EX-99.1

Composition

Major Functions

ESG

Committee

3 Independent

Directors,

1 Inside Director

KIM, Joongi (Chairman)

YOO, Young Sook

KWON, Tae-Kyun CHUNG, Seok Mo

• Agenda

1. Matters related to the operation of the Board and the Special Committees

a) Development of agenda proposal and establishment of the operating standards of the Board and the special committees

b) Prior deliberation on revision or repeal of the Operating Rules for the Board of Directors

c) Prior deliberation of the composition and operation of the Board’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:

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)

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INTERIM REPORT

(From January 1, 2026 to June 30, 2026)

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.

INTERIM REPORT

(From January 1, 2026 to June 30, 2026)

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

TABLE OF CONTENTS


I. Overview			4

II. Business			11

III. Financial Statements			37

IV. Corporate Governance			41

ø	Attachment: Independent auditors’ review reports on consolidated and separate financial statements

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 independent 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.

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

	$
			(Unit: Number of companies)

		Number of consolidated subsidiaries				Number of major subsidiaries
		Jan 1, 2026	Increase	Decrease	June 30, 2026	Number of major subsidiaries

Listed		7	-	-	7	7

Unlisted		191	6	5	192	78

Total		198	6	5	199	85

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

*	Among listed corporations, there is one overseas corporation

(5 domestic corporations and 2 overseas corporation).

*	Newly included : POS-Louisiana Inc., Centrux LNG Pte. Ltd., Gale International Korea, LLC, Yingkou PFM Refractories Co., Ltd., FUTUREM VIETNAM COMPANY LIMITED, NRG Metals Argentina S.A.

*	Excluded subsidiaries : GOLDEN LACE POSCO INTERNATIONAL CO., LTD., POSCO (Zhangjiagang) Stainless Steel Co.,Ltd., Qingdao Pohang Stainless Steel Co., Ltd., Zhangjigang Pohang Port Co., Ltd., Zhangjiagang BLZ Pohang International Trading

(3) Major Changes in the Board of Directors



Date of Change	Type of General Meeting of Shareholders	Appointment		Expiration of Term
Date of Change	Type of General Meeting of Shareholders	New	Re-appointment	Expiration of Term

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
		Independent Director YOO, Jin Nyong*	Independent Director PAHK, Heui Jae	Independent Director KIM, Shin Bae
		Independent Director SOHN Sung Kyu*		Independent 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
		Independent Director KIM, Joongi*		Independent 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	Independent Director YOO, Young Sook	Inside Director KIM, Ji Yong
		Inside Director KIM, Ki Soo	Independent Director Kwon, Tae-Kyun	Inside Director YOO, Byeong Og
		Independent Director PARK, Sung Wook**		Independent Director KIM, Sung Jin
				Independent 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	Independent Director YOO, Jin Nyong	Inside Director KIM, Jun Hyung
			Independent Director SOHN, Sung Kyu****

March 24, 2026	Ordinary	Inside Director CHUNG, Seok Mo	Inside Director KIM, Ki Soo	Inside Director CHUN, Sung Lae
		Non-executive Director LEE, Hee Geun	Independent Director KIM, Joongi*****
		Independent Director KIM, Jooyoun

*	Independent Director KIM, Joongi was newly appointed as an Audit Committee member at the General Meeting of Shareholders held on March 17, 2023.

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

***	Independent Director Pahk Heui Jae voluntarily resigned at the General Meeting of Shareholders held on March 21, 2024.

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

*****

Independent Director KIM, Joongi was re-elected as independent director to become an Audit Committee member at the General Meeting of Shareholders held on March 24, 2026.

(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 2019: Small scale merger of POSCO Processing & Service Co., Ltd into POSCO

(2)	September 2019: Handover of business right of LNG terminal to POSCO ENERGY

(3)	September 2019: Small scale merger of By-Product Gas Generation Business from POSCO ENERGY into POSCO after spin-off

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

(5)	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

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



Type	Details	As of June 30, 2026	As of December 31, 2025	As of December 31, 2024

Common Stock	Total number of issued shares	***79,241,527	**80,932,952	*82,624,377
	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	-	-	-

Others	Total number of issued shares	-	-	-
	Par value (KRW)	-	-	-
	Share capital	-	-	-

Sum	Share capital	482,403	482,403	482,403

*	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on July 12, 2024, the total number of shares issued by the company was decreased from 84,571,230 to 82,624,377, and there is no change in capital.

**	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19, 2025, the total number of shares issued by the company was decreased from 82,624,377 to 80,932,952, and there is no change in capital.

***	Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19, 2026, the total number of shares issued by the company was decreased from 80,932,952 to 79,241,527, and there is no change in capital.

4. Other Information Regarding Shares

A. Total Number of Shares

(As of June 30, 2026)



Authorized Shares		Issued Shares

200,000,000		79,241,527

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

ø	Par Value: KRW 5,000 per share

Due to the decision to cancel treasury shares by the resolution of the Board of Directors on February 19, 2026, the total number of shares issued by the company was decreased from 80,932,952 to 79,241,527 without any change in capital. For more detail, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2026, at SEC.

B. Treasury Shares Acquisition and Disposal

(As of June 30, 2026)



Method of Purchase	Type	Beginning Balance	Increased	Decreased	Cancelled	Ending Balance	Remark

Direct	Common Stock	1,996,299	-	-	1,691,425	304,874	(1)
Trust Contract		3,315,874	-	-	-	3,315,874
Total		5,312,173	-	-	1,691,425	3,620,748	(2)

(1)	On February 19, 2026, the Board of directors resolved to cancel 1,691,425 previously acquired treasury shares, reducing the number of treasury shares from 5,312,173 to 3,620,748. For more detail, please refer to the ‘Cancellation of Treasury Shares’ disclosed on February 19, 2026, at SEC.

(2)

Aforementioned number of treasury shares includes 87,977 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.

ø	Changes after the disclosure reporting date (June 30, 2026)

On August 7, 2026, the Board of Directors passed a resolution for a dividend payout of 2,000 won per common share for Q2; as a result, 994 treasury shares were additionally deposited for exchangeable bonds. The total number of deposited shares as of the report’s submission date is 88,971. For more detail, refer to the ‘Adjustment of Conversion Price, Exercise Price of New Share Subscription Rights, and Exchange Price’ disclosure dated August 7, 2026.

5. Voting Rights

(As of June 30, 2026)



Classification	Number of Common Shares	Remarks

(1) Number of Issued Shares	79,241,527	-

(2) Shares without Voting Rights	3,620,748	Treasury stock

(3) Shares with Voting Rights	75,620,779	-

6. Earnings and Dividends

(Unit: KRW million)



	2026.1H	2025	2024

(Consolidated) Profit*	1,151,960	657,654	1,094,917

(Separate) Profit	776,320	494,878	1,621,282

Earnings per Share** (Consolidated, KRW)	15,233	8,697	14,451

Cash Dividend Paid	302,483	756,208	757,485

Pay-out Ratio (Consolidated, %)	26.3	115	69.2

Dividend per Share (KRW)	4,000	10,000	10,000

Dividend Yield (%)	1.3	2.8	4.0

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

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

ø	Changes after the disclosure reporting date (June 30, 2026)

On August 7, 2026, the Board of Directors passed a resolution for a dividend payout of KRW 2,000/share for Q2 (total dividend payout: KRW151.2 billion).

7. Stock Price and Trading Volume

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)



		January 2026	February 2026	March 2026	April 2026	May 2026	June 2026

Common share	Highest price	378,000	413,000	374,500	469,000	535,000	413,000
	Lowest price	297,500	341,500	321,500	341,000	417,000	305,000
	Average price	338,286	379,471	341,881	388,273	467,333	361,738

Trading volume	Daily highest	2,436	1,514	1,237	1,962	1,309	593
	Daily lowest	304	400	201	204	360	289
	Monthly	18,122	10,726	8,681	10,824	11,706	9,258

B. New York Stock Exchange

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



		January 2026	February 2026	March 2026	April 2026	May 2026	June 2026

American Depositary Share (ADS)	Highest price	64.71	70.55	69.04	79.4	91.72	70.11
	Lowest price	51.41	60.17	55.68	58.21	70.9	49.96
	Average price	58.12	65.49	58.84	66.13	79.73	60.26

Trading volume	Daily highest	766	284	357	358	503	1,058
	Daily lowest	117	86	115	109	123	256
	Monthly	5,425	3,099	4,689	3,796	5,776	10,758

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

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	2026.1H				2025					2024
Business Segment	Sales		Operating Income (Loss)		Sales		Operating Income (Loss)			Sales		Operating Income (Loss)

Steel		30,356,911		747,983		59,413,172		1,960,162			62,200,920		1,636,808

Infrastructure (Trading)		23,664,705		766,059		42,220,911		1,102,781			42,903,253		1,113,710

Infrastructure (Construction)		3,598,183		94,775		7,228,333		(504,421	)		9,829,578		64,804

Infrastructure (Logistics and etc.)		2,061,211		37,388		3,554,224		83,603			4,139,201		147,603

Rechargeable Battery Materials		2,030,684		33,992		3,338,386		(440,863	)		3,829,851		(277,472	)

Others		1,025,018		744,370		1,500,108		972,350			2,111,150		1,600,212

Total		62,736,712		2,424,567		117,255,134		3,173,612			125,013,953		4,285,664

* Based on aggregation including internal transactions among affiliates.

2. Business Status of Segments

A. Steel

There are 79 consolidated companies in the steel segment, e.g., POSCO, POSCO STEELEON, and overseas subsidiaries, including PT.Krakatau POSCO in Indonesia, and overseas processing centers.

∎ 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.

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

Overall growth in the global steel market slowed in 1H 2026. While infrastructure investment drove demand in emerging countries such as India, it was offset by prolonged slump in China’s domestic market and weaker global demand driven by heightened Middle East risks. Furthermore, soaring energy costs and supply chain disruption resulting from the Middle East conflict directly impacted manufacturing costs of steelmakers around the globe. Assuming progressive stabilization of the situation in the Middle East, global steel market conditions are expected to gradually improve in 2H 2026, led by a moderate demand recovery in advanced economies, i.e., the U.S. and Europe, as well as robust growth in India.

Global Crude Steel Production


		(Unit: million ton)

Crude Steel Production	2026.1H	2025	2024

Global	932	1,804	1,839

Korea (Ratio)	32 (3.4%)	62 (3.4%)	64 (3.5%)

ø	Source: World Steel Association (www.worldsteel.org)

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

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

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

POSCO aims to advance a comprehensive response system that integrates marketing, production, R&D, and technology service to strengthen long-term partnership with key customers, thereby maintaining its competitive edge in the domestic market.

As for overseas steel, POSCO is securing a foundation for growth anchored on its global operations, as supply chains become increasingly localized and new demand centers emerge.

On the production side, the company is developing strategic, high value-added products and upgrading sales network to respond to the growing demand in the next-generation energy sector, i.e., new mobility, low-carbon energy, and smart infrastructure. Furthermore, the newly completed electric arc furnace in Gwangyang will help POSCO to meet global customer demand for carbon-reduced steel. Additionally, the company seeks to address global decarbonization goals and bolster its market leadership with its HyREX (hydrogen-based steelmaking) project.

(2) Market Share


												(Unit: million ton)

Category		2026.1H					2025					2024
Category		Production		Market share			Production		Market share			Production		Market share

Crude Steel Production			32		100.0	%		62		100.0	%		64		100.0	%

	POSCO		18		56.3	%		35		56.5	%		35		55.2	%
	Others		14		43.7	%		27		43.5	%		29		44.8	%

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 consist of approximately 54% domestic sales and 46% exports, with Japan, Europe, and Southeast Asia accounting for a significant portion of exports. We maintain a make-to-order production and sales system while keeping the proportion of direct sales to end-users in the domestic market at around 62% to secure sales stability.

In the face of persisting uncertainty in the global economy, POSCO is carrying out key strategies to respond to changing business conditions. These strategies include fundamental innovation, global expansion, AI transformation (AX) and work innovation in the steel industry, and transition toward decarbonization.

Under the ‘P-Innovation’ strategy, POSCO is shifting to a profitability-focused portfolio by decommissioning low-efficiency facilities and accelerating the production of high-grade steel centered on strategic products. Furthermore, new growth engines are secured through localized production systems established in high-profit overseas markets, i.e., India.

POSCO is leading the AX of the steel industry by applying the technology to implement AI steelworks tailored to POSCO’s operations. Through development of Intelligent Factory models and integration of AI agents, the company seeks to maximize operational efficiency; at the same time, a ‘One Team’ system is established across sales, production, and procurement to enhance the pace of decision-making and market responsiveness.

As demonstrated by the completion of the 2.5Mpta Electric Arc Furnace (EAF) plant in Gwangyang, POSCO is making concentrated efforts to drive the steel industry’s transition to decarbonization. Additionally, the company broke ground on the construction of the HyREX Demo Plant to speed up the commercialization of hydrogen-based steelmaking and to strengthen its competencies in carbon-reduced steel production.

∎ POSCO STEELEON

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

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

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

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

∎ POSCO M-TECH

(1) Summary of Business

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

Business Areas



Business Areas	Major Goods and Services	Major Customer

Steel raw material business	Aluminum deoxidizer pellets, mini pellets, ingots and etc.	POSCO
Steel product packaging business	Steel packaging service, maintenance of packaging facilities and etc.
Engineering business	Steel packaging engineering, mechanical equipment and etc.
Consignment operation business	Ferromanganese factory and etc.

(2) Market Share


									(Unit: ton)

Category	2026.1H				2025				2024
Category	Sales Volume		Market share		Sales Volume		Market share		Sales Volume		Market share

POSCO M-TECH		20,118		45.3%		35,387		41.3%		38,284		44.3%

PJ Metal		24,303		54.7%		50,213		58.7%		48,231		55.7%

Total		44,421		100.0%		85,600		100.0%		86,515		100.0%

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

B. Infrastructure [Trading]

There are 39 subsidiaries in trading segment including POSCO INTERNATIONAL.

∎ POSCO INTERNATIONAL

POSCO INTERNATIONAL and its consolidated subsidiaries engage in three major businesses: trading, energy and investment (food resources, motor core for EV, mineral resource development, etc.).

[Trading]

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

Market Share


		(Unit: USD million)

Category	2026.1H	2025.1H	Growth Rate

All Trading Companies in Korea	394,461	334,664	17.9%

POSCO INTERNATIONAL Corp.	3,057	3,957	(22.7%)

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, a company subsidiary. We plan to expand our motor core production to 7.5 million by 2030. In particular, we demonstrate first-class quality competitiveness in our production by leveraging POSCO’s high-quality non-oriented (NO) electrical steel and POSCO Mobility Solution’s proprietary stacking technology.

•

Palm farm in Indonesia: Through the development of the PT. BIA palm plantation in Indonesia, we have 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]

The Energy Business segment is comprised of the Energy Business Division, Gas Business Division, Senex Energy, and other domestic and international power generation-related investment entities.

•

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 since May 2024 from the new facilities. Additionally, in July 2024, we began construction on the fourth phase of the development project, designed to acquire additional reserves to sustain the current level of gas production. Phase 4 is scheduled to begin operation in 2027.

•

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 business group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses.

•

Power generation business: As the first private power generator in Korea, our Incheon LNG Combined Cycle 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 business To diversify its power generation portfolio, the company is driving district power generation and integrated energy supply projects as well as LNG-hydrogen co-firing power generation. Furthermore, it will continue domestic and international expansion of LNG and renewable energy projects to solidify its position in the energy business.

B. Infrastructure [Construction]

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

∎ POSCO E&C

[Plant business]

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

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

[Construction business]

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

B. Infrastructure [Logistics and associated businesses]

There are 16 subsidiaries of logistics and etc. segment including POSCO FLOW and POSCO DX.

∎ POSCO DX

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

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

C. Rechargeable Battery Materials

Rechargeable Battery Materials segment includes businesses related to EV battery materials, such as lithium, nickel, cathode material, anode material, and recycling, and there are a total of 19 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.

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

D. Others

In Others segment, there are 24 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS is focusing on investment in new growth businesses and opportunities.

3. Key Products

A. Sales of Key Products (2026.1H )

(Unit: KRW 100 million, %)


Business Segment	Item / Business Sector	Specific Use	Total Sales		Ratio

Steel	Hot-rolled Product (HR)	Steel pipe, Shipbuilding, etc.		63,861		21.0%
	Cold-rolled Product (CR)	Automobile, Home appliances, etc.		99,516		32.8%
	Stainless Steel Products	Tableware, Pipes, etc.		37,915		12.5%
	Others	Plates, Wire rods, etc.		102,277		33.7%
	Gross Sum			303,569		100.0%
	Deduction of Internal Trade			(115,638)
	Sub Total			187,931

Infra- structure	Trading	Steel, Metal		166,657		56.8%
		Chemical, Strategic Item, Energy		42,835		14.6%
		Others		27,090		9.2%
	Construction	Architecture (Domestic)		23,035		7.9%
		Plant (Domestic)		8,597		2.9%
		Others (Domestic)		724		0.2%
		Overseas Construction		2,115		0.7%
		Owned Construction		620		0.2%
		Others		2,236		0.8%
	Logistics and etc.	Others		19,332		6.6%
	Gross Sum			293,241		100.0%
	Deduction of Internal Trade			(121,758)
	Sub Total			171,483

Rechargeable Battery Materials	Gross Sum			20,307		100.0%
	Deduction of Internal Trade			(8,508)
	Sub Total			11,799

Others	Gross Sum			10,250		100.0%
	Deduction of Internal Trade			(10,115)
	Sub Total			135

Total Sum				371,348

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

B. Price Movement Trends of Key Products


		(Unit: KRW thousand/ton, KRW/kWh)
Business Segment	Products	2026.1H	2025	2024

Steel	Hot-rolled Product (HR)	895	869	910
Steel	Cold-rolled Product (CR)	1,080	1,068	1,144

Infrastructure (Trading)	Electric Power	148	144	160

Rechargeable Battery Materials	Refractory	978	973	1,001
Rechargeable Battery Materials	Lime	164	158	142

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

[Steel]

(1) Criteria for Calculation

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

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

(2) Price Changing Factors

Steel prices in 1H of 2026 rose on increased FX volatility and higher raw materials and energy costs triggered by the Middle East conflict.

[Infrastructure (Trading)]

(1) Criteria for Calculation

a) Subjects for Calculation: Price of electric power

b) Calculation Method and Unit: Unit price per electric power ÷ Net power volume generated

(2) Price Changing Factors

- Power: Korea Gas Corporation cost, etc.

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

[Rechargeable Battery Materials]

(1) Criteria for Calculation

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

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

(2) Price Changing Factors

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

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

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

4. Major Raw Materials

A. Current Status of Major Raw Materials

(Unit: KRW 100 million)

Business Segment

Type of
Purchase

Item

Specific Use

Purchase

Amount

Portion

Steel

Raw Materials

Materials for

Iron-making

Iron ore for blast

furnaces

86,419

68.9%

Sub-materials

Sub-materials for ironmaking, steelmaking

24,520

19.6%

Stainless Steel Materials

Key materials forsts production

14,460

11.5%

Infra-

structure

Trading

Raw Materials

LNG

Material for Power Generation

6,423

100.0%

Construction

Raw Materials

Ready-mixed Concrete

Construction of Structure

1,301

19.7%

Steel

Reinforcement

Strengthening Concrete

950

14.3%

Cable

Electricity Transfer

140

2.1%

H-Beam

Structural steel for civil/construction

244

3.7%

Others

Construction of Pipe and Structure etc.

3,980

60.2%

Logistics

and etc.

Raw Materials

Others

For other use

2,718

100.0%

Rechargeable Battery Materials

Raw Materials

NCM and etc.

Production of cathode materials

5,220

80.1%

Graphite and etc.

Production of

anode materials

213

3.3%

Limestone and etc.

Production of lime

544

8.3%

Others

Production of refractory

543

8.3%

*	Amount: CIF + customs duties + stevedoring fees + other incidental expenses

B. Price Movement Trends of Major Raw Materials

(Unit: KRW thousand)



Business Segment		Category	2026.1H	2025	2024
Steel		Iron Ore (per ton)	144	133	135
		Coal (per ton)	355	268	329
		Scrap Iron (per ton)	560	485	505
		Nickel (per ton)	26,636	21,559	22,934

Infrastructure	Trading	LNG (per ton)	970	944	1,058
	Construction	Ready-mixed Concrete (per m³)	91	88	90
		Steel Pile (per m)	1.2	1.1	1.1
		Steel Reinforcement (per kg)	1.0	0.9	0.9
		Cable (per m)	1.4	1.2	1.0
Rechargeable Battery Materials		Refractory (per ton)	631	631	443
Rechargeable Battery Materials		Limestone (per ton)	24	25	25

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

[Steel]

(1) Iron Ore:

Prices fell 2% QoQ to U$95/ton in Q2 2026; rising coking coal and coke prices squeezed steel mill margins and dampened iron ore demand, while supply from Australia increased.


							(Unit: U$/ton)

’26.Q2	’26.Q1	’25.Q4	’25.Q3	’25.Q2	’25.Q1	’24.Q4	’24.Q3	’24.Q2	’24.Q1

95	97	96	92	89	96	94	89	101	113

(2) Coal:

Prices rose 2% QoQ to U$238/ton in Q2 2026 due to tight supply spurred by production setbacks at key Australian hard coking coal mines and a mining accident in Shanxi, China.


							(Unit: U$/ton)

’26.Q2	’26.Q1	’25.Q4	’25.Q3	’25.Q2	’25.Q1	’24.Q4	’24.Q3	’24.Q2	’24.Q1

238	235	200	184	184	185	203	211	242	308

(3) Scrap:

Scrap prices increased by 12% QoQ to U$394/ton in Q2 2026, driven by supply-demand issues resulting from the Middle East conflict and higher ocean freight rates.


							(Unit: U$/ton)

’26.Q2	’26.Q1	’25.Q4	’25.Q3	’25.Q2	’25.Q1	’24.Q4	’24.Q3	’24.Q2	’24.Q1

394	352	344	340	337	342	350	364	376	392

(4) Nickel:

Prices rose 4% QoQ to U$18,131/ton in 1H 2026. Supply chain remained fragile on the back of reduction in Indonesian nickel production quota and sulfur supply disruptions caused by the Middle East conflict, which was further impacted by mining suspensions in Indonesia following early exhaustion of 2026 quota.


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

’26.Q2	’26.Q1	’25.Q4	’25.Q3	’25.Q2	’25.Q1	’24.Q4	’24.Q3	’24.Q2	’24.Q1

8.22	7.87	6.75	6.81	6.88	7.06	7.27	7.37	8.35	7.53

18,131	17,356	14,892	15,014	15,171	15,571	16,038	16,259	18,415	16,589

*	LME: London Metal Exchange

[Infrastructure]

(1) Criteria for Calculation



Business Sector	Products	Criteria for Calculation	Price Changing Factors

Trading	LNG	Average purchase price and LNG direct purchase price of Korea Gas Corporation	Cost of Korea Gas Corporation (cost consists of introduction cost, supply cost, etc. and is affected by crude oil, exchange rate, etc.)

Construction	Ready-mixed Concrete	Standard 25-210-15	-
	Rebar	SD400 10mm	Higher raw material (scrap) price
	H-Beam	SM355A 30030010*15 11m	Price hike due to higher domestic demand
	Cable	TFR-3, 0.6/1KV, 2.5SQ, 2C	Higher raw material (electric copper) price

[Rechargeable Battery Materials]

(1)	Criteria for Calculation

•

Refractory and lime: Purchase prices including freight costs

(2)	Price Changing Factors

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

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

Rechargeable Battery Materials: Price trends are not disclosed considering concerns about information leakage

5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

(Unit: thousand ton)



Business Area	Products	2026.1H	2025	2024

Steel	Crude Steel	19,741	39,810	40,461

∎ POSCO STEELEON

(Unit: thousand ton)

			$		$		$

Business Area	Products	Plant	2026.1H		2025		2024

Steel	Galvanized / Color- coated Steel	Pohang		496		1,000		1,000
Steel	Galvanized / Color- coated Steel	Myanmar	34		70		70
Total				530		1,070		1,070

∎ POSCO M-TECH

(Unit: ton)

		$		$		$

Business Area	Products	2026.1H		2025		2024

Raw materials for steel production	Deoxidizer		19,352		41,005		39,058

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

(Unit: MW)

			$		$		$

Business Area	Products		2026.1H		2025		2024

Power Generation	Electric Power	Incheon		3,412		3,412		3,412

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(Unit: ton)

			$		$		$

Business Area	Products	Place of Business	2026.1H		2025		2024
Refractory	Brick and etc.	Pohang		57,801		116,560		116,560

LIME	Quicklime	Pohang		543,000		1,095,000		1,095,000
LIME	Quicklime	Gwangyang	543,000		1,095,000		1,095,000
Total				1,143,801		2,306,560		2,306,560

*	In the case of the Rechargeable Battery Materials business, detailed notation is omitted in consideration of technology and information leakage concerns.

B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production Result

(Unit: thousand ton)



Products		2026.1H	2025	2024

Crude Steel		17,703	38,643	39,281

Products	Hot-Rolled Steel	5,265	10,724	10,172
	Plate	3,220	6,365	6,636
	Wire Rod	821	1,594	2,131
	Pickled-Oiled Steel	1,407	2,725	2,713
	Cold-Rolled Products	3,737	7,365	7,498
	Coated Steel	3,420	7,164	7,543
	Electrical Steel	557	1,084	998
	Stainless Steel	1,104	3,098	3,333
	Others	1,180	1,525	1,698
	Total	20,711	41,644	42,720

*	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 (2026.1H)

(Unit: thousand ton)



Company		Capacity		Production		Utilization Rate

Crude Steel Production	POSCO		19,741		17,703		89.7	%
	PT. Krakatau POSCO		1,468		1,479		100.8	%
	POSCO Yamato Vina Steel Joint Stock Company		275		239		86.9	%

Total			21,484		19,421		90.4	%

[Infrastructure (Trading)]

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

∎ POSCO INTERNATIONAL

(1) Production Result

(Unit: GWh)



Business Area	Products	Place of Business	2026.1H	2025	2024

Power Generation	Electric Power	Incheon	5,177	10,529	12,193

(2) Capacity Utilization Rate (2026.1H)

(Unit: Hour, %)



Business Area	Production Base	Capacity	Production	Utilization Rate

Power Generation	Incheon Power Plant	4,344	2,430	55.93%

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

(Unit: Ton)



Business Area	Products	Place of Business	2026.1H	2025	2024
Refractory	Brick and etc.	Pohang	35,694	79,417	80,191

LIME	Quicklime	Pohang	561,595	1,088,517	1,055,911
LIME	Quicklime	Gwangyang	615,279	1,187,103	1,216,072
Total			1,212,568	2,355,037	2,352,174

*	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 (2026.1H)

(Unit: Ton)



Business Area	Capacity	Production	Utilization Rate

Refractory Factory	57,801	35,694	62%

Quicklime Factory (Pohang)	543,000	561,595	103%

Quicklime Factory (Gwangyang)	543,000	615,279	113%

Total	1,143,801	1,212,568

*	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.

