Profit squeezed at POSCO Holdings (NYSE: PKX) as 2025 revenue hits 69.1T KRW

Rhea-AI Filing Summary

POSCO HOLDINGS INC. reports 2025 consolidated revenue of KRW 69.1 trillion, down from KRW 72.7 trillion in 2024, as weaker steel and construction markets weighed on results. Operating profit fell to KRW 1.83 trillion, with profit attributable to shareholders declining to KRW 657.7 billion.

The steel segment remained the core business, generating KRW 59.4 trillion in sales and KRW 2.0 trillion in operating profit, while rechargeable battery materials delivered KRW 3.34 trillion in sales but a KRW 440.9 billion operating loss as POSCO continued investing in EV supply chains. The construction segment swung to a KRW 504.4 billion operating loss.

Despite lower earnings, the company maintained a KRW 10,000 dividend per share, leading to a consolidated payout ratio of 115%. Total assets reached KRW 105.2 trillion and equity attributable to shareholders was KRW 55.7 trillion. POSCO expanded its group footprint to 199 consolidated companies and advanced major projects in hydrogen-based steelmaking, LNG infrastructure, and battery materials.

Insights

Equity analyst – diversified industrials

POSCO shows cyclical pressure but keeps heavy investment in future growth.

POSCO HOLDINGS saw 2025 revenue fall to KRW 69.1 trillion and operating profit to KRW 1.83 trillion, reflecting softer steel demand and losses in construction and battery materials. Profit attributable to shareholders declined to KRW 657.7 billion, while the group still maintained a KRW 10,000 dividend per share.

The steel segment remained solidly profitable with operating profit of KRW 1.96 trillion, but rechargeable battery materials and construction posted operating losses of KRW 440.9 billion and KRW 504.4 billion, respectively. These losses stem from capacity build-out and project pressure rather than disclosed one-off shocks.

At the same time, POSCO is committing large capex to future-oriented projects: a HyREX hydrogen-based steel demo plant, LNG terminals, and cathode/anode and lithium facilities, with announced investment programs such as KRW 5.89 trillion in coke plant revamping and KRW 7.39 trillion in battery materials. Future filings may clarify how quickly these projects translate into higher segment profitability.

Key Figures

Consolidated revenue: KRW 69,094,886 million Operating profit: KRW 1,827,063 million Profit attributable to shareholders: KRW 657,654 million +5 more

8 metrics

Consolidated revenue KRW 69,094,886 million For the year ended December 31, 2025

Operating profit KRW 1,827,063 million Consolidated, 2025

Profit attributable to shareholders KRW 657,654 million Consolidated, 2025

Earnings per share KRW 8,697 Consolidated EPS, 2025

Steel segment sales KRW 59,413,172 million Business segment sales, 2025

Rechargeable battery materials sales KRW 3,338,386 million Segment sales, 2025

Rechargeable battery materials operating loss KRW -440,863 million Segment operating result, 2025

Dividend per share KRW 10,000 Cash dividend for 2025; payout ratio 115.0%

Key Terms

Korean-International Financial Reporting Standards (K-IFRS), HyREX (Hydrogen Reduction Ironmaking), Electric Arc Furnace (EAF), American Depositary Share (ADS), +2 more

6 terms

Korean-International Financial Reporting Standards (K-IFRS) financial

"in accordance with the KOREAN-INTERNATIONAL FINANCIAL REPORTING STANDARDS (K-IFRS)"

HyREX (Hydrogen Reduction Ironmaking) technical

"commercialize HyREX (Hydrogen Reduction Ironmaking) technology and to secure a stable supply"

Electric Arc Furnace (EAF) technical

"stable operation of the Electric Arc Furnace (EAF), which is slated for full-scale operation"

An electric arc furnace (EAF) is a type of industrial furnace that melts steel scrap or direct-reduced iron using powerful electric arcs, like using a giant electric blowtorch to liquefy metal. Investors watch EAFs because they determine a steelmaker’s costs, energy use, and emissions profile: EAF-based plants can be quicker to build and cleaner than traditional blast furnaces but are sensitive to electricity prices and scrap availability, which affect profit margins.

American Depositary Share (ADS) financial

"New York Stock Exchange (Unit: USD/ADS*, Thousand ADS*)"

currency swap contracts financial

"had currency swap contracts of USD 400 million and USD 300 million, which were measured at fair value"

ESG Committee financial

"we have created an ESG committee to strengthen our external communication"

An ESG committee is a group of company directors or managers who set and oversee policies on environmental, social and governance matters—such as pollution control, labor practices and board ethics. Like a ship’s compass, the committee helps steer company decisions to manage long‑term risks and reputational issues that can affect costs, legal exposure and investor confidence, so its work can influence a firm’s future cash flow and share value.

Form 6-K: How Foreign Companies Report to the SEC →

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 March, 2026

Commission File Number: 1-13368

POSCO HOLDINGS INC.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒    Form 40-F ☐

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

Exhibit 99.1: An English-language translated documents of POSCO HOLDINGS INC.’s Business 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: March 31, 2026				By		/s/ Han, Young Ah
				(Signature)
				Name: Han, Young Ah
				Title: Executive Vice President

Exhibit 99.1

BUSINESS REPORT

(From January 1, 2025 to December 31, 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.

BUSINESS REPORT

(From January 1, 2025 to December 31, 2025)

To: Korean Financial Services Commission and Korea Exchange

/s/ LEE, Ju Tae

LEE, Ju Tae

President and Representative Director

POSCO HOLDINGS INC.

6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea

Telephone: +82-54-220-0114

/s/ HAN, Young Ah

HAN, Young Ah

Head of IR Office, Executive Vice President

POSCO HOLDINGS INC.

6261 Donghaean-ro, Pohang-si, Nam-gu, Gyungsangbuk-do, Korea

Telephone: +82-054-220-0114

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TABLE OF CONTENTS

I.		Overview
II.		Business
III.		Financial Statements
IV.		Corporate Governance

This Report is a summary of the Business Report disclosed on the Korea Exchange on March 11, 2026.

Independent auditors’ reports on both consolidated and separate financial statements were filed to the SEC on March 20, 2026.

- Report for consolidated financial statements:

File/Film Number 0001193125-26-116653

- Report for separate financial statements:

File/Film Number 0001193125-26-116565

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I. OVERVIEW

1. Scope of Business

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

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

The Company’s business scope is as follows:

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

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2. Business Organization

A. Highlights of the Company’s Business Organization

(1) Location of the Headquarters

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

(2) Summary of consolidated subsidiaries

(Number of companies)

		Number of consolidated subsidiaries								Number of major subsidiaries
		Jan 1, 2025		Increase		Decrease		Dec 31, 2025
Listed		6		—		—		6		6
Unlisted		187		16		11		192		81
Total		193		16		11		198		87

* The number of consolidated companies above does not include POSCO HOLDINGS

* Among listed corporations, there is one overseas corporation

(5 domestic corporations and 1 overseas corporation).

* Newly included subsidiaries: POSCO DEEPTECH IP FUND, FUTURE GRAPH CO., LTD., CHEMGAS KOREA CO.,LTD., POSCO-EVER NEW MEDICAL Investment Fund, POSCO Stainless Precision & Processing, POSCO INTERNATIONAL CVC 1st Fund, POSCO CVC 1st Fund, New Zero 2nd Co., Ltd., POSCO DX CVC 1st Fund, POSCO Group AC Fund I, POSCO Safety Solution, Startup Korea Posco group Open innovation Fund, POSCO INTERNATIONAL ALASKA ENERGY LLC, FLOW K CO., Ltd., POSCO FLOW VIETNAM CO., LTD, PT. Prime Agri Resources

* Excluded subsidiaries: SANPU TRADING Co., Ltd., New Energy Hub, POSCO CNGR Nickel Solution, POSCO ENGINEERING & CONSTRUCTION VIETNAM COMPANY LIMITED, SK SOLRA POWER GENERATION COPORATION, POSCO (Suzhou) Steel Processing Center Co., LTD, SUZHOU POSCO-CORE TECHNOLOGY CO., LTD, Mastern No.123 Yeoju Samgyo PFV CO., Ltd, POSCO ENGINEERING & CONSTRUCTION DO BRAZIL LTDA, Consus Private Real Estate Fund 2, Consus Pf Private Real Estate Fund

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(3) Major Changes in the Board of Directors

