S&P Global Ratings Gives Positive Outlook to Freedom Holding Subsidiaries

International rating agency S&P Global Ratings has affirmed the credit ratings of Freedom Holding Corp. and its subsidiaries. The long-term credit rating was confirmed at “B-”, while the group’s key banking and brokerage entities were assigned ratings of “B+/B.”

JSC Freedom Finance and JSC Freedom Bank Kazakhstan were also rated “kzBBB+” on Kazakhstan’s national scale.

The long-term and short-term issuer credit ratings of JSC Freedom Finance, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and JSC Freedom Bank Kazakhstan were also confirmed at “B+/B,” with a positive outlook. According to the agency, these ratings reflect the holding company’s significant progress in building a unified risk management and compliance system, as well as strengthening these functions within its subsidiaries.

JSC Freedom Finance and JSC Freedom Bank Kazakhstan were likewise assigned a “kzBBB+” rating on Kazakhstan’s national scale.

In 2025, Freedom Holding issued $600 million in bonds to finance expansion into new sectors, including telecommunications projects. Although these investments increased the holding company’s debt load, S&P expects the company to successfully refinance its obligations.

“Maintaining a strong presence in the capital markets is very important for us. We believe that securing long-term, stable financing for our infrastructure and ecosystem projects is a key component of the holding’s sustainable growth,” said Freedom Holding Corp. CEO Timur Turlov.

“Freedom Holding Corp.’s equity currently exceeds $1.3 billion, and our total assets stand at around $10 billion. Therefore, despite the overall increase in our debt levels, we do not see any concerns at this stage. Several of our subsidiaries continue to demonstrate strong profitability, which allows us to maintain a balanced capital structure and manage the relationship between equity and debt without taking on significant risks,” he added.

Freedom Holding Corp. is currently actively expanding both its geographic presence and its range of services. In particular, the holding has established a brokerage company in Turkey and is now in the process of acquiring a bank in the country. Freedom Holding Corp. subsidiaries now operate in 21 countries.

Financial results

The holding’s total assets reached $12.38 billion at the end of the third quarter, up 25% from $9.91 billion at the end of the previous fiscal year. The increase was driven by the growth of the company’s proprietary investment portfolio and higher client balances in brokerage accounts.

Revenue for the third quarter amounted to $628.6 million, while revenue for the nine-month period reached $1.69 billion. The main sources of income were interest and brokerage operations, commissions, and insurance premiums.

Net income for the third quarter of fiscal year 2026 reached $76.2 million, while for the nine months ended December 31, 2025, it totaled $145.4 million. Diluted earnings per share (EPS) amounted to $1.25 for the quarter and $2.38 for the nine-month period.

During the first three quarters of fiscal year 2026, the holding also expanded its client base. Brokerage accounts increased by 21% to 828 thousand (compared with 683 thousand as of March 31, 2025). The number of banking clients grew by 78% to 4.4 million (up from 2.5 million). The number of insurance clients reached 1.2 million, while clients in other business segments increased by 15% to 0.7 million. The total number of clients, including users of partner companies within the Freedom ecosystem, exceeds 11 million.

The group’s shares are traded on the Nasdaq under the ticker FRHC. The holding’s market capitalization exceeds $8 billion.