Slides
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POSCO HOLDINGS 2025.Q3 Earnings Release October 27, 2025
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Disclaimer 2 This presentation was prepared and circulated to shareholders and investors to release information regarding the company’s business performance prior to completion of auditing for the period pertaining to the 3rd quarter of 2025. Given that this presentation is based on unaudited financial statements, certain figures may be modified in the course of the audit process. This presentation contains certain forward-looking statements relating to the business, financial performance and results of thecompany and/or the industry in which it operates. The forward-looking statements set forth herein concern future circumstances that are not historical facts and that are solely based on views and forecasts which are uncertain and subject to risk. Therefore, readers of this presentation shall be aware that foreward-looking statements set forth herein may not correspond to the actual business performance of the company,resulting from changes and risks in business environment and conditions. The sole purpose of this presentation is to assist persons in deciding whether they wish to proceed with certain investments to the Company. The Company does not offer guarantee, expressed or implied, as to the accuracy or completeness of this presentation or of the information contained herein; hence, we do not assume liability for the information described in this presentation. POSCO HOLDINGS IR Office E-mail : IR@POSCO-INC.COM Telephone: +82+2-3457-5112
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Content 3 Q3'25 Consolidated Business Performance Safe Workplace Initiative Strategy, Metrics and Update Portfolio Management Update Performance by Key Business Sector I. Steel - POSCO · Production/Sales · Income - Overseas · PT-KP · PZSS · P-Maharashtra · PY-VINA II. Rechargeable Battery Materials (RBM) - POSCO FUTURE M III. Infrastructure - POSCO INTERNATIONAL - POSCO E&C Appendix
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OP recovery observed for three consecutive quarters despite POSCO E&C’s weak performance Performance before Intercompany Transaction Adjustment Q3 2024 18,321 743 4.1% Q2 2025 17,556 607 3.5% +0.2%p +32 Q3 2025 17,261 639 3.7% 9,807 Net Debt Ratio 16.0% 10,924 18.0% +829 +0.9%p +30 11,753 18.9% 1) Separate 2) Consolidated, POSCO International performance includes POSCO Energy Financial StructureIncome OP Margin RatioOP MarginRevenue EBITDANet Debt - Q3 cumulative CAPEX administered: (Consolidated) KRW 4.8 tril., (Separate) 1.0 tril. (KRW billion) Revenue Operating Profit Net Profit Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Consolidated Income 18,321 17,556 17,261 743 607 639 497 84 387 Steel 15,669 14,879 14,730 466 610 656 232 356 470 POSCO1) 9,479 8,947 8,797 438 513 585 257 273 423 Overseas 5,279 4,992 4,850 7 80 53 △76 18 △1 Rechargeable Battery Mtrls. 966 764 1,000 △53 △144 △42 △53 △201 △116 POSCO FUTURE M2) 923 661 875 1 1 67 △1 △36 46 Infrastructure 14,202 13,490 13,215 449 230 145 299 △66 70 POSCO INTERNATIONAL2) 8,356 8,144 8,248 357 314 316 238 90 210 POSCO E&C2) 2,178 1,866 1,408 47 △91 △195 32 △97 △186 4 △295 Q3'25 Consolidated Business Performance 1,801 1,624 1,654 Q3 2024 Q2 2025 Q3 2025 (KRW bil., %) (KRW bil.,%) QoQQoQ
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5 Safe Workplace Initiative Strategy Established the Corporate Safety TF (7.30) that reports to the CEO to plan and drive an integrated Group-wide Safety Master Plan Design systems to promote “Safety First” Enhance on-site operability through union engagement 1 2 3 Guarantee workers’ rights (right to know, participate, and refuse unsafe work) - Incentivize right to stop work Offer a setting that respects workers, i.e., make available and encourage the use of a Group-wide safety hotline Stronger support for vulnerable groups (e.g., foreigners, the elderly) Elevate safety organizations, innovate safety budget operation -e.g., Apply ‘administer first, report later’ rule and remove safety expense from cost analysis Transparent disclosure of semi-annual safety performance End the practice of outsourcing danger (abolish lowest-bidder & unlawful subcontracting) Expand AI safety technology (e.g., AI CCTV ) Slim down administrative reporting and beef up on-site safety activities Enhanced social