C. Production Facilities

(1) The current status of production facilities (2026.1H)

[Land]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		2,004,373	140,415	-	-	2,144,788
Infrastructure	Trading	776,528	1,053	(63,475)	-	714,106
	Construction	334,781	32,804	(3,233)	-	364,352
	Logistics and etc.	59,555	1,050	-	-	60,605
Rechargeable Battery Materials		248,660	1,894	-	-	250,554
Others		262,489	488,809	(2,889)	-	748,409

[Buildings]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		3,303,256	290,744	(1,956)	(190,384)	3,401,660
Infrastructure	Trading	627,798	33,784	(28,706)	(13,051)	619,825
	Construction	78,290	12,763	(9,954)	(2,037)	79,062
	Logistics and etc.	113,363	5,590	(292)	(5,231)	113,430
Rechargeable Battery Materials		1,556,550	11,582	(291)	(119)	1,567,722
Others		114,583	4,760	(7,705)	(3,102)	108,536

[Structures]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		2,773,749	174,358	(20,507)	(152,621)	2,774,979
Infrastructure	Trading	1,019,221	78,477	(715)	(27,547)	1,069,436
	Construction	37,792	9,008	(198)	(3,600)	43,002
	Logistics and etc.	81,046	1,462	-	(4,471)	78,037
Rechargeable Battery Materials		364,583	11,193	-	(2,126)	373,650
Others		13,982	421	(707)	(226)	13,470

[Machinery]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		14,437,095	1,584,934	(417,915)	(1,280,247)	14,323,867
Infrastructure	Trading	1,081,085	142,460	(106,463)	(42,025)	1,075,057
	Construction	4,758	679	(18)	(799)	4,620
	Logistics and etc.	202,628	24,083	(355)	(33,986)	192,370
Rechargeable Battery Materials		2,456,276	126,362	(354)	(11,523)	2,570,761
Others		23,485	5,989	(2,650)	(6,650)	20,174

[Vehicles]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		55,806	26,531	(6,620)	(15,796)	59,921
Infrastructure	Trading	30,807	2,956	(18,679)	(3,886)	11,198
	Construction	4,215	1,755	(869)	(913)	4,188
	Logistics and etc.	374	3,257	(1,746)	(63)	1,822
Rechargeable Battery Materials		9,382	1,832	(1,746)	(58)	9,410
Others		31	270	-	(278)	23

[Tools and Fixtures]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		61,868	21,661	(6,261)	(19,181)	58,087
Infrastructure	Trading	21,683	7,599	-	(5,332)	23,950
	Construction	1,436	765	(572)	(364)	1,265
	Logistics and etc.	5,567	1,873	(180)	(1,356)	5,904
Rechargeable Battery Materials		27,670	1,613	(5,461)	(1,258)	22,564
Others		33	2	(3)	-	32

[Equipment]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		114,254	36,188	(5,313)	(27,726)	117,403
Infrastructure	Trading	28,908	4,134	(15,090)	(6,047)	11,905
	Construction	5,739	2,728	(735)	(2,076)	5,656
	Logistics and etc.	13,289	2,432	(38)	(2,797)	12,886
Rechargeable Battery Materials		38,793	2,293	(1,119)	(1,977)	37,990
Others		18,185	729	(7)	(1,401)	17,506

[Financial Lease Assets]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		107,543	37,991	(43,207)	(45,387)	56,940
Infrastructure	Trading	816,828	141,660	(43,438)	(42,101)	872,949
	Construction	58,863	42,348	(34,378)	(17,679)	49,154
	Logistics and etc.	269,427	24,997	(1,576)	-	292,848
Rechargeable Battery Materials		103,757	1,847	-	-	105,604
Others		17,909	9,073	(3,398)	(6,460)	17,124

[Biological Assets]

(Unit: KRW million)



Business Segment		Beginning Book Balance	Increased	Decreased	Depreciation	Ending Book Balance
Steel		-	-	-	-	-
Infrastructure	Trading	362,871	5,737	(866)	(15,494)	352,248
	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		1,796,458	1,273,555	(1,670,960)	-	1,399,053
Infrastructure	Trading	955,410	189,816	(175,615)	-	969,611
	Construction	5,141	11,035	(1,702)	-	14,474
	Logistics and etc.	48,897	20,118	(4,825)	-	64,190
Rechargeable Battery Materials		4,832,415	703,058	(2,099)	-	5,533,374
Others		503,335	33,991	(485,496)	-	51,830

(2) New Facility Establishment, Purchase, etc. (2026.1H)

•

Investments under Construction

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 Pohang Coke Oven No. 3 among others	60,544	19,316	41,228

[Infrastructure]

(Unit: KRW hundred million)



Date		Project	Total Investment	Invested Amount	Amount to be Invested

Expansion/ Establishment	May 2022 – June 2027	Gwangyang LNG terminal, etc.	20,226	11,741	8,485

[Rechargeable Battery Materials]

(Unit: KRW hundred million)



Date		Project	Total Investment	Invested Amount	Amount to be Invested

Expansion/ Establishment	March 2020 ~ May 2027	Cathode/Anode material factory, lithium commercialization plant, etc.	74,056	54,167	19,889

6. Product Sales

[Steel]

(Unit: KRW hundred million)



Items		2026.1H			2025			2024

Domestic	Hot-Rolled Products		27,966			50,136			52,703
	Cold-Rolled Products		23,483			45,883			51,263
	Stainless Steel		14,725			26,422			29,493
	Others		50,034			91,676			95,180

Overseas	Hot-Rolled Products		35,895			72,135			72,818
	Cold-Rolled Products		76,033			144,832			152,461
	Stainless Steel		23,190			71,055			75,395
	Others		52,243			91,993			92,696

Total	Gross Sum		303,569			594,132			622,009
	Internal Transaction		(115,638	)		(221,283	)		(230,968	)
	Total		187,931			372,849			391,041

[Infrastructure]

(Unit: KRW hundred million)



Business Area	Items		2026.1H			2025			2024

Trading	Domestic Trading	Merchandise		18,176			34,233			45,670
		Product		13,513			27,683			32,545
		Others		229			846			1,412
	Overseas Trading	Merchandise		88,342			116,886			118,643
		Product		675			1,132			3,881
		Others		1,366			243			144
	Trades among the 3 countries			114,281			240,748			226,736

Construction	Domestic Construction	Building		23,035			42,872			49,469
		Plant		8,597			20,378			31,427
		Others		724			1,807			2,724
	Overseas			2,115			3,905			8,777
	Own Construction			2,856			6,239			5,899

Logistics and etc.	Others			19,332			33,063			41,393

Total	Gross Sum			293,241			530,035			568,720

	Deduction of Internal Transaction			(121,758	)		(233,353	)		(261,735	)
	Total			171,483			296,682			306,985

[Rechargeable Battery Materials]

(Unit: KRW hundred million)



Items	2026.1H	2025	2024

Gross Sum	20,307	33,384	38,299

Deduction of Internal Transaction	(8,508)	(12,421)	(10,174)

Total	11,799	20,963	28,125

[Others]

(Unit: KRW hundred million)



Items	2026.1H	2025	2024

Gross Sum	10,250	15,000	21,112

Deduction of Internal Transaction	(10,115)	(14,545)	(20,381)

Total	135	455	730

*	Domestic and overseas categorized by the sales area.

*	Sales of POSCO INTERNATIONAL’s foreign branches are included in ‘trade among the 3 countries’ under Infrastructure (Trading) Segment.

7. Derivatives

POSCO HOLDINGS signed currency swap contracts to hedge against exchange rate risks on foreign currency borrowings. As of June 30, 2026, the Company has currency swap contracts of USD 400 million (due to mature in May 2030) and USD 300 million (due to mature in May 2035), measured at fair value. The valuation gain on the currency swaps, as reflected in the Company’s financial statements as of June 30, 2026, amounts to KRW 92.42 billion.

POSCO uses currency swap contracts to hedge against the exchange rate risk on its long-term and short-term foreign currency borrowings. As of June 30, 2026, the company has currency swap contracts of USD 2.5 billion, measured at fair value. The valuation gain on the currency swaps, as reflected in POSCO’s financial statements as of June 30, 2026, amounts to KRW 298.484 billion; additionally, associated transaction gain amounts to KRW 30.592 billion.

POSCO also hedges against exchange rate risk on expected sales revenue and foreign currency borrowings through currency forward contracts. As of June 30, 2026, the company has signed currency forward contracts denominated in USD and THB. The company recognized valuation gains of KRW 34.324 billion, valuation losses of KRW 2.652 billion, and realized transaction gains of KRW 9.062 billion on these derivatives, reflected in the company’s financial statements as of June 30, 2026.

8. Significant Contracts

(1)

POSCO’s equity investment in an integrated steel mill JV in Odisha, India

a)	Contract Counterparty: Saffron Resources Private Limited

b)	Transaction amount: USD 1,093 million (Total contribution)

c)	Purpose: Equity investment to jointly construct an integrated steel mill in Odisha, India

d)	Contract execution: April 2026 (Board resolution date)

e)	Payment method: Cash payment

ø Disclosure date: February 24, 2026

•

Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO’s Material Business Matters to report)

(2)

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

a)	Contract Counterparty: POS-Louisiana Inc. (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 2025 (Board resolution date)

e)	Payment method: Cash payment

ø Disclosure date: December 16, 2025

•

Decision on Acquisition of Shares or Investment Certificates of Other Corporations (POSCO’s Material Business Matters to report)

(3)

Price Movement Trend of Major Raw Materials

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 period: 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

∎ POSCO INTERNATIONAL

(1) Myanmar gas field



Contract	Date	Remarks
Investment on the 3^rd stage development of A-1 / A-3 block in Myanmar gas field	September 2020	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 3^rd stage of development, which consists of 3 stages in Myanmar gas field development. The purpose of investment is to maintain current gas production level stably by installing low-pressure gas compression platform. - 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 of 1USD=1,160.60 KRW, which is the date of the Board resolution. - 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)
Investment on the 4^th stage development of A-1 / A-3 block in Myanmar gas field	June 2024	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 4^th stage of development of the existing Myanmar gas field development. The purpose of investment is to drill three additional production wells in two deep-sea 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)

(2) Acquisition of Shares in PT.PAR, a Palm Oil Company in Indonesia

Purpose: To seek greater synergy in the Indonesian palm business

Payment method: Cash

Contract execution: November 2025 (Board resolution date)

Transaction amount: KRW 1,244,727,212,414

Number of shares held: 1,794,889,157

Shareholding ratio: 98.7%

POSCO INTERNATIONAL disclosure date: February 23, 2026

•

Decision on Acquisition of Shares or Investment Certificates of Other Corporations (Material Business Matters of Subsidiary Company)

9. Research and Development

A. R&D Expenses (2026.1H)

		$			$			$
												(Unit: KRW million)

Category	Business Segment
	Steel	Infrastructure									Rechargeable Battery Materials	Others	Total
	Steel	Trading			Construction			Logistics and etc.			Rechargeable Battery Materials	Others	Total

Selling and Administrative Cost	9,367		1,387			2,123			7,933		29,782	56,646	107,238

Manufacturing Cost	168,472		25			26			-		34	-	168,557

R&D Cost (Intangible Assets)	14,290		2			306			1,122		3,710	-1,054	18,376

Total*	192,129		1,414			2,455			9,055		33,526	55,592	294,171

Government Subsidy	-		-			681			-		-	-	681

R&D/Sales Ratio (%)	1.02%		0.01	%		0.08	%		6.39	%	2.84%	412.04%	0.79%

*	Total includes government subsidy.

B. Research and Development (R&D) Organization (2026.1H)

(Unit: No. of Entities)

Steel

Infrastructure

Rechargeable
Battery
Materials

Others

Total

Trading

Construction

Logistics & etc.

III. Financial Statements

1. Consolidated Financial Statements

A. Summary

(Unit: KRW million)

	$		$		$

Account	2026.1H		2025		2024

	As of June 30, 2026		As of December 31, 2025		As of December 31, 2024

[Total current assets]		45,223,699		43,483,869		44,029,923

Cash and cash equivalents		6,346,928		7,049,800		6,767,898

Other receivables, net		2,224,430		1,920,685		2,261,323

Other short-term financial assets		8,166,052		8,778,584		8,499,389

Trade accounts and notes receivable, net		13,333,112		11,197,974		10,821,619

Inventories		13,967,774		13,624,433		14,143,500

Other current assets		1,185,403		912,393		1,536,194

[Total non-current assets]		64,488,945		61,708,569		59,374,276

Other receivables, net		1,474,877		1,635,253		1,306,329

Other long-term financial assets		3,650,214		3,060,842		2,571,651

Investments in associates and joint ventures		6,318,089		4,980,153		4,738,793

Property, plant and equipment, net		42,893,581		42,292,820		39,846,828

Intangible assets, net		5,880,421		5,493,529		4,774,824

Other non-current assets		4,271,763		4,245,972		6,135,851

Total assets		109,712,644		105,192,438		103,404,199

[Total current liabilities]		22,806,896		23,131,654		22,779,719

[Total non-current liabilities]		22,742,604		19,683,093		19,174,112

Total liabilities		45,549,500		42,814,747		41,953,831



Account	2026.1H		2025			2024

[Equity attributable to owners of the controlling company]		57,465,538		55,730,185			55,394,231

Share capital		482,403		482,403			482,403

Capital surplus		1,528,038		1,685,116			1,648,894

Retained earnings		53,646,915		53,177,472			53,658,368

Other equity attributable to owners of the controlling company		1,808,182		385,194			(395,434	)

[Non-controlling Interests]		6,697,607		6,647,506			6,056,137

Total equity		64,163,144		62,377,691			61,450,368

	From January 1, 2026 to June 30, 2026		From January 1, 2025 to December 31, 2025			From January 1, 2024 to December 31, 2024

Revenue		37,134,791		69,094,886			72,688,143

Operating profit		1,525,845		1,827,063			2,173,573

Profit		1,304,704		504,403			947,580

[Profit attributable to owners of the controlling company]		1,151,960		657,654			1,094,917

[Profit attributable to non-controlling interests]		152,744		(153,251	)		(147,337	)

Total comprehensive income		2,548,642		923,026			2,110,358

[Total comprehensive income attributable to owners of the controlling company]		2,204,056		1,032,628			2,008,919

[Total comprehensive income attributable to non-controlling interests]		344,586		(109,602	)		101,439

Earnings per share (KRW)		15,233		8,697			14,451

Number of Consolidated Companies		200		199			194

B. The Standards Used for Reporting the Financial Statements

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

2. Separate Financial Statements

A. Summary

(Unit: KRW million)

	$		$		$

Account	2026.1H		2025		2024

	As of June 30, 2026		As of December 31, 2025		As of December 31, 2024

[Total current assets]		4,678,457		3,945,123		3,793,469

Cash and Cash equivalents		240,948		184,416		409,387

Trade accounts and notes receivable, net		123,112		157,668		178,822

Other receivables, net		177,801		146,146		21,388

Other short-term financial assets		4,134,179		3,454,794		2,686,420

Inventories		-		-		467,796

Other current assets		2,417		2,099		29,656

[Total non-current assets]		47,744,317		47,870,462		46,840,329

Other receivables, net		29,718		17,414		14,894

Other long-term financial assets		599,131		506,736		421,822

Investments in Subsidiaries, associates, and joint ventures		46,042,080		46,290,252		45,631,965

Property, plant and equipment, net		728,784		703,140		415,993

Intangible assets, net		30,079		29,659		21,461

Other non-current assets		314,525		323,261		334,194

Total assets		52,422,774		51,815,585		50,633,797

[Total current liabilities]		327,665		245,628		162,831

[Total non-current Liabilities]		3,734,760		3,631,688		2,281,936

Total liabilities		4,062,425		3,877,316		2,444,768



Account	2026.1H			2025			2024

Share capital		482,403			482,403			482,403

Capital surplus		1,367,990			1,367,990			1,367,990

Retained earnings		47,371,447			47,310,066			47,952,144

Other equity		(861,491	)		(1,222,190	)		(1,613,507	)

Total equity		48,360,349			47,938,269			48,189,030

		From January 1, 2026 to June 31, 2026			From January 1, 2025 to December 31, 2025			From January 1, 2024 to December 31, 2024

Revenue		964,879			1,403,310			1,997,128

Operating profit		751,039			976,825			1,596,420

Profit		776,320			494,878			1,621,282

Earnings per share (KRW)		10,266			6,544			21,398

B. The Standards Used for Reporting the Financial Statements

The company prepared its financial statements in accordance with the Korean - International Financial Reporting Standards (the “K-IFRS”).

IV. CORPORATE GOVERNANCE

1. Overview of Corporate Governance

A. Board of Directors

(1) Board of Directors (Board)

The Board consists of four inside directors (CHANG, In Hwa/ LEE, Ju Tae/ CHUNG, Seok Mo/ KIM, Ki Soo), seven independent directors (KWON, Tae-Kyun/ YOO, Young Sook/ YOO, Jin Nyong/ SOHN, Sung Kyu/ KIM, Joon Gi/ PARK, Sung Wook) and 1 other non-executive director (LEE, Hee Geun).

The Board 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 Board and their functions (as of August 14, 2026)

Finance

Committee

3 Independent

Directors;

1 Inside Director

KWON, Tae-Kyun

(Chairman)

PARK, Sung Wook

KIM, Jooyoun

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 period 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.

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

•

January 1, 2026 ~ March 19, 2026



No.	Date	Agenda	Approval

2026-1	February 3	1. The 58th Operations Report and Financial Statements and the schedule for the Annual General Meeting of Shareholders (AGM) • Reported items - 2025 consolidated business performance - 2025 ICFR operational status - 2025 evaluation of the ICFR operational status	Approved -

2026-2	February 19	1. Recommendation of inside director and other non-executive director candidates 2. Partial amendment to the Articles of Incorporation 3. Agenda items for the 58th AGM 4. Cancellation of treasury shares, and treasury shares report 5. Improvements to board operations and amendment of relevant rules • Reported items - Implementation of Board-approved agenda items in 2025	Approved Approved Approved Approved Approved After Amendment -

•

March 24, 2026 ~ June 30, 2026



No.	Date	Agenda	Approval

2026-3	March 24	1. Appointment of the Chair of the Board 2. Appointment of Representative Director 3. Appointment of Board Committee members	Approved Approved Approved After Amendment

2026-4	April 3	1. Borrowing of Government Policy Funds • Reported items - Mid-term shareholder return policy - Implementation of Board-approved agenda items in 2025	Approved

2026-5	May 12	1. Dividend payment for Q1 2026 2. Investment in DLE Demo Plant 3. Payment guarantee for POSCO—Argentina 4. Construction contract for POSCO Global Center main building 5. Limit to aggregate transaction with POSCO • Reported items - Business performance of the group in Q1 2026 - Update on the integrated steel mill JV in India - 2024 Board activities and evaluation results - Evaluation of Independent Director activities and utilization of the results - Implementation of Board-approved agenda items	Approved Approved Approved Approved Approved

At the 58th Annual General Meeting of Shareholders held on March 24, 2026, Inside Director CHUN Sung Lae retired upon the expiration of his term. The shareholders elected KIM Jooyoun as a new Independent Director, CHUNG Seok Mo as an Inside Director, and LEE Hee Geun as a Non-executive Director. Additionally, Independent Director KIM Joongi and Inside Directors LEE Ju Tae and KIM Ki Soo were re-elected.

•

July 1, 2026 ~ August 14, 2026

(4) Key Activities of Independent Directors

•

January 1, 2026 ~ August 14, 2026



No.	Date	Independent Director Attendance (Total Independent Directors)	Remarks
2026-1	February 3	6 (6)	-
2026-2	February 19	6 (6)	-
2026-3	March 24	7 (7)	-
2026-4	April 3	7 (7)	-
2026-5	May 12	7 (7)	-
2026-6	August 7	7 (7)	-

(5) Special Committees under the Board and their Activities

•

ESG Committee (January 1, 2026 ~ March 23, 2026)



Date	Agenda	Approval

January 22, 2026	• Reported items - Review outcomes on the possibility of recognition and use of emission reduction at PT.BIA as carbon credits in Korea - Measures to improve operating companies’ ESG disclosure indices	-

February 13, 2026	1. Improvements to Board operations and amendment of relevant rules • Reported items - 2026 POSCO group consolidated ESG management action plan - 2026 POSCO group human rights management action plan	Deliberated

•

ESG Committee (March 24, 2026 ~ June 30, 2026)



Date	Agenda	Approval
May 7, 2026	1. Publication of the 2025 Sustainability Report 2. Endowment to POSCO Educational Foundation 3. Payment guarantee for POSCO Argentina 4. Construction contract for POSCO Global Center main building • Reported items - Q1 2026 consolidated ESG performance	Approved Approved Deliberated Deliberated

•

ESG Committee (July 1, 2026 ~ August 14, 2026)



Date	Agenda	Approval

August 3, 2026	• Reported items - Q2 2026 consolidated ESG performance - Update on self-directed fair trade CP practices for 1H 2026	-

•

Director Candidate Recommendation and Management Committee (January 1, 2026~March 23, 2026)



Date	Agenda	Approval
February 19, 2026	1. Recommendation of independent director candidates 2. Qualification review of inside director candidates 3. Appointment of 2026 Board Committee members	Approved Deliberated Deliberated

•

Director Candidate Recommendation and Management Committee (March 24, 2026 ~ June 30, 2026)



Date	Agenda	Approval
March 24, 2026	1. Appointment of the Representative Director	Deliberated

•

Director Candidate Recommendation and Management Committee (July 1, 2026 ~ August 14, 2026)



Date	Agenda	Approval
August 7, 2026	1. Operation of the Independent Director Candidate Recommendation Advisory Panel	Approved

•

Evaluation and Compensation Committee (January 1, 2026 ~ March 23, 2026)



Date	Agenda	Approval
February 4, 2026	1. 2025 group-wide business performance assessment	Approved

•

Finance Committee (March 24, 2026 ~ June 30, 2026)



Date	Agenda	Approval

April 3, 2026	1. Borrowing of Government Policy Funds	Deliberated

May 6, 2026	1. Investment in DLE Demo Plant 2. Payment guarantee for POSCO-Argentina	Deliberated Deliberated

•

Finance Committee (July 1, 2026 ~ August 14, 2026)



Date	Agenda	Approval
August 3, 2026	1. Disposal of equity stakes in a listed subsidiary	Deliberated

•

CEO Candidate Pool Management Committee (March 24, 2026 ~ June 30, 2026)



Date	Agenda	Approval
May 8, 2026	1. Result of candidates pooled for the Representative Director & CEO position 2. 2026 development plan to groom internal CEO candidate pool	Approved Approved

B. Audit Committee

(1) Composition of the Audit Committee



Name	Qualifications	Remarks
Park, Sung Wook Kim, Joongi Sohn, Sung Kyu*	Satisfiesthe requirements stipulated in the Korean Commercial Act	Chair - -

*	SOHN, Sung-Kyu is an accounting and financial expert

(2) Major Activities of the Audit Committee

•

January 1, 2026 ~ March 23, 2026



Session	Date	Agenda	Approval

2026-1	February 2, 2026	1. 2025 evaluation of ICFR operational status 2. Authorization of audit and non-audit service agreements for POSCO Holdings and its consolidated entities 3. 2025 Audit Committee activities • Reported items - 2025 ICFR operational status	Approved Approved Approved

2026-2	February 26, 2026	1. Authorization of non-audit service agreement for POSCO 2. 2025 year-end consolidation internal audit result 3. 2025 internal audit performance and 2026 plan 4. Deliberation on AGM agenda items • Reported items - 2025 year-end consolidation external audit result	Approved Approved Approved Approved

•

March 24, 2026 ~ June 30, 2026



Session	Date	Agenda	Approval

2026-3	March 24, 2026	1. Appointment of the Chair of the Audit Committee	Approved

2026-4	April 24, 2026	1. Internal audit results of the Q1 2026 consolidated financial statements • Reported items - Plan for the 2026 ICFR Operational Status Review - Updates on the 2025 20-F audit and the external review of Q1 2026 consolidated financial statements	Approved -

•

July 1, 2026 ~ August 14, 2026

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 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	Fiscal Year	No. of people	Total payment	Average payment (Per person)

Inside Director (Excluding Independent Director, Audit Committee Member)	2026.1H	5	2,818	720
	2025	4	5,246	1,338
	2024	4	5,431	1,306

Independent Director (Excluding Audit Committee Members)	2026.1H	4	193	55
	2025	3	326	109
	2024	3	422	125

Audit Committee Members	2026.1H	3	160	53
	2025	3	331	110
	2024	3	394	128

ø	No. of people: The number of directors and the Audit Committee members in office as of June 30, 2026, December 31, 2025, and December 31, 2024

ø	Total payment: The total amount of remuneration paid to all directors and Audit Committee members who served during the period (includes directors who retired during the year)

ø	Average payment per person: The sum of average payment per director during the period

POSCO HOLDINGS INC.

and its subsidiaries

Interim condensed consolidated financial statements

for each of the six-month periods ended June 30, 2026 and 2025

with the independent auditor’s review report

Table of Contents

Report on review of interim condensed consolidated financial statements


	Page
Interim condensed consolidated financial statements

Interim condensed consolidated statements of financial position		1

Interim condensed consolidated statements of comprehensive income		3

Interim condensed consolidated statements of changes in equity		4

Interim condensed consolidated statements of cash flows		6

Notes to the interim condensed consolidated financial statements		8

EY Han Young

2-3F, 7-8F, Taeyoung Building, 111, Yeouigongwon-ro,

Yeongdeungpo-gu, Seoul 07241 Korea

Tel: +82 2 3787 6600

Fax: +82 2 783 5890

ey.com/kr

Report on review of interim condensed consolidated financial statements

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed consolidated financial statements of POSCO HOLDINGS INC. and its subsidiaries (collectively referred to as the “Group”), which comprise the interim condensed consolidated statement of financial position as of June 30, 2026, and the related interim condensed consolidated statements of comprehensive income or loss for each of the three-month and six-month periods ended June 30, 2026 and 2025, interim condensed consolidated statements of changes in equity and interim condensed consolidated statements of cash flows for each of the six-month periods ended June 30, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed consolidated financial statements

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

Auditor’s responsibility

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

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

Conclusion

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

Other matters

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

August 14, 2026

This review report is effective as of August 14, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed consolidated financial statements and may result in modification to this review report.

