-- 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 ALMATY, Kazakhstan & NEW YORK--(BUSINESS WIRE)--June 01, 2026--
Freedom Holding Corp. (the "Company") $(FRHC)$, 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, 2025
March 31, 2026 (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,
----------------------------------------------
2025
2026 (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/
CONTACT: 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
(END) Dow Jones Newswires
June 01, 2026 17:44 ET (21:44 GMT)
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