Freedom Holding Corporation (FRHC)

Incredible earnings report

Freedom Holding Corp (FRHC) Reports 2026 EarningsJune 1, 2026 5:44 PM
Business Wire Net Income increases to $153.3 million from $76.2 million; Revenue increases to $2.19 billion from $2.0 billion; Banking segment customers increase to 5,026,000 from 2,515,000; Brokerage segment customers increase to 858,000 from 683,000; Other segment customers increase to 1,105,000 from 605,000 Freedom Holding Corp. (the “Company”) (NASDAQ: FRHC), a multinational diversified financial services holding company with a presence in 22 countries, today reported financial results for fiscal year 2026, including revenue of $2.19 billion, and net income of $153.3 million for the 2026 fiscal year.   Year ended Year ended March 31, 2026 Total revenue, net $2,191.3 million $2,004.2 million Income before income tax $226 million $104.6 million Net income $153.3 million $76.2 million       Earnings per common share – basic $2.56 $1.28 Earnings per common share – diluted $2.51 $1.26 Fiscal Year ended March 31, 2026 Financial Overview
All comparisons are to the twelve months ended March 31, 2025 unless otherwise noted The Company reported total revenue, net of $2,191.3 million, as compared to $2,004.2 million. The increase was primarily attributable to the following: The Company’s net gain on trading securities was $158.8 million, an increase of $216.6 million, or 375%, primarily from sales of Kazakhstan sovereign and corporate debt securities. Sales of goods and services increased by $57.3 million, or 143%, to $97.4 million from $40.1 million, primarily the result of the Company’s expansion into the telecommunications sector and increased customer activity at Arbuz, online retail trade and e-commerce subsidiary. Net gain on derivatives was $66.8 million, an increase of $54.4 million, driven primarily by Freedom Bank KZ’s realized net gain of $40.9 million largely due to positive revaluation of currency swaps. Interest income was $882.5 million, an increase of $18.0 million, or 2%, primarily driven by increased margin loans to customers and continued expansion of Freedom Bank KZ's customer loan portfolio. Our net insurance revenue for fiscal 2026 was $402.4 million, representing a decrease of $168.8 million, or 29%, compared to fiscal 2025. This decrease was primarily driven by lower written insurance premiums, reflecting regulatory caps on agent commissions for bank and microfinance loan products, and by higher deferred profit liability issuance expense. Customer Growth The Company’s bank customers approximately doubled from 2.52 million to 5.03 million and retail brokerage accounts increased to 858,000, from 683,000 in the prior year. “Over the past few years, we have significantly expanded our customer base across brokerage, banking, and insurance by building a unified digital ecosystem,” said Timur Turlov, Freedom Chairman and CEO. “At the core of this growth is our SuperApp, which brings together essential financial services, including banking, insurance and lifestyle services in a single application. “The addition of attractive loyalty and referral programs, improvement and further diversification of our offerings within our SuperApp during fiscal 2026 has further supported customer adoption, increasing overall engagement within the ecosystem. Our mission is to provide our customers with the most convenient, seamless, and beneficial experience possible, engaging them across a broad range of digital products, each offered on terms designed to deliver maximum value and ease of use.” Freedom SuperApp In March 2026, monthly active users (MAU) climbed to 2.59 million, up from 1.02 million in March 2025, an increase of 154% year over year, while daily active users (DAU) averaged 634,578 compared with 183,000 in March 2025. Regional and Global Expansion One of the Company’s strategic goals is to build a network of banks, brokers, and digital financial infrastructure that connects markets across Central Asia, the Caucasus, and beyond. In this regard, in March 2026, the Company entered into an agreement to purchase approximately 99.32% of Turkish Bank A.S., a bank operating in Türkiye. Subject to completion of the transaction, the Company expects this bank may serve as a core platform for its financial services operations in Türkiye. The Company also plans to establish a fully operational brokerage business in Türkiye, subject to obtaining the required license from the Turkish financial regulator. External Social Projects During fiscal year 2026, the Company continued to support sports, education, and culture in the communities where it operates, including: Sports and chess — funding the Kazakhstan Chess Federation, hosting the World School Team Chess Championship and the "Chess in Education" Scientific Conference, launching construction of a football academy in Karaganda, sponsoring FC Zhenis and the youth teams of FC Shakhter, and supporting the inclusive "UNI FOOTBALL LEAGUE." Education — supporting "Teach for Qazaqstan," the Freedom Grants scholarship program, the IQanat Educational Fund, and student scholarships at Karagandy Buketov University. Culture — contributing to the renovation of Lermontov National Theatre in Almaty and the development of the Reception House in Astana. Additional highlights: Banking As of March 31, 2026, our Banking segment combined assets increased by 21% to $5,359.8 million, our loan portfolio increased by 29% to $2,045.3 million, our deposit portfolio increased by 46% to $2,522.8 million, and held-to-maturity securities increased by 552% to $429,423. Insurance Freedom Life recognized a net profit of approximately $32.9 million. As of March 31, 2026, Freedom Life held an approximately 7.4% market share in the Kazakhstan voluntary accident insurance and 19.3% of the pension annuity insurance segment in Kazakhstan, in each case according to the National Bank of Kazakhstan (NBK). Freedom Insurance recognized net profit of approximately $10.8 million in fiscal year 2026. According to the NBK, as of March 31, 2026, Freedom Insurance had an approximately 6.55% share of the total Kazakhstan general insurance market based on total assets and had an approximately 14.53% share of the Kazakhstan car owners liability insurance market based on insurance premiums received. Brokerage As of March 31, 2026 and 2025, we had approximately 858,000 and 683,000 total brokerage customer accounts respectively, of which more than 56% and 63% respectively had positive cash or asset account balances. Other The Other segment accounted for $172.8 million, or 8%, of our total revenue, net for the fiscal year ended March 31, 2026, mainly derived from online retail trade and e-commerce services, provision of payment processing services, retail online ticket sales and online aggregation of purchasing air and railway tickets. AI Data Center in Kazakhstan In November 2025, we signed a non-binding memorandum of understanding with the Kazakhstan Ministry of AI and Digital Development and NVIDIA Corporation with a view to develop a large-scale AI data center in Kazakhstan. This prospective growth project is expected to be implemented in phases. Employees As of March 31, 2026, we had 11,846 (11,627 full-time and 219 part-time) employees spanning 22 countries in the following regions: Central Asia - 10,830, Europe - 334, Middle East - 627, USA - 55. About Freedom Holding Corp. Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries, operating under the name Freedom Finance in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 11,000 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, International Trading System Limited, Armenia Stock Exchange, Kyrgyz Stock Exchange, the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange. Freedom Holding Corp.'s common shares are registered under the United States Securities Exchange Act of 1934 and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc. The Company has its main market of operations in Kazakhstan and has a presence in 22 countries. To learn more about Freedom Holding Corp., visit www.freedomholdingcorp.com. Cautionary Note Regarding Forward-Looking Statements This release, and any related statements, contains "forward-looking" statements within the meaning of section 21E of the United States Securities Exchange Act of 1934. All forward-looking statements are subject to uncertainty and changes in circumstances. In some cases, forward-looking statements can be identified by terminology such as "expect," "new," "plan," "strategy," "mission, " "seek," and "will," or the negative of such terms or other comparable terminology and include statements relating to our plans, intentions and expectations, regional and global expansion including our plans related to Turkish Bank A.S. and establishment of a fully operational brokerage business in Türkiye, the memorandum of understanding relating to AI data center in Kazakhstan and other non-historical statements. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include economic, business, and regulatory risks and other factors including those identified in under Risk Factors and elsewhere in the Company's periodic and current reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Website Disclosure Freedom Holding Corp. intends to use its website, https://ir.freedomholdingcorp.com, as a means for disclosing material non-public information and for complying with U.S. Securities and Exchange Commission Regulation FD and other disclosure obligation. FREEDOM HOLDING CORP.
CONSOLIDATED BALANCE SHEETS (All amounts in thousands of United States dollars, unless otherwise stated)     March 31, 2026   March 31, 2025