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated financial statements

for each of the six-month periods ended June 30, 2026 and 2025

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

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

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position

as of June 30, 2026 (Unaudited) and December 31, 2025


(in millions of Won)	Notes		June 30, 2026 (unaudited)		December 31, 2025
Assets

Cash and cash equivalents		21	W	6,346,928		7,049,800
Trade accounts and notes receivable, net		4,15,21,25,26,33		13,333,112		11,197,974
Other receivables, net		5,21,33		2,224,430		1,920,685
Other short-term financial assets		6,21		8,166,052		8,778,584
Inventories		7		13,967,774		13,624,433
Current income tax assets				92,500		78,704
Assets held for sale		8		8,279		20,167
Other current assets		14		1,084,624		813,522

Total current assets				45,223,699		43,483,869

Long-term trade accounts and notes receivable, net		4,21		16,528		19,708
Other receivables, net		5,21,33		1,474,877		1,635,253
Other long-term financial assets		6,21		3,650,214		3,060,842
Investments in associates and joint ventures		9		6,318,089		4,980,153
Investment property, net		11		1,727,088		1,691,625
Property, plant and equipment, net		12		42,893,581		42,292,820
Intangible assets, net		13		5,880,421		5,493,529
Defined benefit assets, net		19		278,152		360,112
Deferred tax assets		31		2,043,319		2,038,844
Other non-current assets		14		206,676		135,683

Total non-current assets				64,488,945		61,708,569

Total assets			W	109,712,644		105,192,438

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position, continued

as of June 30, 2026 (Unaudited) and December 31, 2025


(in millions of Won)	Notes	June 30, 2026 (unaudited)			December 31, 2025
Liabilities

Trade accounts and notes payable	21,33	W	5,514,721			5,106,921
Short-term borrowings and current installments of long-term borrowings	15,21		11,107,218			12,117,422
Other payables	16,21,33		3,450,986			3,406,505
Other short-term financial liabilities	17,21		67,700			66,623
Current income tax liabilities			275,489			223,666
Liabilities directly associated with the assets held for sale	8		—			3,678
Provisions	18		573,651			632,644
Other current liabilities	20,25,26		1,817,131			1,574,195

Total current liabilities			22,806,896			23,131,654

Long-term borrowings, excluding current installments	15,21		19,296,704			16,374,578
Other payables	16,21		1,300,341			1,237,358
Other long-term financial liabilities	17,21		93,813			91,068
Defined benefit liabilities, net	19		89,415			63,189
Deferred tax liabilities	31		1,185,666			1,159,973
Long-term provisions	18		671,764			650,329
Other non-current liabilities	20		104,901			106,598

Total non-current liabilities			22,742,604			19,683,093

Total liabilities			45,549,500			42,814,747

Equity
Share capital	22		482,403			482,403
Capital surplus	22		1,528,038			1,685,116
Other components of equity	23		2,609,952			1,561,510
Treasury shares	24		(801,771	)		(1,176,317	)
Retained earnings			53,646,915			53,177,472

Equity attributable to owners of the controlling company			57,465,537			55,730,184
Non-controlling interests			6,697,607			6,647,507

Total equity			64,163,144			62,377,691

Total liabilities and equity		W	109,712,644			105,192,438

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of comprehensive income

for each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)


			For the three-month period ended June 30 (unaudited)						For the six-month period ended June 30 (unaudited)
(in millions of Won, except per share information)	Notes		2026			2025			2026			2025
Revenue		25,26,33	W	19,258,684			17,555,587			37,134,791			34,992,363
Cost of sales		26,30		(17,599,341	)		(16,170,232	)		(33,959,035	)		(32,271,130	)

Gross profit				1,659,343			1,385,355			3,175,756			2,721,233
Selling and administrative expenses		21,27,30
Other administrative expenses				(783,904	)		(708,693	)		(1,535,652	)		(1,424,276	)
Selling expenses				(56,425	)		(69,490	)		(114,258	)		(121,344	)

Operating profit				819,014			607,172			1,525,846			1,175,613
Share of profit of equity-accounted investees, net		9		72,428			87,516			163,838			152,800
Finance income and costs		21,28
Finance income				795,006			1,264,053			2,323,603			2,068,732
Finance costs				(1,040,822	)		(1,591,099	)		(2,633,377	)		(2,539,259	)
Other non-operating income and expenses		21,29,30
Other non-operating income				553,186			50,657			691,504			183,521
Other non-operating expenses				(287,708	)		(190,617	)		(403,700	)		(303,767	)

Profit before income tax				911,104			227,682			1,667,714			737,640
Income tax expense		31		(149,789	)		(143,836	)		(363,010	)		(309,559	)

Profit				761,315			83,846			1,304,704			428,081

Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method				(34	)		1			2,881			(5,625	)
Foreign currency translation differences				(18,082	)		(163,610	)		176,921			(156,603	)
Remeasurements of defined benefit plans		19		5,609			5,602			11,099			4,938
Net changes in fair value of equity investments at fair value through other comprehensive income		21		(67,148	)		(25,164	)		44,943			14,111
Items that are or may be reclassified subsequently to profit or loss:
Capital adjustment arising from investments in subsidiaries under equity method				102,561			(218,578	)		368,182			(217,283	)
Foreign currency translation differences				79,735			(596,783	)		639,154			(566,825	)
Gains or losses on valuation of derivatives		21		733			(133	)		759			(259	)

Other comprehensive income (loss), net of tax				103,374			(998,665	)		1,243,939			(927,546	)

Total comprehensive income (loss)			W	864,689			(914,819	)		2,548,643			(499,465	)

Profit attributable to:
Owners of the controlling company			W	684,754			159,865			1,151,960			462,161
Non-controlling interests				76,560			(76,019	)		152,744			(34,080	)

Profit			W	761,314			83,846			1,304,704			428,081

Total comprehensive income attributable to:
Owners of the controlling company			W	800,271			(668,060	)		2,204,056			(298,224	)
Non-controlling interests				64,418			(246,759	)		344,586			(201,241	)

Total comprehensive income (loss)			W	864,689			(914,819	)		2,548,642			(499,465	)

Earnings per share (in Won)		32
Basic earnings per share (in Won)				9,055			2,114			15,233			6,112
Diluted earnings per share (in Won)			W	9,055			2,114			15,233			6,112

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	Attributable to owners of the controlling company
	Share capital		Capital surplus			Other components of equity			Treasury shares			Retained earnings			Subtotal			Non- controlling interests			Total
Balance as of January 1, 2025	W	482,403		1,648,894			1,155,429			(1,550,862	)		53,658,368			55,394,232			6,056,136			61,450,368
Comprehensive income:
Profit for the period		—		—			—			—			462,161			462,161			(34,080	)		428,081
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—			—			5,353			5,353			(415	)		4,938
Capital adjustment arising from investments in equity-accounted investees, net of tax		—		—			(212,037	)		—			—			(212,037	)		(10,871	)		(222,908	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			12,916			—			467			13,383			728			14,111
Foreign currency translation differences, net of tax		—		—			(566,824	)		—			—			(566,824	)		(156,603	)		(723,427	)
Gains or losses on valuation of derivatives, net of tax		—		—			(259	)		—			—			(259	)		—			(259	)

Total comprehensive income		—		—			(766,204	)		—			467,981			(298,223	)		(201,241	)		(499,464	)

Transactions with owners of the controlling company, recognized directly in equity:
Year-end dividends		—		—			—			—			(189,052	)		(189,052	)		(102,372	)		(291,424	)
Interim dividends		—		—			—			—			(189,052	)		(189,052	)		—			(189,052	)
Changes in the scope of consolidation		—		—			—			—			—			—			5,000			5,000
Changes in ownership interest in subsidiaries		—		(34,967	)		—			—			—			(34,967	)		156,631			121,664
Retirement of treasury shares		—		—			—			374,545			(374,545	)		—			—			—
Others		—		(8,422	)		—			—			(7,890	)		(16,312	)		9,121			(7,191	)

Total transactions with owners of the controlling company		—		(43,389	)		—			374,545			(760,539	)		(429,383	)		68,380			(361,003	)

Balance as of June 30, 2025 (Unaudited)	W	482,403		1,605,505			389,225			(1,176,317	)		53,365,810			54,666,626			5,923,275			60,589,901

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity, continued

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	Attributable to owners of the controlling company																			Total
	Share capital		Capital surplus			Other components of equity		Treasury shares			Retained earnings			Subtotal			Non- controlling interests			Total
Balance as of January 1, 2026	W	482,403		1,685,116			1,561,510		(1,176,317	)		53,177,472			55,730,184			6,647,507			62,377,691
Comprehensive income:
Profit for the period		—		—			—		—			1,151,960			1,151,960			152,744			1,304,704
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—		—			5,086			5,086			6,012			11,098
Capital adjustment arising from investments in equity-accounted investees, net of tax		—		—			362,210		—			—			362,210			8,853			371,063
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			45,457		—			(571	)		44,886			57			44,943
Foreign currency translation differences, net of tax		—		—			639,154		—			—			639,154			176,921			816,075
Gains or losses on valuation of derivatives, net of tax		—		—			759		—			—			759			—			759

Total comprehensive income		—		—			1,047,580		—			1,156,475			2,204,055			344,587			2,548,642

Transactions with owners of the controlling company, recognized directly in equity:
Year-end dividends		—		—			—		—			(189,052	)		(189,052	)		(77,028	)		(266,080	)
Interim dividends		—		—			—		—			(151,242	)		(151,242	)		—			(151,242	)
Changes in the scope of consolidation		—		—			—		—			—			—			(16,707	)		(16,707	)
Changes in ownership interest in subsidiaries		—		(155,120	)		—		—			—			(155,120	)		(228,885	)		(384,005	)
Retirement of treasury shares		—		—			—		374,546			(374,546	)		—			—			—
Others		—		(1,958	)		862		—			27,808			26,712			28,133			54,845

Total transactions with owners of the controlling company		—		(157,078	)		862		374,546			(687,032	)		(468,702	)		(294,487	)		(763,189	)

Balance as of June 30, 2026 (Unaudited)	W	482,403		1,528,038			2,609,952		(801,771	)		53,646,915			57,465,537			6,697,607			64,163,144

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

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	Notes		for the six-month period ended June 30, 2026 (Unaudited)			for the six-month period ended June 30, 2025 (Unaudited)
Cash flows from operating activities
Profit for the period			W	1,304,704			428,081
Adjustments for:
Depreciation				1,889,359			1,818,192
Amortization				253,386			221,053
Finance income				(1,430,672	)		(1,312,039	)
Finance costs				1,671,174			1,536,247
Income tax expense				363,010			309,559
Impairment loss on property, plant and equipment				123,508			113,159
Gain on disposal of property, plant and equipment				(2,465	)		(22,018	)
Loss on disposal of property, plant and equipment				65,202			53,034
Impairment loss on goodwill and other intangible assets				5,703			25,678
Gain on disposal of investments in subsidiaries, associates and joint ventures				(480,032	)		(24,973	)
Loss on disposal of investments in subsidiaries, associates and joint ventures				99,071			752
Share of profit of equity-accounted investees				(163,838	)		(152,800	)
Impairment loss on disposal of assets held for sale				—			831
Gain on disposal of assets held for sale				(9,788	)		(52,148	)
Loss on disposal of assets held for sale				—			653
Expenses related to post-employment benefit				136,095			129,051
Impairment loss on trade and other receivables				51,517			53,043
(Reversal of) Loss on valuation of inventories				(54,316	)		(39,259	)
Increase (decrease) to provisions				40,888			77,129
Gain on insurance claim				(12,850	)		(1,884	)
Others, net				44,081			(7,347	)

				2,589,033			2,725,913

Changes in operating assets and liabilities		35		(2,682,615	)		(132,462	)

Interest received				278,753			206,075
Interest paid				(575,447	)		(497,113	)
Dividends received				127,127			247,074
Income taxes paid				(332,935	)		(544,806	)

Net cash provided by operating activities			W	708,620			2,432,762

(continued)

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows, consolidated

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	Notes	for the six-month period ended June 30, 2026 (Unaudited)			for the six-month period ended June 30, 2025 (Unaudited)
Cash flows from investing activities
Acquisitions of short-term financial instruments		W	(9,960,400)			(9,248,078)
Proceeds from disposal of short-term financial instruments			10,075,763			8,034,242
Increase in loans			(242,537)			(150,960)
Collection of loans			300,428			23,516
Acquisitions of securities			(197,633	)		(620,313	)
Proceeds from disposal of securities			615,631			337,297
Acquisitions of long-term financial instruments			(26,931	)		(1,896	)
Acquisitions of investment in associates and joint ventures			(867,853	)		(151,870	)
Proceeds from disposal of investment in associates and joint ventures			105,335			10,172
Acquisitions of investment property			(3,368	)		—
Proceeds from disposal of investment property			6,588			567
Acquisitions of property, plant and equipment			(2,118,713	)		(2,872,762	)
Proceeds from disposal of property, plant and equipment			61,180			154,464
Acquisitions of intangible assets			(216,670	)		(298,296	)
Proceeds from disposal of intangible assets			2,611			8,472
Proceeds from disposal of assets held for sale			13,041			221,417
Collection of lease receivables			6,377			13,420
Cash inflow from insurance claim			12,787			1,816
Cash inflow from changes in the scope of consolidation			485,058			—
Others, net			(51,584)			(26,447)

Net cash used in investing activities		W	(2,000,890	)		(4,565,239)

Cash flows from financing activities
Origination of borrowings			4,611,169			3,980,458
Repayment of borrowings			(3,067,590	)		(2,233,025	)
Repayment of short-term borrowings, net			(402,047	)		1,024,032
Capital contribution from non-controlling interests			30,908			172,573
Payment of cash dividends			(405,441	)		(480,768	)
Repayment of lease liabilities			(89,323	)		(92,399	)
Others, net			(245,038	)		125,512

Net cash provided by financing activities		W	432,638			2,496,383

Effect of exchange rate fluctuation on cash held			156,760			(122,515	)

Net increase in cash and cash equivalents			(702,872	)		241,391
Changes in cash classified as assets held for sale			—			(7,002	)
Cash and cash equivalents at beginning of the period			7,049,800			6,767,898

Cash and cash equivalents at end of the period		W	6,346,928			7,002,287

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements

June 30, 2026 and 2025 (Unaudited)

1. General Information

General information about POSCO HOLDINGS INC. (the “Company”), the controlling company, and its subsidiaries in the scope of consolidation, such as 65 domestic subsidiaries including POSCO INC. and 134 foreign subsidiaries including POSCO America Corporation, and 110 associates and joint ventures (collectively referred to as the “Group”) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 is as follows:

(a)	The controlling company

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

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

As of June 30, 2026, the shares of POSCO HOLDINGS INC. are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchange.

(b)	New subsidiaries subject to consolidation

Subsidiaries, acquired or newly established, subject to consolidation for the six-month period ended June 30, 2026 are as follows:


Company	Date of addition	Ownership (%)	Reason
POS-Louisiana Inc.	January 2026	100.00	New establishment
Centrux LNG Pte. Ltd.	January 2026	100.00	New establishment
Gale International Korea, LLC	February 2026	100.00	Change in status
Yingkou PFM Refractories Co., Ltd.	March 2026	100.00	New establishment
FUTUREM VIETNAM COMPANY LIMITED	May 2026	100.00	New establishment
NRG Metals Argentina S.A.	May 2026	100.00	Acquisition

(c)	Subsidiaries excluded from consolidation due to loss of control

A subsidiary excluded from consolidation for the six-month period ended June 30, 2026 is as follows:


Company	Date of exclusion	Reason
GOLDEN LACE POSCO INTERNATIONAL CO., LTD.	March 2026	Divestiture
POSCO (Zhangjiagang) Stainless Steel Co., Ltd.	April 2026	Divestiture
Qingdao Pohang Stainless Steel Co., Ltd.	April 2026	Divestiture
Zhangjigang Pohang Port Co., Ltd.	April 2026	Divestiture
Zhangjiagang BLZ Pohang International Trading	April 2026	Divestiture

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of Preparation

Statement of compliance

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

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

Use of estimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

(b)	Measurement of fair value

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

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

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of Preparation (cont’d)

•

Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly.

•

Level 3 - inputs for the assets or liabilities that are not based on observable market data.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

3. Summary of Material Accounting Policy Information

Except for the items described below, the accounting policies applied by the Group in these interim condensed consolidated financial statements are the same as those applied to the consolidated financial statements as of and for the year ended December 31, 2025.

Changes in Accounting Policies

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

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

•

a clarification that a financial liability is derecognized on the “settlement date” and the introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;

•

additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed;

•

clarifications on what constitute “non-recourse features” and what are the characteristics of contractually linked instruments; and

•

the introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments measured at fair value through other comprehensive income (OCI).

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(b)	Annual Improvements to KIFRS – Volume 11

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

Amendments to KIFRS 1101 First-time adoption of KIFRS: Hedge accounting by a first-time adopter

Amendments to KIFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for application of amendments in practice

Amendments to KIFRS 1109 Financial Instruments: Accounting for derecognition of lease liabilities and definition of transaction prices

Amendments to KIFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’

Amendments to KIFRS 1007 Statement of Cash Flows: Cost Method

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

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

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

•

clarification of the application of the “own-use” requirements for in-scope contracts;

•

amendments to the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts; and

•

addition of new disclosure requirements to enable investors to understand the effect of these contracts on an entity’s financial performance and cash flows.

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

New and amended standards not yet adopted by the Group

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

(a)

KIFRS 1118 Presentation and Disclosure in Financial Statements

Key changes in the accounting policies

KIFRS 1118 has been issued, which replaces KIFRS 1001 Presentation of Financial Statements. KIFRS 1118 is expected to enhance the comparability of financial performance among similar firms by providing information users with useful information for analyzing and comparing firm performance, with a focus on the statement of profit or loss.

KIFRS 1118 is effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted. As the Group must apply this standard retrospectively in accordance with KIFRS 1008 Accounting Policies, Changes in Accounting Estimates and Errors, comparative information for the fiscal year ended December 31, 2027 is restated in accordance with KIFRS 1118.

The major accounting policies expected to result in significant differences from the current financial statements when the Group prepares the financial statements in accordance with KIFRS 1118 are as follows. These do not include all the differences that may incur in the future and are subject to change based on further analysis.

1) Changes such as presentation in the statement of profit or loss

KIFRS 1118 introduces new requirements for presentation within the statement of profit or loss to classify all income and expenses into one of five categories: operating, investing, financing, income taxes and discontinued operations. An entity is required to classify all income and expenses shown in the statement of profit or loss to the operating category if they do not fall under the investing, financing, income taxes, or discontinued operations categories. According to KIFRS 1118, the operating category is a residual category, meaning it will encompass any income and expenses not assigned to the other specified categories.

The Group shall evaluate its main business activities to classify income and expenses; if the Group’s core business is to provide financing to customers or invest in assets with particular features, some income and expenses that might ordinarily have been classified in the investing or financing category, when applying the general principles, will be presented in the operating category.

The operating profit or loss of KIFRS 1118 differs significantly from the operating profit or loss under KIFRS 1001, which is defined as income less cost of goods sold and selling and administrative expenses under KIFRS 1001. KIFRS 1118 requires the disclosure of operating profit or loss calculated in accordance with KIFRS 1001 in the notes, and the details of the adjustments for the difference between operating profit or loss under KIFRS 1118 and operating profit or loss under KIFRS 1001 shall also be disclosed in the notes.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

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

2) Disclosure of management-defined performance measures(MPMs)

KIFRS 1118 introduces the concept of MPMs which are defined as a subtotal of income and expenses that an entity uses in public communications outside financial statements, to communicate management’s view of an aspect of the financial performance of the entity as a whole to the users. KIFRS 1118 defines MPMs as subtotals of income and expenses that are not specified in paragraph 118 of KIFRS 1118 or for which presentation and disclosure of subtotals of income and expenses are not specifically required.

If a performance measure qualifies as an MPM, KIFRS 1118 specifies the disclosure requirements. These disclosures should be included in a single note in the financial statements, and include:

•

a description of the aspect of financial performance which is communicated by the MPM, as well as explanation of why the MPM provides useful financial information;

•

how the MPM is calculated; and

•

a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the income tax effects and the effect on non-controlling interests for each reconciling item.

3) Changes such as classification of cash flows, etc.

In addition, narrow-scope amendments have been made to KIFRS 1007 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from “profit or loss” to “operating profit or loss” and removing the optionality around classification of cash flows from dividends and interest.

Assessment of major impact

The Group has not applied KIFRS 1118 as it is not mandatorily applicable yet, and the Group plans to report the first interim financial statements for the reporting period ended December 31, 2027, in accordance with KIFRS 1118.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

4. Trade Accounts and Notes Receivable

Details of trade accounts and notes receivable as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Current
Trade accounts and notes receivable	W	12,402,069			10,133,240
Due from customers for contract work		1,508,834			1,594,458
Less: Allowance for doubtful accounts		(577,791	)		(529,724	)

	W	13,333,112			11,197,974

Non-current
Trade accounts and notes receivable	W	59,547			64,902
Less: Allowance for doubtful accounts		(43,019	)		(45,194	)

	W	16,528			19,708

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the six-month period ended June 30, 2026 and the year ended December 31, 2025. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of June 30, 2026 and December 31, 2025, the book value of the trade accounts receivable from the transaction is W224,044 million and W136,758 million, respectively, and the amount is included in the short-term borrowings.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

5. Other Receivables

Details of other receivables as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Current
Short-term loans	W	420,422			348,621
Other accounts receivable		1,504,199			1,276,332
Accrued income		291,215			341,802
Deposits		80,308			106,612
Others		38,170			36,209
Lease receivables		16,663			14,432
Less: Allowance for doubtful accounts		(126,547	)		(203,323	)

	W	2,224,430			1,920,685

Non-current
Long-term loans(*1)	W	1,350,520			1,369,527
Other accounts receivable		468,119			461,676
Accrued income		171,746			183,455
Deposits		124,405			141,782
Lease receivables		65,366			65,676
Less: Allowance for doubtful accounts		(705,279	)		(586,863	)

	W	1,474,877			1,635,253

(*1)	The Group recognized an allowance for doubtful accounts for all of the other receivables from FQM Australia Holdings Pty Ltd., an associate, due to low possibility of collecting these receivables.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

6. Other Financial Assets

Details of other financial assets as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Derivatives assets	W	212,702		235,924
Debt securities		390,543		927,586
Deposit instruments(*1)		7,359,353		7,123,233
Short-term financial instruments(*1)		201,419		491,841
Other securities		2,035		—

	W	8,166,052		8,778,584

Non-current
Derivatives assets	W	798,746		426,649
Equity securities(*2)		1,799,464		1,721,439
Debt securities		214,139		172,181
Other securities(*2)		767,944		696,148
Deposit instruments(*1)		69,921		44,425

	W	3,650,214		3,060,842

(*1)	As of June 30, 2026 and December 31, 2025, financial instruments amounting to W852,180 million and W362,150 million, respectively, are restricted in use for financial arrangements, pledge and others.

(*2)	As of June 30, 2026 and December 31, 2025, W123,107 million and W122,285 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

7. Inventories

(a) Details of inventories as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Finished goods	W	2,455,818			2,754,668
Merchandise		1,287,163			1,247,922
Semi-finished goods		2,627,702			2,764,000
Raw materials		3,387,946			3,333,252
Fuel and materials		1,127,296			1,095,038
Construction inventories		155,084			166,689
Materials-in-transit		3,104,341			2,490,175
Others		172,459			169,010

		14,317,809			14,020,754

Less: Allowance for inventories valuation(*1)		(350,035	)		(396,321	)

	W	13,967,774			13,624,433

(*1)	For each of the six-month periods ended June 30, 2026 and 2025, allowance for inventories valuation was increased by W54,316 million and reversed by W39,259 million, respectively.

(b) The allowances for inventories valuation by item as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Finished goods	W	124,741		158,268
Merchandise		15,688		7,255
Semi-finished goods		40,976		90,155
Raw materials		140,986		115,651
Fuel and materials		9,190		6,069
Construction inventories		7,711		7,989
Others		10,743		10,934

	W	350,035		396,321

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

8. Assets Held for Sale

Details of assets held for sale as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Asset
Cash and cash equivalents		—		1,924
Account receivables and other receivables		—		314
Equity Securities		7,833		7,276
Property, plant and equipment		446		10,361
Intangible assets		—		285
Others		—		7

	W	8,279		20,167

Liability
Other receivables	W	—		3,419
Provisions		—		259

	W	—		3,678

9. Investments in Associates and Joint ventures

(a)	Details of investments in associates as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026								December 31, 2025
Company	Number of shares		Ownership (%)		Acquisition cost		Book value		Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.(*1)		4,507,138		34.00	W	473,093	W	408,590		421,699
Chun-cheon Energy Co., Ltd(*1)		17,308,143		49.10		86,541		16,988		16,685
Pocheon-Hwado Highway Corp.(*1)		7,109,230		27.89		35,546		7,273		17,194
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		944,920		29.53		4,725		12,011		12,096
PCC Amberstone Private Equity Fund 1(*2)		2,253,533,435		8.80		2,254		2,335		2,791
Others(*1)								131,113		134,363

								578,310		604,828

[Foreign]
South-East Asia Gas Pipeline Company Ltd.		50,082		25.04		83,030		285,942		263,375
9404-5515 Quebec Inc.		284,463,243		25.85		328,509		448,964		411,602
AMCI (WA) PTY LTD		49		49.00		209,664		193,010		162,606
KOREA LNG LTD.		2,400		20.00		135,205		24,159		19,524
PT. Wampu Electric Power(*1)		8,708,400		20.00		10,054		16,747		16,483
POS-SeAH Steel Wire(Nantong) Co., Ltd.		50		25.00		4,723		14,204		11,994
M RES NSW HCC II Pty Ltd(*3)		72,000,000		92.31		104,511		98,822		101,884
Hyundai-POSCO Louisiana Steel LLC		20		20.00		278,043		322,421		—
PT.Xinheng Metal Indonesia		255,000,000		44.12		578,350		590,906		—
Others(*1)								310,500		252,322

								2,305,675		1,239,790

							W	2,883,985		1,844,618

(*1)	As of June 30, 2026 and December 31, 2025, investments in associates amounting to W466,890 million and W486,995 million, respectively, are provided as collateral in relation to the associates’ borrowings.

(*2)	As of June 30, 2026, the entity is classified as an associate since the Group has significant influence over the investee although the Group’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.

(*3)	As of June 30, 2026, the entity is classified as an associate since the Group has significant influence over the investee although the Group’s percentage of ownership is more than 50%, considering the structure of the entity’s Board of Directors and others.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(b)	Details of investments in joint ventures as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026								December 31, 2025
Company	Number of shares		Ownership (%)		Acquisition cost		Book value		Book value
[Domestic]
POSCO MC MATERIALS		11,568,000		60.00	W	115,680	W	151,796		146,038
SNNC		18,130,000		49.00		90,650		—		2,364
Others								10,212		12,702

								162,008		161,104

[Foreign]
Roy Hill Holdings Pty Ltd(*1)		13,117,972		12.50		1,528,672		1,592,394		1,441,376
POSCO-NPS Niobium LLC		325,050,000		50.00		364,609		501,127		466,492
KOBRASCO		2,010,719,185		50.00		32,950		155,207		126,943
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		—		25.00		61,961		152,010		132,616
PT NICOLE METAL INDUSTRY		152,764,706		49.00		603,178		720,660		649,462
HBIS-POSCO Automotive Steel Co., Ltd		—		50.00		235,251		123,895		134,404
Others								26,803		23,138

								3,272,096		2,974,431

							W	3,434,104		3,135,535

(*1)	As of June 30, 2026 and December 31, 2025, the investments in joint ventures are provided as collateral in relation to the joint ventures’ borrowings.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(c)	Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)
Company	December 31, 2025 Book value		Acquisition		Dividends			Share of profits (losses)			Other increase (decrease)(*1)			June 30, 2026 Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.	W	421,699		—		—			6,866			(19,975	)		408,590
SNNC		2,364		—		—			(2,363	)		(1	)		—
Chun-cheon Energy Co., Ltd		16,685		—		—			—			303			16,988
Pocheon-Hwado Highway Corp.		17,194		—		—			(9,922	)		1			7,273
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		12,096		—		—			(85	)		—			12,011
PCC Amberstone Private Equity Fund 1		2,791		35		—			367			(858	)		2,335
POSCO MC MATERIALS		146,038		—		—			5,758			—			151,796
Others		147,064		11,425		(396	)		(6,281	)		(10,487	)		141,325

		765,931		11,460		(396	)		(5,660	)		(31,017	)		740,318

[Foreign]
South-East Asia Gas Pipeline Company Ltd.		263,375		—		(16,776	)		26,467			12,876			285,942
9404-5515 Quebec Inc.		411,602		—		(14,470	)		14,399			37,433			448,964
AMCI (WA) PTY LTD		162,606		—		—			21,847			8,557			193,010
KOREA LNG LTD.		19,524		—		(2,779	)		2,776			4,638			24,159
PT. Wampu Electric Power		16,483		—		(909	)		285			888			16,747
POS-SeAH Steel Wire(Nantong) Co., Ltd.		11,994		—		—			423			1,787			14,204
Roy Hill Holdings Pty Ltd		1,441,376		—		(95,904	)		74,581			172,341			1,592,394
POSCO-NPS Niobium LLC		466,492		—		(12,359	)		14,615			32,379			501,127
KOBRASCO		126,943		—		—			10,471			17,793			155,207
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		132,616		—		—			5,458			13,936			152,010
PT NICOLE METAL INDUSTRY		649,462		—		—			29,395			41,803			720,660
HBIS-POSCO Automotive Steel Co., Ltd		134,404		—		—			(23,966	)		13,457			123,895
M RES NSW HCC II Pty Ltd		101,884		—		—			(14,811	)		11,749			98,822
Hyundai-POSCO Louisiana Steel LLC		—		278,043		—			319			44,059			322,421
PT.Xinheng Metal Indonesia		—		578,350		—			1,168			11,388			590,906
Others		275,461		—		(5,554	)		6,071			61,325			337,303

		4,214,222		856,393		(148,751	)		169,498			486,409			5,577,771

	W	4,980,153		867,853		(149,147	)		163,838			455,392			6,318,089

(*1)	Others represent the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the six-month period ended June 30, 2026.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

For the year ended December 31, 2025


(in millions of Won)
Company	December 31, 2024 Book value		Acquisition		Dividends			Share of profits (losses)			Other increase (decrease)(*1)			December 31, 2025 Book value
[Domestic]
Samcheok Blue Power Co.,Ltd.	W	392,269		17,509		(2,795	)		7,595			7,121			421,699
SNNC		38,046		—		—			(35,826	)		144			2,364
Chun-cheon Energy Co., Ltd		14,054		—		—			2,016			615			16,685
Pocheon-Hwado Highway Corp.		14,834		—		—			2,360			—			17,194
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		12,401		—		—			(306	)		1			12,096
PCC Amberstone Private Equity Fund 1		6,181		—		(227	)		(469	)		(2,694	)		2,791
POSCO MC MATERIALS		153,839		—		(3,000	)		(5,072	)		271			146,038
Others		132,730		25,597		(2,216	)		(2,445	)		(6,602	)		147,064

		764,354		43,106		(8,238	)		(32,147	)		(1,144	)		765,931

[Foreign]
South-East Asia Gas Pipeline Company Ltd.		279,349		—		(37,273	)		57,362			(36,063	)		263,375
9404-5515 Quebec Inc.		426,276		—		(21,180	)		12,359			(5,853	)		411,602
AMCI (WA) PTY LTD		68,478		—		—			95,188			(1,060	)		162,606
KOREA LNG LTD.		25,622		—		(5,040	)		5,192			(6,250	)		19,524
PT. Wampu Electric Power		17,680		—		(1,708	)		739			(228	)		16,483
POS-SeAH Steel Wire(Nantong) Co., Ltd.		10,713		—		—			983			298			11,994
Roy Hill Holdings Pty Ltd		1,397,824		—		(213,794	)		161,274			96,072			1,441,376
POSCO-NPS Niobium LLC		477,898		—		(44,955	)		43,229			(9,680	)		466,492
KOBRASCO		119,820		—		(22,955	)		17,761			12,317			126,943
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		126,906		—		(11,440	)		15,399			1,751			132,616
PT NICOLE METAL INDUSTRY(*2)		578,604		62,574		—			19,497			(11,213	)		649,462
HBIS-POSCO Automotive Steel Co.Ltd		179,841		—		—			(47,669	)		2,232			134,404
M RES NSW HCC II Pty Ltd		—		104,511		—			(2,210	)		(417	)		101,884
Others		265,428		3,088		(9,526	)		2,953			13,518			275,461

		3,974,439		170,173		(367,871	)		382,057			55,424			4,214,222

	W	4,738,793		213,279		(376,109	)		349,910			54,280			4,980,153

(*1)	Others represent the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the year ended December 31, 2025.