Date of Change		Type of General Meeting of Shareholders		Appointment				Expiration of Term
				New		Re-appointment
March 12, 2021		Ordinary		Inside Director CHUNG, Chang Hwa		Representative Director CHOI, Jeong Woo		Inside Director CHANG, In Hwa
				Outside Director YOO, Young Sook		Representative Director KIM, Hag Dong		Outside Director KIM, Joo Hyun
				Outside Director KWON, Tae-Kyun		Representative Director CHON, Jung Son		Outside Director BAHK, Byong Won
				—		Inside Director JEONG, Tak		—
						Outside Director KIM, Sung Jin		—
March 18, 2022		Ordinary		Inside Director YOO, Byeong Og		Representative Director CHON, Jung Son		Representative Director KIM, Hag Dong
				Non-standing Director KIM, Hag Dong		Inside Director CHUNG, Chang Hwa		Inside Director JEONG, Tak
				Outside Director YOO, Jin Nyong*		Outside Director PAHK, Heui Jae		Outside Director KIM, Shin Bae
				Outside Director SOHN, Sung Kyu*				Outside Director CHUNG, Moon Ki
March 17, 2023		Ordinary		Representative Director JEONG, Ki Seop		Inside Director YOO, Byeong Og		Representative Director CHON, Jung Son
				Inside Director KIM, Ji Yong		Non-standing Director KIM, Hag Dong		Inside Director CHUNG, Chang Hwa
				Outside Director KIM, Joongi*				Outside Director CHANG, Seung Wha
March 21, 2024		Ordinary		Representative Director CHANG, In Hwa		Representative Director JEONG, Ki Seop		Representative Director CHOI, Jeong Woo
				Inside Director KIM, Jun Hyung		Outside Director YOO, Young Sook		Inside Director KIM, Ji Yong
				Inside Director KIM, Ki Soo		Outside Director KWON, Tae Kyun		Inside Director YOO, Byeong Og
				Outside Director PARK, Sung Wook**				Outside Director KIM, Sung Jin
								Outside Director PAHK, Heui Jae***
March 20, 2025		Ordinary		Representative Director LEE, Ju Tae		Inside Director KIM, Ki Soo		Representative Director JEONG, Ki Seop
				Inside Director CHUN, Sung Lae		Outside Director YOO, Jin Nyong		Inside Director KIM, Jun Hyung
						Outside Director SOHN, Sung Kyu****

* The Outside Director KIM, Joongi was newly appointed as Audit Committee Member at the General Meeting of Shareholders held on March 17, 2023.

** The newly appointed Outside Director PARK, Sung Wook was elected as an Outside Director to become an Audit Committee Member at the General Meeting of Shareholders held on March 21, 2024.

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*** The Outside Director PAHK, Heui Jae voluntarily resigned from the General Meeting of Shareholders held on March 21, 2024.

**** The Outside Director SOHN, Sung Kyu was re-appointed as Audit Committee Member at the General Meeting of Shareholders held on March 20, 2025.

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

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

a) From SK Telecom to National Pension Service

b) Date of change: January 30, 2007

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

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

(1) January 2022: Handover of logistic related business to POSCO Terminal

(2) March 2022: Completion of vertical spin-off

Classification		Company Name		Business Unit
Surviving Company		POSCO HOLDINGS INC.		Development of future business portfolios and management of group’s businesses
New Company		POSCO		Production and sale of steel

3. Changes in Share Capital

There have been no changes in share capital in the last 5 years.

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

Type		Details		As of December 31, 2025		As of December 31, 2024		As of December 31, 2023
Common Stock		Total number of issued shares		**80,932,952		*82,624,377		84,571,230
		Par value(KRW)		5,000		5,000		5,000
		Share capital		482,403		482,403		482,403
Preferred Stock		Total number of issued shares		—		—		—
		Par value(KRW)		—		—		—
		Share capital		—		—		—

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Type		Details		As of December 31, 2025		As of December 31, 2024		As of December 31, 2023
Others		Total number of issued shares		—		—		—
		Par value(KRW)		—		—		—
		Share capital		—		—		—
Sum		Share capital		482,403		482,403		482,403

* The decision made on July 12, 2024 by the Board of Directors to cancel treasury shares reduced the total number of shares issued by the company from 84,571,230 to 82,624,377; however, no change is observed in the size of the capital.

** The decision made on February 19, 2025 by the Board of Directors to cancel treasury shares reduced the total number of shares issued by the company from 82,624,377 to 80,932,952; however, no change is observed in the size of the capital.

4. Other Information Regarding Shares

A. Total Number of Shares    

(As of December 31, 2025)

Authorized Shares		Issued Shares
200,000,000		80,932,952

Currency of the Republic of Korea is Korean Won (“KRW”).

Par Value: KRW 5,000 per share

The decision made on February 19, 2025 by the Board of Directors to cancel treasury shares reduced the total number of shares issued by the company from 82,624,377 to 80,932,952 without any change in capital. For more details, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2025, at SEC.

B. Treasury Shares Acquisition and Disposal

(As of December 31, 2025)

Method of Purchase		Type		Beginning Balance		Increased		Decreased		Cancelled		Ending Balance		remark
Direct		Common Stock		3,687,724		—		—		1,691,425		1,996,299		(1)
Trust Contract				3,315,874		—		—		—		3,315,874
Total				7,003,598		—		—		1,691,425		5,312,173		(2)

(1) On February 19, 2025, the board of directors resolved to cancel 1,691,425 previously acquired treasury shares, reducing the number of treasury shares from 7,003,598 to 5,312,173. For more detail, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2025, to the SEC.

(2) The aforementioned number of treasury shares includes 86,611 treasury shares which are subject to the exchange of exchangeable bonds issued by the company on September 1, 2021. The treasury shares subject to this exchange is finalized at the time the exchange right is exercised and is currently deposited with the Korea Securities Depository.

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5. Voting Rights

(As of December 31, 2025)

Classification		Number of Common Shares				Remarks
(1) Number of Issued Shares			80,932,952				—
(2) Shares without Voting Rights			5,312,173				Treasury stock
(3) Shares with Voting Rights			75,620,779				—

6. Earnings and Dividends

(Unit: KRW million)

		2025				2024				2023
(Consolidated) Profit*			657,654				1,094,917				1,698,092
(Separate) Profit			494,878				1,621,282				799,578
Earnings per Share** (Consolidated, KRW)			8,697				14,451				22,382
Cash Dividend Paid			756,208				757,485				758,762
Pay-out Ratio (Consolidated, %)			115.0				69.2				44.7
Dividend per Share (KRW)			10,000				10,000				10,000
Dividend Yield (%)			2.8				4.0				2.4

* (Consolidated) Profit: Profit attributable to owners of the controlling company

** Earnings per Share is based on consolidated financial statement prepared in K-IFRS

7. Stock Price and Trading Volumes

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

A. The Korean Stock Market

(Unit: KRW/share, Thousand shares)

				July 2025				August 2025				September 2025				October 2025				November 2025				December 2025
Common Share		Highest Price			335,000				309,000				285,000				327,000				321,500				319,500
		Lowest Price			276,000				285,500				275,000				263,000				299,000				302,500
		Average Price			314,935				298,800				280,886				297,167				310,500				310,238
Trading volume		Daily highest			1,421				502				536				711				706				431
		Daily lowest		275				123				131				141				168				144
		Monthly		11,903				4,727				5,158				8,257				6,787				5,431

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B. New York Stock Exchange

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

				July 2025				August 2025				September 2025				October 2025				November 2025				December 2025
American Depositary Share (ADS)		Highest Price			61.15				56.39				52.12				57.47				55.11				54.66
		Lowest Price			51.91				51.59				48.73				45.13				51.78				51.01
		Average Price			56.99				54.11				50.53				51.42				53.58				53.24
Trading volume		Daily highest			346				215				292				219				284				226
		Daily lowest		78				53				68				70				100				63
		Monthly		3,794				2,317				3,138				3,034				2,971				2,765

* ADS: One American Depositary Share represents one-fourth of one Common Share

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II. BUSINESS

1. Overview

A. Classification of Business

We classify our business into six segments:

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

B. Summary of Financial Status of Segment

(Unit: KRW million)

Business Segment		2025								2024								2023
		Sales				Operating Income (Loss)				Sales				Operating Income (Loss)				Sales				Operating Income (Loss)
Steel			59,413,172				1,960,162				62,200,920				1,636,808				63,538,698				2,556,779
Infrastructure (Trading)			42,220,911				1,102,781				42,903,253				1,113,710				42,943,752				1,133,512
Infrastructure (Construction)			7,228,333				-504,421				9,829,578				64,804				10,267,503				197,352
Infrastructure (Logistics and etc.)			3,554,224				83,603				4,139,201				147,603				3,945,953				202,010
Rechargeable Battery Materials			3,338,386				-440,863				3,829,851				-277,472				4,821,886				-161,334
Others			1,500,108				972,350				2,111,150				1,600,212				1,562,214				1,106,332
Total			117,255,134				3,173,612				125,013,953				4,285,664				127,080,006				5,034,651

* Based on aggregation including internal transactions among affiliates.

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

2. Business Status of Segments

A. Steel

There are 86 consolidated companies in the steel segment, e.g., POSCO and POSCO STEELEON, and overseas companies, including PT.Krakatau POSCO in Indonesia, POSCO (Zhangjiagang) Stainless Steel Co., Ltd. in China, and overseas processing centers.

