Exhibit 99.1

QUARTERLY REPORT

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

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

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

QUARTERLY REPORT

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

To: Korean Financial Services Commission and Korea Exchange

/s/ Lee, Ju tae

Lee, Ju tae

President and Representative Director

POSCO HOLDINGS INC.

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

Telephone: +82-54-220-0114

/s/ Han, Young-Ah

Han, Young-Ah

Head of IR office, Senior Vice President

POSCO HOLDINGS INC.

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

Telephone: +82-054-220-0114

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TABLE OF CONTENTS

I.	Overview	4
II.	Business	5
III.	Financial Statements	34

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

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I. OVERVIEW

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

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II. BUSINESS

1. Overview

A. Classification of Business

We classify our business into six segments:

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

B. Summary of Financial Status of Segment

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

* Based on aggregation including internal transactions among affiliates.

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

2. Business Status of Segments

A. Steel

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

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∎ POSCO

(1) Summary of Business

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

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

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

Global Crude Steel Production

							(Million Tons, %)
Crude Steel Production	2025.Q3			2024			2023
Global		1,374			1,839			1,850
Korea (Ratio)		46 (3.4	%)		64 (3.5	%)		67 (3.6	%)

Source: worldsteel (www.worldsteel.org)

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

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

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

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

(2) Market Share

											(Million Ton, %)
Category	2025.Q3					2024					2023
	Production		Market share			Production		Market share			Production		Market share
Crude Steel Production		46		100	%		64		100	%		67		100	%
POSCO		26		56	%		35		55	%		36		54	%
Others		20		44	%		29		45	%		31		46	%

Source: worldsteel (www.worldsteel.org)

The steel industry’s major demand sectors include automobiles, shipbuilding, and construction, in which steel is a key raw material. The company’s sales consists of approximately 52% domestic sales and 48% exports, with Japan, Europe, and Southeast Asia accounting for a significant portion of exports. We maintain a make-to-order production and sales system while keeping the proportion of direct sales to end-users in the domestic market at around 61% to secure sales stability.

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

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

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

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

∎ POSCO STEELEON

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

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

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

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

∎ POSCO M-TECH

(1) Summary of Business

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

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Business Areas

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

(2) Market Share

(Ton)

Category	2025.Q3					2024					2023
	Sales Volume		Market share			Sales Volume		Market share			Sales Volume		Market share
POSCO M-TECH		25,682		39.7	%		38,284		44.3	%		31,984		44.7	%
PJ Metal		39,025		60.3	%		48,231		55.7	%		39,600		55.3	%
Total		64,707		100.0	%		86,515		100.0	%		71,584		100.0	%

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

B. Infrastructure [Trading]

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

∎ POSCO INTERNATIONAL

[Trading]

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

Market Share

			(Unit: USD million)
Category	2025.Q3		2024.Q3		Growth Rate
All Trading Companies in Korea		519,701		508,461		2.2	%
POSCO INTERNATIONAL Corp.		6,086		6,559		-7.2	%

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

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

- Motor core business: POSCO INTERNATIONAL started engaging in the electric vehicle (EV) motor core business with POSCO Mobility Solution, the company’s subsidiary. We plan to expand our motor core production to 7.5 million by 2030.

- Palm farm in Indonesia: POSCO INTERNATIONAL has developed a palm plantation in Indonesia, establishing a local palm oil production system and gradually expanding sales. In December 2022, the company established another Crude Palm Oil (CPO) mill, expanding annual CPO production to approximately 250,000 tons. Furthermore, the company is pursuing sustainable palm farming through RSPO certification.

[Energy]

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

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

- 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. Considering strong international oil prices and the shortage of domestic gas supply in eastern Australia, the company has launched additional development projects with the goal to triple gas production by 2025.

- 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. Serving as a key facility in the LNG value chain, it plays a pivotal role in connecting upstream LNG production with the downstream gas supply to end-users. The company is pursuing phased expansion beyond Gwangyang to meet both local demand and captive demand within the Group, while actively expanding into LNG bunkering, ship commissioning, and trading businesses.

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- 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.

- LNG asset-linked business: Drawing on its expertise in developing international energy sources, the company began LNG trading in 2017 to meet POSCO Group’s LNG demand. In May 2022, POSCO Group entered into a 20-year supply agreement with a U.S. company, Cheniere Energy, for 400,000 tons of LNG. In October of the same year, a sales contract was finalized. In 2023, POSCO INTERNATIONAL acquired POSCO Energy and obtained an additional value chain across the LNG business, from LNG import terminals to power generation.

- 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 reduce carbon emissions, POSCO Group is developing LNG-hydrogen co-firing power generation, with plans to further expand LNG and renewable energy projects both domestically and internationally. The expansion of the Gwangyang LNG Terminal No. 2 is currently underway; this project will strengthen our LNG value chain through diversification of terminal-linked operations, i.e., ship commissioning, bunkering, and LNG trading.

B. Infrastructure [Construction]

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

∎ POSCO E&C

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

[Plant Business]

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

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[Infrastructure Business]

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

[Construction Business]

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

B. Infrastructure [Logistics and associated businesses]

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

∎ POSCO DX

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

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

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C. Rechargeable Battery Materials

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

∎ POSCO Future M

[Basic Industrial Materials]

- Refractory production: Refractories maintain their chemical properties and strength even at high 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 22 subsidiaries in total, including POSCO HOLDINGS. POSCO HOLDINGS focuses on investing in new growth businesses and opportunities.

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3. Key Products

A. Sales of Key Products (2025.Q3) 

(Unit: KRW hundred million, %)

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

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

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B. Price Movement Trends of Key Products

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

Business Segment	Products	2025.Q3		2024		2023
Steel	Hot-rolled Product (HR)		866		910		967
	Cold-rolled Product (CR)		1,071		1,144		1,157
Infrastructure (Trading)	Electric Power		150		160		205
Rechargeable Battery Materials	Refractory		994		1,001		991
	Lime		155		142		147

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

[Steel]

(1) Criteria for Calculation

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

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

(2) Factors of Price Changes - Sluggish demand in downstream industries due to external uncertainties and low-demand seasonal impact

[Infrastructure (Trading Segment)]

(1) Criteria for Calculation

a) Subjects for Calculation: Price of electric power

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

(2) Factors of Price Changes

- Power: Korea Gas Corporation cost, etc.

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

[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.

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(2) Factors of Price Changes

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

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

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

4. Major Raw Materials

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

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

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Business Segment		Type of Purchase		Item	Specific Use	Purchase Amount (Portion, %)		Portion (%)
Secondary Battery Materials			Raw Materials	NCM and etc.	Production of cathode materials		11,380		84.90	%
				Graphite and etc.	Production of anode materials		455		3.40	%
				Limestone and etc.	Production of Lime		857		6.40	%
				Others	Production of refractory		706		5.30	%

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

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B. Price Movement Trends of Major Raw Materials

(Unit: KRW thousand)

Business Segment		Category	2025.Q3	2024	2023
Steel		Iron Ore(per ton)	130	135	145
		Coal(per ton)	260	329	387
		Scrap Iron(per ton)	480	505	526
		Nickel(per ton)	21,553	22,934	28,043
Infrastructure	Trading	LNG (per ton)	951	1,428	1,594
	Construction	Ready-mixed Concrete (per m3)	88	90	85
		Steel Pile (per m)	346	181	165
		Steel Reinforcement (per kg)	0.9	0.9	0.9
		Cable (per m)	1.0	1.0	0.9
Rechargeable Battery Materials		Refractory (per ton)	634	443	334
		Limestone (per ton)	25	25	24

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

[Steel]

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

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

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

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

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

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

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

																(Unit: U$/lb, U$/Ton)
’25.Q3		’25.Q2		’25.Q1		’24.Q4		’24.Q3		’24.Q2		’24.Q1		’23.Q4		’23.Q3		’23.Q2		’23.Q1
	6.81		6.88		7.06		7.27		7.37		8.35		7.53		7.83		9.23		10.12		11.79
	15,014		15,171		15,571		16,038		16,259		18,415		16,589		17,247		20,344		22,308		25,983

* LME: London Metal Exchange

[Infrastructure]

(1) Criteria for Calculation

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

19

[Rechargeable Battery Materials]

(1) Criteria for Calculation

- Unit Price based on receipt amount

(2) Factors of Price Changes

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

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

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

5. Production and Facilities

A. Production Capacity

[Steel]

∎ POSCO

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

∎ POSCO STEELEON

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

∎ POSCO M-TECH

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

20

[Infrastructure (Trading)]

∎ POSCO INTERNATIONAL

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

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

									(Ton)
Business Area	Products	Place of Business	2025.Q3			2024			2023
Refractory	Brick and etc.	Pohang		87,180			116,560			116,560
LIME	Quicklime	Pohang		819,000			1,095,000			1,095,000
		Gwangyang		819,000			1,095,000			1,095,000
Total				1,725,180			2,306,560			2,306,560

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

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

B. Production Result and Capacity Utilization Rate

[Steel]

(1) Production

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

* The amount of products is the aggregate amount of POSCO’s production and production of POSCO’s subsidiaries, which may include interested parties’ transactions.

21

(2) Capacity Utilization Rate (2025.Q3)

(Unit: Thousand Ton, %)

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

[Infrastructure (Trading)]

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

∎ POSCO INTERNATIONAL

(1) Production Result

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

(2) Capacity Utilization Rate (2025.Q3)

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

[Rechargeable Battery Materials]

∎ POSCO FUTURE M

(1) Production Result

						(Unit: Ton)
Business Area	Products	Place of Business	2025.Q3			2024			2023
Refractory	Brick and etc.	Pohang		61,272			80,191			77,437
LIME	Quicklime	Pohang		818,035			1,055,911			1,110,594
		Gwangyang		899,796			1,216,072			1,243,040
Total				1,779,103			2,352,174			2,431,071

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

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

22

(2) Capacity Utilization Rate (2025.Q3)

					(Unit: Ton, %)
Business Area	Capacity		Production		Utilization Rate
Refractory Factory		57,801		42,300		73	%
Quicklime Factory (Pohang)		543,000		533,385		98	%
Quicklime Factory (Gwangyang)		543,000		605,272		111	%
Total		1,143,801		1,180,957		—

* In the case of the rechargeable battery materials sector, detailed notation is omitted in consideration 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 (2025.Q3)

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

23

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

24

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

25

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

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

- Investments under Construction

The total duration and investment amount of individual projects with investments in excess of KRW 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 ~ September 2029	Construction of a new electric arc furnace at the Gwangyang Works, etc.		44,233		13,684		30,549

[Infrastructure]					(Unit: KRW hundred million)
Date		Project	Total Investment		Invested Amount		Amount to be Invested
Expansion/ Establishment	June 2023 ~ May 2027	Gwangyang LNG terminal, etc.		9,935		6,047		3,888

26

[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.		70,477		46,530		23,947

6. Product Sales

[Steel]

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

27

[Infrastructure]

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

[Rechargeable Battery Materials]

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

[Others]

	(Unit: KRW hundred million)
Items	2025.Q3			2024		2023
Gross Sum		13,038			38,299		48,219
Deduction of Internal Transaction		(12,665	)		-10,174		-10,059
Total		373			28,125		38,160

* Domestic and overseas categorized by the sales area.

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

7. Derivatives

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

28

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

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

8. Significant Contracts

[Price Movement Trend of Major Raw Materials]

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 0.6588 trillion

c) Purpose: In order to improve the management efficiency of the steel business as a following step of the 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

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 1.1320 trillion

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

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

e) Payment method: Cash payment

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

* The above contract amount is the amount applied to the exchange rate based on July 31, 2023, and overseas assets are traded by applying the exchange rate on the day of the transaction.

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

a) Contract Counterparty: POSCO

b) Transaction amount: KRW 1.1377 trillion

29

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: November 18, 2022 ~ March 31, 2023

e) Payment method: Cash payment

f) Company subject to transfer: POSCO YAMATO VINA STEEL JOINT STOCK COMPANY, POSCO Thainox Public Company Limited, POSCO COATED STEEL (THAILAND) CO., and etc. (32 domestic companies, 25 overseas companies)

* The above contract amount is the amount applied to the exchange rate based on November 3, 2022, and overseas assets are traded by applying the exchange rate on the day of the transaction.

(4) Sales contract of CSP shares

a) Contract Counterparty: ArcelorMittal Brazil

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

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

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

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

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

a) Contract Counterparty: LithiumCo (pseudonym)

b) Transaction amount: KRW 1.1121 trillion

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

d) Contract period: November 11, 2025 (Board resolution and term sheet signing date)

  - The definitive agreement is scheduled to be signed in the first half of 2026, after further negotiation on the detailed terms and conditions.

e) Payment method: Cash payment

30

[Infrastructure (Trading)] 

∎ POSCO INTERNATIONAL

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

31

Contract

Remarks

Decision on Merger of POSCO Energy

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

9. Research and Development

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

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

32

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

B. R&D Expenses (2025.Q3)

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

* Total includes government subsidy.

33

III. Financial Statements

1. Consolidated Financial Statements

A. Summary

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

34

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

B. The Standards Used for Reporting the Financial Statements

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

35

2. Separate Financial Statements

A. Summary

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

36

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

B. The Standards Used for Reporting the Financial Statements

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

37

POSCO HOLDINGS INC.

and its subsidiaries

Interim condensed consolidated financial statements

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

with the independent auditor’s review report

Table of Contents

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

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

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

November 14, 2025

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

2

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated financial statements

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

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

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

Ju tae Lee

Representative Director & President

POSCO HODINGS INC.

3

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position

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

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

(continued)

4

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of financial position, continued

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

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

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

5

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of comprehensive income

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

ended September 30, 2025 and 2024 (Unaudited)

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

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

6

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity

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

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

(continued)

7

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of changes in equity, continued

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

(in millions of Won)	Attributable to owners of the controlling company																	Non- controlling interests			Total
	Share capital		Capital surplus			Other components of equity			Treasury shares			Retained earnings			Subtotal
Balance as of January 1, 2025	W	482,403		1,648,894			1,155,429			(1,550,862	)		53,658,367			55,394,231			6,056,137			61,450,368
Comprehensive income:
Profit for the period		—		—			—			—			883,006			883,006			(68,012	)		814,994
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—			—			12,464			12,464			5,378			17,842
Capital adjustment arising from investments in equity-accounted investees, net of tax		—		—			(81,251	)		—			—			(81,251	)		(7,539	)		(88,790	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			195,367			—			2,075			197,442			747			198,189
Foreign currency translation differences, net of tax		—		—			(271,997	)		—			—			(271,997	)		(56,228	)		(328,225	)
Gains (losses) on valuation of derivatives, net of tax		—		—			(146	)		—			—			(146	)		—			(146	)
Total comprehensive income		—		—			(158,027	)		—			897,545			739,518			(125,654	)		613,864
Transactions with owners of the controlling company, recognized directly in equity:
Year-end dividends		—		—			—			—			(189,052	)		(189,052	)		(158,122	)		(347,174	)
Interim dividends		—		—			—			—			(378,104	)		(378,104	)		—			(378,104	)
Changes in the scope of consolidation		—		—			—			—			—			—			7,040			7,040
Changes in ownership interest in subsidiaries		—		35,622			—			—			—			35,622			687,894			723,516
Retirement of treasury shares		—		—			—			374,545			(374,545	)		—			—			—
Others		—		(7,812	)		2,556			—			22,300			17,044			(29,413	)		(12,369	)
Total transactions with owners of the controlling company		—		27,810			2,556			374,545			(919,401	)		(514,490	)		507,399			(7,091	)
Balance as of September 30, 2025 (Unaudited)	W	482,403		1,676,704			999,958			(1,176,317	)		53,636,511			55,619,259			6,437,882			62,057,141

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

8

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows

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

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

(continued)

9

POSCO HOLDINGS INC. and its subsidiaries

Interim condensed consolidated statements of cash flows, consolidated

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

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

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

10

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements

September 30, 2025 and 2024 (Unaudited)

1. General Information

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

(a) The controlling company

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

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

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

(b) Consolidated subsidiaries acquired or newly established for the nine-month period ended September 30, 2025 are as follows:

Company	Date of inclusion		Ownership (%)	Reason
POSCO DEEPTECH IP FUND		June 2025	60.00		New establishment
FUTURE GRAPH CO., LTD.		June 2025	100.00		New establishment
Chemgas Korea Co., Ltd.		July 2025	100.00		Acquired
POSCO-EVER NEW MEDICAL Investment Fund		July 2025	60.00		New establishment
POSCO Stainless Precision & Processing		August 2025	100.00		New establishment
POSCO INTERNATIONAL CVC 1st Fund		August 2025	100.00		New establishment
POSCO CVC 1st Fund		August 2025	100.00		New establishment
NYUJERO 2ND CO., LTD.		September 2025	100.00		Acquired
POSCO DX CVC 1st Fund		September 2025	100.00		New establishment
POSCO Group AC Fund I		September 2025	100.00		New establishment
POSCO SAFETY SOLUTION CO., LTD.		September 2025	100.00		New establishment

(c) Consolidated subsidiaries over which the Company has lost control for the nine-month period ended September 30, 2025 are as follows:

Company	Date of exclusion		Reason
SANPU TRADING Co., Ltd.		May 2025		liquidation
NEH Co., Ltd.		June 2025		Merger
POSCO CNGR Nickel Solution		July 2025		Liquidation
POSCO ENGINEERING & CONSTRUCTION VIETNAM COMPANY LIMITED		August 2025		Disposal
SK SOLRA POWER GENERATION COPORATION		August 2025		Disposal

11

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (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, 2024. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group incurred after December 31, 2024.