(*2)	For the year ended December 31, 2025, the Group acquired an additional investment in a joint venture amounting to W62,574 million by participating in a capital increase of PT NICOLE METAL INDUSTRY for an investment in a nickel pyrometallurgical plant in Indonesia.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(d)	The summarized financial information on associates and joint ventures as of and for the six-month period ended June 30, 2026 and the year ended December 31, 2025 is as follows:

As of and for the six-month period ended June 30, 2026


(in millions of Won)
Company	Assets		Liabilities		Equity (deficit)			Sales		Net income (loss)
[Domestic]
Samcheok Blue Power Co.,Ltd.	W	5,258,536		4,414,621		843,915			327,546		18,139
SNNC		602,206		623,917		(21,711	)		317,658		(43,871	)
Chun-cheon Energy Co., Ltd		514,703		391,245		123,458			190,073		(113	)
Pocheon-Hwado Highway Corp.		654,710		592,023		62,687			10,808		(36,124	)
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		12,870		2,512		10,358			—		(288	)
PCC Amberstone Private Equity Fund 1		26,590		50		26,540			7,335		4,175
POSCO MC MATERIALS		341,668		87,214		254,454			126,754		9,546
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		1,594,026		452,070		1,141,956			229,609		105,704
9404-5515 Quebec Inc.		1,751,350		312		1,751,038			—		55,704
FQM Australia Holdings Pty Ltd		97,996		1,792,467		(1,694,471	)		—		(56,822	)
KOREA LNG LTD.		121,089		293		120,796			14,735		13,878
Nickel Mining Company SAS		505,413		331,190		174,223			108,992		(21,417	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD		357,889		61,522		296,367			161,614		(1,588	)
PT. Wampu Electric Power		193,317		111,798		81,519			7,947		1,209
POS-SeAH Steel Wire(Nantong) Co., Ltd.		114,192		62,985		51,207			73,168		1,693
Roy Hill Holdings Pty Ltd		12,398,023		2,929,968		9,468,055			3,965,541		837,293
POSCO-NPS Niobium LLC		1,002,051		—		1,002,051			—		23,733
KOBRASCO		325,998		16,190		309,808			33,830		20,942
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		1,350,384		769,211		581,173			789,707		21,834
DMSA/AMSA		837,397		1,908,555		(1,071,158	)		285,203		(185,924	)
HBIS-POSCO Automotive Steel Co., Ltd		1,021,995		758,244		263,751			400,223		(49,083	)
PT NICOLE METAL INDUSTRY		1,186,353		155,618		1,030,735			471,251		60,522
M RES NSW HCC II Pty Ltd		101,843		72		101,771			—		(11,615	)
Hyundai-POSCO Louisiana Steel LLC		1,500,197		8,637		1,491,560			—		1,593
PT.Xinheng Metal Indonesia		1,137,351		24,544		1,112,807			—		2,647

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

As of and for the year ended December 31, 2025


(in millions of Won)
Company	Assets		Liabilities		Equity (deficit)			Sales		Net income (loss)
[Domestic]
Samcheok Blue Power Co.,Ltd.	W	5,186,881		4,361,206		825,675			638,593		23,070
SNNC		553,862		531,702		22,160			767,857		(73,652	)
Chun-cheon Energy Co., Ltd		505,987		382,416		123,571			363,995		377
Pocheon-Hwado Highway Corp.		683,282		584,471		98,811			24,289		7,364
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		13,340		2,694		10,646			1,050		(1,049	)
PCC Amberstone Private Equity Fund 1		33,795		2,067		31,728			891		(5,329	)
POSCO MC MATERIALS		349,737		104,830		244,907			205,386		(8,479	)
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		1,445,230		393,409		1,051,821			462,017		229,086
9404-5515 Quebec Inc.		1,631,812		21		1,631,791			—		47,813
FQM Australia Holdings Pty Ltd		57,067		1,579,336		(1,522,269	)		—		(96,001	)
KOREA LNG LTD.		97,944		325		97,619			28,117		25,960
Nickel Mining Company SAS		491,050		303,284		187,766			187,021		(70,342	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD		340,488		71,616		268,872			187,600		(21,282	)
PT. Wampu Electric Power		190,896		111,514		79,382			19,108		3,693
POS-SeAH Steel Wire(Nantong) Co., Ltd.		99,974		55,384		44,590			151,451		3,814
Roy Hill Holdings Pty Ltd		11,118,720		2,625,843		8,492,877			7,209,853		1,641,837
POSCO-NPS Niobium LLC		932,780		—		932,780			—		79,937
KOBRASCO		276,085		22,804		253,281			54,101		35,522
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		1,272,968		769,371		503,597			1,455,502		61,595
DMSA/AMSA		875,900		1,692,942		(817,042	)		856,215		(684,937	)
HBIS-POSCO Automotive Steel Co., Ltd		964,614		679,930		284,684			625,983		(97,928	)
PT NICOLE METAL INDUSTRY		1,073,184		172,335		900,849			701,059		40,197
M RES NSW HCC II Pty Ltd		109,139		3		109,136			—		(2,761	)

10. Joint Operations

Details of significant joint operations that the Group is participating in as a party to a joint arrangement as of June 30, 2026 are as follows:


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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

11. Investment Property

Changes in the carrying amounts of investment properties for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Impairment loss		*Others(1)**		Ending
Land	W	794,740		—		(5,200	)		—			158		5,775		795,473
Buildings		752,471		3,368		(347	)		(15,868	)		352		34,970		774,946
Structures		1,210		—		—			(447	)		—		667		1,430
Right of use assets		143,204		—		(44	)		(3,510	)		—		15,589		155,239

	W	1,691,625		3,368		(5,591	)		(19,825	)		510		57,001		1,727,088

(*1)	Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others.

(b)	For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Impairment loss			*Others(1)**			Ending
Land	W	866,450		163		(510	)		—			—			(71,363	)		794,740
Buildings		942,851		2,727		(607	)		(21,147	)		(2,553	)		(168,800	)		752,471
Structures		1,755		—		—			(909	)		—			364			1,210
Right of use assets		144,840		1,464		(276	)		(5,621	)		—			2,797			143,204

	W	1,955,896		4,354		(1,393	)		(27,677	)		(2,553	)		(237,002	)		1,691,625

(*1)	Including reclassification resulting from changing purpose of use, adjustment of foreign currency translation difference and others.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

12. Property, Plant and Equipment

(a)	Changes in the carrying amounts of property, plant and equipment for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Impairment loss			*Others(1)**			Ending
Land	W	3,686,386		3,866		(3,233	)		—			—			595,795			4,282,814
Buildings		5,793,840		6,439		(4,365	)		(205,562	)		(8,362	)		308,245			5,890,235
Structures		4,290,373		7,030		(3,369	)		(173,551	)		(17,040	)		249,131			4,352,574
Machinery and equipment		18,205,327		77,743		(14,818	)		(1,277,336	)		(97,894	)		1,293,827			18,186,849
Vehicles		100,615		6,762		(890	)		(20,994	)		—			1,069			86,562
Tools		118,257		10,649		(772	)		(27,722	)		231			11,160			111,803
Furniture and fixtures		219,168		12,248		(999	)		(41,959	)		(65	)		14,953			203,346
Lease assets		1,374,327		69,014		(6,557	)		(106,916	)		—			64,751			1,394,619
Bearer plants		362,871		—		(406	)		(15,494	)		—			5,277			352,248
Construction-in-progress		8,141,656		1,832,581		(4,380	)		—			—			(1,937,326	)		8,032,531

	W	42,292,820		2,026,332		(39,789	)		(1,869,534	)		(123,130	)		606,882			42,893,581

(*1)	Presenting reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Business *Combination(1)**		Disposals			Depreciation			Impairment *loss(2)**			*Others(3)**			Ending
Land	W	3,335,875		33,702		218,786		(13,247	)		—			(1,364	)		112,634			3,686,386
Buildings		5,280,968		28,996		62,944		(35,868	)		(403,394	)		—			860,194			5,793,840
Structures		3,860,523		13,591		10,796		(103,544	)		(330,278	)		—			839,285			4,290,373
Machinery and equipment		18,311,678		107,319		23,146		(43,106	)		(2,543,786	)		(88,769	)		2,438,845			18,205,327
Vehicles		89,975		9,538		19,921		(1,463	)		(40,783	)		(1,344	)		24,771			100,615
Tools		134,501		23,288		—		(1,850	)		(53,854	)		(1	)		16,173			118,257
Furniture and fixtures		200,033		30,487		4,818		(3,466	)		(79,619	)		—			66,915			219,168
Lease assets		970,634		644,892		—		(43,705	)		(202,668	)		—			5,174			1,374,327
Bearer plants		139,451		—		249,352		(4,647	)		(11,229	)		—			(10,056	)		362,871
Construction-in-progress		7,523,190		5,176,786		44,872		(8,941	)		—			(44,175	)		(4,550,076	)		8,141,656

	W	39,846,828		6,068,599		634,635		(259,837	)		(3,665,611	)		(135,653	)		(196,141	)		42,292,820

(*1)	For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as subsidiaries, the Group included the resulting increase in property, plant and equipment in business combinations.

(*2)	For the year ended December 31, 2025, the Group estimated the recoverable amount of individual assets whose operation was suspended, such as Finex Plant no. 3, at their net fair value and recognized an impairment loss of W69,988 million.

(*3)	Includes reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(b)	Changes in the carrying amounts of right-of-use assets presented as investment properties and property, plant and equipment for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Others		Ending
Land	W	326,232		6,746		(40	)		(7,936	)		916		325,918
Buildings and structures		193,783		18,501		(6,570	)		(30,941	)		18,451		193,224
Machinery and equipment		332,121		12,114		(943	)		(35,249	)		45,307		353,350
Vehicles		40,769		5,382		(768	)		(9,079	)		4,531		40,835
Ships		426,786		—		—			(19,097	)		—		407,689
Others		197,840		26,271		(141	)		(8,123	)		12,995		228,842

	W	1,517,531		69,014		(8,462	)		(110,425	)		82,200		1,549,858

For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Depreciation			Others			Ending
Land	W	348,918		15,560		(16,154	)		(22,092	)		326,232
Buildings and structures		154,747		119,586		(55,532	)		(25,018	)		193,783
Machinery and equipment		346,642		29,687		(64,748	)		20,540			332,121
Vehicles		45,071		15,832		(21,623	)		1,489			40,769
Ships		196,070		264,508		(33,792	)		—			426,786
Others		24,026		201,183		(16,440	)		(10,929	)		197,840

	W	1,115,474		646,356		(208,289	)		(36,010	)		1,517,531

(c)	The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods ended June 30				For the six-month periods ended June 30
(in millions of Won)	2026		2025		2026		2025
Interest on lease liabilities	W	19,981		13,364		38,888		24,786
Expenses related to short-term leases		3,069		8,958		12,355		20,584
Expenses related to leases of low-value assets		1,062		2,803		5,427		7,856

	W	24,112		25,125		56,670		53,226

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Goodwill and Other Intangible Assets

Changes in the carrying amounts of goodwill and other intangible assets for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals			Amortization			Impairment loss			*Others(2)**			Ending
Goodwill	W	826,772		—		—			—			(343	)		1,305			827,734
Intellectual property rights		3,375,658		296,285		—			(162,594	)		—			296,864			3,806,213
Membership(*1)		139,238		158		(93	)		(134	)		(11	)		333			139,491
Development expense		200,753		4,593		—			(34,675	)		—			8,889			179,560
Port facilities usage rights		153,152		—		—			(7,422	)		—			—			145,730
Exploratation and evaluation assets		147,013		5,004		—			—			(5,288	)		9,399			156,128
Development assets		83,341		—		—			(151	)		—			6,186			89,376
Customer relationships		116,246		—		—			(17,419	)		—			213			99,040
Other intangible assets		451,356		37,370		(81	)		(30,991	)		18			(20,523	)		437,149

	W	5,493,529		343,410		(174	)		(253,386	)		(5,624	)		302,666			5,880,421

(*1)	Lease premiums included memberships with the indefinite useful lives.

(*2)	Presenting assets transferred from construction-in-progress to intangible assets, adjustments of foreign currency translation difference and others.

(b)	For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Business Combination(*3)		Disposals			Amortization			Impairment loss			*Others(2)**			Ending
Goodwill	W	357,851		—		466,537		(461	)		—			—			2,845			826,772
Intellectual property rights		3,247,517		377,414		—		(4	)		(289,446	)		(30,426	)		70,603			3,375,658
Membership(*1)		136,108		7,243		—		(4,892	)		(238	)		(519	)		1,536			139,238
Development expense		95,041		12,089		—		—			(50,481	)		(6,124	)		150,228			200,753
Port facilities usage rights		167,996		—		—		—			(14,844	)		—			—			153,152
Exploratation and evaluation assets		115,309		44,097		—		(22	)		—			(14,548	)		2,177			147,013
Development assets		86,711		—		—		—			—			—			(3,370	)		83,341
Customer relationships		145,699		—		—		—			(42,068	)		—			12,615			116,246
Other intangible assets		422,592		162,142		88,338		(563	)		(68,858	)		(1	)		(152,294	)		451,356

	W	4,774,824		602,985		554,875		(5,942	)		(465,935	)		(51,618	)		84,340			5,493,529

(*1)	Lease premiums included memberships with the indefinite useful lives.

(*2)	Presenting assets transferred from construction-in-progress to intangible assets, adjustments of foreign currency translation difference and others.

(*3)	For the year ended December 31, 2025, as entities such as PT. Prime Agri Resources were newly included as subsidiaries, the Group included the resulting increase in goodwill and other intangible assets in business combinations.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

14. Other Assets

Details of other assets as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Advance payments	W	774,814		582,909
Prepaid expenses		261,347		186,066
Firm commitment asset		13,085		9,221
Others		35,378		35,326

	W	1,084,624		813,522

Non-current
Long-term advance payments	W	108,069		54,896
Long-term prepaid expenses		17,827		18,156
Others		80,780		62,631

	W	206,676		135,683

15. Borrowings

(a)	Details of short-term borrowings and current portion of long-term borrowings and others as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)

Lenders

Issuance date

Maturity date

Interest rate (%)

June 30, 2026

December 31, 2025

Short-term borrowings

Bank overdrafts

JP Morgan
and others

January, 2026~ June, 2026

July, 2026~ June, 2027

3.40~6.30

172,391

137,852

Short-term borrowings

HSBC and
others

July, 2025~ June, 2026

July, 2026~ June, 2027

0.50~7.89

7,094,130

7,294,105

7,266,521

7,431,957

Current portion of long-term liabilities

Current portion of long-term borrowings

Export-Import
Bank of
Korea and
others

September, 2001~ June,
2026

July, 2026~ June, 2027

1.00~8.50

1,389,705

1,302,568

Current portion of debentures

KB Securities
co., Ltd.
and others

July, 2019~ May, 2025

July, 2026~ June, 2027

1.72~8.4

2,406,544

3,340,036

Less: Current portion of discount on debentures issued

(3,021

)

(1,648

)

Current portion of exchangable bonds

Foreign
currency
exchangable
bonds

September, 2021

September, 2026

47,469

44,509

3,840,697

4,685,465

11,107,218

12,117,422

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

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


		Foreign currency exchangeable bonds
Type of bond		Exchangeable bonds

Aggregate principal amount(*1)		EUR 27,100,000

Interest rate		- Coupon rate : -

		- Yield to maturity : (0.78%)

Maturity date		September 1, 2026

Redemption		- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum

		- Prepayment : The issuer has call option and the bondholders have put option

Exchange rate		100%

Exchange price(*2) (Won/share)		419,025

Underlying shares		Registered common shares(treasury shares)

Exchange period		From October 12, 2021 to August 22, 2026

Adjustments for exchange price		Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price.

Put option by bondholders		- In the event of a change of control of the Company - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days)

Call option by the issuer		- Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc

(*1)	Due to investors exercising their early redemption rights, EUR 1,038,800,000 of the total face value of EUR 1,065,900,000 in exchangeable bonds was redeemed during the year ended December 31, 2024.

(*2)	The exchange price has changed due to cash dividends paid during the six-month period ended June 30, 2026.

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

15. Borrowings (cont’d)

(b)	Details of long-term borrowings, excluding current portion and others, as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	Lenders	Issuance date	Maturity date	Interest rate (%)		June 30, 2026			December 31, 2025
Long-term borrowings	Export-Import Bank of Korea and others	September, 2001~ June, 2026	July, 2027~ March, 2040		0.98~7.50	W	7,788,806			6,605,336
Less: Present value discount							(51,257	)		(49,101	)
Bonds	KB Securities co., Ltd. and others	October, 2019~ June, 2026	July, 2027~ January, 2036		1.77~8.25		11,612,605			9,859,696
Less: Discount on debentures issued							(53,450	)		(41,353	)

						W	19,296,704			16,374,578

(c)	Details of assets pledged as collateral with regard to the borrowings as of June 30, 2026 are as follows:


(in millions of Won)	Lenders	Book value		Pledged amount
Property, plant and equipment and Investment property	Korea Development Bank and others	W	5,349,597		4,992,601
Trade accounts and notes receivable	Korea Development Bank and others		224,044		224,044
Financial instruments	Korea Development Bank and others		497,410		497,410
Cash equivalents	Korea Development Bank and others		9,972		9,972

		W	6,081,023		5,724,027

16. Other Payables

Details of other payables as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Accounts payable	W	1,633,495		1,646,460
Accrued expenses		1,258,141		1,242,403
Dividend payable		16,381		4,598
Lease liabilities		203,382		180,424
Withholdings		339,587		332,620

	W	3,450,986		3,406,505

Non-current
Accounts payable	W	2,970		4,072
Accrued expenses		24,864		18,459
Lease liabilities		1,218,301		1,160,230
Long-term withholdings		54,206		54,597

	W	1,300,341		1,237,358

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

17. Other Financial Liabilities

Details of other financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Derivative liabilities	W	48,419		49,947
Financial guarantee liabilities		10,784		8,194
Others		8,497		8,482

	W	67,700		66,623

Non-current
Derivative liabilities	W	3,124		7,627
Financial guarantee liabilities		17,189		9,941
Others		73,500		73,500

	W	93,813		91,068

18. Provisions

(a)	Details of provisions as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026				December 31, 2025
	Current		Non- current		Current		Non- current
Provision for bonus payments	W	103,869		103,535		119,010		101,039
Provision for construction warranties		33,140		157,835		39,393		148,673
Provision for legal contingencies and claims(*1)		10,345		46,905		5,685		45,363
Provision for the restoration		2,552		222,014		2,979		196,651
Others(*2)		423,745		141,475		465,577		158,603

	W	573,651		671,764		632,644		650,329

(*1)	The Group recognized probable outflow of resources amounting to W36,096 million and W35,061 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of June 30, 2026 and December 31, 2025, respectively.

(*2)

According to the Act on the promotion of the development, use and diffusion of new and renewable energy, POSCO INTERNATIONAL Corporation is obliged to supply a certain amount of power generated by new and renewable energy sources. In accordance with the Act, POSCO INTERNATIONAL Corporation estimated the cost required to fulfill its obligations, such as insufficient supply of power using new and renewable energy to be borne, and as of June 30, 2026 and December 31, 2025, the Group recognized W59,110 million and W45,150 million respectively, as provision.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

18. Provisions (cont’d)

(b)	Changes in provisions for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Increase		Utilization			Reversal			*Others(1)**			Ending
Provision for bonus payments	W	220,049		71,284		(77,753	)		(1,139	)		(5,037	)		207,404
Provision for construction warranties		188,066		21,983		(15,138	)		(4,582	)		646			190,975
Provision for legal contingencies and claims		51,048		4,953		(104	)		(593	)		1,946			57,250
Provision for the restoration		199,630		20,957		(2,610	)		(5,723	)		12,312			224,566
Others		624,180		39,281		(60,943	)		(35,388	)		(1,910	)		565,220

	W	1,282,973		158,458		(156,548	)		(47,425	)		7,957			1,245,415

(*1)	Including adjusted foreign currency translation differences and others.

For the year ended December 31, 2025


(in millions of Won)	Beginning		Increase		Business Combination(*1)		Utilization			Reversal			*Others(2)**			Ending
Provision for bonus payments	W	191,861		159,990		—		(133,528	)		(2,634	)		4,360			220,049
Provision for construction warranties		186,860		43,891		—		(35,139	)		(6,005	)		(1,541	)		188,066
Provision for legal contingencies and claims		96,446		10,856		—		(23,507	)		(15,782	)		(16,965	)		51,048
Provision for the restoration		207,851		26,853		—		(4,953	)		(4,843	)		(25,278	)		199,630
Others		293,571		484,936		138,212		(29,447	)		(68,387	)		(194,705	)		624,180

	W	976,589		726,526		138,212		(226,574	)		(97,651	)		(234,129	)		1,282,973

(*1)	For the year ended December 31, 2025, PT. Prime Agri Resources was newly included as a subsidiary, and the Group included the resulting increase in provisions as part of the business combination.

(*2)	Including adjusted foreign currency translation differences and others.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

19. Post-employment plans

(a)	Defined contribution plans

The expenses related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)

For the three-month
periods ended June 30

For the six-month
periods ended June 30

2026

2025

2026

2025

Expense related to post-employment benefit plans under defined contribution plans

19,600

18,867

40,041

37,631

(b)	Defined benefit plans

The amounts recognized in relation to net defined benefit assets in the consolidated statements of financial position as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Present value of funded obligations	W	2,532,621			2,631,811
Fair value of plan assets(*1)		(2,708,898	)		(2,923,780	)
Present value of non-funded obligations		(12,460	)		(4,955	)

Net defined benefit liabilities	W	(188,737	)		(296,924	)

(*1)	As of June 30, 2026 and December 31, 2025, the Group recognized net defined benefit assets amounting to W278,152 million and W360,112 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of defined benefit obligations.

The amounts recognized in relation to net defined benefit plan in the interim condensed consolidated statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods ended June 30						For the six-month periods ended June 30
(in millions of Won)	2026			2025			2026			2025
Current service costs	W	73,390			67,164			143,494			136,942
Net interest costs		(3,602	)		(3,635	)		(7,399	)		(7,891	)

	W	69,788			63,529			136,095			129,051

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

20. Other Liabilities

Details of other liabilities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Due to customers for contract work	W	717,045		727,902
Advances received		730,232		500,831
Unearned revenue		134,696		102,275
Withholdings		187,556		209,450
Firm commitment liability		5,971		2,910
Others(*1)		41,632		30,827

	W	1,817,132		1,574,195

Non-current
Unearned revenue	W	3,645		3,704
Others(*1)		101,256		102,894

	W	104,901		106,598

(*1)	As of June 30, 2026 and December 31, 2025, the Group recognized the assumed liability amounting to W41,589 million and W43,850 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy Limited.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments

(a)	Classification and fair value of financial instruments

The classification of the carrying amounts and fair values of financial assets and financial liabilities by the fair value hierarchy level as of June 30, 2026 and December 31, 2025 are as follows:

①

June 30, 2026


(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	999,309		—		999,309		—		999,309
Short-term financial instruments		201,419		—		201,419		—		201,419
Equity securities		86,383		6,784		—		79,599		86,383
Debt securities		162,393		—		104,107		58,286		162,393
Other securities		769,979		—		—		769,979		769,979
Derivative hedging instruments(*2)		12,139		—		12,139		—		12,139
Fair value through other comprehensive income
Equity securities		1,713,081		1,260,227		23,318		429,536		1,713,081
Assets held for sale		7,833		—		7,833		—		7,833
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		6,346,928		—		—		—		—
Trade accounts and notes receivable		11,854,744		—		—		—		—
Other receivables		2,922,629		—		—		—		—
Debt securities		442,289		—		—		—		—
Deposit instruments		7,429,274		—		—		—		—

	W	32,948,400		1,267,011		1,348,125		1,337,400		3,952,536

Financial liabilities
Fair value through profit or loss
Derivative liabilities	W	37,916		—		37,916		—		37,916
Borrowings		47,469		47,469		—		—		47,469
Derivative hedging instruments(*2)		13,627		—		13,627		—		13,627
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable		5,514,721		—		—		—		—
Borrowings		30,356,453		—		30,339,532		—		30,339,532
Financial guarantee liabilities		27,973		—		—		—		—
Others		4,084,876		—		—		—		—
Other financial liabilities		81,997		—		—		—		—

	W	40,165,032		47,469		30,391,075		—		30,438,544

(*1)	Fair value of financial assets and liabilities measured at amortized cost except borrowings approximates their carrying amounts.

(*2)

The Group applies hedge accounting which uses forward contracts as hedging instrument in order to hedge the risk of changes in fair value of product prices regarding firm commitments or purchase commitments. Also, the Group applies cash flow hedge accounting which uses currency swap as hedging instrument in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

②

December 31, 2025


(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	656,181		—		656,181		—		656,181
Short-term financial instruments		491,841		—		491,841		—		491,841
Equity securities		95,230		16,695		—		78,535		95,230
Debt securities		137,647		—		91,699		45,948		137,647
Other securities		696,148		—		—		696,148		696,148
Derivative hedging instruments(*2)		6,392		—		6,392		—		6,392
Fair value through other comprehensive income
Equity securities		1,626,209		1,158,867		28,682		438,660		1,626,209
Assets held for sale		7,276		—		7,276		—		7,276
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		7,049,800		—		—		—		—
Trade accounts and notes receivable		9,633,385		—		—		—		—
Other receivables		3,335,169		—		—		—		—
Debt securities		962,120		—		—		—		—
Deposit instruments		7,167,658		—		—		—		—
Assets held for sale		2,238		—		—		—		—

	W	31,867,294		1,175,562		1,282,071		1,259,291		3,716,924

Financial liabilities
Fair value through profit or loss
Derivative liabilities	W	41,131		—		41,129		—		41,129
Borrowings		44,509		44,509		—		—		44,509
Derivative hedging instruments(*2)		16,443		—		16,443		—		16,443
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable		5,106,921		—		—		—		—
Borrowings		28,447,491		—		28,645,932		—		28,645,932
Financial guarantee liabilities		18,135		—		—		—		—
Others		4,075,379		—		—		—		—
Other financial liabilities		81,982		—		—		—		—

	W	37,831,991		44,509		28,703,504		—		28,748,013

(*1)	Fair value of financial assets and liabilities measured at amortized cost except borrowings approximates their carrying amounts.

