Equibles

6-K

POSCO HOLDINGS INC. (PKX)

6-K 2025-11-28 For: 2025-11-28
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2025

Commission File Number: 1-13368

POSCO HOLDINGS INC.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒       Form 40-F ☐

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

Exhibit 99.1: An English-language translated documents of POSCO HOLDINGS INC.’s 3Q Quarterly Report for the year 2025.

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: November 28, 2025 By /s/ Han, Young-Ah
(Signature)
Name: Han, Young-Ah
Title:  Senior Vice President

EX-99.1

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Exhibit 99.1

LOGO

QUARTERLY REPORT

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

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

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

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QUARTERLY REPORT

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

To: Korean Financial Services Commission and Korea Exchange
/s/ Lee, Ju tae
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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
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Han, Young-Ah
Head of IR office, Senior Vice President
POSCO HOLDINGS INC.<br> <br>6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea
Telephone: +82-054-220-0114

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TABLE OF CONTENTS

I. Overview 4
II. Business 5
III. Financial Statements 34
Attachment: Independent auditors’ review reports on consolidated and separate financial statements<br>
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I. OVERVIEW

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

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II. BUSINESS

1. Overview

A. Classification of Business

We classify our business into six segments:

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

B. Summary of Financial Status of Segment

(Unit: KRW million)
Business Segment 2025.Q3 2024 2023
Sales Operating<br>Income (Loss) Sales Operating<br>Income (Loss) Sales Operating<br>Income (Loss)
Steel 44,891,955 1,705,940 62,200,920 1,636,808 63,538,698 2,556,779
Infrastructure (Trading) 31,727,916 898,723 42,903,253 1,113,710 42,943,752 1,133,512
Infrastructure (Construction) 5,323,666 (280,985 ) 9,829,578 64,804 10,267,503 197,352
Infrastructure (Logistics and etc.) 2,637,466 73,760 4,139,201 147,603 3,945,953 202,010
Rechargeable Battery Materials 2,694,007 (283,808 ) 3,829,851 -277,472 4,821,886 -161,334
Others 1,303,838 923,095 2,111,150 1,600,212 1,562,214 1,106,332
Total 88,578,848 3,036,725 125,013,953 4,285,664 127,080,006 5,034,651
* Based on aggregation including internal transactions among affiliates.
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* ‘Energy Materials’ segment was renamed as ‘Rechargeable Battery Materials’ by<br>management decision in June 2025.
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2. Business Status of Segments

A. Steel

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

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∎ POSCO

(1) Summary of Business

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

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

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

Global Crude Steel Production

(Million Tons, %)
Crude Steel Production 2025.Q3 2024 2023
Global 1,374 1,839 1,850
Korea<br><br><br>(Ratio) 46<br> <br>(3.4 %) 64<br> <br>(3.5 %) 67<br> <br>(3.6 %)
Source: worldsteel (www.worldsteel.org)
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The steel industry is affected by the business cycle and fluctuations in the demand industry. Therefore, steel demand is impacted by changes in the real economy as well as market conditions of demand industries, i.e., shipbuilding, automobiles, home appliance, and construction.

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

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

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

(2) Market Share

(Million Ton, %)
Category 2025.Q3 2024 2023
Production Market share Production Market share Production Market share
Crude Steel Production 46 100 % 64 100 % 67 100 %
POSCO 26 56 % 35 55 % 36 54 %
Others 20 44 % 29 45 % 31 46 %
Source: worldsteel (www.worldsteel.org)
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The steel industry’s major demand sectors include automobiles, shipbuilding, and construction, in which steel is a key raw material. The company’s sales consists of approximately 52% domestic sales and 48% exports, with Japan, Europe, and Southeast Asia accounting for a significant portion of exports. We maintain a make-to-order production and sales system while keeping the proportion of direct sales to end-users in the domestic market at around 61% to secure sales stability.

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

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

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

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

∎POSCO STEELEON

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

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

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

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

∎POSCO M-TECH

(1) Summary of Business

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

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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 Ferromanangan factory and etc.

(2) Market Share

(Ton)

Category 2025.Q3 2024 2023
Sales Volume Market share Sales Volume Market share Sales Volume Market share
POSCO M-TECH 25,682 39.7 % 38,284 44.3 % 31,984 44.7 %
PJ Metal 39,025 60.3 % 48,231 55.7 % 39,600 55.3 %
Total 64,707 100.0 % 86,515 100.0 % 71,584 100.0 %
The exact market share of aluminum deoxidizers cannot be estimated since total domestic production and sales<br>volume are not tallied.
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B. Infrastructure [Trading]

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

∎POSCO INTERNATIONAL

[Trading]

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

Market Share

(Unit: million)
Category 2025.Q3 2024.Q3 Growth Rate
All Trading Companies in Korea 519,701 2.2 %
POSCO INTERNATIONAL Corp. 6,086 -7.2 %

All values are in US Dollars.

Source: Korea International Trade Association (www.kita.net)

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- 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<br>business with POSCO Mobility Solution, the company’s subsidiary. We plan to expand our motor core production to 7.5 million by 2030.
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- Palm farm in Indonesia: POSCO INTERNATIONAL has developed a palm plantation in Indonesia, establishing a<br>local palm oil production system and gradually expanding sales. In December 2022, the company established another Crude Palm Oil (CPO) mill, expanding annual CPO production to approximately 250,000 tons. Furthermore, the company is pursuing<br>sustainable palm farming through RSPO certification.
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[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 through the new<br>facilities since May 2024. Additionally, in July 2024, we began construction on the fourth phase of the development project, which will secure additional reserves to sustain the current level of gas production, with plans to begin operation in 2027.<br>
- Onshore gas business in Australia: For timely implementation of the Group’s decarbonization and<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. Considering strong international oil prices and the shortage of domestic gas supply in eastern Australia, the company has launched<br>additional development projects with the goal to triple gas production by 2025.
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- LNG terminal & connected business: The Gwangyang LNG Terminal, Korea’s<br>first privately operated LNG import terminal, has a storage capacity of 930,000 kL across six tanks. Serving as a key facility in the LNG value chain, it plays a pivotal role in connecting upstream LNG production with the downstream gas supply to end-users. The company is pursuing phased expansion beyond Gwangyang to meet both local demand and captive demand within the Group, while actively expanding into LNG bunkering, ship commissioning, and trading<br>businesses.
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- Power generation business: As the first private power generator in Korea, our Incheon LNG Combined Cycle<br>Power Plant has been delivering reliable power supply to the Seoul metropolitan area for over 50 years. Located in Incheon’s Seo-gu district, the plant operates seven combined cycle power generators with<br>total capacity of 3,412 MW, which accounts for about 9% of the region’s generation capacity. The power plant is a smart power generation facility, incorporating IoT and big data technologies in its operations.
- LNG asset-linked business: Drawing on its expertise in developing international energy sources, the<br>company began LNG trading in 2017 to meet POSCO Group’s LNG demand. In May 2022, POSCO Group entered into a 20-year supply agreement with a U.S. company, Cheniere Energy, for 400,000 tons of LNG. In<br>October of the same year, a sales contract was finalized. In 2023, POSCO INTERNATIONAL acquired POSCO Energy and obtained an additional value chain across the LNG business, from LNG import terminals to power generation.
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- 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.
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- Expansion into new business
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To reduce carbon emissions, POSCO Group is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally. The expansion of the Gwangyang LNG Terminal No. 2 is currently underway; this<br>project will strengthen our LNG value chain through diversification of terminal-linked operations, i.e., ship commissioning, bunkering, and LNG trading.
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B. Infrastructure [Construction]

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

∎POSCO E&C

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

[Plant Business]

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

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[Infrastructure Business]

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

[Construction Business]

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

B. Infrastructure [Logistics and associated businesses]

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

∎ POSCO DX

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

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

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C. Rechargeable Battery Materials

Rechargeable Battery Materials segment includes businesses related to electric vehicle (EV) battery materials, such as lithium, nickel, cathode material, anode material, and recycling. There are a total of 16 subsidiaries, including POSCO Future M and POSCO Argentina.

∎POSCO Future M

[Basic Industrial Materials]

- Refractory production: Refractories maintain their chemical properties and strength even at high<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.
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[Energy Materials]

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

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

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

D. Others

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

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3. Key Products

A. Sales of Key Products (2025.Q3)

(Unit: KRW hundred million, %)

Business<br><br><br>Segment Item /<br><br><br>Business Sector Specific Use Total Sales Ratio
Steel Hot-rolled Product (HR) Steel pipe, Shipbuilding, etc. 93,371 20.80%
Cold-rolled Product (CR) Automobile, Home appliances, etc. 143,723 32.00%
Stainless Steel Products Tableware, pipes, etc. 74,472 16.60%
Others Plates, Wire rods, etc. 137,354 30.60%
Gross Sum 448,920 100.00%
Deduction of Internal Trade (167,068)
Sub Total 281,852
Infra-structure Trading Steel, Metal 236,140 59.50%
Chemical, Strategic Item, Energy 51,321 12.90%
Others 27,261 6.90%
Construction Architecture (Domestic) 30,942 7.80%
Plant (Domestic) 13,052 3.30%
Civil Engineering (Domestic) 5,403 1.40%
Others (Domestic) 3,701 0.90%
Overseas Construction — 0.00%
Owned Construction — 0.00%
Others 3,701 0.90%
Logistics and etc. Others 25,369 6.40%
Gross Sum 396,890 100.00%
Deduction of Internal Trade (174,167)
Sub Total 222,723
Rechargeable Gross Sum 26,940 100.00%
Battery Deduction of Internal Trade (9,354)
Materials Sub Total 17,586
Others Gross Sum 13,038 100.00%
Deduction of Internal Trade (12,665)
Sub Total 373
Total Sum 522,534
* ‘Energy Materials’ segment was renamed as ‘Rechargeable Battery Materials’ by<br>management decision in June 2025.
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B. Price Movement Trends of Key Products

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

BusinessSegment Products 2025.Q3 2024 2023
Steel Hot-rolled Product (HR) 866 910 967
Cold-rolled Product (CR) 1,071 1,144 1,157
Infrastructure (Trading) Electric Power 150 160 205
Rechargeable Battery Materials Refractory 994 1,001 991
Lime 155 142 147
* Construction and Logistics and associated businesses segments of Infrastructure are omitted because the raw<br>materials fluctuations defy meaningful measurement. In the case of the Rechargeable Battery Materials business, detailed descriptions are omitted to avoid risk of information leakage.
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[Steel]

(1) Criteria for Calculation

a) Subjects for Calculation: Unit sales prices of the standard hot-rolled<br>product and cold-rolled product
b) Calculation Method and Unit: The average price of each product based on its total sales including the freight<br>costs during the given period.
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(2) Factors of Price Changes - Sluggish demand in downstream industries due to external uncertainties and low-demand seasonal impact

[Infrastructure (Trading Segment)]

(1) Criteria for Calculation

a) Subjects for Calculation: Price of electric power
b) Calculation Method and Unit: Unit price per electric power ÷ Net power volume generated<br>
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(2) Factors of Price Changes

- Power: Korea Gas Corporation cost, etc.
* The cost consists of introduction cost, supply cost, etc., and is affected by crude oil and exchange rates<br>
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[Rechargeable Battery Materials]

(1) Criteria for Calculation

a) Subjects for Calculation: Unit price of refractory and quicklime
b) Calculation Method and Unit: The average price of each product based on its total sales including the freight<br>costs during the given period.
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(2) Factors of Price Changes

a) Price of refractories: Affected by business condition of the front industry and raw material cost.<br>
b) Quicklime price: Mainly influenced by utility unit price and raw materials cost.
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C) Raw materials for energy materials: Subject to price fluctuations depending on the international supply of<br>mineral resources.
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4. Major Raw Materials

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

(Unit: KRW hundred million)
Business Segment Type ofPurchase Item Specific Use Purchase<br>Amount<br>(Portion, %) Portion (%)
Steel Raw<br>Materials Materials for<br> <br>Iron-making Iron Ore for Blast<br><br><br>Furnaces 108,141 59.90 %
Sub-materials Sub-materials for Iron-making, Steelmaking 40,745 22.50 %
Stainless Steel<br>Materials Key Materials for STS Production 31,871 17.60 %
Infra-structure Trading Raw<br>Materials LNG Material for Power Generation 10,749 100.00 %
Construction Raw<br>Materials Ready-mixed<br>Concrete Construction of Structure 1,768 21.10 %
Steel<br> <br>Reinforcement Strengthening Concrete 1,357 16.20 %
Cable Electricity Transfer 119 1.40 %
Steel Pile Foundation of Structure 1 0.00 %
Others Construction of Pipe and Structure etc. 5,116 61.30 %
Logistics<br> <br>and etc. Raw<br>Materials Others For other use 4,757 100.00 %

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Business Segment Type ofPurchase Item Specific Use PurchaseAmount<br>(Portion, %) Portion (%)
Secondary Battery Materials Raw<br>Materials NCM and etc. Production of cathode materials 11,380 84.90 %
Graphite<br>and etc. Production of anode materials 455 3.40 %
Limestone and<br>etc. Production of Lime 857 6.40 %
Others Production of refractory 706 5.30 %
* Amount: CIF + customs duties + stevedoring fees + other incidental expenses
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B. Price Movement Trends of Major Raw Materials

(Unit: KRW thousand)

Business Segment Category 2025.Q3 2024 2023
Steel Iron Ore(per ton) 130 135 145
Coal(per ton) 260 329 387
Scrap Iron(per ton) 480 505 526
Nickel(per ton) 21,553 22,934 28,043
Infrastructure Trading LNG<br><br><br>(per ton) 951 1,428 1,594
Construction Ready-mixed Concrete<br><br><br>(per m^3^) 88 90 85
Steel Pile<br><br><br>(per m) 346 181 165
Steel Reinforcement<br><br><br>(per kg) 0.9 0.9 0.9
Cable<br><br><br>(per m) 1.0 1.0 0.9
Rechargeable Battery Materials Refractory<br><br><br>(per ton) 634 443 334
Limestone<br><br><br>(per ton) 25 25 24
* Infrastructure (Logistics and associated businesses) and Others segments are omitted because the raw materials<br>fluctuations defying meaningful measurement. In Rechargeable Battery Materials business, detailed descriptions are omitted to avoid risk of information leakage.
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[Steel]

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

(Unit: US Dollars/Ton)
’25.Q3 ’25.Q2 ’25.Q1 ’24.Q4 ’24.Q3 ’24.Q2 ’24.Q1 ’23.Q4 ’23.Q3 ’23.Q2 ’23.Q1
92 89 96 94 89 101 113 117 106 102 118

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

(Unit: US Dollars/ Ton)
’25.Q3 ’25.Q2 ’25.Q1 ’24.Q4 ’24.Q3 ’24.Q2 ’24.Q1 ’23.Q4 ’23.Q3 ’23.Q2 ’23.Q1
184 184 185 203 211 242 308 334 264 243 344

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

(Unit: US Dollars/ Ton)
’25.Q3 ’25.Q2 ’25.Q1 ’24.Q4 ’24.Q3 ’24.Q2 ’24.Q1 ’23.Q4 ’23.Q3 ’23.Q2 ’23.Q1
340 337 342 350 364 376 392 385 385 403 438

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

(Unit: U/lb, U/Ton)
’25.Q3 ’25.Q2 ’25.Q1 ’24.Q4 ’24.Q3 ’24.Q2 ’24.Q1 ’23.Q4 ’23.Q3 ’23.Q2 ’23.Q1
6.81 6.88 7.06 7.27 7.37 8.35 7.53 7.83 10.12 11.79
15,014 15,171 15,571 16,038 16,259 18,415 16,589 17,247 22,308 25,983

All values are in US Dollars.

* LME: London Metal Exchange

[Infrastructure]

(1) Criteria for Calculation

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

19

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[Rechargeable Battery Materials]

(1) Criteria for Calculation

  • Unit Price based on receipt amount

(2) Factors of Price Changes

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

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

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

5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

(Unit: Thousand Ton)
Business Area Products 2025.Q3 2024 2023
Steel Crude Steel 29,776 40,461 40,680

∎ POSCO STEELEON

(Unit: Thousand Ton)
Business Area Products Place of Business 2025.Q3 2024 2023
Steel Galvanized / Color-<br><br><br>coated Steel Pohang 748 960 960
Myanmar 52 70 70
Total 800 1,030 1,030

∎ POSCO M-TECH

(Ton)
Business Area Products 2025.Q3 2024 2023
Raw materials for steel production Deoxidizer 32,214 39,058 39,294

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[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(MW)
Business Area Products Place of Business 2025.Q3 2024 2023
Power Generation Electric Power Incheon 3,412 3,412 3,412

[Rechargeable Battery Materials]

∎POSCO FUTURE M

(Ton)
Business<br><br><br>Area Products Place of Business 2025.Q3 2024 2023
Refractory Brick and etc. Pohang 87,180 116,560 116,560
LIME Quicklime Pohang 819,000 1,095,000 1,095,000
Gwangyang 819,000 1,095,000 1,095,000
Total 1,725,180 2,306,560 2,306,560
* In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration<br>of technology and information leakage concerns.
--- ---
* As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
--- ---

B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production

(Unit: Thousand Ton)
Products 2025.Q3 2024 2023
Crude Steel 28,904 39,281 39,941
Products Hot-Rolled Steel 8,059 10,172 10,660
Plate 4,661 6,636 6,602
Wire Rod 1,266 2,131 2,325
Pickled-Oiled Steel 2,105 2,713 2,780
Cold-Rolled Products 5,631 7,498 7,133
Coated Steel 5,366 7,543 7,299
Electrical Steel 826 998 828
Stainless Steel 2,355 3,333 3,104
Others 1,124 1,698 1,795
Total 31,393 42,720 42,528
* 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.
--- ---

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(2) Capacity Utilization Rate (2025.Q3)

(Unit: Thousand Ton, %)
Company Capacity Production Utilization Rate
--- --- --- --- --- --- --- --- ---
Crude Steel Production POSCO 29,776 25,816 86.7 %
PT. Krakatau POSCO 2,195 2,174 99.0 %
POSCO (Zhangjiagang)<br> Stainless<br>Steel Co., Ltd. 825 568 68.8 %
POSCO Yamato Vina Steel<br>Joint Stock Company 413 347 84.1 %
Total 33,208 28,904 87.0 %

[Infrastructure (Trading)]

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

∎POSCO INTERNATIONAL

(1) Production Result ****

(Unit: GWh)
Business Area Products Place of Business 2025.Q3 2024 2023
Power Generation Electric Power Incheon 7,991 12,193 11,213

(2) Capacity Utilization Rate (2025.Q3)

(Unit: Hour, %)
Business Area Production Base Capacity Production Utilization Rate
Power Generation Incheon Power Plant 6,552 3,795 57.93 %

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

(Unit: Ton)
Business Area Products Place of Business 2025.Q3 2024 2023
Refractory Brick and etc. Pohang 61,272 80,191 77,437
LIME Quicklime Pohang 818,035 1,055,911 1,110,594
Gwangyang 899,796 1,216,072 1,243,040
Total 1,779,103 2,352,174 2,431,071
* In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration<br>of technology and information leakage concerns.
--- ---
* As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
--- ---

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(2) Capacity Utilization Rate (2025.Q3)

(Unit: Ton, %)
Business Area Capacity Production Utilization Rate
Refractory Factory 57,801 42,300 73 %
Quicklime Factory (Pohang) 543,000 533,385 98 %
Quicklime Factory (Gwangyang) 543,000 605,272 111 %
Total 1,143,801 1,180,957 —
* In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration<br>of technology and information leakage concerns.
--- ---
* As the Hwaseong Plant is operated under a simple consignment arrangement for POSCO facilities, the<br>information is omitted.
--- ---

C. Production Facilities

(1) The current status of production facilities (2025.Q3)
[Land] (Unit: KRW million)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Business Segment Beginning BookBalance Increased Decreased Depreciation Ending BookBalance
Steel 1,957,023 23,281 (7,364 ) — 1,972,940
Infrastructure Trading 514,978 50,577 (13 ) (1,477 ) 564,065
Construction 348,243 205 (13,238 ) — 335,210
Logistics and etc. 111,653 208 (51,284 ) — 60,577
Rechargeable Battery Materials 217,586 31,358 (2 ) — 248,942
Others 186,392 8,578 (3,365 ) — 191,605

23

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[Buildings]
(Unit: KRW million)
Business Segment Beginning BookBalance Increased Decreased Depreciation Ending BookBalance
Steel 3,002,051 611,740 (46,569 ) (224,268 ) 3,342,954
Infrastructure Trading 574,270 38,229 (70,049 ) (13,669 ) 528,781
Construction 85,969 3,867 (6,168 ) (3,624 ) 80,044
Logistics and etc. 104,483 2,586 (4,410 ) (3,696 ) 98,963
Rechargeable Battery Materials 1,397,132 97,524 (8,433 ) (46,683 ) 1,439,540
Others 117,064 1,716 (18,691 ) (1,284 ) 98,805
[Structures]
(Unit: KRW million)
Business Segment Beginning BookBalance Increased Decreased Depreciation Ending BookBalance
Steel 2,796,242 204,850 (10,173 ) (196,737 ) 2,794,182
Infrastructure Trading 601,835 399,340 (101,459 ) (29,520 ) 870,196
Construction 47,043 44 (3,204 ) (5,059 ) 38,824
Logistics and etc. 88,603 3,844 (4,773 ) (5,451 ) 82,223
Rechargeable Battery Materials 312,117 115,108 (12,819 ) (11,063 ) 403,343
Others 14,684 151 (591 ) (192 ) 14,052
[Machinery]
(Unit: KRW million)
Business Segment Beginning BookBalance Increased Decreased Depreciation Ending BookBalance
Steel 14,544,015 1,502,433 (161,835 ) (1,696,394 ) 14,188,220
Infrastructure Trading 1,163,227 269,494 (269,826 ) (90,010 ) 1,072,885
Construction 6,921 373 (1,401 ) (1,141 ) 4,752
Logistics and etc. 239,947 675 (15,759 ) (16,431 ) 208,432
Rechargeable Battery Materials 2,336,689 587,392 (11,531 ) (169,597 ) 2,742,953
Others 20,878 4,595 (19,471 ) (3,718 ) 2,284
[Vehicles]
(Unit: KRW million)
Business Segment Beginning BookBalance Increased Decreased Depreciation Ending BookBalance
Steel 56,789 23,446 (8,420 ) (22,622 ) 49,192
Infrastructure Trading 12,534 13,009 (11,995 ) (1,170 ) 12,378
Construction 5,655 897 (792 ) (1,384 ) 4,376
Logistics and etc. 989 2,601 (2,473 ) (177 ) 940
Rechargeable Battery Materials 13,963 1,730 (881 ) (3,233 ) 11,579
Others 45 420 — (70 ) 396
[Tools and Fixtures]

24

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(Unit: KRW million)
Business Segment BeginningBook Balance Increased Decreased Depreciation Ending BookBalance
Steel 67,073 26,546 (17,019 ) (19,835 ) 56,766
Infrastructure Trading 22,310 9,547 (4,943 ) (8,096 ) 18,818
Construction 1,432 1,347 (690 ) (506 ) 1,583
Logistics and etc. 6,328 1,399 (852 ) (1,647 ) 5,228
Rechargeable Battery Materials 37,326 11,245 (9,893 ) (10,066 ) 28,612
Others 32 2 — — 33
[Equipment]
(Unit: KRW million)
Business Segment BeginningBook Balance Increased Decreased Depreciation Ending BookBalance
Steel 100,089 72,538 (11,981 ) (41,200 ) 119,446
Infrastructure Trading 24,966 13,949 (8,155 ) (6,935 ) 23,825
Construction 8,457 4,584 (4,335 ) (2,747 ) 5,959
Logistics and etc. 12,137 2,684 (1,046 ) (756 ) 13,019
Rechargeable Battery Materials 40,920 6,915 (3,155 ) (6,531 ) 38,149
Others 13,464 2,138 (1,106 ) (1,225 ) 13,271
[Financial Lease Assets]
(Unit: KRW million)
Business Segment BeginningBook Balance Increased Decreased Depreciation Ending BookBalance
Steel 184,109 47,930 (54,275 ) (40,134 ) 137,631
Infrastructure Trading 375,702 616,862 (130,034 ) (47,287 ) 815,243
Construction 29,826 124,897 (68,199 ) (27,830 ) 58,694
Logistics and etc. 258,550 5,805 (3,110 ) (6,208 ) 255,037
Rechargeable Battery Materials 102,998 15,024 (368 ) (17,260 ) 100,394
Others 19,448 1,353 (6,920 ) (3,262 ) 10,619
[Biological Assets]
(Unit: KRW million)
Business Segment BeginningBook Balance Increased Decreased Depreciation Ending BookBalance
Steel — — — — —
Infrastructure Trading 139,451 7,213 (25,041 ) — 121,623
Construction — — — — —
Logistics and etc. — — — — —
Rechargeable Battery Materials — — — — —
Others — — — — —