promise by running Safety Academy to expand training to suppliers (214 service providers and sub-contractors, local SMEs, and others) Taking the initiative to set the standard of Korea’s industrial safety practices - Operating companies placed under emergency safety management to exercise contingency safety schemes - Lowest-bidder system : Abolished from all POSCO Holdings affiliates, introduced fair-trade bidding (e.g., price floor auctions) - Unlawful subcontracting: Inspection of multi-layered subcontracting practices and operate a ‘Whistleblowing Center’ to report unlawful practices. Ex.) AI CCTV : Apply to 72 POSCO sites by ’25-end, and install 18 at POSCO-E&C Forklift monitoring technology: Applied to 95 forklifts at POSCO and to 169 at POSCO E&C - For foreigner workers: Offer ‘Safety Guides’ in workers’ native languages Develop visual training materials (with images & videos) - For the elderly: Phase in the ‘Healthy WorkplaceCertification’; introduce enhanced rest schedule during extreme climate Direction Goal Action Expand worker engagement as agents of prevention Group-wide safety innovations to drive the Safe Workplace Initiative
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6 Safe Workplace Initiative Metrics and Update Serious accidents (No. of deaths) ’20 ’21 ’22 ’23 ’24 ’25 (cumul. to Q3) Accident rate (%, No. of accident victims4 /No. of workers covered by Workers’ Comp) ’22 ’23 ’24 ’25 (cumul. to Q3) 0.10 0.14 0.11 0.66 0.67 0.65 Korean companies5 POSCO HOLDINGS and affiliates6 0.09 Key measures to reinforce safety Elevation of safety function at each affiliate; increased weight given to safety KPI, and safety budget innovations High-risk work suspended and emergency inspection performed across all sites; reinforcement of safety management personnel and workforce assigned to risk-prone processes Established a Group-wide accident prevention plan, anchored on 13 key objectives ‘Safety Platform’ and ‘AI-based safety technology’ rolled out, in addition to offering customized support to vulnerable groups Site-wide joint inspection of safety management systems by internal and external professionals identified 1,957 areas needing corrective improvement MOU (9.2.) signed with SGS, a Swiss safety services firm, and working with DSS+ to enhance objective safety inspections Global peers3 3 Average of top 5 global steelmakers (BF), China excluded 9 67 4 9 7 1 14 2 5 9 POSCO HOLDINGS and affiliates Declared a safety state of emergency Conducted safety inspection across all sites Established a Group-wide accident prevention plan Enhanced accountability to social ‘safety’ POSCO Safety Solution(9.25.) launched to offer professional solutions to promote safety for employees, suppliers and SMEs To observe our social promise, a foundation will be established to serve families of industrial accident victims (~’26.3) LTIFR1 (No. of lost time injuries 1 mil./ total hours worked) ’22 ’23 ’24 ’25 (cumul. to Q3) 0.54 0.67 0.73 1 Lost Time Injury Frequency Rate, 2 (Source) worldsteel 0.74 0.7 0.85 Global steel industry2 POSCO HOLDINGS and affiliates 0.74 4 No. of workers removed from work for 1 day or more 5 (Source) Ministry of Employment and Labor 6 No. of companies: 24 domestic, 41 overseas
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7Portfolio Management Update Between '24-Q3'25, portfolio management progress rate is 50%, with 63 projects completed and cash generation of KRW 1.4 trillion* 126 projects including 55 under-performing projects and 71 non-core assets 7 projects completed, generating KRW 400 billion (56 projects, KRW 1 tril. cumulative to 1H '25 ) Additional KRW 1.2 tril. cash generation through 63 projects across Q4'25-'27 Infra. Steel4 projects sold/liquidated, KRW 57.3 bil. cash inflow 1 project sold, KRW 51.3 bil. cash inflow 〮Sale of Fergana factory of POSCO INTERNA TIONAL T extile LLC. 〮Sale of POSCO-CORE Co. Ltd. in China 〮Liquidation of POSCO INTERNA TIONAL ’s West Kamchatka subsidiary in Russia 〮Sale of POSCO E&C Chungju R&D center 〮Sale of POSCO-CDPC (Chengdu Processing Center in China) Plant 1 RBM 1 project liquidated, KRW 43.1 bil. cash inflow 〮Liquidation of POSCO CNGR Nickel Solution and recovery of residual assets HOLDINGS/ others 〮Partial sale of NSC and other equity stocks 2 projects sold, KRW 246.4 bil. cash inflow Project Scope Q3'25 Performance Remaining Goal * Based on cash collected; KRW 102.5 billion demolition cost not included.
