Profits climb at POSCO Holdings (NYSE: PKX) despite lower sales

Rhea-AI Filing Summary

POSCO HOLDINGS INC. reports preliminary 2025 consolidated results for subsidiary POSCO, showing higher profits despite slightly lower sales. Sales were KRW thou. 43,559,136,166, down 2.4% from 44,644,092,226 in 2024. Operating income rose to 2,226,704,112, a 28.6% increase from 1,732,152,969. Net income increased 20.6% to 1,300,557,567 from 1,078,744,000, supported by lower raw material prices, cost-cutting, and greater sales of high-value added products.

Total assets were 50,280,606,138, with total liabilities of 16,087,108,549 and shareholders’ equity of 34,193,497,589. For the parent, consolidated shareholders’ equity (excluding non-controlling interests) was 33,261,637,495, and non-consolidated sales were 35,010,837,156. The figures are prepared under K-IFRS and may change after the external audit.

Insights

Equity analyst – steel and materials

Profitability improves sharply at POSCO even as revenue softens.

The subsidiary POSCO delivered stronger 2025 earnings, with operating income up 28.6% to KRW thou. 2,226,704,112 and net income up 20.6% to 1,300,557,567. This occurred despite a 2.4% decline in sales to 43,559,136,166, indicating better margins.

Management attributes the profit gains to lower raw material prices, cost-cutting measures, and higher sales of high-value added products. These factors suggest an emphasis on efficiency and product mix rather than volume growth, which may be important in cyclical steel markets.

On the balance sheet, consolidated shareholders’ equity was 34,193,497,589 against liabilities of 16,087,108,549 as of year-end 2025. As the disclosure is pre-audit and prepared under K-IFRS, final audited numbers may differ and will be clarified in subsequent financial reports.

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 January, 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 ☐

Changes of 15% or More in Sales or Profits/Losses

(Disclosure of POSCO HOLDINGS’ Subsidiary Company POSCO)

Note that this disclosure is stated by the concerned company, thus the details may be changed according to audit results. Refer to the disclosure “Submission of Audit Report” for finalized details.
1. Type of financial statements				Consolidated financial statements
2. Period				Current fiscal year								Previous fiscal year
- Start date					2025-01-01								2024-01-01
- End date					2025-12-31								2024-12-31
3. Details of changes (KRW thou.)				Current fiscal year				Previous fiscal year				Amount increased/ decreased				Increase/ decrease rate (%)				Profit/Loss Reversal
- Sales					43,559,136,166				44,644,092,226				-1,084,956,060				-2.4			—
- Operating income					2,226,704,112				1,732,152,969				494,551,143				28.6			—
- Net income from continuing operation before income tax					1,692,255,108				1,373,239,492				319,015,616				23.2			—
- Net income					1,300,557,567				1,078,744,000				221,813,567				20.6			—
- Classified as a large-sized corporation?				Yes
4. Financial status (KRW thou.)				Current fiscal year								Previous fiscal year
- Total assets					50,280,606,138								51,412,846,093
- Total liabilities					16,087,108,549								18,045,447,477
- Total shareholders’ equity					34,193,497,589								33,367,398,616
- Capital stock					482,403,125								482,403,125
- Capital impairment ratio (%) = [(Capital stock - total shareholders’ equity) / capital stock] × 100					—								—
5. Main causes for changes in sales or profits/losses amount				Operating profit increased from lower raw material prices, cost-cutting efforts, and expanded sales of high-value added products
6. Date of board resolution (decision date)					2026-01-29
- Attendance of outside directors		Present (No.)			—
		Absent (No.)			—
- Attendance of auditors (members of Audit Committee who are not outside directors)					—

7. Other matters to be factored into investment decisions
- The above earnings information is prepared on a consolidated basis in accordance with K-IFRS (Korean International Financial Reporting Standards).
- The information above has been prepared prior to being audited by outside auditors, solely for the convenience of investors of the Company, and is subject to change in the review process.
- Above 6. Date of board resolution (decision date) is the submission date of pre-audited financial statements to the Securities & Futures Commission.
Related disclosure		-

[Matters Related to Parent Company]

Category		Financial statements		Current fiscal year		Previous fiscal year
Total shareholders’ equity (excluding non-controlling shareholders’ equity)		Consolidated financial statements		33,261,637,495		32,385,043,827
Capital impairment ratio (%) = [(Capital stock - total shareholders’ equity°) / capital stock] × 100 (° excluding non-controlling shareholders’ equity)		Consolidated financial statements		—		—
Sales(KRW thou.)		Non-consolidated financial statements		35,010,837,156		37,556,522,539

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

FAQ

How did POSCO HOLDINGS (PKX) subsidiary POSCO perform in 2025?

POSCO’s 2025 consolidated results show stronger profitability with softer revenue. Sales were KRW thou. 43,559,136,166, down 2.4%, while operating income rose 28.6% to 2,226,704,112 and net income increased 20.6% to 1,300,557,567 compared with 2024.

What drove POSCO HOLDINGS (PKX) profit growth at POSCO in 2025?

Profit growth came mainly from better margins rather than higher sales. The company cites lower raw material prices, cost-cutting efforts, and expanded sales of high-value added products as key drivers of the 28.6% operating income and 20.6% net income increases.

How did POSCO HOLDINGS (PKX) 2025 sales compare with 2024 for POSCO?

POSCO’s 2025 consolidated sales were KRW thou. 43,559,136,166, compared with 44,644,092,226 in 2024, a 2.4% decrease. Despite this modest revenue decline, both operating income and net income increased significantly, reflecting improved cost structure and product mix.

What is POSCO HOLDINGS (PKX) consolidated financial position at year-end 2025?

At year-end 2025, consolidated total assets were KRW thou. 50,280,606,138, with total liabilities of 16,087,108,549 and shareholders’ equity of 34,193,497,589. For the parent, consolidated shareholders’ equity excluding non-controlling interests was 33,261,637,495 under K-IFRS.

Are POSCO HOLDINGS (PKX) 2025 figures for POSCO audited and final?

The 2025 numbers are preliminary and prepared on a consolidated basis under K-IFRS before external audit. The disclosure notes that results may change during the audit review, and investors should refer to the subsequent “Submission of Audit Report” for finalized details.

How did POSCO HOLDINGS (PKX) parent-only sales change in 2025?

On a non-consolidated basis for the parent, sales were KRW thou. 35,010,837,156 in 2025 versus 37,556,522,539 in 2024. This indicates a decline at the parent-company level even as consolidated profitability improved, highlighting different trends between standalone and group results.