(*2)

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Financial Instruments (cont’d)

2)	Gains (losses) on financial instruments by category for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

①

For the six-month period ended June 30, 2026


(in millions of Won)	Finance income and costs																		Other comprehensive income (loss)
	Interest income (expense)			Gain and loss on valuation			Gain and loss on foreign currency			Gain and loss on disposal			Others			Total			Other comprehensive income (loss)
Financial assets at fair value through profit or loss	W	—			(31,393	)		—			20,736			35,588			24,931			—
Derivative assets		—			556,659			—			199,426			—			756,085			—
Financial assets at fair value through other comprehensive income		—			—			—			—			(9,509	)		(9,509	)		44,943
Financial assets measured at amortized cost		246,652			—			451,252			(37,685	)		8,980			669,199			—
Financial liabilities at fair value through profit or loss		—			(929	)		(2,032	)		—			—			(2,961	)		—
Derivative liabilities		—			(36,465	)		—			(123,063	)		—			(159,528	)		759
Financial liabilities measured at amortized cost		(567,062	)		—			(979,589	)		—			(41,339	)		(1,587,990	)		—

	W	(320,410	)		487,872			(530,369	)		59,414			(6,280	)		(309,773	)		45,702

②

For the six-month period ended June 30, 2025


(in millions of Won)	Finance income and costs																		Other comprehensive income (loss)
	Interest income (expense)			Gain and loss on valuation			Gain and loss on foreign currency			Gain and loss on disposal			Others			Total			Other comprehensive income (loss)
Financial assets at fair value through profit or loss	W	—			(745	)		—			27,981			1,282			28,518			—
Derivative assets		—			(234,893	)		—			141,784			—			(93,109	)		—
Financial assets at fair value through other comprehensive income		—			—			—			—			27,487			27,487			14,111
Financial assets measured at amortized cost		252,225			—			(447,731	)		(40,949	)		(3,983	)		(240,438	)		—
Financial liabilities at fair value through profit or loss		—			(1,003	)		—			—			—			(1,003	)		—
Derivative liabilities		—			(237,140	)		—			(227,318	)		—			(464,458	)		(259	)
Financial liabilities measured at amortized cost		(525,259	)		—			816,965			—			(19,231	)		272,475			—

	W	(273,034	)		(473,781	)		369,234			(98,502	)		5,555			(470,528	)		13,852

(b)	Financial risk management

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

22. Share Capital and Capital Surplus

(a) Share capital as of June 30, 2026 and December 31, 2025 is as follows:


(Share, in Won)	June 30, 2026		December 31, 2025
Numbers of authorized shares		200,000,000		200,000,000
Par value per share	W	5,000		5,000
Number of shares issued(*1,2)		79,241,527		80,932,952
Share capital(*3)	W	482,403,125,000		482,403,125,000

(*1)	As of June 30, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 12,701,316 and such ADRs are equivalent to 3,175,329 shares of common stock.

(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of June 30, 2026, the Company’s total number of issued shares has decreased.

(*3)	As of June 30, 2026, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W86,195 million due to retirement of 17,239,098 treasury stocks.

(b) Details of capital surplus as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Share premium	W	463,825		463,825
Gain on disposal of treasury shares		808,994		808,994
Other capital surplus		255,219		412,297

	W	1,528,038		1,685,116

23. Other Components of Equity

Details of other components of equity as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Capital adjustment arising from investments in equity-accounted investees	W	488,253			126,043
Gain on valuation of equity securities		386,655			341,198
Gain on translation of foreign operations		1,655,444			1,016,290
Loss on valuation of derivatives		(158	)		(917	)
Other equity adjustments		79,758			78,896

	W	2,609,952			1,561,510

24. Treasury Shares

Based on the Board of Directors’ resolution, the Group holds treasury shares for business purposes including price stabilization. Changes in treasury shares for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:


(shares, in millions of Won)	June 30, 2026						December 31, 2025
	Number of shares			Amount			Number of shares			Amount
Beginning		5,312,173		W	1,176,316			7,003,598		W	1,550,862
Retirement of treasury shares		(1,691,425	)		(374,545	)		(1,691,425	)		(374,546	)

Ending		3,620,748		W	801,771			5,312,173		W	1,176,316

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Revenue

(a)	Disaggregation of revenue

1) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

①

For the six-month period ended June 30, 2026


(in millions of Won)			Infrastructure
	Steel		Trading		Construction		Logistics and others		Materials of Rechargeable battery		Others		Total
Types of revenue
Revenue from sales of goods	W	18,353,313		12,624,820		8,894		5,375		1,170,512		—		32,162,914
Revenue from services		386,567		1,092,230		76,433		114,448		3,615		—		1,673,293
Revenue from construction contract		—		—		2,958,622		—		5,813		—		2,964,435
Others		53,226		232,945		12,524		21,963		—		13,491		334,149

	W	18,793,106		13,949,995		3,056,473		141,786		1,179,940		13,491		37,134,791

Timing of revenue recognition
Revenue recognized at a point in time	W	18,406,539		12,857,765		47,650		27,338		1,170,512		13,491		32,523,295
Revenue recognized over time		386,567		1,092,230		3,008,823		114,448		9,428		—		4,611,496

	W	18,793,106		13,949,995		3,056,473		141,786		1,179,940		13,491		37,134,791

②

For the six-month period ended June 30, 2025


(in millions of Won)			Infrastructure
	Steel		Trading		Construction		Logistics and others		Materials of Rechargeable battery		Others		Total
Types of revenue
Revenue from sales of goods	W	18,190,227		10,862,377		—		1,855		1,069,670		—		30,124,129
Revenue from services		420,331		1,212,207		62,740		112,023		399		6,618		1,814,318
Revenue from construction contract		—		—		2,887,572		—		22,161		—		2,909,733
Others		84,693		2,423		5,506		22,997		—		28,564		144,183

	W	18,695,251		12,077,007		2,955,818		136,875		1,092,230		35,182		34,992,363

Timing of revenue recognition
Revenue recognized at a point in time	W	18,274,920		10,864,800		108,433		24,852		1,069,670		28,564		30,371,239
Revenue recognized over time		420,331		1,212,207		2,847,385		112,023		22,560		6,618		4,621,124

	W	18,695,251		12,077,007		2,955,818		136,875		1,092,230		35,182		34,992,363

2) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month periods ended June 30, 2026 and 2025 are as follows:

①

For the three-month period ended June 30, 2026


(in millions of Won)			Green Infrastructure
	Steel		Construction		Trading		Energy and others			Green materials and Energy			Others			Total
Types of revenue
Revenue from sales of goods	W	9,215,308		6,937,556		8,894		(1,774	)		574,315			—			16,734,299
Revenue from services		204,664		489,061		41,120		66,365			2,077			(3,116	)		800,171
Revenue from construction contract		—		—		1,546,730		—			(2,400	)		—			1,544,330
Others		25,265		131,792		2,654		11,567			—			8,606			179,884

	W	9,445,237		7,558,409		1,599,398		76,158			573,992			5,490			19,258,684

Timing of revenue recognition
Revenue recognized at a point in time	W	9,240,573		7,069,348		24,939		9,793			574,315			8,606			16,927,574
Revenue recognized over time		204,664		489,061		1,574,459		66,365			(323	)		(3,116	)		2,331,110

	W	9,445,237		7,558,409		1,599,398		76,158			573,992			5,490			19,258,684

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Revenue (cont’d)

②

For the three-month period ended June 30, 2025


(in millions of Won)			Green Infrastructure
	Steel		Construction		Trading		Energy and others		Green materials and Energy		Others		Total
Types of revenue
Revenue from sales of goods	W	9,060,502		5,591,325		—		—		452,627		—		15,104,454
Revenue from services		196,918		628,479		36,129		28,819		399		1,673		892,417
Revenue from construction contract		—		—		1,445,177		—		18,020		—		1,463,197
Others		52,585		837		4,567		12,144		—		25,386		95,519

	W	9,310,005		6,220,641		1,485,873		40,963		471,046		27,059		17,555,587

Timing of revenue recognition
Revenue recognized at a point in time	W	9,113,087		5,592,162		97,664		12,144		452,627		25,386		15,293,070
Revenue recognized over time		196,918		628,479		1,388,209		28,819		18,419		1,673		2,262,517

	W	9,310,005		6,220,641		1,485,873		40,963		471,046		27,059		17,555,587

(b)	Details of contract assets and liabilities from contracts with customers as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Receivables
Trade accounts and notes receivable	W	11,854,744		9,633,385
Contract assets
Due from customers for contract work		1,494,896		1,584,297
Contract liabilities
Advance received		734,424		505,394
Due to customers for contract work		717,045		727,902
Unearned revenue		132,879		100,967

26. Contract under Input Method

(a)	Details of outstanding contracts as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026						December 31, 2025
	Construction segment			Others			Construction segment			Others
Accumulated cost	W	18,300,988			170,635			16,843,416			226,619
Accumulated contract profit		1,576,274			39,122			1,325,037			65,174
Accumulated contract loss		(707,384	)		(6,793	)		(723,085	)		(6,795	)
Accumulated contract revenue		19,169,878			202,964			17,445,368			284,998

(b)	Details of due from customers for contract work and due to customers for contract work as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026						December 31, 2025
	Construction segment			Others			Construction segment			Others
Due from customers for contract	W	1,482,224			26,610			1,560,490			33,968
Due to customers for contract work		(710,532	)		(6,513	)		(724,368	)		(3,534	)

	W	771,692			20,097			836,122			30,434

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

26. Contract under Input Method (cont’d)

(c)	Details of the provisions for construction loss as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Construction segment	W	121,232		113,391
Others		662		915

	W	121,894		114,306

(d)	For the six-month period ended June 30, 2026, the total contract revenues and the estimated total contract costs have changed and the impact of such changes on profit before income tax for the current and future periods are as follows:


(in millions of Won)					Changes in profit (loss) of contract
	Changes in total contract revenue		Changes in estimated total contract costs		Net income			Future income (loss)		Total
Construction segment	W	719,370		670,430		(41,787	)		90,727		48,940
Others		3,381		2,776		220			385		605

	W	722,751		673,206		(41,567	)		91,112		49,545

The above details of impact on profit for the current and future periods are calculated based on the total contract costs estimated considering the events that occurred for the period from the commencement date of the contract to June 30, 2026 and the estimated total contract revenue as of June 30, 2026. The estimated total contract costs and revenue are subject to change in future periods.

(e) Uncertainty of estimates

1) Total contract revenues

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

2) Total contract costs

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


		Method of significant assumption
Material cost		Assumption based on recent purchasing price and quoted market price
Labor cost		Assumption based on standard monthly and daily labor cost
Outsourcing cost		Assumption based on the past experience rate of similar project and market price

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

27. Selling and Administrative Expenses

(a)	Other administrative expenses

Details of other administrative expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Wages and salaries	W	298,953		275,133		618,629		587,901
Expenses related to post-employment benefits		28,102		21,657		55,177		46,149
Other employee benefits		71,267		73,595		153,276		155,730
Travel		16,593		14,291		30,487		26,259
Depreciation		46,083		41,496		92,600		89,582
Amortization		36,980		28,829		74,262		57,046
Communication		2,787		2,491		6,973		6,252
Electricity		4,030		3,556		8,016		8,279
Taxes and public dues		35,090		35,241		44,798		54,623
Rental		9,299		10,939		18,440		20,622
Repairs		2,069		2,684		3,874		5,295
Entertainment		7,141		2,856		11,184		6,209
Advertising		22,009		23,977		42,495		42,214
Research & development		54,727		47,295		106,557		94,165
Service fees		86,894		77,380		139,437		130,724
Vehicles maintenance		1,918		2,047		4,406		4,195
Industry association fee		3,478		3,430		7,313		7,277
Conference		5,608		5,866		11,839		11,911
Bad debt expenses		30,961		15,339		58,683		41,201
Others		19,915		20,591		47,206		28,642

	W	783,904		708,693		1,535,652		1,424,276

(b) Selling and logistic expenses

Details of selling and logistics expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Freight and custody expenses	W	12,991		5,781		25,804		10,968
Operating expenses for distribution center		175		191		272		374
Sales commissions		22,590		21,451		43,662		39,374
Sales advertising		484		308		682		402
Sales promotion		2,489		2,506		4,811		5,053
Sample		428		595		748		1,332
Sales insurance premium		9,987		9,138		19,091		18,625
Contract cost		4,085		25,559		12,600		37,554
Others		3,196		3,961		6,588		7,662

	W	56,425		69,490		114,258		121,344

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

28. Finance Income and Costs

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30					For the six-month periods ended June 30
	2026		2025			2026		2025
Finance income
Interest income	W	126,734		126,553			246,652		252,225
Dividend income		6,645		11,529			26,080		28,769
Gain on foreign currency transactions		367,509		376,226			720,978		633,555
Gain on foreign currency translations		61,511		692,583			521,729		924,274
Gain on derivatives transactions		89,821		89,475			208,052		153,703
Gain on valuations of derivatives		133,119		(56,214	)		558,602		23,934
Gain on disposals of financial assets at fair value through profit of loss		4,387		15,083			24,301		31,317
Gain on valuations of financial assets at fair value through profit or loss		3,035		5,155			11,400		15,806
Others		2,245		3,662			5,809		5,148

	W	795,006		1,264,052			2,323,603		2,068,731

Finance costs
Interest expenses	W	274,407		262,903			567,062		525,259
Loss on foreign currency transactions		404,170		435,025			790,039		708,746
Loss on foreign currency translations		195,626		264,680			983,036		479,849
Loss on derivatives transactions		85,084		118,010			131,689		239,237
Loss on valuation of derivatives		16,558		464,676			38,409		495,967
Loss on disposal of trade accounts and notes receivable		20,194		20,930			37,685		40,949
Loss on disposals of financial assets at fair value through profit or loss		2,691		2,435			3,565		3,336
Loss on valuations of financial assets at fair value through profit or loss		12,962		9,458			42,793		16,551
Loss on valuations of financial liabilities at fair value through profit or loss		510		922			929		1,003
Others		28,620		12,059			38,170		28,362

	W	1,040,822		1,591,098			2,633,377		2,539,259

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

29. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30						For the six-month periods ended June 30
	2026			2025			2026		2025
Other non-operating income
Recovery of other bad debt expenses	W	1,000			1,304			13,495		1,649
Gain on disposals of investment in subsidiaries, associates and joint ventures		476,064			(474	)		480,032		24,973
Gain on disposals of property, plant and equipment		1,008			19,855			2,465		22,018
Gain on disposal of assets held for sale		3,488			—			9,788		52,148
Gain on valuation of firm commitment		20,622			9,049			34,062		18,655
Reversal of other provisions		7,979			3,608			23,087		7,427
Gain on disposals of emission rights		—			—			3		4
Others		43,025			17,315			128,572		56,647

	W	553,186			50,657			691,504		183,521

Other non-operating expenses
Other bad debt expenses	W	264			13,490			6,329		13,490
Loss on disposals of investments in subsidiaries, associates and joint ventures		90,546			556			99,071		752
Loss on disposals of property, plant and equipment		42,402			39,760			65,202		53,034
Impairment loss on property, plant and equipment		123,375			65,579			123,508		113,159
Impairment loss on intangible assets		5,288			25,667			5,703		25,678
Loss on disposal of assets held for sale		(1,229	)		653			—		653
Loss on valuation of firm commitment		3,921			17,873			13,992		20,320
Donations		7,366			10,327			33,051		31,850
Idle tangible asset expenses		1,376			1,165			3,163		2,486
Increase to provisions		3,622			3,338			4,254		4,643
Others		10,777			12,209			49,427		37,702

	W	287,708			190,617			403,700		303,767

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Expenses by Nature

Expenses that are recorded by nature as cost of sales, selling and administrative expenses, impairment loss on other receivables and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (excluding finance costs and income tax expense):


(in millions of Won)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Raw material used, changes in inventories and others	W	11,106,620		8,945,921		21,882,976		19,453,869
Employee benefits expenses		1,276,911		1,206,538		2,609,495		2,472,507
Outsourced processing cost		2,093,250		2,288,309		4,006,102		4,325,967
Electricity and water expenses		266,128		313,885		483,197		677,904
Depreciation(*1)		969,295		908,471		1,889,359		1,818,192
Amortization		119,610		108,297		253,386		221,053
Freight and custody expenses		907,509		805,253		1,580,175		1,367,470
Sales commissions		22,590		21,451		43,662		39,374
Loss on disposal of property, plant and equipment		42,402		39,760		65,202		53,034
Impairment loss on property, plant and equipment		123,375		65,579		123,508		113,159
Impariment loss on intangible assets		5,288		25,667		5,703		25,678
Donations		7,366		10,327		33,051		31,850
Other expenses		1,787,035		2,399,574		3,036,829		3,520,460

	W	18,727,379		17,139,032		36,012,645		34,120,517

(*1)	Including depreciation of investment property.

31. Income Taxes

The effective tax rates of the Group for each of the six-month periods ended June 30, 2026 and 2025 are 21.77% and 41.96%, respectively.

(a)	Application of the Consolidated Tax Payment System

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

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

31. Income Taxes (cont’d)

(b)	Global minimum tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the parent company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Group calculated the Pillar Two income tax expense for the six-month period ended June 30, 2026 as it is subject to global minimum tax under the OECD’s Pillar Two Model Rules. The Group reviewed subsidiaries qualifying as taxpayers, including the parent company and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2026 as the impact of the global minimum tax on the consolidated financial statements as of June 30, 2026 would not be significant. Furthermore, the Group applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum tax and does not disclose information related to deferred income tax.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

32. Earnings per Share

(a)	Basic earnings per share for each of the three-month and six-month periods ended June 30, 2026 and 2025 are calculated as follows:


(in Won, except per share information)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Profit attributable to controlling interest	W	684,754,194,987		159,865,185,533		1,151,960,457,392		462,160,578,704
Weighted-average number of common shares outstanding(*1)		75,620,779		75,620,779		75,620,779		75,620,779
Basic earnings per share	W	9,055		2,114		15,233		6,112

(*1)	The weighted-average number of common shares used to calculate basic earnings per share is as follows:


(shares)	For the three-month periods ended June 30						For the six-month periods ended June 30
	2026			2025			2026			2025
Total number of common shares issued		79,241,527			80,932,952			80,082,567			81,773,992
Weighted-average number of treasury shares		(3,620,748	)		(5,312,173	)		(4,461,788	)		(6,153,213	)

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

(b)	The Group has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of June 30, 2026. The diluted earnings per share for each of the six-month periods ended June 30, 2026 and 2025 are the same as the basic earnings per share due to the anti-dilutive effect.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions

(a)	Related parties of the Group as of June 30, 2026 are as follows:


Type		Company
Investments in associates and joint ventures		[Domestic] POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd., SNNC and others.

		[Foreign] Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd, South -East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc., KOREA LNG LTD., Nickel Mining Company SAS and others.

(b)	Material transactions between the Group and its related parties for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	*Sales and others(1)**						Purchase and others
	Sales		Dividends		Others		Purchase of material		Others
*Associates and joint ventures(1)**
New Songdo International City Development, LLC	W	26,357		—		6,474		—		31
SNNC		55,321		—		3,018		174,267		124
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER		2,213		—		—		22		—
Gunggi Green Energy		—		—		—		—		3,875
POS SeAH Steel Wire(Nantong) Co., Ltd.		17,946		—		—		190		—
South-East Asia Gas Pipeline Company Ltd.		—		16,776		—		—		—
POSCO MC MATERIALS		68,222		—		—		1,258		266
Samcheok Blue Power Co., Ltd.		136,370		—		—		—		—
POSCO(Guangdong) Automotive Steel Co., Ltd		105,495		—		—		132,342		—
HBIS-POSCO Automotive Steel Co., Ltd		8,634		—		—		63,328		48
Roy Hill Holdings Pty Ltd		—		96,438		—		845,604		—
Others		112,973		36,466		983		291,209		10,076

	W	533,531		149,680		10,475		1,508,220		14,420

(*1)	As of June 30, 2026, the Group provides payment guarantees to its related parties (see Note 34).

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

For the six-month period ended June 30, 2025


(in millions of Won)	*Sales and others(1)**						Purchase and others
	Sales		Dividends		Others		Purchase of material		Others
*Associates and joint ventures(1)**
New Songdo International City Development, LLC	W	42,264		—		—		—		54
SNNC		48,646		—		4		355,240		2,596
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER		25,818		—		—		3		—
Gunggi Green Energy		7,103		—		—		—		2,715
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd		5,703		—		—		7		—
POSCO SeAH Steel Wire(Nantong) Co., Ltd.		28,060		—		—		495		—
South-East Asia Gas Pipeline Company Ltd.		—		11,941		—		—		—
POSCO MC MATERIALS		69,133		3,000		—		3,400		271
Samcheok Blue Power Co., Ltd.		103,083		2,795		—		—		—
POSCO(Guangdong) Automotive Steel Co., Ltd		92,510		—		—		121,003		—
HBIS-POSCO Automotive Steel Co., Ltd		15,387		—		—		20,486		—
Roy Hill Holdings Pty Ltd		1,682		118,313		—		758,356		—
Others		106,651		73,224		594		160,614		23,350

	W	546,040		209,273		598		1,419,604		28,986

(*1)	As of June 30, 2025, the Group provides payment guarantees to its related parties (see Note 34).

(c)	Outstanding balances arising from material transactions between the Group and its related parties as of June 30, 2026 and December 31, 2025 are as follows:

June 30, 2026


(in millions of Won)	*Receivables(1)**								Payables
	Trade accounts and notes receivable		Loans		Others		Total		Trade accounts and notes payable		Others		Total
Associates and joint ventures
New Songdo International City Development, LLC	W	27,915		—		100		28,015		—		—		—
Gunggi Green Energy		—		—		14,832		14,832		—		791		791
POSCO(Guangdong) Automotive Steel Co., Ltd		40,785		1,037		—		41,822		33,175		—		33,175
AMCI (WA) PTY LTD		—		143,618		—		143,618		—		—		—
HBIS-POSCO Automotive Steel Co.,Ltd		3,319		—		—		3,319		14,306		143		14,449
Samcheok Blue Power Co., Ltd.		327,840		—		139		327,979		—		386		386
Nickel Mining Company SAS		—		79,249		1,187		80,436		—		358		358
POS-SeAH Steel Wire(Nantong) Co., Ltd.		9,679		—		—		9,679		118		—		118
POSCO MC MATERIALS		15,932		—		22		15,954		49		317		366
Pocheon-Hwado Highway Corp.		5,491		—		—		5,491		—		—		—
UITrans LRT Co., Ltd.		—		39,331		4,116		43,447		—		—		—
Roy Hill Holdings Pty Ltd		53,900		—		13,273		67,173		482,247		14		482,261
SNNC		17,105		—		166,322		183,427		4,330		103		4,433
FQM Australia Holdings Pty Ltd		—		317,881		—		317,881		—		—		—
Others		15,673		34,894		146,195		196,762		17,369		58,965		76,334

	W	517,639		616,010		346,186		1,479,835		551,594		61,077		612,671

(*1)	As of June 30, 2026, the Group recognizes an allowance for doubtful account for receivables above amounting to W579,703 million.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

December 31, 2025


(in millions of Won)	*Receivables(1)**								Payables
	Trade accounts and notes receivable		Loans		Others		Total		Trade accounts and notes receivable		Others		Total
Associates and joint ventures
New Songdo International City Development, LLC	W	25,497		—		10,100		35,597		—		4		4
Gunggi Green Energy		—		—		14,832		14,832		—		—		—
POSCO(Guangdong) Automotive Steel Co., Ltd		32,218		6,212		—		38,430		37,313		—		37,313
AMCI (WA) PTY LTD		—		136,580		—		136,580		—		—		—
HBIS-POSCO Automotive Steel Co.,Ltd		3,701		—		—		3,701		15,584		207		15,791
POS-SEAHSTEELWIRE(TIANJIN)CO.,Ltd		4,965		—		—		4,965		—		—		—
Samcheok Blue Power Co., Ltd.		273,880		—		193		274,073		—		381		381
Nickel Mining Company SAS		—		75,857		707		76,564		—		358		358
POS-SeAH Steel Wire(Nantong) Co., Ltd.		13,334		—		—		13,334		150		—		150
POSCO MC MATERIALS		10,838		—		358		11,196		894		506		1,400
Pocheon-Hwado Highway Corp.		5,491		—		—		5,491		—		2		2
UITrans LRT Co., Ltd.		—		39,333		4,214		43,547		—		—		—
Roy Hill Holdings Pty Ltd		39,761		—		9,610		49,371		426,829		—		426,829
SNNC		10,694		—		28,433		39,127		5,439		447		5,886
FQM Australia Holdings Pty Ltd		—		292,591		—		292,591		—		—		—
Others		27,327		21,995		138,447		187,769		49,756		71,663		121,419

	W	447,706		572,568		206,894		1,227,168		535,965		73,568		609,533

(*1) As of December 31, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to W531,031 million.

(d)	Major financial transactions between the Group and its related parties for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Lend		Collect			*Others(1)**			Ending
Associates and joint ventures
UITrans LRT Co., Ltd.	W	39,333		—		(4	)		2			39,331
PT. Tanggamus Electric Power		2,588		—		(670	)		192			2,110
Nickel Mining Company SAS		75,857		—		—			3,392			79,249
Hyo-chun Co., Ltd.		2,382		—		—			—			2,382
AMCI (WA) PTY LTD		136,580		—		(7,284	)		14,322			143,618
FQM Australia Holdings Pty Ltd		292,591		—		—			25,290			317,881
POHANG E&E Co. , LTD		4,672		658		—			—			5,330
POSCO(Guangdong) Automotive Steel Co., Ltd.		6,212		19,437		(25,286	)		674			1,037
Gale International Korea, LLC		444		—		—			(444	)		—
CAML		5,766		11,892		—			605			18,263
POS-AUSTEM Suzhou Automotive		6,143		—		—			666			6,809

	W	572,568		31,987		(33,244	)		44,699			616,010

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

33. Related Party Transactions (cont’d)

For the year ended December 31, 2025


(in millions of Won)	Beginning		Lend		Collect			*Others(1)**			Ending
Associates and joint ventures
UITrans LRT Co., Ltd.	W	51,051		—		(11,718	)		—			39,333
PT. Tanggamus Electric Power		3,854		—		(3,089	)		1,823			2,588
Nickel Mining Company SAS		68,793		—		—			7,064			75,857
KRAKATAU POS-CHEM DONG-SUH CHEMICAL		1,470		—		(1,435	)		(35	)		—
Hyo-chun Co., Ltd.		2,382		—		—			—			2,382
AMCI (WA) PTY LTD		142,767		73		(13,657	)		7,397			136,580
POS-AUSTEM WUHAN AUTOMOTIVE CO.,LTD		5,636		—		(5,733	)		97			—
FQM Australia Holdings Pty Ltd		292,764		—		—			(173	)		292,591
POHANG E&E Co. , LTD		3,228		1,444		—			—			4,672
POSCO(Guangdong) Automotive Steel Co., Ltd.		6,162		64,858		(64,914	)		106			6,212
Gale International Korea, LLC		100		344		—			—			444
P&O Chemical Co., Ltd.		3,060		—		—			(3,060	)		—
CAML		—		5,766		—			—			5,766
POS-AUSTEM Suzhou Automotive		—		6,143		—			—			6,143

	W	581,267		78,628		(100,546	)		13,219			572,568

(*1)	Including adjusted foreign currency translation differences and others.

(e)	For each of the six-month periods ended June 30, 2026 and 2025, there were additional investments in associates and joint ventures and others amounting to W867,853 million and W151,870 million, respectively.

