PKX · POSCO Holdings Inc.

POSCO Holdings Inc. released provisional Q1 2026 consolidated earnings under K-IFRS, showing revenue of 17.88 trillion KRW, flat QoQ from 17.88 trillion KRW but up 2.5% YoY from 17.44 trillion KRW. Operating profit rose to 0.71 trillion KRW from 0.01 trillion KRW in Q4 2025 and 0.57 trillion KRW in Q1 2025, driven by improved profitability in Rechargeable Battery Materials and solid Infrastructure performance, with OP margin expanding to 3.3% from 0.1% QoQ. Net profit attributable to owners reached 0.47 trillion KRW, marking a turnaround from Q4 2025 loss and 54.6% YoY growth. Steel segment revenue increased to 14,964 billion KRW amid higher volumes, though OP declined due to rising raw material costs, FX, and freight. POSCO Future M and POSCO International posted OP gains from customer diversification, lithium price recovery, and favorable energy markets. Balance sheet metrics included net debt of 15,364 billion KRW (up QoQ) and EBITDA of 1,762 billion KRW. Strategically, the company signed a JV with JSW on April 20, 2026, for a 6 Mtpa BF-based steel mill in Odisha, India, under 50:50 ownership, leveraging POSCO's technology and JSW's execution, with construction to complete in 2031. Steel restructuring involves closing 2FINEX, transitioning to HYREX, and adding an electrical furnace in Q2 2026 for low-carbon production. Lithium subsidiaries advanced, with POSCO Argentina Phase 1 nearing commercial scale and Pilbara showing profit. Shareholder policy shifts to performance-linked 35-40% return ratio for 2026-2028, blending dividends and buybacks, following completion of prior programs totaling 3.5 trillion KRW. CAPEX was 1.7 trillion KRW consolidated. Earnings are unaudited and subject to change.