(Recasted)         ASSETS       Cash and cash equivalents $ 966,115     $ 837,302   Restricted cash   1,246,312       807,468   Investment securities   3,342,561       2,814,733   Margin lending, brokerage and other receivables, net   4,690,782       3,319,145   Loans issued (including $21,321 and $188,445 to related parties)   2,077,606       1,595,435   Fixed assets, net   358,396       191,103   Intangible assets, net   73,319       54,186   Goodwill   51,099       49,093   Right-of-use asset   47,579       39,828   Insurance contract assets   36,849       37,183   Other assets, net (including $40,119 and $18,080 with related parties)   264,621       169,641   TOTAL ASSETS $ 13,155,239     $ 9,915,117           LIABILITIES AND SHAREHOLDERS' EQUITY       Securities repurchase agreement obligations $ 1,024,923     $ 1,418,443   Customer liabilities   7,103,984       4,304,999   Margin lending and trade payables   689,641       1,322,241   Insurance contract liabilities   653,907       472,433   Current income tax liability   43,701       28,919   Debt securities issued   1,261,120       469,551   Lease liability   48,843       40,525   Liability arising from continuing involvement   554,594       503,705   Other liabilities   285,247       129,737   TOTAL LIABILITIES $ 11,665,960     $ 8,690,553   Commitments and Contingent Liabilities (Note 29)   —       —           SHAREHOLDERS' EQUITY       Preferred stock - $0.001 par value; $20,000,000 shares authorized, no shares issued or outstanding   —       —   Common stock - $0.001 par value; 500,000,000 shares authorized; 61,292,581 and 60,993,949 shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively   61       61   Additional paid in capital   314,657       246,610   Retained earnings   1,231,500       1,078,172   Accumulated other comprehensive loss   (56,939 )     (100,396 ) TOTAL FRHC SHAREHOLDERS' EQUITY $ 1,489,279     $ 1,224,447           Non-controlling interest   —       117   TOTAL SHAREHOLDERS' EQUITY $ 1,489,279     $ 1,224,564           TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 13,155,239     $ 9,915,117   The accompanying notes are an integral part of these consolidated financial statements   Years ended March 31,     2026     2025 (Recasted)   2024 (Recasted)             Revenue:           Fee and commission income (including $7,680, $4,725 and $65,972 from related parties) $ 489,765     $ 505,026     $ 440,333   Net gain/(loss) on trading securities   158,824       (57,810 )     133,854   Interest income (including $12,703, $1,731 and $24,941 from related parties)   882,478       864,453       828,224   Net insurance revenue   402,396       571,224       245,122   Net gain on foreign exchange operations   67,680       51,684       72,245   Net gain/(loss) on derivatives   66,772       12,404       (103,794 ) Sales of goods and services   97,446       40,102       21,576   Other income   25,930       17,072       9,696   TOTAL REVENUE, NET   2,191,291       2,004,155       1,647,256               Expense:           Fee and commission expense   218,565       346,502       154,716   Interest expense   489,036       535,895       501,111   Insurance claims and policyholder benefits, net of reinsurance   259,309       260,488       117,273   Payroll and bonuses   426,471       287,347       180,283   Professional services   46,258       28,924       34,238   Stock compensation expense   68,047       59,592       22,719   Advertising and sponsorship expense (including $27,151, $18,497, and $0 from related parties)   103,304       124,627       38,327   General and administrative expense   222,339       162,474       120,888   Allowance for expected credit losses   52,365       62,445       21,225   Cost of sales   79,632       31,278       17,538   TOTAL EXPENSE   1,965,326       1,899,572       1,208,318               INCOME BEFORE INCOME TAX   225,965       104,583       438,938               Income tax expense   (72,637 )     (28,425 )     (60,419 )             NET INCOME   153,328       76,158       378,519               Less: Net loss attributable to non-controlling interest in subsidiary   —       (129 )     (588 ) NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 153,328     $ 76,287     $ 379,107               OTHER COMPREHENSIVE INCOME           Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect   (4,771 )     4,364       6,196   Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect   (4,937 )     681       (3,209 ) Change in discount rate on liability for future policy benefits   (881 )     6,807       (4,811 ) Foreign currency translation adjustments   54,046       (104,102 )     12,075   OTHER COMPREHENSIVE INCOME/(LOSS)   43,457       (92,250 )     10,251   COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS $ 196,785   $ (16,092 )   $ 388,770               Less: Comprehensive loss attributable to non-controlling interest in subsidiary   —     (129 )     (588 )             COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 196,785   $ (15,963 )   $ 389,358               EARNINGS PER COMMON SHARE (In U.S. dollars):           Earnings per common share - basic   2.56     1.28       6.43   Earnings per common share - diluted   2.51     1.26       6.39               Weighted average number of shares (basic)   59,992,357     59,393,629       58,958,363   Weighted average number of shares (diluted)   61,117,931     60,490,564       59,362,982   The accompanying notes are an integral part of these consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601134977/en/ Natalia Kharlashina
Public Relations
Freedom Holding Corp.
+7 701 364 1454
prglobal@ffin.kz Ramina Fakhrutdinova (KZ)
Public Relations
Freedom Finance JSC
+7 777 377 8868
pr@ffin.kz Media Contact for Freedom US Markets
Deborah Kostroun, Zito Partners