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[Assets under Construction]
(Unit: KRW million)
Business Segment BeginningBook Balance Increased Decreased Depreciation Ending BookBalance
Steel 2,250,595 1,889,685 (2,404,026 ) (8,081 ) 1,728,173
Infrastructure Trading 573,964 883,074 (417,628 ) (31,625 ) 1,007,785
Construction 11,373 1,826 (4,077 ) — 9,122
Logistics and etc. 363,080 13,095 (339,895 ) — 36,280
Rechargeable Battery Materials 4,031,453 1,586,321 (1,215,204 ) — 4,402,570
Others 292,725 155,416 (5,624 ) — 442,517

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

- Investments under Construction
The total duration and investment amount of individual projects with investments in excess of KRW<br>100 billion have been aggregated on a simple sum basis.
---
[Steel] (Unit: KRW hundred million)
--- --- --- --- --- --- --- --- ---
Date Project TotalInvestment Invested<br>Amount Amount tobe Invested
Expansion/<br>Establishment October 2020 ~<br>September 2029 Construction of a new electric arc furnace at the Gwangyang Works, etc. 44,233 13,684 30,549
[Infrastructure] (Unit: KRW hundred million)
--- --- --- --- --- --- --- --- ---
Date Project TotalInvestment Invested<br>Amount Amount tobe Invested
Expansion/<br>Establishment June 2023 ~<br><br><br>May 2027 Gwangyang LNG terminal, etc. 9,935 6,047 3,888

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[Rechargeable Battery Materials] (Unit: KRW hundred million)
Date Project TotalInvestment Invested<br>Amount Amount tobe Invested
Expansion/<br>Establishment March 2020 ~<br><br><br>May 2027 Cathode/Anode material factory, lithium commercialization plant, etc. 70,477 46,530 23,947

6. Product Sales

[Steel]

(Unit: KRW hundred million)
Items 2025.Q3 2024 2023
Domestic Hot-Rolled Products 38,717 52,703 58,730
Cold-Rolled Products 35,141 51,263 52,754
Stainless Steel 20,543 29,493 30,313
Others 67,795 95,180 106,558
Overseas Hot-Rolled Products 54,654 72,818 75,979
Cold-Rolled Products 108,581 152,461 142,160
Stainless Steel 53,929 75,395 76,521
Others 69,560 92,696 92,373
Total Gross Sum 448,920 622,009 635,387
Internal Transaction (167,068 ) -230,968 -231,454
Total 281,852 391,041 403,933

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[Infrastructure]

(Unit: KRW hundred million)
Business Area Items 2025.Q3 2024 2023
Trading Domestic<br> <br>Trading Merchandise 27,085 45,670 54,327
Product 21,464 32,545 39,121
Others 637 1,412 1,366
Overseas<br> <br>Trading Merchandise 89,863 118,643 121,136
Product 1,007 3,881 3,375
Others 259 144 48
Trades among the 3 countries 174,407 226,736 210,065
Construction Domestic<br><br><br>Construction Building 30,942 49,469 41,251
Plant 13,052 21,275 23,371
Civil Engineering 5,403 10,210 11,658
Others 3,701 2,724 2,096
Overseas — 8,719 14,975
Own Construction 3,701 5,899 9,325
Logistics and etc. Others 25,369 41,393 42,014
Total Gross Sum 396,890 568,720 571,572
Deduction of Internal Transaction (174,167 ) -261,735 -243,520
Total 222,723 306,985 328,052

[Rechargeable Battery Materials]

(Unit: KRW hundred million)
Items 2025.Q3 2024 2023
Gross Sum 26,940 38,299 48,219
Deduction of Internal Transaction (9,354 ) -10,174 -10,059
Total 17,586 28,125 38,160

[Others]

(Unit: KRW hundred million)
Items 2025.Q3 2024 2023
Gross Sum 13,038 38,299 48,219
Deduction of Internal Transaction (12,665 ) -10,174 -10,059
Total 373 28,125 38,160
* Domestic and overseas categorized by the sales area.
--- ---
* Sales of POSCO INTERNATIONAL’s foreign branches are included in ‘trade among the 3<br>countries’ under Infrastructure (Trading) Segment.
--- ---

7. Derivatives

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

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POSCO uses currency swap contracts to hedge against the exchange rate risk on foreign currency loans. The loss on valuation of currency swaps, as reflected in POSCO’s financial statements as of September 30, 2025, amounted to KRW 87,205 million; additionally, associated transaction loss amounted to KRW 7,706 million.

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

8. Significant Contracts

[Price Movement Trend ofMajor Raw Materials]

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

a) Contract Counterparty: POSCO
b) Transaction amount: KRW 0.6588 trillion
--- ---
c) Purpose: In order to improve the management efficiency of the steel business as a following step of the<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
--- ---

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

a) Contract Counterparty: POSCO
b) Transaction amount: KRW 1.1320 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: August 18, 2023 ~ September 25, 2023
--- ---
e) Payment method: Cash payment
--- ---
f) Company subject to transfer: PT.KP, P-Mexico, P-IJPC, P-MVWPC (4 overseas companies)
--- ---
* The above contract amount is the amount applied to the exchange rate based on July 31, 2023, and overseas<br>assets are traded by applying the exchange rate on the day of the transaction.
--- ---

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

a) Contract Counterparty: POSCO
b) Transaction amount: KRW 1.1377 trillion
--- ---

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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: November 18, 2022 ~ March 31, 2023
--- ---
e) Payment method: Cash payment
--- ---
f) Company subject to transfer: POSCO YAMATO VINA STEEL JOINT STOCK COMPANY, POSCO Thainox Public Company Limited,<br>POSCO COATED STEEL (THAILAND) CO., and etc. (32 domestic companies, 25 overseas companies)
--- ---
* The above contract amount is the amount applied to the exchange rate based on November 3, 2022, and<br>overseas assets are traded by applying the exchange rate on the day of the transaction.
--- ---

(4) Sales contract of CSP shares

a) Contract Counterparty: ArcelorMittal Brazil
b) Purpose: Improving asset efficiency through the sales of non-core<br>assets with no management right
--- ---
c) Contract period: July 28, 2022 (transaction completed on March 10, 2023)
--- ---
d) Transaction amount and payment method: ArcelorMittal Brazil acquired shares in shareholder companies free of<br>charge on the condition that ArcelorMittal Brazil succeed CSP’s debts. In addition, the shareholder companies will additionally pay US$102 million.
--- ---
* POSCO HOLDNGS paid US$20.4 million equivalent to a 20 percent stake
--- ---

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

a) Contract Counterparty: LithiumCo (pseudonym)
b) Transaction amount: KRW 1.1121 trillion
--- ---
c) Purpose: Investment in prominent assets to enhance cost-competitiveness of the lithium business<br>
--- ---
d) Contract period: November 11, 2025 (Board resolution and term sheet signing date)
--- ---
  • The definitive agreement is scheduled to be signed in the first half of 2026, after further negotiation on the detailed terms and conditions.
e) Payment method: Cash payment

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[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

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

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

9. Research and Development

A. Research and Development (“R&D”) Organization (2025.Q3)

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

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

B. R&D Expenses (2025.Q3)

(Unit: KRW million)
Category Business Segment
Steel Infrastructure RechargeableBatteryMaterials Others Total
Trading Construction Logistics<br>and etc.
Selling and Administrative Cost 17,111 2,007 3,486 7,018 26,474 86,741 142,837
Manufacturing Cost 241,285 99 58 — 6 — 241,448
R&D Cost (Intangible Assets) 20,346 — 460 1,023 7,696 2,844 32,369
Total* 278,742 2,106 4,004 8,041 34,176 89,585 416,654
Government Subsidy — — 1,673 — — — 1,673
R&D/Sales Ratio (%) 0.99 % 0.01 % 0.10 % 3.79 % 1.94 % 240.48 % 0.80 %
* Total includes government subsidy.
--- ---

33

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III. Financial Statements

1. Consolidated Financial Statements

A. Summary

(Unit: KRW million)
Account 2025.Q3 2024 2023
As of September 30, 2025 As of December 31, 2024 As of December 31, 2023
[Total current assets] 43,583,503 44,029,925 46,212,299
Cash and cash equivalents 7,168,846 6,767,898 6,670,879
Other receivables, net 1,987,349 2,261,323 1,947,529
Other short-term financial assets 8,848,553 8,499,389 11,403,166
Trade accounts and notes receivable, net 11,437,177 10,821,620 11,015,303
Inventories 12,805,223 14,143,500 13,825,514
Other current assets 1,336,355 1,536,195 1,349,908
[Total non-current assets] 59,018,090 59,374,275 54,733,095
Other receivables, net 1,650,416 1,306,329 1,452,445
Other long-term financial assets 2,680,190 2,571,651 2,708,325
Investments in associates and joint ventures 4,773,682 4,738,793 5,020,264
Property, plant and equipment, net 40,914,031 39,846,828 35,206,248
Intangible assets, net 4,844,453 4,774,824 4,714,784
Other non-current assets 4,155,318 6,135,850 5,631,029
Total assets 102,601,593 103,404,200 100,945,394
[Total current liabilities] 22,268,963 22,779,719 21,861,518
[Total non-current liabilities] 18,275,489 19,174,112 19,419,979
Total liabilities 40,544,452 41,953,831 41,281,497
[Equity attributable to owners of the controlling company] 55,619,259 55,394,231 54,180,849

34

Table of Contents
Share capital 482,403 482,403 482,403
Capital surplus 1,676,704 1,648,894 1,663,334
Hybrid bonds — — —
Retained earnings 53,636,511 53,658,367 53,857,514
Other equity attributable to owners of the controlling company (176,359) (395,433) (1,822,402)
[Non-controlling Interests] 6,437,882 6,056,137 5,483,048
Total equity 62,057,141 61,450,368 59,663,897
From January 1, 2025<br><br><br>to September 30, 2025 From January 1, 2024<br><br><br>to December 31, 2024 From January 1, 2023<br><br><br>to December 31, 2023
Revenue 52,253,405 72,688,143 77,127,197
Operating profit 1,814,380 2,173,573 3,531,423
Profit 814,994 947,580 1,845,850
[Profit attributable to owners of the controlling company] 883,006 1,094,917 1,698,092
[Profit attributable to non-controlling<br>interests] (68,012) (147,337) 147,758
Total comprehensive income 613,865 2,110,358 2,330,891
[Total comprehensive income attributable to owners of the controlling company] 739,519 2,008,919 2,131,737
[Total comprehensive income attributable to<br>non-controlling interests] (125,654) 101,439 199,154
Earnings per share (KRW) 11,677 14,451 22,382
Number of Consolidated Companies 200 194 192

B. The Standards Used for Reporting the Financial Statements

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

35

Table of Contents

2. Separate Financial Statements

A. Summary

(Unit: KRW million)
Account 2025.Q3 2024 2023
As of September 30,<br>2025 As of December 31,<br>2024 As of December 31,<br>2023
[Total current assets] 4,539,169 3,793,469 4,657,899
Cash and Cash equivalents 514,070 409,387 376,914
Trade accounts and notes receivable, net 146,205 178,822 238,332
Other receivables, net 285,676 21,388 68,821
Other short-term financial assets 3,365,200 2,686,420 3,940,743
Inventories 225,724 467,796 —
Other current assets 2,294 29,655 33,089
[Total non-current assets] 47,808,939 46,840,328 46,988,299
Other receivables, net 21,176 14,894 6,955
Other long-term financial assets 466,502 421,822 1,131,074
Investments in Subsidiaries, associates, and joint ventures 46,405,479 45,631,965 45,321,370
Property, plant and equipment, net 568,628 415,993 197,787
Intangible assets, net 24,690 21,461 19,341
Other non-current assets 322,464 334,193 311,772
Total assets 52,348,108 50,633,797 51,646,198
[Total current liabilities] 418,818 162,831 1,819,670
[Total non-current Liabilities] 3,322,030 2,281,936 2,326,663
Total liabilities 3,740,848 2,444,767 4,146,333
[Share capital] 482,403 482,403 482,403
[Capital surplus] 1,367,990 1,367,990 1,370,557
[Retained earnings] 47,981,558 47,952,144 47,505,885
[Other equity] (1,224,691) (1,613,507) (1,858,980)
Total equity 48,607,260 48,189,030 47,499,865

36

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Account 2025.Q3 2024 2023
From January 1, 2025<br><br><br>to September 30, 2025 From January 1, 2024<br><br><br>to December 31, 2024 From January 1, 2023<br><br><br>to December 31, 2023
Revenue 1,232,268 1,997,128 1,454,079
Operating profit 925,518 1,596,420 1,106,629
Profit 969,846 1,621,282 799,578
Earnings per share (KRW) 12,825 21,398 10,539

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”). ****

37

Table of Contents

POSCO HOLDINGS INC.

and its subsidiaries

Interim condensed consolidatedfinancial statements

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

with the independent auditor’s review report

Table of Contents

Table of Contents

Page
Report on review of interim condensed consolidated financial statements 1
Interim condensed consolidated financialstatements 3
Interim condensed consolidated statements of financial<br>position 4
Interim condensed consolidated statements of comprehensive<br>income 6
Interim condensed consolidated statements of changes in<br>equity 7
Interim condensed consolidated statements of cash flows 9
Notes to the interim condensed consolidated financial<br>statements 11
Table of Contents

LOGO

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

Management’sresponsibility for the interim condensed consolidated financial statements

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

Auditor’s responsibility

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

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

Conclusion

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

Table of Contents

LOGO

Other matters

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

November 14, 2025

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

2

Table of Contents

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated financial statements

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

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

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

Ju tae Lee

Representative Director & President

POSCO HODINGS INC.

3

Table of Contents

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position

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

(in millions of Won) Notes September 30, 2025(unaudited) December 31, 2024
Assets
Cash and cash equivalents 21 ~~W~~ 7,168,846 6,767,898
Trade accounts and notes receivable, net 4,15,21,25,26,33 11,437,177 10,821,620
Other receivables, net 5,21,33 1,987,349 2,261,323
Other short-term financial assets 6,21 8,848,553 8,499,389
Inventories 7 12,805,223 14,143,500
Current income tax assets 106,761 140,494
Assets held for sale 8 308,659 608,758
Other current assets 14 920,935 786,943
Total current assets 43,583,503 44,029,925
Long-term trade accounts and notes receivable, net 4,21 24,744 27,779
Other receivables, net 5,21,33 1,650,416 1,306,329
Other long-term financial assets 6,21 2,680,190 2,571,651
Investments in associates and joint ventures 9 4,773,682 4,738,793
Investment property, net 11 1,903,790 1,955,896
Property, plant and equipment, net 12 40,914,031 39,846,828
Intangible assets, net 13 4,844,453 4,774,824
Defined benefit assets, net 19 286,490 409,147
Deferred tax assets 31 1,845,470 3,609,344
Other non-current assets 14 94,824 133,684
Total non-current assets 59,018,090 59,374,275
Total assets ~~W~~ 102,601,593 103,404,200

(continued)

4

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position, continued

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

(in millions of Won) Notes September 30, 2025(unaudited) December 31, 2024
Liabilities
Trade accounts and notes payable 21,33 ~~W~~ 5,239,219 6,159,127
Short-term borrowings and current portion of long-term borrowings 15,21 11,988,500 11,115,747
Other payables 16,21,33 2,971,887 3,463,871
Other short-term financial liabilities 17,21 22,660 120,875
Current income tax liabilities 350,942 350,570
Liabilities directly associated with the assets held for sale 8 34,829 —
Provisions 18 387,710 396,030
Other current liabilities 20,25,26 1,273,216 1,173,499
Total current liabilities 22,268,963 22,779,719
Long-term trade accounts and notes payable 21 1,025 2,049
Long-term borrowings, excluding current portion 15,21 15,476,130 14,881,620
Other payables 16,21 1,221,139 809,012
Other long-term financial liabilities 17,21 81,932 72,920
Defined benefit liabilities, net 19 74,770 43,143
Deferred tax liabilities 31 747,071 2,685,549
Long-term provisions 18 576,541 580,559
Other non-current liabilities 20 96,881 99,260
Total non-current liabilities 18,275,489 19,174,112
Total liabilities 40,544,452 41,953,831
Equity
Share capital 22 482,403 482,403
Capital surplus 22 1,676,704 1,648,894
Other components of equity 23 999,958 1,155,429
Treasury shares 24 (1,176,317 ) (1,550,862 )
Retained earnings 53,636,511 53,658,367
Equity attributable to owners of the controlling company 55,619,259 55,394,231
Non-controlling interests 6,437,882 6,056,137
Total equity 62,057,141 61,450,368
Total liabilities and equity ~~W~~ 102,601,593 103,404,199

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

5

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of comprehensive income

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

ended September 30, 2025 and 2024 (Unaudited)

(in millions of Won, except per share information) For the three-month periodended September 30(unaudited) For the nine-month periodended September 30(unaudited)
Notes 2025 2024 2025 2024
Revenue 25,26,33 ~~W~~ 17,261,041 18,321,368 52,253,405 54,882,999
Cost of sales 26,30 (15,844,979 ) (16,814,861 ) (48,116,110 ) (50,552,662 )
Gross profit 1,416,062 1,506,507 4,137,295 4,330,337
Selling and administrative expenses 27,30
Other administrative expenses (717,927 ) (717,936 ) (2,142,203 ) (2,101,583 )
Selling expenses (59,368 ) (45,404 ) (180,712 ) (150,565 )
Operating profit 638,767 743,167 1,814,380 2,078,189
Share of profit of equity-accounted investees, net 9 93,547 68,226 246,347 242,406
Finance income and costs 21,28
Finance income 227,220 771,393 2,295,952 3,293,716
Finance costs (343,578 ) (767,946 ) (2,882,837 ) (3,179,318 )
Other non-operating income and expenses 29,30
Other non-operating income 51,799 54,896 235,319 181,593
Other non-operating expenses (149,912 ) (178,407 ) (453,679 ) (473,220 )
Profit before income tax 517,843 691,329 1,255,482 2,143,366
Income tax expense 31 (130,929 ) (194,510 ) (440,488 ) (492,511 )
Profit 386,914 496,819 814,994 1,650,855
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method — — (5,625 ) 984
Foreign currency translation differences 100,375 (58,584 ) (56,228 ) 57,057
Remeasurements of defined benefit plans 19 12,904 2,390 17,842 4,206
Net changes in fair value of equity investments at fair value through other comprehensive<br>income 21 184,079 49,494 198,190 (27,453 )
Items that are or may be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method 134,118 (109,145 ) (83,165 ) 89,548
Foreign currency translation differences 294,827 (233,651 ) (271,997 ) 282,236
Gains (losses) on valuation of derivatives 21 113 (421 ) (146 ) (443 )
Other comprehensive income (loss), net of tax 726,416 (349,917 ) (201,129 ) 406,135
Total comprehensive income ~~W~~ 1,113,330 146,902 613,865 2,056,990
Profit attributable to:
Owners of the controlling company ~~W~~ 420,845 452,654 883,006 1,523,303
Non-controlling interests (33,931 ) 44,165 (68,012 ) 127,552
Profit ~~W~~ 386,914 496,819 814,994 1,650,855
Total comprehensive income attributable to:
Owners of the controlling company ~~W~~ 1,037,743 171,597 739,519 1,849,384
Non-controlling interests 75,587 (24,694 ) (125,654 ) 207,606
Total comprehensive income ~~W~~ 1,113,330 146,903 613,865 2,056,990
Earnings per share (in Won) 32
Basic earnings per share (in Won) 5,565 5,980 11,677 20,092
Diluted earnings per share (in Won) ~~W~~ 5,565 5,694 11,677 17,578

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

6

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity

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

(in millions of Won) Attributable to owners of the controlling company Non-controllinginterests Total
Sharecapital Capitalsurplus Othercomponentsof equity Treasuryshares Retainedearnings Subtotal
Balance as of January 1, 2024 ~~W~~ 482,403 1,663,334 67,256 (1,889,658 ) 53,857,514 54,180,849 5,483,048 59,663,897
Comprehensive income:
Profit for the period — — — — 1,523,303 1,523,303 127,552 1,650,855
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax — — — — 4,790 4,790 (584 ) 4,206
Capital adjustment arising from investments in equity-accounted investees, net of tax — — 66,519 — — 66,519 24,013 90,532
Net changes in fair value of equity investments at fair value through other comprehensive income,<br>net of tax — — (26,145 ) — (705 ) (26,850 ) (603 ) (27,453 )
Foreign currency translation differences, net of tax — — 282,236 — — 282,236 57,057 339,293
Gains (losses) on valuation of derivatives, net of tax — — (614 ) — — (614 ) 171 (443 )
Total comprehensive income — — 321,996 — 1,527,388 1,849,384 207,606 2,056,990
Transactions with owners of the controlling company, recognized directly inequity:
Year-end dividends — — — — (189,691 ) (189,691 ) (85,674 ) (275,365 )
Interim dividends — — — — (379,381 ) (379,381 ) — (379,381 )
Changes in the scope of consolidation — — — — — — 57,399 57,399
Changes in ownership interest in subsidiaries — (15,916 ) — — — (15,916 ) 264,520 248,604
Acquisition of treasury shares — — — (92,311 ) — (92,311 ) — (92,311 )
Retirement of treasury shares — — — 431,107 (431,107 ) — — —
Share based payments — (2,567 ) — — — (2,567 ) — (2,567 )
Others — 3,886 (51,143 ) — 104 (47,153 ) (25,702 ) (72,855 )
Total transactions with owners of the controlling company — (14,597 ) (51,143 ) 338,796 (1,000,075 ) (727,019 ) 210,543 (516,476 )
Balance as of September 30, 2024 (Unaudited) ~~W~~ 482,403 1,648,737 338,109 (1,550,862 ) 54,384,827 55,303,214 5,901,197 61,204,411

(continued)

7

Table of Contents

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity, continued

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

(in millions of Won) Attributable to owners of the controlling company Non-controllinginterests Total
Sharecapital Capitalsurplus Othercomponentsof equity Treasuryshares Retainedearnings Subtotal
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 — — — — 883,006 883,006 (68,012 ) 814,994
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax — — — — 12,464 12,464 5,378 17,842
Capital adjustment arising from investments <br>in equity-accounted investees, net of<br>tax — — (81,251 ) — — (81,251 ) (7,539 ) (88,790 )
Net changes in fair value of equity investments <br>at fair value through other comprehensive<br>income, net of tax — — 195,367 — 2,075 197,442 747 198,189
Foreign currency translation differences, net of tax — — (271,997 ) — — (271,997 ) (56,228 ) (328,225 )
Gains (losses) on valuation of derivatives, net of tax — — (146 ) — — (146 ) — (146 )
Total comprehensive income — — (158,027 ) — 897,545 739,518 (125,654 ) 613,864
Transactions with owners of the controlling company, recognized directly inequity:
Year-end dividends — — — — (189,052 ) (189,052 ) (158,122 ) (347,174 )
Interim dividends — — — — (378,104 ) (378,104 ) — (378,104 )
Changes in the scope of consolidation — — — — — — 7,040 7,040
Changes in ownership interest in subsidiaries — 35,622 — — — 35,622 687,894 723,516
Retirement of treasury shares — — — 374,545 (374,545 ) — — —
Others — (7,812 ) 2,556 — 22,300 17,044 (29,413 ) (12,369 )
Total transactions with owners of the controlling company — 27,810 2,556 374,545 (919,401 ) (514,490 ) 507,399 (7,091 )
Balance as of September 30, 2025 (Unaudited) ~~W~~ 482,403 1,676,704 999,958 (1,176,317 ) 53,636,511 55,619,259 6,437,882 62,057,141