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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 2025, cumulative global crude steel production declined year-on-year. The decrease is attributed to structural changes in the steel trade environment due to rising protectionism, persistent sluggish demand across global construction and manufacturing, and reduced output from China following its prolonged real estate downturn.

Global Crude Steel Production

(Unit: Million Ton, %)

Crude Steel Production		2025		2024		2023
Global		1,804		1,839		1,850
Korea		62		64		67
(Ratio)		(3.4%)		(3.5%)		(3.6%)

ø Source: worldsteel (www.worldsteel.org)

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

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

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

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

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On the production side, we are developing strategic, high value-added World Top Premium products and upgrading sales network 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

(Unit: Million Ton, %)

Category				2025								2024								2023
				Production				Market share				Production				Market share				Production				Market share
Crude Steel Production					62				100.0	%			64				100.0	%			67				100.0	%
		POSCO			35				56.5	%			35				55.2	%			36				53.5	%
		Others			27				43.5	%			29				45.8	%			31				46.5	%

ø Source: worldsteel (www.worldsteel.org)

The steel industry’s major demand sectors include automobiles, shipbuilding, and construction, in which steel is a key raw material. The company’s sales consists of approximately 52% domestic sales and 48% exports, with Southeast Asia, Japan and Europe 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.

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

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

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

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

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

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

∎ POSCO STEELEON

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

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

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

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

14

∎ 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.

Business Areas

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

(2) Market Share

(Unit: Ton)

Category		2025								2024								2023
		Sales Volume				Market share				Sales Volume				Market share				Sales Volume				Market share
POSCO M-TECH			35,387				41.3	%			38,284				44.3	%			31,984				44.7	%
PJ Metal			50,213				58.7	%			48,231				55.7	%			39,600				55.3	%
Total			85,600				100.0	%			86,515				100.0	%			71,584				100.0	%

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

B. Infrastructure [Trading segment]

There are 38 subsidiaries in 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.

15

Market Share

(Unit: USD million)

Category		2025				2024				Growth Rate
All Trading Companies in Korea			709,407				683,609				3.8	%
POSCO INTERNATIONAL Corp.			7,780				8,684				-10.4	%

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

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

• Motor core business: POSCO INTERNATIONAL started engaging in the electric vehicle (EV) motor core business with POSCO Mobility Solution, the company’s subsidiary. We plan to expand our motor core production to 7.5 million by 2030. In particular, we demonstrate first-class quality competitiveness by leveraging POSCO’s high-quality non-oriented (NO) electrical steel and POSCO Mobility Solution’s proprietary stacking technology in our production.

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

[Energy]  

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

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

16

• Onshore gas business in Australia: For timely implementation of the Group’s decarbonization and hydrogen business strategies and to expand its existing energy business, currently centered in Myanmar, the company acquired Senex Energy Limited in Australia. Senex Energy Limited is an energy company located in Brisbane on the east coast of Australia, that produces gas from onshore oil and gas fields in eastern Australia for domestic and overseas customers. By the end of 2025, we completed the construction of three gas processing plants, establishing a 60PJ annual production system, with efforts to continue growing our production and sales volumes.

• LNG terminal & connected business: The Gwangyang LNG Terminal, Korea’s first privately operated LNG import terminal, has a storage capacity of 930,000 KL across six tanks. By the end of 2026, we will expand to build two additional units to obtain total storage capacity of 1,330,000 KL. Serving as a key facility in the LNG value chain, it plays a pivotal role in connecting upstream LNG production with the downstream gas supply to end-users. The company is pursuing phased expansion beyond Gwangyang to meet both local demand and captive demand within the Group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses.

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

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

• Expansion into new businessTo reduce carbon emissions, the company is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally.

B. Infrastructure [Construction segment]

There are 21 subsidiaries in construction segment including POSCO E&C.

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∎ POSCO E&C

[Plant Business]

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

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

[Construction Business Sector]

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

B. Infrastructure [Logistics and etc. segment]

There are 15 subsidiaries of logistics and etc. segment including POSCO Flow and POSCO DX.

⬛ POSCO DX

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

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

C. Secondary Battery Materials Segment

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

⬛ POSCO Future M

[Basic Industrial Materials]

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

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

[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.

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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 23 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS is focusing on investment in new growth businesses and opportunities.

3. Key Products

A. Sales of Key Products (2025)

(Unit: KRW hundred million, %)

Business   Segment		Item / Business Sector		Specific Use		Total Sales				Ratio
Steel		Hot-rolled Product (HR)		Steel pipe, Shipbuilding, etc.			122,271				20.6	%
		Cold-rolled Product (CR)		Automobile, Home appliances, etc.			190,715				32.1	%
		Stainless Steel Products		Tableware, pipes, etc.			97,478				16.4	%
		Others		Plates, Wire rods, etc.			183,668				30.9	%
		Gross Sum					594,132				100.0	%
		Deduction of Internal Trade					-221,283
		Sub Total					372,849
Infra-structure		Trading		Steel, Metal			309,657				58.4	%
				Chemical, Strategic Item, Energy			71,711				13.5	%
				Others			40,403				7.6	%
		Construction		Architecture (Domestic)			42,872				8.1	%
				Plant (Domestic)			20,378				3.8	%
				Others (Domestic)			1,807				0.3	%
				Overseas Construction			3,905				0.7	%
				Owned Construction			1,282				0.2	%
				Others			4,957				0.9	%
		Logistics and etc.		Others			33,063				6.2	%
		Gross Sum					530,035				100.00	%
		Deduction of Internal Trade					-233,353
		Sub Total					296,682

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(Unit: KRW hundred million, %)

Business   Segment		Item / Business Sector		Specific Use		Total Sales				Ratio
Rechargeable Battery Materials		Gross Sum					33,384				100.0	%
		Deduction of Internal Trade					-12,421
		Sub Total					20,963
Others		Gross Sum					15,000				100.0	%
		Deduction of Internal Trade					-14,545
		Sub Total					455
		Total Sum					690,949

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

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

B. Key Products Price Variation

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

Business Segment		Products		2025				2024				2023
Steel		Hot-rolled Product (HR)			869				910				967
		Cold-rolled Product (CR)			1,068				1,144				1,157
Infrastructure (Trading)		Electric Power			144				160				205
Rechargeable Battery Materials		Refractory			973				1,001				991
		Lime			158				142				147

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

[Steel]

(1) Criteria for Calculation

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

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

(2) Price Changing Factors

Key external factors include global economic conditions, international trade environment, and demand volumes from major steel-consuming industries (construction, manufacturing, etc.)

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[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

(2) Price Changing Factors

- Power: Korea Gas Corporation cost, etc.

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

[Rechargeable Battery Materials]

(1) Criteria for Calculation

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

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

(2) Price Changes Factors

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

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

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

4. Major Raw Materials

A. Current Status of Major Raw Materials (2025)

(Unit: KRW hundred million)

Business Segment				Type of Purchase		Item		Specific Use		Purchase Amount (Portion, %)				Portion (%)
Steel				Raw Materials		Materials for Iron-making		Iron Ore for Blast Furnaces			144,790				60.7	%
						Sub-materials		Sub-materials for Ironmaking, Steelmaking			52,073				21.8	%
						Stainless Steel Materials		Key Materials for STS Production			41,811				17.5	%
Infra- structure		Trading		Raw Materials		LNG		Material for Power Generation			13,868				100.0	%
		Construction		Raw Materials		Ready-mixed Concrete		Construction of Structure			2,423				22.0	%
						Steel Reinforcement		Strengthening Concrete			1,830				16.6	%
						Cable		Electricity Transfer			160				1.5	%
						Steel Pile		Foundation of Structure			16				0.1	%
						Others		Construction of Pipe and Structure etc.			6,575				59.8	%
		Logistics and etc.		Raw Materials		Others		For other use			6,155				100.0	%
Rechargeable Battery Materials				Raw Materials		NCM and etc.		Production of cathode materials			13,104				83.0	%
						Graphite and etc.		Production of anode materials			506				3.2	%
						Limestone and etc.		Production of Lime			1,144				7.3	%
						Others		Production of refractory			1,029				6.5	%

* 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				2024				2023
Steel				Iron Ore (per ton)			133				135				145
				Coal (per ton)			268				329				387
				Scrap Iron (per ton)			485				505				526
				Nickel (per ton)			21,559				22,934				28,043
Infrastructure		Trading		LNG (per ton)			944				1,058				1,428
		Construction		Ready-mixed Concrete (per m3)			88				90				85
				Steel Pile (per m)			131				181				165
				Steel Reinforcement (per kg)			0.9				0.9				0.9
				Cable (per m)			1.2				1.0				0.9
Rechargeable Battery Materials				Refractory (per ton)			631				443				334
				Limestone (per ton)			25				25				24

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

23

[Steel]

(1) Iron Ore: After remaining flat post-Chinese National Day holiday in October, iron ore price rose 4% QoQ to U$96/ton in December driven by winter stockpiling and optimism over economic stimulus measures.