Freedom Holding Corp. Acquires ChessBase, a Market Leader in Chess Software, Data and ContentApril 16, 2026 8:05 AM
ACCESS NewswireNEW YORK CITY, NY / ACCESS Newswire / April 16, 2026 / Freedom Holding Corp., the international investment and technology company, has announced the acquisition of ChessBase, one of the world's oldest and largest platforms specializing in chess software, analytics and database solutions. The company plans to strengthen the platform's market position through the broader deployment of artificial intelligence and its integration with the group's ecosystem. The expected investment in the project is approximately €5 million."ChessBase is an exceptionally strong brand with a rich history and, arguably, one of the most important projects for the global chess community. Together with the team that created the platform and continues to run it, we believe we can make substantial progress in modernizing the service, enriching its functionality through artificial intelligence, and integrating it into our digital ecosystem through SuperApp," said Timur Turlov, Chief Executive Officer of Freedom Holding Corp.Turlov added: "I believe this partnership will strengthen ChessBase's position not only among professional chess players, but will also open up new opportunities by giving our clients direct access, with more than 11 million clients across the group in more than 20 countries."Turlov added that the investment will be directed toward modernizing the platform and further developing and expanding its technological architecture. At the same time, ChessBase's headquarters will remain in Hamburg, and the core team will remain in place. No job cuts are planned. On the contrary, the company expects to invest significantly in the business and recruit additional staff as the platform develops further."This is great news for the chess world. ChessBase, an important part of the chess heritage, is entering a secure new stage of development. Having an investor who genuinely loves chess is perhaps the best outcome imaginable. I am confident that new and exciting opportunities lie ahead for the global chess community," said Rainer Woisin, Managing Director of ChessBase.Timur Turlov, Chief Executive Officer of Freedom Holding Corp., is also actively involved in the development of the chess industry and educational initiatives. Since January 2023, he has served as head of the Kazakhstan Chess Federation, and since September 2024, he has led the International School Chess Federation (ISCF), a subsidiary organization of FIDE, the International Chess Federation.Freedom Holding Corp. actively invests in the development and promotion of chess, allocating more than $15 million annually to these efforts. In recent years, Kazakhstan has significantly strengthened its position as an international venue for school, junior, and university chess championships. Freedom Holding regularly partners with FIDE on projects and participates in organizing and sponsoring international tournaments, including the World Rapid and Blitz Championships, as well as corporate and school championships.About Freedom Holding Corp.Freedom Holding Corp. provides financial services in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Freedom Travel. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in Russell 3000 Index.About SuperAppSuperApp is Freedom Holding Corp.'s flagship application, with more than 5 million users. In addition to traditional banking services, the app enables users to purchase insurance, buy tickets to events, order groceries and other goods for delivery, book airline tickets and travel packages, and access a broad range of government services.About ChessBase GmbHChessBase GmbH is a German company founded in Hamburg in 1986. It develops and sells game databases, analytical software, training products and online services for chess players, and also operates its major chess news platform. Its proprietary chess database has become the industry-standard database powering professional chess worldwide. The company is widely recognized as a global leader in its niche and remains one of the leading brands in professional chess training.Contact
Head of Public Relations
Natalia Kharlashina
Freedom Holding Corp.
prglobal@ffin.kz
+77013641454SOURCE: Freedom Holding Corp.View the original press release on ACCESS NewswireOriginal: Freedom Holding Corp. Acquires ChessBase, a Market Leader in Chess Software, Data and Content

