Freedom Holding Corp. revenue exceeds $2 billion in fiscal year 2025

June 14, 2025, Almaty

Freedom Holding Corp. announces its financial results for fiscal year 2025, which ended on March 31, 2025.

Key performance indicators showed the following dynamics:

Revenue for the reporting period reached $2.1 billion, an increase of $384.2 million (23%) compared to the previous year. This growth was driven by a higher number of pension annuity and accident insurance contracts. In addition, revenue benefited from a net gain of $12.4 million from derivative financial instruments, compared to a net loss in the previous year (+112%). Another notable driver was the increase in commission income, which rose from $440.3 million to $505 million (+15%) due to the continued growth in the number and activity of retail brokerage clients.

Net income amounted to $84.5 million, with earnings per share of $1.43*.

Total assets increased from $8.3 billion to $9.9 billion (+19%), while liabilities amounted to $8.7 billion (+22%).

In FY2025, the Holding allocated $51 million for sponsorships, with the largest contributions directed to the Kazakhstan Chess Federation and the QJ League.

The reporting period also saw continued client base growth: brokerage accounts – 683,000 (+153,000), insurance clients – 1.2 million (+636,000), banking clients – 2.5 million (+1.6 million), other segments – 605,000 (+486,000).

The expansion of the banking client base was largely fueled by the launch of SuperApp, which was downloaded by over 1.8 million users in its first year. By early June 2025, downloads had surpassed 2.3 million.

Timur Turlov, CEO of Freedom Holding Corp., commented: “The past fiscal year marked a pivotal stage for our company — a time of deep transformation, overcoming challenges, and achieving sustainable growth. We have reached a new level in both the scale of our business and the perception of us by investors. Today, with record growth in market capitalization, Freedom Holding Corp. is viewed as a key player not only in Kazakhstan but across the region. Our accomplishments are the result of a long-term strategy and the trust of our investors, for which we are sincerely grateful”.

It’s also worth noting that in May 2025, the company’s share price reached an all-time high of $183.07, with a market capitalization of $11 billion.

FRHC stock performance continues to outperform the broader market. While key indices such as the S&P 500 and Nasdaq have shown little to no movement since the beginning of the calendar year, FRHC shares have gained over 17% in the same period — significantly exceeding average returns in the U.S. financial sector. This reflects both robust business growth and high investor confidence. Major institutional shareholders include BlackRock, Millennium Management, Goldman Sachs, State Street Corporation, Morgan Stanley, D.E. Shaw, HRT Financial LP, SIG Holding LLC, and FMR LLC.

This year, Freedom Holding Corp. also continued executing its telecom development strategy. On April 30, 2025, it completed the acquisition of Astel Group Ltd., a company with expertise in satellite communications, systems integration, and digital solutions. The deal was valued at $22.6 million.

A major milestone was the inclusion of Freedom Holding Corp. shares in the Russell 3000 Index as part of its annual rebalancing. This will take effect after the close of the U.S. market on June 27, 2025. The Russell 3000 Index tracks the performance of 3,019 of the largest U.S. companies, representing approximately 98% of the investable U.S. equity market.

Note

The company’s fiscal year 2025 ended on March 31, 2025.

Foreign currency translation reserve adjustment: Other comprehensive income includes gains and losses from currency translation reserve adjustments. These arise from the translation of financial statements of subsidiaries from their functional currencies into the reporting currency of the holding. Asset and liability items are translated at the exchange rate as of the reporting date, while income and expense items are translated at the average exchange rate for the period. A positive reserve adjustment occurs when the functional currencies of subsidiaries depreciate against the holding's reporting currency.

*Earnings per share are based on a basic weighted average of 59.4 million shares outstanding.

About the company

Freedom Holding Corp. is a diversified financial services company engaged in brokerage, securities trading, investment research and advisory, investment banking and underwriting, mortgages, insurance, telecommunications, online ticketing for air travel and cultural/sporting events, and operates an online marketplace, among other businesses. Together with its subsidiaries, the company employs over 8,800 people. Its divisions and affiliates operate in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and others. Freedom Holding Corp.’s common shares are registered with the U.S. Securities and Exchange Commission and trade under the ticker FRHC on the Nasdaq Capital Market.

Media contact:
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www.freedomholdingcorp.com