(Unit: U$/Ton)

’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1		’23.Q4		’23.Q3		‘23.Q2		‘23.Q1
96		92		89		96		94		89		101		113		117		106		102		118

(2) Coal: Prices rose 9% QoQ to U$200/ton, fueled by potential supply constraints during the wet season in East Australia (Nov–Apr) and robust winter stockpiling by steelmakers.

(Unit: U$/Ton)

’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1		’23.Q4		’23.Q3		‘23.Q2		‘23.Q1
200		184		184		185		203		211		242		308		334		264		243		344

(3) Scrap: Prices rose 1% QoQ to U$344/ton, spurred by steel mills’ winter inventory demand hike and tight supply resulting from reduced collection during the winter season.

(Unit: U$/Ton)

’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1		’23.Q4		’23.Q3		‘23.Q2		‘23.Q1
344		340		337		342		350		364		376		392		385		385		403		438

(4) Nickel: Prices fell 1% QoQ to U$14,892/ton due to market uncertainties triggered by US-China trade conflict which continues to drive down STS and EV battery demand, intensifying oversupply against the previous year.

(Unit: U$/lb, U$/Ton)

’25.Q4		’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1		’23.Q4		’23.Q3		‘23.Q2		‘23.Q1
6.75		6.81		6.88		7.06		7.27		7.37		8.35		7.53		7.83		9.23		10.12		11.79
14,892		15,014		15,171		15,571		16,038		16,259		18,415		16,589		17,247		20,344		22,308		25,983

* LME: London Metal Exchange

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[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		STP 275_F508x12t		2025 price calculation criteria updated. - 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)

[Rechargeable Battery Materials]

(1) Criteria for Calculation

• Unit Price based on receipt amount

(2) Price Changing Factors

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

b) Limestone: Raw material price fluctuation is not extreme, and there are slight variations depending on the freight cost

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

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5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

(Unit: Thousand Ton)

Business Area		Products		2025		2024		2023
Steel		Crude Steel		39,810		40,461		40,680

∎ POSCO STEELEON

(Unit: Thousand Ton)

Business Area		Products		Plant		2025		2024		2023
Steel		Galvanized / Color-coated Steel		Pohang		1,000		1,000		1,000
				Myanmar		70		70		70
Total						1,070		1,070		1,070

∎ POSCO M-TECH

(Unit: Ton)

Business Area		Products		2025		2024		2023
Raw materials for steel production		Deoxidizer		41,005		39,058		39,294

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(Unit: MW)

Business Area		Products				2025		2024		2023
Power Generation		Electric Power		Incheon		3,412		3,412		3,412

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(Unit: Ton)

Business Area		Products		Place of Business		2025		2024		2023
Refractory		Brick and etc.		Pohang		116,560		116,560		116,560
LIME		Quicklime		Pohang		1,095,000		1,095,000		1,095,000
				Gwangyang		1,095,000		1,095,000		1,095,000
Total						2,306,560		2,306,560		2,306,560

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

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

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B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production

(Unit: Thousand Ton)

Products				2025		2024		2023
Crude Steel				38,643		39,281		39,941
Products		Hot-Rolled Steel		10,724		10,172		10,660
		Plate		6,365		6,636		6,602
		Wire Rod		1,594		2,131		2,325
		Pickled-Oiled Steel		2,725		2,713		2,780
		Cold-Rolled Products		7,365		7,498		7,133
		Coated Steel		7,164		7,543		7,299
		Electrical Steel		1,084		998		828
		Stainless Steel		3,098		3,333		3,104
		Others		1,525		1,698		1,795
			Total		41,644		42,720		42,528

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

which may include interested parties’ transactions.

(2) Capacity Utilization Rate (2025)

(Unit: Thousand Ton)

		Company		Capacity		Production		Utilization Rate
Crude Steel Production		POSCO		39,810		34,537		86.8%
		PT. Krakatau POSCO		2,952		2,934		99.4%
		POSCO (Zhangjiagang) Stainless Steel Co., Ltd.		1,100		722		65.7%
		POSCO Yamato Vina Steel Joint Stock Company		550		450		81.8%
Total				44,412		38,643		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.

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∎ POSCO INTERNATIONAL

(1) Production Result    

(Unit: GWh)

Business Area		Products		Place of Business		2025		2024		2023
Power Generation		Electric Power		Incheon		10,529		12,193		11,213

(2) Capacity Utilization Rate (2025)

(Unit: Hour, %)

Business Area		Production Base		Capacity		Production		Utilization Rate
Power Generation		Incheon Power Plant		8,760		5,004		57.13%

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

(Unit: Ton)

Business Area		Products		Place of Business		2025		2023		2022
Refractory		Brick and etc.		Pohang		79,417		80,191		77,437
LIME		Quicklime		Pohang		1,088,517		1,055,911		1,110,594
				Gwangyang		1,187,103		1,216,072		1,243,040
Total						2,355,037		2,352,174		2,431,071

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

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

(2) Capacity Utilization Rate (2025)

(Unit: Ton)

Business Area		Capacity		Production		Utilization Rate
Refractory Factory		116,560		79,417		68%
Quicklime Factory (Pohang)		1,095,000		1,088,517		99%
Quicklime Factory (Gwangyang)		1,095,000		1,187,103		92%
Total		2,306,560		2,355,037		—

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

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

28

C. Production Facilities

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

[Land]    

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				1,957,023		47,378		-28		—			2,004,373
Infrastructure		Trading		514,978		262,927		-13		-1,364			776,528
		Construction		348,243		205		-13,667		—			334,781
		Logistics and etc.		111,653		505		-52,603		—			59,555
Rechargeable Battery Materials				217,586		31,076		-2		—			248,660
Others				186,392		78,266		-2,169		—			262,489

[Buildings]    

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				3,002,051		659,777		-67,589		-290,983			3,303,256
Infrastructure		Trading		574,270		196,465		-114,597		-28,340			627,798
		Construction		85,969		5,716		-6,168		-7,227			78,290
		Logistics and etc.		104,483		23,306		-8,594		-5,832			113,363
Rechargeable Battery Materials				1,397,132		231,431		-1,136		-70,877			1,556,550
Others				117,063		1,604		-3,949		-135			114,583

[Structures]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				2,796,242		254,731		-17,271		-259,953			2,773,749
Infrastructure		Trading		601,835		571,262		-111,568		-42,308			1,019,221
		Construction		47,043		697		-3,207		-6,741			37,792
		Logistics and etc.		88,603		4,794		-4,778		-7,573			81,046
Rechargeable Battery Materials				312,117		81,386		-15,581		-13,339			364,583
Others				14,683		141		-478		-364			13,982

29

[Machinery]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				14,544,016		2,558,319		-427,110		-2,238,130		14,437,095
Infrastructure		Trading		1,163,227		380,237		-338,515		-123,864		1,081,085
		Construction		6,921		741		-1,328		-1,576		4,758
		Logistics and etc.		239,947		1,752		-9,142		-29,929		202,628
Rechargeable Battery Materials				2,336,689		478,079		-123,302		-235,190		2,456,276
Others				20,878		9,923		-3,450		-3,866		23,485

[Vehicles]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				56,788		40,237		-10,673		-30,546		55,806
Infrastructure		Trading		12,534		93,872		-70,530		-5,069		30,807
		Construction		5,655		1,290		-904		-1,826		4,215
		Logistics and etc.		989		1,966		-2,406		-175		374
Rechargeable Battery Materials				13,963		646		-905		-4,322		9,382
Others				46		175		-1		-189		31

[Tools and Fixtures]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				67,074		37,854		-16,748		-26,312		61,868
Infrastructure		Trading		22,310		16,160		-5,943		-10,844		21,683
		Construction		1,432		1,651		-946		-701		1,436
		Logistics and etc.		6,328		2,801		-1,323		-2,239		5,567
Rechargeable Battery Materials				37,326		12,960		-8,857		-13,759		27,670
Others				31		2		—		—		33

[Equipment]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				100,089		85,693		-20,312		-51,216		114,254
Infrastructure		Trading		24,966		41,109		-26,074		-11,093		28,908
		Construction		8,457		6,638		-5,783		-3,573		5,739
		Logistics and etc.		12,137		10,593		-6,492		-2,949		13,289
Rechargeable Battery Materials				40,920		10,176		-3,374		-8,929		38,793
Others				13,464		7,679		-1,099		-1,859		18,185

30

[Financial Lease Assets]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				184,110		44,654		-58,908		-62,313		107,543
Infrastructure		Trading		375,702		642,034		-133,598		-67,310		816,828
		Construction		29,826		147,183		-81,660		-36,486		58,863
		Logistics and etc.		258,550		23,371		-3,895		-8,599		269,427
Rechargeable Battery Materials				102,998		24,771		-398		-23,614		103,757
Others				19,448		17,197		-14,390		-4,346		17,909