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

Use of estimates and judgments

(a) Judgments, assumptions and estimation uncertainties

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

(b) Measurement of fair value

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

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

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

12

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

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

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

• Level 2 - inputs other than quoted prices included in Level 1 that are observable for the assets or 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, 2024.

Changes in accounting policies

(a) Amendments to KIFRS 1021: Lack of Exchangeability

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

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

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

13

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

4. Trade Accounts and Notes Receivable

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

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

The Group discounted trade accounts receivable in accordance with trade accounts receivable factoring agreements with financial institutions for the nine-month period ended September 30, 2025 and the year ended December 31, 2024. This transaction is a transaction with recourse rights because the Group is obligated to pay the amount to the bank, etc. if the trade accounts receivable are not recovered at maturity, and the transaction is accounted for as secured borrowing. As of September 30, 2025 and December 31, 2024, the book value of the trade accounts receivable from the transaction is W148,876 million and W119,076 million, respectively, and the amount is included in the short-term borrowings.

14

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

5. Other Receivables

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

(in millions of Won)	September 30, 2025			December 31, 2024
Current
Short-term loans	W	329,492			375,244
Other accounts receivable		1,387,386			1,671,039
Accrued income(*1)		312,572			293,985
Deposits		45,316			80,007
Others		43,611			28,480
Lease receivables		14,258			18,224
Less: Allowance for doubtful accounts(*1)		(145,286	)		(205,656	)
	W	1,987,349			2,261,323
Non-current
Long-term loans(*1)	W	1,339,728			1,247,255
Other accounts receivable		397,735			192,736
Accrued income		207,926			189,565
Deposits		241,206			142,698
Lease receivables		66,266			76,680
Less: Allowance for doubtful accounts(*1)		(602,445	)		(542,605	)
	W	1,650,416			1,306,329

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

15

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

6. Other Financial Assets

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

(in millions of Won)	September 30, 2025		December 31, 2024
Current
Derivatives assets	W	178,093		465,178
Debt securities		928,407		400,771
Deposit instruments(*1)		6,919,891		6,420,797
Short-term financial instruments(*1)		822,162		1,212,643
	W	8,848,553		8,499,389
Non-current
Derivatives assets	W	268,029		497,698
Equity securities(*2)		1,497,778		1,171,544
Debt securities		124,648		115,601
Other securities(*2)		744,878		762,177
Deposit instruments(*1)		44,857		24,631
	W	2,680,190		2,571,651

(*1) As of September 30, 2025 and December 31, 2024, financial instruments amounting to W78,537 million and W98,116 million, respectively, are restricted in use for financial arrangements, pledge and others.

(*2) As of September 30, 2025 and December 31, 2024, W185,688 million and W182,862 million of equity and other securities, respectively, have been provided as collateral for borrowings, construction projects and others.

16

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

7. Inventories

(a) Inventories as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025			December 31, 2024
Finished goods	W	2,364,402			2,741,236
Merchandise		1,073,586			1,166,464
Semi-finished goods		2,530,097			2,659,707
Raw materials		3,356,036			3,764,453
Fuel and materials		1,124,899			1,038,854
Construction inventories		172,127			200,825
Materials-in-transit		2,407,684			2,889,334
Others		103,998			118,391
		13,132,829			14,579,264
Less: Allowance for inventories valuation(*1)		(327,606	)		(435,764	)
	W	12,805,223			14,143,500

(*1) For each of the nine-month periods ended September 30, 2025 and 2024, allowance for inventories valuation decreased by W102,147 million and W62,047 million, respectively.

(b) The allowances for inventories valuation by item as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Finished goods	W	120,628		187,902
Merchandise		10,267		14,288
Semi-finished goods		71,962		103,751
Raw materials		109,354		113,413
Fuel and materials		5,528		6,060
Construction inventories		5,915		6,420
Others		3,952		3,930
	W	327,606		435,764

17

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

8. Assets Held for Sale

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

(in millions of Won)	September 30, 2025			December 31, 2024
Asset
Cash and cash equivalents	W	9,154			—
Account receivables		21,396			—
Inventories		12,671			—
Equity securities(*1)		225,724			604,439
Property, plant and equipment		35,601			4,319
Intangible assets		2,676			—
Others		1,437			—
	W	308,659			608,758
Liability
Other receivables	W	(34,577	)		—
Provisions		(252	)		—
	W	(34,829	)		—

(*1) Some of the equity securities of Nippon Steel Corporation amounting to W402,860 million, which have been classified as assets held for sale for the year ended December 31, 2024, were disposed of during the nine-month period ended September 30, 2025, and the carrying amount of the remaining equity securities is W225,724 million.

18

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

9. Investments in Associates and Joint ventures

(a) Details of investments in associates as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025								December 31, 2024
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	421,594		392,269
Chun-cheon Energy Co., Ltd(*1)		17,308,143		49.10		86,541		14,054		14,054
Pocheon-Hwado Highway Corp.(*1)		7,109,230		27.89		35,546		17,044		14,834
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd		944,920		29.53		4,725		12,259		12,401
PCC Amberstone Private Equity Fund 1(*2)		3,666,151,104		8.80		3,666		3,712		6,181
Others(*1)								132,966		122,688
								601,629		562,427
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		50,082		25.04		102,298		273,336		279,349
9404-5515 Quebec Inc.		284,463,243		25.85		328,509		397,429		426,276
AMCI (WA) PTY LTD		49		49.00		209,664		113,847		68,478
KOREA LNG LTD.		2,400		20.00		135,205		19,073		25,622
PT. Wampu Electric Power(*1)		8,708,400		20.00		10,054		15,651		17,680
POS-SeAH Steel Wire(Nantong) Co., Ltd.		50		25.00		4,723		11,143		10,713
M RES NSW HCC II Pty Ltd(*3)		48,000,000		80.00		68,861		64,940		—
Others(*1)								229,937		241,841
								1,125,356		1,069,959
							W	1,726,985		1,632,386

(*1) As of September 30, 2025 and December 31, 2024, investments in associates amounting to W482,255 million and W452,614 million, respectively, are provided as collateral in relation to the associates’ borrowings.

(*2) As of September 30, 2025, the entity is classified as an associate since the Group has significant influence over the investee although the Group’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.

(*3) As of September 30, 2025, the entity is classified as an associate since the Group has significant influence over the investee although the Group’s percentage of ownership exceeds a majority, considering the structure of the entity’s Board of Directors and others.

19

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Details of investments in joint ventures as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025								December 31, 2024
Company	Number of shares		Ownership (%)		Acquisition cost		Book value		Book value
[Domestic]
POSCO MC MATERIALS		11,568,000		60.00	W	115,680	W	144,557		153,839
SNNC		18,130,000		49.00		90,650		25,008		38,046
Others								19,145		10,042
								188,710		201,927
[Foreign]
Roy Hill Holdings Pty Ltd(*1)		13,117,972		12.50		1,528,672		1,357,782		1,397,824
POSCO-NPS Niobium LLC		325,050,000		50.00		364,609		455,867		477,898
KOBRASCO		2,010,719,185		50.00		32,950		128,113		119,820
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		—		25.00		61,961		121,580		126,906
PT NICOLE METAL INDUSTRY		152,764,706		49.00		603,178		632,502		578,604
HBIS-POSCO Automotive Steel Co., Ltd		—		50.00		235,251		140,995		179,841
Others								21,148		23,587
								2,857,987		2,904,480
							W	3,046,697		3,106,407

(*1) As of September 30, 2025 and December 31, 2024, the investments in joint ventures are provided as collateral in relation to the joint ventures’ borrowings.

20

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)
Company	January 1, 2025 Book value		Acquisition		Dividends			Share of profits (losses)			Other increase (decrease)(*1)			September 30, 2025 Book value
[Domestic]
Samcheok Blue Power Co., Ltd.	W	392,269		17,509		(2,795	)		14,603			8			421,594
SNNC		38,046		—		—			(13,038	)		—			25,008
Chun-cheon Energy Co., Ltd		14,054		—		—			(323	)		323			14,054
Pocheon-Hwado Highway Corp.		14,834		—		—			2,210			—			17,044
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd		12,401		—		—			(143	)		1			12,259
PCC Amberstone Private Equity Fund 1		6,181		—		—			(364	)		(2,105	)		3,712
POSCO MC MATERIALS		153,839		—		(3,000	)		(6,282	)		—			144,557
Others		132,730		18,097		(1,248	)		2,776			(244	)		152,111
		764,354		35,606		(7,043	)		(561	)		(2,017	)		790,339
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		279,349		—		(26,653	)		44,436			(23,796	)		273,336
9404-5515 Quebec Inc.		426,276		—		(21,180	)		14,749			(22,416	)		397,429
AMCI (WA) PTY LTD		68,478		—		—			49,677			(4,308	)		113,847
KOREA LNG LTD.		25,622		—		(4,443	)		4,574			(6,680	)		19,073
PT. Wampu Electric Power		17,680		—		(1,708	)		511			(832	)		15,651
POS-SeAH Steel Wire(Nantong) Co., Ltd.		10,713		—		—			755			(325	)		11,143
Roy Hill Holdings Pty Ltd		1,397,824		—		(164,092	)		105,580			18,470			1,357,782
POSCO-NPS Niobium LLC		477,898		—		(32,031	)		32,144			(22,144	)		455,867
KOBRASCO		119,820		—		(18,197	)		13,506			12,984			128,113
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		126,906		—		(11,440	)		8,971			(2,857	)		121,580
PT NICOLE METAL INDUSTRY		578,604		62,573		—			14,840			(23,515	)		632,502
HBIS-POSCO Automotive Steel Co., Ltd		179,841		—		—			(35,291	)		(3,555	)		140,995
M RES NSW HCC II Pty Ltd		—		68,861		—			(2,195	)		(1,726	)		64,940
Others		265,428		751		(8,707	)		(5,349	)		(1,038	)		251,085
		3,974,439		132,185		(288,451	)		246,908			(81,738	)		3,983,343
	W	4,738,793		167,791		(295,494	)		246,347			(83,755	)		4,773,682

(*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the nine-month period ended September 30, 2025.

21

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) For the year ended December 31, 2024

(in millions of Won)
Company	January 1, 2024 Book value		Acquisition		Dividends			Share of profits (losses)			Other increase (decrease)(*1)			December 31, 2024 Book value
[Domestic]
Samcheok Blue Power Co., Ltd.	W	323,521		25,680		(10,993	)		54,140			(79	)		392,269
SNNC		100,692		—		—			(61,898	)		(748	)		38,046
Chun-cheon Energy Co., Ltd		15,040		—		—			1,807			(2,793	)		14,054
Pocheon-Hwado Highway Corp.		23,998		—		—			(9,164	)		—			14,834
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co., Ltd		13,967		—		—			(384	)		(1,182	)		12,401
PCC Amberstone Private Equity Fund 1		8,904		175		(490	)		(484	)		(1,924	)		6,181
POSCO MC MATERIALS		155,748		—		(1,800	)		403			(512	)		153,839
Others		150,985		12,362		(4,999	)		(6,802	)		(18,816	)		132,730
		792,855		38,217		(18,282	)		(22,382	)		(26,054	)		764,354
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		287,282		—		(64,208	)		45,923			10,352			279,349
AES Mong Duong Power Company Limited(*2)		230,699		—		(34,821	)		(82,075	)		(113,803	)		—
9404-5515 Quebec Inc.		346,724		—		(17,764	)		35,241			62,075			426,276
AMCI (WA) PTY LTD		60,225		—		—			(5,127	)		13,380			68,478
NCR LLC		253,121		4,275		—			(266,425	)		9,029			—
KOREA LNG LTD.		58,759		—		(17,829	)		17,714			(33,022	)		25,622
Nickel Mining Company SAS		87,967		—		—			(94,353	)		6,386			—
ZHEJIANG HUAYOU-POSCO ESM CO., LTD		105,300		—		—			(117,143	)		11,843			—
PT. Wampu Electric Power		15,632		—		(1,764	)		1,238			2,574			17,680
POS-SeAH Steel Wire(Nantong) Co., Ltd.		8,642		—		—			573			1,498			10,713
Roy Hill Holdings Pty Ltd		1,400,009		—		(284,541	)		203,130			79,226			1,397,824
POSCO-NPS Niobium LLC		419,192		—		(29,225	)		29,336			58,595			477,898
KOBRASCO		99,768		—		(5,761	)		37,914			(12,101	)		119,820
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		111,001		—		(10,772	)		14,207			12,470			126,906
DMSA/AMSA		16,572		—		—			(17,299	)		727			—
PT NICOLE METAL INDUSTRY		284,351		247,824		—			(315	)		46,744			578,604
HBIS-POSCO Automotive Steel Co., Ltd		208,765		—		—			(49,480	)		20,556			179,841
Others		233,400		7,860		(26,222	)		12,865			37,525			265,428
		4,227,409		259,959		(492,907	)		(234,076	)		214,054			3,974,439
	W	5,020,264		298,176		(511,189	)		(256,458	)		188,000			4,738,793

(*1) Other increase (decrease) represents the changes in investments in associates and joint ventures due to disposals and change in capital adjustments effect from translations of financial statements of foreign investees and others for the year ended December 31, 2024.

(*2) For the year ended December 31, 2024, the Group determined to sell AES Mong Duong Power Company Limited and classified it as assets held for sale.

