POSCO Holdings (005490) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for FY2023 was W77,127bn, down from W84,750bn in FY2022; 1Q24 revenue was W18,052bn, showing a sequential decline.

• Consolidated operating profit for FY2023 was W3,531bn, down from W4,850bn in FY2022; 1Q24 operating profit was W95bn, a significant drop from W743bn in 4Q23.

Financial highlights

• Steel segment revenue in FY2023 was W63,539bn, down from W70,650bn in FY2022; 1Q24 steel revenue was W15,419bn.

• Infrastructure business revenue in FY2023 was W57,157bn, down from W65,901bn in FY2022; 1Q24 was W13,749bn.

• Battery materials business posted an operating loss of W161bn in FY2023, widening to a loss of W278bn in FY2024.

Outlook and guidance

• Battery recycling and lithium production plants are in ramp-up and validation phases, with commercial production started at Plant 1 and Plant 2 under construction.

• Some business segment disclosures and Energy/Materials reporting changed in early 2024 due to organizational restructuring.