[Biological Assets]

(Unit: KRW million) 

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				—		—		—		—		—
Infrastructure		Trading		139,451		515,745		-281,096		-11,229		362,871
		Construction		—		—		—		—		—
		Logistics and etc.		—		—		—		—		—
Rechargeable Battery Materials				—		—		—		—		—
Others				—		—		—		—		—

[Assets under Construction]

(Unit: KRW million)

Business Segment				Beginning Book Balance		Increased		Decreased		Depreciation		Ending Book Balance
Steel				2,250,595		2,533,122		-2,987,259		—		1,796,458
Infrastructure		Trading		573,964		1,017,166		-610,399		-25,321		955,410
		Construction		11,373		4,954		-11,186		—		5,141
		Logistics and etc.		363,080		31,034		-345,217		—		48,897
Rechargeable Battery Materials				4,031,453		2,032,382		-1,212,566		-18,854		4,832,415
Others				292,725		254,612		-44,002		—		503,335

31

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

- Investments under Construction    

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

[Steel]

(Unit: KRW hundred million) 

Date

Project

Total  Investment

Invested Amount

Amount to be Invested

Expansion/ Establishment

October 2020 ~ February 2030

Revamping of Coke Plant 3 at the Pohang Works, etc.

58,856

16,553

42,303

[Infrastructure] (Unit: KRW hundred million)

Date

Project

Total Investment

Invested Amount

Amount to be Invested

Expansion/ Establishment

June 2023 ~ May 2027

Gwangyang LNG terminal, etc.

9,935

7,325

2,610

[Rechargeable Battery Materials] (Unit: KRW hundred million)

Date

Project

Total Investment

Invested Amount

Amount to be Invested

Expansion/ Establishment

March 2020 ~ July 2027

Cathode/Anode material factory, lithium commercialization plant, etc.

73,882

52,075

21,807

6. Product Sales

[Steel]

(Unit: KRW hundred million)

Items				2025		2024		2023
Domestic		Hot-Rolled Products		50,136		52,703		58,730
		Cold-Rolled Products		45,883		51,263		52,754
		Stainless Steel		26,422		29,493		30,313
		Others		91,676		95,180		106,558
Overseas		Hot-Rolled Products		72,135		72,818		75,979
		Cold-Rolled Products		144,832		152,461		142,160
		Stainless Steel		71,055		75,395		76,521
		Others		91,993		92,696		92,373
Total		Gross Sum		594,132		622,009		635,387
		Internal Transaction		-221,283		-230,968		-231,454
		Total		372,849		391,041		403,933

32

[Infrastructure]

(Unit: KRW hundred million)

Business Area		Items				2025		2024		2023
Trading		Domestic Trading		Merchandise		34,233		45,670		54,327
				Product		27,683		32,545		39,121
				Others		846		1,412		1,366
		Overseas Trading		Merchandise		116,886		118,643		121,136
				Product		1,132		3,881		3,375
				Others		243		144		48
		Trades among the 3 countries				240,748		226,736		210,065
Construction		Domestic Construction		Building		42,872		49,469		41,251
				Plant		20,378		31,427		35,029
				Others		1,807		2,724		2,096
		Overseas				3,905		8,777		14,975
		Own Construction				6,239		5,899		9,325
Logistics and etc.		Others				33,063		41,393		39,458
Total		Gross Sum				530,035		568,720		571,572
		Deduction of Internal Transaction				-233,353		-261,735		-243,520
		Total				296,682		306,985		328,052

[Rechargeable Battery Materials]

(Unit: KRW hundred million)

Items		2025		2024		2023
Gross Sum		33,384		38,299		48,219
Deduction of Internal Transaction		-12,421		-10,174		-10,059
Total		20,963		28,125		38,160

33

[Others]

(Unit: KRW hundred million)

Items		2025		2024		2023
Gross Sum		15,000		21,112		15,622
Deduction of Internal Transaction		-14,545		-20,381		-14,495
Total		455		730		1,127

* Domestic and overseas categorized by the sales area. * Sales of POSCO INTERNATIONAL’s foreign branches are included in ‘trade among the 3 countries’ under Infrastructure (Trading) Segment.

* POSCO E&C underwent organizational restructuring in December 2025; therefore the performance of ‘Civil Engineering (Domestic)’ sector has been consolidated into ‘Plant (Domestic)’ sector.

7. Derivatives

POSCO HOLDINGS has agreed to currency swap contracts to hedge against exchange rate risks on foreign currency borrowings. As of December 31, 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 loss on these currency swaps, as reflected in the Company’s financial statements as of December 31, 2025, amounted to KRW 77,751 million.

8. Significant Contracts

[Steel]

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 0.6588 trillion

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

d) Contract execution: December 2024

e) Payment method: Cash payment

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

(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 vertical spin-off on March 2022.

d) Contract execution: August 18, 2023 ~ September 25, 2023

34

e) Payment method: Cash payment

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

* The transaction amount above applies the exchange rate as of July 31, 2023, and overseas assets are traded by applying the exchange rate on the day of the transaction.

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 1.1377 trillion

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

d) Contract execution: 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, POSCO COATED STEEL (THAILAND) CO., and etc. (32 domestic companies, 25 overseas companies)

* The transaction amount above applies the exchange rate as of November 3, 2022, and overseas assets are traded by applying the exchange rate on the day of the transaction.

(4) Sales contract of CSP shares

a) Contract Counterparty: ArcelorMittal Brazil

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

c) Contract execution: July 28, 2022 (transaction completed on March 10, 2023)

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

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

(5) Equity investment agreement for lithium in LithiumCo (tentative)

a) Contract Counterparty: LithiumCo (tentative)

b) Transaction amount: KRW 1.1121 trillion

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

d) Contract execution: 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

(6) POSCO’s equity investment to build an electric arc furnace steel mill in Louisiana, USA

a) Contract Counterparty: POS-Louisiana (tentative)

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

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

d) Contract execution: December 16, 2025 (Board resolution date)

e) Payment method: Cash payment

35

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

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

Contract		Remarks
Investment on the 4th stage development of A-1 / A-3 block in Myanmar gas field		1)  Investment amount: KRW 926,302,200,195 2)  Development period: July 1, 2024 ~ June 30, 2027 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. 4)  Other Information • Location: North-west offshore, Myanmar • This investment is the 4th stage of development of the existing Myanmar gas field development. The purpose of investment is to drill three additional production wells in two deep-sea fields and one additional production well in a shallow-sea field and to install processing facilities on subsea pipelines and existing platform. • With its commencement of development in July 2024, the gas production expected to begin in the third quarter of 2027. • Participation rate of each company in gas production and offshore pipeline transportation business • POSCO INTERNATIONAL Corporation: 51.0% • KOGAS (Korea Gas Corporation): 8.5% • ONGC VIDESH (Oil and Natural Gas Corporation Videsh Limited) : 17.0% • MOGE (Myanmar Oil and Gas Enterprise): 15.0% • GAIL (India) Limited: 8.5% • Investment size of USD 667 million, applying the exchange rate of June 25, 2024 (1USD=1,387.50 KRW). • Detailed information and future timeline on this resource development investment is subject to change. ø  POSCO INTERNATIONAL disclosure date: June 27, 2024 (Decision on natural resources investment)
Decision on Merger of 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 business, thereby strengthening competitiveness, improving management efficiency and laying the foundation for sustainable growth. 2)  Method of Merger: POSCO Energy Co., Ltd. (“POSCO Energy”) will be merged with and into POSCO INTERNATIONAL Co., Ltd. (“POSCO INTERNATIONAL”). 3)  Date of board resolution (decision Date): August 12, 2022 4)  Date of General Shareholders Meeting for merger approval: November 4, 2022 5)  Merger ratio: POSCO INTERNATIONAL: POSCO Energy = 1 : 1.1626920 6)  Record date of merger: January 1, 2023 7)  Scheduled date of merger registration: January 2, 2023 ø  POSCO INTERNATIONAL disclosure date: January 2, 2023

37

9. Research and Development

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

Business Segment		Company		Organization
Steel		POSCO		Technology Strategy Office
				Technical Research Laboratories
				Technical Research Laboratories Future Steel R&D Center
				Technical Research Laboratories Steel Manufacturing Process DX R&D Center
				Steel Product R&D Center
				Solution R&D Center
				Oxygen Top and Bottom Blown Converter Project Task Force Team
				GO Project Team
				Energy Steel Plate Project Team
				GigaSteel Project Team
				Hyper Non-Oriented Electrical Steel Project Team
		POSCO (Zhangjiagang) Stainless Steel Co., Ltd.		R&D Center
		POSCO STEELEON		Sales and Production Coordination Department
		POSCO M-TECH		Automation R&D Center
				Pohang Steel Business Office
		POSCO ZT AIR SOLUTION		R&D Department
Infrastructure		POSCO MOBILITY SOLUTION		STS Division Production Group
				Core Division Development Group
		PT. Prime Agri Resources		Research & Development
		POSCO Eco & Challenge		Research & Development Center
		POSCO A&C		Architecture Design Business Office
		POSCO DX		AX Convergence 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

38

B. R&D Expenses (2025)

		(Unit: KRW million)
Category		Business Segment
		Steel				Infrastructure												Rechargeable Battery Materials				Others				Total
						Trading				Construction				Logistics and etc.
Selling and Administrative Cost			26,541				3,043				5,764				10,454				35,932				116,512				198,246
Manufacturing Cost			328,775				113				3,015				—				7				—				331,910
R&D Cost (Intangible Assets)			146,334				—				613				1,029				2,210				3,575				153,761
Total*			501,650				3,156				9,392				11,483				38,149				120,087				683,917
Government Subsidy			—				—				2,991				—				—				—				2,991
R&D/Sales Ratio (%)			1.35	%			0.01	%			0.17	%			3.72	%			1.82	%			264.03	%			0.99	%

* Total includes government subsidy.