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

8

Table of Contents

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows

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

(in millions of Won) For the nine-month period ended
Notes September 30, 2025(Unaudited) September 30, 2024(Unaudited)
Cash flows from operating activities
Profit for the period ~~W~~ 814,994 1,650,854
Adjustments for:
Depreciation 2,740,684 2,629,545
Amortization 326,815 352,394
Finance income (1,182,575 ) (2,155,923 )
Finance costs 1,497,327 1,937,285
Income tax expense 440,488 492,511
Impairment loss on property, plant and equipment 113,147 179,400
Gain on disposal of property, plant and equipment (32,039 ) (14,079 )
Loss on disposal of property, plant and equipment 82,146 56,291
Impairment loss on goodwill and other intangible assets 42,448 362
Gain on disposal of investments in subsidiaries, associates and joint ventures (29,178 ) (9,590 )
Loss on disposal of investments in subsidiaries, associates and joint ventures 31,264 42,539
Share of profit of equity-accounted investees (246,347 ) (242,406 )
Impairment loss on disposal of assets held for sale 11,922 —
Gain on disposal of assets held for sale (53,672 ) (705 )
Loss on disposal of assets held for sale 6,277 34,830
Expenses related to post-employment benefit 191,241 183,381
Impairment loss on trade and other receivables 100,191 70,037
(Reversal of) Loss on valuation of inventories (102,147 ) (62,047 )
Increase to provisions 195,906 40,815
Insurance benefit income (10,675 ) —
Other income (2,438 ) (8,356 )
4,120,785 3,526,284
Changes in operating assets and liabilities 35 (1,307,874 ) (450,846 )
Interest received 334,945 423,968
Interest paid (786,801 ) (847,985 )
Dividends received 339,337 541,054
Income taxes paid (858,867 ) (429,491 )
Net cash provided by operating activities ~~W~~ 2,656,519 4,413,838

(continued)

9

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POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows, consolidated

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

(in millions of Won) For the nine-month period ended
Notes September 30, 2025(Unaudited) September 30, 2024(Unaudited)
Cash flows from investing activities
Acquisitions of short-term financial instruments ~~W~~ (12,990,582 ) (10,755,681 )
Proceeds from disposal of short-term financial instruments 12,918,623 14,529,930
Increase in loans (277,472 ) (705,255 )
Collection of loans 198,635 645,503
Acquisitions of securities (756,966 ) (1,110,904 )
Proceeds from disposal of securities 456,530 645,082
Acquisitions of long-term financial instruments (19,763 ) (3,442 )
Acquisitions of investment in associates and joint ventures (167,792 ) (166,147 )
Proceeds from disposal of investment in associates and joint ventures 21,309 46,266
Acquisitions of investment property (1,802 ) (1,857 )
Proceeds from disposal of investment property 1,415 372
Acquisitions of property, plant and equipment (4,065,766 ) (5,680,476 )
Proceeds from disposal of property, plant and equipment 281,050 30,397
Acquisitions of intangible assets (386,726 ) (266,216 )
Proceeds from disposal of intangible assets 3,753 3,527
Proceeds from disposal of assets held for sale 476,236 23,531
Collection of lease receivables 19,678 22,391
Cash inflow from insurance claim 10,675 —
Acquisitions of net assets due to changes in consolidated entities (67,002 ) —
Disposal of net assets due to changes in consolidated entities 43,275 9,831
Others, net (209,407 ) (2,884 )
Net cash used in investing activities ~~W~~ (4,512,099 ) (2,736,032 )
Cash flows from financing activities
Origination of borrowings 4,861,494 4,788,074
Repayment of borrowings (4,577,572 ) (6,149,738 )
Repayment of short-term borrowings, net 1,993,846 1,163,905
Capital contribution from non-controlling<br>interests 774,495 308,777
Payment of cash dividends (725,605 ) (655,132 )
Repayment of lease liabilities (106,150 ) (145,157 )
Acqusition of treasury shares — (92,311 )
Others, net 108,898 114,696
Net cash provided by (used in) financing activities ~~W~~ 2,329,406 (666,886 )
Effect of exchange rate fluctuation on cash held (65,592 ) 47,132
Net increase in cash and cash equivalents 408,234 1,058,052
Changes in cash classified as assets held for sale (7,286 ) —
Cash and cash equivalents at beginning of the period 6,767,898 6,670,879
Cash and cash equivalents at end of the period ~~W~~ 7,168,846 7,728,931

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

10

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POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements

September 30, 2025 and 2024 (Unaudited)

1. General Information

General information about POSCO HOLDINGS INC. (the “Company”), the controlling company, and its subsidiaries in the scope of consolidation, such as 65 domestic subsidiaries including POSCO INC. and 134 foreign subsidiaries including POSCO America Corporation, and 117 associates and joint ventures (collectively referred to as the “Group”) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 is as follows:

(a) The controlling company

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

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

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

(b) Consolidated subsidiaries acquired or newly established for the nine-month period ended September 30, 2025<br>are as follows:
Company Date of inclusion Ownership (%) Reason
--- --- --- --- --- ---
POSCO DEEPTECH IP FUND June 2025 60.00 New establishment
FUTURE GRAPH CO., LTD. June 2025 100.00 New establishment
Chemgas Korea Co., Ltd. July 2025 100.00 Acquired
POSCO-EVER NEW MEDICAL Investment Fund July 2025 60.00 New establishment
POSCO Stainless Precision & Processing August 2025 100.00 New establishment
POSCO INTERNATIONAL CVC 1st Fund August 2025 100.00 New establishment
POSCO CVC 1st Fund August 2025 100.00 New establishment
NYUJERO 2ND CO., LTD. September 2025 100.00 Acquired
POSCO DX CVC 1st Fund September 2025 100.00 New establishment
POSCO Group AC Fund I September 2025 100.00 New establishment
POSCO SAFETY SOLUTION CO., LTD. September 2025 100.00 New establishment
(c) Consolidated subsidiaries over which the Company has lost control for the nine-month period ended<br>September 30, 2025 are as follows:
--- ---
Company Date of exclusion Reason
--- --- --- --- ---
SANPU TRADING Co., Ltd. May 2025 liquidation
NEH Co., Ltd. June 2025 Merger
POSCO CNGR Nickel Solution July 2025 Liquidation
POSCO ENGINEERING & CONSTRUCTION VIETNAM COMPANY LIMITED August 2025 Disposal
SK SOLRA POWER GENERATION COPORATION August 2025 Disposal

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2. Basis of Preparation

Statement of compliance

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

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

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

Use of estimates and judgments

(a) Judgments, assumptions and estimation uncertainties

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

(b) Measurement of fair value

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

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

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

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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.

• Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities.
• Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or<br>liabilities, either directly or indirectly.
--- ---
• Level 3 - inputs for the assets or liabilities that are not based on observable market data.<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, 2024.

Changes inaccounting policies

(a) Amendments to KIFRS 1021: Lack of Exchangeability

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

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

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

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4. Trade Accounts and Notes Receivable

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Trade accounts and notes receivable ~~W~~ 10,306,250 9,654,940
Due from customers for contract work 1,520,968 1,488,180
Less: Allowance for doubtful accounts (390,041 ) (321,501 )
~~W~~ 11,437,177 10,821,619
Non-current
Trade accounts and notes receivable ~~W~~ 69,409 72,387
Less: Allowance for doubtful accounts (44,665 ) (44,608 )
~~W~~ 24,744 27,779

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the nine-month period ended September 30, 2025 and the year ended December 31, 2024. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of September 30, 2025 and December 31, 2024, the book value of the trade accounts receivable from the transaction is ~~W~~148,876 million and ~~W~~119,076 million, respectively, and the amount is included in the short-term borrowings.

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5. Other Receivables

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Short-term loans ~~W~~ 329,492 375,244
Other accounts receivable 1,387,386 1,671,039
Accrued income(*1) 312,572 293,985
Deposits 45,316 80,007
Others 43,611 28,480
Lease receivables 14,258 18,224
Less: Allowance for doubtful accounts(*1) (145,286 ) (205,656 )
~~W~~ 1,987,349 2,261,323
Non-current
Long-term loans(*1) ~~W~~ 1,339,728 1,247,255
Other accounts receivable 397,735 192,736
Accrued income 207,926 189,565
Deposits 241,206 142,698
Lease receivables 66,266 76,680
Less: Allowance for doubtful accounts(*1) (602,445 ) (542,605 )
~~W~~ 1,650,416 1,306,329
(*1) The Group recognized an allowance for doubtful accounts for the entire other receivables from FQM Australia<br>Holdings Pty Ltd., an associate, due to low possibility of collecting these receivables.
--- ---

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6. Other Financial Assets

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Derivatives assets ~~W~~ 178,093 465,178
Debt securities 928,407 400,771
Deposit instruments(*1) 6,919,891 6,420,797
Short-term financial instruments(*1) 822,162 1,212,643
~~W~~ 8,848,553 8,499,389
Non-current
Derivatives assets ~~W~~ 268,029 497,698
Equity securities(*2) 1,497,778 1,171,544
Debt securities 124,648 115,601
Other securities(*2) 744,878 762,177
Deposit instruments(*1) 44,857 24,631
~~W~~ 2,680,190 2,571,651
(*1) As of September 30, 2025 and December 31, 2024, financial instruments amounting to<br>~~W~~78,537 million and ~~W~~98,116 million, respectively, are restricted in use for financial arrangements, pledge and others.
--- ---
(*2) As of September 30, 2025 and December 31, 2024, ~~W~~185,688 million and<br>~~W~~182,862 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.
--- ---

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7. Inventories

(a) Inventories as of September 30, 2025 and December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- ---
Finished goods ~~W~~ 2,364,402 2,741,236
Merchandise 1,073,586 1,166,464
Semi-finished goods 2,530,097 2,659,707
Raw materials 3,356,036 3,764,453
Fuel and materials 1,124,899 1,038,854
Construction inventories 172,127 200,825
Materials-in-transit 2,407,684 2,889,334
Others 103,998 118,391
13,132,829 14,579,264
Less: Allowance for inventories valuation(*1) (327,606 ) (435,764 )
~~W~~ 12,805,223 14,143,500
(*1) For each of the nine-month periods ended September 30, 2025 and 2024, allowance for inventories valuation<br>decreased by ~~W~~102,147 million and ~~W~~62,047 million, respectively.
--- ---
(b) The allowances for inventories valuation by item as of September 30, 2025 and December 31, 2024 are<br>as follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Finished goods ~~W~~ 120,628 187,902
Merchandise 10,267 14,288
Semi-finished goods 71,962 103,751
Raw materials 109,354 113,413
Fuel and materials 5,528 6,060
Construction inventories 5,915 6,420
Others 3,952 3,930
~~W~~ 327,606 435,764

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8. Assets Held for Sale

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

(in millions of Won) September 30, 2025 December 31, 2024
Asset
Cash and cash equivalents ~~W~~ 9,154 —
Account receivables 21,396 —
Inventories 12,671 —
Equity securities(*1) 225,724 604,439
Property, plant and equipment 35,601 4,319
Intangible assets 2,676 —
Others 1,437 —
~~W~~ 308,659 608,758
Liability
Other receivables ~~W~~ (34,577 ) —
Provisions (252 ) —
~~W~~ (34,829 ) —
(*1) Some of the equity securities of Nippon Steel Corporation amounting to ~~W~~402,860 million,<br>which have been classified as assets held for sale for the year ended December 31, 2024, were disposed of during the nine-month period ended September 30, 2025, and the carrying amount of the remaining equity securities is<br>~~W~~225,724 million.
--- ---

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9. Investments in Associates and Joint ventures

(a) Details of investments in associates as of September 30, 2025 and December 31, 2024 are as follows:<br>
(in millions of Won) September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- --- --- ---
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~~ 421,594 392,269
Chun-cheon Energy Co., Ltd(*1) 17,308,143 49.10 86,541 14,054 14,054
Pocheon-Hwado Highway Corp.(*1) 7,109,230 27.89 35,546 17,044 14,834
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd 944,920 29.53 4,725 12,259 12,401
PCC Amberstone Private Equity Fund 1(*2) 3,666,151,104 8.80 3,666 3,712 6,181
Others(*1) 132,966 122,688
601,629 562,427
[Foreign]
South-East Asia Gas Pipeline Company Ltd. 50,082 25.04 102,298 273,336 279,349
9404-5515 Quebec Inc. 284,463,243 25.85 328,509 397,429 426,276
AMCI (WA) PTY LTD 49 49.00 209,664 113,847 68,478
KOREA LNG LTD. 2,400 20.00 135,205 19,073 25,622
PT. Wampu Electric Power(*1) 8,708,400 20.00 10,054 15,651 17,680
POS-SeAH Steel Wire(Nantong) Co., Ltd. 50 25.00 4,723 11,143 10,713
M RES NSW HCC II Pty Ltd(*3) 48,000,000 80.00 68,861 64,940 —
Others(*1) 229,937 241,841
1,125,356 1,069,959
~~W~~ 1,726,985 1,632,386
(*1) As of September 30, 2025 and December 31, 2024, investments in associates amounting to<br>~~W~~482,255 million and ~~W~~452,614 million, respectively, are provided as collateral in relation to the associates’ borrowings.
--- ---
(*2) As of September 30, 2025, the entity is classified as an associate since the Group has significant<br>influence over the investee although the Group’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
--- ---
(*3) As of September 30, 2025, the entity is classified as an associate since the Group has significant<br>influence over the investee although the Group’s percentage of ownership exceeds a majority, considering the structure of the entity’s Board of Directors and others.
--- ---

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(b) Details of investments in joint ventures as of September 30, 2025 and December 31, 2024 are as<br>follows:
(in millions of Won) September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- --- --- ---
Company Numberof shares Ownership(%) Acquisitioncost Book value Book value
[Domestic]
POSCO MC MATERIALS 11,568,000 60.00 ~~W~~ 115,680 ~~W~~ 144,557 153,839
SNNC 18,130,000 49.00 90,650 25,008 38,046
Others 19,145 10,042
188,710 201,927
[Foreign]
Roy Hill Holdings Pty Ltd(*1) 13,117,972 12.50 1,528,672 1,357,782 1,397,824
POSCO-NPS Niobium LLC 325,050,000 50.00 364,609 455,867 477,898
KOBRASCO 2,010,719,185 50.00 32,950 128,113 119,820
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. — 25.00 61,961 121,580 126,906
PT NICOLE METAL INDUSTRY 152,764,706 49.00 603,178 632,502 578,604
HBIS-POSCO Automotive Steel Co., Ltd — 50.00 235,251 140,995 179,841
Others 21,148 23,587
2,857,987 2,904,480
~~W~~ 3,046,697 3,106,407
(*1) As of September 30, 2025 and December 31, 2024, the investments in joint ventures are provided as<br>collateral in relation to the joint ventures’ borrowings.
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(c) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2025<br>and the year ended December 31, 2024 are as follows:
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Company January 1,2025Book value Acquisition Dividends Share ofprofits (losses) Otherincrease(decrease)(*1) September 30,2025Book value
[Domestic]
Samcheok Blue Power Co., Ltd. ~~W~~ 392,269 17,509 (2,795 ) 14,603 8 421,594
SNNC 38,046 — — (13,038 ) — 25,008
Chun-cheon Energy Co., Ltd 14,054 — — (323 ) 323 14,054
Pocheon-Hwado Highway Corp. 14,834 — — 2,210 — 17,044
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd 12,401 — — (143 ) 1 12,259
PCC Amberstone Private Equity Fund 1 6,181 — — (364 ) (2,105 ) 3,712
POSCO MC MATERIALS 153,839 — (3,000 ) (6,282 ) — 144,557
Others 132,730 18,097 (1,248 ) 2,776 (244 ) 152,111
764,354 35,606 (7,043 ) (561 ) (2,017 ) 790,339
[Foreign]
South-East Asia Gas Pipeline Company Ltd. 279,349 — (26,653 ) 44,436 (23,796 ) 273,336
9404-5515 Quebec Inc. 426,276 — (21,180 ) 14,749 (22,416 ) 397,429
AMCI (WA) PTY LTD 68,478 — — 49,677 (4,308 ) 113,847
KOREA LNG LTD. 25,622 — (4,443 ) 4,574 (6,680 ) 19,073
PT. Wampu Electric Power 17,680 — (1,708 ) 511 (832 ) 15,651
POS-SeAH Steel Wire(Nantong) Co., Ltd. 10,713 — — 755 (325 ) 11,143
Roy Hill Holdings Pty Ltd 1,397,824 — (164,092 ) 105,580 18,470 1,357,782
POSCO-NPS Niobium LLC 477,898 — (32,031 ) 32,144 (22,144 ) 455,867
KOBRASCO 119,820 — (18,197 ) 13,506 12,984 128,113
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 126,906 — (11,440 ) 8,971 (2,857 ) 121,580
PT NICOLE METAL INDUSTRY 578,604 62,573 — 14,840 (23,515 ) 632,502
HBIS-POSCO Automotive Steel Co., Ltd 179,841 — — (35,291 ) (3,555 ) 140,995
M RES NSW HCC II Pty Ltd — 68,861 — (2,195 ) (1,726 ) 64,940
Others 265,428 751 (8,707 ) (5,349 ) (1,038 ) 251,085
3,974,439 132,185 (288,451 ) 246,908 (81,738 ) 3,983,343
~~W~~ 4,738,793 167,791 (295,494 ) 246,347 (83,755 ) 4,773,682
(*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to<br>disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the nine-month period ended September 30, 2025.
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2) For the year ended December 31, 2024
(in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Company January 1,2024Book value Acquisition Dividends Share ofprofits (losses) Otherincrease(decrease)(*1) December 31,2024Book value
[Domestic]
Samcheok Blue Power Co., Ltd. ~~W~~ 323,521 25,680 (10,993 ) 54,140 (79 ) 392,269
SNNC 100,692 — — (61,898 ) (748 ) 38,046
Chun-cheon Energy Co., Ltd 15,040 — — 1,807 (2,793 ) 14,054
Pocheon-Hwado Highway Corp. 23,998 — — (9,164 ) — 14,834
CHUNGJU ENTERPRISE CITY <br>DEVELOPMENT Co., Ltd 13,967 — — (384 ) (1,182 ) 12,401
PCC Amberstone Private Equity Fund 1 8,904 175 (490 ) (484 ) (1,924 ) 6,181
POSCO MC MATERIALS 155,748 — (1,800 ) 403 (512 ) 153,839
Others 150,985 12,362 (4,999 ) (6,802 ) (18,816 ) 132,730
792,855 38,217 (18,282 ) (22,382 ) (26,054 ) 764,354
[Foreign]
South-East Asia Gas Pipeline Company Ltd. 287,282 — (64,208 ) 45,923 10,352 279,349
AES Mong Duong Power Company Limited(*2) 230,699 — (34,821 ) (82,075 ) (113,803 ) —
9404-5515 Quebec Inc. 346,724 — (17,764 ) 35,241 62,075 426,276
AMCI (WA) PTY LTD 60,225 — — (5,127 ) 13,380 68,478
NCR LLC 253,121 4,275 — (266,425 ) 9,029 —
KOREA LNG LTD. 58,759 — (17,829 ) 17,714 (33,022 ) 25,622
Nickel Mining Company SAS 87,967 — — (94,353 ) 6,386 —
ZHEJIANG HUAYOU-POSCO ESM CO., LTD 105,300 — — (117,143 ) 11,843 —
PT. Wampu Electric Power 15,632 — (1,764 ) 1,238 2,574 17,680
POS-SeAH Steel Wire(Nantong) Co., Ltd. 8,642 — — 573 1,498 10,713
Roy Hill Holdings Pty Ltd 1,400,009 — (284,541 ) 203,130 79,226 1,397,824
POSCO-NPS Niobium LLC 419,192 — (29,225 ) 29,336 58,595 477,898
KOBRASCO 99,768 — (5,761 ) 37,914 (12,101 ) 119,820
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 111,001 — (10,772 ) 14,207 12,470 126,906
DMSA/AMSA 16,572 — — (17,299 ) 727 —
PT NICOLE METAL INDUSTRY 284,351 247,824 — (315 ) 46,744 578,604
HBIS-POSCO Automotive Steel Co., Ltd 208,765 — — (49,480 ) 20,556 179,841
Others 233,400 7,860 (26,222 ) 12,865 37,525 265,428
4,227,409 259,959 (492,907 ) (234,076 ) 214,054 3,974,439
~~W~~ 5,020,264 298,176 (511,189 ) (256,458 ) 188,000 4,738,793
(*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to<br>disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the year ended December 31, 2024.
--- ---
(*2) For the year ended December 31, 2024, the Group determined to sell AES Mong Duong Power Company Limited<br>and classified it as assets held for sale.
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(d) The summarized financial information on associates and joint ventures as of and for the nine-month period ended<br>September 30, 2025 and the year ended December 31, 2024 is as follows:
1) As of and for the nine-month period ended September 30, 2025
--- ---
(in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Company Assets Liabilities Equity(deficit) Sales Net income(loss)
[Domestic]
Samcheok Blue Power Co., Ltd. ~~W~~ 5,272,989 4,425,359 847,630 513,676 45,199
SNNC 629,272 561,518 67,754 572,524 (27,764 )
Chun-cheon Energy Co., Ltd 520,094 396,593 123,501 281,121 307
Pocheon-Hwado Highway Corp. 683,308 584,762 98,546 17,184 7,100
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd 14,030 2,817 11,213 1,050 (483 )
PCC Amberstone Private Equity Fund 1 43,757 1,561 42,196 1,397 (4,142 )
POSCO MC MATERIALS 348,065 104,817 243,248 151,069 (9,687 )
[Foreign]
South-East Asia Gas Pipeline Company Ltd. 1,454,148 362,538 1,091,610 347,150 177,469
9404-5515 Quebec Inc. 1,604,080 9 1,604,071 — 57,061
FQM Australia Holdings Pty Ltd 56,562 1,510,781 (1,454,219 ) — (61,793 )
KOREA LNG LTD. 95,655 291 95,364 24,476 22,869
Nickel Mining Company SAS 503,701 304,421 199,280 135,799 (53,787 )
ZHEJIANG HUAYOU-POSCO ESM CO., LTD 307,360 51,858 255,502 104,233 (23,972 )
PT. Wampu Electric Power 182,429 107,223 75,206 13,306 2,554
POS-SeAH Steel Wire(Nantong) Co., Ltd. 100,784 58,800 41,984 114,195 2,901
Roy Hill Holdings Pty Ltd 10,705,670 2,647,567 8,058,103 5,243,024 1,167,733
POSCO-NPS Niobium LLC 911,530 — 911,530 — 57,767
KOBRASCO 271,831 16,210 255,621 40,462 27,012
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 1,004,515 545,060 459,455 1,066,995 35,885
DMSA/AMSA 826,471 1,696,559 (870,088 ) 569,544 (697,846 )
HBIS-POSCO Automotive Steel Co., Ltd 965,173 665,159 300,014 396,883 (70,554 )
PT NICOLE METAL INDUSTRY 1,071,554 200,703 870,851 491,610 30,407
M RES NSW HCC II Pty Ltd 81,412 3 81,409 — (2,744 )

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2) As of and for the year ended December 31, 2024
(in millions of Won)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Company Assets Liabilities Equity(deficit) Sales Net income(loss)
[Domestic]
Samcheok Blue Power Co., Ltd. ~~W~~ 4,770,385 4,013,505 756,880 596,497 177,922
SNNC 656,049 560,530 95,519 690,103 (127,233 )
Chun-cheon Energy Co., Ltd 540,333 417,139 123,194 430,679 5,089
Pocheon-Hwado Highway Corp. 690,646 599,199 91,447 21,920 (29,582 )
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd 14,663 2,968 11,695 — (1,302 )
PCC Amberstone Private Equity Fund 1 72,722 2,455 70,267 7 (5,508 )
POSCO MC MATERIALS 385,270 127,335 257,935 226,376 1,217
[Foreign]
South-East Asia Gas Pipeline Company Ltd. 1,634,345 518,743 1,115,602 409,790 183,392
AES Mong Duong Power Company Limited 1,758,256 922,268 835,988 460,672 118,071
9404-5515 Quebec Inc. 1,704,653 — 1,704,653 — 136,320
FQM Australia Holdings Pty Ltd 61,735 1,521,991 (1,460,256 ) 102,869 (396,146 )
KOREA LNG LTD. 128,215 102 128,113 90,578 88,572
Nickel Mining Company SAS 519,560 282,321 237,239 237,102 (27,170 )
ZHEJIANG HUAYOU-POSCO ESM CO., LTD 325,284 39,058 286,226 82,254 (7,139 )
PT. Wampu Electric Power 209,725 124,359 85,366 19,133 6,191
POS-SeAH Steel Wire(Nantong) Co., Ltd. 98,919 58,972 39,947 139,499 2,145
Roy Hill Holdings Pty Ltd 10,460,434 2,356,265 8,104,169 7,179,077 2,038,555
POSCO-NPS Niobium LLC 955,592 — 955,592 — 57,722
KOBRASCO 282,087 43,052 239,035 118,408 74,690
BX STEEL POSCO Cold Rolled Sheet Co., Ltd. 1,180,532 699,775 480,757 1,595,656 56,830
DMSA/AMSA 3,364,786 3,468,220 (103,434 ) 694,120 (571,215 )
HBIS-POSCO Automotive Steel Co., Ltd 1,024,831 645,671 379,160 518,808 (90,757 )
PT NICOLE METAL INDUSTRY 818,168 25,039 793,129 — (644 )