Freedom Holding Corp. Announces That It Is Considering an Offering of Its Common Stock in KazakhstanApril 9, 2026 6:30 AM
Business Wire
Freedom Holding Corp. (Nasdaq: FRHC), an international financial technology group, today announced that it is considering an offering of its common stock in Kazakhstan. The offering, if the company determines to proceed with such an offering, would be conducted outside the United States in reliance on Regulation S under the Securities Act of 1933.


This announcement is not and does not form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities to be offered in the potential offering mentioned above have not been registered under the Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States (or to a U.S. person) absent registration or an applicable exemption from the registration requirements of the Securities Act.


This announcement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “believe”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “target”, “future”, and variations of these words or comparable words. These statements include statements relating to FRHC’s potential offering mentioned above. These forward-looking statements are based on current expectations or beliefs, and are subject to changes in circumstances as well as a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in the forward-looking statements. Such risks include risks relating to the potential offering mentioned above, including that such an offering does not proceed or if it does proceed, the ultimate results of such an offering. Except as required by law, FRHC undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260409686841/en/
Media Inquiries

Deborah Kostroun

201-403-8185

dkostroun@zitopartners.com


Original: Freedom Holding Corp. Announces That It Is Considering an Offering of Its Common Stock in Kazakhstan

Freedom Holding Corp. Reports Third Quarter Fiscal Year 2026 Financial ResultsFebruary 9, 2026 4:45 PM
Business Wire
Freedom Holding Corp. (the “Company”) (NASDAQ: FRHC), a multinational diversified financial services holding company with a presence in 21 countries, today announced financial results for the third quarter of fiscal year 2026 ended December 31, 2025.


Highlights during the three and nine months ended December 31, 2025 include the following:




 






Three months

ended






Nine months

ended








December 31, 2025








Total revenue, net






$628.6 million






$1,688.2 million








Income before income tax






$93.9 million






$194.9 million








Net income






$76.2 million






$145.4 million








 






 






 








Earnings per common share – basic






$1.27






$2.43








Earnings per common share – diluted






$1.25






$2.38







Customer Growth


The Company continued to grow its number of customers in several key areas.


Brokerage customers totaled 828,000 as of December, 31, 2025, an increase of 145,000 customers over the past nine months. Banking customers rose by two million customers, to 4.5 million customers. Customers for insurance and other segments rose by 8,000 and 92,000 customers respectively.


Three months ended December 31, 2025 Financial Overview

All comparisons are to the three months ended December 31, 2024, unless otherwise noted


The Company reported total revenues, net, of $628.6 million for the fiscal 2026 third quarter as compared to $664.6 million, reflecting higher net gain on foreign exchange operations, net gain on derivatives, interest income, sales of goods and services and other income offset by a decline in insurance premiums earned (net of reinsurance), lower net gain on trading securities, and fee and commission income.


For the three months ended December 31, 2025, we realized a net gain on foreign exchange operations of $45.8 million compared to a net gain of $3.9 million. The increase was primarily due to the gain from the revaluation of foreign currency.


For the three months ended December 31, 2025, we had net gain on derivatives of $26.5 million compared to a net gain of $11.9 million. The change was primarily driven by the revaluation of derivative positions at our subsidiary, which resulted in an unrealized net gain of $8.2 million for the three months ended December 31, 2025.


For the three months ended December 31, 2025, we had interest income of $228.8 million, representing an increase of $4.1 million, or 2%. The increase was primarily driven by a $24.1 million increase in interest income on loans to customers due to the increase of the loan portfolio. Additionally, interest income on held-to-maturity securities increased by $19.3 million due to the increase of the held-to-maturity portfolio. Interest income on margin loans to customers increased by $12.6 million, or 21% reflecting higher customer activity in margin lending. Increase in interest income was partially offset by decrease in interest income on trading securities.


For the three months ended December 31, 2025, we had insurance premiums earned, net of reinsurance of $106.9 million, a decrease of $70.5 million, or 40%. The decrease was primarily attributable to a $73.1 million, or 41%, decrease in written insurance premiums due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.


During the three months ended December 31, 2025, we had a realized gain on trading securities of $52.3 million. The gain primarily reflected our active portfolio management strategy, which mostly attributable to the sale of Kazakhstani corporate debts at favorable market prices following a short-term rally in the local debt market. However, we also incurred an unrealized net loss of $8.8 million during the same period due to the decline in the value of securities positions we held as of December 31, 2025.


Fee and commission income from banking services decreased by $27.4 million during the three months ended December 31, 2025 from $8.4 million for the three months ended December 31, 2024. The decrease was primarily driven by active use by our customers of a cashback-based loyalty program, with cashback amounts reflected as a reduction of banking service revenue.


Total expense was approximately $534.7 million in the fiscal 2026 third quarter compared to $566.3 million, driven by higher payroll and bonuses, general and administrative expense, cost of sales, professional services and stock compensation expense.


Net income was $76.2 million for the fiscal 2026 third quarter compared to $78.1 million.


Basic and diluted earnings per share were $1.27 and $1.25, respectively, compared to $1.32 and $1.29 per share, respectively, in last year’s third quarter.


Weighted average common shares outstanding used to compute diluted earnings per share for the quarter ended December 31, 2025 and 2024 were 61.1 million and 60.5 million, respectively.