22

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) The summarized financial information on associates and joint ventures as of and for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 is as follows:

1) As of and for the nine-month period ended September 30, 2025

(in millions of Won)
Company	Assets		Liabilities		Equity (deficit)			Sales		Net income (loss)
[Domestic]
Samcheok Blue Power Co., Ltd.	W	5,272,989		4,425,359		847,630			513,676		45,199
SNNC		629,272		561,518		67,754			572,524		(27,764	)
Chun-cheon Energy Co., Ltd		520,094		396,593		123,501			281,121		307
Pocheon-Hwado Highway Corp.		683,308		584,762		98,546			17,184		7,100
CHUNGJU ENTERPRISE CITY DEVELOPMENT Co.,Ltd		14,030		2,817		11,213			1,050		(483	)
PCC Amberstone Private Equity Fund 1		43,757		1,561		42,196			1,397		(4,142	)
POSCO MC MATERIALS		348,065		104,817		243,248			151,069		(9,687	)
[Foreign]
South-East Asia Gas Pipeline Company Ltd.		1,454,148		362,538		1,091,610			347,150		177,469
9404-5515 Quebec Inc.		1,604,080		9		1,604,071			—		57,061
FQM Australia Holdings Pty Ltd		56,562		1,510,781		(1,454,219	)		—		(61,793	)
KOREA LNG LTD.		95,655		291		95,364			24,476		22,869
Nickel Mining Company SAS		503,701		304,421		199,280			135,799		(53,787	)
ZHEJIANG HUAYOU-POSCO ESM CO., LTD		307,360		51,858		255,502			104,233		(23,972	)
PT. Wampu Electric Power		182,429		107,223		75,206			13,306		2,554
POS-SeAH Steel Wire(Nantong) Co., Ltd.		100,784		58,800		41,984			114,195		2,901
Roy Hill Holdings Pty Ltd		10,705,670		2,647,567		8,058,103			5,243,024		1,167,733
POSCO-NPS Niobium LLC		911,530		—		911,530			—		57,767
KOBRASCO		271,831		16,210		255,621			40,462		27,012
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		1,004,515		545,060		459,455			1,066,995		35,885
DMSA/AMSA		826,471		1,696,559		(870,088	)		569,544		(697,846	)
HBIS-POSCO Automotive Steel Co., Ltd		965,173		665,159		300,014			396,883		(70,554	)
PT NICOLE METAL INDUSTRY		1,071,554		200,703		870,851			491,610		30,407
M RES NSW HCC II Pty Ltd		81,412		3		81,409			—		(2,744	)

23

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) As of and for the year ended December 31, 2024

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

10. Joint Operations

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

Joint operations	Operation	Ownership (%)	Location
Myanmar A-1/A-3 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

24

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

11. Investment Property

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

(a) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Others(*1)			Ending
Land	W	866,450		—		(510	)		—			(14,306	)		851,634
Buildings		942,851		1,878		—			(19,082	)		(13,761	)		911,886
Structures		1,755		—		—			(681	)		322			1,396
Right of use assets		144,840		1,464		(254	)		(4,166	)		(3,010	)		138,874
	W	1,955,896		3,342		(764	)		(23,929	)		(30,755	)		1,903,790

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

(b) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Business Combination(*1)		Disposals			Depreciation			Impairment loss			Others(*2)			Ending
Land	W	787,304		3,755		59,766		(47,137	)		—			(215	)		62,977			866,450
Buildings		655,786		1,782		355,155		(34,419	)		(34,179	)		(9,776	)		8,502			942,851
Structures		1,873		—		—		—			(911	)		—			793			1,755
Right of use assets		171,331		—		—		(107	)		(6,547	)		—			(19,837	)		144,840
	W	1,616,294		5,537		414,921		(81,663	)		(41,637	)		(9,991	)		52,435			1,955,896

(*1) For the year ended December 31, 2024, RNR Logistics and others were included as subsidiaries, and the Group has included the effect of the increase in investment properties in the business combination.

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

25

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

12. Property, Plant and Equipment

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

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Impairment loss			Others(*1)			Ending
Land	W	3,335,875		2,677		(13,233	)		—			(1,476	)		49,496			3,373,339
Buildings		5,280,968		10,688		(27,333	)		(293,224	)		—			617,989			5,589,088
Structures		3,860,523		7,524		(101,533	)		(245,493	)		(2,530	)		684,328			4,202,819
Machinery and equipment		18,311,678		49,970		(35,407	)		(1,907,861	)		(69,430	)		1,870,577			18,219,527
Vehicles		89,975		5,568		(1,394	)		(28,656	)		—			13,368			78,861
Tools		134,501		11,507		(800	)		(40,146	)		(4	)		5,982			111,040
Furniture and fixtures		200,033		17,754		(1,292	)		(59,394	)		—			56,568			213,669
Lease assets		970,634		596,290		(24,103	)		(141,980	)		—			(23,222	)		1,377,619
Bearer plants		139,451		—		(78	)		—			—			(17,751	)		121,622
Construction-in-progress		7,523,190		3,909,255		(1,333	)		—			(39,707	)		(3,764,958	)		7,626,447
	W39,846,828		4,611,233		(206,506)			(2,716,754)			(113,147)			(507,623)			40,914,031

(*1) Presenting assets transferred from construction-in-progress to intangible assets and other property, plant and equipment, reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

2) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Impairment loss(*2,3)			Others(*1)			Ending
Land	W	3,290,244		20,523		(6,061	)		—			(6,620	)		37,789			3,335,875
Buildings		4,427,632		14,002		(11,137	)		(346,334	)		(67,797	)		1,264,602			5,280,968
Structures		3,081,524		11,663		(4,497	)		(306,017	)		(15,328	)		1,093,178			3,860,523
Machinery and equipment		16,539,192		179,457		(47,511	)		(2,484,915	)		(385,367	)		4,510,822			18,311,678
Vehicles		79,595		17,353		(1,487	)		(39,263	)		(56	)		33,833			89,975
Tools		128,865		28,731		(673	)		(54,966	)		(1,573	)		34,117			134,501
Furniture and fixtures		189,887		27,966		(2,380	)		(70,561	)		(3,260	)		58,381			200,033
Lease assets		998,305		132,219		(18,706	)		(177,475	)		(1,994	)		38,285			970,634
Bearer plants		137,331		—		(27	)		(9,602	)		—			11,749			139,451
Construction-in-progress		6,333,673		7,634,826		(3,482	)		—			(128,119	)		(6,313,708	)		7,523,190
	W35,206,248		8,066,740		(95,961)			(3,489,133)			(610,114)			769,048			39,846,828

(*1) Presenting assets transferred from construction-in-progress to intangible assets and other property, plant and equipment, reclassifications resulting from change in purpose of use, adjustments of foreign currency translation differences and others.

(*2) The Group calculated the net fair value of individual assets, such as steelmaking plant no. 1 and blast furnace no. 4 in Pohang, whose operation was suspended due to operation plan changes, to estimate recoverable amount and recognized an impairment loss of W227,239 million for property, plant and equipment for the year ended December 31, 2024.

(*3) The Group identified a certain portion of the anode/cathode material assets that were in long-term idle status or expected to fall short of the anticipated economic performance for the year ended December 31, 2024. The Group calculated the net fair value of such individual assets to estimate the recoverable amount and recognized an impairment loss of W307,911 million for assets whose recoverable amounts are less than their carrying amounts.

26

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Changes in the carrying amounts of right-of-use assets presented as investment properties and property, plant and equipment for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Depreciation			Impairment loss		Others			Ending
Land	W	348,918		7,967		(10,768	)		—		(28,471	)		317,646
Buildings and structures		154,747		108,737		(43,880	)		—		(19,429	)		200,175
Machinery and equipment		346,642		19,925		(40,045	)		—		8,649			335,171
Vehicles		45,071		11,491		(15,252	)		—		(1,172	)		40,138
Ships		196,070		264,508		(24,048	)		—		—			436,530
Others		24,026		185,126		(12,152	)		—		(10,167	)		186,833
	W	1,115,474		597,754		(146,145	)		—		(50,590	)		1,516,493

2) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Depreciation			Impairment loss			Others			Ending
Land	W	363,789		1,542		(17,501	)		(1,994	)		3,082			348,918
Buildings and structures		151,366		58,116		(54,092	)		—			(643	)		154,747
Machinery and equipment		355,604		37,204		(47,797	)		—			1,631			346,642
Vehicles		48,228		12,501		(20,291	)		—			4,633			45,071
Ships		220,754		—		(24,684	)		—			—			196,070
Others		29,895		22,856		(19,657	)		—			(9,068	)		24,026
	W	1,169,636		132,219		(184,022	)		(1,994	)		(365	)		1,115,474

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

	For the three-month periods ended September 30				For the nine-month periods ended September 30
(in millions of Won)	2025		2024		2025		2024
Interest on lease liabilities	W	19,002		12,880		43,788		37,192
Expenses related to short-term leases		11,704		11,584		32,288		40,028
Expenses related to leases of low-value assets		6,047		6,502		13,903		19,373
	W	36,753		30,966		89,979		96,593

27

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

13. Goodwill and Other Intangible Assets

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

(a) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Business Combination		Disposals			Amortization			Impairment loss			Others(*2)			Ending
Goodwill	W	357,851		—		39,413		—			—			—			(625	)		396,639
Intellectual property rights		3,247,517		244,042		—		(4	)		(215,288	)		(25,680	)		(1,760	)		3,248,827
Membership(*1)		136,108		4,241		—		(2,940	)		(160	)		(511	)		1,403			138,141
Development expense		95,041		10,661		—		—			(24,741	)		—			12,903			93,864
Port facilities usage rights		167,996		—		—		—			(11,133	)		—			—			156,863
Exploratation and evaluation assets		115,309		39,271		—		—			—			(16,256	)		(1,147	)		137,177
Development assets		86,711		—		—		—			(201	)		—			(3,997	)		82,513
Customer relationships		145,699		—		—		—			(33,359	)		—			7,097			119,437
Other intangible assets		422,592		98,224		4,975		(47	)		(41,933	)		(1	)		(12,818	)		470,992
	W	4,774,824		396,439		44,388		(2,991	)		(326,815	)		(42,448	)		1,056			4,844,453

(*1) Estimated useful life of membership is indefinite.

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

(b) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Business Combination		Disposals			Amortization			Impairment loss			Others(*2)			Ending
Goodwill	W	403,172		—		282		—			—			(46,958	)		1,355			357,851
Intellectual property rights		3,029,651		353,175		—		(240	)		(272,730	)		—			137,661			3,247,517
Membership(*1)		138,184		1,716		—		(4,179	)		(180	)		29			538			136,108
Development expense		126,818		15,913		—		(22	)		(63,684	)		(692	)		16,708			95,041
Port facilities usage rights		182,411		—		—		—			(14,415	)		—			—			167,996
Exploratation and evaluation assets		163,446		21,024		—		—			—			—			(69,161	)		115,309
Development assets		10,235		543		—		—			(76	)		—			76,009			86,711
Customer relationships		196,895		—		—		—			(44,478	)		—			(6,718	)		145,699
Other intangible assets		463,972		118,563		—		(102,012	)		(58,126	)		(252	)		447			422,592
	W	4,714,784		510,934		282		(106,453	)		(453,689	)		(47,873	)		156,839			4,774,824

(*1) Estimated useful life of membership is indefinite.

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

28

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

14. Other Assets

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

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

15. Borrowings

(a) Short-term borrowings and current portion of long-term borrowings and others as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)

Lenders

Issuance date

Maturity date

Interest rate (%)

September 30, 2025

December 31, 2024

Short-term borrowings

Bank overdrafts

JP Morgan and others

January, 2025~ September, 2025

October, 2025~ September, 2026

3.40~7.00

W

108,817

85,892

Short-term borrowings

HSBC and others

October, 2024~ September, 2025

October, 2025~ September, 2026

0.49~7.00

7,025,453

5,647,199

7,134,270

5,733,091

Current portion of long-term liabilities

Current portion of long-term borrowings

Export-Import Bank of Korea and others

December, 2006~ September, 2025

October, 2025~ September, 2026

1.00~6.13

1,230,195

1,323,002

Current portion of debentures

KB Securities co., Ltd. and others

March, 2021~ March, 2024

October, 2025~ September, 2026

1.72~5.63

3,583,413

4,024,084

Less: Current portion of discount on debentures issued

(2,804

)

(3,483

)

Current portion of exchangable bonds

Foreign currency exchangable bonds

September, 2021

September, 2026

43,426

39,053

4,854,230

5,382,656

W

11,988,500

11,115,747

29

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

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

	Foreign currency exchangeable bonds
Type of bond	Exchangeable bonds
Aggregate principal amount(*1)	EUR 27,100,000
Interest rate	- Coupon rate : -
	- Yield to maturity : (0.78%)
Maturity date	September 1, 2026
Redemption	- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised 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)	425,631
Underlying shares	Registered common shares(treasury shares)
Exchange period	From October 12, 2021 to August 22, 2026
Adjustments for exchange price	Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of 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 put option exercised by bondholders, EUR 1,038,800,000 was redeemed out of the total face value of exchangeable bonds of EUR 1,065,900,000 for the year ended December 31, 2024.

(*2) The exchange price has changed due to cash dividends paid for the nine-month period ended September 30, 2025.

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

30

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Long-term borrowings, excluding current portion and others, as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	Lenders	Issuance date	Maturity date	Interest rate (%)		September 30, 2025			December 31, 2024
Long-term borrowings	Export-Import Bank of Korea and others	September, 2001~ September, 2025	October, 2026~ March, 2040		1.00~8.50	W	6,339,568			4,868,703
Less: Present value discount							(49,652	)		(51,173	)
Bonds	KB Securities co., Ltd. and others	July, 2019~ September, 2025	October, 2026~ May, 2035		1.77~6.38		9,228,470			10,108,600
Less: Discount on debentures issued							(42,256	)		(44,510	)
						W	15,476,130			14,881,620

(c) Assets pledged as collateral with regard to the borrowings as of September 30, 2025 are as follows:

(in millions of Won)	Lenders	Book value		Pledged amount
Property, plant and equipment and Investment property	Korea Development Bank and others	W	3,696,653		4,425,743
Trade accounts and notes receivable	Korea Development Bank and others		148,876		148,876
Financial instruments	Korea Development Bank and others		10,146		10,146
		W	3,855,675		4,584,765

16. Other Payables

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

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

31

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

17. Other Financial Liabilities

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

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

18. Provisions

(a) Provisions as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025				December 31, 2024
	Current		Non-current		Current		Non-current
Provision for bonus payments	W	92,690		75,591		121,757		70,104
Provision for construction warranties		39,125		143,419		49,659		137,201
Provision for legal contingencies and claims(*1)		5,700		63,876		17,960		78,486
Provision for the restoration		2,959		213,322		10,041		197,810
Others(*2)		247,236		80,333		196,613		96,958
	W	387,710		576,541		396,030		580,559

(*1) The Group recognized probable outflow of resources amounting to W52,122 million and W80,220 million as provisions for legal contingencies and asserted claim in relation to lawsuits against the Group as of September 30, 2025 and December 31, 2024, respectively.

(*2) According to the Act on the promotion of the development, use and diffusion of new and renewable energy, 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 September 30, 2025 and December 31, 2024, the Group recognized W58,404 million and W64,249 million respectively, as provision.

32

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Changes in provisions for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Increase		Utilization			Reversal			Others(*1)			Ending
Provision for bonus payments	W	191,861		101,328		(107,748	)		(16,011	)		(1,149	)		168,281
Provision for construction warranties		186,860		36,146		(37,317	)		(1,958	)		(1,187	)		182,544
Provision for legal contingencies and claims		96,446		24,986		(13,306	)		(36,794	)		(1,756	)		69,576
Provision for the restoration		207,851		17,694		(1,391	)		(7,786	)		(87	)		216,281
Others		293,571		219,292		(3,974	)		(55,674	)		(125,646	)		327,569
	W	976,589		399,446		(163,736	)		(118,223	)		(129,825	)		964,251

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

2) For the year ended December 31, 2024

(in millions of Won)	Beginning		Increase		Utilization			Reversal			Others(*1)			Ending
Provision for bonus payments	W	184,391		224,339		(187,004	)		(29,461	)		(404	)		191,861
Provision for construction warranties		196,758		53,244		(48,471	)		(8,274	)		(6,397	)		186,860
Provision for legal contingencies and claims		73,062		54,929		(12,964	)		(19,743	)		1,162			96,446
Provision for the restoration		175,820		28,917		(8,311	)		(6,485	)		17,910			207,851
Others		257,722		255,624		(151,362	)		(76,790	)		8,377			293,571
	W	887,753		617,053		(408,112	)		(140,753	)		20,648			976,589

(*1) Including transfer to liabilities held for sale, adjusted foreign currency translation differences and others.