39

III. Financial Statements

1. Consolidated Financial Statements

A. Summary

(Unit: KRW million)

Account		2025				2024				2023
		As of December 31, 2025				As of December 31, 2024				As of December 31, 2023
[Total current assets]			43,483,869				44,029,923				46,212,299
Cash and cash equivalents			7,049,800				6,767,898				6,670,879
Other receivables, net			1,920,685				2,261,323				1,947,529
Other short-term financial assets			8,778,584				8,499,389				11,403,166
Trade accounts and notes receivable, net			11,197,974				10,821,619				11,015,303
Inventories			13,624,433				14,143,500				13,825,514
Other current assets			912,393				1,536,194				1,349,908
[Total non-current assets]			61,708,569				59,374,276				54,733,095
Other receivables, net			1,635,253				1,306,329				1,452,445
Other long-term financial assets			3,060,842				2,571,651				2,708,325
Investments in associates and joint ventures			4,980,153				4,738,793				5,020,264
Property, plant and equipment, net			42,292,820				39,846,828				35,206,248
Intangible assets, net			5,493,529				4,774,824				4,714,784
Other non-current assets			4,245,972				6,135,851				5,631,029
Total assets			105,192,438				103,404,199				100,945,394
[Total current liabilities]			23,131,654				22,779,719				21,861,518
[Total non-current liabilities]			19,683,093				19,174,112				19,419,979
Total liabilities			42,814,747				41,953,831				41,281,497
[Equity attributable to owners of the controlling company]			55,730,185				55,394,231				54,180,849

40

Share capital			482,403				482,403				482,403
Capital surplus			1,685,116				1,648,894				1,663,334
Hybrid bonds			—				—				—
Retained earnings			53,177,472				53,658,368				53,857,514
Other equity attributable to owners of the controlling company			385,194				(395,434	)			(1,822,402	)
[Non-controlling Interests]			6,647,506				6,056,137				5,483,048
Total equity			62,377,691				61,450,368				59,663,897
			From January 1, 2025 to December 31, 2025				From January 1, 2024 to December 31, 2024				From January 1, 2023 to December 31, 2023
Revenue			69,094,886				72,688,143				77,127,197
Operating profit			1,827,063				2,173,573				3,531,423
Profit			504,403				947,580				1,845,850
[Profit attributable to owners of the controlling company]			657,654				1,094,917				1,698,092
[Profit attributable to non-controlling interests]			(153,251	)			(147,337	)			147,758
Total comprehensive Income			923,026				2,110,358				2,330,891
[Total comprehensive income attributable to owners of the controlling company]			1,032,628				2,008,919				2,131,737
[Total comprehensive income attributable to non-controlling interests]			(109,602	)			101,439				199,154
Earnings per share(KRW)			8,697				14,451				22,382
Number of Consolidated Companies			199				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.

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2. Separate Financial Statements

A. Summary

(Unit: KRW million)

Account		2025				2024				2023
		As of December 31, 2025				As of December 31, 2024				As of December 31, 2023
[Total current assets]			3,945,123				3,793,469				4,657,899
Cash and Cash equivalents			184,416				409,387				376,914
Trade accounts and notes receivable, net			157,668				178,822				238,332
Other receivables, net			146,146				21,388				68,821
Other short-term financial assets			3,454,794				2,686,420				3,940,743
Inventories			—				467,796				—
Other current assets			2,099				29,655				33,089
[Total non-current assets]			47,870,462				46,840,329				46,988,299
Other receivables, net			17,414				14,894				6,955
Other long-term financial assets			506,736				421,822				1,131,074
Investments in Subsidiaries, associates, and joint ventures			46,290,252				45,631,965				45,321,370
Property, plant and equipment, net			703,140				415,993				197,787
Intangible assets, net			29,659				21,461				19,341
Other non-current assets			323,261				334,194				311,772
Total assets			51,815,585				50,633,797				51,646,198
[Total current liabilities]			245,628				162,831				1,819,670
[Total non-current Liabilities]			3,631,688				2,281,936				2,326,663
Total liabilities			3,877,316				2,444,768				4,146,333
[Share capital]			482,403				482,403				482,403
[Capital surplus]			1,367,990				1,367,990				1,370,557
[Retained earnings]			47,310,066				47,952,144				47,505,885
[Other equity]			(1,222,190	)			(1,613,507	)			(1,858,980	)
Total equity			47,938,269				48,189,030				47,499,865

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Account		2025				2024				2023
			From January 1, 2025 to December 31, 2025				From January 1, 2024 to December 31, 2024				From January 1, 2023 to December 31, 2023
Revenue			1,403,310				1,997,128				1,454,079
Operating profit			976,825				1,596,420				1,106,629
Profit			494,878				1,621,282				799,578
Earnings per share (KRW)			6,544				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”).

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IV. CORPORATE GOVERNANCE

1. Overview of Corporate Governance

A. Board of Directors

(1) Board of Directors (BoD)

The BoD consists of four inside directors (CHANG, In Hwa/ LEE, Ju Tae/ CHUN, Sung Lae/ KIM, Ki Soo) and six outside directors (KWON, Tae-Kyun/ YOO, Young Sook/ YOO, Jin Nyong/ SOHN, Sung Kyu/ KIM, Joongi/ PARK, Sung Wook)

The BoD manages six Special Committees:

a) ESG Committee

b) Director Candidate Recommendation Committee

c) Evaluation and Compensation Committee

d) Finance Committee

e) Audit Committee and

f) CEO Candidate Pool Management Committee

(2) Composition of the Special Committees under the BoD and their Functions (as of March 11, 2026)

Category		Composition		Directors		Major Functions
ESG Committee		3 Outside Directors, 1 Inside Director		YOO, Jin Nyong (Chairman) YOO, Young Sook KIM, Joongi CHUN, Sung Lae		• Agenda 1. Mattersrelated to the operation of the BoD and the special committees a)  Agenda proposals development and establishment of the operating standards of the BoD and the special committees b)  Prior deliberation on revision or repeal of the Operational Regulations of the Board of Directors c)  Prior deliberation of the composition and operation of the BoD’s special committees 2.  ESG-related implementation monitoring and report publication 3.  Deliberation and resolution of donations in the amount of KRW 100 million to KRW 1 billion and prior deliberation on donations over KRW 1 billion 4.  Deliberation and resolution on the following transactions with the largest shareholder of the Company as defined under the Commercial Act and such related party, where the transaction amount is less than KRW 200 billion, and prior deliberation for transactions of KRW 200 billion or more:

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						a)  A single transaction whose amount is equal to or greater than 1/100 of the Company’s total assets or total revenue as of the end of the most recent fiscal year. b)  A transaction where the aggregate transaction amount with a specific counterparty during the relevant fiscal year, including the relevant transaction, is equal to or greater than 5/100 of the Company’s total assets or total revenue as of the end of the most recent fiscal year. 5.   Internal transactions under Monopoly Regulation and Fair Trade Act (The act of providing or trading funds, securities, or assets with related party as business counterpart or for related party) a)  Review of internal transaction-related issues and improvement measures b)  Prior deliberation on internal transactions (Amount KRW 200 billion or more) c)  Deliberation and resolution of internal transactions (between KRW 10 billion and KRW 200 billion) 6.  Appointment of the Fair Trade Compliance Officer. • Reported Items 1.  Key ESG issues of affiliates 2.  Matters concerning the execution of internal transactions (between KRW 5 billion and KRW 10 billion)
Director Candidate Recommendation Committee		3 Outside Directors		YOO, Young Sook (Chairman) KWON, Tae—Kyun SOHN, Sung Kyu		• Agenda 1.  Qualification review of Outside Director candidates and making recommendation to the GMoS 2.  Preliminary review and qualification review of Inside Director candidates 3.   Prior deliberation on appointment of members of the special committees 4.  Prior deliberation of the appointment of Representative Directors other than the Representative Director and CEO 5.  Operation of the Outside Director Candidate Recommendation Advisory Panel 6.  Other matters necessary for recommending Outside Director candidates