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8POSCO (KRW bil., %)Production/Sales Utilization Rate* +417 +72 +3.2%p 1.7%p Q3 2025 8,241 150 +0.9%p5.7% Q3 2025 8,797 585 6.6% 25.6% Sales Volume (Kt)Crude Steel (Kt) % of Premium Plus Products Sold** * Utilization Rate: Crude steel production/crude steel capacity, ** Carbon-reduced products and materials for high-growth, high-margin industries such as Hyper NO Despite price drop, lower raw materials cost and higher production/sales continued to drive up OP margin 8,651 87.6% Q3 2024 9,479 438 Q2 2025 8,947 513 4.6% +72 Q2 2025 Q3 2025 (KRW bil.) 513 Higher production/sales volume Lower selling price 585 +33 +44 222 +217 Lower raw material unit cost Lower costs, etc Q3 2024 9,234 8,248 90.3% 30.6% 8,374 8,169 27.3% 84.4% Q2 2025 8,791 • Selling price (carbon steel): Q2'25) KRW 936K/t → Q3'25) KRW 911K/t ( 25) • Key raw materials cost (carbon steel): Q2'25) 100 → Q3'25) 93 ( 7) - Unit costs fall from increased use of medium/low grade ore and low-cost coal • Expenses: Fixed cost per ton dropped as production volume grew (QoQ production increase of 417Kt in crude steel and 112Kt in steel products) QoQ Income (KRWbil., %) OP Margin Revenue OP Margin Ratio QoQ
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9Steel (Overseas) PY VINA (Vietnam) 14 1 95 21 108 3 94 2 Q2 2024 Q2 2025 Q3 2025 +6 1 Q3 2024 Q2 2025 668 Q3 2025 674 3132 710 PZSS (China) OP MarginRevenue 22 +16 Q3 2024 801 29 Q2 2025 629 33 Q3 2025 607 17 9 17 495 486 18 POSCO Maharashtra (India) 35 20 Q3 2024 Q2 2025 Q3 2025 444 Due to slowing global steel demand and impact of tariffs, OP declined in overseas steel • [PT.KP, PY VINA] Despite drop in selling price from market slowdown, OP held with cost-cutting efforts • [PT.MH] Profit declined from Q3 refurbishments 1 (KRWbil.)PT. Krakatau POSCO (Indonesia) OP MarginRevenue QoQ (KRWbil.) (KRWbil.) QoQ QoQ QoQOP MarginRevenue Revenue OP Margin (KRWbil.)
