POSCO Holdings 2025 profit drops, leverage rises
POSCO HOLDINGS INC. reports weaker 2025 results, with consolidated revenue of KRW 69.095 trillion versus KRW 72.688 trillion in 2024, a 5.0% decline.
Rhea-AI Filing Summary
POSCO HOLDINGS INC. reports weaker 2025 results, with consolidated revenue of KRW 69.095 trillion versus KRW 72.688 trillion in 2024, a 5.0% decline. Operating profit fell to KRW 1.827 trillion from KRW 2.174 trillion, and net profit dropped to KRW 0.504 trillion from KRW 0.948 trillion, reflecting a 47.4% decrease.
Profit attributable to owners of the controlling company declined to KRW 0.658 trillion from KRW 1.095 trillion, while the operating margin eased from 3.0% to 2.6%. The company cites weak performance in rechargeable battery materials and construction despite a recovery in steel.
Net debt increased to KRW 12.900 trillion, and the net debt-to-equity ratio rose to 20.7%. Management expects 2026 profits to grow, supported by commercial-scale lithium production in Argentina and further sales of non-core and non-profit assets, alongside ongoing overseas steel and battery materials investments.
Positive
- The company generated KRW 1.8 trillion in cash from 73 portfolio projects completed in 2024–2025, and targets an additional KRW 1 trillion from 55 remaining assets between 2026 and 2028.
- Management expects 2026 profits to grow, supported by commercial-scale lithium production at POSCO-Argentina ramping to full operation from Q3 2026 and contributions from Australian mineral resource joint ventures.
Negative
- Consolidated revenue declined 5.0% year over year to KRW 69.095 trillion, while operating profit fell from KRW 2.174 trillion to KRW 1.827 trillion, and net profit decreased 47.4% to KRW 0.504 trillion.
- Profit attributable to owners of the controlling company dropped from KRW 1.095 trillion to KRW 0.658 trillion, and the operating margin narrowed from 3.0% to 2.6%, reflecting weaker profitability.
- Net debt increased from KRW 11.195 trillion to KRW 12.900 trillion, pushing the net debt-to-equity ratio up from 18.2% to 20.7%, indicating higher leverage.
Insights
2025 earnings and margins weakened, with leverage higher, while 2026 hinges on lithium ramp-up and asset sales.
POSCO HOLDINGS shows broad profit pressure in 2025: revenue slipped to KRW 69.095 trillion and operating profit to KRW 1.827 trillion, with the operating margin down to 2.6%. Net profit nearly halved to KRW 0.504 trillion, as rechargeable battery materials and construction underperformed.
Leverage increased, with net debt rising to KRW 12.900 trillion and the net debt-to-equity ratio moving up to 20.7%. At the same time, the group executed portfolio pruning, completing 73 projects in 2024–2025 and generating KRW 1.8 trillion in cash, with another KRW 1 trillion targeted from 55 remaining assets by 2026–2028.
The company frames 2026 as an earnings recovery year, underpinned by POSCO-Argentina’s commercial-scale lithium production, Australian mineral joint ventures, and continued CAPEX in steel and battery materials. Actual outcomes will depend on successful ramp-up to full lithium production from Q3 2026 and execution of planned divestments.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did POSCO HOLDINGS (PKX) perform financially in 2025?
What happened to POSCO HOLDINGS (PKX) profit margins in 2025?
How did POSCO HOLDINGS (PKX) net debt and leverage change in 2025?
What are POSCO HOLDINGS (PKX) plans for lithium and battery materials in 2026?
How much cash has POSCO HOLDINGS (PKX) raised from portfolio restructuring?