10. Joint Operations

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

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

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September 30, 2025 and 2024 (Unaudited)

11. Investment Property

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

(a) For the nine-month period ended September 30, 2025
(in millions of Won) Beginning Acquisitions Disposals Depreciation Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 866,450 — (510 ) — (14,306 ) 851,634
Buildings 942,851 1,878 — (19,082 ) (13,761 ) 911,886
Structures 1,755 — — (681 ) 322 1,396
Right of use assets 144,840 1,464 (254 ) (4,166 ) (3,010 ) 138,874
~~W~~ 1,955,896 3,342 (764 ) (23,929 ) (30,755 ) 1,903,790
(*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, 2024
--- ---
(in millions of Won) Beginning Acquisitions BusinessCombination(*1) Disposals Depreciation Impairmentloss Others(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 787,304 3,755 59,766 (47,137 ) — (215 ) 62,977 866,450
Buildings 655,786 1,782 355,155 (34,419 ) (34,179 ) (9,776 ) 8,502 942,851
Structures 1,873 — — — (911 ) — 793 1,755
Right of use assets 171,331 — — (107 ) (6,547 ) — (19,837 ) 144,840
~~W~~ 1,616,294 5,537 414,921 (81,663 ) (41,637 ) (9,991 ) 52,435 1,955,896
(*1) For the year ended December 31, 2024, RNR Logistics and others were included as subsidiaries, and the<br>Group has included the effect of the increase in investment properties in the business combination.
--- ---
(*2) Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation<br>difference and others.
--- ---

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12. Property, Plant and Equipment

(a) Changes in the carrying amounts of property, plant and equipment for the nine-month period ended<br>September 30, 2025 and the year ended December 31, 2024 are as follows:
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Beginning Acquisitions Disposals Depreciation Impairmentloss Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 3,335,875 2,677 (13,233 ) — (1,476 ) 49,496 3,373,339
Buildings 5,280,968 10,688 (27,333 ) (293,224 ) — 617,989 5,589,088
Structures 3,860,523 7,524 (101,533 ) (245,493 ) (2,530 ) 684,328 4,202,819
Machinery and equipment 18,311,678 49,970 (35,407 ) (1,907,861 ) (69,430 ) 1,870,577 18,219,527
Vehicles 89,975 5,568 (1,394 ) (28,656 ) — 13,368 78,861
Tools 134,501 11,507 (800 ) (40,146 ) (4 ) 5,982 111,040
Furniture and fixtures 200,033 17,754 (1,292 ) (59,394 ) — 56,568 213,669
Lease assets 970,634 596,290 (24,103 ) (141,980 ) — (23,222 ) 1,377,619
Bearer plants 139,451 — (78 ) — — (17,751 ) 121,622
Construction-in-progress 7,523,190 3,909,255 (1,333 ) — (39,707 ) (3,764,958 ) 7,626,447
~~W~~39,846,828 4,611,233 (206,506) (2,716,754) (113,147) (507,623) 40,914,031
(*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, 2024
--- ---
(in millions of Won) Beginning Acquisitions Disposals Depreciation Impairmentloss(*2,3) Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 3,290,244 20,523 (6,061 ) — (6,620 ) 37,789 3,335,875
Buildings 4,427,632 14,002 (11,137 ) (346,334 ) (67,797 ) 1,264,602 5,280,968
Structures 3,081,524 11,663 (4,497 ) (306,017 ) (15,328 ) 1,093,178 3,860,523
Machinery and equipment 16,539,192 179,457 (47,511 ) (2,484,915 ) (385,367 ) 4,510,822 18,311,678
Vehicles 79,595 17,353 (1,487 ) (39,263 ) (56 ) 33,833 89,975
Tools 128,865 28,731 (673 ) (54,966 ) (1,573 ) 34,117 134,501
Furniture and fixtures 189,887 27,966 (2,380 ) (70,561 ) (3,260 ) 58,381 200,033
Lease assets 998,305 132,219 (18,706 ) (177,475 ) (1,994 ) 38,285 970,634
Bearer plants 137,331 — (27 ) (9,602 ) — 11,749 139,451
Construction-in-progress 6,333,673 7,634,826 (3,482 ) — (128,119 ) (6,313,708 ) 7,523,190
~~W~~35,206,248 8,066,740 (95,961) (3,489,133) (610,114) 769,048 39,846,828
(*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) The Group calculated the net fair value of individual assets, such as steelmaking plant no. 1 and blast furnace<br>no. 4 in Pohang, whose operation was suspended due to operation plan changes, to estimate recoverable amount and recognized an impairment loss of ~~W~~227,239 million for property, plant and equipment for the year ended<br>December 31, 2024.
--- ---
(*3) The Group identified a certain portion of the anode/cathode material assets that were in long-term idle status<br>or expected to fall short of the anticipated economic performance for the year ended December 31, 2024. The Group calculated the net fair value of such individual assets to estimate the recoverable amount and recognized an impairment loss of<br>~~W~~307,911 million for assets whose recoverable amounts are less than their carrying amounts.
--- ---

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(b) Changes in the carrying amounts of<br>right-of-use assets presented as investment properties and property, plant and equipment for the nine-month period ended September 30, 2025 and the year ended<br>December 31, 2024 are as follows:
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Beginning Acquisitions Depreciation Impairmentloss Others Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 348,918 7,967 (10,768 ) — (28,471 ) 317,646
Buildings and structures 154,747 108,737 (43,880 ) — (19,429 ) 200,175
Machinery and equipment 346,642 19,925 (40,045 ) — 8,649 335,171
Vehicles 45,071 11,491 (15,252 ) — (1,172 ) 40,138
Ships 196,070 264,508 (24,048 ) — — 436,530
Others 24,026 185,126 (12,152 ) — (10,167 ) 186,833
~~W~~ 1,115,474 597,754 (146,145 ) — (50,590 ) 1,516,493
2) For the year ended December 31, 2024
--- ---
(in millions of Won) Beginning Acquisitions Depreciation Impairmentloss Others Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 363,789 1,542 (17,501 ) (1,994 ) 3,082 348,918
Buildings and structures 151,366 58,116 (54,092 ) — (643 ) 154,747
Machinery and equipment 355,604 37,204 (47,797 ) — 1,631 346,642
Vehicles 48,228 12,501 (20,291 ) — 4,633 45,071
Ships 220,754 — (24,684 ) — — 196,070
Others 29,895 22,856 (19,657 ) — (9,068 ) 24,026
~~W~~ 1,169,636 132,219 (184,022 ) (1,994 ) (365 ) 1,115,474
(c) The amounts recognized in profit or loss related to leases for each of the three-month and nine-month periods<br>ended September 30, 2025 and 2024 are as follows:
--- ---
For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- ---
(in millions of Won) 2025 2024 2025 2024
Interest on lease liabilities ~~W~~ 19,002 12,880 43,788 37,192
Expenses related to short-term leases 11,704 11,584 32,288 40,028
Expenses related to leases of low-value assets 6,047 6,502 13,903 19,373
~~W~~ 36,753 30,966 89,979 96,593

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13. Goodwill and Other Intangible Assets

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

(a) For the nine-month period ended September 30, 2025
(in millions of Won) Beginning Acquisitions BusinessCombination Disposals Amortization Impairmentloss Others(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill ~~W~~ 357,851 — 39,413 — — — (625 ) 396,639
Intellectual property rights 3,247,517 244,042 — (4 ) (215,288 ) (25,680 ) (1,760 ) 3,248,827
Membership(*1) 136,108 4,241 — (2,940 ) (160 ) (511 ) 1,403 138,141
Development expense 95,041 10,661 — — (24,741 ) — 12,903 93,864
Port facilities usage rights 167,996 — — — (11,133 ) — — 156,863
Exploratation and evaluation assets 115,309 39,271 — — — (16,256 ) (1,147 ) 137,177
Development assets 86,711 — — — (201 ) — (3,997 ) 82,513
Customer relationships 145,699 — — — (33,359 ) — 7,097 119,437
Other intangible assets 422,592 98,224 4,975 (47 ) (41,933 ) (1 ) (12,818 ) 470,992
~~W~~ 4,774,824 396,439 44,388 (2,991 ) (326,815 ) (42,448 ) 1,056 4,844,453
(*1) Estimated useful life of membership is indefinite.
--- ---
(*2) Presenting assets transferred from<br>construction-in-progress to intangible assets and assets transferred from property, plant and equipment, adjustments of foreign currency translation difference and<br>others.
--- ---
(b) For the year ended December 31, 2024
--- ---
(in millions of Won) Beginning Acquisitions BusinessCombination Disposals Amortization Impairmentloss Others(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Goodwill ~~W~~ 403,172 — 282 — — (46,958 ) 1,355 357,851
Intellectual property rights 3,029,651 353,175 — (240 ) (272,730 ) — 137,661 3,247,517
Membership(*1) 138,184 1,716 — (4,179 ) (180 ) 29 538 136,108
Development expense 126,818 15,913 — (22 ) (63,684 ) (692 ) 16,708 95,041
Port facilities usage rights 182,411 — — — (14,415 ) — — 167,996
Exploratation and evaluation assets 163,446 21,024 — — — — (69,161 ) 115,309
Development assets 10,235 543 — — (76 ) — 76,009 86,711
Customer relationships 196,895 — — — (44,478 ) — (6,718 ) 145,699
Other intangible assets 463,972 118,563 — (102,012 ) (58,126 ) (252 ) 447 422,592
~~W~~ 4,714,784 510,934 282 (106,453 ) (453,689 ) (47,873 ) 156,839 4,774,824
(*1) Estimated useful life of membership is indefinite.
--- ---
(*2) Presenting assets transferred from<br>construction-in-progress to intangible assets and assets transferred from property, plant and equipment, adjustments of foreign currency translation difference and<br>others.
--- ---

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14. Other Assets

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Advance payments ~~W~~ 637,374 509,922
Prepaid expenses 267,283 259,145
Firm commitment asset 1,829 2,489
Other current assets 14,449 15,387
~~W~~ 920,935 786,943
Non-current
Long-term advance payments ~~W~~ 28,396 33,308
Long-term prepaid expenses 17,420 20,689
Others 49,008 79,688
~~W~~ 94,824 133,685

15. Borrowings

(a) Short-term borrowings and current portion of long-term borrowings and others as of September 30, 2025 and<br>December 31, 2024 are as follows:
(in millions of Won) Lenders Issuance date Maturity date Interest rate (%) September 30,2025 December 31,2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Short-term borrowings
Bank overdrafts JP Morgan and others January, 2025~<br>September, 2025 October, 2025~<br>September, 2026 3.40~7.00 ~~W~~ 108,817 85,892
Short-term borrowings HSBC and others October, 2024~<br>September, 2025 October, 2025~<br>September, 2026 0.49~7.00 7,025,453 5,647,199
7,134,270 5,733,091
Current portion of long-term liabilities
Current portion of long-term borrowings Export-Import Bank of Korea and others December, 2006~<br>September, 2025 October, 2025~<br>September, 2026 1.00~6.13 1,230,195 1,323,002
Current portion of debentures KB Securities co., Ltd. and others March, 2021~<br>March, 2024 October, 2025~<br>September, 2026 1.72~5.63 3,583,413 4,024,084
Less: Current portion of discount on debentures issued (2,804 ) (3,483 )
Current portion of exchangable bonds Foreign currency exchangable bonds September, 2021 September, 2026 43,426 39,053
4,854,230 5,382,656
~~W~~ 11,988,500 11,115,747

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September 30, 2025 and 2024 (Unaudited)

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

Foreign currency exchangeable bonds
Type of bond Exchangeable bonds
Aggregate principal amount(*1) EUR 27,100,000
Interest rate - Coupon rate : -
- Yield to maturity : (0.78%)
Maturity date September 1, 2026
Redemption - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised<br>on, is repaid at maturity as a lump sum
- Prepayment : The issuer has call option and the bondholders have put option
Exchange rate 100%
Exchange price(*2)<br><br><br>(Won/share) 425,631
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<br>exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price.
Put option by bondholders - In the event of a change of control of the Company
- Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading<br>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<br>consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds
- When the outstanding balance of outstanding bonds is less than 10% of the total issuance<br>(Clean-Up Call)
- Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc
(*1) Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out of the total face value of<br>exchangeable bonds of EUR 1,065,900,000 for the year ended December 31, 2024.
--- ---
(*2) The exchange price has changed due to cash dividends paid for the nine-month period ended September 30,<br>2025.
--- ---

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

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September 30, 2025 and 2024 (Unaudited)

(b) Long-term borrowings, excluding current portion and others, as of September 30, 2025 and December 31,<br>2024 are as follows:
(in millions of Won) Lenders Issuance date Maturity date Interest rate (%) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Long-term borrowings Export-Import Bank of<br>Korea and others September, 2001~<br>September, 2025 October, 2026~<br>March, 2040 1.00~8.50 ~~W~~ 6,339,568 4,868,703
Less: Present value discount (49,652 ) (51,173 )
Bonds KB Securities co., Ltd.<br>and others July, 2019~<br>September, 2025 October, 2026~<br>May, 2035 1.77~6.38 9,228,470 10,108,600
Less: Discount on debentures issued (42,256 ) (44,510 )
~~W~~ 15,476,130 14,881,620
(c) Assets pledged as collateral with regard to the borrowings as of September 30, 2025 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~~ 3,696,653 4,425,743
Trade accounts and notes receivable Korea Development Bank and others 148,876 148,876
Financial instruments Korea Development Bank and others 10,146 10,146
~~W~~ 3,855,675 4,584,765

16. Other Payables

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Accounts payable ~~W~~ 1,383,220 1,652,957
Accrued expenses 1,060,340 1,275,068
Dividend payable 3,782 4,182
Lease liabilities 177,094 161,601
Withholdings 347,451 370,063
~~W~~ 2,971,887 3,463,871
Non-current
Accounts payable ~~W~~ 5,364 6,096
Accrued expenses 17,160 11,979
Lease liabilities 1,149,443 744,500
Long-term withholdings 49,172 46,437
~~W~~ 1,221,139 809,012

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17. Other Financial Liabilities

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Derivative liabilities ~~W~~ 7,969 108,786
Financial guarantee liabilities 7,575 4,972
Others 7,116 7,117
~~W~~ 22,660 120,875
Non-current
Derivative liabilities ~~W~~ 11,190 2,236
Financial guarantee liabilities 10,964 8,944
Others 59,778 61,740
~~W~~ 81,932 72,920

18. Provisions

(a) Provisions as of September 30, 2025 and December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Provision for bonus payments ~~W~~ 92,690 75,591 121,757 70,104
Provision for construction warranties 39,125 143,419 49,659 137,201
Provision for legal contingencies and claims(*1) 5,700 63,876 17,960 78,486
Provision for the restoration 2,959 213,322 10,041 197,810
Others(*2) 247,236 80,333 196,613 96,958
~~W~~ 387,710 576,541 396,030 580,559
(*1) The Group recognized probable outflow of resources amounting to ~~W~~52,122 million and<br>~~W~~80,220 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of September 30, 2025 and December 31, 2024, respectively.
--- ---
(*2) According to the Act on the promotion of the development, use and diffusion of new and renewable energy,<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 September 30, 2025 and December 31, 2024, the Group recognized ~~W~~58,404 million and ~~W~~64,249 million respectively,<br>as provision.
--- ---

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(b) Changes in provisions for the nine-month period ended September 30, 2025 and the year ended<br>December 31, 2024 are as follows:
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Beginning Increase Utilization Reversal Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Provision for bonus payments ~~W~~ 191,861 101,328 (107,748 ) (16,011 ) (1,149 ) 168,281
Provision for construction warranties 186,860 36,146 (37,317 ) (1,958 ) (1,187 ) 182,544
Provision for legal contingencies and claims 96,446 24,986 (13,306 ) (36,794 ) (1,756 ) 69,576
Provision for the restoration 207,851 17,694 (1,391 ) (7,786 ) (87 ) 216,281
Others 293,571 219,292 (3,974 ) (55,674 ) (125,646 ) 327,569
~~W~~ 976,589 399,446 (163,736 ) (118,223 ) (129,825 ) 964,251
(*1) Including adjusted foreign currency translation differences and others.
--- ---
2) For the year ended December 31, 2024
--- ---
(in millions of Won) Beginning Increase Utilization Reversal Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Provision for bonus payments ~~W~~ 184,391 224,339 (187,004 ) (29,461 ) (404 ) 191,861
Provision for construction warranties 196,758 53,244 (48,471 ) (8,274 ) (6,397 ) 186,860
Provision for legal contingencies and claims 73,062 54,929 (12,964 ) (19,743 ) 1,162 96,446
Provision for the restoration 175,820 28,917 (8,311 ) (6,485 ) 17,910 207,851
Others 257,722 255,624 (151,362 ) (76,790 ) 8,377 293,571
~~W~~ 887,753 617,053 (408,112 ) (140,753 ) 20,648 976,589
(*1) Including transfer to liabilities held for sale, adjusted foreign currency translation differences and others.<br>
--- ---

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19. Employee Benefits

(a) Defined contribution plans

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Expense related to post-employment benefit plans under defined contribution plans ~~W~~ 20,238 18,827 57,869 56,227
(b) Defined benefit plans
--- ---
1) The amounts recognized in relation to net defined benefit assets in the statements of financial position as of<br>September 30, 2025 and December 31, 2024 are as follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- ---
Present value of funded obligations ~~W~~ 2,560,953 2,589,246
Fair value of plan assets(*1) (2,787,397 ) (2,962,342 )
Present value of non-funded obligations 14,724 7,092
Net defined benefit liabilities ~~W~~ (211,720 ) (366,004 )
(*1) As of September 30, 2025 and December 31, 2024, the Group recognized net defined benefit assets<br>amounting to ~~W~~286,490 million and ~~W~~409,147 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of<br>defined benefit obligations.
--- ---
2) The amounts recognized in relation to net defined benefit plan in the interim condensed consolidated statements<br>of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:
--- ---
For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions of Won) 2025 2024 2025 2024
Current service costs ~~W~~ 66,859 66,208 203,801 199,556
Net interest costs (4,669 ) (5,590 ) (12,560 ) (16,175 )
~~W~~ 62,190 60,618 191,241 183,381

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

20. Other Liabilities

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Due to customers for contract work ~~W~~ 544,002 491,495
Advances received 384,073 253,171
Unearned revenue 114,304 87,969
Withholdings 204,998 307,753
Firm commitment liability 2,246 10,384
Others(*1) 23,593 22,726
~~W~~ 1,273,216 1,173,498
Non-current
Unearned revenue ~~W~~ 2,416 4,317
Others(*1) 94,465 94,942
~~W~~ 96,881 99,259
(*1) As of September 30, 2025 and December 31, 2024, the Group recognized the assumed liability amounting<br>to ~~W~~35,299 million and ~~W~~41,770 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy Limited.
--- ---

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

21. Financial Instruments

(a) Classification and fair value of financial instruments
1) The carrying amounts and fair values of financial assets and financial liabilities by levels in the fair value<br>hierarchy as of September 30, 2025 and December 31, 2024 are as follows:
--- ---
① September 30, 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~~ 440,552 — 440,552 — 440,552
Short-term financial instruments 822,162 — 822,162 — 822,162
Equity securities 79,844 15,219 — 64,625 79,844
Debt securities 125,685 — 86,908 38,777 125,685
Other securities 744,878 — — 744,878 744,878
Derivative hedging instruments(*2) 5,570 — 5,570 — 5,570
Fair value through other comprehensive income
Equity securities 1,417,934 825,477 47 592,410 1,417,934
Assets held for sale 225,724 225,724 — — 225,724
Financial assets measured at amortized cost(*1) —
Cash and cash equivalents 7,168,846 — — — —
Trade accounts and notes receivable 9,950,985 — — — —
Other receivables 3,291,101 — — — —
Debt securities 927,370 — — — —
Deposit instruments 6,964,748 — — — —
Assets held for sale 30,551 — — — —
~~W~~ 32,195,950 1,066,420 1,355,239 1,440,690 3,862,349
Financial liabilities
Fair value through profit or loss
Derivative liabilities ~~W~~ 17,749 — 17,749 — 17,749
Borrowings 43,426 43,426 — — 43,426
Derivative hedging instruments(*2) 1,410 — 1,410 — 1,410
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable 5,240,244 — — — —
Borrowings 27,421,204 — 27,667,643 — 27,667,643
Financial guarantee liabilities 18,539 — — — —
Others 3,600,021 — — — —
Other financial Liabilities 66,894 — — — —
~~W~~ 36,409,487 43,426 27,686,802 — 27,730,228
(*1) The fair values of financial assets and liabilities measured at amortized cost except borrowings approximates<br>their carrying amounts.
--- ---
(*2) The Group applies hedge accounting which uses forward contracts as hedging instruments 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 instruments in order to hedge the risk of interest rate and<br>foreign exchange rate changes in foreign currency which influence cash flow from borrowings.
--- ---

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

② December 31, 2024
(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~~ 946,393 — 946,393 — 946,393
Short-term financial instruments 1,212,643 — 1,212,643 — 1,212,643
Equity securities 52,222 26,792 — 25,430 52,222
Debt securities 113,728 — 82,699 31,029 113,728
Other securities 762,177 — — 762,177 762,177
Derivative hedging instruments(*2) 16,483 — 16,483 — 16,483
Fair value through other comprehensive income
Equity securities 1,119,322 703,181 — 416,141 1,119,322
Assets held for sale 604,439 604,439 — — 604,439
Financial assets measured at amortized cost(*1)
Cash and cash equivalents 6,767,898 — — — —
Trade accounts and notes receivable 9,374,217 — — — —
Other receivables 2,739,523 — — — —
Debt securities 402,644 — — — —
Deposit instruments 6,445,428 — — — —
~~W~~ 30,557,117 1,334,412 2,258,218 1,234,777 4,827,407
Financial liabilities
Fair value through profit or loss
Derivative liabilities ~~W~~ 105,187 — 105,187 — 105,187
Borrowings 39,053 39,053 — — 39,053
Derivative hedging instruments(*2) 5,835 — 5,835 — 5,835
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable 6,161,177 — — — —
Borrowings 25,958,314 — 26,166,994 — 26,166,994
Financial guarantee liabilities 13,916 — — — —
Others 3,895,526 — — — —
Other financial Liabilities 68,857 — — — —
~~W~~ 36,247,865 39,053 26,278,016 — 26,317,069
(*1) The fair values of financial assets and liabilities measured at amortized cost except borrowings approximates<br>their carrying amounts.
--- ---
(*2) The Group applies hedge accounting which uses forward contracts as hedging instruments 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 instruments in order to hedge the risk of interest rate and<br>foreign exchange rate changes in foreign currency which influence cash flow from borrowings.
--- ---

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Finance income and costs by category of financial instrument for each of the nine-month periods ended<br>September 30, 2025 and 2024 are as follows:
① For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Finance income and costs Other<br>comprehensive<br>income (loss)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income(expense) Loss<br>on valuation Gain (loss) on<br>foreign currency Gain (loss)<br>on disposal Others Total
Financial assets at fair value through profit or loss ~~W~~ — (5,204 ) — 39,593 1,216 35,605 —
Derivative assets — (95,183 ) — 137,134 — 41,951 —
Financial assets at fair value through other comprehensive income — — — — 31,687 31,687 198,190
Financial assets measured at amortized cost 366,722 — (285,967 ) (58,381 ) (1,064 ) 21,310 —
Financial liabilities at fair value through profit or loss — (1,315 ) 3,057 — — 1,742 —
Derivative liabilities — (15,471 ) — (306,774 ) — (322,245 ) (146 )
Financial liabilities measured at amortized cost (791,825 ) — 424,376 — (29,486 ) (396,935 ) —
~~W~~ (425,103 ) (117,173 ) 141,466 (188,428 ) 2,353 (586,885 ) 198,044
② For the nine-month period ended September 30, 2024
--- ---
(in millions of Won) Finance income and costs Othercomprehensiveloss
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income(expense) Gainon valuation Gain (loss )onforeign currency Gain (loss )on disposal Others Total
Financial assets at fair value through profit or loss ~~W~~ — 109,930 — 92,375 819 203,124 —
Derivative assets — 165,915 — 238,056 — 403,971 —
Financial assets at fair value through other comprehensive income — — — — 71,811 71,811 (27,453 )
Financial assets measured at amortized cost 446,113 — 293,084 (57,778 ) (3,834 ) 677,585 —
Financial liabilities at fair value through profit or loss — 236,931 (56,301 ) (6,258 ) — 174,372 —
Derivative liabilities — 25,903 — (210,968 ) — (185,065 ) (443 )
Financial liabilities measured at amortized cost (787,113 ) — (421,586 ) — (22,701 ) (1,231,400 ) —
~~W~~ (341,000 ) 538,679 (184,803 ) 55,427 46,095 114,398 (27,896 )
(b) Financial risk management
--- ---

