Freedom Holding Corp Reports Record Fiscal 2026 Results as Revenue Surpasses $2.19 Billion and Digital Ecosystem Drives Global Expansion
Freedom Holding Corp. (NASDAQ: FRHC) has announced its financial results for the fiscal year ended March 31, 2026, delivering another year of growth across its banking, brokerage, insurance, and digital services businesses. The multinational financial services group, which now operates in 22 countries, reported total net revenue of $2.19 billion and net income of $153.3 million, highlighting the effectiveness of its integrated financial ecosystem strategy and expanding customer base.
The results underscore Freedom Holding’s continued transformation from a regional financial institution into a diversified international platform serving millions of customers through a combination of banking, investing, insurance, payments, telecommunications, and e-commerce services.
Strong Financial Performance Highlights Fiscal 2026
Freedom Holding reported total net revenue of $2.191 billion for fiscal 2026, compared with $2.004 billion in the previous fiscal year. The increase reflects growth across several core business segments and demonstrates the company’s ability to generate revenue from multiple sources despite evolving market conditions.
Income before income tax rose substantially to $226 million, more than doubling from $104.6 million in fiscal 2025. Net income also showed significant improvement, climbing to $153.3 million from $76.2 million a year earlier.
The company’s earnings performance was reflected in shareholder returns, with basic earnings per share increasing to $2.56 from $1.28 and diluted earnings per share rising to $2.51 from $1.26.
These results represent one of the strongest years in Freedom Holding’s history and reinforce the company’s position as one of the fastest-growing financial services organizations operating across Central Asia and neighboring regions.
Trading Activities Contribute Significant Revenue Growth
One of the most notable contributors to Freedom Holding’s financial performance was the dramatic improvement in gains from trading securities.
The company recorded a net gain on trading securities of $158.8 million, representing an increase of $216.6 million compared with the prior fiscal year. This substantial growth was primarily driven by successful sales of Kazakhstan sovereign debt securities and corporate bonds.
The strong trading performance demonstrates the company’s expertise in capital markets and its ability to capitalize on opportunities within regional financial markets. As the company continues to expand its brokerage and investment capabilities, trading-related revenues are expected to remain an important component of its diversified income base.
Telecommunications and E-Commerce Expansion Deliver Results
Another key growth driver during fiscal 2026 was Freedom Holding’s continued diversification into non-traditional financial services sectors.
Revenue from the sale of goods and services surged by 143%, reaching $97.4 million compared with $40.1 million in fiscal 2025. This increase was largely attributed to the company’s expansion into telecommunications services and rising activity within Arbuz, its online retail and e-commerce platform.
The strong performance highlights the growing importance of Freedom Holding’s broader digital ecosystem strategy. Rather than relying solely on traditional banking and investment products, the company is creating interconnected services that encourage customers to engage with multiple offerings through a unified platform.
This ecosystem approach has become a defining feature of the company’s growth model and differentiates it from many traditional financial institutions.
Derivatives Business Shows Significant Improvement
Freedom Holding also reported substantial gains within its derivatives operations.
Net gains from derivatives reached $66.8 million, representing an increase of $54.4 million year-over-year.
The growth was primarily driven by Freedom Bank Kazakhstan, which generated realized net gains of approximately $40.9 million, largely resulting from favorable currency swap revaluations.
This performance demonstrates the institution’s growing sophistication in managing financial instruments and optimizing treasury operations while supporting broader customer and business needs.
Interest Income Continues Upward Momentum
Interest income remained one of the company’s largest revenue contributors during fiscal 2026.
Freedom Holding generated $882.5 million in interest income, representing a modest but meaningful increase of $18 million compared with the previous year.
Growth was supported by:
- Increased margin lending activity among brokerage clients.
- Expansion of Freedom Bank Kazakhstan’s customer loan portfolio.
- Higher utilization of banking products across the company’s ecosystem.
- Continued growth in retail and commercial lending operations.
As customer acquisition accelerates and banking penetration deepens across the company’s markets, interest income is expected to remain a foundational revenue source moving forward.
Insurance Business Faces Regulatory Headwinds
While many business segments experienced strong growth, the insurance division encountered challenges during fiscal 2026.
Net insurance revenue declined to $402.4 million, down from $571.2 million in the previous year.
Management attributed the decrease primarily to:
- Lower written insurance premiums.
- Regulatory limits on agent commissions associated with bank and microfinance loan products.
- Increased deferred profit liability issuance expenses.
Despite these headwinds, the insurance business remained profitable and continued to maintain meaningful market positions within Kazakhstan’s insurance sector.
Customer Growth Reaches New Milestones
One of the most impressive aspects of Freedom Holding’s fiscal 2026 performance was its rapid customer acquisition.
Banking customers nearly doubled during the year, increasing from approximately 2.52 million customers to 5.03 million.
Meanwhile, brokerage accounts expanded from 683,000 to 858,000, demonstrating strong demand for the company’s investment products and services.
This customer growth reflects the effectiveness of Freedom Holding’s integrated ecosystem strategy, which encourages users to engage across multiple financial and lifestyle services within a single platform.
