Freedom Holdings Corp.

What they do

FRHC operates through subsidiaries in Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the UAE, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, Türkiye and several EU countries, with US operations including an SEC- and FINRA-registered broker-dealer. Activities span securities brokerage, dealing for customers and its own account, market making, investment research and counseling, retail and commercial banking, and insurance products. Ancillary businesses include payment and information processing, entertainment and travel ticketing, e-commerce, cloud services, and developmental-stage telecommunications and media businesses in Kazakhstan.

Revenue drivers

• Brokerage — Securities brokerage, dealing, market making and investment services for retail clients; the company reported 858,000 retail brokerage customer accounts and 32 brokerage offices as of March 31, 2026.
• Banking — Retail and commercial banking through Freedom Bank Kazakhstan JSC, acquired as Kassa Nova Bank JSC in December 2020 and renamed in May 2024; 9 offices offered banking services as of March 31, 2026.
• Insurance — Life and general insurance through Freedom Finance Life JSC and Freedom Finance Insurance JSC, acquired in May 2022; 63 offices offered insurance services as of March 31, 2026.
• Other — Payment and information processing, entertainment and travel ticketing, e-commerce, cloud services, and developmental-stage telecommunications and media businesses in Kazakhstan.

Recent performance

Fiscal 2026 revenue was $2.19B with net income of $153.3M and diluted EPS of $2.51, versus fiscal 2025 revenue of $2.00B, net income of $76.3M and diluted EPS of $1.26. The latest reported quarter (2026-06-30) showed revenue of $732.5M, following $526.1M, $628.6M and $512.6M in the three preceding quarters. Operating cash flow was $185.2M in fiscal 2026 after $1.68B in fiscal 2025, and was negative in fiscal 2022 through 2024. At 2026-06-30, total assets were $14.05B, total liabilities $12.51B and shareholder equity $1.54B, with cash and equivalents of $1.35B.

Strategy

Management describes a mission to democratize access to financial markets globally, built on a digital infrastructure serving Kazakhstan and dozens of other countries. Stated priorities include expanding into new business areas such as telecommunications, media and health in Kazakhstan, developing a digital fintech ecosystem including Freedom SuperApp, and building AI data center infrastructure using advanced GPUs in Kazakhstan. The company has been an active acquirer, with acquisitions cited in its filings as continuing to play a key role in growth; it divested its Russian subsidiaries in February 2023. It also cites expected capital expenditures and plans to finance them, and has flagged losses expected in its new telecommunications and media businesses.

Risks

• Growth and operational history — The company states its relatively limited operational history has coincided with sustained market growth that may not be predictive of future results, and that it may not manage growth effectively.
• Acquisition execution — Filings state acquisitions are expected to continue to play a key role in growth, but the company may be unable to identify, acquire, complete or integrate targets successfully.
• Concentration and credit — The company warns that revenues are concentrated in certain customers and products and that it could suffer significant losses from credit exposure.
• New ventures and AI infrastructure — It plans to incur losses in new telecommunications and media businesses, and its investments in AI data center infrastructure using advanced GPUs, including those supplied by NVIDIA, may not be successful.

Outlook

Management's stated direction includes continued expansion into new sectors in Kazakhstan, such as telecommunications, media and health, and development of a digital fintech ecosystem including Freedom SuperApp. It also cites an AI data center development project requiring financing and procurement of advanced GPUs. Filings note expected capital expenditures and the need for funds at reasonable rates to execute the growth strategy, alongside anticipated losses in the new telecommunications and media businesses.