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

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

22. Share Capital and Capital Surplus

(a) Details of share capital as of September 30, 2025 and December 31, 2024 are as follows:<br>
(Share, in Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Authorized shares 200,000,000 200,000,000
Par value ~~W~~ 5,000 5,000
Issued shares(*1,2) 80,932,952 82,624,377
Share capital(*3) ~~W~~ 482,403,125,000 482,403,125,000
(*1) As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas<br>stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.
--- ---
(*2) Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2025, the Company decided<br>to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of September 30, 2025, the Company’s total number of issued shares has decreased.
--- ---
(*3) As of September 30, 2025, the difference between the ending balance of common stock and the aggregate par<br>value of issued common stock is ~~W~~77,738 million due to retirement of 15,547,673 treasury stocks.
--- ---

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

(in millions of Won) September 30, 2025 December 31, 2024
Share premium ~~W~~ 463,825 463,825
Gain on disposal of treasury shares 808,994 808,994
Other capital surplus 403,885 376,075
~~W~~ 1,676,704 1,648,894

23. Other components of equity

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

(in millions of Won) September 30, 2025 December 31, 2024
Capital adjustment arising from investments in equity-accounted investees ~~W~~ (4,382 ) 76,870
Changes in fair value of equity investments at fair value through other comprehensive<br>income 215,434 20,066
Foreign currency translation differences 711,074 983,071
Losses on valuation of derivatives (1,071 ) (925 )
Others 78,903 76,347
~~W~~ 999,958 1,155,429

24. Treasury Shares

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

(shares, in millions of Won) September 30, 2025 December 31, 2024
Number of shares Amount Number of shares Amount
Beginning 7,003,598 ~~W~~ 1,550,862 8,695,023 ~~W~~ 1,889,658
Acquisition of treasury shares — — 255,428 92,311
Retirement of teasury shares (1,691,425 ) (374,545 ) (1,946,853 ) (431,107 )
Ending 5,312,173 ~~W~~ 1,176,317 7,003,598 ~~W~~ 1,550,862

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

25. Revenue

(a) Disaggregation of revenue
1) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the<br>nine-month periods ended September 30, 2025 and 2024 are as follows:
--- ---
① For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Infrastructure
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Steel Trading Construction Logistics and<br>others Rechargeablebattery materials Others Total
Types of revenue
Revenue from sales of goods ~~W~~ 27,436,343 16,202,144 — 1,855 1,709,678 — 45,350,020
Revenue from services 639,124 1,801,935 98,932 176,900 2,328 6,396 2,725,615
Revenue from construction contract — — 3,944,594 — 34,403 — 3,978,997
Others 109,752 3,727 8,808 33,437 12,191 30,858 198,773
~~W~~ 28,185,219 18,007,806 4,052,334 212,192 1,758,600 37,254 52,253,405
Timing of revenue recognition
Revenue recognized at a point in time ~~W~~ 27,546,095 16,205,871 273,188 35,292 1,721,869 30,858 45,813,173
Revenue recognized over time 639,124 1,801,935 3,779,146 176,900 36,731 6,396 6,440,232
~~W~~ 28,185,219 18,007,806 4,052,334 212,192 1,758,600 37,254 52,253,405
② For the nine-month period ended September 30, 2024
--- ---
(in millions of Won) Infrastructure Rechargeablebattery materials
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Steel Trading Construction Logistics andothers Others Total
Types of revenue
Revenue from sales of goods ~~W~~ 28,642,479 15,009,876 — 5,988 2,297,474 — 45,955,817
Revenue from services 663,205 2,186,302 94,133 240,144 3,424 9,425 3,196,633
Revenue from construction contract — — 5,451,805 — 20,975 — 5,472,780
Others 131,090 4,588 40,696 33,180 — 48,215 257,769
~~W~~ 29,436,774 17,200,766 5,586,634 279,312 2,321,873 57,640 54,882,999
Timing of revenue recognition
Revenue recognized at a point in time ~~W~~ 28,773,569 15,014,464 308,117 39,168 2,297,474 48,215 46,481,007
Revenue recognized over time 663,205 2,186,302 5,278,517 240,144 24,399 9,425 8,401,992
~~W~~ 29,436,774 17,200,766 5,586,634 279,312 2,321,873 57,640 54,882,999

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the<br>three-month periods ended September 30, 2025 and 2024 are as follows:
① For the three-month period ended September 30, 2025
--- ---
(in millions of Won) Green Infrastructure Rechargeablebattery materials
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Steel Trading Construction Logistics andothers Others Total
Types of revenue
Revenue from sales of goods ~~W~~ 9,246,116 5,339,767 — — 640,008 — 15,225,891
Revenue from services 218,793 589,728 36,192 64,877 1,929 (222 ) 911,297
Revenue from construction contract — — 1,057,022 — 12,242 — 1,069,264
Others 25,059 1,304 3,302 10,440 12,191 2,293 54,589
~~W~~ 9,489,968 5,930,799 1,096,516 75,317 666,370 2,071 17,261,041
Timing of revenue recognition
Revenue recognized at a point in time ~~W~~ 9,271,175 5,341,071 164,755 10,440 652,199 2,293 15,441,933
Revenue recognized over time 218,793 589,728 931,761 64,877 14,171 (222 ) 1,819,108
~~W~~ 9,489,968 5,930,799 1,096,516 75,317 666,370 2,071 17,261,041
② For the three-month period ended September 30, 2024
--- ---
(in millions of Won) Green Infrastructure Rechargeablebattery materials
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Steel Trading Construction Logistics andothers Others Total
Types of revenue
Revenue from sales of goods ~~W~~ 9,511,165 5,361,162 — 962 706,106 — 15,579,395
Revenue from services 230,462 597,703 36,070 74,161 908 4,635 943,939
Revenue from construction contract — — 1,692,966 — 7,367 — 1,700,333
Others 38,596 1,500 31,871 10,874 — 14,860 97,701
~~W~~ 9,780,223 5,960,365 1,760,907 85,997 714,381 19,495 18,321,368
Timing of revenue recognition
Revenue recognized at a point in time ~~W~~ 9,549,761 5,362,662 118,190 11,836 706,106 14,860 15,763,415
Revenue recognized over time 230,462 597,703 1,642,717 74,161 8,275 4,635 2,557,953
~~W~~ 9,780,223 5,960,365 1,760,907 85,997 714,381 19,495 18,321,368
(b) Details of contract assets and liabilities from contracts with customers as of September 30, 2025 and<br>December 31, 2024 are as follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Receivables
Trade accounts and notes receivable ~~W~~ 9,950,985 9,374,218
Contract assets
Due from customers for contract work 1,510,935 1,475,180
Contract liabilities
Advance received 387,973 256,522
Due to customers for contract work 544,002 491,495
Unearned revenue 112,662 89,807

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

26. Contract under Input Method

(a) Details of outstanding contracts as of September 30, 2025 and December 31, 2024 are as follows:<br>
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Constructionsegment Others Constructionsegment Others
Accumulated cost ~~W~~ 20,077,080 282,353 27,830,242 262,814
Accumulated contract profit 1,501,312 57,502 1,903,582 43,690
Accumulated contract loss (627,316 ) (12,591 ) (707,167 ) (1,930 )
Accumulated contract revenue 20,951,076 327,264 29,026,657 304,574
(b) Details of due from customers for contract works and due to customers for contract works as of<br>September 30, 2025 and December 31, 2024 are as follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Constructionsegment Others Constructionsegment Others
Due from customers for contract ~~W~~ 1,479,418 41,550 1,473,843 13,716
Due to customers for contract work (540,068 ) (3,934 ) (479,546 ) (11,949 )
~~W~~ 939,350 37,616 994,297 1,767
(c) Details of the provisions for construction loss as of September 30, 2025 and December 31, 2024 are as<br>follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Construction segment ~~W~~ 84,816 52,492
Others 795 857
~~W~~ 85,611 53,349
(d) For the nine-month period ended September 30, 2025, 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 total Changes in estimated
contract revenue total contract costs Net income (loss) Future income Total
Construction segment ~~W~~ 1,174,999 1,115,898 (256,632 ) 315,733 59,101
Others 2,173 (23 ) 1,962 234 2,196
~~W~~ 1,177,172 1,115,875 (254,670 ) 315,967 61,297

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

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(e) Uncertainty of estimates
1) Total contract revenues
--- ---

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

2) Total contract costs

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

Method of significant assumption
Material cost Based on recent purchasing price at market price
Labor cost Based on average monthly and daily labor cost
Outsourcing cost Based on historical cost over similar project and actual contractual rate

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

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

27. Selling and Administrative Expenses

(a) Other administrative expenses

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Wages and salaries ~~W~~ 304,411 297,320 892,312 873,799
Expenses related to post-employment benefits 22,482 24,759 68,631 71,209
Other employee benefits 71,358 77,473 227,088 226,982
Travel 14,125 11,890 40,384 34,320
Depreciation 41,319 43,174 130,901 127,215
Amortization 29,311 28,291 86,357 84,913
Communication 2,751 3,902 9,003 10,211
Electricity 4,721 3,723 13,000 10,679
Taxes and public dues 20,116 14,239 74,739 63,070
Rental 9,020 10,871 29,642 32,929
Repairs 2,902 4,608 8,197 12,526
Entertainment 3,057 3,106 9,266 9,851
Advertising 25,317 24,195 67,531 69,509
Research & development 46,999 52,253 141,164 156,263
Service fees 50,086 48,226 180,810 174,380
Vehicles maintenance 1,760 2,064 5,955 6,035
Industry association fee 2,194 2,217 9,471 8,603
Conference 5,369 5,497 17,280 15,893
Bad debt expenses 42,285 34,549 83,486 56,452
Others 18,344 25,579 46,986 56,744
~~W~~ 717,927 717,936 2,142,203 2,101,583
(b) Selling expenses
--- ---

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Freight and custody expenses ~~W~~ 9,704 7,281 20,672 21,183
Operating expenses for distribution center 83 765 457 1,384
Sales commissions 27,101 17,222 66,475 58,979
Sales advertising 377 1,351 779 1,790
Sales promotion 2,561 2,329 7,614 7,536
Sample 441 744 1,773 1,869
Sales insurance premium 7,776 8,300 26,401 23,983
Contract cost 6,896 4,373 44,450 26,447
Others 4,429 3,039 12,091 7,394
~~W~~ 59,368 45,404 180,712 150,565

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

28. Finance Income and Costs

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Finance income
Interest income ~~W~~ 114,497 144,378 366,722 446,113
Dividend income 4,134 49,416 32,903 72,630
Gain on foreign currency transactions 306,200 332,979 939,755 965,803
Gain on foreign currency translations (263,855 ) 321,449 660,419 786,405
Gain on derivatives transactions 57,874 117,868 211,577 261,701
Gain on valuations of derivatives (8,316 ) (262,408 ) 15,618 252,873
Gain on disposals of financial assets at fair value through profit of loss 11,666 33,886 42,983 108,613
Gain on valuations of financial assets at fair value through profit or loss 2,723 27,748 18,529 154,385
Gain on valuations of financial liabilities at fair value through profit or loss — 2,713 — 236,931
Others 2,297 3,364 7,446 8,262
~~W~~ 227,220 771,393 2,295,952 3,293,716
Finance costs
Interest expenses ~~W~~ 266,566 268,101 791,825 787,113
Loss on foreign currency transactions 273,528 375,354 982,274 929,150
Loss on foreign currency translations (3,415 ) (17,473 ) 476,434 1,007,861
Loss on derivatives transactions 141,980 92,673 381,217 234,613
Loss on valuation of derivatives (369,695 ) (2,558 ) 126,272 61,055
Loss on disposal of trade accounts and notes receivable 17,432 19,429 58,381 57,778
Loss on disposals of financial assets at fair value through profit or loss 54 741 3,390 16,238
Loss on valuations of financial assets at fair value through profit or loss 7,182 17,317 23,733 44,455
Loss on valuations of financial liabilities at fair value through profit or loss 312 — 1,315 —
Others 9,634 14,362 37,996 41,055
~~W~~ 343,578 767,946 2,882,837 3,179,318

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

29. Other Non-Operating Income and Expenses

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

(in millions of Won) For the three-month periods<br>ended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Other non-operating income
Recovery of other bad debt expenses ~~W~~ 2,131 3,184 3,780 6,875
Gain on disposals of investment in subsidiaries, associates and joint ventures 4,205 2,494 29,178 9,590
Gain on disposals of property, plant and equipment 10,021 2,029 32,039 14,079
Gain on disposal of assets held for sale 1,524 705 53,672 705
Gain on valuation of firm commitment 6,760 10,586 25,415 41,909
Reversal of other provisions — 5,803 7,427 8,043
Insurance benefit income 8,791 175 10,675 782
Gain on disposals of emission rights 4 (13,341 ) 8 2
Others 18,363 43,262 73,126 99,608
~~W~~ 51,799 54,897 235,320 181,593
Other non-operating expenses
Other bad debt expenses ~~W~~ 6,996 8,861 20,486 20,460
Loss on disposals of investments in subsidiaries, associates and joint ventures 30,512 (55 ) 31,264 42,539
Loss on disposals of property, plant and equipment 29,112 19,951 82,146 56,291
Impairment loss on property, plant and equipment (12 ) 116,278 113,147 179,400
Impairment loss on intangible assets 16,770 351 42,448 362
Loss on disposal of assets held for sale(*1) 5,624 18 6,277 34,830
Loss on valuation of firm commitment 465 9,222 20,785 28,366
Donations 33,060 6,353 64,910 41,424
Idle tangible asset expenses 1,311 (422 ) 3,797 1,919
Increase to provisions 3,909 6,646 8,552 13,839
Others 22,165 11,204 59,867 53,790
~~W~~ 149,912 178,407 453,679 473,220

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September 30, 2025 and 2024 (Unaudited)

30. Expenses by Nature

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Raw material used, changes in inventories and others ~~W~~ 11,139,744 11,559,948 30,593,613 32,047,240
Employee benefits expenses 1,310,035 1,223,901 3,782,542 3,640,771
Outsourced processing cost 1,998,278 2,463,406 6,324,245 7,785,600
Electricity and water expenses 350,904 277,401 1,028,808 860,611
Depreciation(*1) 922,491 941,483 2,740,683 2,629,545
Amortization 105,762 115,833 326,815 352,394
Freight and custody expenses 420,214 637,633 1,787,684 1,881,609
Sales commissions 27,101 17,222 66,475 58,979
Loss on disposal of property, plant and equipment 29,112 19,951 82,146 56,291
Impairment loss on property, plant and equipment (12 ) 116,278 113,147 179,400
Impariment loss on intangible assets 16,770 351 42,448 362
Donations 33,060 6,353 64,910 41,424
Other expenses 418,728 376,848 3,939,188 3,743,804
~~W~~ 16,772,187 17,756,608 50,892,704 53,278,030
(*1) Including depreciation of investment property.
--- ---

31. Income Taxes

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

(a) Application of the Consolidated Tax Payment System

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

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

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

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(b) Global minimum tax

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

32. Earnings per Share

(a) Basic earnings per share for each of the three-month and nine-month periods ended September 30, 2025 and<br>2024 are as follows:
(in Won, except per share information) For the three-month periods<br>ended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Profit attributable to controlling interest ~~W~~ 420,845,012,935 452,654,013,695 883,005,591,639 1,523,302,524,204
Weighted-average number of common shares outstanding(*1) 75,620,779 75,699,376 75,620,779 75,816,833
Basic earnings per share ~~W~~ 5,565 5,980 11,677 20,092
(shares) For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Total number of common shares issued 80,932,952 83,297,040 81,490,565 84,143,400
Weighted-average number of treasury shares (5,312,173 ) (7,597,664 ) (5,869,786 ) (8,326,567 )
Weighted-average number of common shares outstanding 75,620,779 75,699,376 75,620,779 75,816,833
(*1) The weighted-average number of common shares used to calculate basic earnings per share is as follows:<br>
--- ---

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

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(b) Diluted earnings per share for the three-month and nine-month period ended September 30, 2024 are<br>calculated as follows:
(in Won, except share information) For the three-month periodended September 30, 2024 For the nine-month periodended September 30, 2024
--- --- --- --- --- --- ---
Profit attributable to controlling interest ~~W~~ 452,654,013,695 1,523,302,524,204
Loss on revaluation of exchangeable bonds considering exchange rates (8,425,258,347 ) (138,904,137,256 )
Adjusted weighted-average number of common shares outstanding(*1) 78,013,947 78,757,791
Diluted earnings per share ~~W~~ 5,694 17,578
(*1) The weighted-average number of common shares outstanding used to calculate diluted earnings per share is as<br>follows:
--- ---
(shares) For the three-month periodended September 30, 2024 For the nine-month periodended September 30, 2024
--- --- --- --- ---
Weighted-average number of common shares outstanding 75,699,376 75,816,833
Weighted-average number of potential common shares 2,314,571 2,940,958
Adjusted weighted-average number of common shares 78,013,947 78,757,791

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September 30, 2025 and 2024 (Unaudited)

33. Related Party Transactions

(a) Related **** parties of the Group as of September 30, 2025 are as follows:
Type Company
--- ---
Investments in associates and joint ventures [Domestic]<br> <br>POSCO MC MATERIALS, Samcheok Blue<br>Power Co.,Ltd.,<br> <br>SNNC and others.
[Foreign]<br> <br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO,<br> <br>PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd,<br><br><br>South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc.,<br><br><br>KOREA LNG LTD., Nickel Mining Company SAS and others.
(b) Material transactions between the Group and the related parties for each of the nine-month periods ended<br>September 30, 2025 and 2024 are as follows:
--- ---
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Sales and others(*1) Purchase and others
--- --- --- --- --- --- --- --- --- --- ---
Sales Dividends Others Purchase ofmaterial Others
Associates and joint ventures(*1)
New Songdo International City Development, LLC ~~W~~ 46,194 — — — 54
SNNC 68,058 — 512 428,954 3,509
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER 42,637 — — 4 —
Gunggi Green Energy 7,103 — — — 938
POS-SEAHSTEEL WIRE (TIANJIN) CO., Ltd 8,759 — — — —
POS SeAH Steel Wire(Nantong) Co., Ltd. 39,878 — — 258 —
South-East Asia Gas Pipeline Company Ltd. — 26,653 — — —
POSCO MC MATERIALS 101,698 3,000 1,486 4,937 557
Samcheok Blue Power Co., Ltd. 202,841 2,795 352 — 684
POSCO(Guangdong) Automotive Steel Co., Ltd 149,410 — — 186,803 —
HBIS-POSCO Automotive Steel Co., Ltd 20,819 — — 29,313 —
Roy Hill Holdings Pty Ltd — 164,092 — 1,102,161 —
Others 157,492 98,867 1,372 312,156 37,346
~~W~~ 844,889 295,407 3,722 2,064,586 43,088
(*1) As of September 30, 2025, the Group provides payment guarantees to the related parties (see Note 34).<br>
--- ---

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2) For the nine-month period ended September 30, 2024
(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~~ 163,004 — 1,427 — 136
SNNC 84,760 — 12 273,107 1,342
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER 37,595 — — 782 —
Gunggi Green Energy 24,803 — — — 5,238
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd 10,106 — — — —
POSCO SeAH Steel Wire(Nantong) Co., Ltd. 38,199 — — 241 —
South-East Asia Gas Pipeline Company Ltd. — 41,843 — — —
POSCO MC MATERIALS 99,021 1,800 — 5,324 303
Samcheok Blue Power Co., Ltd. 234,445 8,208 687 — —
Pocheon-Hwado Highway Corp. 56,516 — — — 1
POSCO(Guangdong) Automotive Steel Co., Ltd 209,708 — — 237,225 —
HBIS-POSCO Automotive Steel Co., Ltd 32,117 — — 16,714 —
Roy Hill Holdings Pty Ltd 249 253,262 9,680 1,362,711 —
Others 83,752 105,101 3,957 145,873 242,498
~~W~~ 1,074,275 410,214 15,763 2,041,977 249,518
(*1) As of September 30, 2024, the Group provides payment guarantees to the related parties (see Note 34).<br>
--- ---
(c) The balances of receivables and payables arising from significant transactions between the Group and the<br>related parties as of September 30, 2025 and December 31, 2024 are as follows:
--- ---
1) September 30, 2025
--- ---
(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~~ 32,267 — 1,651 33,918 — 3,827 3,827
Gunggi Green Energy 13,216 — 14,831 28,047 — 813 813
POSCO(Guangdong) Automotive Steel Co., Ltd 38,960 10,018 — 48,978 37,691 — 37,691
AMCI (WA) PTY LTD — 141,482 — 141,482 — — —
HBIS-POSCO Automotive Steel Co., Ltd 4,277 — — 4,277 4,394 524 4,918
POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd 3,549 — — 3,549 — — —
Samcheok Blue Power Co., Ltd. 271,108 — 177 271,285 — 385 385
Nickel Mining Company SAS — 74,003 3,126 77,129 — 358 358
POS-SeAH Steel Wire(Nantong) Co., Ltd. 14,103 — — 14,103 145 — 145
POSCO MC MATERIALS 11,348 — 194 11,542 890 439 1,329
Pocheon-Hwado Highway Corp. 5,491 — — 5,491 — 2 2
UITrans LRT Co., Ltd. — 39,333 96 39,429 — — —
Roy Hill Holdings Pty Ltd 36,895 — 9,224 46,119 339,025 — 339,025
SNNC 11,289 — 53 11,342 10,655 437 11,092
FQM Australia Holdings Pty Ltd — 283,321 — 283,321 — — —
Others 26,849 20,481 135,037 182,367 47,701 79,452 127,153
~~W~~ 469,352 568,638 164,389 1,202,379 440,501 86,237 526,738
(*1) As of September 30, 2025, the Group recognizes an allowance for doubtful account for receivables above<br>amounting to ~~W~~515,005 million.
--- ---

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2) December 31, 2024
(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~~ 96,730 — 1,657 98,387 — 30,087 30,087
Gunggi Green Energy 5,846 — 10,706 16,552 — 567 567
POSCO (Guangdong) Automotive Steel Co., Ltd 46,547 6,162 — 52,709 48,866 — 48,866
AMCI (WA) PTY LTD — 142,767 — 142,767 — — —
HBIS-POSCO Automotive Steel Co., Ltd 13,924 — — 13,924 5,483 1,922 7,405
POS-SEAHSTEELWIRE (TIANJIN) CO., Ltd 5,970 — — 5,970 — — —
Samcheok Blue Power Co., Ltd. 189,173 — 148 189,321 — 77,187 77,187
Nickel Mining Company SAS — 68,793 122 68,915 — 358 358
POS-SeAH Steel Wire (Nantong) Co., Ltd. 19,628 — — 19,628 — — —
POSCO MC MATERIALS 14,544 — 168 14,712 1,314 357 1,671
Pocheon-Hwado Highway Corp. 10,985 — — 10,985 — — —
UITrans LRT Co., Ltd. 13,592 51,051 9,187 73,830 — — —
Roy Hill Holdings Pty Ltd 25,023 — 8,836 33,859 356,234 25 356,259
SNNC 12,861 — 70 12,931 10,322 1,298 11,620
FQM Australia Holdings Pty Ltd — 292,764 — 292,764 — — —
Others 27,728 19,730 138,239 185,697 10,168 10,129 20,297
~~W~~ 482,551 581,267 169,133 1,232,951 432,387 121,930 554,317
(*1) As of December 31, 2024, the Group recognizes an allowance for doubtful account for receivables above<br>amounting to ~~W~~506,673 million.
--- ---
(d) Major financial transactions between the Group and the related parties for the nine-month period ended<br>September 30, 2025 and the year ended December 31, 2024 are as follows:
--- ---
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Beginning 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 — (2,454 ) 1,712 3,112
Nickel Mining Company SAS 68,793 — — 5,210 74,003
KRAKATAU POS-CHEM<br>DONG-SUH CHEMICAL 1,470 — (1,413 ) (57 ) —
Hyo-chun Co., Ltd. 2,382 — — 413 2,795
AMCI (WA) PTY LTD 142,767 68 (2,662 ) 1,309 141,482
POS-AUSTEM WUHAN AUTOMOTIVE CO., LTD 5,636 — (1,369 ) (134 ) 4,133
FQM Australia Holdings Pty Ltd 292,764 — — (9,443 ) 283,321
POHANG E&E Co., LTD 3,228 1,344 — — 4,572
POSCO (Guangdong) Automotive Steel Co., Ltd. 6,162 47,751 (43,785 ) (110 ) 10,018
Gale International Korea, LLC 100 234 — — 334
P&O Chemical Co., Ltd. 3,060 — — (3,060 ) —
CAML — 5,433 — 102 5,535
~~W~~ 581,267 54,830 (63,401 ) (4,058 ) 568,638
(*1) Including adjustments of foreign currency translation differences and others.
--- ---

