External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

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><p><em>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.</em></p>

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