Freedom Holding Corp. Reports $1.7 Billion in Revenue for the First Nine Months of FY 2026

February 10, 2026, Almaty

Freedom Holding Corp. announces its financial results for the third quarter of fiscal year 2026, which ended on December 31, 2025.

Timur Turlov, Chief Executive Officer of Freedom Holding Corp., commented:
“During the third quarter of fiscal year 2026, Freedom Holding Corp. continued to demonstrate sustainable growth. Even amid a volatile macroeconomic environment and new regulatory requirements, we have managed to maintain strong liquidity levels and consistently expand our client base. This has been made possible by a flexible strategy and an open approach to innovation. We are doing everything we can to create long-term value for our clients and shareholders, maintain their trust, and grow together with them”.

Financial results overview for the three months ended December 31, 2025**

The Company reported total revenue of $628.6 million for the third quarter of fiscal year 2026, compared with $664.6 million for the same period last year. The change in revenue was driven by a decline in earned insurance premiums net of reinsurance, a decrease in net gains from trading securities, and lower fee income. This decline was partially offset by an increase in net gains from foreign currency operations.

As of December 31, 2025, cash and cash equivalents, restricted cash, and investment securities totaled $6.6 billion; total assets amounted to $12.4 billion; and shareholders’ equity stood at $1.4 billion. Net cash provided by operating activities reached $1.7 billion.

The total number of clients of companies within Freedom Holding Corp. increased to 7.2 million, reflecting growth across all business segments in the third quarter of fiscal year 2026: brokerage accounts – 828 thousand (+145 thousand), insurance company clients – 1.2 million (+8 thousand), banking services users – 4.5 million (+1.956 million), Freedom SuperApp users – 4.3 million (+1.2 million), and non-financial company clients – 697 thousand (+92 thousand).

The total number of clients, including users of partner companies within the Freedom ecosystem, exceeds 11 million.

Insurance premiums net of reinsurance amounted to $106.9 million versus $177.5 million in the comparable period. This decrease was due to a regulatory cap on commissions for policies linked to banking and microfinance products, which reduced the volume of new business.

Net gains from trading securities totaled $43.5 million compared with $89.6 million. The decline was driven by unrealized net losses resulting from a decrease in the fair value of securities positions held by the Company as of December 31, 2025.

Net gains from foreign currency operations increased to $45.8 million from $3.9 million, primarily due to revaluation gains largely attributable to the strengthening of the Kazakhstani tenge against the U.S. dollar and other currencies.

Total expenses amounted to approximately $534.7 million in the third quarter of fiscal year 2026 compared with $566.3 million, reflecting lower commission expenses, reduced insurance claims net of reinsurance, and a decrease in the allowance for expected credit losses.

From October to December 2025, $18.8 million was allocated through the corporate foundation “Freedom Shapagat” to support sustainable development projects.

A significant milestone was the signing on November 6, 2025, in Washington, D.C. (USA), of a strategic agreement between the Government of the Republic of Kazakhstan, OpenAI, Inc., and Freedom Holding Corp. The agreement provides 165,000 educators in Kazakhstan with access to ChatGPT Edu, a specialized educational version of ChatGPT featuring enhanced privacy and data management capabilities. Under the agreement, Freedom Holding Corp. finances the initiative, OpenAI provides the ChatGPT Edu platform along with localized support in Kazakh and Russian, and the Government of the Republic of Kazakhstan coordinates the project at the level of government bodies and educational institutions.

Reference information

Change in translation reserve related to reporting currency translation.
Other comprehensive income (loss) of the holding includes gains and losses from the translation of the reporting currency reserve arising from the translation of the financial statements of subsidiaries expressed in their functional currencies into the holding’s reporting currency upon consolidation. In calculating the reserve, assets and liabilities 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 reporting period. A positive change in the reserve results from a decrease in the exchange rates of the subsidiaries’ functional currencies against the holding’s reporting currency.

* Profit is calculated based on a basic weighted average number of shares outstanding of 59.9 million.
** Unless otherwise stated, all comparisons are made with the three months ended December 31, 2024.

About the Company

Freedom Holding Corp. is a diversified financial services company engaged in brokerage services, securities trading, investment research and advisory, investment banking and underwriting, mortgage lending, insurance, telecommunications, online sales of airline tickets and tickets for cultural and sporting events, online supermarket services, and more. Including its subsidiaries, Freedom Holding Corp. employs more than 11.3 thousand people. The holding’s divisions and subsidiaries operate in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and others. Freedom Holding Corp.’s common stock is registered with the U.S. Securities and Exchange Commission and trades under the ticker FRHC on the Nasdaq Capital Market.

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www.freedomholdingcorp.com