for doubtful accounts for all of other receivables.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

2)	December 31, 2025
(in millions of Won)		Receivables										Payables
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Trade accountsand notesreceivable				Others			Total			Accountspayable			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.<br>Meanwhile, the Company has recognized allowance for doubtful accounts for all of other receivables.
---	---
(d)	For each of the three-month periods ended March 31, 2026 and 2025, there were additional<br>investments in subsidiaries and others amounting to ~~W~~5,500 million and ~~W~~619 million, respectively.
---	---
(e)	For each of the three-month periods ended March 31, 2026 and 2025, details of compensation to key<br>management officers are as follows:
---	---
(in millions of Won)		March 31, 2026				March 31, 2025
---	---	---	---	---	---	---	---
Short-term benefits		~~W~~	7,306				6,770
Retirement benefits			1,326				2,361

		~~W~~	8,632				9,131

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.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

31. Commitments and Contingencies

(a)	As of March 31, 2026, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign<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>March 31, 2026, the ending balance of borrowing amounts to USD 1.02 million.
(b)	The Company has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation<br>to foreign currency exchangeable bonds as of March 31, 2026.
---	---
(c)	As of March 31, 2026, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for<br>long-term foreign currency borrowings.
---	---
(d)	Litigation in progress
---	---

The Company is involved in 4 lawsuits for contract payment amounting to ~~W~~900 million as defendant as of March 31, 2026. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation as of March 31, 2026.

(e)	The Company has a joint obligation with the company newly established through<br>spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.
(f)	As of March 31, 2026, the Company has been provided a payment guarantee of<br>~~W~~2,954 million from Seoul Guarantee Insurance in relation to license guarantees and others.
---	---
(g)	As of March 31, 2026, the Company has entered into a credit line agreement with Woori Bank, with a limit<br>of ~~W~~20,000 million.
---	---

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

March 31, 2026 and 2025 (Unaudited)

32. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the three-month periods ended March 31, 2026 and 2025 are as follows:

(in millions of Won)	March 31, 2026
Trade accounts and notes receivable	~~W~~	(28,690	)	(31,290	)
Other accounts receivable		8,364		2,084
Prepaid expenses		167		152
Other current assets		4		(8	)
Other non-current assets		(1,979	)	—
Other accounts payable		(2,594	)	(13,666	)
Accrued expenses		4,331		1,573
Advances received		1,131		(770	)
Withholdings		(52	)	122
Unearned revenue		(229	)	275
Other current liabilities		(2,641	)	(1,586	)
Payments of severance benefits		(2,004	)	(4,549	)
Plan assets		—		2,422

	~~W~~	(24,192	)	(45,241	)

33. Events after the reporting period

(a)	Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to pay interim<br>cash dividends of ~~W~~2,000 per common share (total dividends: ~~W~~151.2 billion).
(b)	On April 13, 2026, the Company completed the disposal of its equity interests in its subsidiaries, POSCO<br>(Zhangjiagang) Stainless Steel Co., Ltd. and Qingdao Pohang Stainless Steel Co., Ltd., in order to enhance the operational efficiency of its steel business.
---	---
(c)	Pursuant to a resolution of the Board of Directors on May 12, 2026, the Company decided to provide a<br>payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The guarantee period is five years from June 1, 2026 to May 31, 2031.
---	---