(f)	For each of the six-month periods ended June 30, 2026 and 2025, details of compensations to key management officers are as follows:


(in millions of Won)	June 30, 2026		June 30, 2025
Short-term benefits	W	86,665		84,577
Long-term benefits		1,551		3,086
Retirement benefits		12,028		11,787

	W	100,244		99,450

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

34. Commitments and Contingencies

(a)	Contingent liabilities

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

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

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

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

(b)	Details of guarantees

Contingent liabilities on outstanding guarantees provided by the Group as of June 30, 2026 are as follows:


(in millions of Won)			Guarantee limit					Guarantee amount
Guarantor	Guarantee beneficiary	Financial institution	Foreign currency			Won equivalent		Foreign currency		Won equivalent
[The Company]
POSCO HOLDINGS INC.	POSCO Asia Co., Ltd.	Credit Agricole and others		USD	200,000,000		308,301		120,000,001		184,980
	POSCO Argentina S.A.U	HSBC and others		USD	1,079,900,000		1,664,664		1,059,305,000		1,632,919
POSCO	POSCO ASSAN TST STEEL INDUSTRY Inc	Citibank and others		USD	122,850,000		189,373		122,850,000		189,373
POSCO INTERNATIONAL Corporation	PT. Bio Inti Agrindo	BTPN and others		IDR	631,200,000,000		54,536		631,200,000,000		54,536
	POSCO ASSAN TST STEEL INDUSTRY Inc	Citibank and others		USD	13,650,000		21,041		13,650,000		21,041
	POSCO INTERNATIONAL Deutschland GmbH	Bank Mendes Gans Amsterdam		USD	50,000,000		77,075		10,282,050		15,850
	POSCO INTERNATIONAL JAPAN Corp.								—		—
	POSCO INTERNATIONAL AMERICA Corp.								—		—
	POSCO INTERNATIONAL SINGAPORE Pte. Ltd.								—		—
	POSCO INTERNATIONAL Malaysia SDN BHD								—		—
	POSCO INTERNATIONAL ITALIA S.R.L.								—		—
	POSCO INTERNATIONAL MEXICO S.A. de C.V.								—		—
	POSCO INTERNATIONAL AUSTRALIA HOLDINGS PTY LTD								—		—
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V.								—		—
	POSCO INTERNATIONAL POLAND E-MOBILITY Sp.z.o.o								—		—
	GRAIN TERMINAL HOLDING PTE. LTD.								1,700,000		2,621
	POSCO INTERNATIONAL MEXICO E-MOBILITY S.A DE C.V.	Export-Import Bank of Korea and others		USD	52,054,800		80,242		51,379,000		79,201
	POSCO INTERNATIONAL POLAND E-MOBI LITY SP. Z O.O.	BNP Paribas Polska S.A.		EUR	23,678,000		41,699		23,678,000		41,699
	PT. KRAKATAU POSCO ENERGY	POSCO Asia Co., Ltd. and others		USD	102,903,407		158,626		23,450,000		36,148
	PT POSCO INTERNATIONAL ENP INDONESIA	PT Bank Negara Indonesia		USD	750,000		1,156		750,000		1,156
	POSCO INTERNATIONAL ALASKA ENERGY LLC	Glenfarne Alaska Partners, LLC		USD	45,000,000		69,368		45,000,000		69,368
	AGPA PTE. LTD.	SMBC Singapore		USD	20,880,000		32,187		20,880,000		32,187
POSCO STEELEON CO.,LTD.	Myanmar POSCO C&C Company, Limited.	POSCO Asia Co., Ltd.		CNY	121,678,106		27,617		101,398,422		23,014
POSCO FUTURE M CO., LTD.	ULTIUM CAM LIMITED PARTNERSHIP	Shinhan Bank		USD	100,000,000		154,150		100,000,000		154,150
		Investissement Quebec, Strategic Innovation Fund		CAD	299,562,500		325,046		231,912,630		251,641
	FUTURE GRAPH CO., LTD.	Korea Development Bank		KRW	250,000		250,000		60,700		60,700
[Associates and joint ventures]
POSCO HOLDINGS INC.	NICKEL MINING COMPANY SAS	SMBC		EUR	46,000,000		81,010		46,000,000		81,010
	PT NICOLE METAL INDUSTRY	STANDARD CHARTERED and others		USD	40,180,000		61,938		18,757,063		28,914
POSCO INTERNATIONAL Corporation	GLOBAL KOMSCO Daewoo LLC	Hana Bank Bahrain		USD	6,650,000		10,251		4,200,000		6,474
POSCO Eco & Challenge Co., Ltd.	Chun-cheon Energy Co., Ltd (*1)	Kookmin Bank and others		KRW	149,200		149,200		116,590		116,590
[Others]
POSCO Eco & Challenge Co., Ltd.	Subcontractors for maintenance projects, etc. (*2)	Kookmin Bank and others		KRW	313,452		313,452		3,171		3,171
POSCO AUSTRALIA PTY LTD	Department of Trade and Investment (NSW Government) and others	Woori Bank and others		AUD	18,744,862		19,903		18,744,862		19,903
PT. Prime Agri Resources	Koperasi Bakomo Diri Maju (KBDM) and others	Koperasi Simpan Pinjam Sahabat Mitra Sejati and others		IDR	403,031,168,890		34,822		403,031,168,890		34,822
POSCO COATED STEEL (THAILAND) CO., LTD.	AMATA NATURAL GAS DISTRIBUTION COMPANY LIMITED and others	SC Bank		THB	56,065,000		2,599		56,065,000		2,599
	BUREAU OF INDIAN STANDARDS (BIS)	SC Bank		USD	20,000		31		20,000		31
POSCO Maharashtra Steel Private Limited	Gail India and others	Deutsche Bank and others		INR	1,049,571,593		17,108		1,049,571,593		17,108

(*1)	This commitment is a PF commitment that provides credit enhancement through payment guarantees in connection with SOC projects as of June 30, 2026.

(*2)	This commitment is a PF commitment that guarantees the interim payment loans of purchasers in connection with maintenance projects and other projects as of June 30, 2026.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

Details of credit enhancements by type of the Group’s PF business as of June 30, 2026 are as follows:

①

Maintenance projects and others

Information about maturity of the loans related to PF credit enhancements such as debt acceptance and fund supplementation is as follows:


(in millions of Won)													Balance of the loans
Provider	*Projects(1)**		Borrower		Type		Credit enhancement measures		Agreed amount		Executed amount		Total		Within 3 months		3~6 months		6 months ~1 year		1 year ~2 years		2 years ~3 years		After 3 years
[The Company]
POSCO Eco & Challenge Co., Ltd.		Other projects		JB CLARK HILLS CORP		Main PF		Debt assumption	W	49,020		39,925		39,925		—		39,925		—		—		—		—
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.		Other projects		New Songdo International City Development, LLC		Mortgage loan		Debt assumption		524,500		354,000		354,000		—		—		334,000		—		20,000		—
[Others]
POSCO Eco & Challenge Co., Ltd.		Maintenance projects		Bangbae Shindonga Apartment Reconstruction and Maintenance Project Association, etc.		Main PF		Debt assumption		1,495,216		702,801		702,801		—		34,327		111,947		—		305,198		251,329
		Other projects		Civic Center PFV		Main PF		Debt assumption		45,000		45,000		45,000		—		—		—		—		—		45,000
		Other projects		LandmarkSewoon		Main PF		Debt assumption		50,000		50,000		50,000		—		—		—		—		—		50,000
		Other projects		DAON INP Co., Ltd.		Main PF		Joint guarantee		78,000		60,000		60,000		—		—		—		—		60,000		—
		Other projects		Jeonju Eco-city		Main PF		Debt assumption		53,300		22,000		22,000		22,000		—		—		—		—		—
		Other projects		Apcity HNG		Main PF		Debt assumption		60,000		60,000		60,000		—		—		—		—		60,000		—
		Other projects		ISLAND ONE CO., LTD.		Main PF		Debt assumption		50,000		50,000		50,000		—		—		—		50,000		—		—
		Other projects		KOREA ASSET DEVELOPMENT CO.,LTD.		Main PF		Debt assumption		48,000		40,000		40,000		—		—		—		40,000		—		—
		Other projects		Daegu MBC Development PFV Co., Ltd.		Main PF		Debt assumption		80,000		80,000		80,000		—		—		—		80,000		—		—
		Other projects		Sinhwa AMC Co.,Ltd.		Main PF		Debt assumption		80,000		80,000		80,000		—		—		—		80,000		—		—
		Other projects		SEUM PACIFIC CO.,LTD.		Main PF		Debt assumption		48,000		40,000		40,000		—		—		—		—		—		40,000
POSCO DX		Other projects		Jeonnong school keeper co. and others(*2)		Main PF		Supplemental funding agreement and others		123,309		32,876		32,876		—		—		—		75		2,982		29,819

										2,210,825		1,262,677		1,262,677		22,000		34,327		111,947		250,075		428,180		416,148

									W	2,784,345		1,656,602		1,656,602		22,000		74,252		445,947		250,075		448,180		416,148

(*1)

The maintenance project mainly consists of reconstruction and condominium construction projects, and other projects consist of constructions of office buildings, retail shops, warehouses, and educational facilities.

(*2)

The obligation to supplement funding has been included in the Group’s proportionate interests. The execution amount of the supplement funding obligation may vary depending on the fulfillment of such obligations by other construction investors or operational investors. (Including other interests: guarantee limit of W1,122,320 million, outstanding loan balance of W302,816 million)

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

Details of conditional debt acceptance and principal and interest repayment commitments in the event of non-compliance with completion guarantee covenant as of June 30, 2026 are as follows:


(in millions of Won)		Number of constructions		Contract amount		Contingency amount(1)(2)		Balance of loans
Maintenance projects	All		23	W	11,124,790		4,847,129		1,987,319
	Between the Group		23		9,013,821		3,954,871		1,458,826
Other projects	All		1		2,197,729		5,350,000		1,548,900
	Between the Group		1		2,197,729		5,350,000		1,548,900

	All		24		13,322,519		10,197,129		3,536,219
	Between the Group		24	W	11,211,550		9,304,871		3,007,726

(*1)

The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W104,886 million for the maintenance projects.

(*2)

In the case of joint subcontracting projects, the total joint guarantee amount of the project participants has been disclosed. However, the final execution amount of completion guarantee may vary depending on factors such as the reasons attributable to the project participants upon actual execution of the completion guarantee.

Details of contingent liability for damages in the event of non-compliance with construction completion covenant as of June 30, 2026 are as follows:


(in millions of Won)		Number of constructions		Contract amount		Contingency amount(1)(2)		Balance of loans
Other projects	All		35	W	11,713,112		13,078,000		8,630,809
	Between the Group		35		11,084,715		12,688,654		8,302,489

(*1)	The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W505,000 million for maintenance projects.

(*2)

②

SOC projects


(in millions of Won)
Provider	Recipient	Credit enhancement measures	Number of constructions		Approved amount		Remaining balance after repayment
[Associates and joint ventures]
POSCO DX	Pocheon-Hwado Highway Corp.(*1)	Providing funds		1		24,923		22,157
POSCO Eco & Challenge Co., Ltd.	Pocheon-Hwado Highway Corp.(*1)	Providing funds		1		319,515		284,054
	POHANG E&E Co., LTD(*2)	Providing funds and supplemental funding agreement		2		71,930		36,347
	Pureun Tongyeong Enviro Co., Ltd.(*2)	Providing funds		1		25,630		9,219
	Pure Gimpo.Co.,Ltd(*2)	Providing funds		1		51,565		20,117
	Clean Iksan Co.,Ltd(*2)	Providing funds		1		44,054		19,098

				7		537,617		390,992

[Others]
POSCO DX	Western Inland highway CO.,LTD.	Providing funds		1		47,348		32,668
	BUSAN SANSEONG TUNNEL Co.,Ltd.	Refinancing		1		7,621		7,621
POSCO Eco & Challenge Co., Ltd.(*3)	Western Seoul highway CO.,LTD. and others	Supplemental funding agreement		9		40,726		20,795
	Western Inland highway CO.,LTD. and others	Providing funds		38		2,377,253		1,312,085
	Pohang Youngil Bay New Port	Debt assumption		1		2,250		1,440
	Busan Sanseong Tunnel	Refinancing		1		35,296		26,750

				51		2,510,494		1,401,359

				58	W	3,048,111		1,792,351

(*1)	The Group provides a funding commitment of W306,211 million (including other shares: W554,888 million) equivalent to the Group’s share of the loan balance for the private investment project.

(*2)	The Group provides a funding commitment of W84,781 million (including other shares: W154,223 million) equivalent to the Group’s share of the loan balance for the private investment project.

(*3)	The Group provides a funding commitment of W1,361,070 million (including other shares: W5,069,250 million) equivalent to the Group’s share of the loan balance for the private investment project.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

Other guarantees

①

As of June 30, 2026, the payment guarantees that the Group provides to clients, such as contract performance guarantees, installment guarantees, and defect guarantees, by subscribing to insurance policies with guarantee insurance companies or issuing guarantee certificates are as follows:

(in millions of Won)

Provider of credit enhancement

Recipient of credit enhancement

Types of guarantees

Agreed amount

Executed amount

Guarantor

[Subsidiaries]

POSCO GYR Tech

POSCO

Defect liability warranty

101

CI Guarantee

POSCO Eco & Challenge Co., Ltd.

PT.Tanggamus Electric Power

Letter of credit

3,091

Hana Bank

PT. Wampu Electric Power

Letter of credit

2,775

Hana Bank

5,866

[Others]

POSCO Eco & Challenge Co., Ltd.

DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd

Guarantee on performance for construction

10,741,422

10,329,233

Construction Guarantee Cooperative

POSCO GYR Tech

KEPCO Plant Service & Engineering Co., Ltd.

Defect liability warranty

2,032

CI Guarantee

10,743,454

10,331,265

10,749,421

10,337,232

②

As of June 30, 2026, the primary payment guarantees and other guarantees that the Group is provided from the guarantee institution are as follows:


(in millions of Won)
Provider	Types of guarantees	Agreed amount		Executed amount
Construction Guarantee Cooperative	Subcontractor Payment Guarantee and others	W	5,388,633		5,388,633
Engineering Guarantee Insurance	Guarantee on performance for EPC contracts and others		1,020,699		579,701
Seoul Guarantee Insurance	Construction performance guarantee and others		483,637		483,637
Korea Housing & Urban Guarantee Corporation	Housing Guarantee and others		6,195,951		5,522,772
Woori Bank and others	Foreign currency guarantee		1,989,612		850,606
Korea software financial cooperative	Guarantee on performance for contracts		120,173		60,316
Seoul Guarantee Insurance	Guarantee on performance and others		87,688		87,688
Construction Guarantee Cooperative	Guarantee on performance		24,482		195
CI Guarantee	Defect liability warranty		252,133		252,133

		W	15,563,008		13,225,681

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)

(c)

Other commitments

Details of other commitments of the Group as of June 30, 2026 are as follows:


Company		Description
POSCO HOLDINGS INC.		As of June 30, 2026, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign currency borrowings, which are limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowings depends on the success of the projects.POSCO HOLDINGS INC. is not liable for the repayment of full or part of the amount borrowed if the respective projects fail. POSCO HOLDINGS INC. has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements.As of June 30, 2026, the ending balance of the borrowing amounts to USD 1.02 million.

		POSCO HOLDINGS INC. has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of June 30, 2026.

POSCO		POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract period is more than two years for iron ore, three years for coal, and one year for nickel. These contracts provide for periodic price adjustments based on the market price. As of June 30, 2026, 45 million tons of iron ore and 17 million tons of coal remained to be purchased under such long- term contracts.

		POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to December 2026. The purchase price is subject to change, based on changes of the monthly standard oil price (JCC) and with a price ceiling.

		POSCO has a long-term service contract for the transportation of raw material. As of June 30, 2026, there are 31 vessels under contract, and the average remaining contract period is about 6 years.

		POSCO entered into an agreement (LNG SPA) with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons of LNG annually for 15 years commencing in November 2026.The purchase price is subject to change based on changes of U.S. Henry Hub Natural Gas Spot Price. POSCO has extension option of extending the purchase contract by five years.

		Regarding the shares of FEWM CO., LTD., the Company holds a call option, exercisable during the period from July 1, 2026 to June 30, 2027, to purchase a portion of the largest shareholder’s stake at a pre-negotiated exercise price, to the extent that the Company’s shareholding in the target company reaches 59% of the total issued shares of the target company at the time of exercise.

		POSCO has entered into an LNG terminal usage agreement with POSCO International to consume directly imported LNG for processing and power generation at the Pohang and Gwangyang steelworks after unloading, storing, vaporizing, and transmitting it through the Gwangyang LNG terminal. This agreement grants the Company the exclusive and sole right to use 200,000 ㎘ of LNG storage capacity in the new LNG storage tank and to use the terminal facilities, including other ancillary equipment. The contract period is from September 1, 2025, to August 31, 2041.

		To ensure stable operations in response to increased LNG demand, POSCO has entered into a long-term LNG purchase agreement with QatarEnergy Trading LLC. The purchase period and volume are four years from January 2027 through December 2030, at an annual volume of 300,000 metric tons. The purchase price is adjusted based on fluctuations in the price of crude oil (Brent).

		The Company has participated in an investment to jointly construct an electric arc furnace-based integrated steel mill with Hyundai Motor Group in the State of Louisiana, U.S.A., in order to strengthen its response to the North American steel market and secure a production base for eco-friendly automotive steel sheets. Under this investment structure, POS-Louisiana Inc., a wholly-owned subsidiary established through a 100% equity investment by the Company, will acquire a 20% equity interest in HYUNDAI-POSCO Louisiana Steel LLC. The Company has guaranteed POS-Louisiana Inc.’s capital contribution obligation, amounting to a final investment of USD 582 million.

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

34. Commitments and Contingencies (cont’d)


POSCO INTERNATIONAL Corporation		The Company invested in the Ambatovy Nickel Project (DMSA/AMSA) in Madagascar through the Korea Ambatovy Consortium (KAC) formed with Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) and STX Corporation. SHERRITT INTERNATIONAL CORP., the operator, transferred a portion of the project’s interests to Sumitomo and AHL (Ambatovy Holdings Limited) in November 2017, and transferred the remaining interests of the project to Sumitomo and AHL2 (Ambatovy Holdings II Limited) in August 2020. KAC has the rights and obligations to the 15.33% stake held by AHL and AHL2. Meanwhile, Sumitomo, a co-investor in the project, entered into an agreement in May 2026 to sell all of its interests to a consortium (AMRI) led by Essenwood Partners, a UK-based resource development investment firm. The sale process is currently underway, and even upon completion of the transaction, there will be no changes to KAC’s ownership interest (15.33%) or its related rights and obligations.

		As of June 30, 2026, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO Eco & Challenge Co., Ltd. is obligated to make contributions for core capital, unqualified investment, excess expenses occurred for business, and acceleration of payment.

POSCO FUTURE M CO., LTD		In accordance with the GP Shareholders Agreement with GM Battery Raw Materials Corporation (“GM”), the Company has an obligation to make additional capital contributions to ULTIUM CAM LIMITED PARTNERSHIP. As of June 30, 2026, the remaining amount of USD 385,764 thousand is scheduled to be contributed additionally by 2026 through capital call.

(d) Litigation in progress

The Group is involved in 451 lawsuits amounting to W1,264.9 billion as a defendant as of June 30, 2026, which arise from the ordinary course of business such as claim for confirmation of employee status. The Group has recognized provisions amounting to W36.1 billion for 37 lawsuits based on its reliable estimate of outflow of resources.

(e) Other major contingencies for the Group as of June 30, 2026 are as follows:


Company		Description

POSCO HOLDINGS INC.		POSCO HOLDINGS INC. has provided 3 blank checks to Korea Energy Agency as collateral for long-term foreign currency borrowings.

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

POSCO INTERNATIONAL Corporation		As of June 30, 2026, POSCO INTERNATIONAL Corporation has provided 19 blank promissory notes and 12 blank checks to Korea Energy Agency and others as collateral for the guarantee on performance for contracts and others.

POSCO Eco & Challenge Co., Ltd.		As of June 30, 2026, POSCO Eco & Challenge Co., Ltd. has provided 40 blank checks and 4 blank promissory notes as collateral for agreements and outstanding loans.

POSCO DX		As of June 30, 2026, POSCO DX has provided 7 blank checks to financial institutions as collateral for the guarantee on performance for contracts and others.

35. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	June 30, 2026			June 30, 2025
Trade accounts and notes receivable	W	(2,188,315	)		(1,000,685	)
Other receivables		(167,455	)		214,898
Inventories		(773,052	)		1,541,145
Other current assets		(309,740	)		(97,333	)
Other non-current assets		(17,162	)		(57,196	)
Trade accounts and notes payable		287,105			(598,158	)
Other payables		(11,247	)		(243,815	)
Other current liabilities		541,391			171,368
Provisions		(26,217	)		(62,255	)
Payments of severance benefits		(283,869	)		(210,762	)
Plan assets		267,452			210,154
Other non-current liabilities		(1,506	)		177

	W	(2,682,615	)		(132,462	)

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

36. Operating Segments

(a)

The Group’s operating businesses are organized based on the nature of markets and customers. During the six-month period ended June 30, 2026, the Group changed its internal organization and internal reporting structures. As a result, operating segments were re-categorized according to the revised reporting materials provided to the management for decision-making. Meanwhile, the Group has restated the information of the reporting segments from the previous quarter in accordance with the changes in the operating segments.

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

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


Operating segments		Main Business
Steel		Manufacture and sales of steel products

infrastructure	Trading	Supply and purchase transactions between domestic and foreign companies, power generation, and resource development

	Construction	Design, production and construction of steel mills and their facilities, commercial and residential facilities, etc.

	Logistics and others	Logistics, network and system integration business

Rechargeable battery Materials		EV battery materials such as lithium, nickel, negative/cathode materials, and hydrogen business

Others		POSCO HOLDINGS. INC., Controlling company and Investment business

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

(b)	The classification of the information by operating segments for each of the six-month periods ended June 30, 2026 and 2025 is as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Steel		Infrastructure						Rechargeable bettery materials			Others		Total
(in millions of Won)	Steel		Trading		Construction		Logistics and others		Rechargeable bettery materials			Others		Total
External revenues	W	18,793,106		13,949,995		3,056,473		141,785		1,179,940			13,492		37,134,791
Internal revenues		11,563,805		9,714,710		541,710		1,919,425		850,744			1,011,527		25,601,921
Inter segment revenues		6,572,440		4,078,464		516,844		1,939,769		679,385			998,162		14,785,064
Total revenues		30,356,911		23,664,705		3,598,183		2,061,210		2,030,684			1,025,019		62,736,712
Segment profits (loss)		351,821		458,986		48,459		33,361		(70,664	)		748,315		1,570,278

For the six-month period ended June 30, 2025


(in millions of Won)	Steel		Infrastructure							Rechargeable bettery materials			Others		Total
(in millions of Won)	Steel		Construction		Trading			Logistics and others		Rechargeable bettery materials			Others		Total
External revenues	W	18,695,251		12,077,007		2,955,818			136,875		1,092,230			35,182		34,992,363
Internal revenues		11,148,015		9,144,126		880,221			1,620,140		601,292			832,780		24,226,574
Inter segment revenues		7,270,608		4,188,756		839,854			1,588,554		521,484			824,197		15,233,453
Total revenues		29,843,266		21,221,133		3,836,039			1,757,015		1,693,522			867,962		59,218,937
Segment profits		578,230		201,823		(126,581	)		32,120		(297,667	)		628,759		1,016,684

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

June 30, 2026 and 2025 (Unaudited)

36. Operating Segments (cont’d)

(c)	The reconciliations of the total segment revenues, profit or loss, assets and liabilities, and other significant items to their respective consolidated financial statement line items for each of the six-month periods ended June 20, 2026 and 2025 are as follows:


(in millions of Won)	June 30, 2026			June 30, 2025
Total profit for the period	W	1,570,278			1,016,684
Fair value adjustments		(49,259	)		(72,666	)
Elimination of intra-group transactions		(216,315	)		(515,937	)
Income tax expense		363,010			309,559

Profit before income tax expense	W	1,667,714			737,640

37. Matters Concerning Tariffs

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

(b)	In July 2026, the EU implemented new restrictions on steel imports, resulting in a reduction in steel import quotas and an increase in the tariff rate on quantities exceeding the quotas to 50%. The implementation of these measures introduces uncertainty in the estimation of financial statements.

38. Uncertainty Regarding the Impact of the Coup in Myanmar

There is uncertainty arising from the political instability in Myanmar and economic sanctions imposed by the international community, including the European Union and the U.S. government. The Myanmar gas field project in which the Group currently participates is operating normally, and the Group continues to monitor developments in international sanctions. As of the end of the reporting period, the impact of this matter on the financial statements cannot be reasonably estimated.

39. Events after the reporting period

(a)

Pursuant to the resolution of the Board of Directors on May 12, 2026, the Company decided to provide a payment guarantee for borrowings of USD 700 million of POSCO Argentina S.A.U. The related loan agreement was entered into on August 6, 2026, and the guarantee period is three years from August 6, 2026.

(b)

POSCO E&C Co., Ltd., a subsidiary of the Company, decided to issue W400 billion in bond-type hybrid securities for the purpose of strengthening its financial soundness, among others, through a resolution of its Board of Directors on July 13, 2026, and issued the securities on July 20, 2026, The hybrid securities may be redeemed after a certain period has elapsed from the issuance date, and the bondholders cannot demand early redemption. In addition, the maturity may be continuously extended under the same terms and conditions on the maturity date, and the payment of interest may be suspended. Accordingly, the securities are expected to be classified as equity.

(c)	POSCO International Co., Ltd., a subsidiary of the Company, decided to provide a payment guarantee of approximately W184.5 billion for the borrowings of its subsidiary, Centrux LNG Pte. Ltd., pursuant to the resolution of its Board of Directors on July 31, 2026.

POSCO HOLDINGS INC.

Interim condensed separate financial statements

for each of the six-month periods ended June 30, 2026 and 2025

with the independent auditor’s review report

Table of Contents

Report on review of interim condensed separate financial statements


	Page
Interim condensed separate financial statements

Interim condensed separate statements of financial position		1

Interim condensed separate statements of comprehensive income or loss		3

Interim condensed separate statements of changes in equity		4

Interim condensed separate statements of cash flows		5

Notes to the interim condensed separate financial statements		7

Ernst & Young Han Young

2-3F, 7-8F, Taeyoung Building, 111, Yeouigongwon-ro,

Yeongdeungpo-gu, Seoul 07241 Korea

Tel: +82 2 3787 6600

Fax: +82 2 783 5890

ey.com/kr

Report on review of interim condensed separate financial statements

(English translation of a report originally issued in Korean)

The Stockholders and Board of Directors

POSCO HOLDINGS INC.

We have reviewed the accompanying interim condensed separate financial statements of POSCO HOLDINGS INC. (the “Company”), which comprise the interim condensed separate statement of financial position as of June 30, 2026 and the related interim condensed separate statements of comprehensive income or loss for each of the three-month and six-month periods ended June 30, 2026 and 2025, interim condensed separate statements of changes in equity and interim condensed separate statements of cash flows for each of the six-month periods ended June 30, 2026 and 2025, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim condensed separate financial statements

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

Auditor’s responsibility

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

Conclusion

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

LOGO

Other matters

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

August 14, 2026

This review report is effective as of August 14, 2026, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim condensed separate financial statements and may result in modification to this review report.

POSCO HOLDINGS INC.

Interim condensed separate financial statements

for each of the six-month periods ended June 30, 2026 and 2025

“The accompanying interim condensed separate financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Company.”

Ju Tae Lee

Representative Director & President

POSCO HOLDINGS INC.

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position

as of June 30, 2026 (Unaudited) and December 31, 2025


(in millions of Won)	Notes		June 30, 2026 (Unaudited)		December 31, 2025
Assets

Cash and cash equivalents		19,32	W	240,948		184,416
Trade accounts and notes receivable, net		4,19,30,32		123,112		157,668
Other receivables, net		5,19,30,32		177,802		146,146
Other short-term financial assets		6,19,32		4,134,180		3,454,794
Assets held for sale		7		—		—
Other current assets		12		2,415		2,099

Total current assets				4,678,457		3,945,123

Other receivables, net		5,19,30		29,718		17,414
Other long-term financial assets		6,19		599,131		506,736
Investments in subsidiaries, associates and joint ventures		8		46,042,081		46,290,252
Investment property, net		9		308,070		319,392
Property, plant and equipment, net		10		728,784		703,140
Intangible assets, net		11		30,079		29,659
Other non-current assets		12		6,454		3,869

Total non-current assets				47,744,317		47,870,462

Total assets			W	52,422,774		51,815,585

(continued)

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position, continued

as of June 30, 2026 (Unaudited) and December 31, 2025


(in millions of Won)	Notes		June 30, 2026 (Unaudited)			December 31, 2025
Liabilities
Short-term borrowings and current portion of long-term borrowings		13,19	W	49,042			45,973
Other current payables		14,30		80,299			53,466
Other short-term financial liabilities		15,19		29,840			21,545
Provisions		16		51,752			46,421
Current income tax liabilities		28		110,224			72,404
Other current liabilities		18		6,508			5,819

Total current liabilities				327,665			245,628

Long-term borrowings, excluding current portion		13		1,068,536			993,857
Other non-current payables		14,19,30		36,050			35,037
Defined benefit liabilities, net		17		7,525			5,533
Deferred tax liabilities		28		2,619,709			2,592,964
Long-term provisions		16		2,058			2,947
Other non-current liabilities		18		882			1,350

Total non-current liabilities				3,734,760			3,631,688

Total liabilities				4,062,425			3,877,316

Equity
Share capital		20		482,403			482,403
Capital surplus		20		1,367,990			1,367,990
Accumulated other comprehensive income (loss)		21		(59,720	)		(45,874	)
Treasury shares		22		(801,771	)		(1,176,316	)
Retained earnings				47,371,447			47,310,066

Total equity				48,360,349			47,938,269

Total liabilities and equity			W	52,422,774			51,815,585

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

POSCO HOLDINGS INC.