Nine months ended December 31, 2025 Financial Overview

All comparisons are to the nine months ended December 31, 2024, unless otherwise noted


The Company reported total revenues, net, of $1,688.2 million for the fiscal 2026 third quarter as compared to $1,705.7 million, reflecting higher sale of goods and services, net gain on trading securities, net gain on derivatives, net gain on foreign exchange operations and other income offset by a decline in insurance premiums earned (net of reinsurance), lower interest income and fee and commission income.


During the nine months ended December 31, 2025, we had a realized gain on trading securities of $126.2 million, which is mostly attributable to Kazakhstani corporate debt securities sold during the nine months ended December 31, 2025. Also, we recognized an unrealized net gain of $21.1 million during the same period due to an increase in the value of securities positions we held as of December 31, 2025. The majority of the unrealized net gain is attributable to Kazakhstan sovereign bonds.


For the nine months ended December 31, 2025, we had net gain on derivatives of $38.8 million compared to a net gain of $30.7 million. The change was primarily attributable to the increase in realized gain from $2.5 million for the nine months ended December 31, 2024 to $8.6 million for the nine months ended December 31, 2025 due to the increased volume of swap turnover between two periods.


For the nine months ended December 31, 2025, we realized a net gain on foreign exchange operations of $32.9 million compared to a net gain of $18.5 million. The change was primarily due to the $54.9 million gain on dealing transactions.


For the nine months ended December 31, 2025, we had insurance premiums earned, net of reinsurance of $385.4 million, a decrease of $81.8 million, or 18%. The decrease was primarily attributable to a $88.5 million, or 18%, decrease in written insurance premiums due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.


For the nine months ended December 31, 2025, we had interest income of $639.0 million, representing a decrease of $22.0 million, or 3%. The decrease was primarily driven by a $176.6 million, or 57%, decrease in interest income on trading securities. This decrease was primarily due to a lower volume of trading securities held during the period.


Fee and commission income from banking services decreased by $60.1 million during the nine months ended December 31, 2025 from $12.7 million. The decrease was primarily driven by active use by our customers of a cashback-based loyalty program, with cashback amounts reflected as a reduction of banking service revenue.


Total expense was approximately $1,493.2 million for the nine months ended December 31, 2025, compared to $1,437.3 million, driven by higher payroll and bonuses, cost of sales, insurance claims incurred, net of reinsurance and professional services.


Net income was $145.4 million for the nine months ended December 31, 2025, compared to $226.9 million.


Basic and diluted earnings per share were $2.43 and $2.38, respectively, compared to $3.83 and $3.76 per share, respectively, in last year’s nine months ended December 31, 2024.


Weighted average common shares outstanding used to compute diluted earnings per share for the nine months ended December 31, 2025 and 2024 were 61.1 million and 60.4 million, respectively.


About Freedom Holding Corp.


Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries, operating under the name Freedom Finance in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 11,000 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, International Trading System Limited, Armenia Stock Exchange, Kyrgyz Stock Exchange, the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange.


Freedom Holding Corp.'s common shares are registered under the United States Securities Exchange Act of 1934 and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc. The Company has its main market of operations in Kazakhstan and has operations through its subsidiaries across 21 countries.


To learn more about Freedom Holding Corp., visit www.freedomholdingcorp.com.


Cautionary Note Regarding Forward-Looking Statements


This release contains "forward-looking" statements within the meaning of section 21E of the Securities Exchange Act of 1934. All forward-looking statements are subject to uncertainty and changes in circumstances. In some cases, forward-looking statements can be identified by terminology such as "expect," "new," "plan," “strategy,” "seek," and "will," or the negative of such terms or other comparable terminology and include statements relating to our plans, intensions and expectations and other non-historical statements. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include economic, business, and regulatory risks and other factors including those identified in the Company's periodic and current reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.


Website Disclosure


Freedom Holding Corp. intends to use its website, https://ir.freedomholdingcorp.com, as a means for disclosing material non-public information and for complying with U.S. Securities and Exchange Commission Regulation FD and other disclosure obligation.




FREEDOM HOLDING CORP.




CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited)




(All amounts in thousands of United States dollars, unless otherwise stated)










 



 






December 31, 2025






 






March 31, 2025








 






 






 






 








ASSETS






 






 






 








Cash and cash equivalents






$






869,167






 






 






$






837,302






 








Restricted cash (including $463,254 and $30 to related parties)






 






2,643,375






 






 






 






807,468






 








Investment securities






 






3,129,439






 






 






 






2,814,733






 








Margin lending, brokerage and other receivables, net






 






3,010,625






 






 






 






3,319,145






 








Loans issued (including $19,534 and $188,445 to related parties)






 






1,982,543






 






 






 






1,595,435






 








Fixed assets, net






 






328,805






 






 






 






191,103






 








Intangible assets, net






 






65,856






 






 






 






54,186






 








Goodwill






 






49,453






 






 






 






49,093






 








Right-of-use asset






 






41,929






 






 






 






39,828






 








Insurance contract assets






 






28,011






 






 






 






37,183






 








Other assets, net (including $37,559 and $18,080 with related parties)






 






227,607






 






 






 






168,541






 








TOTAL ASSETS






$






12,376,810






 






 






$






9,914,017






 








 






 






 






 








LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 






 








Securities repurchase agreement obligations






$






1,055,274






 






 






$






1,418,443






 








Customer liabilities






 






6,815,396






 






 






 






4,304,999






 








Margin lending and trade payables






 






557,938






 






 






 






1,322,241






 








Liabilities from insurance activity






 






580,106






 






 






 






481,539






 








Current income tax liability






 






50,248






 






 






 






28,919






 








Debt securities issued






 






1,075,397






 






 






 






469,551






 








Lease liability






 






43,767






 






 






 






40,525






 








Liability arising from continuing involvement






 






520,397






 






 






 






503,705






 








Other liabilities






 






283,440






 






 






 






129,737






 








TOTAL LIABILITIES






$






10,981,963






 






 






$






8,699,659






 








Commitments and Contingent Liabilities (Note 23)






 






—






 






 






 






—






 








 






 






 






 








SHAREHOLDERS’ EQUITY






 






 






 








Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding






 






—






 






 






 






—






 








Common stock - $0.001 par value; 500,000,000 shares authorized; 61,180,039 shares issued and outstanding as of December 31, 2025, and 60,993,949 shares issued and outstanding as of March 31, 2025, respectively






 






61






 






 






 






61






 








Additional paid in capital






 






299,849






 






 






 






246,610






 








Retained earnings






 






1,230,917






 






 






 






1,085,565






 








Accumulated other comprehensive loss






 






(135,980






)






 






 






(117,995






)








TOTAL FRHC SHAREHOLDERS’ EQUITY






$






1,394,847






 






 






$






1,214,241






 








 






 






 






 








Non-controlling interest






 






—






 






 






 






117






 








TOTAL SHAREHOLDERS’ EQUITY






$






1,394,847






 






 






$






1,214,358






 








 






 






 






 








TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY






$






12,376,810






 






 






$






9,914,017






 









FREEDOM HOLDING CORP.




CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited)




(All amounts in thousands of United States dollars, unless otherwise stated)










 



 






Three Months Ended December

31,






 






Nine Months Ended December

31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 








Revenue:






 






 






 






 






 






 






 








Fee and commission income






$






126,089






 






 






$






143,436






 






 






$






365,969






 






 






$






379,976






 








Net gain on trading securities






 






43,478






 






 






 






89,564






 






 






 






126,184






 






 






 






105,779






 








Interest income






 






228,794






 






 






 






224,688






 






 






 






639,027






 






 






 






661,016






 








Insurance premiums earned, net of reinsurance






 






106,924






 






 






 






177,472






 






 






 






385,409






 






 






 






467,224






 








Net gain on foreign exchange operations






 






45,774






 






 






 






3,945






 






 






 






32,886






 






 






 






18,513






 








Net gain on derivatives






 






26,540






 






 






 






11,889






 






 






 






38,836






 






 






 






30,691






 








Sales of goods and services






 






29,148






 






 






 






10,815






 






 






 






66,370






 






 






 






28,059






 








Other income






 






21,874






 






 






 






2,769






 






 






 






33,470






 






 






 






14,458






 








TOTAL REVENUE, NET






$






628,621






 






 






$






664,578






 






 






$






1,688,151






 






 






$






1,705,716






 








 






 






 






 






 






 






 






 








Expense:






 






 






 






 






 






 






 








Fee and commission expense






$






33,691






 






 






$






93,927






 






 






$






182,724






 






 






$






264,911






 








Interest expense






 






127,915






 






 






 






131,136






 






 






 






343,584






 






 






 






401,519






 