Why does POSCO HOLDINGS (PKX) expect higher profits in 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 ☐
Provisional Earnings in Consolidated Financial Statements Base
(In trillions of KRW)
| 2025 | 2024 | Changes over 2024 (%) |
||||||||||||
| Revenue |
Amount | 69.09 | 72.69 | -5.0 | % | |||||||||
| Yearly Amount | — | — | — | |||||||||||
| Operating Profit |
Amount | 1.83 | 2.17 | -15.7 | % | |||||||||
| Yearly Amount | — | — | — | |||||||||||
| Profit before Income Tax |
Amount | 1.11 | 1.25 | -11.2 | % | |||||||||
| Yearly Amount | — | — | — | |||||||||||
| Profit |
Amount | 0.50 | 0.95 | -47.4 | % | |||||||||
| Yearly Amount | — | — | — | |||||||||||
| Profit Attributable to Owners of the Controlling Company |
Amount | 0.66 | 1.09 | -39.4 | % | |||||||||
| Yearly Amount | — | — | — | |||||||||||
| * | The above earnings information is is prepared on a consolidated basis in accordance with K-IFRS (Korean International Financial Reporting Standards) and the independent auditors’ review is not finished. Therefore, the earnings information may change in the review process. |
POSCO HOLDINGS
2025
Full-year Earnings Release
January 29, 2026
DISCLAIMER
This
presentation was prepared to release information to shareholders, investors and the community pertaining to the company’s business outcomes, financial performance and key operations. The financial and business statements provided in the
presentation are based on data available at the time of its preparation. Therefore, certain statements may change due to various factors, e.g., audit adjustment and changes in market conditions.
Additionally, this presentation contains forward-looking statements relating to the business, financial performance and outlook of the company and/or the industry in which it
operates. The forward-looking statements set forth herein are not historical facts and are solely based on assessments, expectations and forecasts made in the present; therefore, these statements are uncertain and subject to risk. The readers of
this presentation shall be aware that the forward-looking statements in this presentation may not correspond to the actual business performance of the company for various reasons, e.g., changes in the business environment and conditions.
The sole purpose of this presentation is to assist persons in deciding whether they wish to proceed with potential investments to the company. The company does not offer guarantee,
expressed or implied, as to the accuracy or completeness of this presentation or the information contained herein; we do not assume liability for the information described in this presentation.
2025 Consolidated Business Performance 3
Despite recovery in Steel, OP declined due to
weak performance in Rechargeable Battery Mtrls. and Construction; 2026 profits expected to grow with commercial-scale lithium production and non-profit asset sales
3
2025 Consolidated
Business Performance
Despite recovery in Steel, OP declined due to weak performance in Rechargeable Battery Mtrls. and Construction;
2026 profits expected to grow with commercial-scale lithium production and non-profit asset sales
Income Revenue Operating Profit -+-OP Margin Ratio (KRWbil., %) Financial Structure Net Debt EBITDA -+- Net Debt Ratio (KRWbil., %)
YoY YoY
Revenue
8,063
Net Debt
63,593 7,376 +1,705
OP Margin Ratio Net Debt Ratio
.L.0.4%p
Operating Profit EBITDA
.6347 .L.17 4
- 2025 CAPEX: (Consolidated) KRW7.0 tril., (Separate) KRW1 .3tril.
Performance before lntercompany Transaction Adjustment
Revenue Operating Profit Net Profit
(KRWbillion)
2023 2024 2025 2023 2024 2025 2023 2024 2025
Consolidated Income 77,127 72,688 69,095 3,531 2,174 1,827 1,846 948 50431
Steel 63,539 62,201
59,411 2,557 1,637 1,960 1,241 691 1,154
POSC011 38,972 37,557 35,011 2,083 1,473 1,780 1,180 902 1,143
Overseas 20,494 20,713 19,663 194 39 91 6137 6149 6230
Rechargeable Battery Mtrls. 4,822 3,830
3,338 6161 6277 6441 6236 6635 6592
POSCO FUTURE M21 4,760 3,700 2,939 36 33 4 6231 37
Infrastructure 57,157 56,872 53,006 1,533 1,326 682 1,078 446 49
POSCO INTERNATIONAL21 33,133
32,341 32,374 1,163 1,117 1,165 680 503 637
POSCO E&C21 10,166 9,469 6,903 201 62 6452 117 51 6478
1) Separate 2) Consolidated, POSCO INTERNATIONAL performance includes POSCO Energy
3)
Introduction of Consolidated Tax Return in 2025 assessed deferred tax liability, registering a one-time non-cash corporate tax expense (+KRW 349 bil.)