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

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

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

• January 1, 2025 ~ March 19, 2025

No.		Date		Agenda		Approval
1		February 5		1. Medium to Long-term Management Strategies and 2025 Consolidated Management Plans of the Group		Approved
				2. Approval of the 57th Financial Statements and schedule for the General Meeting of Shareholders		Approved
				3. Funding plans for FY 2025		Approved
				4. Amendment of Internal Control over Financial Reporting (ICFR) Regulations		Approved After Amendment
				5. Improvement of the Company’s performance evaluation system and executive compensation system		Approved After Amendment
				• Reported Items - 2024 Group’s business performance - Operational status of the 2024 ICFR - Evaluation of the 2024 operation of the ICFR		—  —  —
2		February 19		1. Recommendation of Inside Directors candidates		Approved
								2. Partial amendments to the Articles of Incorporation		Approved After Amendment
								3. Agenda items for the 57th Annual General Meeting of Shareholders		Approved
								4. Cancellation of treasury shares and the treasury shares report		Approved
								• Reported Item - Items reported at the 1st ESG Committee meeting		—

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• March 20, 2025 ~ December 31, 2025

No.		Date		Agenda		Approval
3		March 20		1. Appointment of the Chair of the Board		Approved
				2. Appointment of the Representative Director & CEO		Approved
				3. Appointment of members to the special committees		Approved
4		May 13		1. Dividend payment in Q1 2025		Approved
				2. Approval (ex post facto) of restoration fund donation made to wildfire damage in the Yeongnam region		Approved
				3. Plan to extend payment guarantee for NMC borrowings		Approved
				4. Participation in capital increase of POSCO Future M		Approved
				5. Participation in capital increase of POSCO Pilbara Lithium Solution		Approved
				6. Participation in capital increase of POSCO GS Eco-Materials		Approved
				7. Amendment to the Board of Directors’ Operating Regulations		Approved
				• Reported Items - Business performance of the Group in Q1 2025 - Board activity performance and assessment results in 2024		—  —
5		July 3		1. Sale of equity stakes in Zhangjiagang and Qingdao		Approved
6		August 6		• Reported Items - POSCO Group’s Plan for Safety Management Innovation		—
7		August 12		1. Dividend payment in Q2 2025		Approved
				2. Approval (ex post facto) of restoration fund donation made for damages caused by heavy rainfall nationwide		Approved
				• Reported Items - Progress update on 2025 Board resolutions - Group business performance in Q2 2025 - Progress update on integrated steel mill project in India		—  —  —
8		November 11		1. Dividend payment in Q3 2025		Approved
				2. Equity investment in Australian lithium mines		Approved
				3. Endowment to establish Occupational Incident Family Care Foundation		Approved
				• Reported Items - Group business performance in Q3 2025		—
9		December 8		1. Medium to Long-term Management Strategies and 2026 Consolidated Management Plans of the Group		Approved
				2. 2026 Corporate Bond Issuance Limit		Approved
				3. 2026 Safety and Health Plan		Approved
				• Reported Items - Results of Compliance with the 2025 Compliance Control Standards - Execution Status of 2025 Board Resolutions		—  —

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• January 1, 2026 ~ March 11, 2026

No.		Date		Agenda		Approval
1		February 3		1. Approval of the 58th Financial Statements and schedule for the General Meeting of Shareholders		Approved
				• Reported Items - 2025 Group’s business performance - Operational status of the 2025 ICFR - Evaluation of the 2025 operation of the ICFR		—  —  —
2		February 19		1. Recommendation of Inside Directors and Non-Standing Directors candidates		Approved
				2. Partial amendments to the Articles of Incorporation		Approved
				3. Agenda items for the 58th General Meeting of Shareholders		Approved
				4. Cancellation of treasury shares and the treasury shares report		Approved
				5. Improvements to Board operations and amendment of relevant rules		Approved After Amendment
				• Reported Item - Execution Status of 2025 Board Resolutions		—

(4) Key Activities of Outside Directors

• January 1, 2025 ~ December 31, 2025

No.		Date		Outside Director Attendance (Total Outside Directors)		Remarks
1		February 5		6 (6)		—
2		February 19		6 (6)		—
3		March 20		6 (6)		—
4		May 13		6 (6)		—
5		July 3		6 (6)		—
6		August 6		6 (6)		—
7		August 12		6 (6)		—
8		November 11		6 (6)		—
9		December 8		6 (6)		—

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• January 1, 2026 ~ March 11, 2026

No.		Date		Outside Director Attendance (Total Outside Directors)		Remarks
1		February 3		6 (6)		—
2		February 19		6 (6)		—

(5) Special Committees under the BoD and their Activities

• ESG Committee (January 1, 2025 ~ March 19, 2025)

Date		Agenda		Approval
February 13		1. Contribution to the POSCO Educational Foundation		Approved
		• Reported Items - Plan to organize a Greenwashing Review Committee - Plan to establish an Internal ESG Control System - Plan to declare POSCO Group’s human rights management declaration		—  —  —

• ESG Committee (March 20, 2025 ~ December 31, 2025)

Date		Agenda		Approval
May 8		1. Participation in capital increase of POSCO Future M		Deliberated
		2. Participation in capital increase of POSCO Pilbara Lithium Solution		Deliberated
		3. Amendment to the Board of Directors’ Operating Regulations		Deliberated
		4. Plan for the publication of the 2024 Sustainability Report		Approved
		• Reported Items - POSCO Group ESG performance in Q1 2025		—
August 6		1. Selection of construction contractor and execution of contract for POSCO Global Center Site 3 1)		Not approved
		2. Equity investment in AC Fund for new business development		Approved
		• Reported Items - POSCO Group ESG performance in Q2 2025 - Operation status of the Fair Trade Compliance Program (CP) in the first half of 2025		—  —
November 5		1. Participation in POSCO Argentina capital increase to acquire mining rights		Approved
		2. Signing of POSCO Global Center Site 3 construction contract		Approved
		3. Endowment to establish Occupational Incident Family Care Foundation		Deliberated
		• Reported Items - POSCO Group ESG performance in Q3 2025		—
December 4		1. 2026 Brand Licensing Contract for “POSCO”		Approved
		2. 2026 POSCO Center Lease Contract		Approved
		3. Donation to The Korea Society		Approved
		4. Year-end donation to the Community Chest		Approved
		• Reported Items - Operation status of the Fair Trade Compliance Program (CP) in the second half of 2025

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1) Re-deliberation is required after additional review of the appropriateness of contractor selection

• ESG Committee (January 1, 2026 ~ March 11, 2026)

Date		Agenda		Approval
January 22		• Reported Items - Review of strategies to utilize PT.BIA’s carbon emission reductions - Measures to optimize ESG disclosure metrics for subsidiaries		—  —
February 13		1. Improvements to Board operations and amendment of relevant rules		Deliberated
		• Reported Items - POSCO group’s ESG Management Strategy for 2026 - POSCO group’s Human Rights Management Strategy for 2026		—  —

• Director Candidate Recommendation and Management Committee (January 1, 2025 ~ March 20, 2025)

Date		Agenda		Approval
January 3		1. Qualification assessment of Outside Director candidates		Approved
February 19		1. Recommendation of the Outside Directors candidates		Approved
		2. Qualification assessment of the Inside Directors candidates		Deliberated
		3. Appointment of Special Committee members for FY 2025		Deliberated
March 20		1. Appointment of Representative Director & CEO		Deliberated

* Both the Director Candidate Recommendation Committee and the Board of Directors meetings were held on the same date (March 20, 2025).

• Director Candidate Recommendation and Management Committee (March 21, 2025 ~ December 31, 2025)

Date		Agenda		Approval
August 12		1.  Operation of the advisory panel for recommendation of Outside Director candidates		Approved
October 28 (Recessed) November 5 (Resumed)		1.  Qualification assessment of the Outside Directors candidates		Approved

• Director Candidate Recommendation and Management Committee (January 1, 2026 ~ March 11, 2026)

Date		Agenda		Approval
February 19		1.  Recommendation of the Outside Directors candidates		Approved
		2.  Recommendation of the Inside Directors and Non-Standing Directors candidates		Deliberated
		3.  Appointment of Special Committee members for FY 2026		Deliberated

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• Evaluation and Compensation Committee (January 1, 2025 ~ December 31, 2025)

Date		Agenda		Approval
January 22		1.  Improvement of the company’s performance evaluation system and executive compensation system		Deliberated
February 5		1.  Evaluation of the 2024 business performance		Approved
February 19		1.  Evaluation of the business performance for 2025 and Evaluation plan for the Long-term business performance (‘25~‘27)		Approved

* Following constructive debate during the Compensation Committee’s deliberation on Jan 22, 2025, the agenda item for ‘Improvement to the company’s performance evaluation and executive compensation system’ was approved with amendments by the Board of Directors on Feb 5, 2025.

