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

Freedom Holding Corp. (the "Company") (NASDAQ: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, 2026			March 31, 2025 (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,
		2026		2025 (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/

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

Freedom Holding Corp (FRHC) Reports 2026 Earnings