33

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

19. Employee Benefits

(a) Defined contribution plans

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

(in millions of Won)	For the three-month periods ended September 30				For the nine-month periods ended September 30
	2025		2024		2025		2024
Expense related to post-employment benefit plans under defined contribution plans	W	20,238		18,827		57,869		56,227

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit assets in the statements of financial position as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025			December 31, 2024
Present value of funded obligations	W	2,560,953			2,589,246
Fair value of plan assets(*1)		(2,787,397	)		(2,962,342	)
Present value of non-funded obligations		14,724			7,092
Net defined benefit liabilities	W	(211,720	)		(366,004	)

(*1) As of September 30, 2025 and December 31, 2024, the Group recognized net defined benefit assets amounting to W286,490 million and W409,147 million, respectively, since there are consolidated entities whose fair value of plan assets exceeded the present value of defined benefit obligations.

2) 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 nine-month periods ended September 30, 2025 and 2024 are as follows:

	For the three-month periods ended September 30						For the nine-month periods ended September 30
(in millions of Won)	2025			2024			2025			2024
Current service costs	W	66,859			66,208			203,801			199,556
Net interest costs		(4,669	)		(5,590	)		(12,560	)		(16,175	)
	W	62,190			60,618			191,241			183,381

34

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

20. Other Liabilities

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

(in millions of Won)	September 30, 2025		December 31, 2024
Current
Due to customers for contract work	W	544,002		491,495
Advances received		384,073		253,171
Unearned revenue		114,304		87,969
Withholdings		204,998		307,753
Firm commitment liability		2,246		10,384
Others(*1)		23,593		22,726
	W	1,273,216		1,173,498
Non-current
Unearned revenue	W	2,416		4,317
Others(*1)		94,465		94,942
	W	96,881		99,259

(*1) As of September 30, 2025 and December 31, 2024, the Group recognized the assumed liability amounting to W35,299 million and W41,770 million, respectively, related to unfavorable terms of a customer contract compared to market-terms upon the acquisition of Senex Energy Limited.

35

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

21. Financial Instruments

(a) Classification and fair value of financial instruments

1) The carrying amounts and fair values of financial assets and financial liabilities by levels in the fair value hierarchy as of September 30, 2025 and December 31, 2024 are as follows:

① September 30, 2025

(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	440,552		—		440,552		—		440,552
Short-term financial instruments		822,162		—		822,162		—		822,162
Equity securities		79,844		15,219		—		64,625		79,844
Debt securities		125,685		—		86,908		38,777		125,685
Other securities		744,878		—		—		744,878		744,878
Derivative hedging instruments(*2)		5,570		—		5,570		—		5,570
Fair value through other comprehensive income
Equity securities		1,417,934		825,477		47		592,410		1,417,934
Assets held for sale		225,724		225,724		—		—		225,724
Financial assets measured at amortized cost(*1)						—
Cash and cash equivalents		7,168,846		—		—		—		—
Trade accounts and notes receivable		9,950,985		—		—		—		—
Other receivables		3,291,101		—		—		—		—
Debt securities		927,370		—		—		—		—
Deposit instruments		6,964,748		—		—		—		—
Assets held for sale		30,551		—		—		—		—
	W	32,195,950		1,066,420		1,355,239		1,440,690		3,862,349
Financial liabilities
Fair value through profit or loss
Derivative liabilities	W	17,749		—		17,749		—		17,749
Borrowings		43,426		43,426		—		—		43,426
Derivative hedging instruments(*2)		1,410		—		1,410		—		1,410
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable		5,240,244		—		—		—		—
Borrowings		27,421,204		—		27,667,643		—		27,667,643
Financial guarantee liabilities		18,539		—		—		—		—
Others		3,600,021		—		—		—		—
Other financial Liabilities		66,894		—		—		—		—
	W	36,409,487		43,426		27,686,802		—		27,730,228

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

(*2) The Group applies hedge accounting which uses forward contracts as hedging instruments 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 instruments in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.

36

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

② December 31, 2024

(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	946,393		—		946,393		—		946,393
Short-term financial instruments		1,212,643		—		1,212,643		—		1,212,643
Equity securities		52,222		26,792		—		25,430		52,222
Debt securities		113,728		—		82,699		31,029		113,728
Other securities		762,177		—		—		762,177		762,177
Derivative hedging instruments(*2)		16,483		—		16,483		—		16,483
Fair value through other comprehensive income
Equity securities		1,119,322		703,181		—		416,141		1,119,322
Assets held for sale		604,439		604,439		—		—		604,439
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		6,767,898		—		—		—		—
Trade accounts and notes receivable		9,374,217		—		—		—		—
Other receivables		2,739,523		—		—		—		—
Debt securities		402,644		—		—		—		—
Deposit instruments		6,445,428		—		—		—		—
	W	30,557,117		1,334,412		2,258,218		1,234,777		4,827,407
Financial liabilities
Fair value through profit or loss
Derivative liabilities	W	105,187		—		105,187		—		105,187
Borrowings		39,053		39,053		—		—		39,053
Derivative hedging instruments(*2)		5,835		—		5,835		—		5,835
Financial liabilities measured at amortized cost(*1)
Trade accounts and notes payable		6,161,177		—		—		—		—
Borrowings		25,958,314		—		26,166,994		—		26,166,994
Financial guarantee liabilities		13,916		—		—		—		—
Others		3,895,526		—		—		—		—
Other financial Liabilities		68,857		—		—		—		—
	W	36,247,865		39,053		26,278,016		—		26,317,069

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

(*2) The Group applies hedge accounting which uses forward contracts as hedging instruments 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 instruments in order to hedge the risk of interest rate and foreign exchange rate changes in foreign currency which influence cash flow from borrowings.

37

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Finance income and costs by category of financial instrument for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

① For the nine-month period ended September 30, 2025

(in millions of Won)	Finance income and costs																		Other comprehensive income (loss)
	Interest income (expense)			Loss on valuation			Gain (loss) on foreign currency			Gain (loss) on disposal			Others			Total
Financial assets at fair value through profit or loss	W	—			(5,204	)		—			39,593			1,216			35,605			—
Derivative assets		—			(95,183	)		—			137,134			—			41,951			—
Financial assets at fair value through other comprehensive income		—			—			—			—			31,687			31,687			198,190
Financial assets measured at amortized cost		366,722			—			(285,967	)		(58,381	)		(1,064	)		21,310			—
Financial liabilities at fair value through profit or loss		—			(1,315	)		3,057			—			—			1,742			—
Derivative liabilities		—			(15,471	)		—			(306,774	)		—			(322,245	)		(146	)
Financial liabilities measured at amortized cost		(791,825	)		—			424,376			—			(29,486	)		(396,935	)		—
	W	(425,103	)		(117,173	)		141,466			(188,428	)		2,353			(586,885	)		198,044

② For the nine-month period ended September 30, 2024

(in millions of Won)	Finance income and costs																	Other comprehensive loss
	Interest income (expense)			Gain on valuation		Gain (loss )on foreign currency			Gain (loss ) on disposal			Others			Total
Financial assets at fair value through profit or loss	W	—			109,930		—			92,375			819			203,124			—
Derivative assets		—			165,915		—			238,056			—			403,971			—
Financial assets at fair value through other comprehensive income		—			—		—			—			71,811			71,811			(27,453	)
Financial assets measured at amortized cost		446,113			—		293,084			(57,778	)		(3,834	)		677,585			—
Financial liabilities at fair value through profit or loss		—			236,931		(56,301	)		(6,258	)		—			174,372			—
Derivative liabilities		—			25,903		—			(210,968	)		—			(185,065	)		(443	)
Financial liabilities measured at amortized cost		(787,113	)		—		(421,586	)		—			(22,701	)		(1,231,400	)		—
	W	(341,000	)		538,679		(184,803	)		55,427			46,095			114,398			(27,896	)

(b) Financial risk management

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

38

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

22. Share Capital and Capital Surplus

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

(Share, in Won)	September 30, 2025		December 31, 2024
Authorized shares		200,000,000		200,000,000
Par value	W	5,000		5,000
Issued shares(*1,2)		80,932,952		82,624,377
Share capital(*3)	W	482,403,125,000		482,403,125,000

(*1) As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.

(*2) Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2025, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of September 30, 2025, the Company’s total number of issued shares has decreased.

(*3) As of September 30, 2025, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W77,738 million due to retirement of 15,547,673 treasury stocks.

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

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

23. Other components of equity

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

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

24. Treasury Shares

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

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

39

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

25. Revenue

(a) Disaggregation of revenue

1) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

① For the nine-month period ended September 30, 2025

(in millions of Won)			Infrastructure
	Steel		Trading		Construction		Logistics and others		Rechargeable battery materials		Others		Total
Types of revenue
Revenue from sales of goods	W	27,436,343		16,202,144		—		1,855		1,709,678		—		45,350,020
Revenue from services		639,124		1,801,935		98,932		176,900		2,328		6,396		2,725,615
Revenue from construction contract		—		—		3,944,594		—		34,403		—		3,978,997
Others		109,752		3,727		8,808		33,437		12,191		30,858		198,773
	W	28,185,219		18,007,806		4,052,334		212,192		1,758,600		37,254		52,253,405
Timing of revenue recognition
Revenue recognized at a point in time	W	27,546,095		16,205,871		273,188		35,292		1,721,869		30,858		45,813,173
Revenue recognized over time		639,124		1,801,935		3,779,146		176,900		36,731		6,396		6,440,232
	W	28,185,219		18,007,806		4,052,334		212,192		1,758,600		37,254		52,253,405

② For the nine-month period ended September 30, 2024

(in millions of Won)			Infrastructure						Rechargeable battery materials
	Steel		Trading		Construction		Logistics and others				Others		Total
Types of revenue
Revenue from sales of goods	W	28,642,479		15,009,876		—		5,988		2,297,474		—		45,955,817
Revenue from services		663,205		2,186,302		94,133		240,144		3,424		9,425		3,196,633
Revenue from construction contract		—		—		5,451,805		—		20,975		—		5,472,780
Others		131,090		4,588		40,696		33,180		—		48,215		257,769
	W	29,436,774		17,200,766		5,586,634		279,312		2,321,873		57,640		54,882,999
Timing of revenue recognition
Revenue recognized at a point in time	W	28,773,569		15,014,464		308,117		39,168		2,297,474		48,215		46,481,007
Revenue recognized over time		663,205		2,186,302		5,278,517		240,144		24,399		9,425		8,401,992
	W	29,436,774		17,200,766		5,586,634		279,312		2,321,873		57,640		54,882,999

40

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Details of revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month periods ended September 30, 2025 and 2024 are as follows:

① For the three-month period ended September 30, 2025

(in millions of Won)			Green Infrastructure						Rechargeable battery materials
	Steel		Trading		Construction		Logistics and others				Others			Total
Types of revenue
Revenue from sales of goods	W	9,246,116		5,339,767		—		—		640,008		—			15,225,891
Revenue from services		218,793		589,728		36,192		64,877		1,929		(222	)		911,297
Revenue from construction contract		—		—		1,057,022		—		12,242		—			1,069,264
Others		25,059		1,304		3,302		10,440		12,191		2,293			54,589
	W	9,489,968		5,930,799		1,096,516		75,317		666,370		2,071			17,261,041
Timing of revenue recognition
Revenue recognized at a point in time	W	9,271,175		5,341,071		164,755		10,440		652,199		2,293			15,441,933
Revenue recognized over time		218,793		589,728		931,761		64,877		14,171		(222	)		1,819,108
	W	9,489,968		5,930,799		1,096,516		75,317		666,370		2,071			17,261,041

② For the three-month period ended September 30, 2024

(in millions of Won)			Green Infrastructure						Rechargeable battery materials
	Steel		Trading		Construction		Logistics and others				Others		Total
Types of revenue
Revenue from sales of goods	W	9,511,165		5,361,162		—		962		706,106		—		15,579,395
Revenue from services		230,462		597,703		36,070		74,161		908		4,635		943,939
Revenue from construction contract		—		—		1,692,966		—		7,367		—		1,700,333
Others		38,596		1,500		31,871		10,874		—		14,860		97,701
	W	9,780,223		5,960,365		1,760,907		85,997		714,381		19,495		18,321,368
Timing of revenue recognition
Revenue recognized at a point in time	W	9,549,761		5,362,662		118,190		11,836		706,106		14,860		15,763,415
Revenue recognized over time		230,462		597,703		1,642,717		74,161		8,275		4,635		2,557,953
	W	9,780,223		5,960,365		1,760,907		85,997		714,381		19,495		18,321,368

(b) Details of contract assets and liabilities from contracts with customers as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Receivables
Trade accounts and notes receivable	W	9,950,985		9,374,218
Contract assets
Due from customers for contract work		1,510,935		1,475,180
Contract liabilities
Advance received		387,973		256,522
Due to customers for contract work		544,002		491,495
Unearned revenue		112,662		89,807

41

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

26. Contract under Input Method

(a) Details of outstanding contracts as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025						December 31, 2024
	Construction segment			Others			Construction segment			Others
Accumulated cost	W	20,077,080			282,353			27,830,242			262,814
Accumulated contract profit		1,501,312			57,502			1,903,582			43,690
Accumulated contract loss		(627,316	)		(12,591	)		(707,167	)		(1,930	)
Accumulated contract revenue		20,951,076			327,264			29,026,657			304,574

(b) Details of due from customers for contract works and due to customers for contract works as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025						December 31, 2024
	Construction segment			Others			Construction segment			Others
Due from customers for contract	W	1,479,418			41,550			1,473,843			13,716
Due to customers for contract work		(540,068	)		(3,934	)		(479,546	)		(11,949	)
	W	939,350			37,616			994,297			1,767

(c) Details of the provisions for construction loss as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Construction segment	W	84,816		52,492
Others		795		857
	W	85,611		53,349

(d) For the nine-month period ended September 30, 2025, the total contract revenues and the estimated total contract costs have changed and the impact of such changes on profit before income tax for the current and future periods are as follows:

(in millions of Won)						Changes in profit (loss) of contract
	Changes in total		Changes in estimated
	contract revenue		total contract costs			Net income (loss)			Future income		Total
Construction segment	W	1,174,999		1,115,898			(256,632	)		315,733		59,101
Others		2,173		(23	)		1,962			234		2,196
	W	1,177,172		1,115,875			(254,670	)		315,967		61,297

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

42

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(e) Uncertainty of estimates

1) Total contract revenues

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

2) Total contract costs

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

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

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

43

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

27. Selling and Administrative Expenses

(a) Other administrative expenses

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

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

(b) Selling expenses

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

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

44

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

28. Finance Income and Costs

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

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

45

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

29. Other Non-Operating Income and Expenses

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

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

46

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

30. Expenses by Nature

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

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

(*1) Including depreciation of investment property.