• Evaluation and Compensation Committee (January 1, 2026 ~ March 11, 2026)

Date		Agenda		Approval
February 4		1. Evaluation of the 2025 business performance		Approved

• Finance Committee (January 1, 2025 ~ March 19, 2025)

Date		Agenda		Approval
January 23,		1. Funding plan for FY 2025		Deliberated

• Finance Committee (March 20, 2025 ~ December 31, 2025)

Date		Agenda		Approval
May 8		1.  Participation in capital increase of POSCO Future M		Deliberated
		2.  Participation in capital increase of POSCO Pilbara Lithium Solution		Deliberated
July 2		1.  Sale of equity stakes in Zhangjiagang and Qingdao		Deliberated
August 12		• Reported Items - 2025 Group’s business performance outlook and financial risk analysis - Financial effects of the capital increase at the three rechargeable battery materials subsidiaries		—  —
November 5		1.  Equity investment in Australian lithium mines		Deliberated
December 4		1.  2026 Corporate Bond Issuance Limit		Deliberated

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• CEO Candidate Pool Management Committee (March 20, 2025 ~ December 31, 2025)

Date		Agenda		Approval
May 8		1.  Results of pooling for CEO candidates for the first half of 2025		Approved
		2.  Measures to strengthen the development of the internal CEO candidates pool		Approved
November 27		1.  Results of pooling for CEO candidates		Approved

B. Audit Committee

(1) Composition of the Audit Committee

Name		Qualifications		Remarks
SOHN, Sung Kyu KIM, Joongi PARK, Sung Wook		Satisfies the requirements stipulated in the Korean Commercial Act		Chair —  —

* SOHN, Sung Kyu is an accounting and financial expert.* PARK, Sung Wook has been concurrently serving as an Outside Director of SK Hynix NAND Product Solutions Corp. (U.S.) since March 2026.

(2) Major Activities of the Audit Committee

• January 1, 2025 ~ March 19, 2025

Session		Date		Agenda		Approval
1		January 24		1. Consent to the appointment of the person in charge of the Internal Audit Department		Approved
				2. Approval of audit and non-audit service contract for POSCO Holdings and its subsidiaries		Approved
				3. Amendment of the Internal Control over Financial Reporting (ICFR) Regulations		Approved
				4. Evaluation of ICFR operations in 2024		Approved
				5. Audit Committee activities in 2024		Approved
				• Reported Items - Operational status of the ICFR in 2024		—
2		February 26		1. Internal audit result for 2024		Approved
				2. Internal audit performance of 2024 and 2025 plan		Approved
				3. Deliberation of the agenda items for the AGM		Approved
				• Reported Items - External audit result for 2024		—

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* At the 57th General Meeting of Shareholders, convened on March 20, 2025, Audit Committee member YOO, Jin Nyong’s term expired, and Outside Director KIM, Joongi was elected to serve on the Audit Committee.

• March 20, 2025 ~ December 31, 2025

Session		Date		Agenda		Approval
3		March 20		1. Appointment of the Chair of the Audit Committee		Approved
4		April 24		1. Internal audit results for Q1 2025 consolidated financial statements		Approved
				2. Approval of non-audit services for POSCO India PC		Approved
				• Reported Items - 20-F audit results for 2024 and external review results for Q1 2025 consolidated financial statements		—
5		August 13		1. Approval of contract for non-audit service of the POSCO E&C		Approved
				2. Internal audit results for Q2 2025 consolidated financial statements		Approved
				3. Audit activity evaluation results of the external auditor for FY 2024		Approved
				4. Results of internal audit performance for the 1st half of 2025 and plan for 2nd half of 2025		Approved
				• Reported Items - Design Assessment Results of the Internal Control over Financial Reporting for FY 2025 - Results of external audit on consolidated financial statements for Q2 of 2025		—  —
6		October 21		• Reported Items - Overview of ITGC and the Internal Control over Financial Reporting		—
7		November 13		1. Approval of audit and non-audit service contract for POSCO HOLDINGS’ subsidiaries		Approved
				2. Internal audit results for Q3 2025 consolidated financial statements		Approved
				• Reported Item - Results of external audit on consolidated financial statements for Q3 of 2025 - Assessment results of the framework for new business investments		—  —
8		December 8		1. Approval of audit service contract for POSCO Holdings and its subsidiaries		Approved

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• January 1, 2026 ~ March 11, 2026

Session		Date		Agenda		Approval
1		February 2		1.  Evaluation of ICFR operations in 2025		Approved
				2.  Approval of audit and non-audit service contract for POSCO Holdings and its subsidiaries		Approved
				3.  Audit Committee activities in 2025		Approved
				• Reported Items - Operational status of the ICFR in 2025		—
2		February 26		1.  Approval of non-audit service contract for POSCO		Approved
				2.  Internal audit result for 2025		Approved
				3.  Internal audit performance of 2025 and 2026 plan		Approved
				4.  Deliberation of the agenda items for the AGM		Approved AfterAmendment
				• Reported Items -   External audit result for 2025		—

C. Voting Rights of Shareholders

(1) The Cumulative Voting System: The cumulative voting system was introduced at the 36th general meeting of shareholders on March 12, 2004.

(2) The Electronic Voting System: The implementation of electronic voting system was determined at the Board of Directors meeting on February 20, 2019.

D. Compensation of Directors and Officers

(1) The Salary of Directors and Audit Committee Members

(Unit: KRW million)

Category		No. of people		Total payment		Average payment (Per person)		Ceiling amount approved  at the general meeting of shareholders		Remarks
Inside Director (Excluding Outside Director, Audit Committee Member)		4		5,246		1,338		10,000		—
Outside Director (Excluding Audit Committee Members)		3		326		109				—
Audit Committee Members		3		331		110				—

ø No. of people: The number of Directors and the Audit Committee members who are in office as of December 31, 2025.

ø Total payment: The total amount of remuneration paid to all Directors, including the Audit Committee members, who served from January 1 to December 31, 2025. (Including directors who retired before December 31, 2025).

ø Average payment per person: The sum of average payment per director per month in 2025.

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FAQ

How did POSCO HOLDINGS INC. (PKX) perform financially in 2025?

POSCO HOLDINGS reported 2025 consolidated revenue of KRW 69.1 trillion and operating profit of KRW 1.83 trillion. Profit attributable to shareholders was KRW 657.7 billion, down from 2024, reflecting weaker steel demand and losses in construction and rechargeable battery materials.

What were POSCO HOLDINGS INC. (PKX) 2025 results by business segment?

In 2025, the steel segment generated KRW 59.4 trillion sales and KRW 1.96 trillion operating profit. Infrastructure businesses delivered KRW 52.0 trillion sales and KRW 682.0 billion operating profit, while rechargeable battery materials posted KRW 3.34 trillion sales and a KRW 440.9 billion operating loss.

What dividend did POSCO HOLDINGS INC. (PKX) pay for 2025?

For 2025, POSCO HOLDINGS paid a cash dividend of KRW 10,000 per share, totaling KRW 756.2 billion. Based on consolidated profit attributable to shareholders, this equated to a payout ratio of 115%, higher than the 69.2% and 44.7% levels reported for 2024 and 2023.

How is POSCO HOLDINGS INC. (PKX) investing in rechargeable battery materials?

POSCO is expanding cathode, anode and lithium capacity through its rechargeable battery materials segment, which recorded KRW 3.34 trillion sales in 2025. Ongoing projects include cathode/anode factories and a lithium commercialization plant with a planned investment of KRW 7.39 trillion through July 2027.

What is POSCO HOLDINGS INC. (PKX) doing to decarbonize steel production?

POSCO is pursuing a decarbonization roadmap that includes an Electric Arc Furnace and a HyREX hydrogen-based steelmaking demo plant. The company is also developing high value-added, low-carbon steel products for new mobility and energy, aiming to align with national greenhouse gas reduction targets.

What is POSCO HOLDINGS INC. (PKX) treasury share position and share count?

As of December 31, 2025, POSCO HOLDINGS had 80,932,952 issued shares and 5,312,173 treasury shares, all without voting rights. A February 19, 2025 board decision to cancel treasury shares reduced issued shares from 82,624,377 without changing total share capital.

How strong is POSCO HOLDINGS INC. (PKX) balance sheet at year-end 2025?

At December 31, 2025, POSCO HOLDINGS reported total assets of KRW 105.2 trillion and total equity of KRW 62.4 trillion. Equity attributable to shareholders was KRW 55.7 trillion, while total liabilities stood at KRW 42.8 trillion, split between current and non-current obligations.

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