rsafe WorkplaceJ Initiative Metrics and Update
LTIFR1)
((No. of lost time injuries) x 1 mil./total hours worked)
Accident rate
(%, No. of accident victims7)/No. of workers covered by
Workers’ Comp× 100)
Global steel industry2) Korean companies 8)
’25
14
POSCO HOLDINGS and affiliates3)
Avg. of Global peers5)
POSCO HOLDINGS and affiliates
Korean companies 8)
’25
14
POSCO HOLDINGS and affiliates3) POSCO HOLDINGS and affiliates
1) Lost Time Injury Frequency
Rate 2) (Source) worldsteel, figures for ‘25 TBA
3) No. of companies: 24 domestic, 41 overseas (including relevant contractors)
4) Correction of ‘24 L TIFR (0.67 0.68): Recognized 2 additional cases and 1 lost workday
added
4
5) Average of top 5 global steelmakers(BF), China excluded
6) Q3 cumulative
deaths is 5; reduced from 6 in the ‘25.Q3 data. (In accordance with OSH
Act, one incident in July was removed from our tally on grounds that we were a client
company that outsourced the construction project.)
7) No. of workers removed
from work for 1 day or more
8) (Source) Ministry of Employment and Labor
Safety
Enhanced
safety system
Established ‘Group Safety Special Assessment TF’ under CEO and
launched POSCO Safety Solution for safety consulting (‘25.9)
Increased
employee
participation
• Offered safety techniques practiced by global safety solution firms (SGS, DSS+) and provided consulting services to contractors;
outside supervisory organizations performed unscheduled third-party inspections, in addition to legally mandated audits
• Redefined safety KPls *(Safety management) Management evaluation weight was increased from 1.5-3.8pts to 10 pts across the board
Guaranteed workers’ rights *(right to know) expanded disclosure of accident cases and safety information, (right to participate) established and operated
occupational safety and health committee for subcontractors, (right to stop operation) ensured workers’ right to stop work and provided operational
guidelines
• Introduced an active disaster-prevention process that applies the ‘act first, report later’ rule, expanded safety hotline channels
Utilized the occupational safety and health committee comprised of the union and the management to make decisions on safety policy
Upward adjusted safety skills and awareness among regular employees and contractors *Operated POSCO group ‘Safety Academy’ and expanded training to include 151 major
service providers, 63 subcontractors and local SMEs
Strengthened accident prevention activities using Industry 4.0 technologies, i.e., Al CCTV/Al risk assessment
Provided stronger support programs for vulnerable groups, e.g., foreign and/or senior workers
Break down language barriers, gradually expand Healthy Work policies (blood pressure, sugar levels), implement stronger rest rules against extreme temperatures
1 Societe Generale de Surveillance: Based in Geneva, Switzerland, SGS is second to none in safety inspection, verification, testing, certification service and occupational safety
consulting, having earned credibility worldwide.
2 DSS+, formerly known as DuPont Sustainable Solutions was the consulting arm of DuPont; it is a global strategy
and operation consulting firm with world-class knowhow in occupational safety, operational efficiency and ESG management.