31. Income Taxes

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

(a) Application of the Consolidated Tax Payment System

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

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

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

47

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Global minimum tax

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

32. Earnings per Share

(a) Basic earnings per share for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

(in Won, except per share information)	For the three-month periods ended September 30				For the nine-month periods ended September 30
	2025		2024		2025		2024
Profit attributable to controlling interest	W	420,845,012,935		452,654,013,695		883,005,591,639		1,523,302,524,204
Weighted-average number of common shares outstanding(*1)		75,620,779		75,699,376		75,620,779		75,816,833
Basic earnings per share	W	5,565		5,980		11,677		20,092

(shares)	For the three-month periods ended September 30						For the nine-month periods ended September 30
	2025			2024			2025			2024
Total number of common shares issued		80,932,952			83,297,040			81,490,565			84,143,400
Weighted-average number of treasury shares		(5,312,173	)		(7,597,664	)		(5,869,786	)		(8,326,567	)
Weighted-average number of common shares outstanding		75,620,779			75,699,376			75,620,779			75,816,833

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

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

48

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Diluted earnings per share for the three-month and nine-month period ended September 30, 2024 are calculated as follows:

(in Won, except share information)	For the three-month period ended September 30, 2024			For the nine-month period ended September 30, 2024
Profit attributable to controlling interest	W	452,654,013,695			1,523,302,524,204
Loss on revaluation of exchangeable bonds considering exchange rates		(8,425,258,347	)		(138,904,137,256	)
Adjusted weighted-average number of common shares outstanding(*1)		78,013,947			78,757,791
Diluted earnings per share	W	5,694			17,578

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

(shares)	For the three-month period ended September 30, 2024		For the nine-month period ended September 30, 2024
Weighted-average number of common shares outstanding		75,699,376		75,816,833
Weighted-average number of potential common shares		2,314,571		2,940,958
Adjusted weighted-average number of common shares		78,013,947		78,757,791

49

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

33. Related Party Transactions

(a) Related parties of the Group as of September 30, 2025 are as follows:

Type	Company
Investments in associates and joint ventures	[Domestic] 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 the related parties for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	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	46,194		—		—		—		54
SNNC		68,058		—		512		428,954		3,509
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER		42,637		—		—		4		—
Gunggi Green Energy		7,103		—		—		—		938
POS-SEAHSTEEL WIRE (TIANJIN) CO., Ltd		8,759		—		—		—		—
POS SeAH Steel Wire(Nantong) Co., Ltd.		39,878		—		—		258		—
South-East Asia Gas Pipeline Company Ltd.		—		26,653		—		—		—
POSCO MC MATERIALS		101,698		3,000		1,486		4,937		557
Samcheok Blue Power Co., Ltd.		202,841		2,795		352		—		684
POSCO(Guangdong) Automotive Steel Co., Ltd		149,410		—		—		186,803		—
HBIS-POSCO Automotive Steel Co., Ltd		20,819		—		—		29,313		—
Roy Hill Holdings Pty Ltd		—		164,092		—		1,102,161		—
Others		157,492		98,867		1,372		312,156		37,346
	W	844,889		295,407		3,722		2,064,586		43,088

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

50

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) For the nine-month period ended September 30, 2024

(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	163,004		—		1,427		—		136
SNNC		84,760		—		12		273,107		1,342
POSCO-SAMSUNG-SLOVAKIA PROCESSING CENTER		37,595		—		—		782		—
Gunggi Green Energy		24,803		—		—		—		5,238
POS-SEAHSTEELWIRE (TIANJIN)CO.,Ltd		10,106		—		—		—		—
POSCO SeAH Steel Wire(Nantong) Co., Ltd.		38,199		—		—		241		—
South-East Asia Gas Pipeline Company Ltd.		—		41,843		—		—		—
POSCO MC MATERIALS		99,021		1,800		—		5,324		303
Samcheok Blue Power Co., Ltd.		234,445		8,208		687		—		—
Pocheon-Hwado Highway Corp.		56,516		—		—		—		1
POSCO(Guangdong) Automotive Steel Co., Ltd		209,708		—		—		237,225		—
HBIS-POSCO Automotive Steel Co., Ltd		32,117		—		—		16,714		—
Roy Hill Holdings Pty Ltd		249		253,262		9,680		1,362,711		—
Others		83,752		105,101		3,957		145,873		242,498
	W	1,074,275		410,214		15,763		2,041,977		249,518

(*1) As of September 30, 2024, the Group provides payment guarantees to the related parties (see Note 34).

(c) The balances of receivables and payables arising from significant transactions between the Group and the related parties as of September 30, 2025 and December 31, 2024 are as follows:

1) September 30, 2025

(in millions of Won)	Receivables(*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	32,267		—		1,651		33,918		—		3,827		3,827
Gunggi Green Energy		13,216		—		14,831		28,047		—		813		813
POSCO(Guangdong) Automotive Steel Co., Ltd		38,960		10,018		—		48,978		37,691		—		37,691
AMCI (WA) PTY LTD		—		141,482		—		141,482		—		—		—
HBIS-POSCO Automotive Steel Co., Ltd		4,277		—		—		4,277		4,394		524		4,918
POS-SEAHSTEELWIRE(TIANJIN)CO., Ltd		3,549		—		—		3,549		—		—		—
Samcheok Blue Power Co., Ltd.		271,108		—		177		271,285		—		385		385
Nickel Mining Company SAS		—		74,003		3,126		77,129		—		358		358
POS-SeAH Steel Wire(Nantong) Co., Ltd.		14,103		—		—		14,103		145		—		145
POSCO MC MATERIALS		11,348		—		194		11,542		890		439		1,329
Pocheon-Hwado Highway Corp.		5,491		—		—		5,491		—		2		2
UITrans LRT Co., Ltd.		—		39,333		96		39,429		—		—		—
Roy Hill Holdings Pty Ltd		36,895		—		9,224		46,119		339,025		—		339,025
SNNC		11,289		—		53		11,342		10,655		437		11,092
FQM Australia Holdings Pty Ltd		—		283,321		—		283,321		—		—		—
Others		26,849		20,481		135,037		182,367		47,701		79,452		127,153
	W	469,352		568,638		164,389		1,202,379		440,501		86,237		526,738

(*1) As of September 30, 2025, the Group recognizes an allowance for doubtful account for receivables above amounting to W515,005 million.

51

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) December 31, 2024

(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	96,730		—		1,657		98,387		—		30,087		30,087
Gunggi Green Energy		5,846		—		10,706		16,552		—		567		567
POSCO (Guangdong) Automotive Steel Co., Ltd		46,547		6,162		—		52,709		48,866		—		48,866
AMCI (WA) PTY LTD		—		142,767		—		142,767		—		—		—
HBIS-POSCO Automotive Steel Co., Ltd		13,924		—		—		13,924		5,483		1,922		7,405
POS-SEAHSTEELWIRE (TIANJIN) CO., Ltd		5,970		—		—		5,970		—		—		—
Samcheok Blue Power Co., Ltd.		189,173		—		148		189,321		—		77,187		77,187
Nickel Mining Company SAS		—		68,793		122		68,915		—		358		358
POS-SeAH Steel Wire (Nantong) Co., Ltd.		19,628		—		—		19,628		—		—		—
POSCO MC MATERIALS		14,544		—		168		14,712		1,314		357		1,671
Pocheon-Hwado Highway Corp.		10,985		—		—		10,985		—		—		—
UITrans LRT Co., Ltd.		13,592		51,051		9,187		73,830		—		—		—
Roy Hill Holdings Pty Ltd		25,023		—		8,836		33,859		356,234		25		356,259
SNNC		12,861		—		70		12,931		10,322		1,298		11,620
FQM Australia Holdings Pty Ltd		—		292,764		—		292,764		—		—		—
Others		27,728		19,730		138,239		185,697		10,168		10,129		20,297
	W	482,551		581,267		169,133		1,232,951		432,387		121,930		554,317

(*1) As of December 31, 2024, the Group recognizes an allowance for doubtful account for receivables above amounting to W506,673 million.

(d) Major financial transactions between the Group and the related parties for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Lend		Collect			Others(*1)			Ending
Associates and joint ventures
UITrans LRT Co., Ltd.	W	51,051		—		(11,718	)		—			39,333
PT. Tanggamus Electric Power		3,854		—		(2,454	)		1,712			3,112
Nickel Mining Company SAS		68,793		—		—			5,210			74,003
KRAKATAU POS-CHEM DONG-SUH CHEMICAL		1,470		—		(1,413	)		(57	)		—
Hyo-chun Co., Ltd.		2,382		—		—			413			2,795
AMCI (WA) PTY LTD		142,767		68		(2,662	)		1,309			141,482
POS-AUSTEM WUHAN AUTOMOTIVE CO., LTD		5,636		—		(1,369	)		(134	)		4,133
FQM Australia Holdings Pty Ltd		292,764		—		—			(9,443	)		283,321
POHANG E&E Co., LTD		3,228		1,344		—			—			4,572
POSCO (Guangdong) Automotive Steel Co., Ltd.		6,162		47,751		(43,785	)		(110	)		10,018
Gale International Korea, LLC		100		234		—			—			334
P&O Chemical Co., Ltd.		3,060		—		—			(3,060	)		—
CAML		—		5,433		—			102			5,535
	W	581,267		54,830		(63,401	)		(4,058	)		568,638

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

52

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) For the year ended December 31, 2024

(in millions of Won)	Beginning		Lend		Collect			Others(*1)			Ending
Associates and joint ventures
UITrans LRT Co., Ltd.	W	46,335		4,718		—			(2	)		51,051
PT. Tanggamus Electric Power		4,826		—		(1,288	)		316			3,854
Nickel Mining Company SAS		64,197		—		—			4,596			68,793
KRAKATAU POS-CHEM DONG-SUH CHEMICAL		2,579		—		(1,379	)		270			1,470
Hyo-chun Co., Ltd.		2,382		—		—			—			2,382
AMCI (WA) PTY LTD		112,177		6,499		—			24,091			142,767
POS-AUSTEM WUHAN AUTOMOTIVE CO., LTD		5,158		—		—			478			5,636
FQM Australia Holdings Pty Ltd		256,938		3,126		—			32,700			292,764
POHANG E&E Co., LTD		1,646		1,582		—			—			3,228
POSCO (Guangdong) Automotive Steel Co., Ltd.		14,332		59,402		(68,294	)		722			6,162
Gale International Korea, LLC		—		100		—			—			100
P&O Chemical Co., Ltd.		—		3,060		—			—			3,060
	W	510,570		78,487		(70,961	)		63,171			581,267

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

(e) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional investments in associates and joint ventures and others amounting to W167,792 million and W166,147 million, respectively.

(f) For each of the nine-month periods ended September 30, 2025 and 2024, details of compensation to key management officers are as follows:

(in millions of Won)	September 30, 2025		September 30, 2024
Short-term benefits	W	127,598		123,032
Long-term benefits		4,131		7,754
Retirement benefits		16,692		19,865
	W	148,421		150,651

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

34. Commitments and Contingencies

(a) Contingent liabilities

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

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

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

53

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Details of guarantees

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

54

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Details of credit enhancements by type of the Group’s PF business as of September 30, 2025 are as follows:

① Maintenance projects and others

a. The information about the maturity of the loans related to PF credit enhancements such as debt acceptance and 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	44,590		37,158		37,158		37,158		—		—		—		—		—
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.	Other projects	New Songdo International City Development, LLC	Mortgage loan	Debt assumption		494,000		314,100		314,100		—		—		72,900		241,200		—		—
[Others]
POSCO Eco & Challenge Co., Ltd.	Maintenance projects	Bangbae Shindonga Apartment Reconstruction and Maintenance Project Association, etc.	Main PF	Debt assumption		1,040,316		484,246		484,246		—		—		58,000		140,097		53,200		232,949
	Other projects	Civic Center PFV	Main PF	Debt assumption		45,000		45,000		45,000		—		—		—		—		—		45,000
	Other projects	LandmarkSewoon	Main PF	Debt assumption		50,000		50,000		50,000		—		—		—		—		—		50,000
	Other projects	DAON INP Co., Ltd.	Main PF	Joint guarantee		36,000		18,800		18,800		—		18,800		—		—		—		—
	Other projects	Jeonju Eco-city	Main PF	Debt assumption		53,300		22,800		22,800		—		—		22,800		—		—		—
	Other projects	Apcity HNG	Main PF	Debt assumption		10,000		10,000		10,000		—		10,000		—		—		—		—
	Other projects	ISLAND ONE CO., LTD.	Main PF	Debt assumption		50,000		50,000		50,000		—		—		—		—		50,000		—
POSCO DX	Other projects	Jeonnong school keeper co. and others(*2)	Main PF	Supplemental funding agreement		123,309		38,595		38,595		—		—		—		—		1,672		36,923
						1,407,925		719,441		719,441		—		28,800		80,800		140,097		104,872		364,872
					W	1,946,515		1,070,699		1,070,699		37,158		28,800		153,700		381,297		104,872		364,872

(*1) The maintenance project mainly consists of reconstruction and condominium construction projects, and other 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 W354,887 million).

b. Details of conditional debt acceptance and principal and interest repayment commitments in the event of non-compliance with completion guarantee covenant as of September 30, 2025 are as follows:

(in millions of Won)		Number of constructions		Contract amount		Contingency amount(*1)(*2)		Balance of loans
Maintenance projects	All		20	W	9,317,237		3,679,641		2,057,583
	Between the Group		20		6,863,586		2,646,897		1,345,859
Other projects	All		1		2,197,729		5,350,000		1,335,900
	Between the Group		1		2,197,729		5,350,000		1,335,900
	All		21		11,514,966		9,029,641		3,393,483
	Between the Group		21	W	9,061,315		7,996,897		2,681,759

(*1) The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W28,305 million for 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.

55

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

c. Details of contingent liability for damages in the event of non-compliance with construction completion covenant as of September 30, 2025 are as follows:

(in millions of Won)		Number of constructions		Contract amount		Contingency amount(*1)(*2)		Balance of loans
Maintenance projects	All		1	W	316,398		76,000		31,253
	Between the Group		1		316,398		76,000		31,253
Other projects	All		34		10,963,081		11,556,700		7,788,988
	Between the Group		34		10,334,984		11,167,354		7,481,389
	All		35		11,279,479		11,632,700		7,820,241
	Between the Group		35	W	10,651,382		11,243,354		7,512,642

(*1) The overlapping amount with other credit enhancement measures such as the agreed debt assumption upon loan origination amounts to W173,800 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.

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	W	24,923		22,265
POSCO Eco & Challenge Co., Ltd.	Pocheon-Hwado Highway Corp.(*1)	Providing funds		1		319,515		285,439
	POHANG E&E Co., LTD(*2)	Providing funds and supplemental funding agreement		2		71,930		40,444
	Pureun Tongyeong Enviro Co., Ltd.(*2)	Providing funds		1		25,630		10,088
	Pure Gimpo.Co.,Ltd(*2)	Providing funds		1		51,565		21,699
	Clean Iksan Co.,Ltd(*2)	Providing funds		1		44,054		20,644
				7		537,617		400,579
[Others]
POSCO DX	Western Inland highway CO.,LTD.	Providing funds		1		47,348		32,668
	Busan Sanseong Tunnel	Refinancing		1		7,621		7,621
POSCO Eco & Challenge Co., Ltd.	Western Seoul highway CO.,LTD. and others	Supplemental funding agreement		11		63,683		28,201
	Western Inland highway CO.,LTD. and others	Providing funds		42		2,778,848		1,566,941
	Pohang Youngil Bay New Port	Debt assumption		1		2,250		1,440
	Busan Sanseong Tunnel	Refinancing		1		35,296		26,750
				57		2,935,046		1,663,621
				64	W	3,472,663		2,064,200

(*1) The Group provides a funding commitment of W307,704 million (including other shares: W556,628 million) equivalent to the Group’s share of the loan balance for the private investment project.

(*2) The Group provides a funding commitment of W90,047 million (including other shares: W 166,323 million) equivalent to the Group’s share of the loan balance for the private investment project.