Insurance claims incurred, net of reinsurance






 






77,937






 






 






 






104,511






 






 






 






238,145






 






 






 






218,504






 








Payroll and bonuses






 






124,084






 






 






 






77,395






 






 






 






310,328






 






 






 






201,129






 








Professional services






 






15,963






 






 






 






10,955






 






 






 






39,484






 






 






 






26,468






 








Stock compensation expense






 






15,352






 






 






 






13,417






 






 






 






53,902






 






 






 






36,088






 








Advertising and sponsorship expense (including $10,759 and $5,894 from related parties for the three months ended, and $21,164 and $12,583 for the nine months ended)






 






36,628






 






 






 






41,035






 






 






 






88,593






 






 






 






95,364






 








General and administrative expense






 






71,416






 






 






 






53,874






 






 






 






158,947






 






 






 






135,140






 








Allowance for expected credit losses






 






6,342






 






 






 






30,612






 






 






 






23,108






 






 






 






39,269






 








Cost of sales






 






25,348






 






 






 






9,388






 






 






 






54,390






 






 






 






18,911






 








TOTAL EXPENSE






$






534,676






 






 






$






566,250






 






 






$






1,493,205






 






 






$






1,437,303






 








 






 






 






 






 






 






 






 








INCOME BEFORE INCOME TAX






 






93,945






 






 






 






98,328






 






 






 






194,946






 






 






 






268,413






 








 






 






 






 






 






 






 






 








Income tax expense






 






(17,710






)






 






 






(20,191






)






 






 






(49,594






)






 






 






(41,529






)








 






 






 






 






 






 






 






 








NET INCOME






$






76,235






 






 






$






78,137






 






 






$






145,352






 






 






$






226,884






 








 






 






 






 






 






 






 






 








Less: Net loss attributable to non-controlling interest in subsidiary






 






—






 






 






 






(144






)






 






 






—






 






 






 






(455






)








NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS






$






76,235






 






 






$






78,281






 






 






$






145,352






 






 






$






227,339






 








 






 






 






 






 






 






 






 








OTHER COMPREHENSIVE INCOME






 






 






 






 






 






 






 








Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect






 






(929






)






 






 






7,993






 






 






 






6,472






 






 






 






15,673






 








Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect






 






(4,103






)






 






 






872






 






 






 






(4,858






)






 






 






1,039






 








Foreign currency translation adjustments






 






87,733






 






 






 






(101,212






)






 






 






(19,599






)






 






 






(186,990






)








OTHER COMPREHENSIVE INCOME/(LOSS)






 






82,701






 






 






 






(92,347






)






 






 






(17,985






)






 






 






(170,278






)








 






 






 






 






 






 






 






 








COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS






$






158,936






 






 






$






(14,210






)






 






$






127,367






 






 






$






56,606






 








 






 






 






 






 






 






 






 








Less: Comprehensive loss attributable to non-controlling interest in subsidiary






 






—






 






 






 






(144






)






 






 






—






 






 






 






(455






)








 






 






 






 






 






 






 






 








COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS






$






158,936






 






 






$






(14,066






)






 






$






127,367






 






 






$






57,061






 








 






 






 






 






 






 






 






 








EARNINGS PER COMMON SHARE (In U.S. dollars):






 






 






 






 






 






 






 








Earnings per common share - basic






 






1.27






 






 






 






1.32






 






 






 






2.43






 






 






 






3.83






 








Earnings per common share - diluted






 






1.25






 






 






 






1.29






 






 






 






2.38






 






 






 






3.76






 








 






 






 






 






 






 






 






 








Weighted average number of shares (basic)






 






59,955,472






 






 






 






59,372,323






 






 






 






59,918,950






 






 






 






59,331,443






 








Weighted average number of shares (diluted)






 






61,114,058






 






 






 






60,548,794






 






 






 






61,098,469






 






 






 






60,422,124






 







The accompanying notes are an integral part of these condensed consolidated financial statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260209307353/en/
Natalia Kharlashina

Public Relations

Freedom Holding Corp.

+7 701 364 1454

prglobal@ffin.kz


Ramina Fakhrutdinova (KZ)

Public Relations

Freedom Finance JSC

+7 777 377 8868

pr@ffin.kz


Media Contact for Freedom US Markets

Deborah Kostroun, Zito Partners

deborah@zitopartners.com

+1 201-403-8158


Original: Freedom Holding Corp. Reports Third Quarter Fiscal Year 2026 Financial Results