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2) For the year ended December 31, 2024
(in millions of Won) Beginning Lend Collect Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- ---
Associates and joint ventures
UITrans LRT Co., Ltd. ~~W~~ 46,335 4,718 — (2 ) 51,051
PT. Tanggamus Electric Power 4,826 — (1,288 ) 316 3,854
Nickel Mining Company SAS 64,197 — — 4,596 68,793
KRAKATAU POS-CHEM<br>DONG-SUH CHEMICAL 2,579 — (1,379 ) 270 1,470
Hyo-chun Co., Ltd. 2,382 — — — 2,382
AMCI (WA) PTY LTD 112,177 6,499 — 24,091 142,767
POS-AUSTEM WUHAN AUTOMOTIVE CO., LTD 5,158 — — 478 5,636
FQM Australia Holdings Pty Ltd 256,938 3,126 — 32,700 292,764
POHANG E&E Co., LTD 1,646 1,582 — — 3,228
POSCO (Guangdong) Automotive Steel Co., Ltd. 14,332 59,402 (68,294 ) 722 6,162
Gale International Korea, LLC — 100 — — 100
P&O Chemical Co., Ltd. — 3,060 — — 3,060
~~W~~ 510,570 78,487 (70,961 ) 63,171 581,267
(*1) Including adjusted foreign currency translation differences and others.
--- ---
(e) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional<br>investments in associates and joint ventures and others amounting to ~~W~~167,792 million and ~~W~~166,147 million, respectively.
--- ---
(f) For each of the nine-month periods ended September 30, 2025 and 2024, details of compensation to key<br>management officers are as follows:
--- ---
(in millions of Won) September 30, 2025 September 30, 2024
--- --- --- --- ---
Short-term benefits ~~W~~ 127,598 123,032
Long-term benefits 4,131 7,754
Retirement benefits 16,692 19,865
~~W~~ 148,421 150,651

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

34. Commitments and Contingencies

(a) Contingent liabilities

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

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

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

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(b) Details of guarantees
1) Contingent liabilities from outstanding guarantees provided by the Group as of September 30, 2025 are as<br>follows:
--- ---
(in millions of Won) Guarantee limit Guarantee amount
--- --- --- --- --- --- --- --- --- --- --- ---
Guarantor Guarantee beneficiary Financial institution Foreign currency Won equivalent Foreign currency Won equivalent
[The Company]
POSCO HOLDINGS INC. POSCO Asia Co., Ltd. ING Bank and others USD 200,000,000 280,440 25,000,000 35,055
POSCO Argentina S.A.U HSBC and others USD 1,079,900,000 1,514,236 1,012,383,833 1,419,565
POSCO POSCO ASSAN TST STEEL INDUSTRY Inc Citibank and others USD 122,850,000 172,260 122,850,000 172,260
POSCO INTERNATIONAL Corporation PT. Bio Inti Agrindo KEB Hana Indonesia and others IDR 631,200,000,000 53,084 631,200,000,000 53,084
POSCO ASSAN TST STEEL INDUSTRY Woori Bank Hong Kong and others USD 13,650,000 19,140 13,650,000 19,140
POSCO INTERNATIONAL Deutschland GmbH Bank Mendes Gans Amsterdam USD 50,000,000 70,110 10,555,200 14,801
POSCO INTERNATIONAL JAPAN Corp. — —
POSCO INTERNATIONAL AMERICA Corp. — —
POSCO INTERNATIONAL SINGAPORE Pte. Ltd. — —
POSCO INTERNATIONAL Malaysia SDN BHD — —
POSCO INTERNATIONAL ITALIA S.R.L. — —
POSCO INTERNATIONAL MEXICOS.A. de C.V. — —
POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD 1,000,000 1,402
POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. — —
POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o — —
POSCO INTERNATIONAL E&P MALAYSIA SDN. BHD. SC MALAYSIA USD 5,000,000 7,011 5,000,000 7,011
PT. KRAKATAU POSCO ENERGY POSCO Asia Co., Ltd. and others USD 102,903,407 144,291 35,350,000 49,568
POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V. Export-Import Bank of Korea and others USD 52,054,800 72,991 51,379,000 72,044
POSCO INTERNATIONAL POLAND E-MOBILITY SP. Z O.O. BNP Paribas Polska S.A. EUR 23,678,000 38,938 12,000,000 19,734
PT POSCO INTERNATIONAL ENP INDONESIA PT Bank Negara Indonesia USD 750,000 1,052 750,000 1,052
AGPA PTE. LTD. SMBC Singapore USD 20,880,000 29,278 20,880,000 29,278
POSCO STEELEON CO.,LTD. Myanmar POSCO C&C Company, Limited. POSCO Asia Co., Ltd. CNY 121,678,106 23,949 101,398,422 19,957
POSCO FUTURE M CO., LTD. ULTIUM CAM LIMITED PARTNERSHIP Investissement Quebec, Strategic Innovation Fund CAD 299,562,500 301,866 232,265,400 234,052
[Associates and joint ventures]
POSCO HOLDINGS INC. Nickel Mining Company SAS ING Bank EUR 46,000,000 75,647 46,000,000 75,647
PT. Nicole Metal Industry STANDARD CHARTERED USD 39,200,000 54,966 35,824,311 50,233
POSCO POSUK Titanium LLP Shinhan Bank USD 12,750,000 17,878 12,750,000 17,878
POSCO INTERNATIONAL Corporation GLOBAL KOMSCO Daewoo LLC Hana Bank Bahrain USD 6,650,000 9,325 4,200,000 5,889
POSCO Eco & Challenge Co., Ltd. Chun-cheon Energy Co., Ltd Kookmin Bank and others KRW 149,200 149,200 117,980 117,980
[Others]
POSCO Eco & Challenge Co., Ltd. Subcontractors for maintenance projects, etc. Kookmin Bank and others KRW 380,652 380,652 174,539 174,539
POSCO AUSTRALIA PTY LTD Department of Trade and Investment (NSW Government) and others Woori Bank and others AUD 18,744,862 17,290 18,744,862 17,290
POSCO COATED STEEL (THAILAND) CO., LTD. AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others SC Bank THB 54,614,000 2,377 54,614,000 2,377
BUREAU OF INDIAN STANDARDS (BIS) SC Bank USD 10,000 14 10,000 14
POSCO Maharashtra Steel Private Limited Gail India and others Deutsche Bank and others INR 928,835,426 14,685 928,835,426 14,685

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2) Details of credit enhancements by type of the Group’s PF business as of September 30, 2025 are as<br>follows:
① Maintenance projects and others
--- ---
a. The information about the maturity of the loans related to PF credit enhancements such as debt acceptance and<br>fund 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~2 years 2 years~3 years After3 years
[The Company]
POSCO Eco & Challenge Co., Ltd. Other projects JB CLARK HILLS CORP Main PF Debt assumption ~~W~~ 44,590 37,158 37,158 37,158 — — — — —
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd. Other projects New Songdo International City Development, LLC Mortgage loan Debt assumption 494,000 314,100 314,100 — — 72,900 241,200 — —
[Others]
POSCO Eco & Challenge Co., Ltd. Maintenance projects Bangbae Shindonga Apartment Reconstruction and Maintenance Project Association, etc. Main PF Debt assumption 1,040,316 484,246 484,246 — — 58,000 140,097 53,200 232,949
Other projects Civic Center PFV Main PF Debt assumption 45,000 45,000 45,000 — — — — — 45,000
Other projects LandmarkSewoon Main PF Debt assumption 50,000 50,000 50,000 — — — — — 50,000
Other projects DAON INP Co., Ltd. Main PF Joint guarantee 36,000 18,800 18,800 — 18,800 — — — —
Other projects Jeonju Eco-city Main PF Debt assumption 53,300 22,800 22,800 — — 22,800 — — —
Other projects Apcity HNG Main PF Debt assumption 10,000 10,000 10,000 — 10,000 — — — —
Other projects ISLAND ONE CO., LTD. Main PF Debt assumption 50,000 50,000 50,000 — — — — 50,000 —
POSCO DX Other projects Jeonnong school keeper co. and others(*2) Main PF Supplemental funding agreement 123,309 38,595 38,595 — — — — 1,672 36,923
1,407,925 719,441 719,441 — 28,800 80,800 140,097 104,872 364,872
~~W~~ 1,946,515 1,070,699 1,070,699 37,158 28,800 153,700 381,297 104,872 364,872
(*1) The maintenance project mainly consists of reconstruction and condominium construction projects, and other<br>projects consist of constructions of office buildings, retail shops, warehouses, and educational facilities.
--- ---
(*2) The obligation to supplement funding has been included in the Group’s proportionate interests. The<br>execution amount of the supplement funding obligation may vary depending on the fulfillment of such obligations by other construction investors or operational investors (Including other interests: guarantee limit of<br>~~W~~1,122,320 million, outstanding loan balance of ~~W~~354,887 million).
--- ---
b. Details of conditional debt acceptance and principal and interest repayment commitments in the event of non-compliance with completion guarantee covenant as of September 30, 2025 are as follows:
--- ---
(in millions of Won) Number of constructions Contract amount Contingency amount(*1)(*2) Balance of loans
--- --- --- --- --- --- --- --- --- ---
Maintenance projects All 20 ~~W~~ 9,317,237 3,679,641 2,057,583
Between the Group 20 6,863,586 2,646,897 1,345,859
Other projects All 1 2,197,729 5,350,000 1,335,900
Between the Group 1 2,197,729 5,350,000 1,335,900
All 21 11,514,966 9,029,641 3,393,483
Between the Group 21 ~~W~~ 9,061,315 7,996,897 2,681,759
(*1) The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan<br>origination amounts to ~~W~~28,305 million for maintenance projects.
--- ---
(*2) In the case of joint subcontracting projects, the total joint guarantee amount of the project participants has<br>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.
--- ---

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

c. Details of contingent liability for damages in the event of<br>non-compliance with construction completion covenant as of September 30, 2025 are as follows:
(in millions of Won) Number of constructions Contract amount Contingency amount(*1)(*2) Balance of loans
--- --- --- --- --- --- --- --- --- ---
Maintenance projects All 1 ~~W~~ 316,398 76,000 31,253
Between the Group 1 316,398 76,000 31,253
Other projects All 34 10,963,081 11,556,700 7,788,988
Between the Group 34 10,334,984 11,167,354 7,481,389
All 35 11,279,479 11,632,700 7,820,241
Between the Group 35 ~~W~~ 10,651,382 11,243,354 7,512,642
(*1) The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan<br>origination amounts to ~~W~~173,800 million for the maintenance projects.
--- ---
(*2) In the case of joint subcontracting projects, the total joint guarantee amount of the project participants has<br>been disclosed. However, the final execution amount of completion guarantee may vary depending on factors such as the reasons attributable to the project participants upon actual execution of the completion guarantee.
--- ---
② SOC projects
--- ---
(in millions of Won)
--- --- --- --- --- --- --- --- ---
Provider Recipient Credit enhancementmeasures Number ofconstructions Approvedamount Remainingbalanceafter repayment
[Associates and joint ventures]
POSCO DX Pocheon-Hwado Highway Corp.(*1) Providing funds 1 ~~W~~ 24,923 22,265
POSCO Eco & Challenge Co., Ltd. Pocheon-Hwado Highway Corp.(*1) Providing funds 1 319,515 285,439
POHANG E&E Co., LTD(*2) Providing funds and supplemental funding agreement 2 71,930 40,444
Pureun Tongyeong Enviro Co., Ltd.(*2) Providing funds 1 25,630 10,088
Pure Gimpo.Co.,Ltd(*2) Providing funds 1 51,565 21,699
Clean Iksan Co.,Ltd(*2) Providing funds 1 44,054 20,644
7 537,617 400,579
[Others]
POSCO DX Western Inland highway CO.,LTD. Providing funds 1 47,348 32,668
Busan Sanseong Tunnel Refinancing 1 7,621 7,621
POSCO Eco & Challenge Co., Ltd. Western Seoul highway CO.,LTD. and others Supplemental funding agreement 11 63,683 28,201
Western Inland highway CO.,LTD. and others Providing funds 42 2,778,848 1,566,941
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 1,663,621
64 ~~W~~ 3,472,663 2,064,200
(*1) The Group provides a funding commitment of ~~W~~307,704 million (including other shares:<br>~~W~~556,628 million) equivalent to the Group’s share of the loan balance for the private investment project.
--- ---
(*2) The Group provides a funding commitment of ~~W~~90,047 million (including other shares:<br>~~W~~ 166,323 million) equivalent to the Group’s share of the loan balance for the private investment project.
--- ---

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

3) Other guarantees
① As of September 30, 2025, the payment guarantees that the Group provides to clients, such as contract<br>performance guarantees, installment guarantees, and defect guarantees, by purchasing insurance policies from guarantee insurance companies or issuing guarantee certificates are as follows:
--- ---
(in millions of Won)
--- --- --- --- --- --- --- ---
Provider of creditenhancement Recipient of creditenhancement Types of guarantees Agreedamount Executedamount Guarantor
[Subsidiaries]
POSCO Eco & Challenge Co., Ltd. Ventanas Philippines Construction Inc Guarantee on performance for contracts and others ~~W~~ 10,946 10,946 Credit Agricole and others
POSCO GYR Tech POSCO and others Defect liability warranty 194 194 CI Guarantee
11,140 11,140
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd. PT. Tanggamus Electric Power Letter of credit 2,812 2,812 Hana Bank
PT. Wampu Electric Power Letter of credit 2,524 2,524 Hana Bank
5,336 5,336
[Others]
POSCO Eco & Challenge Co., Ltd. DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd and others Guarantee on performance for construction and others 9,276,362 7,968,734 Construction Guarantee Cooperative
POSCO WIDE Co., Ltd Human Eco-Land Co., Ltd. Guarantee on performance and others 3,050 3,050 Seoul Guarantee Insurance
POSCO GYR Tech KEPCO Plant Service & Engineering Co., Ltd. and others Defect liability warranty 19 19 CI Guarantee
9,279,431 7,971,803
~~W~~ 9,295,907 7,988,279
② As of September 30, 2025, the primary payment guarantees and other guarantees that the Group is provided<br>from the guarantee institution are as follows:
--- ---
(in millions of Won)
--- --- --- --- --- ---
Provider Types of guarantees Agreed amount Executed amount
Construction Guarantee Cooperative Subcontractor Payment Guarantee and others ~~W~~ 4,926,034 4,926,034
Engineering guarantee insurance Guarantee on performance for EPC contracts and others 913,756 619,836
Seoul Guarantee Insurance Construction performance guarantee and others 554,469 554,469
Korea Housing & Urban Guarantee Corporation Housing Guarantee and others 4,773,240 4,767,553
Woori Bank and others Foreign currency guarantee 1,914,475 861,968
Korea software financial cooperative Guarantee on performance for contracts 121,202 121,202
Seoul Guarantee Insurance Guarantee on performance and others 107,819 107,819
CI Guarantee Defect liability warranty 213 213
~~W~~ 13,311,208 11,959,094

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) Other commitments

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

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

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) Litigation in progress

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

(e) Other major contingencies for the Group as of September 30, 2025 are as follows:
Company Description
--- ---
POSCO HOLDINGS INC. POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings.<br><br><br><br> <br>The Company has a joint obligation with the company newly established through spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.
POSCO INTERNATIONAL Corporation As of September 30, 2025, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 15 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and<br>others.
POSCO Eco & Challenge Co., Ltd. As of September 30, 2025, POSCO Eco & Challenge Co., Ltd. has provided 38 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans.
POSCO DX As of September 30, 2025, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others.

35. Cash Flows from Operating Activities

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

(in millions of Won) September 30, 2025 September 30, 2024
Trade accounts and notes receivable ~~W~~ (1,357,268 ) 57,694
Other receivables (63,759 ) (216,705 )
Inventories 1,223,573 312,139
Other current assets (210,942 ) (26,464 )
Other non-current assets 60,286 (21,825 )
Trade accounts and notes payable (823,357 ) (245,564 )
Other payables (153,394 ) (116,490 )
Other current liabilities 121,815 37,423
Provisions (78,419 ) (186,254 )
Usufruct — 101,557
Payments of severance benefits (272,129 ) (309,176 )
Plan assets 258,776 194,123
Other non-current liabilities (13,056 ) (31,304 )
~~W~~ (1,307,874 ) (450,846 )

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

36. Operating Segments

(a) The Group’s operating businesses are organized based on the nature of markets and customers. Operating<br>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<br>previous quarter in accordance with the changes in the operating segments.
Segment assets, liabilities and profit (loss) are generally measured based on separate financial statements in<br>accordance with KIFRS of the subsidiaries that constitute reportable operating segments.
---
Meanwhile, the Group has classified the business segment, and the subsidiaries in each segments are as follows:<br>
---
Operating segments Main Business
--- --- ---
Steel Manufacture and sales of steel products
infrastructure Trading Supply and purchase transactions between domestic and foreign companies, power generation, and resource development
Construction Design, production and construction of steel mills and their facilities, commercial and residential facilities, etc.
Logistics and others Logistics, network and system integration business
Rechargeable battery Materials EV battery materials such as lithium, nickel, negative/cathode materials
Others POSCO HOLDINGS. INC., Controlling company and Investment business

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

(b) The information about reportable segments for each of the nine-month periods ended September 30, 2025 and<br>2024 is as follows:
1) For the nine-month period ended September 30, 2025
--- ---
Infrastructure Rechargeable battery<br>materials
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(In millions of Won) Steel Trading Construction Logistics and others Others Total
External revenues ~~W~~ 28,185,219 18,007,807 4,052,334 212,192 1,758,600 37,253 52,253,405
Internal revenues 16,692,407 13,720,109 1,271,332 2,425,274 935,407 1,266,585 36,311,114
Inter segment revenues 10,399,005 6,204,996 1,215,184 2,402,558 797,576 1,251,229 22,270,548
Total revenues 44,877,626 31,727,916 5,323,666 2,637,466 2,694,007 1,303,838 88,564,519
Segment profits (loss) 1,037,666 449,262 (318,849 ) 57,284 (413,919 ) 965,888 1,777,332

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Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) For the nine-month period ended September 30, 2024
Infrastructure Rechargeable battery<br>materials
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions of Won) Steel Construction Trading Logistics and others Others Total
External revenues ~~W~~ 29,436,774 17,200,766 5,586,634 279,312 2,321,868 57,645 54,882,999
Internal revenues 17,125,375 15,402,898 1,889,536 2,763,952 746,939 1,485,193 39,413,893
Inter segment revenues 11,161,623 7,119,429 1,801,395 2,752,776 721,458 1,467,893 25,024,574
Total revenues 46,562,149 32,603,664 7,476,170 3,043,264 3,068,807 1,542,838 94,296,892
Segment profits 697,542 659,154 62,528 97,423 (65,415 ) 1,442,488 2,893,720
(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 for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:
--- ---
(in millions of Won) September 30, 2025 September 30, 2024
--- --- --- --- --- --- ---
Total profit for the period ~~W~~ 1,777,332 2,893,720
Fair value adjustments (47,418 ) (30,389 )
Elimination of intra-group transactions (914,920 ) (1,212,476 )
Income tax expense 440,488 492,511
Profit before income tax expense ~~W~~ 1,255,482 2,143,366

37. Events after the reporting period

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay<br>interim cash dividends of ~~W~~2,500 per common share (Total dividends: ~~W~~ 189.1 billion).
(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire<br>a 30% stake in a newly established company by Mineral Resources Ltd., located in Australia, to strengthen cost competitiveness in the lithium business through investment in high-quality resources. The investment amount is USD 765 million.<br>
--- ---
(c) POSCO Future M Co., Ltd., a subsidiary, entered into a debt guarantee agreement on October 1, 2025, for<br>the borrowings of its subsidiary Ultium CAM LP. The debt and guarantee amount is USD 100,000,000, and the guarantee period lasts until the maturity date of the relevant borrowings, which is September 29, 2028.
--- ---

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

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

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Interim condensed separate financial statements

foreach of the nine-month periods ended September 30, 2025 and 2024

with the independent auditor’s review report

Table of Contents

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Page
Report on review of interim condensed separate financial statements 1
Interim condensed separate financial statements 3
Interim condensed separate statements of financial<br>position 4
Interim condensed separate statements of comprehensive<br>income 6
Interim condensed separate statements of changes in<br>equity 7
Interim condensed separate statements of cash flows 8
Notes to the interim condensed separate financial<br>statements 10
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LOGO

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

Management’s responsibility for the interim condensed separate financialstatements

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

Auditor’s responsibility

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

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

Conclusion

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

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LOGO

Other matters

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

November 14, 2025

This review report is effective as of November 14, 2025, the independent auditor’s<br>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<br>circumstances could significantly affect the accompanying interim condensed separate financial statements and may result in modification to this review report.

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POSCO HOLDINGS INC.

Interim condensed separate financial statements

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

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

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

Ju tae Lee

Representative Director & President

POSCO HOLDINGS INC.

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POSCO HOLDINGS INC.

Interim condensed separate statements of financial position

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

(in millions of Won) Notes September 30,2025(unaudited) December 31,2024
Assets
Cash and cash equivalents 19,32 ~~W~~ 514,070 409,387
Trade accounts and notes receivable, net 4,19,30,32 146,205 178,822
Other receivables, net 5,19,30,32 285,676 21,388
Other short-term financial assets 6,19,32 3,365,200 2,686,420
Assets held for sale 7 225,724 467,796
Current income tax assets 28 — 27,940
Other current assets 12 2,294 1,716
Total current assets 4,539,169 3,793,469
Other receivables, net 5,19,30 21,176 14,894
Other long-term financial assets 6,19 466,502 421,822
Investments in subsidiaries, associates and joint ventures 8 46,405,479 45,631,965
Investment property, net 9 321,402 328,372
Property, plant and equipment, net 10 568,628 415,993
Intangible assets, net 11 24,690 21,461
Other non-current assets 12 1,062 5,821
Total non-current assets 47,808,939 46,840,328
Total assets ~~W~~ 52,348,108 50,633,797

(continued)

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POSCO HOLDINGS INC.

Interim condensed separate statements of financial position, continued

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

(in millions of Won) Notes September 30,2025(unaudited) December 31,2024
Liabilities
Short-term borrowings and current portion of long-term borrowings 13,19 ~~W~~ 43,426 39,053
Other current payables 14,30 77,014 50,356
Other short-term financial liabilities 15,19 21,510 18,302
Provisions 16 43,528 46,268
Current income tax liabilities 28 226,668 —
Other current liabilities 18 6,672 8,852
Total current liabilities 418,818 162,831
Long-term borrowings, excluding current portion 13 972,256 1,500
Other non-current payables 14,19,30 34,762 30,783
Defined benefit liabilities, net 17 5,940 1,296
Deferred tax liabilities 28 2,304,063 2,246,030
Long-term provisions 16 3,383 —
Other non-current liabilities 18 1,626 2,327
Total non-current liabilities 3,322,030 2,281,936
Total liabilities 3,740,848 2,444,767
Equity
Share capital 20 482,403 482,403
Capital surplus 20 1,367,990 1,367,990
Accumulated other comprehensive income (loss) 21 (48,374 ) (62,645 )
Treasury shares 22 (1,176,317 ) (1,550,862 )
Retained earnings 47,981,558 47,952,144
Total equity 48,607,260 48,189,030
Total liabilities and equity ~~W~~ 52,348,108 50,633,797

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

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POSCO HOLDINGS INC.