Key Business Activities
In Steel, strengthen domestic operations by driving decarbonization technology and high-margin products;
establish JVs overseas to implement end-to-end localization strategy
steel
Decarbonization
Profitability and
differentiation
strategy
Overseas
expansion
Begin HyREX demo plant construction in Pohang (operational in ‘28) and run
Gwangyang EAF (2.5 Mt, June-) to offer timely response
Profitability and
differentiation
strategy
Overseas
expansion
to carbon-reduced steel demand
• Seek unparalleled competence in Energy and Mobility, our
two strategic pillars, by building specialized capacity at each steelworks
- Pohang Works: Demonstrate ‘model energy mill’ by driving innovation in
hydrogen, LNG, and power grids
(Plates for energy, STS for new energy, PosMAC for solar panels, e-steel for power)
- Gwangyang Works: Seize ‘specialized mill for new mobility’ position to model future mobility by innovating
carbon-reduced steelmaking (Giga Steel, Hyper NO, high manganese steel, EAF premium steel)
• Cost Innovation 2030 leverages technology to cut structural cost: saving KRW 0.5 tril. in fixed costs in 2025, targeting KRW 0.4 tril. in 2026
- Streamline group-wide operating costs, e.g., optimized power generation and recovery, streamlined logistics and purchasing
• Diversify strategic bases in North America to respond to trade and logistical risks,
enhance local market dominance by building a ‘Global Multi-site Response System’
[EAF integrated steelworks in Louisiana,
USA]
Louisiana JV
POSCO-Mexico
[Strategic Collaboration with
Cleveland-Cliffs, USA]
Cleveland Cliffs
• Use off-take volume to respond
to NA automaker : • Generate synergy by combining POSCO’s global
demand and provide stable supply to P-Mexico
network and Cleveland-Cliffs’ local production assets
- With a 20% equity participation in the total investment i . Fortify g_lobal s_upply capability to
secure leverage
of $5.8 billion, our financial burden remains limited : in negotiations with auto OEMs.
* capital:debt= 50:50 : • Capture the North American high-value-added
• Discussions
ongoing for cooperation in Rechargeable :• automotive steel sheets market by converging the
Battery Mtrls. supply chain and development of next : technology
and marketing prowess of both
generation materials companies.
: • Enter
high-growth market by building a 6 Mt
integrated steel mill through JV partnership
with JSW, India’s No.1 steelmaker
[Integrated steelworks JV,
India]
India integrated
steelworks JV
• Establish a 50:50 JV with equal board representation
by each company
• Business partnership in renewable energy to power
the steelworks (solar and wind)
Key Business Activities
In 2026, POSCO-Argentina to begin commercial-scale lithium production; Australian mines to contribute to profits in 2H
Lithium
CAM/AAM
Recycling
Solid-state
Battery
• [P-Argentina] Complete ramp-up to begin generating profit under full production
- Phase 1 to speed up normalization through facility optimization and
enhanced operational knowhow:
Ramp-up utilization rate to 60% by Mar-end., 70% by Jul-end, and reach full operation from Q3
- Phase 2 construction set to complete in Q4 ‘26 : Includes facility
construction, brine pond permit, recharge & evaporation schedule
• [P-PLS] Diversify customer
portfolio & enhance operation efficiency
- Diversify customer base : Domestic and North America-focused new global
top-tier auto OE Ms
- Enhance profitability: Secure low-cost raw materials and
improve yield
• [Australia Mineral Resources JV] Demonstrate investment impact & accelerate business synergy
- Invest & drive performance: Shares acquisition within 1H; equity pick-up within 2H. Initiate raw materials off-take
- Profit-generating operation: Leverage rising spodumene price momentum triggered by vigorous ESS demand to stabilize
the mining and
resulting smelting businesses
• [R&D] Construction of
Direct Lithium Extraction (OLE) Pilot Demo Plant
- Launch construction of DLE demo plant (in Utah, USA) to model application to
low-density brine lakes in the US and Chile
• [P-FUTURE M] Build mass
production system for timely response to North America’s LFP demand and plan phased expansion
- Early market entry: Make early investment/market entry timed
to the NCM to LFP line conversions and clients’ LFP cell production schedules
- Scale-up production: JV(CNP New
Material Technology) established to offer reliable raw materials supply chain, with plans to expand by 50 Ktpa.
·
[P-HYCM] Transition to EBITDA profit & stable operations
- Maintained 95%+ utilization rate from Q3 2024; EBITDA
profits sustained from October 2025.