56

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

3) Other guarantees

① As of September 30, 2025, the payment guarantees that the Group provides to clients, such as contract performance guarantees, installment guarantees, and defect guarantees, by purchasing insurance policies from guarantee insurance companies or issuing guarantee certificates are as follows:

(in millions of Won)
Provider of credit enhancement	Recipient of credit enhancement	Types of guarantees	Agreed amount		Executed amount		Guarantor
[Subsidiaries]
POSCO Eco & Challenge Co., Ltd.	Ventanas Philippines Construction Inc	Guarantee on performance for contracts and others	W	10,946		10,946	Credit Agricole and others
POSCO GYR Tech	POSCO and others	Defect liability warranty		194		194	CI Guarantee
				11,140		11,140
[Associates and joint ventures]
POSCO Eco & Challenge Co., Ltd.	PT. Tanggamus Electric Power	Letter of credit		2,812		2,812	Hana Bank
	PT. Wampu Electric Power	Letter of credit		2,524		2,524	Hana Bank
				5,336		5,336
[Others]
POSCO Eco & Challenge Co., Ltd.	DAEWOO ENGINEERING & CONSTRUCTION Co., Ltd and others	Guarantee on performance for construction and others		9,276,362		7,968,734	Construction Guarantee Cooperative
POSCO WIDE Co., Ltd	Human Eco-Land Co., Ltd.	Guarantee on performance and others		3,050		3,050	Seoul Guarantee Insurance
POSCO GYR Tech	KEPCO Plant Service & Engineering Co., Ltd. and others	Defect liability warranty		19		19	CI Guarantee
				9,279,431		7,971,803
			W	9,295,907		7,988,279

② As of September 30, 2025, the primary payment guarantees and other guarantees that the Group is provided from the guarantee institution are as follows:

(in millions of Won)
Provider	Types of guarantees	Agreed amount		Executed amount
Construction Guarantee Cooperative	Subcontractor Payment Guarantee and others	W	4,926,034		4,926,034
Engineering guarantee insurance	Guarantee on performance for EPC contracts and others		913,756		619,836
Seoul Guarantee Insurance	Construction performance guarantee and others		554,469		554,469
Korea Housing & Urban Guarantee Corporation	Housing Guarantee and others		4,773,240		4,767,553
Woori Bank and others	Foreign currency guarantee		1,914,475		861,968
Korea software financial cooperative	Guarantee on performance for contracts		121,202		121,202
Seoul Guarantee Insurance	Guarantee on performance and others		107,819		107,819
CI Guarantee	Defect liability warranty		213		213
		W	13,311,208		11,959,094

57

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) Other commitments

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

Company	Description
POSCO HOLDINGS INC.	As of September 30, 2025, POSCO HOLDINGS INC. entered into a commitment with KOREA ENERGY AGENCY for long-term foreign currency borrowings, which are limited up to the amount of USD 1.05 million. The borrowing is related to the 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 September 30, 2025, the ending balance of the borrowing amounts to USD 1.02 million.
	POSCO HOLDINGS INC. has deposited 86,611 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of September 30, 2025.
POSCO	POSCO entered into long-term contracts to purchase iron ore, coal, nickel and others. The long-term purchase contract period is more than two years for iron ore, three years for coal, and one year for nickel. These contracts provide for periodic price adjustments based on the market price. As of September 30, 2025, 51 million tons of iron ore and 15 million tons of coal remained to be purchased under such long-term contracts.
	POSCO entered into an agreement with Tangguh Liquefied Natural Gas (LNG) Consortium in Indonesia to purchase 550 thousand tons of LNG annually for 20 years commencing in August 2005. The purchase contract period and volume are 550,000 tons per year for 20 years from August 2005, and 120,000 tons from September 2025 to December 2026. The purchase price is subject to change, based on changes of the monthly standard oil price (JCC) and with a price ceiling.
	POSCO has a long-term service contract for the transportation of raw material. As of September 30, 2025, there are 32 vessels under contract, and the average remaining contract period is about 6 years.
	POSCO entered into an agreement with POSCO INTERNATIONAL SINGAPORE PTE LTD. to purchase 370 thousand tons of LNG annually for 15 years commencing in November 2026. The purchase price is subject to change based on changes of U.S. Natural Gas Spot Price (Henry Hub). POSCO has option of additionally extending the purchase contract by five years.
POSCO INTERNATIONAL Corporation	The Company invested in the Ambatovy Nickel Project (DMSA/AMSA) in Madagascar through the Korea Ambatovy Consortium (KAC) formed with Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) and STX Corporation. SHERRITT INTERNATIONAL CORP., the operator, transferred a portion of the project’s interests to Sumitomo and AHL (Ambatovy Holdings Limited) in December 2017, and transferred the remaining interests of the project to Sumitomo and AHL2 (Ambatovy Holdings II Limited) in August 2020. KAC has the rights and obligations to the 15.33% stake held by AHL and AHL2.
POSCO Eco & Challenge Co., Ltd.	As of September 30, 2025, according to the investor agreement for the construction of Samcheok Thermal Power Plant, POSCO Eco & Challenge Co., Ltd. is obligated to make contributions for core capital, unqualified investment, excess expenses occurred for business, and acceleration of payment.
POSCO FUTURE M CO., LTD	In accordance with the GP Shareholders Agreement with GM Battery Raw Materials Corporation (“GM”), the Company has an obligation to make additional capital contributions to ULTIUM CAM LIMITED PARTNERSHIP. As of September 30, 2025, the remaining amount of USD 576,692 thousand is scheduled to be contributed additionally by 2026 through capital call.

58

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) Litigation in progress

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

(e) Other major contingencies for the Group as of September 30, 2025 are as follows:

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

35. Cash Flows from Operating Activities

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

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

59

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

36. Operating Segments

(a) The Group’s operating businesses are organized based on the nature of markets and customers. Operating 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
Others		POSCO HOLDINGS. INC., Controlling company and Investment business

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

(b) The information about reportable segments for each of the nine-month periods ended September 30, 2025 and 2024 is as follows:

1) For the nine-month period ended September 30, 2025

			Infrastructure							Rechargeable battery materials
(In millions of Won)	Steel		Trading		Construction			Logistics and others					Others		Total
External revenues	W	28,185,219		18,007,807		4,052,334			212,192		1,758,600			37,253		52,253,405
Internal revenues		16,692,407		13,720,109		1,271,332			2,425,274		935,407			1,266,585		36,311,114
Inter segment revenues		10,399,005		6,204,996		1,215,184			2,402,558		797,576			1,251,229		22,270,548
Total revenues		44,877,626		31,727,916		5,323,666			2,637,466		2,694,007			1,303,838		88,564,519
Segment profits (loss)		1,037,666		449,262		(318,849	)		57,284		(413,919	)		965,888		1,777,332

60

POSCO HOLDINGS INC. and its subsidiaries

Notes to the interim condensed consolidated financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) For the nine-month period ended September 30, 2024

			Infrastructure						Rechargeable battery materials
(in millions of Won)	Steel		Construction		Trading		Logistics and others					Others		Total
External revenues	W	29,436,774		17,200,766		5,586,634		279,312		2,321,868			57,645		54,882,999
Internal revenues		17,125,375		15,402,898		1,889,536		2,763,952		746,939			1,485,193		39,413,893
Inter segment revenues		11,161,623		7,119,429		1,801,395		2,752,776		721,458			1,467,893		25,024,574
Total revenues		46,562,149		32,603,664		7,476,170		3,043,264		3,068,807			1,542,838		94,296,892
Segment profits		697,542		659,154		62,528		97,423		(65,415	)		1,442,488		2,893,720

(c) Reconciliations of the total segment revenues, profit or loss, assets and liabilities, and other significant items to their respective consolidated financial statement line items for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

(in millions of Won)	September 30, 2025			September 30, 2024
Total profit for the period	W	1,777,332			2,893,720
Fair value adjustments		(47,418	)		(30,389	)
Elimination of intra-group transactions		(914,920	)		(1,212,476	)
Income tax expense		440,488			492,511
Profit before income tax expense	W	1,255,482			2,143,366

37. Events after the reporting period

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay interim cash dividends of W2,500 per common share (Total dividends: W 189.1 billion).

(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire a 30% stake in a newly established company by Mineral Resources Ltd., located in Australia, to strengthen cost competitiveness in the lithium business through investment in high-quality resources. The investment amount is USD 765 million.

(c) POSCO Future M Co., Ltd., a subsidiary, entered into a debt guarantee agreement on October 1, 2025, for the borrowings of its subsidiary Ultium CAM LP. The debt and guarantee amount is USD 100,000,000, and the guarantee period lasts until the maturity date of the relevant borrowings, which is September 29, 2028.

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

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

61

POSCO HOLDINGS INC.

Interim condensed separate financial statements

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

with the independent auditor’s review report

Table of Contents

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

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

Management’s responsibility for the interim condensed separate 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.

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

Conclusion

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

Other matters

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

November 14, 2025

This review report is effective as of November 14, 2025, the independent auditor’s 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.

2

POSCO HOLDINGS INC.

Interim condensed separate financial statements

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

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

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

Ju tae Lee

Representative Director & President

POSCO HOLDINGS INC.

3

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position

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

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

(continued)

4

POSCO HOLDINGS INC.

Interim condensed separate statements of financial position, continued

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

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

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

5

POSCO HOLDINGS INC.

Interim condensed separate statements of comprehensive income

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

ended September 30, 2025 and 2024 (Unaudited)

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

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

6

POSCO HOLDINGS INC.

Interim condensed separate statements of changes in equity

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

(in millions of Won)	Share capital		Capital surplus			Accumulated Other Comprehensive Income (loss)			Treasury shares			Retained earnings			Total
Balance as of January 1, 2024	W	482,403		1,370,557			30,678			(1,889,658	)		47,505,885			47,499,865
Comprehensive income:
Profit for the period		—		—			—			—			1,468,572			1,468,572
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—			—			(243	)		(243	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			(54,004	)		—			18,156			(35,848	)
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—		—			—			—			(189,691	)		(189,691	)
Interim dividends		—		—			—			—			(379,381	)		(379,381	)
Acquisition of treasury shares		—		—			—			(92,311	)		—			(92,311	)
Retirement of treasury shares		—		—			—			431,107			(431,107	)		—
Share-based payment		—		(2,567	)		—			—			—			(2,567	)
Balance as of September 30, 2024 (Unaudited)	W	482,403		1,367,990			(23,326	)		(1,550,862	)		47,992,191			48,268,396
Balance as of January 1, 2025	W	482,403		1,367,990			(62,645	)		(1,550,862	)		47,952,144			48,189,030
Comprehensive income:
Profit for the period		—		—			—			—			969,846			969,846
Other comprehensive income (loss)
Remeasurements of defined benefit plans, net of tax		—		—			—			—			(87	)		(87	)
Net changes in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			14,271			—			1,357			15,628
Transactions with owners of the Company, recognized directly in equity:
Year-end dividends		—		—			—			—			(189,052	)		(189,052	)
Interim dividends		—		—			—			—			(378,104	)		(378,104	)
Retirement of treasury shares		—		—			—			374,546			(374,546	)		—
Balance as of September 30, 2025 (Unaudited)	W	482,403		1,367,990			(48,374	)		(1,176,316	)		47,981,558			48,607,261

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

7

POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows

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

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

(continued)

8

POSCO HOLDINGS INC.

Interim condensed separate statements of cash flows, continued

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

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

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

9

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements

September 30, 2025 and 2024 (Unaudited)

1. Reporting Entity

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

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

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

2. Basis of preparation

Statement of compliance

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

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

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

10

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

Use of estimates and judgments

(a) Judgments, assumptions and estimation uncertainties

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

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

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

(b) Measurement of fair value

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

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

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

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

11

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

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

• 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, 2024.

Amendments to KIFRS 1021: Lack of Exchangeability

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

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

12

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

4. Trade Accounts and Notes Receivable

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

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

5. Other Receivables

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

(in millions of Won)	September 30, 2025			December 31, 2024
Current
Other accounts receivable(*1)	W	247,785			12,535
Others(*2)		42,134			13,301
Less: Allowance for doubtful accounts(*2)		(4,243	)		(4,448	)
	W	285,676			21,388
Non-current
Loans(*2)	W	236,264			247,569
Long-term other accounts receivable		20,253			14,585
Others		923			309
Less: Allowance for doubtful accounts(*2)		(236,264	)		(247,569	)
	W	21,176			14,894

(*1) The Company includes the amounts to be collected from each domestic subsidiary in accordance with the 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.

13

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

6. Other Financial Assets

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

(in millions of Won)	September 30, 2025		December 31, 2024
Current
Deposit instruments	W	3,010,000		2,260,000
Short-term financial instruments		125,200		426,420
Debt securities		230,000		—
	W	3,365,200		2,686,420
Non-current
Equity securities	W	182,387		158,761
Other securities		266,431		263,059
Derivative assets		17,681		—
Deposit instruments		2		2
	W	466,501		421,822

(b) Equity securities as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025													December 31, 2024
	Number of shares		Ownership (%)		Acquisition cost		Fair value		Net changes in fair value of equity securities			Book value		Book value
Marketable equity securities
Nippon Steel Corporation(*1)		39,242,500		0.73	W	—		—		—			—		—
CSN Mineracao S.A.		102,186,675		1.86		206,265		148,845		(57,419	)		148,845		125,219
						206,265		148,845		(57,419	)		148,845		125,219
Non-marketable equity securities
PLANTEC Co., Ltd.		18,337,912		10.99		19,437		31,560		12,123			31,560		31,560
Intellectual Discovery Co.,Ltd.		200,000		6.00		5,000		1,350		(3,650	)		1,350		1,350
Pos-HYUNDAI STEEl		1,055,496		6.00		612		612		—			612		612
S&M Media Co.,Ltd.		2,000		2.67		20		20		—			20		20
XG Sciences		300,000		5.06		2,724		—		(2,724	)		—		—
						27,793		33,542		5,749			33,542		33,542
					W	234,058		182,387		(51,670	)		182,387		158,761

(*1) For the year ended December 31, 2024, the Company decided to dispose of its shares in Nippon Steel Corporation and classified the equity securities as assets held for sale. Portion of shares were disposed of for the nine-month period ended September 30, 2025 (see Note 7).

14

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

7. Assets Held for Sale

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

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

For the year ended December 31, 2024, the Company determined to sell its long-term investments in Nippon Steel Corporation and classified the equity security of W467,796 million as assets held for sale in entirety. For the nine-month period ended September 30, 2025, the Company disposed of a portion of its equity interests of W238,768 million and recognized loss on disposal of assets held for sale of W5,531 million. The carrying amount of remaining equity interests is W225,724 million.