Interim condensed separate statements of comprehensive income

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

ended September 30, 2025 and 2024 (Unaudited)

(in millions of Won, except per share informations) For the three-month periodended September 30(Unaudited) For the nine-month periodended September 30(Unaudited)
Notes 2025 2024 2025 2024
Operating revenue 23,30 ~~W~~ 412,803 402,268 1,232,268 1,460,868
Operating expenses 24 (104,106 ) (92,447 ) (306,750 ) (281,956 )
Operating profit 308,697 309,821 925,518 1,178,912
Finance income and costs 19,25
Finance income 15,538 56,357 143,117 399,638
Finance costs 20,425 (17,648 ) (64,309 ) (80,106 )
Other non-operating income and expenses 26
Other non-operating income 251 676 2,199 2,243
Other non-operating expenses (10,511 ) (699 ) (24,906 ) (5,970 )
Profit before income tax 334,400 348,507 981,619 1,494,717
Income tax benefit (expense) 28 543 (13,513 ) (11,773 ) (26,145 )
Profit 334,943 334,994 969,846 1,468,572
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans 17 (10 ) (11 ) (87 ) (243 )
Net changes in fair value of equity investments <br>at fair value through other comprehensive<br>income 6,21 65,352 30,727 15,628 (35,849 )
Total comprehensive income ~~W~~ 400,285 365,710 985,387 1,432,480
Earnings per share (in Won) 29
Basic earnings per share (in Won) 4,429 4,425 12,825 19,370
Diluted earnings per share (in Won) ~~W~~ 4,429 4,186 12,825 16,883

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

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POSCO HOLDINGS INC.

Interim condensed separate statements of changes in equity

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

(in millions of Won) Sharecapital Capitalsurplus AccumulatedOtherComprehensiveIncome (loss) Treasuryshares Retainedearnings Total
Balance as of January 1, 2024 ~~W~~ 482,403 1,370,557 30,678 (1,889,658 ) 47,505,885 47,499,865
Comprehensive income:
Profit for the period — — — — 1,468,572 1,468,572
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax — — — — (243 ) (243 )
Net changes in fair value of equity investments <br>at fair value through other comprehensive<br>income, net of tax — — (54,004 ) — 18,156 (35,848 )
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends — — — — (189,691 ) (189,691 )
Interim dividends — — — — (379,381 ) (379,381 )
Acquisition of treasury shares — — — (92,311 ) — (92,311 )
Retirement of treasury shares — — — 431,107 (431,107 ) —
Share-based payment — (2,567 ) — — — (2,567 )
Balance as of September 30, 2024 (Unaudited) ~~W~~ 482,403 1,367,990 (23,326 ) (1,550,862 ) 47,992,191 48,268,396
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 — — — — 969,846 969,846
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax — — — — (87 ) (87 )
Net changes in fair value of equity investments <br>at fair value through other comprehensive<br>income, net of tax — — 14,271 — 1,357 15,628
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends — — — — (189,052 ) (189,052 )
Interim dividends — — — — (378,104 ) (378,104 )
Retirement of treasury shares — — — 374,546 (374,546 ) —
Balance as of September 30, 2025 (Unaudited) ~~W~~ 482,403 1,367,990 (48,374 ) (1,176,316 ) 47,981,558 48,607,261

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

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POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows

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

(in millions of Won) For the nine-month period ended
September 30,2025(unaudited) September 30,2024(unaudited)
Cash flows from operating activities
Profit for the period ~~W~~ 969,846 1,468,572
Adjustments for :
Expenses related to post-employment benefit 7,136 5,020
Depreciation 12,767 10,219
Amortization 1,693 1,280
Impairment loss (reversal) on other receivables (33 ) 106
Finance income (126,955 ) (394,481 )
Dividend income (1,096,388 ) (1,320,175 )
Finance costs 36,732 72,299
Loss on disposal of property, plant and equipment 768 —
Gain on disposal of intangible assets — (141 )
Loss on disposal of intangible assets 18 253
Impairment loss on investments in subsidiaries, associates and joint ventures 6,244 —
Loss on disposal of assets held for sale 5,531 —
Increase to provisions 331 180
Income tax expense 11,773 26,146
Others — (2 )
Changes in operating assets and liabilities 34,236 23,542
Interest received 46,392 63,853
Dividends received 1,095,297 1,369,071
Income taxes refund 55,957 52,441
Net cash provided by operating activities ~~W~~ 1,061,345 1,378,183

(continued)

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POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows, continued

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

(in millions of Won) For the nine-month period ended
September 30,<br>2025<br>(unaudited) September 30,<br>2024<br>(unaudited)
Cash flows from investing activities
Decrease in deposit instruments ~~W~~ 2,400,000 3,050,000
Proceeds from disposal of short-term financial instruments 857,856 3,219,599
Proceeds from disposal of equity securities — 194,230
Proceeds from disposal of other securities 5,454 5,663
Proceeds from disposal of investments in subsidiaries, associates and joint ventures 57,980 13,353
Proceeds from disposal of intangible assets — 1,677
Proceeds from disposal of assets held for sale 233,237 —
Decrease in short-term lease security deposits 17 491
Increase in deposits (3,150,000 ) (2,550,000 )
Acquisition of short-term financial instruments (544,426 ) (2,243,699 )
Acquisition of short-term debt securities (230,000 ) —
Increase in long-term loans — (106 )
Acquisition of other securities (13,406 ) (15,932 )
Acquisition of investments in subsidiaries, associates and joint ventures (837,847 ) (620,852 )
Acquisition of investment properties — (1,200 )
Acquisition of property, plant and equipment (153,085 ) (122,640 )
Acquisition of intangible assets (4,734 ) (2,522 )
Increase in long-term lease security deposits (614 ) (535 )
Net cash provided by (used in) investing activities ~~W~~ (1,379,568 ) 927,527
Cash flows from financing activities
Increase in long-term financial liabilities 3,278 3,148
Proceeds from bonds 987,117 —
Payment of cash dividends (567,484 ) (569,458 )
Repayment of current portion of bonds — (1,542,400 )
Acqusition of treasury shares — (92,312 )
Net cash provided by (used in) financing activities ~~W~~ 422,911 (2,201,022 )
Effect of exchange rate fluctuation on cash held (5 ) 116
Net increase in cash and cash equivalents 104,683 104,804
Cash and cash equivalents at beginning of the period 409,387 376,914
Cash and cash equivalents at end of the period ~~W~~ 514,070 481,718

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

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements

September 30, 2025 and 2024 (Unaudited)

1. Reporting Entity

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

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

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

2. Basis of preparation

Statement of compliance

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

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

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

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

Use of estimates and judgments

(a) Judgments, assumptions and estimation uncertainties

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

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

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

(b) Measurement of fair value

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

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

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

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

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

• 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 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, 2024.

Amendments to KIFRS 1021: Lack of Exchangeability

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

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

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

4. Trade Accounts and Notes Receivable

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Trade accounts and notes receivable ~~W~~ 49,219 48,349
Unbilled receivables (contract assets) 96,986 130,473
Less: Allowance for doubtful accounts — —
~~W~~ 146,205 178,822

5. Other Receivables

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Other accounts receivable(*1) ~~W~~ 247,785 12,535
Others(*2) 42,134 13,301
Less: Allowance for doubtful accounts(*2) (4,243 ) (4,448 )
~~W~~ 285,676 21,388
Non-current
Loans(*2) ~~W~~ 236,264 247,569
Long-term other accounts receivable 20,253 14,585
Others 923 309
Less: Allowance for doubtful accounts(*2) (236,264 ) (247,569 )
~~W~~ 21,176 14,894
(*1) The Company includes the amounts to be collected from each domestic subsidiary in accordance with the<br>consolidated tax payment system.
--- ---
(*2) The Company assessed the recoverability of other receivables to FQM Australia Pty Ltd, an associate, and<br>recognized an allowance for doubtful accounts for such other receivables from the entity.
--- ---

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

6. Other Financial Assets

(a) Other financial assets as of September 30, 2025 and December 31, 2024 are as follows:<br>
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Current
Deposit instruments ~~W~~ 3,010,000 2,260,000
Short-term financial instruments 125,200 426,420
Debt securities 230,000 —
~~W~~ 3,365,200 2,686,420
Non-current
Equity securities ~~W~~ 182,387 158,761
Other securities 266,431 263,059
Derivative assets 17,681 —
Deposit instruments 2 2
~~W~~ 466,501 421,822
(b) Equity securities as of September 30, 2025 and December 31, 2024 are as follows:<br>
--- ---
(in millions of Won) September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Number ofshares Ownership(%) Acquisitioncost Fairvalue Net changes in<br>fair value of<br>equity securities Bookvalue Bookvalue
Marketable equity securities
Nippon Steel Corporation(*1) 39,242,500 0.73 ~~W~~ — — — — —
CSN Mineracao S.A. 102,186,675 1.86 206,265 148,845 (57,419 ) 148,845 125,219
206,265 148,845 (57,419 ) 148,845 125,219
Non-marketable equity securities
PLANTEC Co., Ltd. 18,337,912 10.99 19,437 31,560 12,123 31,560 31,560
Intellectual Discovery Co.,Ltd. 200,000 6.00 5,000 1,350 (3,650 ) 1,350 1,350
Pos-HYUNDAI STEEl 1,055,496 6.00 612 612 — 612 612
S&M Media Co.,Ltd. 2,000 2.67 20 20 — 20 20
XG Sciences 300,000 5.06 2,724 — (2,724 ) — —
27,793 33,542 5,749 33,542 33,542
~~W~~ 234,058 182,387 (51,670 ) 182,387 158,761
(*1) For the year ended December 31, 2024, the Company decided to dispose of its shares in Nippon Steel<br>Corporation and classified the equity securities as assets held for sale. Portion of shares were disposed of for the nine-month period ended September 30, 2025 (see Note 7).
--- ---

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

7. Assets Held for Sale

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

(in millions of Won) September 30, 2025 December 31, 2024
Beginning ~~W~~ 467,796 —
Transfers — 467,796
Valuations (3,304 ) —
Disposals (238,768 ) —
Ending ~~W~~ 225,724 467,796

For the year ended December 31, 2024, the Company determined to sell its long-term investments in Nippon Steel Corporation and classified the equity security of ~~W~~467,796 million as assets held for sale in entirety. For the nine-month period ended September 30, 2025, the Company disposed of a portion of its equity interests of ~~W~~238,768 million and recognized loss on disposal of assets held for sale of ~~W~~5,531 million. The carrying amount of remaining equity interests is ~~W~~225,724 million.

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

8. Investments in Subsidiaries, Associates and Joint Ventures

(a) Investments in subsidiaries, associates and joint ventures of as of September 30, 2025 and<br>December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Investment in subsidiaries ~~W~~ 43,498,114 42,787,174
Investment in associates 208,129 208,129
Investment in joint ventures 2,699,236 2,636,662
~~W~~ 46,405,479 45,631,965

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

(b) Details of subsidiaries and carrying amounts as of September 30, 2025 and December 31, 2024 are as<br>follows:
September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- --- ---
(in millions of Won) 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<br>manufacturing and sales 58.18 1,924,555 1,395,687
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 82.00 478,940 314,940
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 CNGR Nickel Solution(*1) Korea Nickel refining — — 49,520
POSCO ZT AIR SOLUTION Korea Manufacturing and Sales of High-Purity Rare Gases 75.10 63,481 63,481
Others 513,629 446,037
38,706,150 37,995,210
[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.(*2) China Stainless steel manufacturing and sales 58.60 283,792 283,792
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.(*2) China Stainless steel manufacturing and sales 70.00 65,982 65,982
POSCO (Suzhou) Automotive 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<br>and sales 100.00 1,510,551 1,510,551
Others 242,685 242,685
4,791,964 4,791,964
~~W~~ 43,498,114 42,787,174
(*1) POSCO CNR Nickel Solution Co., Ltd. was liquidated during the nine-month period ended September 30, 2025<br>and has been excluded from the scope of consolidation.
--- ---
(*2) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell the<br>shares in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co., Ltd and Qingdao Pohang Stainless Steel Co., Ltd.
--- ---

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) Details of associates and carrying amounts as of September 30, 2025 and December 31, 2024 are as<br>follows:
(in millions of Won) September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- ---
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 12,111 12,111
38,136 38,136
[Foreign]
9404-5515 Quebec Inc.(*1) Canada Investments 12.61 156,194 156,194
Others 13,799 13,799
169,993 169,993
~~W~~ 208,129 208,129
(*1) As of September 30, 2025, the entity is classified as an investment in an associate since the Company has<br>significant influence over the investee although the Company’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.
--- ---
(d) Details of joint ventures and carrying amounts as of September 30, 2025 and December 31, 2024 are as<br>follows:
--- ---
(in millions of Won) September 30, 2025 December 31,2024
--- --- --- --- --- --- --- --- --- ---
Country Principal operations Ownership (%) Book value Book value
Roy Hill Holdings Pty Ltd(*1) Australia Natural resources exploration 10.00 ~~W~~ 1,225,464 1,225,464
POSCO-NPS Niobium LLC USA Foreign investments in mining 50.00 364,609 364,609
KOBRASCO Brazil Steel materials manufacturing 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 49.00 604,045 541,471
Hydrogen Duqm LLC Oman Green Hydrogen/Ammonia<br>product business development 44.80 6,452 6,452
Nickel Mining Company SAS(*2) New Caledonia Raw material manufacturing<br>and sales 49.00 — —
SNNC Korea STS material manufacturing<br>and sales 49.00 100,631 100,631
~~W~~ 2,699,236 2,636,662
(*1) As of September 30, 2025 and December 31, 2024, 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) As of December 31, 2024, due to continuous operating losses and a deteriorating business environment, the<br>Company assessed that the value in use of our equity interest in Nickel Mining Company SAS is likely to be low. Accordingly, the Company recognized a full impairment loss of ~~W~~189,197 million, which is the difference between<br>carrying amount and recoverable amount.
--- ---

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

9. Investment Property

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

(a) For the nine -month period ended September 30, 2025
(in millions of Won) Beginning Acquisitions Depreciation(*1) Transfer(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 216,211 — — (368 ) 215,843
Buildings 97,752 — (5,562 ) (370 ) 91,820
Structures 14,409 — (616 ) (54 ) 13,739
~~W~~ 328,372 — (6,178 ) (792 ) 321,402
(*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, 2024
--- ---
(in millions of Won) Beginning Acquisitions Depreciation(*1) Transfer(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 193,446 1,200 — 21,565 216,211
Buildings 101,229 — (7,378 ) 3,901 97,752
Structures 15,225 — (824 ) 8 14,409
~~W~~ 309,900 1,200 (8,202 ) 25,474 328,372
(*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.
--- ---

18

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

10. Property, Plant and Equipment

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

(a) For the nine-month period ended September 30, 2025
(in millions of Won) Beginning Acquisitions Disposals Depreciation Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 45,151 3,210 — — 368 48,729
Buildings 28,447 — — (1,476 ) 370 27,341
Structures 7,338 — (63 ) (302 ) 54 7,027
Machinery and equipment 29,821 3,971 (654 ) (3,724 ) 624 30,038
Vehicles 44 — — (12 ) — 32
Furniture and fixtures 12,933 2,101 (3 ) (1,075 ) — 13,956
Construction-in-progress 292,259 144,603 — — 4,643 441,505
~~W~~ 415,993 153,885 (720 ) (6,589 ) 6,059 568,628
(*1) Presenting assets transferred from<br>construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.
--- ---
(b) For the year ended December 31, 2024
--- ---
(in millions of Won) Beginning Acquisitions Disposals Depreciation Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Land ~~W~~ 50,197 4 — — (5,050 ) 45,151
Buildings 29,539 4,736 — (1,927 ) (3,901 ) 28,447
Structures 7,748 1 — (403 ) (8 ) 7,338
Machinery and equipment 27,549 5,161 (337 ) (2,552 ) — 29,821
Vehicles 63 — — (19 ) — 44
Furniture and fixtures 13,485 622 (4 ) (1,170 ) — 12,933
Construction-in-progress 69,206 239,567 — — (16,514 ) 292,259
~~W~~ 197,787 250,091 (341 ) (6,071 ) (25,473 ) 415,993
(*1) Presenting assets transferred from<br>construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.
--- ---
(c) Information on lease agreements for which the Company is a lessee is as follows:
--- ---
1) Right-of-use assets<br>
--- ---

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

2) Amount recognized in profit or loss

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

For the three-month periodsended September 30 For the nine-month periodsended September 30
(in millions of Won) 2025 2024 2025 2024
Expenses related to short-term leases ~~W~~ 2,546 2,227 8,505 6,613
Expenses related to leases of low-value assets 1,320 1,181 4,235 3,789
~~W~~ 3,866 3,408 12,740 10,402

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

11. Intangible Assets

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

(a) For the nine -month period ended September 30, 2025
(in millions of Won) Beginning Acquisitions Disposals Amortization Others(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Intellectual property rights ~~W~~ 803 — — (142 ) 230 891
Membership(*1) 10,072 920 — — — 10,992
Development expense 3,461 — — (1,377 ) 3,134 5,218
Construction-in-progress 6,680 4,021 (19 ) — (3,364 ) 7,318
Other intangible assets 445 — — (174 ) — 271
~~W~~ 21,461 4,941 (19 ) (1,693 ) — 24,690
(*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, 2024
--- ---
(in millions of Won) Beginning Acquisitions Disposals Amortization Others(*2) Ending
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Intellectual property rights ~~W~~ 576 — (4 ) (170 ) 401 803
Membership(*1) 11,618 — (1,546 ) — — 10,072
Development expense 2,905 — — (1,310 ) 1,866 3,461
Construction-in-progress 3,565 5,631 (249 ) — (2,267 ) 6,680
Other intangible assets 677 — — (232 ) — 445
~~W~~ 19,341 5,631 (1,799 ) (1,712 ) — 21,461
(*1) Estimated useful life of membership is indefinite.
--- ---
(*2) Presenting assets transferred from<br>construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.
--- ---

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

12. Other Assets

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Advance payments ~~W~~ 899 798
Prepaid expenses 1,395 918
~~W~~ 2,294 1,716
Non-current
Long-term advance payments ~~W~~ 764 5,325
Long-term prepaid expenses 298 488
Others — 8
~~W~~ 1,062 5,821

13. Borrowings

(a) Borrowings as of September 30, 2025 and December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Short-term borrowings
Exchangeable bonds ~~W~~ 43,426 39,053
Long-term borrowings
Long-term borrowings ~~W~~ 972,256 1,500

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Current portion of debentures as of September 30, 2025 and December 31, 2024 are as follows:<br>
(in millions of Won) Lenders Issuancedate Maturitydate Annualinterest rate (%) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- --- ---
Exchangeable bonds Foreign currency<br>exchangeable bonds Sep. 1, 2021 Sep. 1, 2026 — ~~W~~ 43,426 39,053
(c) The issuance conditions of the exchangeable bonds issued by the Company are as follows:
--- ---
Foreign currency exchangeable bonds
--- ---
Type of bond Exchangeable bonds
Aggregate principal amount(*1) EUR 27,100,000
Interest rate - Coupon rate : -
- Yield to maturity : (0.78%)
Maturity date September 1, 2026
Redemption - Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum
- Prepayment : The issuer has call option and the bondholders have put option
Exchange rate 100%
Exchange price(*2)<br> <br>(Won/share) 425,631
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
- Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days)
Call option by the issuer - Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before<br>the maturity of bonds
- When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call)
- Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc
(*1) Due to put option exercised by bondholders, EUR 1,038,800,000 was redeemed out the total face value of<br>exchangeable bonds of EUR 1,065,900,000 for the year ended December 31, 2024.
--- ---
(*2) The exchange price has changed due to cash dividends paid for the nine-month period ended September 30,<br>2025.
--- ---

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

22

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) Long-term borrowings and others excluding current portion, as of September 30, 2025 and December 31,<br>2024 are as follows:
(in millions of Won) Lenders Issuancedate Maturitydate Annualinterest rate(%) September 30,2025 December 31,2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Foreign borrowings KOREA ENERGY AGENCY Dec. 27, 2011 Dec. 26, 2026 3 year<br>Government<br>bond ~~W~~ 1,431 1,500
Bonds payable in foreign currency(*1) Global Bonds (5 year maturity) May. 7, 2025 May. 7, 2030 5.125 555,007 —
Bonds payable in foreign currency(*1) Global Bonds (10 year maturity) May. 7, 2025 May. 7, 2035 5.75 415,818 —
~~W~~ 972,256 1,500
(*1) The Company enters into currency swap contracts to hedge foreign exchange risk associated with its foreign<br>currency-denominated bonds.
--- ---

14. Other Payables

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Accounts payable ~~W~~ 31,441 32,514
Accrued expenses 42,884 14,826
Dividend payable 2,689 3,016
~~W~~ 77,014 50,356
Non-current
Long-term withholdings ~~W~~ 36,388 33,110
Less: Present value discount (1,626 ) (2,327 )
~~W~~ 34,762 30,783

15. Other Financial Liabilities

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Financial guarantee liabilities ~~W~~ 21,510 18,302

23

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

16. Provisions

(a) Provisions as of September 30, 2025 and December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Provision for bonus payments(*1) ~~W~~ 2,758 — 4,175 —
Provision for restoration(*2) 2,946 3,383 6,932 —
Others(*3) 37,824 — 35,161 —
~~W~~ 43,528 3,383 46,268 —
(*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 September 30, 2025 and December 31, 2024. In order to determine the estimated costs, the Company has assumed that it would use all of<br>technologies and materials available for now to recover the land. In addition, the Company has applied discount rates of 2.84% 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~~37,824 million of the financial guarantee liabilities the Company provided as other provisions.
--- ---
(b) Changes in provisions for the nine-month period ended September 30, 2025 and the year ended<br>December 31, 2024 are as follows:
--- ---
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Beginning Increase Utilization Others(*1) Ending
--- --- --- --- --- --- --- --- --- --- --- ---
Provision for bonus payments ~~W~~ 4,175 6,316 (7,733 ) — 2,758
Provision for restoration 6,932 331 (934 ) — 6,329
Others 35,161 — — 2,663 37,824
~~W~~ 46,268 6,647 (8,667 ) 2,663 46,911
(*1) Reflecting the effect of exchange rate fluctuation.
--- ---
2) For the year ended December 31, 2024
--- ---
(in millions of Won) Beginning Increase Utilization Ending
--- --- --- --- --- --- --- --- --- ---
Provision for bonus payments ~~W~~ 6,055 9,087 (10,967 ) 4,175
Provision for restoration 11,562 1,819 (6,449 ) 6,932
Others — 35,161 — 35,161
~~W~~ 17,617 46,067 (17,416 ) 46,268

24

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

17. Employee Benefits

(a) Defined contribution plans

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Expense related to post-employment benefit plans under defined contribution plans ~~W~~ 61 33 163 96
(b) Defined benefit plans
--- ---
1) The amounts recognized in relation to net defined benefit liabilities in the statements of financial position<br>as of September 30, 2025 and December 31, 2024 are as follows:
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- ---
Present value of funded obligations ~~W~~ 41,132 39,980
Fair value of plan assets (35,192 ) (38,684 )
Net defined benefit liabilities ~~W~~ 5,940 1,296
2) The amounts recognized in relation to net defined benefit plan in the interim condensed separate statements of<br>comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:
--- ---
For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions of Won) 2025 2024 2025 2024
Current service costs ~~W~~ 2,040 1,550 7,224 5,276
Interest costs (29 ) (86 ) (87 ) (256 )
~~W~~ 2,011 1,464 7,137 5,020

18. Other Liabilities

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

(in millions of Won) September 30, 2025 December 31, 2024
Current
Advances received ~~W~~ 2,693 3,190
Withholdings 3,469 3,005
Unearned revenue 509 2,656
~~W~~ 6,671 8,851
Non-current
Unearned revenue ~~W~~ 1,626 2,327

