Freedom Holding Corp. total assets increased by 25% over nine months of fiscal year 2026

Freedom Holding Corp. has released its financial results for the third quarter, as well as for the nine months of fiscal year 2026. The reporting period ended on December 31, 2025. By that time, the holding had reached total assets of $12,4 billion and net operating cash flow of $1,7 billion.

“We continue to successfully develop our digital ecosystem, building its infrastructure on the synergy between our traditional brokerage and banking businesses and the products and services people use in their daily lives – from purchasing groceries, movie tickets, or gadgets to executing transactions with sophisticated investment instruments. We see that the strategy we chose just a few years ago – creating not just a showcase but a trusted environment – is delivering results. More than 7 million clients already trust us; our Freedom SuperApp is the most downloaded app in Kazakhstan, and we intend to introduce it in other markets. Our projects involve some of the world’s largest corporations: Nvidia, Amazon, and Microsoft,” said Timur Turlov, CEO of Freedom Holding Corp.

Revenue, assets, and net income growth

As of the end of the third quarter, the holding’s total assets amounted to $12,38 billion – 25% higher than at the end of the previous fiscal year ($9,91 billion). The growth in assets was driven by the expansion of the proprietary investment portfolio as well as by an increase in client funds held in brokerage accounts.

Total revenue for the third quarter (October–December 2025) reached $628,6 million, driven by interest income, brokerage and commission income, and insurance underwriting income. Revenue for the nine-month period totaled $1,69 billion.

Net income for the third quarter of fiscal year 2026 reached $76,2 million. For April–December 2025, net income amounted to $145,4 million. Diluted earnings per share (FRHC) totaled $1,25 for the quarter and $2,38 for the nine months.

Client base expands across all segments

The number of brokerage accounts increased by 21% during the third quarter of fiscal year 2026, reaching 828 000 compared to 683 000 as of March 31, 2025. The number of banking segment clients grew by 78%, reaching 4,4 million versus 2,5 million previously. The number of insurance segment clients stood at 1,2 million. Clients in other business segments increased by 15% to more than 700 000.

Including users of partner companies within the Freedom ecosystem perimeter, the total number of the holding’s clients exceeds 11 million. More than 4,3 million people currently use Freedom SuperApp, the core of the Freedom ecosystem.

Projects with Nvidia, OpenAI, and the Ministry of Artificial Intelligence of Kazakhstan

In November 2025, Freedom Holding Corp. signed a strategic agreement with OpenAI and the Ministry of Artificial Intelligence and Digital Development of Kazakhstan in Washington. As part of the agreement with one of the world’s leading AI companies, there has been a launch of ChatGPT Edu – a version of ChatGPT designed specifically for educators, featuring a dedicated knowledge base and the ability to analyze large volumes of data. More than 165 000 teachers across Kazakhstan received free access to the platform.

There is another agreement signed in Washington – with Nvidia. A Sovereign Artificial Intelligence Center is now being built in Astana, the capital of Kazakhstan, based on Nvidia chips. The center will provide the country with the infrastructure solutions necessary for the development of AI-based projects.

Institutional investors commit millions of dollars

In August 2025, the world’s largest investment company, BlackRock, invested nearly $89 million in Freedom Holding Corp., becoming the company’s second-largest shareholder by number of shares with a 0,85% stake. In the fall, BlackRock increased its position, bringing its total holdings to 520 565 shares.

Other shareholders during the reporting period included State Street Corp., Grace Partners of DuPage L.P., and Geode Capital Management. State Street Corp. invested $31,9 million (an increase of 138 017 shares, bringing its total to 186 779 shares). Grace Partners of DuPage L.P. invested approximately $31,5 million, while Geode Capital Management invested $27,3 million.

S&P assigns “positive” outlook to Freedom Holding entities

S&P Global Ratings revised its outlook for key companies within Freedom Holding Corp. from “stable” to “positive.” The long-term and short-term issuer credit ratings of “B+/B” were affirmed for JSC Freedom Finance, Freedom Finance Europe, Freedom Finance Global, and Freedom Bank Kazakhstan.

For the holding company itself, the long-term issuer credit rating of “B-” was affirmed, and the outlook remains stable. In addition, S&P Global Ratings upgraded the Kazakhstan national scale ratings of JSC Freedom Finance and Freedom Bank Kazakhstan from kzBBB to kzBBB+.

According to S&P, Freedom Holding Corp. continues to demonstrate rapid growth in its ecosystem client base and increased cross-selling through loyalty programs. The agency also notes that the company maintains a leading position in Kazakhstan’s retail brokerage market and continues to expand its client base in Europe and the CIS. Freedom is currently the largest retail and institutional broker in Kazakhstan, serving approximately half of the local market.