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Hybrid Bonds

12 Months Ended

Dec. 31, 2025

25. Hybrid Bonds

(a)	POSCO FUTURE M CO., LTD, a subsidiary of the Company, issued hybrid bonds for the year ended December 31, 2024. Material matters are as follows:


(in millions of Won)	Date of issue		Date of maturity		Interest rate (%)		2024		2025
Hybrid bond(*1)		2024-12-18		2054-12-18		4.64	￦	600,000		600,000

(*1)	Details of issuance of hybrid bonds are as follows:


		KRW Hybrid bond
Maturity date		30 years (The issuer has a right to extend the maturity date)

Interest rate		Issue date ~ 2031-12-18 : 4.64% Reset every year: additionally +0.75% according to Step-up clauses

Interest payments condition		Quarterly (The issuer may defer interest payments except in cases where it resolves to pay dividends or repays pari passu debt and subordinated debt)

Others		The issuer can call the hybrid bond 5 years of after issuance

(b)

The hybrid bonds can be redeemed after a certain period has elapsed since the issuance date, and its maturity can be extended under the same conditions on the maturity date. Additionally, as interest payments can be deferred, it is deemed that the issuer has an unconditional right to avoid delivering cash or other financial assets to settle the contractual obligation. Accordingly, the Company has classified this bond as equity.

(c)	POSCO HOLDINGS INC., the controlling company, acquired ￦ 500,000 million out of the ￦ 600,000 million hybrid bonds issued by POSCO FUTURE M CO., LTD.