The company’s ability to attract and retain customers at this scale positions it well for future cross-selling opportunities and long-term revenue expansion.
The Freedom SuperApp Becomes a Major Growth Engine
At the center of Freedom Holding’s strategy is its rapidly growing Freedom SuperApp.
The application serves as a unified gateway for banking, investing, insurance, payments, loyalty programs, and various lifestyle services.
During March 2026, the platform achieved remarkable user engagement metrics:
- Monthly active users increased to 2.59 million, up from 1.02 million a year earlier.
- Daily active users reached approximately 634,578, compared with 183,000 in March 2025.
These figures represent significant year-over-year growth and indicate increasing customer reliance on the company’s digital ecosystem.
According to Chairman and CEO Timur Turlov, customer adoption has been fueled by enhancements to the SuperApp, expanded service offerings, and attractive loyalty and referral programs.
The platform has become a central pillar of the company’s strategy, helping Freedom Holding deepen customer relationships while creating additional opportunities for revenue generation.
Expansion Strategy Extends Beyond Central Asia
Freedom Holding continues to pursue ambitious international expansion plans.
A major milestone occurred in March 2026 when the company entered into an agreement to acquire approximately 99.32% of Turkish Bank A.S.
The acquisition is expected to provide a strategic platform for expanding banking operations in Türkiye, subject to regulatory approvals and transaction completion.
Management also intends to establish a fully operational brokerage business in Türkiye, pending the receipt of appropriate regulatory licenses.
This move aligns with the company’s broader vision of creating an interconnected financial infrastructure spanning:
- Central Asia
- The Caucasus region
- Türkiye
- Additional international markets
The strategy aims to facilitate cross-border financial services while supporting economic integration throughout these regions.
Banking Division Delivers Strong Balance Sheet Growth
Freedom Holding’s banking segment experienced substantial growth during fiscal 2026.
As of March 31, 2026:
- Combined banking assets increased by 21% to $5.36 billion.
- Loan portfolios expanded by 29% to $2.05 billion.
- Deposits grew by 46% to $2.52 billion.
- Held-to-maturity securities increased dramatically by 552%.
These figures demonstrate both growing customer confidence and the institution’s ability to scale lending and deposit-gathering activities efficiently.
The banking division remains a critical component of the company’s long-term growth strategy and serves as a foundation for many ecosystem services.
Insurance Subsidiaries Maintain Market Presence
Despite industry challenges, Freedom Holding’s insurance subsidiaries continued to perform well.
Freedom Life
Freedom Life generated approximately $32.9 million in net profit during fiscal 2026.
According to data from the National Bank of Kazakhstan, the company held:
- Approximately 7.4% of Kazakhstan’s voluntary accident insurance market.
- Approximately 19.3% of the pension annuity insurance segment.
Freedom Insurance
Freedom Insurance recorded net profit of approximately $10.8 million.
The company maintained:
- Approximately 6.55% of Kazakhstan’s overall general insurance market based on assets.
- Approximately 14.53% of the motor liability insurance market based on premiums.
These positions highlight the company’s continued relevance and competitiveness within Kazakhstan’s insurance industry.
Brokerage Operations Continue Expanding
The brokerage division remained another important growth pillar during fiscal 2026.
Total brokerage accounts increased to approximately 858,000, representing substantial growth from the prior year.
More than half of all accounts maintained positive cash balances or investment assets, indicating active customer engagement and meaningful participation within the platform.
As financial literacy and retail investing continue expanding across the company’s target markets, management sees significant opportunities for additional brokerage growth.
Diversification Beyond Financial Services
Freedom Holding’s “Other” business segment generated $172.8 million, accounting for approximately 8% of total net revenue.
Activities within this segment include:
- Online retail and e-commerce operations.
- Payment processing services.
- Online ticket sales.
- Travel booking and aggregation services.
- Various digital lifestyle offerings.
This diversification strategy supports customer engagement while creating new revenue streams beyond traditional financial services.
Investing in Communities and Social Development
Alongside its business growth, Freedom Holding continued investing in social and community initiatives throughout fiscal 2026.
The company supported programs across:
Sports and Chess
- Kazakhstan Chess Federation initiatives.
- World School Team Chess Championship.
- Chess in Education programs.
- Football academy construction projects.
- Youth football development efforts.
Education
- Teach for Qazaqstan.
- Freedom Grants scholarship initiatives.
- IQanat Educational Fund.
- University scholarship programs.
Culture
- Renovation of the Lermontov National Theatre in Almaty.
- Development projects supporting cultural infrastructure in Astana.
These efforts reflect the company’s commitment to broader societal development alongside commercial expansion.
Fiscal 2026 marked another transformative year for Freedom Holding Corp. Strong revenue growth, rising profitability, expanding customer adoption, and continued ecosystem development demonstrate the effectiveness of the company’s long-term strategy.
With growing engagement through the Freedom SuperApp, expansion into Türkiye, rapid growth in banking and brokerage operations, and increasing diversification across digital services, the company appears well-positioned for continued growth.
As financial services become increasingly integrated with technology, commerce, and everyday consumer experiences, Freedom Holding’s ecosystem-driven approach may provide a significant competitive advantage in the years ahead.
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