External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)</li><li>Steel recovery in view, but higher construction and lithium costs to cap results</li><li>Cost uncertainty tempers investment appeal; steel-led turnaround ahead</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consensus miss likely; consolidated OP forecast at W551.6bn (-25.8% YoY)Steel recovery in view, but higher construction and lithium costs to cap resultsCost uncertainty tempers investment appeal; steel-led turnaround aheadContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO Holdings (005490 KS Oct 22, 2025) - Elevated Cost Uncertainty

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>Although domestic steel industry conditions are likely to improve only modestly in 2H26, we expect the sector’s valuation discount to narrow on improving earnings.</li><li>The KRX Steel Index is trading at 0.68x P/B, with its discount to the KOSPI widening to 67% (vs. post-2008 average of 33%).</li><li>We expect earnings to improve meaningfully YoY, supported by higher domestic steel prices following antidumping measures and favorable base effects.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Although domestic steel industry conditions are likely to improve only modestly in 2H26, we expect the sector’s valuation discount to narrow on improving earnings.The KRX Steel Index is trading at 0.68x P/B, with its discount to the KOSPI widening to 67% (vs. post-2008 average of 33%).We expect earnings to improve meaningfully YoY, supported by higher domestic steel prices following antidumping measures and favorable base effects.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2H26 Outlook] SteelRecovery remains slow, but valuations are compelling

<ul><li>3Q25 preview: Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of W570.2bn (-23% YoY), with the latter missing the consensus (W631bn) by 10%.</li><li>Despite seasonally strong demand in the previous quarter, we expect steel operating profit to expand QoQ on improved spreads (with raw material prices falling more steeply than ASP).</li><li>However, we expect consolidated operating profit to remain weak due to widening losses at POSCO E&amp;C and continued losses in the energy materials business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 preview: Below-consensus results likely For 3Q25, we expect POSCO Holdings to report consolidated revenue of W17.4tr (-5.2% YoY) and operating profit of W570.2bn (-23% YoY), with the latter missing the consensus (W631bn) by 10%.Despite seasonally strong demand in the previous quarter, we expect steel operating profit to expand QoQ on improved spreads (with raw material prices falling more steeply than ASP).However, we expect consolidated operating profit to remain weak due to widening losses at POSCO E&amp;C and continued losses in the energy materials business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO Holdings (005490 KS/Buy)Solid Steel Performance Vs. Uncertain Subsidiary Earnings

South Korea

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

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POSCO Holdings (005490 KS)