• Strengthen client partnership that use cathode protective coating technology in the solid-state battery and seize
next-generation growth
momentum through strategic investment in Factorial Energy (US solid-state batterymaker)
Rechargeable Battery Mtrls.
“Sulfide-based solid electrolyte mass synthesis”
commercial technology jointly developed by POSCO JKSS- KERI makes the Top 100 excellent R&D List (Dec. ‘25)
Portfolio Management Update
73 projects completed {‘24-‘25), generating KRW1.8 tril. in cash with progress rate of 57%;
55 projects remain to generate an additional KRW 1 tril. between ‘26-‘28 *Based on cash collected;
KRW102.5 bil. demolition cost not included
*Revised upward from original plan to dissolve 126
projects to generate KRW 2.6 tril. (‘24-‘27)
Project Scope 128 projects including 28 under-performing projects
and 100 non-core assets
2025 Performance 28 projects completed, generating KRW1.1 trillion (45 projects, KRW 0.7 tril. in
2024)
6 divestment projects, KRW78.7 bil. cash inflow
POSCO, sale of land
ownership in Pohang City and equity stocks
P-CDPC (Processing center in Chengdu, China), sale of Plant 1
POS-Hyundai, sale of equity shares
• 17
divestment/liquidation projects, KRW 405.6 bil. cash inflow
POSCO INTERNATIONAL, sale of coal power plant shares Mong Duong II in Vietnam, liquidation of :
West Kamchatka subsidiary in Russia, sale of Rice Processing Center in Myanmar, partial sale of textil~
subsidiary in Uzbekistan. .
POSCO E&C, sale of modular business, Chungju R&D center,
Vietnam subsidiary and Dalian subsidiary
in China, liquidation of subsidiary in the Philippines, received payment for sale of Accoshin logistics
center
POSCO DX, sale of DR business
KRW155.8 bil. cash inflow
POSCO HOLDINGS, liquidation of
P-CNGR Nickel Solution and recovery of residual assets
POSCO FUTURE M, sale of P&O Chemical shares and CAM plant in
Gumi
2 divestment projects, KRW 469.3 bil cash inflow
POSCO HOLDINGS, sale of
equity stocks, e.g., NSC.
Remaining Goal Generate KRW1 tril. In cash by consolidating 55 assets from 2026 to 2028
-~ Divestment of PZSS and QPSS will be completed by ‘26 Q1
steel
Infra.
Rechargeable Battery Mtrls.
Others
CAPEX
[2025] Investment
optimized as phase 1 Rechargeable Battery Mtrls. projects entered final stage (KRW7 tril.)
[2026] CAPEX will temporarily increase due to upstream Steel (overseas)
investment
CAPEX
2026 Major Investments
Steel
Rechargeable
Battery Mtrls.
Infrastructure
added to previously committed lithium asset purchases
(Overseas) Investment in Steel
(overseas), including integrated steel mill JV in India and joint EAF construction in the US
(Domestic) To build HyREX testing facility, EAF and thick plates
welding plant for offshore wind
Other
Infrastructure
Rechargeable Battery Mtrls .
Steel
Acquisition of shares in Mineral Resources lithium assets in Australia (‘26 1 H, approx. KRW1.0 tril.); POSCO-Argentina’s acquisition of LIS lithium asset(‘26 1Q,
approx. KRW 0.1
tril.); DLE Demo Plant in Utah, USA; POSCO-Argentina (upstream Phase 2); PLS (downstream Phase 2); CAM phase 5; spheroidized annealing plant;
artificial graphite Phase 1
Acquisition of Sampoerna Agro (an Indonesian palm company), Myanmar gas field Phase 4, Gwangyang LNG Terminal 2
POSCO
Production/Sales
Income
Despite price decline, OP climbed on cost drops in raw materials and
production
Selling price (carbon steel)
‘24) KRW985K/t ’25)
KRW926K/t (L59)
* ‘25. 03) KRW 911,000 /ton 04) KRW920,000 KRW/ton
‘24) 100 ’25) 83.8 (L16.2)
* ‘25. 03) 100 04)
103.2
[‘25. Q4] Despite QoQ price increase, profits fell due to raw materials cost hikes and declines in production/sales volume resulting from plant repairs
Expenses
LNG unit price hike drives up cost of energy &
refurbishment
- LNG unit cost ‘24) 494 ’25) KRW 633/Nm3
Steel (overseas)
PT.