15

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

8. Investments in Subsidiaries, Associates and Joint Ventures

(a) Investments in subsidiaries, associates and joint ventures of as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Investment in subsidiaries	W	43,498,114		42,787,174
Investment in associates		208,129		208,129
Investment in joint ventures		2,699,236		2,636,662
	W	46,405,479		45,631,965

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

(b) Details of subsidiaries and carrying amounts as of September 30, 2025 and December 31, 2024 are as follows:

				September 30, 2025				December 31, 2024
(in millions of Won)	Country		Principal operations	Ownership (%)		Book value		Book value
[Domestic]
POSCO		Korea	Steel, rolled products, and plates manufacturing and sales		100.00	W	29,918,622		29,918,622
POSCO INTERNATIONAL Corporation		Korea	Trading, power generation and natural resources exploration		70.71		3,740,020		3,740,020
POSCO Eco & Challenge Co., Ltd.		Korea	Engineering and construction		52.80		1,014,963		1,014,963
POSCO Venture Capital Co., Ltd.		Korea	Investment in venture companies		100.00		115,931		115,931
POSCO FUTURE M CO.,LTD.		Korea	Refractory and anode/cathode material manufacturing and sales		58.18		1,924,555		1,395,687
POSCO WIDE Co., Ltd.		Korea	Business facility maintenance		100.00		308,843		308,843
POSCO DX		Korea	Computer hardware and software distribution		65.47		70,990		70,990
Busan E&E Co., Ltd.		Korea	Municipal solid waste fuel and power generation		70.00		30,148		30,148
POSOCO-Pilbara LITHIUM SOLUTION Co., Ltd.		Korea	Lithium manufacturing and sales		82.00		478,940		314,940
POSCO LITHIUM SOLUTION		Korea	Lithium hydroxide manufacturing and sales		100.00		287,550		287,550
QSONE Co.,Ltd.		Korea	Real estate rental and facility management		100.00		238,478		238,478
POSCO CNGR Nickel Solution(*1)		Korea	Nickel refining		—		—		49,520
POSCO ZT AIR SOLUTION		Korea	Manufacturing and Sales of High-Purity Rare Gases		75.10		63,481		63,481
Others							513,629		446,037
							38,706,150		37,995,210
[Foreign]
POSCO WA PTY LTD		Australia	Iron ore sales and mine development		100.00		646,574		646,574
POSCO Canada Ltd.		Canada	Coal sales		100.00		560,879		560,879
POSCO AUSTRALIA PTY LTD		Australia	Iron ore sales and mine development		100.00		330,623		330,623
POSCO (Zhangjiagang) Stainless Steel Co.,Ltd.(*2)		China	Stainless steel manufacturing and sales		58.60		283,792		283,792
POSCO-China Holding Corp.		China	Holding company		100.00		593,816		593,816
POSCO America Corporation		USA	Researching and consulting		99.45		192,136		192,136
POSCO VST CO., LTD.		Vietnam	Stainless steel manufacturing and sales		95.65		66,060		66,060
POSCO Asia Co., Ltd.		Hong Kong	Activities Auxiliary to financial service		100.00		117,690		117,690
POSCO JAPAN Co., Ltd.		Japan	Steel marketing, demand development, and technology research		100.00		68,410		68,410
Qingdao Pohang Stainless Steel Co., Ltd.(*2)		China	Stainless steel manufacturing and sales		70.00		65,982		65,982
POSCO (Suzhou) Automotive Processing Center Co., Ltd.		China	Steel manufacturing and sales		90.00		62,469		62,469
POSCO AFRICA (PROPRIETARY) LIMITED		South Africa	Mine development		100.00		50,297		50,297
POSCO Argentina S.A.U.		Argentina	Mineral exploration, manufacturing and sales		100.00		1,510,551		1,510,551
Others							242,685		242,685
							4,791,964		4,791,964
						W	43,498,114		42,787,174

(*1) POSCO CNR Nickel Solution Co., Ltd. was liquidated during the nine-month period ended September 30, 2025 and has been excluded from the scope of consolidation.

(*2) Pursuant to the resolution of the Board of Directors on July 3, 2025, the Company decided to sell the shares in two subsidiaries, POSCO (Zhangjiagang) Stainless Steel Co., Ltd and Qingdao Pohang Stainless Steel Co., Ltd.

16

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) Details of associates and carrying amounts as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)			September 30, 2025				December 31, 2024
	Country	Principal operations	Ownership (%)		Book value		Book value
[Domestic]
POSCO JK SOLID SOLUTION CO., LTD.	Korea	Material manufacturing for rechargeable battery		40.00	W	26,025		26,025
Others						12,111		12,111
						38,136		38,136
[Foreign]
9404-5515 Quebec Inc.(*1)	Canada	Investments		12.61		156,194		156,194
Others						13,799		13,799
						169,993		169,993
					W	208,129		208,129

(*1) As of September 30, 2025, the entity is classified as an investment in an associate since the Company has significant influence over the investee although the Company’s percentage of ownership is less than 20%, considering the structure of the entity’s Board of Directors and others.

(d) Details of joint ventures and carrying amounts as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)				September 30, 2025				December 31, 2024
	Country		Principal operations	Ownership (%)		Book value		Book value
Roy Hill Holdings Pty Ltd(*1)		Australia	Natural resources exploration		10.00	W	1,225,464		1,225,464
POSCO-NPS Niobium LLC		USA	Foreign investments in mining		50.00		364,609		364,609
KOBRASCO		Brazil	Steel materials manufacturing and sales		50.00		98,962		98,962
HBIS-POSCO Automotive Steel Co., Ltd		China	Steel manufacturing and sales		50.00		235,207		235,207
BX STEEL POSCO Cold Rolled Sheet Co., Ltd.		China	Steel manufacturing and sales		25.00		63,866		63,866
PT NICOLE METAL INDUSTRY		Indonesia	Nickel Smelting		49.00		604,045		541,471
Hydrogen Duqm LLC		Oman	Green Hydrogen/Ammonia product business development		44.80		6,452		6,452
Nickel Mining Company SAS(*2)		New Caledonia	Raw material manufacturing and sales		49.00		—		—
SNNC		Korea	STS material manufacturing and sales		49.00		100,631		100,631
						W	2,699,236		2,636,662

(*1) As of September 30, 2025 and December 31, 2024, the investments in joint ventures amounting to W1,225,464 million were provided as collateral in relation to revolving loan of Roy Hill Holdings Pty Ltd.

(*2) As of December 31, 2024, due to continuous operating losses and a deteriorating business environment, the Company assessed that the value in use of our equity interest in Nickel Mining Company SAS is likely to be low. Accordingly, the Company recognized a full impairment loss of W189,197 million, which is the difference between carrying amount and recoverable amount.

17

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

9. Investment Property

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

(a) For the nine -month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Depreciation(*1)			Transfer(*2)			Ending
Land	W	216,211		—		—			(368	)		215,843
Buildings		97,752		—		(5,562	)		(370	)		91,820
Structures		14,409		—		(616	)		(54	)		13,739
	W	328,372		—		(6,178	)		(792	)		321,402

(*1) The useful life and depreciation method of investment property are identical to those of property, plant and 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, 2024

(in millions of Won)	Beginning		Acquisitions		Depreciation(*1)			Transfer(*2)		Ending
Land	W	193,446		1,200		—			21,565		216,211
Buildings		101,229		—		(7,378	)		3,901		97,752
Structures		15,225		—		(824	)		8		14,409
	W	309,900		1,200		(8,202	)		25,474		328,372

(*1) The useful life and depreciation method of investment property are identical to those of property, plant and equipment.

(*2) Mainly includes assets transferred from property, plant and equipment in relation to changes in rental ratio and the purpose of use.

18

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

10. Property, Plant and Equipment

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

(a) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Others(*1)		Ending
Land	W	45,151		3,210		—			—			368		48,729
Buildings		28,447		—		—			(1,476	)		370		27,341
Structures		7,338		—		(63	)		(302	)		54		7,027
Machinery and equipment		29,821		3,971		(654	)		(3,724	)		624		30,038
Vehicles		44		—		—			(12	)		—		32
Furniture and fixtures		12,933		2,101		(3	)		(1,075	)		—		13,956
Construction-in-progress		292,259		144,603		—			—			4,643		441,505
	W	415,993		153,885		(720	)		(6,589	)		6,059		568,628

(*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred from investment property and others.

(b) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Disposals			Depreciation			Others(*1)			Ending
Land	W	50,197		4		—			—			(5,050	)		45,151
Buildings		29,539		4,736		—			(1,927	)		(3,901	)		28,447
Structures		7,748		1		—			(403	)		(8	)		7,338
Machinery and equipment		27,549		5,161		(337	)		(2,552	)		—			29,821
Vehicles		63		—		—			(19	)		—			44
Furniture and fixtures		13,485		622		(4	)		(1,170	)		—			12,933
Construction-in-progress		69,206		239,567		—			—			(16,514	)		292,259
	W	197,787		250,091		(341	)		(6,071	)		(25,473	)		415,993

(*1) Presenting assets transferred from construction-in-progress to other property, plant and equipment, assets transferred to investment property, and other expenses.

(c) Information on lease agreements for which the Company is a lessee is as follows:

1) Right-of-use assets

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

2) Amount recognized in profit or loss

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

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

19

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

11. Intangible Assets

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

(a) For the nine -month period ended September 30, 2025

(in millions of Won)	Beginning		Acquisitions		Disposals			Amortization			Others(*2)			Ending
Intellectual property rights	W	803		—		—			(142	)		230			891
Membership(*1)		10,072		920		—			—			—			10,992
Development expense		3,461		—		—			(1,377	)		3,134			5,218
Construction-in-progress		6,680		4,021		(19	)		—			(3,364	)		7,318
Other intangible assets		445		—		—			(174	)		—			271
	W	21,461		4,941		(19	)		(1,693	)		—			24,690

(*1) Estimated useful life of membership is indefinite.

(*2) Presenting assets transferred from construction-in-progress to other intangible assets.

(b) For the year ended December 31, 2024

(in millions of Won)	Beginning		Acquisitions		Disposals			Amortization			Others(*2)			Ending
Intellectual property rights	W	576		—		(4	)		(170	)		401			803
Membership(*1)		11,618		—		(1,546	)		—			—			10,072
Development expense		2,905		—		—			(1,310	)		1,866			3,461
Construction-in-progress		3,565		5,631		(249	)		—			(2,267	)		6,680
Other intangible assets		677		—		—			(232	)		—			445
	W	19,341		5,631		(1,799	)		(1,712	)		—			21,461

(*1) Estimated useful life of membership is indefinite.

(*2) Presenting assets transferred from construction-in-progress to intangible assets and assets transferred from property, plant and equipment, and others.

20

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

12. Other Assets

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

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

13. Borrowings

(a) Borrowings as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Short-term borrowings
Exchangeable bonds	W	43,426		39,053
Long-term borrowings
Long-term borrowings	W	972,256		1,500

21

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Current portion of debentures as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	Lenders	Issuance date	Maturity date	Annual interest rate (%)		September 30, 2025		December 31, 2024
Exchangeable bonds	Foreign currency exchangeable bonds	Sep. 1, 2021	Sep. 1, 2026		—	W	43,426		39,053

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

	Foreign currency exchangeable bonds
Type of bond	Exchangeable bonds
Aggregate principal amount(*1)	EUR 27,100,000
Interest rate	- Coupon rate : -
	- Yield to maturity : (0.78%)
Maturity date	September 1, 2026
Redemption	- Redemption at maturity : Outstanding bond principal, which is not repaid early or which call option is not excercised on, is repaid at maturity as a lump sum
	- Prepayment : The issuer has call option and the bondholders have put option
Exchange rate	100%
Exchange price(*2) (Won/share)	425,631
Underlying shares	Registered common shares(treasury shares)
Exchange period	From October 12, 2021 to August 22, 2026
Adjustments for exchange price	Adjusting the exchange price according to the terms and conditions of the bond in the events of reason for adjusting the exchange price such as, bonus issue, share split, share consolidation, change of share type, issuance of 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 put option exercised by bondholders, EUR 1,038,800,000 was redeemed out the total face value of exchangeable bonds of EUR 1,065,900,000 for the year ended December 31, 2024.

(*2) The exchange price has changed due to cash dividends paid for the nine-month period ended September 30, 2025.

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

22

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) Long-term borrowings and others excluding current portion, as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)

Lenders

Issuance date

Maturity date

Annual interest rate (%)

September 30, 2025

December 31, 2024

Foreign borrowings

KOREA ENERGY AGENCY

Dec. 27, 2011

Dec. 26, 2026

3 year Government bond

W

1,431

1,500

Bonds payable in foreign currency(*1)

Global Bonds (5 year maturity)

May. 7, 2025

May. 7, 2030

5.125

555,007

—

Bonds payable in foreign currency(*1)

Global Bonds (10 year maturity)

May. 7, 2025

May. 7, 2035

5.75

415,818

—

W

972,256

1,500

(*1) The Company enters into currency swap contracts to hedge foreign exchange risk associated with its foreign currency-denominated bonds.

14. Other Payables

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

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

15. Other Financial Liabilities

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

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

23

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

16. Provisions

(a) Provisions as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025				December 31, 2024
	Current		Non-current		Current		Non-current
Provision for bonus payments(*1)	W	2,758		—		4,175		—
Provision for restoration(*2)		2,946		3,383		6,932		—
Others(*3)		37,824		—		35,161		—
	W	43,528		3,383		46,268		—

(*1) Represents the provision for bonuses with the limit of 100% of annual salaries for executives.

(*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 September 30, 2025 and December 31, 2024. 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 2.84% 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 W37,824 million of the financial guarantee liabilities the Company provided as other provisions.

(b) Changes in provisions for the nine-month period ended September 30, 2025 and the year ended December 31, 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Beginning		Increase		Utilization			Others(*1)		Ending
Provision for bonus payments	W	4,175		6,316		(7,733	)		—		2,758
Provision for restoration		6,932		331		(934	)		—		6,329
Others		35,161		—		—			2,663		37,824
	W	46,268		6,647		(8,667	)		2,663		46,911

(*1) Reflecting the effect of exchange rate fluctuation.

2) For the year ended December 31, 2024

(in millions of Won)	Beginning		Increase		Utilization			Ending
Provision for bonus payments	W	6,055		9,087		(10,967	)		4,175
Provision for restoration		11,562		1,819		(6,449	)		6,932
Others		—		35,161		—			35,161
	W	17,617		46,067		(17,416	)		46,268

24

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

17. Employee Benefits

(a) Defined contribution plans

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

(in millions of Won)	For the three-month periods ended September 30				For the nine-month periods ended September 30
	2025		2024		2025		2024
Expense related to post-employment benefit plans under defined contribution plans	W	61		33		163		96

(b) Defined benefit plans

1) The amounts recognized in relation to net defined benefit liabilities in the statements of financial position as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025			December 31, 2024
Present value of funded obligations	W	41,132			39,980
Fair value of plan assets		(35,192	)		(38,684	)
Net defined benefit liabilities	W	5,940			1,296

2) The amounts recognized in relation to net defined benefit plan in the interim condensed separate statements of comprehensive income for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

	For the three-month periods ended September 30						For the nine-month periods ended September 30
(in millions of Won)	2025			2024			2025			2024
Current service costs	W	2,040			1,550			7,224			5,276
Interest costs		(29	)		(86	)		(87	)		(256	)
	W	2,011			1,464			7,137			5,020

18. Other Liabilities

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

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

25

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

19. Financial Instruments

(a) Classification and fair value of financial instruments

1) The carrying amounts and the fair values of financial assets and financial liabilities by levels in the fair value hierarchy as of September 30, 2025 and December 31, 2024 are as follows:

① September 30, 2025

(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Derivative assets	W	17,681		—		17,681		—		17,681
Short term financial instruments		125,200		—		125,200		—		125,200
Other securities		266,431		—		—		266,431		266,431
Fair value through other comprehensive income
Equity securities		182,387		148,845		—		33,542		182,387
Assets held for sale		225,724		225,724		—		—		225,724
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		514,070		—		—		—		—
Trade accounts and notes receivable		49,219		—		—		—		—
Debt securities		230,000		—		—		—		—
Other receivables		56,967		—		—		—		—
Deposit instruments		3,010,002		—		—		—		—
	W	4,677,681		374,569		142,881		299,973		817,423
Financial liabilities
Fair value through profit or loss
Borrowings	W	43,426		43,426		—		—		43,426
Financial liabilities measured at amortized cost(*1)
Borrowings		972,256		—		972,256		—		972,256
Financial guarantee liabilities		21,510		—		—		—		—
Others		89,929		—		—		—		—
	W	1,127,121		43,426		972,256		—		1,015,682

(*1) The fair values of financial assets and liabilities measured at amortized cost except for borrowings approximates their carrying amounts.

② December 31, 2024

(in millions of Won)			Fair value
	Book value		Level 1		Level 2		Level 3		Total
Financial assets
Fair value through profit or loss
Short term financial instruments	W	426,420		—		426,420		—		426,420
Other securities		263,059		—		—		263,059		263,059
Fair value through other comprehensive income
Equity securities		158,761		125,219		—		33,542		158,761
Assets held for sale		467,796		467,796		—		—		467,796
Financial assets measured at amortized cost(*1)
Cash and cash equivalents		409,387		—		—		—		—
Trade accounts and notes receivable		48,349		—		—		—		—
Other receivables		28,833		—		—		—		—
Deposit instruments		2,260,002		—		—		—		—
	W	4,062,607		593,015		426,420		296,601		1,316,036
Financial liabilities
Fair value through profit or loss
Borrowings	W	39,053		39,053		—		—		39,053
Financial liabilities measured at amortized cost(*1)
Borrowings		1,500		—		1,500		—		1,500
Financial guarantee liabilities		18,302		—		—		—		—
Others		76,376		—		—		—		—
	W	135,231		39,053		1,500		—		40,553

(*1) The fair values of financial assets and liabilities measured at amortized cost approximates their carrying amounts.