Interim condensed separate statements of comprehensive income or loss

for each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)


			For the three-month period ended June 30 (Unaudited)						For the six-month period ended June 30 (Unaudited)
(in millions of Won, except per share informations)	Notes		2026			2025			2026			2025
Operating revenue		23,30	W	114,519			154,768			964,879			819,465
Operating expenses		24		(118,248	)		(112,328	)		(213,840	)		(202,644	)

Operating profit				(3,729	)		42,440			751,039			616,821

Finance income and costs
Finance income		19,25		60,315			95,863			174,328			127,579
Finance costs		19,25		(44,405	)		(80,449	)		(120,553	)		(84,734	)
Other non-operating income and expenses
Other non-operating income		26		32,943			1,031			34,025			1,947
Other non-operating expenses		26		(10,933	)		(12,871	)		(34,016	)		(14,395	)

Profit before income tax				34,191			46,014			804,823			647,218
Income tax benefit (expense)		28		(20,949	)		132			(28,503	)		(12,315	)

Profit				13,242			46,146			776,320			634,903
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans		17		(23	)		(88	)		(100	)		(78	)
Net changes in fair value of equity investments at fair value through other comprehensive income		6,21		(13,739	)		(97,200	)		(13,846	)		(49,723	)

Total comprehensive income (loss)			W	(520	)		(51,142	)		762,374			585,102

Earnings per share (in Won)		29
Basic earnings per share (in Won)				175			610			10,266			8,396
Diluted earnings per share (in Won)			W	175			610			10,266			8,396

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

POSCO HOLDINGS INC.

Interim condensed separate statements of changes in equity

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	Share capital		Capital surplus		Accumulated Other Comprehensive Income (loss)			Treasury shares			Retained earnings			Total
Balance as of January 1, 2025	W	482,403		1,367,990		(62,645	)		(1,550,862	)		47,952,144			48,189,030
Comprehensive income:
Profit for the period		—		—		—			—			634,903			634,903
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—		—			—			(78	)		(78	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—		(49,723	)		—			—			(49,723	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—		—		—			—			(189,052	)		(189,052	)
Interim dividends		—		—		—			—			(189,052	)		(189,052	)
Retirement of treasury shares		—		—		—			374,545			(374,545	)		—

Balance as of June 30, 2025 (Unaudited)	W	482,403		1,367,990		(112,368	)		(1,176,317	)		47,834,320			48,396,028

Balance as of January 1, 2026	W	482,403		1,367,990		(45,874	)		(1,176,317	)		47,310,066			47,938,268
Comprehensive income:
Profit for the period		—		—		—			—			776,320			776,320
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—		—			—			(100	)		(100	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—		(13,846	)		—			—			(13,846	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—		—		—			—			(189,052	)		(189,052	)
Interim dividends		—		—		—			—			(151,241	)		(151,241	)
Retirement of treasury shares		—		—		—			374,546			(374,546	)		—

Balance as of June 30, 2026 (Unaudited)	W	482,403		1,367,990		(59,720	)		(801,771	)		47,371,447			48,360,349

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

POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)


(in millions of Won)	June 30, 2026 (Unaudited)			June 30, 2025 (Unaudited)
Cash flows from operating activities
Profit for the period	W	776,320			634,903
Adjustments for :
Expenses related to post-employment benefit		4,340			5,126
Depreciation		11,205			8,240
Amortization		1,368			1,061
Impairment loss (reversal) on other receivables		—			(33	)
Finance income		(162,687	)		(112,381	)
Dividend income		(881,978	)		(728,223	)
Finance costs		113,188			58,189
Loss on disposal of property, plant and equipment		1,622			735
Gain on Disposal of Investment Property		(483	)
Gain on disposal of intangible assets		—			—
Loss on disposal of intangible assets		—			17
Gain on Disposal of Investments in Subsidiaries, associates and joint ventures		(30,673	)
Impairment loss on investments in subsidiaries, associates and joint ventures		25,822			6,651
Increase to provisions		(988	)		756
Income tax expense		28,503			12,315
Changes in operating assets and liabilities		86,589			108,327
Interest received		57,366			25,650
Interest Paid		(27,756	)
Dividends received		857,467			685,179
Income taxes refund (paid)		2,556			(13,412	)

Net cash provided by operating activities	W	861,781			693,100

(continued)

POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows, continued

for each of the six-month periods ended June 30, 2026 and 2025 (Unaudited)



(in millions of Won)	June 30, 2026 (Unaudited)			June 30, 2025 (Unaudited)
Cash flows from investing activities
Decrease in deposit instruments	W	2,360,000			1,480,000
Proceeds from disposal of short-term financial instruments		164,336			858,306
Proceeds from disposal of current debt securities		50,000			—
Proceeds from disposal of other securities		3,401			2,722
Proceeds from disposal of investments in subsidiaries, associates and joint ventures		361,851			11,382
Proceeds from Disposal of Investment Property		5,681			—
Increase in deposits		(3,010,000	)		(2,520,000	)
Acquisition of short-term financial instruments		(181,967	)		(534,226	)
Acquisition of short-term debt securities		(60,000	)		(50,000	)
Acquisition of long-term debt securities		(15,487	)		—
Acquisition of other securities		(2,160	)		(7,519	)
Acquisition of investments in subsidiaries, associates and joint ventures		(108,827	)		(301,743	)
Acquisition of investment properties		—			—
Acquisition of property, plant and equipment		(30,012	)		(126,963	)
Acquisition of intangible assets		(1,788	)		(2,772	)
Increase in long-term lease security deposits		(28	)		(475	)

Net cash provided by investing activities	W	(465,000	)		(1,191,288	)

Cash flows from financing activities
Increase in long-term financial liabilities		447			3,278
Proceeds from bonds		—			987,117
Payment of cash dividends		(340,708	)		(378,397	)

Net cash provided by financing activities	W	(340,261	)		611,998

Effect of exchange rate fluctuation on cash held		12			(11	)
Net increase in cash and cash equivalents		56,532			113,799
Cash and cash equivalents at beginning of the period		184,416			409,388

Cash and cash equivalents at end of the period	W	240,948			523,187

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements

June 30, 2026 and 2025 (Unaudited)

1.Reporting Entity

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

As of June 30, 2026, the shares of the Company are listed on the Korea Exchange, while its ADRs are listed on the New York Stock Exchanges.

2. Basis of preparation

Statement of compliance

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

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

These condensed interim financial statements are separate interim financial statements prepared in accordance with KIFRS 1027 Separate Financial Statements presented by a parent, an investor with joint control of, or significant influence over an investee, in which the investments are accounted for at cost.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of preparation (cont’d)

Use of estimates and judgments

(a)	Judgments, assumptions and estimation uncertainties

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

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

The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the annual financial statements as of and for the year ended December 31, 2025 except for the matters mentioned below.

(b)	Measurement of fair value

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

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

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

2. Basis of preparation (cont’d)

•

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly.

•

Level 3 – inputs for the assets or liabilities that are not based on observable market data.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

3. Summary of Material Accounting Policy Information

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

Changes in Accounting Policies

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

These amendments include the following:

•

Clarification that a financial liability is derecognized on the settlemente date and the introduction of an accounting policy choice to derecognize financial liabilities that are settled by using electronic payment system before the settlement date (if specific criteria are met);

•

Additional guidance as to how to assess contractual cash flows of financial assets with environmental, social and corporate governance (ESG) and similar features;

•

Clarification on what constitutes non-recourse feature and the characteristics of contractually linked financial instruments; and

•

Introduction of disclosures on financial instruments with contingent features and additional disclosure requirements for equity instruments measured at fair value through other comprehensive income.

The amendments are not expected to have a material impact on the Company’s separate financial statements.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

3. Material Accounting Policy Information (cont’d)

b)	Annual Improvements to KIFRS – Volume 11

•

Amendments to KIFRS 1101 First-time adoption of KIFRS: Hedge accounting by a first-time adopter

•

Amendments to KIFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition, Guidance for application of amendments in practice

•

Amendments to KIFRS 1109 Financial Instruments: Accounting for derecognition of lease liabilities and definition of transaction prices

•

Amendments to KIFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’

•

Amendments to KIFRS 1007 Statement of Cash Flows: Cost Method

The amendments are not expected to have a material impact on the Company’s separate financial statements.

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

The key amendments are as follows:

•

Clarification on the application of the ‘own-use’ requirements for contracts within the scope;

•

Amendment to the designation criteria for designating cash flow hedge items in cash flow hedge relationships for contracts within the scope; and

•

Introduction of new disclosure requirements to enable users of financial statements to understand the effects of these contracts on the entity’s financial performance and cash flows.

The amendments are not expected to have a material impact on the Company’s separate financial statements.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

New and amended standards not yet adopted by the Group

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

(a)

Korean IFRS 1118 Presentation and Disclosure in Financial Statements

Key changes in the accounting policies

KIFRS 1118 has been issued, which replaces KIFRS 1001 Presentation of Financial Statements. KIFRS 1118 is expected to enhance the comparability of financial performance among similar firms by providing information users with useful information for analyzing and comparing firm performance, with a focus on the statement of profit or loss.

KIFRS 1118 is effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted. As the Company must apply this standard retrospectively in accordance with KIFRS 1008 Accounting Policies, Changes in Accounting Estimates and Errors, comparative information for the fiscal year ending December 31, 2027 is restated in accordance with KIFRS 1118.

The major accounting policies expected to result in significant differences from the current financial statements when the Company prepares the financial statements in accordance with KIFRS 1118 are as follows. These do not include all the differences that may incur in the future and are subject to change based on further analysis.

1) Changes such as presentation in the statement of profit or loss

The Company shall evaluate its main business activities to classify income and expenses; if the Company’s core business is to provide financing to customers or invest in assets with particular features, some income and expenses that might ordinarily have been classified in the investing or financing category, when applying the general principles, will be presented in the operating category.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

2) Disclosure of management-defined performance measures (MPMs)

If a performance measure qualifies as an MPM, KIFRS 1118 specifies the disclosure requirements. These disclosures should be included in a single note in the financial statements, and include:

•

a description of the aspect of financial performance which is communicated by the MPM, as well as explanation of why the MPM provides useful financial information;

•

how the MPM is calculated; and

•

a reconciliation between the MPM and the most directly comparable subtotal required by KIFRS, including the income tax effects and the effect on non-controlling interests for each reconciling item.

3) Changes such as classification of cash flows, etc.

In addition, narrow-scope amendments have been made to KIFRS 1007 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from “profit or loss” to “operating profit or loss” and removing the optionality around classification of cash flows from dividends and interest.

Assessment of major impact

The Company has not applied KIFRS 1118 as it is not mandatorily applicable yet, and the Company plans to report the first interim financial statements for the reporting period ending December 31, 2027, in accordance with KIFRS 1118.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

4. Trade Accounts and Notes Receivable

Trade accounts and notes receivable as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Trade accounts and notes receivable	W	65,665		41,384
Unbilled receivables (contract assets)		57,447		116,284
Less: Allowance for doubtful accounts		—		—

	W	123,112		157,668

5. Other Receivables

Other receivables as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Current
Other accounts receivable(*1)	W	136,319			103,109
Others(*2)		46,148			47,379
Less: Allowance for doubtful accounts(*2)		(4,665	)		(4,342	)

	W	177,802			146,146

Non-current
Loans(*2)	W	259,491			241,717
Long-term other accounts receivable		28,640			16,365
Others		1,078			1,049
Less: Allowance for doubtful accounts(*2)		(259,491	)		(241,717	)

	W	29,718			17,414

(*1)	The Company includes the amounts to be collected from each domestic subsidiary in accordance with the consolidated tax payment system.

(*2)	The Company assessed the recoverability of other receivables to FQM Australia Pty Ltd, an associate, and recognized an allowance for doubtful accounts for such other receivables from the entity.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

6. Other Financial Assets

(a)	Other financial assets as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Deposit instruments	W	3,770,000		3,120,000
Short-term financial instruments		124,180		104,794
Debt securities		240,000		230,000

	W	4,134,180		3,454,794

Non-current
Equity securities	W	151,916		170,819
Other securities		263,894		258,164
Derivative Assets		170,171		77,751
Deposit instruments		2		2
Debt Securities		13,148		—

	W	599,131		506,736

(b)	Equity securities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026													December 31, 2025
	Number of shares		Ownership (%)		Acquisition cost		Fair value		Net changes in fair value of equity securities			Book value		Book value

Marketable equity securities
CSN Mineracao S.A.		102,186,675		1.88		206,265		127,275		(78,990	)		127,275		145,885

						206,265		127,275		(78,990	)		127,275		145,885

Non-marketable equity securities
PLANTEC Co., Ltd.		18,337,912		10.99		19,437		23,271		3,834			23,271		23,564
Intellectual Discovery Co.,Ltd.		200,000		5.62		5,000		1,350		(3,650	)		1,350		1,350
S&M Media Co.,Ltd.		2,000		2.67		20		20		—			20		20
XG Sciences		300,000		5.06		2,724		—		(2,724	)		—		—

						27,181		24,641		(2,540	)		24,641		24,934

					W	233,446		151,916		(81,530	)		151,916		170,819

7. Assets Held for Sale

Details of assets Held for Sale as of june 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Beginning	W	—		467,796
Valuations		—		918
Disposals		—		(468,714	)

Ending	W	—		—

For the year ended December 31, 2025, the Company disposed its long-term investments in Nippon Steel Corporation and recognized losses on disposal of assets held for sale of W 9,883 million.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

8. Investments in Subsidiaries, Associates and Joint ventures

(a)	Investments in subsidiaries, associates and joint ventures of as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Investment in subsidiaries	W	43,233,553		43,478,792
Investment in associates		209,923		212,855
Investment in joint ventures		2,598,605		2,598,605

	W	46,042,081		46,290,252

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

(b)	Details of subsidiaries and carrying amounts as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)				June 30, 2026				December 31, 2025
	Country		Principal operations	Ownership (%)		Book value		Book value
[Domestic]
POSCO		Korea	Steel, rolled products, and plates manufacturing and sales		100.00	W	29,918,622		29,918,622
POSCO INTERNATIONAL Corporation		Korea	Trading, power generation and natural resources exploration		70.71		3,740,020		3,740,020
POSCO Eco & Challenge Co., Ltd.		Korea	Engineering and construction		52.80		1,014,963		1,014,963
POSCO Venture Capital Co., Ltd.		Korea	Investment in venture companies		100.00		115,931		115,931
POSCO FUTURE M CO.,LTD.		Korea	Refractory and anode/cathode material manufacturing and sales		58.18		1,924,555		1,924,555
POSCO WIDE Co., Ltd.		Korea	Business facility maintenance		100.00		308,843		308,843
POSCO DX		Korea	Computer hardware and software distribution		65.47		70,990		70,990
Busan E&E Co., Ltd.		Korea	Municipal solid waste fuel and power generation		70.00		30,148		30,148
POSCO-Pilbara LITHIUM SOLUTION Co., Ltd.		Korea	Lithium manufacturing and sales		82.00		642,940		642,940
POSCO LITHIUM SOLUTION		Korea	Lithium hydroxide manufacturing and sales		100.00		287,550		287,550
QSONE Co.,Ltd.		Korea	Real estate rental and facility management		100.00		238,478		238,478
POSCO ZT AIR SOLUTION		Korea	Manufacturing and Sales of High-Purity Rare Gases		75.10		63,481		63,481
Others							489,964		511,889

							38,846,485		38,868,410

[Foreign]
POSCO WA PTY LTD		Australia	Iron ore sales and mine development		100.00		646,574		646,574
POSCO Canada Ltd.		Canada	Coal sales		100.00		560,879		560,879
POSCO AUSTRALIA PTY LTD		Australia	Iron ore sales and mine development		100.00		330,623		330,623
POSCO (Zhangjiagang) Stainless Steel Co.,Ltd.(*1)		China	Stainless steel manufacturing and sales		—		—		259,819
POSCO-China Holding Corp.		China	Holding company		100.00		593,816		593,816
POSCO America Corporation		USA	Researching and consulting		99.45		192,136		192,136
POSCO VST CO., LTD.		Vietnam	Stainless steel manufacturing and sales		95.65		66,060		66,060
POSCO Asia Co., Ltd.		Hong Kong	Activities Auxiliary to financial service		100.00		117,690		117,690
POSCO JAPAN Co., Ltd.		Japan	Steel marketing, demand development, and technology research		100.00		68,410		68,410
Qingdao Pohang Stainless Steel Co., Ltd.(*1)		China	Stainless steel manufacturing and sales		—		—		65,982
POSCO (Suzhou) Automotive Processing Center Co., Ltd.		China	Steel manufacturing and sales		90.00		62,469		62,469
POSCO AFRICA (PROPRIETARY) LIMITED		South Africa	Mine development		100.00		50,297		50,297
POSCO Argentina S.A.U.		Argentina	Mineral exploration, manufacturing and sales		100.00		1,454,453		1,352,943
Others							243,661		242,684

							4,387,068		4,610,382

						W	43,233,553		43,478,792

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

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

(c)	Details of associates and carrying amounts as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)			June 30, 2026			December 31, 2025
	Country	Principal operations	Ownership (%)	Book value		Book value
[Domestic]
POSCO JK SOLID SOLUTION CO., LTD.	Korea	Material manufacturing for rechargeable battery	40.00	W	26,025		26,025
Others					13,904		16,837

					39,929		42,862

[Foreign]
9404-5515 Quebec Inc.(*1)	Canada	Investments	12.61		156,194		156,194
Others					13,799		13,799

					169,993		169,993

				W	209,922		212,855

(*1)	As of June 30, 2026, the entity is classified as an investment in an associate since the Company has significant influence over the investee although the Company’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.

(d)	Details of joint ventures and carrying amounts as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)				June 30, 2025				December 31, 2024
	Country		Principal operations	Ownership (%)		Book value		Book value
Roy Hill Holdings Pty Ltd(*1)		Australia	Natural resources exploration		10.00	W	1,225,464		1,225,464
POSCO-NPS Niobium LLC		USA	Foreign investments in mining		50.00		364,609		364,609
KOBRASCO		Brazil	Steel materials manufacturing and sales		50.00		98,962		98,962
HBIS-POSCO Automotive Steel Co., Ltd		China	Steel manufacturing and sales		50.00		235,207		235,207
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		China	Steel manufacturing and sales		25.00		63,866		63,866
PT NICOLE METAL INDUSTRY		Indonesia	Nickel Smelting		49.00		604,045		604,045
Hydrogen Duqm LLC		Oman	Green Hydrogen/Ammonia product business development		44.80		6,452		6,452
Nickel Mining Company SAS(*2)		New Caledonia	Raw material manufacturing and sales		49.00		—		—
SNNC(*2)		Korea	STS material manufacturing and sales		49.00		—		—

						W	2,598,605		2,598,605

(*1)	As of June 30, 2026 and December 31, 2025, the investments in joint ventures amounting to W1,225,464 million were provided as collateral in relation to revolving loan of Roy Hill Holdings Pty Ltd.

(*2)	In prior years, the Company assessed that the value in use of its equity interest in Nickel Mining Company SAS was likely to be low and accordingly recognized a full impairment loss.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

9. Investment Property

Changes in the carrying amounts of investment properties for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six -month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions			*Depreciation(1)**			*Transfer(2)**			Ending
Land	W	215,866		(5,200	)		—			(1,004	)		209,662
Buildings		89,988		—			(3,642	)		(933	)		85,413
Structures		13,538		—			(403	)		(140	)		12,995

	W	319,392		(5,200	)		(4,045	)		(2,077	)		308,070

(*1)	The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(*2)	Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

(b)	For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		*Depreciation(1)**			*Transfer(2)**			Ending
Land	W	216,211		—		—			(345	)		215,866
Buildings		97,752		—		(7,417	)		(347	)		89,988
Structures		14,409		—		(821	)		(50	)		13,538

	W	328,372		—		(8,238	)		(742	)		319,392

(*1)	The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(*2)	Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

10. Property, Plant and Equipment

Changes in the carrying amounts of property, plant and equipment for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			*Others(1)**			Ending
Land	W	118,418		2,337		—			—			486,473			607,228
Buildings		26,826		—		—			(1,051	)		933			26,708
Structures		6,923		—		—			(209	)		140			6,854
Machinery and equipment		32,422		3,023		(1,620	)		(4,736	)		28			29,117
Vehicles		28		—		—			(8	)		—			20
Furniture and fixtures		17,830		121		(2	)		(1,156	)		—			16,793
Construction-in-progress		500,693		26,868		—			—			(485,497	)		42,064

	W	703,140		32,349		(1,622	)		(7,160	)		2,077			728,784

(*1)	Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.

(b)	For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			*Others(1)**			Ending
Land	W	45,151		34,545		—			—			38,722			118,418
Buildings		28,447		—		—			(1,967	)		346			26,826
Structures		7,338		—		(63	)		(403	)		51			6,923
Machinery and equipment		29,821		9,299		(1,162	)		(5,789	)		253			32,422
Vehicles		44		—		—			(16	)		—			28
Furniture and fixtures		12,933		6,581		(10	)		(1,674	)		—			17,830
Construction-in-progress		292,259		242,172		—			—			(33,738	)		500,693

	W	415,993		292,597		(1,235	)		(9,849	)		5,634			703,140

(*1)	Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.

(c)	Information on lease agreements for which the Company is a lessee is as follows:

Right-of-use assets

As of June 30, 2026 and December 31, 2025, there are no right-of-use assets listed as property, plant and equipment.

Amount recognized in profit or loss

The amounts recognized in profit or loss related to leases for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods ended June 30				For the six-month periods ended June 30
(in millions of Won)	2026		2025		2026		2025
Expenses related to short-term leases	W	3,190		3,067		5,793		5,959
Expenses related to leases of low-value assets		1,473		1,269		3,329		2,915

	W	4,663		4,336		9,122		8,874

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

11. Intangible Assets

Changes in the carrying amounts of intangible assets for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

(a)	For the six -month period ended June 30, 2026


(in millions of Won)	Beginning		Acquisitions		Disposals		Amortization			*Others(2)**			Ending
Intellectual property rights	W	928		—		—		(117	)		326			1,137
Membership(*1)		10,992		—		—		—			—			10,992
Development expense		5,369		—		—		(1,135	)		—			4,234
Construction-in-progress		12,157		1,788		—		—			(326	)		13,619
Other intangible assets		213		—		—		(116	)		—			97

	W	29,659		1,788		—		(1,368	)		—			30,079

(*1)	Estimated useful life of membership is indefinite.

(*2)	Presenting assets transferred from construction-in-progress to other intangible assets.

(b)	For the year ended December 31, 2025


(in millions of Won)	Beginning		Acquisitions		Disposals			Amortization			*Others(2)**			Ending
Intellectual property rights	W	803		—		—			(194	)		319			928
Membership(*1)		10,072		920		—			—			—			10,992
Development expense		3,461		2,413		—			(1,916	)		1,411			5,369
Construction-in-progress		6,680		7,230		(23	)		—			(1,730	)		12,157
Other intangible assets		445		—		—			(232	)		—			213

	W	21,461		10,563		(23	)		(2,342	)		—			29,659

(*1)	Estimated useful life of membership is indefinite.

(*2)	Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

12. Other Assets

Other assets as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Advance payments	W	894		901
Prepaid expenses		1,521		1,198

	W	2,415		2,099

Non-current
Long-term advance payments	W	6,342		3,638
Long-term prepaid expenses		112		231
Others		—		—

	W	6,454		3,869

13. Borrowings

(a)	Borrowings as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Short-term borrowings
Exchangeable bonds	W	47,469		44,509
Current portion of long-term borrowings		1,573		1,464

		49,042		45,973

Long-term borrowings
Long-term borrowings	W	1,068,536		993,857

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

(b)	Current portion of debentures as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)

Lenders

Issuance
date

Maturity
date

Annual
interest rate (%)

June 30, 2026

December 31, 2025

Exchangeable bonds

Foreign currency

exchangeable bonds

Sep. 1, 2021

Sep. 1, 2026

—

47,469

44,509

Foreign borrowings

KOREA ENERGY AGENCY

Dec. 27, 2011

Dec. 26, 2026

3 year
Government bond

1,573

1,464

49,042

45,973

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


		Foreign currency exchangeable bonds
Type of bond		Exchangeable bonds

Aggregate principal amount(*1)		EUR 27,100,000

Interest rate		- Coupon rate : - - Yield to maturity : (0.78%)

Maturity date		September 1, 2026

Redemption		- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum - Prepayment : The issuer has call option and the bondholders have put option

Exchange rate		100%

Exchange price(*2) (Won/share)		419,025

Underlying shares		Registered common shares(treasury shares)

Exchange period		From October 12, 2021 to August 22, 2026

Adjustments for exchange price		Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of options or warranties to shareholders, share dividend, cash dividend, issuance of new shares under the market price.

Put option by bondholders		- In the event of a change of control of the Company - Where the shares issued by the Company are delisted (or suspended for more than 30 consecutive trading days)

Call option by the issuer		- Share price(based on closing price) is higher than 130% of exchange price for more than 20 trading days during 30 consecutive trading days in a row, after 3 years (September 1, 2024) from the closing day to 30 business days before the maturity of bonds - When the outstanding balance of outstanding bonds is less than 10% of the total issuance (Clean-Up Call) - Where additional reasons for tax burden arise due to the amendment of relevant laws and regulations, etc

(*1)	Due to investors exercising their early redemption rights, EUR 1,038,800,000 of the total face value of EUR 1,065,900,000 in exchangeable bonds was redeemed during the year ended December 31, 2024.

(*2)	The exchange value has changed due to cash dividends during the six-month period ended june 30, 2026.

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

13. Borrowings (cont’d)

(d)	Long-term borrowings and others excluding current portion, as of June 30, 2026 and December 31, 2025 are as follows:

(in millions of Won)

Lenders

Issuance
date

Maturity
date

Annual
interest rate (%)

June 30, 2026

December 31, 2025

Bonds payable in foreign currency(*1)

Global Bonds (5 year maturity)

May. 7, 2025

May. 7, 2030

5.125

611,091

568,243

Bonds payable in foreign currency(*1)

Global Bonds (10 year maturity)

May. 7, 2025

May. 7, 2035

5.750

457,445

425,614

1,068,536

993,857

(*1)	The Company enters into currency swap contracts to hedge foreign exchange risk associated with its foreign currency-denominated bonds.

14. Other Payables

Other payables as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Current
Accounts payable	W	36,195			27,162
Accrued expenses		41,378			23,164
Dividend payable		2,726			3,140

	W	80,299			53,466

Non-current
Long-term withholdings	W	36,835			36,388
Less: Present value discount		(785	)		(1,351	)

	W	36,050			35,037

15. Other Financial Liabilities

Other financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Financial guarantee liabilities	W	29,840		21,545

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

16. Provisions

(a) Provisions as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026				December 31, 2025
	Current		Non-current		Current		Non-current
Provision for bonus payments(*1)	W	8,931		—		4,907		—
Provision for restoration(*2)		2,317		2,058		2,742		2,947
Others(*3)		40,504		—		38,772		—

	W	51,752		2,058		46,421		2,947

(*1)	Represents the provision for bonuses with the limit of 100% of annual salaries for executives.

(*2)

Due to contamination of land near the Company’s magnesium smelting plant located in Gangneung city, the Company recognized present values of estimated costs for recovery as provisions for restoration as of June 30, 2026 and December 31, 2025. In order to determine the estimated costs, the Company has assumed that it would use all of technologies and materials available for now to recover the land. In addition, the Company has applied discount rates of 4.26% to assess present value of these costs.

(*3)	Considering the operational circumstance of the Company’s investments in joint ventures, Nickel Mining Company SAS, the Company recognized W40,504 million of the financial guarantee liabilities the Company provided as other provisions.

(b) Changes in provisions for the six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:

For the six-month period ended June 30, 2026


(in millions of Won)	Beginning		Increase			Utilization			*Others(1)**		Ending
Provision for bonus payments	W	4,907		8,405			(4,381	)		—		8,931
Provision for restoration		5,689		(988	)		(326	)		—		4,375
Others		38,772		—			—			1,732		40,504

	W	49,368		7,417			(4,707	)		1,732		53,810

(*1)	Reflecting the effect of exchange rate fluctuation.