25

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

19. Financial Instruments

(a) Classification and fair value of financial instruments
1) The carrying amounts and the fair values of financial assets and financial liabilities by levels in the fair<br>value hierarchy as of September 30, 2025 and December 31, 2024 are as follows:
--- ---
① September 30, 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~~ 17,681 — 17,681 — 17,681
Short term financial instruments 125,200 — 125,200 — 125,200
Other securities 266,431 — — 266,431 266,431
Fair value through other comprehensive income
Equity securities 182,387 148,845 — 33,542 182,387
Assets held for sale 225,724 225,724 — — 225,724
Financial assets measured at amortized cost(*1)
Cash and cash equivalents 514,070 — — — —
Trade accounts and notes receivable 49,219 — — — —
Debt securities 230,000 — — — —
Other receivables 56,967 — — — —
Deposit instruments 3,010,002 — — — —
~~W~~ 4,677,681 374,569 142,881 299,973 817,423
Financial liabilities
Fair value through profit or loss
Borrowings ~~W~~ 43,426 43,426 — — 43,426
Financial liabilities measured at amortized cost(*1)
Borrowings 972,256 — 972,256 — 972,256
Financial guarantee liabilities 21,510 — — — —
Others 89,929 — — — —
~~W~~ 1,127,121 43,426 972,256 — 1,015,682
(*1) The fair values of financial assets and liabilities measured at amortized cost except for borrowings<br>approximates their carrying amounts.
--- ---
② December 31, 2024
--- ---
(in millions of Won) Fair value
--- --- --- --- --- --- --- --- --- --- ---
Book value Level 1 Level 2 Level 3 Total
Financial assets
Fair value through profit or loss
Short term financial instruments ~~W~~ 426,420 — 426,420 — 426,420
Other securities 263,059 — — 263,059 263,059
Fair value through other comprehensive income
Equity securities 158,761 125,219 — 33,542 158,761
Assets held for sale 467,796 467,796 — — 467,796
Financial assets measured at amortized cost(*1)
Cash and cash equivalents 409,387 — — — —
Trade accounts and notes receivable 48,349 — — — —
Other receivables 28,833 — — — —
Deposit instruments 2,260,002 — — — —
~~W~~ 4,062,607 593,015 426,420 296,601 1,316,036
Financial liabilities
Fair value through profit or loss
Borrowings ~~W~~ 39,053 39,053 — — 39,053
Financial liabilities measured at amortized cost(*1)
Borrowings 1,500 — 1,500 — 1,500
Financial guarantee liabilities 18,302 — — — —
Others 76,376 — — — —
~~W~~ 135,231 39,053 1,500 — 40,553
(*1) The fair values of financial assets and liabilities measured at amortized cost approximates their carrying<br>amounts.
--- ---

26

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Financial liabilities were recognized in connection with financial guarantee contracts as of September 30,<br>2025. 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 USD 75,000,000 105,165 — —
ING USD 75,000,000 105,165 5,000,000 7,011
Shinhan USD 50,000,000 70,110 20,000,000 28,044
POSCO Argentina S.A.U. BNP USD 110,000,000 154,242 100,868,696 141,438
CITI USD 187,975,000 263,579 178,843,695 250,775
Credit Agricole USD 187,975,000 263,579 178,843,695 250,775
HSBC USD 187,975,000 263,579 178,843,696 250,775
JPM USD 187,975,000 263,579 178,843,696 250,775
BANK OF AMERICA USD 50,900,000 71,372 45,753,254 64,155
KEXIM USD 167,100,000 234,307 150,387,100 210,871
Associates and Joint ventures
NICKEL MINING COMPANY SAS ING EUR 46,000,000 75,647 46,000,000 75,647
PT.Nicole Metal Industry STANDARD CHARTERED USD 39,200,000 54,966 35,824,311 50,233
USD 1,319,100,000 1,849,643 1,073,208,141 1,504,852
EUR 46,000,000 75,647 46,000,000 75,647
3) Finance income and costs by category of financial instrument for each of the nine-month periods ended<br>September 30, 2025 and 2024 are as follows:
--- ---
① For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Finance income and costs
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income(expense) Gain (loss) onforeign currency Gain on disposal Gain (loss) onvaluation Others Total Othercomprehensiveincome
Financial assets at fair value <br>through profit or loss ~~W~~ — (4,422 ) 11,193 16,267 — 23,038 —
Financial assets at fair value <br>through other comprehensive income — — — — — — 15,628
Financial assets measured at <br>amortized cost 75,534 (13,682 ) — — — 61,852 —
Financial liabilities at fair value <br>through profit or loss — (3,057 ) — (1,315 ) — (4,372 ) —
Financial liabilities measured at <br>amortized cost (22,416 ) 16,966 — — 3,740 (1,710 ) —
~~W~~ 53,118 (4,195 ) 11,193 14,952 3,740 78,808 15,628
② For the nine-month period ended September 30, 2024
--- ---
(in millions of Won) Finance income and costs
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Interest income(expense) Gain (loss) onforeign currency Gain (loss)on disposal Gain on valuation Others Total Othercomprehensiveloss
Financial assets at fair value <br>through profit or loss ~~W~~ — 1,510 27,406 58,685 — 87,601 —
Financial assets at fair value <br>through other comprehensive income — — (8,219 ) — — (8,219 ) (35,849 )
Financial assets measured at <br>amortized cost 69,014 1,683 — — — 70,697 —
Financial liabilities at fair value <br>through profit or loss — (56,301 ) (12,292 ) 236,931 — 168,338 —
Financial liabilities measured at <br>amortized cost (873 ) 383 — — 1,606 1,116 —
~~W~~ 68,141 (52,725 ) 6,895 295,616 1,606 319,533 (35,849 )

27

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

20. Share Capital and Capital Surplus

(a) Details of share capital as of September 30, 2025 and December 31, 2024 are as follows:<br>
(in Won, except share information) September 30, 2025 December 31, 2024
--- --- --- --- ---
Authorized shares 200,000,000 200,000,000
Par value ~~W~~ 5,000 5,000
Issued shares(*1, 2) 80,932,952 82,624,377
Share capital(*3) ~~W~~ 482,403,125,000 482,403,125,000
(*1) As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas<br>stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.
--- ---
(*2) Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2025, the Company decided<br>to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of September 30, 2025, the Company’s total number of issued shares has decreased.
--- ---
(*3) As of September 30, 2025, the difference between the ending balance of common stock and the aggregate par<br>value of issued common stock is ~~W~~77,738 million due to retirement of 15,547,673 treasury stocks.
--- ---
(b) Details of capital surplus as of September 30, 2025 and December 31, 2024 are as follows:<br>
--- ---
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- --- --- ---
Share premium ~~W~~ 463,825 463,825
Gain on disposal of treasury shares 808,994 808,994
Gain from merger 80,627 80,627
Loss on disposal of hybrid bonds (1,787 ) (1,787 )
Share-based payment 16,331 16,331
~~W~~ 1,367,990 1,367,990

28

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

21. Accumulated Other Comprehensive Income

Accumulated other comprehensive income as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won) September 30, 2025 December 31, 2024
Changes in fair value of equity investments at fair value through other comprehensive<br>income ~~W~~ (48,374 ) (62,645 )

22. Treasury Shares

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

(shares, in millions of Won) September 30, 2025 December 31, 2024
Number of shares Amount Number of shares Amount
Beginning 7,003,598 ~~W~~ 1,550,862 8,695,023 ~~W~~ 1,889,658
Acquisition of treasury shares — — 255,428 92,311
Retirement of teasury shares (1,691,425 ) (374,545 ) (1,946,853 ) (431,107 )
Ending 5,312,173 ~~W~~ 1,176,317 7,003,598 ~~W~~ 1,550,862

23. Operating Revenue

(a) Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of<br>the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:
For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- ---
(in millions of Won) 2025 2024 2025 2024
Types of revenue
Dividend income ~~W~~ 368,165 355,460 1,096,388 1,320,175
Others 44,638 46,810 135,880 140,693
~~W~~ 412,803 402,270 1,232,268 1,460,868
Timing of revenue recognition
Revenue recognized at a point in time ~~W~~ 368,165 355,826 1,096,388 1,320,183
Revenue recognized over time 44,638 46,444 135,880 140,685
~~W~~ 412,803 402,270 1,232,268 1,460,868

29

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Details of contract assets and liabilities from contracts with customers as of September 30, 2025 and<br>December 31, 2024 are as follows:
(in millions of Won) September 30, 2025 December 31, 2024
--- --- --- --- ---
Receivables
Trade accounts and notes receivable ~~W~~ 49,219 48,349
Contract assets
Unbilled receivables 96,986 130,473
Contract liabilities
Advance received 2,693 3,190
Unearned income 2,135 4,983

24. Operating Expenses

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Wages and salaries ~~W~~ 19,336 17,425 54,689 50,007
Expenses related to post-employment benefits 2,333 1,852 8,049 5,478
Other employee benefits 3,716 4,058 12,461 13,552
Travel 2,036 1,450 5,547 4,117
Taxes and public dues 79 (1,062 ) 12,975 11,817
Depreciation 2,966 2,802 8,777 8,410
Amortization 610 409 1,636 1,213
Rental 1,769 1,249 5,589 3,893
Repairs 186 300 421 670
Advertising 6,934 5,942 17,040 16,136
Research & development 32,786 37,063 103,819 107,200
Service fees 27,777 16,087 63,710 47,113
Supplies 48 59 190 337
Vehicles maintenance 626 646 1,846 2,121
Industry association fee 43 78 1,915 1,815
Training 475 336 1,123 1,171
Others 2,386 3,753 6,963 6,906
~~W~~ 104,106 92,447 306,750 281,956

30

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

25. Finance Income and Costs

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Finance income
Interest income ~~W~~ 25,906 22,512 75,534 69,014
Gain on foreign currency transactions 967 9,041 16,154 4,216
Gain on foreign currency translations (32,689 ) 615 18,622 1,774
Gain on derivative transactions — 1,058 — 1,058
Gain on valuation of derivatives 17,681 — 17,681 —
Gain on disposal of financial assets at fair value through profit or loss 2,498 4,577 11,193 26,348
Gain on valuation of financial assets at fair value through profit or loss (289 ) 15,213 185 58,685
Gain on valuation of financial liabilities at fair value through profit or loss — 2,713 — 236,931
Others 1,464 627 3,748 1,613
~~W~~ 15,538 56,356 143,117 399,639
Finance costs
Interest expenses ~~W~~ 14,139 — 22,416 —
Loss on foreign currency transactions 1,029 1,291 27,569 57,005
Loss on foreign currency translations (694 ) 3,771 11,402 1,710
Loss on derivative transactions — 6,035 — 6,035
Loss on valuation of derivatives (36,216 ) — — —
Loss on valuations of financial assets at fair value through profit or loss 1,002 — 1,599 —
Loss on valuations of financial liabilities at fair value through profit or loss 312 — 1,315 —
Loss on transactions of equity securities — — — 8,219
Loss on redemption of bonds — 6,257 — 6,257
Others 3 294 8 880
~~W~~ (20,425 ) 17,648 64,309 80,106

26. Other Non-Operating Income and Expenses

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

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Other non-operating income
Reversal of impairment loss on other accounts receivables ~~W~~ — — 33 —
Reversal of other provisions — — — 54
Others 251 676 2,165 2,189
~~W~~ 251 676 2,198 2,243
Impairment loss on investments in subsidiaries, associates and joint ventures
Impairment loss on other accounts receivables ~~W~~ — — — 106
Loss on disposals of property, plant and equipment 33 — 768 —
Impairment loss on investments in subsidiaries, associates and joint ventures (407 ) — 6,244 —
Donations 5,500 — 11,001 —
Loss on disposals of assets held for sale 5,531 — 5,531 —
Increase of other provisions (425 ) 139 331 234
Others 279 560 1,031 5,630
~~W~~ 10,511 699 24,906 5,970

31

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

27. Expenses by Nature

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows (excluding finance costs and income tax expenses):

(in millions of Won) For the three-month periodsended September 30 For the nine-month periodsended September 30
2025 2024 2025 2024
Employee benefits expenses ~~W~~ 30,128 27,866 90,488 81,382
Depreciation(*1) 4,527 3,406 12,767 10,219
Amortization 632 432 1,693 1,280
Service fees 28,308 16,962 65,983 48,776
Rental 3,867 3,408 12,889 10,867
Advertising 7,027 5,953 17,137 16,147
Impairment loss on investments in subsidiaries, associates and joint ventures (407 ) — 6,244 —
Research & development 22,154 26,298 64,866 71,368
Other expenses 18,382 8,822 59,589 47,887
~~W~~ 114,618 93,147 331,656 287,926
(*1) Including depreciation of investment property.
--- ---

28. Income Taxes

The effective tax rates of the Company for each of the nine-month periods ended September 30, 2025 and 2024 are 1.20% and 1.75%, respectively.

(a) Income taxes

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

32

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Application of the Consolidated Tax Payment System

From the nine-month period ended September 30, 2025, the Company has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, when economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

The current tax liabilities recognized in relation to the consolidated tax payment system for the nine-month period ended September 30, 2025 are as follows:

(in millions of Won) September 30, 2025
Current income tax liabilities(*1) 226,668
(*1) Presenting the amount calculated and recognized by applying the consolidated tax payment system for the<br>nine-month period ended September 30, 2025.
--- ---
(c) Global minimum top-up tax
--- ---

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

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

29. Earnings per Share

(a) Basic earnings per share for each of the three-month and nine-month periods ended September 30, 2025 and<br>2024 are as follows:
(in Won, except share information) For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Profit for the period ~~W~~ 334,942,715,344 334,994,032,159 969,846,033,432 1,468,571,617,105
Weighted-average number of common shares outstanding(*1) 75,620,779 75,699,376 75,620,779 75,816,833
Basic earnings per share ~~W~~ 4,429 4,425 12,825 19,370
(*1) The weighted-average number of common shares outstanding used to calculate basic earnings per share is as<br>follows:
--- ---
(*1) The weighted-average number of common shares used to calculate basic earnings per share are as follows:<br>
--- ---
(shares) For the three-month periodsended September 30 For the nine-month periodsended September 30
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Weighted-average shares outstanding 80,932,952 83,297,040 81,490,565 84,143,400
Weighted-average number of treasury shares (5,312,173 ) (7,597,664 ) (5,869,786 ) (8,326,567 )
Weighted-average number of common shares outstanding 75,620,779 75,699,376 75,620,779 75,816,833

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

(b) Diluted earnings per share for the three-month and nine-month period ended September 30, 2024 are<br>calculated as follows:
(in Won, except share information) For the three-month periodended September 30, 2024 For the nine-month periodended September 30, 2024
--- --- --- --- --- --- ---
Profit for the period ~~W~~ 334,994,032,159 1,468,571,617,105
Loss from revaluation of and exchange rate on exchangeable bonds (8,425,258,347 ) (138,904,137,256 )
Diluted profit for the period 326,568,773,812 1,329,667,479,849
Adjusted weighted-average number of common shares outstanding(*1) 78,013,947 78,757,791
Diluted earnings per share 4,186 16,883

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(*1) The adjusted weighted-average number of common shares outstanding used to calculate diluted earnings per share<br>is as follows:
(shares) For the three-month period<br>ended September 30, 2024 For the nine-month period<br>ended September 30, 2024
--- --- --- --- ---
Weighted-average number of common shares outstanding 75,699,376 75,816,833
Weighted-average number of potential common shares 2,314,571 2,940,958
Adjusted weighted-average number of common shares 78,013,947 78,757,791

30. Related Party Transactions

(a) Related parties of the Company as of September 30, 2025 are as follows:
Type Company
--- ---
Subsidiaries [Domestic]<br> <br>POSCO, POSCO Eco &<br>Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE Co., Ltd., POSCO Capital, POSCO FUTURE M CO., LTD.,eNtoB Corporation, POSCO FLOW CO.,LTD., POSCO M-TECH, Busan<br>E&E Co,. Ltd., POSCO INTERNATIONAL Corporation, POSCO Mobility Solution Corporation,<br> <br><br><br><br>POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION,<br><br><br><br> <br>Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH,<br>POSCO A&C Co., Ltd,<br> <br><br> <br>Posco Group University, POSCO GY Solution, POSCO GYR Tech,<br>POSCO GYS Tech, POSCO PR Tech,<br> <br><br> <br>POSCO PS Tech, POSCO PH Solution, POSCO Humans<br>Co.,Ltd., Pohang Scrap Recycling Distribution Center Co., Ltd., POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd.,<br> <br><br><br><br>Songdo Development PMC (Project Management Company) LLC., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and<br>others.<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 Blue<br>Power Co.,Ltd., SNNC, Gale International Korea, LLC,<br> <br>Eco Energy Solution, UITrans LRT Co., Ltd., Pohang Special Welding Co.,Ltd., and others.<br><br><br><br> <br>[Foreign]<br><br><br>Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY,<br><br><br>HBIS-POSCO Automotive Steel Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc.,<br><br><br>AES Mong Duong Power Company Limited, KOREA LNG LTD., Nickel Mining Company SAS and others.

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Material transactions with the related companies for each of the nine-month periods ended<br>September 30, 2025 and 2024 are as follows:
1) For the nine-month period ended September 30, 2025
--- ---
(in millions of Won) Sales and others(*1) Purchase and others
--- --- --- --- --- --- --- --- --- --- ---
Sales Dividends Others Purchase of fixedassets Others
Subsidiaries(*2)
POSCO ~~W~~ 113,182 527,363 557 370 11,441
POSCO Eco & Challenge Co., Ltd. 7,135 11,037 — 322 988
POSCO STEELEON CO., Ltd 880 — — —
POSCO DX 1,408 12,425 88 4,301 10,930
POSCO Research Institute — — — — 8,454
eNtoB Corporation — — — — 7,152
POSCO FUTURE M CO., LTD. 3,060 17,597 55 — 33
POSCO INTERNATIONAL Corporation 4,359 298,551 224 — 12
Busan E&E Co,. Ltd. — 3,618 — — —
POSCO America Corporation — — — — 5,012
Others 4,828 4,761 3,414 1 23,298
134,852 875,352 4,338 4,994 67,320
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC — 32,031 — — —
Roy Hill Holdings Pty Ltd — 131,125 — — —
Others 624 40,046 337 — 650
624 203,202 337 — 650
~~W~~ 135,476 1,078,554 4,675 4,994 67,970
(*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income<br>from subsidiaries, associates and joint ventures.
--- ---
(*2) As of September 30, 2025, the Company provides payment guarantees to the related parties<br>(see Note 19).
--- ---
2) For the nine-month period ended September 30, 2024
--- ---
(in millions of Won) Sales and others(*1) Purchase and others
--- --- --- --- --- --- --- --- --- --- ---
Sales Dividends Others Purchase of fixedassets Others
Subsidiaries(*2)
POSCO ~~W~~ 113,665 888,008 66 191 9,470
POSCO Eco & Challenge Co., Ltd. 7,561 11,037 — 1,729 705
POSCO STEELEON CO., Ltd 899 — — — 9
POSCO DX 1,027 9,940 — 982 9,540
POSCO Research Institute — — — 30 8,180
eNtoB Corporation — — — 49 6,231
POSCO FUTURE M CO., LTD. 6,459 11,565 — — 9
POSCO INTERNATIONAL Corporation 4,548 124,396 — 61
Busan E&E Co,. Ltd. — 2,472 — — —
POSCO America Corporation — — — — 5,030
Others 3,907 831 1,445 1 17,279
138,066 1,048,249 1,585 2,982 56,514
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC — 22,045 — — —
Roy Hill Holdings Pty Ltd — 202,550 — — —
Others 273 14,494 168 — —
273 239,089 168 — —
~~W~~ 138,339 1,287,338 1,753 2,982 56,514
(*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income<br>from subsidiaries, associates and joint ventures.
--- ---
(*2) As of September 30, 2024, the Company provided payment guarantees to the related parties<br>(see Note 19).
--- ---

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) The balances of receivables and payables arising from significant transactions between the<br>Company and the related parties as of September 30, 2025 and December 31, 2024 are as follows:
1) September 30, 2025
--- ---
(in millions of Won) Receivables Payables
--- --- --- --- --- --- --- --- --- --- --- --- ---
Trade accountsand notesreceivable Others Total Accountspayable Others Total
Subsidiaries
POSCO ~~W~~ 76,175 235,921 312,096 8,048 40,945 48,993
POSCO Eco & Challenge Co., Ltd. 6,881 — 6,881 88 735 823
POSCO STEELEON CO., Ltd 860 — 860 — — —
POSCO DX 1,104 — 1,104 2,371 1,047 3,418
POSCO FUTURE M CO., LTD. 15,225 — 15,225 — 48 48
POSCO Mobility Solution Corporation 609 — 609 — 10 10
POSCO INTERNATIONAL Corporation 4,724 — 4,724 — 473 473
POSCO Argentina S.A.U — 29,390 29,390 — — —
Others 2,560 249 2,809 5,824 472 6,296
108,138 265,560 373,698 16,331 43,730 60,061
Associates and joint ventures
SNNC 480 — 480 — — —
Roy Hill Holdings Pty Ltd 36,895 — 36,895 — — —
FQM Australia Holdings Pty Ltd(*1) — 238,050 238,050 — — —
Others 164 3,284 3,448 — — —
37,539 241,334 278,873 — — —
~~W~~ 145,677 506,894 652,571 16,331 43,730 60,061
(*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued<br>interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.
--- ---
2) December 31, 2024
--- ---
(in millions of Won) Receivables Payables
--- --- --- --- --- --- --- --- --- --- --- --- ---
Trade accountsand notesreceivable Others Total Accountspayable Others Total
Subsidiaries
POSCO ~~W~~ 102,071 1,093 103,164 5,854 36,111 41,965
POSCO Eco & Challenge Co., Ltd. 8,921 — 8,921 — 499 499
POSCO STEELEON CO., Ltd 1,126 — 1,126 — — —
POSCO DX 1,561 — 1,561 2,667 535 3,202
POSCO FUTURE M CO., LTD. 15,364 — 15,364 — 65 65
POSCO Mobility Solution Corporation 802 — 802 — 6 6
POSCO INTERNATIONAL Corporation 6,664 — 6,664 — 364 364
POSCO Argentina S.A.U — 26,002 26,002 768 — 768
Others 3,274 231 3,505 7,873 311 8,184
139,783 27,326 167,109 17,162 37,891 55,053
Associates and joint ventures
SNNC 662 — 662 — — —
Roy Hill Holdings Pty Ltd 25,023 — 25,023 — — —
FQM Australia Holdings Pty Ltd(*1) — 249,560 249,560 — — —
Others 10,665 122 10,787 — — —
36,350 249,682 286,032 — — —
~~W~~ 176,133 277,008 453,141 17,162 37,891 55,053
(*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued<br>interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.
--- ---

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional<br>investments in subsidiaries and others amounting to ~~W~~837,847 million and ~~W~~620,852 million, respectively.
(e) For each of the nine-month periods ended September 30, 2025 and 2024, details of compensation to key<br>management officers are as follows:
--- ---
(in millions of Won) September 30, 2025 September 30, 2024
--- --- --- --- ---
Short-term benefits ~~W~~ 19,574 19,099
Retirement benefits 4,369 2,570
~~W~~ 23,943 21,669

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

31. Commitments and Contingencies

(a) Commitments
1) As of September 30, 2025, the Company entered into commitments with KOREA ENERGY AGENCY for long-term<br>foreign currency borrowing, which is limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowing depends on the success of the project.<br>The Company is not liable for the repayment of full or part of the money borrowed if the respective project fails. The Company has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of<br>September 30, 2025, the ending balance of borrowing amounts to USD 1.02 million.
--- ---
2) The Company has deposited 86,611 treasury shares for exchange with the Korea Securities Depository in relation<br>to foreign currency exchangeable bonds as of September 30, 2025.
--- ---
(b) As of September 30, 2025, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral<br>for long-term foreign currency borrowings.
--- ---
(c) Litigation in progress
--- ---

The Company is involved in 3 lawsuits for contract payment (litigation amount: ~~W~~1 billion) as defendant as of September 30, 2025. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation thereof as of September 30, 2025.

(d) The Company has a joint obligation with the company newly established through<br>spin-off, POSCO, to discharge all liabilities (including financial guarantee contracts) incurred prior to the spin-off date.

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Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(e) As of September 30, 2025, the Company has been provided with a payment guarantee of<br>~~W~~2,753 million from Seoul Guarantee Insurance Company in relation to license guarantees and others.
(f) As of September 30, 2025, the Company has entered into a credit line agreement with Woori Bank, with a<br>limit of ~~W~~20,000 million.
--- ---

32. Cash Flows from Operating Activities

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

(in millions of Won) September 30, 2025 September 30, 2024
Trade accounts and notes receivable ~~W~~ 34,249 37,170
Other accounts receivable 4,095 11,591
Prepaid expenses (289 ) (2,293 )
Other current assets (101 ) (365 )
Other non-current assets (699 ) (6,307 )
Other accounts payable (2,126 ) (3,510 )
Accrued expenses 7,058 8,682
Advances received (497 ) 1,167
Withholdings 464 (1,463 )
Unearned revenue (2,960 ) (1,060 )
Other current liabilities (2,351 ) (8,508 )
Payments of severance benefits (6,986 ) (14,093 )
Plan assets 4,380 2,531
~~W~~ 34,237 23,542

33. Events after the reporting period

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay<br>interim cash dividends of ~~W~~2,500 per common share (total dividends: ~~W~~189.1 billion).
(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire<br>a 30% equity interest in a newly established entity by Mineral Resources Ltd., located in Australia, to enhance cost competitiveness in its lithium business through strategic investment in high-quality resources. The total investment amount is USD<br>765 million.
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39

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