Krakatau POSCO (Indonesia) Revenue Operating Profit (KRWbil.) PZSS (China) Revenue Operating Profit (KRW bil.)
POSCO Maharashtra (India) Revenue Operating Profit
(KRW bil.) PY VINA (Vietnam) Revenue
Despite global market decline, OP improved on optimized sales strategy and cost-cutting efforts
[PT.KP] Sizeable YoY profit gains on high-profit Europe-bound exports and improved cost, regardless of low-priced Chinese products and
business slowdown
[P-MH] Parallel rise in revenue and OP based on YoY sales volume increase ( + 170Kt) and greater ratio of
automotive steel sold
Operating Profit (KRWbil.)
[PY VINA] Despite continuing
construction market recession in Vietnam/Korea, OP shifts to profit, driven by stronger raw materials control and improved key steelmaking performance indicators
*
[PZSS] With corporate merger approval in China (Dec. 16, 2025) and divestment procedures underway, PZSS will be removed from 2026 consolidated accounting
POSCO FUTURE M
Income
Revenue & OP by Segment
(KRWbil.)
Revenue Operating Profit -+- OP Margin (KRWbil., %)
YoY
2023 2024 2025 YoY
2023 Revenue
Re venue 4,760 3,700 2,939 Lo.761
6. 761
Energy Material 3,362 2,340 1,574 Lo.766
2024
Operating Profit
+ 32 Base Material 1,398 1,360 1,365 +5
OP Margin Operating Profit 36 33 +32
2025 + 1.1%p Energy Material Lo.12 Lo.37 Lo.37
Base Material 48 38 70 +32
Energy Material : While EV demand slowdown lowered
revenues, loss has been controlled through cost-cutting measures that include improved efficiency
[CAM] YoY revenue declined resulting from lower selling price
(YoY .6.18%) driven by weak lithium price and lower sales volume affected by discontinued US EV subsidies (Sept. ‘25)
[AAM] Profit suffered due to low-priced Chinese products that curbed sales volume and accounting of provision for inventory loss of artificial graphite anodes now in full production
Base Material : YoY OP rose based on improved 1H chemical products margin spread and higher lime selling price
POSCO International
Income Revenue Operating Profit -+- OP Margin
Revenue & Operating
Profit by Segment
(KRWbil., %)
(KRWbil.)
YoY
2023 2024 2025 YoY
2023 Revenue
Re venue 33,133 32,341 32,374 +33
+33
Energy11 4,084 3,957 3,994 +37
2024 Operating Profit
+48 Steel Mtrls. Etc. 21 29,049 28,384 28,380 1,,4
2025 OP Margin Operating Profit 1,163 1,117 1,165 +48
+O.1%p
Energy11 592 604 627 +23
Steel Mtrls. Etc. 21 571 513 538 +25
1) Consists of E&P(gas field s), LNG plant and terminal
2) Consists of steel, biomaterial
(raw material, food s, industrial material), and consolidated accounting
Maintain robust profits with Senex Energy (Australia) production increase and acquisition
of a palm oil business (Indonesia) as well as FX gains
[Senex] Performance enhanced by the production system that tripled production volume in October 2025 (+KRW36
bil, YoY)
[Myanmar gas field] Profit rose (+KRW 21 bil., YoY), resulting from increased sales volume (+8 Bcf) and positive FX impact (+KRW21 bil., YoY)
[Foods] Stronger global crude palm oil (CPO) market and acquisition of additional palm oil business (Sampoerna Agro) drove up profits (+KRW19 bil., YoY)
[Steel] Despite a slow market, profits grew (+KRW15 bil., YoY) on new sales made to Europe and other distant markets, as well as by FX gains in disparate currency transactions
POSCO E&C
Income
Revenue Operating Profit -+- OP Margin
Revenue & Operating Profit by Segment
(KRWbil., %)
(KRWbil.)