For the year ended December 31, 2025


(in millions of Won)	Beginning		Increase		Utilization			*Others(1)**		Ending
Provision for bonus payments	W	4,175		8,465		(7,733	)		—		4,907
Provision for restoration		6,932		341		(1,584	)		—		5,689
Others		35,161		—		—			3,611		38,772

	W	46,268		8,806		(9,317	)		3,611		49,368

(*1)	Reflecting the effect of exchange rate fluctuation.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

17. Employee Benefits

(a)	Defined contribution plans

The expense related to defined contribution retirement plans for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:

(in millions of Won)

For the three-month periods
ended June 30

For the six-month periods
ended June 30

2026

2025

2026

2025

Expense related to post-employment benefit plans under defined contribution plans

156

102

(b)	Defined benefit plans

The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Present value of funded obligations	W	44,255			42,815
Fair value of plan assets		(36,730	)		(37,282	)

Net defined benefit liabilities	W	7,525			5,533

The amounts recognized in relation to net defined benefit plan in the interim condensed separate statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30						For the six-month periods ended June 30
	2026			2025			2026			2025
Current service costs	W	2,047			1,871			4,411			5,184
Interest costs		(35	)		(29	)		(71	)		(58	)

	W	2,012			1,842			4,340			5,126

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

18. Other Liabilities

Other liabilities as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Current
Advances received	W	3,544		2,420
Withholdings		2,911		3,327
Unearned revenue		53		72

	W	6,508		5,819

Non-current
Advances received	W	97		—
Unearned revenue		785		1,351

	W	882		1,351

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

19. Financial Instruments

(a)	Classification and fair value of financial instruments

The carrying amounts and the fair values of financial assets and financial liabilities by levels in the fair value hierarchy as of June 30, 2026 and December 31, 2025 are as follows:

①

June 30, 2026


(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	170,171		—		170,171		—		170,171
Short term financial instruments		124,179		—		124,179		—		124,179
Other securities		263,894		—		—		263,894		263,894
Fair value through other comprehensive income
Equity securities		151,916		127,275		23,271		1,370		151,916
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		240,948		—		—		—		—
Trade accounts and notes receivable		65,665		—		—		—		—
Debt securities		253,148		—		—		—		—
Other receivables		77,059		—		—		—		—
Deposit instruments		3,770,002		—		—		—		—

	W	5,116,982		127,275		317,621		265,264		710,160

Financial liabilities
Fair value through profit or loss
Borrowings	W	47,469		47,469		—		—		47,469
Financial liabilities measured at amortized cost(*1)
Borrowings		1,070,109		—		1,070,109		—		1,070,109
Financial guarantee liabilities		29,840		—		—		—		—
Others		80,420		—		—		—		—

	W	1,227,838		47,469		1,070,109		—		1,117,578

(*1)	The fair values of financial assets and liabilities measured at amortized cost except for borrowings approximates their carrying amounts.

②

December 31, 2025


(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	77,751		—		77,751		—		77,751
Short term financial instruments		104,794		—		104,794		—		104,794
Other securities		258,164		—		—		258,164		258,164
Fair value through other comprehensive income
Equity securities		170,819		145,885		23,564		1,370		170,819
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		184,416		—		—		—		—
Trade accounts and notes receivable		41,384		—		—		—		—
Debt securities		230,000		—		—		—		—
Other receivables		66,208		—		—		—		—
Deposit instruments		3,120,002		—		—		—		—

	W	4,253,538		145,885		206,109		259,534		611,528

Financial liabilities
Fair value through profit or loss
Borrowings	W	44,509		44,509		—		—		44,509
Financial liabilities measured at amortized cost(*1)
Borrowings		995,321		—		995,321		—		995,321
Financial guarantee liabilities		21,545		—		—		—		—
Others		77,383		—		—		—		—

	W	1,138,758		44,509		995,321		—		1,039,830

(*1)	The fair values of financial assets and liabilities measured at amortized cost approximates their carrying amounts.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

19. Financial Instruments (cont’d)

Financial liabilities were recognized in connection with financial guarantee contracts as of June 30, 2026. Details of the amount of guarantees provided are as follows:


(in millions of Won)			Guarantee limit					Guarantee amount
Guarantee beneficiary	Financial institution		Foreign currency			Won equivalent		Foreign currency		Won equivalent
Subsidiaries
POSCO ASIA COMPANY LIMITED		Credit Agricole		USD	75,000,000		115,613		70,000,000		107,905
		ING		USD	75,000,000		115,613		—		—
		Shinhan		USD	50,000,000		77,075		50,000,000		77,075
POSCO Argentina S.A.U.		BNP		USD	110,000,000		169,565		109,503,786		168,800
		CITI		USD	187,975,000		289,763		185,529,411		285,994
		Credit Agricole		USD	187,975,000		289,763		185,529,411		285,994
		HSBC		USD	187,975,000		289,763		175,231,912		270,120
		JPM		USD	187,975,000		289,763		185,529,412		285,994
		BANK OF AMERICA		USD	50,900,000		78,462		50,900,000		78,462
		KEXIM		USD	167,100,000		257,585		167,081,068		257,555
Joint ventures
NICKEL MINING COMPANY SAS		ING		EUR	46,000,000		81,010		46,000,000		81,010
PT Nicole Metal Industry		STANDARD CHARTERED		USD	24,500,000		37,767		18,757,063		28,914
		OCBC		USD	15,680,000		24,171		—		—

				USD	1,320,080,000		2,034,903		1,198,062,063		1,846,813
				EUR	46,000,000		81,010		46,000,000		81,010

The classification of finance income and costs by category of financial instrument for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

①

For the six-month period ended June 30, 2026


(in millions of Won)	Finance income and costs
	Interest income (expense)			Gain and loss on foreign currency			Gain on disposal		Loss on valuation			Others		Total			Other comprehensive loss
Financial assets at fair value through profit or loss	W	—			6,971			546		93,422			—		100,939			—
Financial assets at fair value through other comprehensive income		—			—			—		—			—		—			(13,846	)
Financial assets measured at amortized cost		55,869			(1,797	)		—		—			—		54,072			—
Financial liabilities at fair value through profit or loss		—			(2,032	)		—		(929	)		—		(2,961	)		—
Financial liabilities measured at amortized cost		(23,911	)		(77,085	)		—		—			2,721		(98,275	)		—

	W	31,958			(73,943	)		546		92,493			2,721		53,775			(13,846	)

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

②

For the six-month period ended June 30, 2025


(in millions of Won)	Finance income and costs
	Interest income (expense)			Gain and loss on foreign currency			Gain and loss on disposal		Gain on valuation			Others		Total			Other comprehensive loss
Financial assets at fair value through profit or loss	W	—			(7,408	)		8,695		(123	)		—		1,164			—
Financial assets at fair value through other comprehensive income		—			—			—		—			—		—			(49,724	)
Financial assets measured at amortized cost		49,628			(13,424	)		—		—			—		36,204			—
Financial liabilities at fair value through profit or loss		—			(1,653	)		—		(37,219	)		—		(38,872	)		—
Financial liabilities measured at amortized cost		(8,277	)		50,347			—		—			2,279		44,349			—

	W	41,351			27,862			8,695		(37,342	)		2,279		42,845			(49,724	)

20. Share Capital and Capital Surplus

(a) Details of share capital as of June 30, 2026 and December 31, 2025 are as follows:


(in Won, except share information)	June 30, 2026		December 31, 2025
Authorized shares		200,000,000		200,000,000
Par value	W	5,000		5,000
Issued shares(*1,2)		79,241,527		80,932,952
Share capital(*3)	W	482,403,125,000		482,403,125,000

(*1)	As of June 30, 2026, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 12,701,316 and such ADRs are equivalent to 3,175,329 shares of common stock.

(*2)	Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2026, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2026. As a result, as of June 30, 2026, the Company’s total number of issued shares has decreased.

(*3)	As of June 30, 2026, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W86,195 million due to retirement of 17,239,098 treasury stocks.

(b) Details of capital surplus as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Share premium	W	463,825			463,825
Gain on disposal of treasury shares		808,994			808,994
Gain from merger		80,627			80,627
Loss on disposal of hybrid bonds		(1,787	)		(1,787	)
Share-based payment		16,331			16,331

	W	1,367,990			1,367,990

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

21. Accumulated Other Comprehensive Income

Accumulated other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026			December 31, 2025
Changes in fair value of equity investments at fair value through other comprehensive income	W	(59,720	)		(45,874	)

22. Treasury Shares

Based on the Board of Directors’ resolution, the Company holds treasury shares for business purposes including price stabilization. Changes in treasury shares for six-month period ended June 30, 2026 and the year ended December 31, 2025 are as follows:


(shares, in millions of Won)	June 30, 2026						December 31, 2025
	Number of shares			Amount			Number of shares			Amount
Beginning		5,312,173		W	1,176,316			7,003,598		W	1,550,862
Retirement of treasury shares		(1,691,425	)		(374,545	)		(1,691,425	)		(374,546	)

Ending		3,620,748		W	801,771			5,312,173		W	1,176,316

23. Operating Revenue

(a)	Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods				For the six-month periods
	ended June 30				ended June 30
(in millions of Won)	2026		2025		2026		2025
Types of revenue
Dividend income	W	73,394		109,514		881,978		728,223
Others		41,125		45,254		82,901		91,242

	W	114,519		154,768		964,879		819,465

Timing of revenue recognition
Revenue recognized at a point in time	W	73,394		109,514		881,978		728,223
Revenue recognized over time		41,125		45,254		82,901		91,242

	W	114,519		154,768		964,879		819,465

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

23. Operating Revenue (cont’d)

(b)	Details of contract assets and liabilities from contracts with customers as of June 30, 2026 and December 31, 2025 are as follows:


(in millions of Won)	June 30, 2026		December 31, 2025
Receivables
Trade accounts and notes receivable	W	65,665		41,384
Contract assets
Unbilled receivables		57,447		116,284
Contract liabilities
Advance received		3,641		2,420
Unearned income		838		1,423

24. Operating Expenses

Operating expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods ended June 30				For the six-month periods ended June 30
(in millions of Won)	2026		2025		2026		2025
Wages and salaries	W	19,804		16,433		39,809		35,353
Expenses related to post-employment benefits		2,046		2,114		4,260		5,716
Other employee benefits		3,849		3,753		8,167		8,745
Travel		1,820		2,095		3,024		3,511
Taxes and public dues		13,632		12,851		13,785		12,896
Depreciation		3,223		2,976		6,440		5,811
Amortization		665		608		1,324		1,026
Rental		1,662		1,904		4,198		3,820
Repairs		122		104		242		235
Advertising		5,195		6,307		11,314		10,106
Research & development		34,941		36,008		67,804		71,033
Service fees		27,753		22,858		45,187		35,933
Supplies		51		58		103		142
Vehicles maintenance		490		606		988		1,220
Industry association fee		274		725		1,520		1,872
Training		629		580		804		648
Others		2,092		2,348		4,871		4,577

	W	118,248		112,328		213,840		202,644

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

25. Finance Income and Costs

Details of finance income and costs for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	For the three-month periods ended June 30					For the six-month periods ended June 30
	2026		2025			2026		2025
Finance income
Interest income	W	30,575		27,954			55,869		49,628
Gain on foreign currency transactions		10,305		15,057			11,653		15,187
Gain on foreign currency translations		2,725		50,590			10,111		51,311
Gain on valuation of derivatives		14,731		—			92,420		—
Gain on disposal of financial assets at fair value through profit or loss		—		860			546		8,695
Gain on valuation of financial assets at fair value through profit or loss		599		202			1,002		474
Gain on valuation of financial liabilities at fair value through profit or loss		—		—			—		—
Others		1,380		1,200			2,727		2,284

	W	60,315		95,863			174,328		127,579

Finance costs
Interest expenses	W	7,298		8,008			23,911		8,277
Loss on foreign currency transactions		14,158		25,742			14,310		26,540
Loss on foreign currency translations		22,437		10,330			81,397		12,096
Loss on valuation of derivatives		—		36,216			—		36,216
Loss on valuations of financial assets at fair value through profit or loss		—		(772	)		—		597
Loss on valuation of financial liabilities at fair value through profit or loss		509		922			929		1,003
Loss on transactions of equity securities		—		—			—		—
Others		3		3			6		5

	W	44,405		80,449			120,553		84,734

26. Other Non-Operating Income and Expenses

Details of other non-operating income and expenses for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


	For the three-month periods ended June 30					For the six-month periods ended June 30
(in millions of Won)	2026			2025		2026		2025
Other non-operating income
Gain on Disposal of Investments in Subsidiaries, associates and joint ventures	W	30,673			—		30,673		—
Reversal of impairment loss on other accounts receivables		988			33		988		33
Reversal of other provisions		—			—		—		—
Others		1,282			998		2,364		1,914

	W	32,943			1,031		34,025		1,947

Impairment loss on investments in subsidiaries, associates and joint ventures
Impairment loss on other accounts receivables	W	—			—		—		—
Loss on disposals of property, plant and equipment		1,622			48		1,622		735
Impairment loss on investments in subsidiaries, associates and joint ventures		3,049			6,651		25,822		6,651
Donations		5,002			5,001		5,002		5,501
Increase of other provisions		(34	)		720		—		756
Others		1,294			451		1,570		752

	W	10,933			12,871		34,016		14,395

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

27. Expenses by Nature

Expenses that are recorded by nature as cost of sales, operating expenses and other non-operating expenses in the statements of comprehensive income for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (excluding finance costs and income tax expenses):


(in millions of Won)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Employee benefits expenses	W	29,595		27,179		61,207		60,360
Depreciation(*1)		5,678		4,238		11,205		8,240
Amortization		687		630		1,368		1,061
Service fees		28,250		23,483		46,700		37,675
Rental		4,662		4,477		9,121		9,022
Advertising		5,213		6,311		11,334		10,110
Impairment loss on investments in subsidiaries, associates and joint ventures		3,049		6,651		25,822		6,651
Research & development		21,953		23,088		40,624		42,712
Other expenses		30,095		29,142		40,476		41,207

	W	129,182		125,199		247,857		217,038

(*1)	Including depreciation of investment property.

28. Income Taxes

The effective tax rates of the Company for each of the six-month periods ended June 30, 2026 and 2025 are 3.5% and 1.9%, respectively.

(a)	Income taxes

The Company vertically spun off its steel business at the spin-off date on March 1, 2022. The Company’s vertical spin-off meets the requirements for qualified spin-off under the Corporate Tax Act. Accordingly, transfer gains of W8,452,339 million under the Corporate Tax Act were incurred for the net asset transferred to the newly established company (POSCO). For the transfer gain, the Company simultaneously set provision for accelerated depreciation and recognized deferred tax liabilities.

Deductible temporary differences related to the investment in newly established company (POSCO), which arise from transfer gains under the Corporate Tax Act, were not recognized as deferred tax assets, since it is not probable they will reverse through disposal or liquidation.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

28. Income Taxes (cont’d)

(b)	Application of the Consolidated Tax Payment System

From the six-month period ended June 30, 2026, the Company has applied the consolidated tax payment system, under which a controlling company and its domestic subsidiaries, when economically integrated, are treated as a single tax entity for corporate income tax purposes. Under this system, the controlling company, as the consolidated parent entity, is responsible for filing and paying the corporate income tax on behalf of the entire consolidated group. After payment, the parent company collects the corresponding tax amounts from each domestic subsidiary.

(c)	Global minimum top-up tax

In 2023, Pillar Two legislation has been enacted in the Republic of Korea, where the Company is domiciled, which is effective for the fiscal years starting on or after January 1, 2024. Accordingly, the Company calculated the Pillar Two income tax expense for the six-month period ended June 30, 2026 as it is subject to global minimum top-up tax under the application of the OECD’s Pillar Two Model Rules via domestic legislation. The Company reviewed subsidiaries qualifying as taxpayer, including the Company, and, as a result, did not recognize any income tax expense for the six-month period ended June 30, 2026 as the impact of the global minimum top-up tax on the separate financial statements as of June 30, 2026 would not be significant. Furthermore, the Company applies temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two Model Rules as prescribed in KIFRS 1012 Income Taxes. Accordingly, it did not recognize deferred tax assets and liabilities related to the global minimum top-up tax and does not disclose information related to deferred income tax.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

29. Earnings per Share

(a)	Basic earnings per share for each of the three-month and six-month periods ended June 30, 2026 and 2025 are as follows:


(in Won, except share information)	For the three-month periods ended June 30				For the six-month periods ended June 30
	2026		2025		2026		2025
Profit for the period	W	13,242,387,324		46,145,579,835		776,320,355,897		634,903,318,088
Weighted-average number of common shares outstanding(*1)		75,620,779		75,620,779		75,620,779		75,620,779
Basic earnings per share	W	175		610		10,266		8,396

(*1)	The weighted-average number of common shares outstanding used to calculate basic earnings per share is as follows:


(shares)	For the three-month periods ended June 30						For the six-month periods ended June 30
	2026			2025			2026			2025
Weighted-average shares outstanding		79,241,527			80,932,952			80,082,567			81,773,992
Weighted-average number of treasury shares		(3,620,748	)		(5,312,173	)		(4,461,788	)		(6,153,213	)

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

The Company has exchangeable bonds that can be exchanged for common stocks with dilutive effects as of June 30, 2026 and 2025. The diluted earnings per share for the six-month period ended June 30, 2026 is the same as the basic earnings per share due to the anti-dilutive effect.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions

(a)	Related parties of the Company as of June 30, 2026 are as follows:


Type		Company

Subsidiaries		[Domestic] POSCO, POSCO Eco & Challenge Co., Ltd., POSCO STEELEON CO., Ltd, POSCO DX, POSCO Research Institute, POSCO WIDE Co., Ltd., POSCO Capital, POSCO FUTURE M CO., LTD.,eNtoB Corporation, POSCO FLOW CO.,LTD., POSCO M-TECH, Busan E&E Co,. Ltd., POSCO INTERNATIONAL Corporation, POSCO Mobility Solution Corporation, POSCO-Pilbara LITHIUM SOLUTION Co., Ltd., POSCO HY Clean Metal Co., Ltd., POSCO LITHIUM SOLUTION, Shinan Green Energy Co.,LTD., eSteel4U, QSONE Co.,Ltd., TANCHEON E&E, POSCO IH, POSCO A&C Co., Ltd, Posco Group University, POSCO GY Solution, POSCO GYR Tech, POSCO GYS Tech, POSCO PR Tech, POSCO PS Tech, POSCO PH Solution, POSCO Humans Co.,Ltd., Pohang Scrap Recycling Distribution Center Co., Ltd., POSCO NIPPON STEEL RHF JOINT VENTURE.CO.,Ltd., Songdo Development PMC (Project Management Company) LLC., POSCO-GS Eco Materials Co., Ltd, Korea Fuel Cell and others. [Foreign] POSCO America Corporation, POSCO AUSTRALIA PTY LTD., POSCO Asia Co., Ltd., POSCO (Zhangjiagang) Stainless Steel Co.,Ltd., POSCO-China Holding Corporation, POSCO JAPAN Co., Ltd., POSCO-VIETNAM Co., Ltd., POSCO MEXICO S.A. DE C.V., PT. KRAKATAU POSCO, YAMATO VINA STEEL JOINTSTOCK COMPANY, POSCO Argentina S.A.U., Senex Holdings PTY LTD, ULTIUM CAM LIMITED PARTNERSHIP and others.

Investments in associates and joint ventures		[Domestic] POSCO MC MATERIALS, Samcheok Blue Power Co.,Ltd., SNNC, Eco Energy Solution, UITrans LRT Co., Ltd., Pohang Special Welding Co.,Ltd., and others. [Foreign] Roy Hill Holdings Pty Ltd, POSCO-NPS Niobium LLC, KOBRASCO, PT NICOLE METAL INDUSTRY, HBIS-POSCO Automotive Steel Co.,Ltd, South-East Asia Gas Pipeline Company Ltd., 9404-5515 Quebec Inc., AES Mong Duong Power Company Limited, KOREA LNG LTD., Nickel Mining Company SAS and others.

(b)	Material transactions with the related companies for each of the six-month periods ended June 30, 2026 and 2025 are as follows:

1)	For the six-month period ended June 30, 2026


(in millions of Won)		*Sales and others(1)**						Purchase and others
	Sales		Dividends		Others		Purchase of fixed assets		Others
*Subsidiaries(2)**
POSCO	W	70,727		605,705		14		—		8,404
POSCO Eco & Challenge Co., Ltd.		3,322		—		—		10,258		1,702
POSCO STEELEON CO., Ltd		508		—		—		—		1
POSCO DX		578		18,390		—		190		7,363
POSCO Research Institute		—		—		—		—		4,595
eNtoB Corporation		—		—		—		87		5,175
POSCO FUTURE M CO., LTD.		1,348		24,596		14		—		7
POSCO INTERNATIONAL Corporation		3,130		124,396		—		—		7
Busan E&E Co,. Ltd.		—		3,618		—		—		—
POSCO America Corporation		—		—		—		—		4,061
Others		2,438		2,313		2,547		—		15,880

		82,051		779,018		2,575		10,535		47,195

Associates and joint ventures(*2)
POSCO-NPS Niobium LLC		—		12,359		—		—		—
Roy Hill Holdings Pty Ltd		—		77,257		—		—		—
Others		458		7,060		180		—		208

		458		96,676		180		—		208

	W	82,509		875,694		2,755		10,535		47,403

(*1)	Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(*2)	As of June 30, 2026, the Company provided payment guarantees to the related parties (see Note 19).

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

For the six-month period ended June 30, 2025


(in millions of Won)	*Sales and others(1)**						Purchase and others
	Sales		Dividends		Others		Purchase of fixed assets		Others
*Subsidiaries(2)**
POSCO	W	79,129		332,858		—		370		7,526
POSCO Eco & Challenge Co., Ltd.		4,842		11,037		—		208		—
POSCO STEELEON CO., Ltd		593		—		—		—		—
POSCO DX		1,040		12,425		—		3,181		7,900
POSCO Research Institute		—		—		—		—		4,580
eNtoB Corporation		—		—		—		—		4,327
POSCO FUTURE M CO., LTD.		1,767		11,671		—		—		24
POSCO INTERNATIONAL Corporation		2,784		192,814		166		—		10
Busan E&E Co,. Ltd.		—		3,618		—		—		—
POSCO America Corporation		—		—		—		—		3,338
Others		678		1,606		2,165		—		9,399

		90,833		566,029		2,331		3,759		37,104

*Associates and joint ventures(2)**
POSCO-NPS Niobium LLC		—		9,896		—		—		—
Roy Hill Holdings Pty Ltd		—		94,502		—		—		—
Others		409		39,971		119		—		—

		409		144,369		119		—		—

	W	91,242		710,398		2,450		3,759		37,104

(*1)	Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(*2)	As of June 30, 2025, the Company provided payment guarantees to the related parties (see Note 19).

(c)	The balances of receivables and payables arising from significant transactions between the Company and the related parties as of June 30, 2026 and December 31, 2025 are as follows:

June 30, 2026


(in millions of Won)	Receivables						Payables
	Trade accounts and notes receivable		Others		Total		Accounts payable		Others		Total
Subsidiaries
POSCO	W	45,921		111,950		157,871		1,224		46,038		47,262
POSCO Eco & Challenge Co., Ltd.		3,372		—		3,372		4,257		710		4,967
POSCO STEELEON CO., Ltd		602		—		602		—		—		—
POSCO DX		6,501		77		6,578		1,565		51		1,616
POSCO FUTURE M CO., LTD.		2,647		153		2,800		—		48		48
POSCO Mobility Solution Corporation		360		—		360		—		13		13
POSCO INTERNATIONAL Corporation		3,102		—		3,102		—		521		521
POSCO Argentina S.A.U		—		44,822		44,822		—		—		—
Others		1,816		10,498		12,314		8,169		420		8,589

		64,321		167,500		231,821		15,215		47,801		63,016

Associates and joint ventures
SNNC		427		—		427		—		—		—
Roy Hill Holdings Pty Ltd		53,900		—		53,900		—		—		—
FQM Australia Holdings Pty Ltd(*1)		—		261,699		261,699		—		—		—
Others		104		793		897		—		—		—

		54,431		262,492		316,923		—		—		—

	W	118,752		429,992		548,744		15,215		47,801		63,016

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

30. Related Party Transactions (cont’d)

December 31, 2025


(in millions of Won)	Receivables						Payables
	Trade accounts and notes receivable		Others		Total		Accounts payable		Others		Total
Subsidiaries
POSCO	W	92,175		81,349		173,524		1,657		40,742		42,399
POSCO Eco & Challenge Co., Ltd.		6,793		693		7,486		305		3,788		4,093
POSCO STEELEON CO., Ltd		1,299		—		1,299		—		—		—
POSCO DX		1,109		48		1,157		3,738		47		3,785
POSCO FUTURE M CO., LTD.		4,904		1		4,905		—		62		62
POSCO Mobility Solution Corporation		713		—		713		—		11		11
POSCO INTERNATIONAL Corporation		6,176		—		6,176		—		508		508
POSCO Argentina S.A.U		—		27,929		27,929		—		—		—
Others		3,606		7,874		11,480		4,274		537		4,811

		116,775		117,894		234,669		9,974		45,695		55,669

Associates and joint ventures
SNNC		929		—		929		—		—		—
Roy Hill Holdings Pty Ltd		39,761		—		39,761		—		—		—
FQM Australia Holdings Pty Ltd(*1)		—		243,601		243,601		—		—		—
Others		203		867		1,070		—		—		—

		40,893		244,468		285,361		—		—		—

	W	157,668		362,362		520,030		9,974		45,695		55,669

(*1)

FQM Australia Holdings Pty Ltd’s other receivable consists of long-term loans and

accrued

interest. Meanwhile, the Company has recognized allowance for doubtful accounts for all of other receivables.

(d)	For each of the six-month periods ended June 30, 2026 and 2025, there were additional investments in subsidiaries and others amounting to W108,827 million and W301,743 million, respectively.

(e)	For each of the six-month periods ended June 30, 2026 and 2025, details of compensation to key management officers are as follows:


(in millions of Won)	June 30, 2026		June 30, 2025
Short-term benefits	W	18,156		13,241
Retirement benefits		2,333		3,280

	W	20,489		16,521

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

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

31. Commitments and Contingencies

(a)	Commitments

As of June 30, 2026, the Company entered into commitments with KOREA ENERGY AGENCY for long-term foreign currency borrowing, which is limited up to the amount of USD 1.05 million. The borrowing is related to the exploration of gas hydrates in Western Fergana-Chinabad. The repayment of the borrowing depends on the success of the project. The Company is not liable for the repayment of full or part of the money borrowed if the respective project fails. The Company has agreed to pay a certain portion of its profits under certain conditions, as defined by the borrowing agreements. As of June 30, 2026, the ending balance of borrowing amounts to USD 1.02 million.

The Company has deposited 87,977 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of June 30, 2026.

(b)	As of June 30, 2026, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for long-term foreign currency borrowings.

(c)	Litigation in progress

The Company is involved in 3 lawsuits for contract payment amounting to W600 million as defendant as of June 30, 2026. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation as of June 30, 2026.

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

(e)	As of June 30, 2026, the Company has been provided a payment guarantee of W8,887 million from Seoul Guarantee Insurance in relation to license guarantees and others.

(f)	As of June 30, 2026, the Company has entered into a credit line agreement with Woori Bank, with a limit of W20,000 million.

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

June 30, 2026 and 2025 (Unaudited)

32. Cash Flows from Operating Activities

Changes in operating assets and liabilities for each of the six-month periods ended June 30, 2026 and 2025 are as follows:


(in millions of Won)	June 30, 2026			June 30, 2025
Trade accounts and notes receivable	W	58,387			65,003
Other accounts receivable		(10,733	)		32,242
Prepaid expenses		(204	)		(452	)
Other current assets		7			(96	)
Other non-current assets		(2,705	)		8
Other accounts payable		24,042			(3,402	)
Accrued expenses		16,460			15,771
Advances received		1,123			(770	)
Withholdings		(416	)		(184	)
Unearned revenue		(584	)		1,916
Other current liabilities		3,696			532
Payments of severance benefits		(2,484	)		(6,187	)
Plan assets		—			3,946

	W 86,589			108,327

33. Events after the reporting period

(a)

Pursuant to the resolution of the Board of Directors on August 7, 2026, the Company decided to pay interim cash dividends of W2,000 per common share (Total dividends: W151.2 billion).

(b)

Pursuant to the resolution of the Board of Directors on August 7, 2026, the Company decided to sell 36,434,963 common shares of POSCO International Corporation, representing approximately 20.71% of its issued shares, at KRW 55,400 per share, and 23,385,917 shares of POSCO DX Co., Ltd., representing approximately 15.38% of its issued shares, at KRW 20,600 per share.

(c)