26

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

2) Financial liabilities were recognized in connection with financial guarantee contracts as of September 30, 2025. 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		105,165		—		—
	ING		USD	75,000,000		105,165		5,000,000		7,011
	Shinhan		USD	50,000,000		70,110		20,000,000		28,044
POSCO Argentina S.A.U.	BNP		USD	110,000,000		154,242		100,868,696		141,438
	CITI		USD	187,975,000		263,579		178,843,695		250,775
	Credit Agricole		USD	187,975,000		263,579		178,843,695		250,775
	HSBC		USD	187,975,000		263,579		178,843,696		250,775
	JPM		USD	187,975,000		263,579		178,843,696		250,775
	BANK OF AMERICA		USD	50,900,000		71,372		45,753,254		64,155
	KEXIM		USD	167,100,000		234,307		150,387,100		210,871
Associates and Joint ventures
NICKEL MINING COMPANY SAS	ING		EUR	46,000,000		75,647		46,000,000		75,647
PT.Nicole Metal Industry	STANDARD CHARTERED		USD	39,200,000		54,966		35,824,311		50,233
			USD	1,319,100,000		1,849,643		1,073,208,141		1,504,852
			EUR	46,000,000		75,647		46,000,000		75,647

3) Finance income and costs by category of financial instrument for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

① For the nine-month period ended September 30, 2025

(in millions of Won)	Finance income and costs
	Interest income (expense)			Gain (loss) on foreign currency			Gain on disposal		Gain (loss) on valuation			Others		Total			Other comprehensive income
Financial assets at fair value through profit or loss	W	—			(4,422	)		11,193		16,267			—		23,038			—
Financial assets at fair value through other comprehensive income		—			—			—		—			—		—			15,628
Financial assets measured at amortized cost		75,534			(13,682	)		—		—			—		61,852			—
Financial liabilities at fair value through profit or loss		—			(3,057	)		—		(1,315	)		—		(4,372	)		—
Financial liabilities measured at amortized cost		(22,416	)		16,966			—		—			3,740		(1,710	)		—
	W	53,118			(4,195	)		11,193		14,952			3,740		78,808			15,628

② For the nine-month period ended September 30, 2024

(in millions of Won)	Finance income and costs
	Interest income (expense)			Gain (loss) on foreign currency			Gain (loss) on disposal			Gain on valuation		Others		Total			Other comprehensive loss
Financial assets at fair value through profit or loss	W	—			1,510			27,406			58,685		—		87,601			—
Financial assets at fair value through other comprehensive income		—			—			(8,219	)		—		—		(8,219	)		(35,849	)
Financial assets measured at amortized cost		69,014			1,683			—			—		—		70,697			—
Financial liabilities at fair value through profit or loss		—			(56,301	)		(12,292	)		236,931		—		168,338			—
Financial liabilities measured at amortized cost		(873	)		383			—			—		1,606		1,116			—
	W	68,141			(52,725	)		6,895			295,616		1,606		319,533			(35,849	)

27

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

20. Share Capital and Capital Surplus

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

(in Won, except share information)	September 30, 2025		December 31, 2024
Authorized shares		200,000,000		200,000,000
Par value	W	5,000		5,000
Issued shares(*1, 2)		80,932,952		82,624,377
Share capital(*3)	W	482,403,125,000		482,403,125,000

(*1) As of September 30, 2025, total number of American Depository Receipts (ADRs) outstanding in overseas stock market amounts to 8,670,448 and such ADRs are equivalent to 2,167,612 shares of common stock.

(*2) Pursuant to the resolution of the Board of Directors’ meeting on February 19, 2025, the Company decided to retire 1,691,425 shares using distributable profits, and it was completed on March 31, 2025. As a result, as of September 30, 2025, the Company’s total number of issued shares has decreased.

(*3) As of September 30, 2025, the difference between the ending balance of common stock and the aggregate par value of issued common stock is W77,738 million due to retirement of 15,547,673 treasury stocks.

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

(in millions of Won)	September 30, 2025			December 31, 2024
Share premium	W	463,825			463,825
Gain on disposal of treasury shares		808,994			808,994
Gain from merger		80,627			80,627
Loss on disposal of hybrid bonds		(1,787	)		(1,787	)
Share-based payment		16,331			16,331
	W	1,367,990			1,367,990

28

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

21. Accumulated Other Comprehensive Income

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

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

22. Treasury Shares

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

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

23. Operating Revenue

(a) Details of operating revenue disaggregated by types of revenue and timing of revenue recognition for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

	For the three-month periods ended September 30				For the nine-month periods ended September 30
(in millions of Won)	2025		2024		2025		2024
Types of revenue
Dividend income	W	368,165		355,460		1,096,388		1,320,175
Others		44,638		46,810		135,880		140,693
	W	412,803		402,270		1,232,268		1,460,868
Timing of revenue recognition
Revenue recognized at a point in time	W	368,165		355,826		1,096,388		1,320,183
Revenue recognized over time		44,638		46,444		135,880		140,685
	W	412,803		402,270		1,232,268		1,460,868

29

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Details of contract assets and liabilities from contracts with customers as of September 30, 2025 and December 31, 2024 are as follows:

(in millions of Won)	September 30, 2025		December 31, 2024
Receivables
Trade accounts and notes receivable	W	49,219		48,349
Contract assets
Unbilled receivables		96,986		130,473
Contract liabilities
Advance received		2,693		3,190
Unearned income		2,135		4,983

24. Operating Expenses

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

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

30

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

25. Finance Income and Costs

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

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

26. Other Non-Operating Income and Expenses

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

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

31

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

27. Expenses by Nature

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

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

(*1) Including depreciation of investment property.

28. Income Taxes

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

(a) Income taxes

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

32

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Application of the Consolidated Tax Payment System

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

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

(in millions of Won)	September 30, 2025
Current income tax liabilities(*1)		226,668

(*1) Presenting the amount calculated and recognized by applying the consolidated tax payment system for the nine-month period ended September 30, 2025.

(c) Global minimum top-up tax

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

33

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

29. Earnings per Share

(a) Basic earnings per share for each of the three-month and nine-month periods ended September 30, 2025 and 2024 are as follows:

(in Won, except share information)	For the three-month periods ended September 30				For the nine-month periods ended September 30
	2025		2024		2025		2024
Profit for the period	W	334,942,715,344		334,994,032,159		969,846,033,432		1,468,571,617,105
Weighted-average number of common shares outstanding(*1)		75,620,779		75,699,376		75,620,779		75,816,833
Basic earnings per share	W	4,429		4,425		12,825		19,370

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

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

(shares)	For the three-month periods ended September 30						For the nine-month periods ended September 30
	2025			2024			2025			2024
Weighted-average shares outstanding		80,932,952			83,297,040			81,490,565			84,143,400
Weighted-average number of treasury shares		(5,312,173	)		(7,597,664	)		(5,869,786	)		(8,326,567	)
Weighted-average number of common shares outstanding		75,620,779			75,699,376			75,620,779			75,816,833

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

(b) Diluted earnings per share for the three-month and nine-month period ended September 30, 2024 are calculated as follows:

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

34

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

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

(shares)	For the three-month period ended September 30, 2024		For the nine-month period ended September 30, 2024
Weighted-average number of common shares outstanding		75,699,376		75,816,833
Weighted-average number of potential common shares		2,314,571		2,940,958
Adjusted weighted-average number of common shares		78,013,947		78,757,791

30. Related Party Transactions

(a) Related parties of the Company as of September 30, 2025 are as follows:

Type	Company
Subsidiaries	[Domestic] 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, Gale International Korea, LLC, 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.

35

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(b) Material transactions with the related companies for each of the nine-month periods ended September 30, 2025 and 2024 are as follows:

1) For the nine-month period ended September 30, 2025

(in millions of Won)	Sales and others(*1)						Purchase and others
	Sales		Dividends		Others		Purchase of fixed assets		Others
Subsidiaries(*2)
POSCO	W	113,182		527,363		557		370		11,441
POSCO Eco & Challenge Co., Ltd.		7,135		11,037		—		322		988
POSCO STEELEON CO., Ltd		880		—		—		—
POSCO DX		1,408		12,425		88		4,301		10,930
POSCO Research Institute		—		—		—		—		8,454
eNtoB Corporation		—		—		—		—		7,152
POSCO FUTURE M CO., LTD.		3,060		17,597		55		—		33
POSCO INTERNATIONAL Corporation		4,359		298,551		224		—		12
Busan E&E Co,. Ltd.		—		3,618		—		—		—
POSCO America Corporation		—		—		—		—		5,012
Others		4,828		4,761		3,414		1		23,298
		134,852		875,352		4,338		4,994		67,320
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC		—		32,031		—		—		—
Roy Hill Holdings Pty Ltd		—		131,125		—		—		—
Others		624		40,046		337		—		650
		624		203,202		337		—		650
	W	135,476		1,078,554		4,675		4,994		67,970

(*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(*2) As of September 30, 2025, the Company provides payment guarantees to the related parties (see Note 19).

2) For the nine-month period ended September 30, 2024

(in millions of Won)	Sales and others(*1)						Purchase and others
	Sales		Dividends		Others		Purchase of fixed assets		Others
Subsidiaries(*2)
POSCO	W	113,665		888,008		66		191		9,470
POSCO Eco & Challenge Co., Ltd.		7,561		11,037		—		1,729		705
POSCO STEELEON CO., Ltd		899		—		—		—		9
POSCO DX		1,027		9,940		—		982		9,540
POSCO Research Institute		—		—		—		30		8,180
eNtoB Corporation		—		—		—		49		6,231
POSCO FUTURE M CO., LTD.		6,459		11,565		—		—		9
POSCO INTERNATIONAL Corporation		4,548		124,396				—		61
Busan E&E Co,. Ltd.		—		2,472		—		—		—
POSCO America Corporation		—		—		—		—		5,030
Others		3,907		831		1,445		1		17,279
		138,066		1,048,249		1,585		2,982		56,514
Associates and joint ventures(*2)
POSCO-NPS Niobium LLC		—		22,045		—		—		—
Roy Hill Holdings Pty Ltd		—		202,550		—		—		—
Others		273		14,494		168		—		—
		273		239,089		168		—		—
	W	138,339		1,287,338		1,753		2,982		56,514

(*1) Sales and others mainly consist of trademark usage income, rental income, and dividend income from subsidiaries, associates and joint ventures.

(*2) As of September 30, 2024, the Company provided payment guarantees to the related parties (see Note 19).

36

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(c) The balances of receivables and payables arising from significant transactions between the Company and the related parties as of September 30, 2025 and December 31, 2024 are as follows:

1) September 30, 2025

(in millions of Won)	Receivables						Payables
	Trade accounts and notes receivable		Others		Total		Accounts payable		Others		Total
Subsidiaries
POSCO	W	76,175		235,921		312,096		8,048		40,945		48,993
POSCO Eco & Challenge Co., Ltd.		6,881		—		6,881		88		735		823
POSCO STEELEON CO., Ltd		860		—		860		—		—		—
POSCO DX		1,104		—		1,104		2,371		1,047		3,418
POSCO FUTURE M CO., LTD.		15,225		—		15,225		—		48		48
POSCO Mobility Solution Corporation		609		—		609		—		10		10
POSCO INTERNATIONAL Corporation		4,724		—		4,724		—		473		473
POSCO Argentina S.A.U		—		29,390		29,390		—		—		—
Others		2,560		249		2,809		5,824		472		6,296
		108,138		265,560		373,698		16,331		43,730		60,061
Associates and joint ventures
SNNC		480		—		480		—		—		—
Roy Hill Holdings Pty Ltd		36,895		—		36,895		—		—		—
FQM Australia Holdings Pty Ltd(*1)		—		238,050		238,050		—		—		—
Others		164		3,284		3,448		—		—		—
		37,539		241,334		278,873		—		—		—
	W	145,677		506,894		652,571		16,331		43,730		60,061

(*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.

2) December 31, 2024

(in millions of Won)	Receivables						Payables
	Trade accounts and notes receivable		Others		Total		Accounts payable		Others		Total
Subsidiaries
POSCO	W	102,071		1,093		103,164		5,854		36,111		41,965
POSCO Eco & Challenge Co., Ltd.		8,921		—		8,921		—		499		499
POSCO STEELEON CO., Ltd		1,126		—		1,126		—		—		—
POSCO DX		1,561		—		1,561		2,667		535		3,202
POSCO FUTURE M CO., LTD.		15,364		—		15,364		—		65		65
POSCO Mobility Solution Corporation		802		—		802		—		6		6
POSCO INTERNATIONAL Corporation		6,664		—		6,664		—		364		364
POSCO Argentina S.A.U		—		26,002		26,002		768		—		768
Others		3,274		231		3,505		7,873		311		8,184
		139,783		27,326		167,109		17,162		37,891		55,053
Associates and joint ventures
SNNC		662		—		662		—		—		—
Roy Hill Holdings Pty Ltd		25,023		—		25,023		—		—		—
FQM Australia Holdings Pty Ltd(*1)		—		249,560		249,560		—		—		—
Others		10,665		122		10,787		—		—		—
		36,350		249,682		286,032		—		—		—
	W	176,133		277,008		453,141		17,162		37,891		55,053

(*1) Other receivables from FQM Australia Holdings Pty Ltd consist of long-term loans and accrued interest and the Company has recognized allowance for doubtful accounts for such other receivables in entirety.

37

POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(d) For each of the nine-month periods ended September 30, 2025 and 2024, there were additional investments in subsidiaries and others amounting to W837,847 million and W620,852 million, respectively.

(e) For each of the nine-month periods ended September 30, 2025 and 2024, details of compensation to key management officers are as follows:

(in millions of Won)	September 30, 2025		September 30, 2024
Short-term benefits	W	19,574		19,099
Retirement benefits		4,369		2,570
	W	23,943		21,669

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

31. Commitments and Contingencies

(a) Commitments

1) As of September 30, 2025, the Company entered into commitments with KOREA ENERGY AGENCY for long-term 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 September 30, 2025, the ending balance of borrowing amounts to USD 1.02 million.

2) The Company has deposited 86,611 treasury shares for exchange with the Korea Securities Depository in relation to foreign currency exchangeable bonds as of September 30, 2025.

(b) As of September 30, 2025, the Company has provided three blank checks to KOREA ENERGY AGENCY as collateral for long-term foreign currency borrowings.

(c) Litigation in progress

The Company is involved in 3 lawsuits for contract payment (litigation amount: W1 billion) as defendant as of September 30, 2025. However, the Company has not recognized any provisions for these litigation cases since the Company does not believe it has a present obligation thereof as of September 30, 2025.

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

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POSCO HOLDINGS INC.

Notes to the interim condensed separate financial statements, continued

September 30, 2025 and 2024 (Unaudited)

(e) As of September 30, 2025, the Company has been provided with a payment guarantee of W2,753 million from Seoul Guarantee Insurance Company in relation to license guarantees and others.

(f) As of September 30, 2025, the Company has entered into a credit line agreement with Woori Bank, with a limit of W20,000 million.

32. Cash Flows from Operating Activities

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

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

33. Events after the reporting period

(a) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to pay interim cash dividends of W2,500 per common share (total dividends: W189.1 billion).

(b) Pursuant to the resolution of the Board of Directors on November 11, 2025, the Company decided to acquire a 30% equity interest in a newly established entity by Mineral Resources Ltd., located in Australia, to enhance cost competitiveness in its lithium business through strategic investment in high-quality resources. The total investment amount is USD 765 million.

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