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10 CAM: Revenue and OP grew on increased sales volume, resulting impact of higher plant utilization rate, and reversal of inventory valuation loss • As Gwangyang precursor plant (45Kt/yr) begins operation, sales volume expands for global customers in need of non-PFE precursors AAM: Slowdown in sales offset by reversal of inventory valuation loss POSCO FUTURE M Base material: Oil prices triggered the drop in lime & chemicals selling price, suppressing OP Q3 2024 Q2 2025 Q3 2025 QoQ Revenue 923 661 875 +214 Energy Material 583 316 533 +217 Base Material 340 345 342 △3 Operating Profit 1 1 67 +66 Energy Material △16 △25 48 +73 Base Material 17 26 19 △7 Q32024 923 1 0.1% Q2 2025 661 1 0.1% +214 +7.5%p +66 Q3 2025 875 67 7.6% Revenue & OP by Segment (KRW bil.)Income (KRW bil.,%) OP MarginRevenue OP Margin Ratio QoQ
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11 Q3 2024 8,356 357 4.3% Q2 2025 8,144 314 3.9% +104 0.1%p +2 Q3 2025 8,248 316 3.8% Q3 2024 Q2 2025 Q3 2025 QoQ Revenue 8,356 8,144 8,248 +104 Energy1) 1,043 921 1,226 +305 Steel Mtrls,etc.2) 7,313 7,223 7,022 △201 Operating Profit 357 314 316 +2 Energy1) 191 149 197 +48 Steel Mtrls,etc.2) 166 165 119 △46 1) Consists of E&P(gas fields), LNG plant and terminal 2) Consists of steel, biomaterial (raw material, foods, industrial material), and subsidiaries on consolidated accounts Moderate OP growth on robust power business profit from summer demand and stronger sales at Senex in Australia • [E&P] Increased sales from expanded gas field production at Senex (+17bil, QoQ); decrease in Myanmar gas field CR rate ( 35%p) ( KRW 50 bil., QoQ) • [LNG Power] Despite lower SMP( KRW 5.8/kWh), power generation increased to respond to summer demand (+KRW 51 bil., QoQ) • [Mtrls and others] Indonesian palm business: Dry season augurs off-season for fruit harvest ( KRW 24 bil, QoQ); in Steel, changes in US and EU trade environment drive down OP ( KRW 17bil., QoQ) POSCO INTERNATIONAL Income (KRW bil.,%) OP MarginRevenue OP Margin Ratio QoQ Revenue & OP by Segment (KRWbil.)
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12POSCO E&C Q2 2024 2,178 47 1.7% Q2 2025 4.9% 458 8.9%p 104 Q3 2025 1,408 13.8% Revenue & OP by Segment Q3 2024 Q2 2025 Q3 2025 QoQ Revenue 2,178 1,866 1,408 △458 Plant 513 481 387 △94 Infrastructure 320 213 89 △124 Construction 1,352 1,173 922 △251 Consolidated Accounts △7 △1 10 +11 Operating Profit 47 △91 △195 △104 Plant △42 △70 △21 +49 Infrastructure △7 △56 △191 △135 Construction 99 25 10 △15 Consolidated Accounts △3 10 7 △3 195 Recognized costs, including from the Sinansan Line incident, provision for bad debt in construction segment, and overseas project in Poland Temporarily suspended work at all 103 domestic construction sites to inspect for and prevent safety accidents 91 1,866 Income (KRW bil., %) OP MarginRevenue QoQOP Margin Ratio (KRW bil.)
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13 Summarized Income Statement Summarized Balance Sheet Appendix
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14 Category Q3 2024 Q2 2025 Q3 2025 QoQ Revenue Gross Profit (Gross Margin) SG&A Operating Profit (Operating Margin) Profit Before Tax Net Profit Net Profit attributable to Controlling Interest EBITDA (EBITDA Margin) EPS (KRW) No. of Outstanding Shares (Thousands) (KRW bil.) Summarized Consolidated Income Statement
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15 (KRW bil.) * Cash Balance includes Cash and Cash Equivalents and Short-term Financial Instruments Category Q3 2024 Q2 2025 Q3 2025 QoQ Current Assets 44,199 43,658 43,772 +114 Cash Balance* 16,104 16,544 15,839 705 Accounts Receivable 10,873 11,095 11,437 +342 Inventories 13,699 12,338 12,805 +467 Non-Current Assets 58,103 57,497 58,846 +1,349 Tangible Assets 38,543 40,259 40,914 +655 Intangible Assets 4,668 4,746 4,847 +100 Other LT Financial Assets 2,777 2,258 2,680 +422 Total Assets 102,301 101,155 102,618 +1,463 Liabilities 41,097 40,565 40,560 5 Current Liabilities 22,623 22,224 22,284 +60 Non-Current Liabilities 18,474 18,341 18,275 66 ※ Total Interest Bearing Debt 25,911 27,468 27,593 +124 Shareholders’ Equity 61,204 60,590 62,058 +1,468 Controlling Interest 55,303 54,667 55,620 +954 Net Debt 9,807 10,924 11,753 +829 Net Debt to Equity (%) 16.0% 18.0% 18.9% +0.9%p Summarized Consolidated Balance Sheet