2023 2024 2025 YoY
YoY
Re venue 10,166 9,469 6,903
2023
Revenue Plant 3,285 2,601 1,677
L.2,566 Infrastructure 1,602 1,374 741
Operating Profit
Construction 5,045 5,519 4,294
2024
L.514
Consolidated Accounts 234 L::.25 191
Operating Profit 201 62 L::.452
OP Margin Plant 20 L::.161 L::.103
2025
L::.452 L.7.2%p Infrastructure 19 L::.27 L::.376
Construction 149 260 25
Consolidated Accounts 13 L::.10 2
Large loss registered by
one-off costs and bad debt write-offs
Shinansan Line loss provisions*, additional cost from construction suspension, and
bad debt expenses related to overseas projects
*Shinansan Line Construction Accident Investigation Committee to report findings in April, ‘26
New construction & plant contracts drive up new project orders to achieve+ KRW 4.1 tril., YoY (vs. KRW15.2 tril. in ‘25)
[Construction] Record-breaking orders (+KRW1.9 tril., YoY) driven by KRW1 tril.+ large-scale (Seoripul, Seongnam Eunhaeng Jugong) and
non-residentials projects, e.g., data center
[Plant] Exceeded goal ( +KRW 2.5 tril.) with strong performance in the energy
sector, including Thailand Gulf LNG and upgrade in Pohang LNG power generation
[Infrastructure] Fell short of goal (.6 KRW0.3 tril., YoY) due to 2H bid entry
limitations
Summarized Consolidated Income Statement 14
(KRW billion)
2023 2024 2025
Category
YoY
Revenue 77,127 72,688 69,095 .6.3,593
Gross Profit 6,417 5,413 5,166 .6.247
(Gross Margin) 8.3% 7.4% 7.5% 0.0%
SG&A 2,885 3,239 3,339 100
Operating Profit 3,531 2,174 1,827 .6.347
(Operating Margin) 4.6% 3.0% 2.6% .6.0.3%
Profit Before Tax 2,635 1,251 1,107 .6.144
Net Profit 1,846 948 504 .6.443
Net Profit Attributable to Controlling Interest 1,698 1,095 658 .6.437
EBITDA
7,376 6,158 5,984 .6.174
(EBITDA Margin) 9.6% 8.5% 8.7% 0.2%
EPS (KRvV)
20,079 13,252 8,126 .6.3,343
No. of Outstanding Shares
84,571 82,624 80,933
.6.1,691
Summarized Consolidated Balance Sheet 15
(KRW billion)
2023 2024 2025
Category
YoY
Current Assets 46,212 44,030 43,848 .6.182
Cash Balance* 17,907 14,802 15,593 791
Accounts Receivable 11,015 10,822 11,198 376
Inventories 13,826 14,143 13,624 .6.519
Non-Current Assets 54,733 59,374 61,709 2,334
Tangible Assets 35,206 39,847 42,293 2,446
Intangible Assets 4,715 4,775 5,494 719
Other LT Financial Assets 2,708 2,572 3,061 489
Total Assets 100,945 103,404 105,192 1,788
Liabilities 41,281 41,954 42,815 861
Current Liabilities 21,862 22,780 23,132
352
Non-Current Liabilities 19,420 19,174 19,683 509
~ Total Interest-Bearing Debt 25,970 25,997 28,492 2,495
Shareholders’ Equity 59,664
61,450 62,378 928
Controlling Interest 54,181 55,394 55,730 336
Net Debt
8,063 11,195 12,900 1,705
Net Debt to Equity 13.5% 18.2% 20.7% 2.5%
*Cash
Balance represents Cash and Cash Equivalents and Short-term Financial Instruments
posco HOLDINGS
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 | ||||||