Freedom Holding Corp has grown from a regional brokerage business into a Nasdaq-listed financial group with operations in banking, securities, insurance, payments and consumer services. Its shares trade under the ticker FRHC, while Kazakhstan remains the company’s largest and most developed market.
The company attracted renewed attention after reporting higher revenue, stronger profit and rapid customer growth for the fiscal year ended March 31, 2026. Its expansion plans in Türkiye, France and Georgia could create further opportunities, though investors must also consider regulatory risk, founder control and the effect of market-related gains on earnings.
A related profile is available at Freedom Holding.
What Freedom Holding Corp Does
Freedom Holding Corp is incorporated in Nevada and has its principal executive office in New York City. Its stock has traded on the Nasdaq Capital Market under the FRHC symbol since October 2019.
The company began as a brokerage business that helped customers in Central Asia invest in international securities. It later expanded into consumer and commercial banking, insurance, investment banking, payment processing and digital services.
Its main businesses include Freedom Broker, Freedom Bank Kazakhstan, Freedom Life and Freedom Insurance. The group also owns or supports services connected to telecommunications, online shopping, travel bookings and event tickets.
This structure is often described as the Freedom ecosystem. The idea is to allow customers to use several financial and consumer services through one connected group rather than relying on unrelated providers.
The Freedom SuperApp is central to that strategy in Kazakhstan. Customers can access banking, payments, investments, insurance and selected consumer services through one digital platform.
Fiscal 2026 Results
Freedom Holding Corp reported approximately $2.19 billion in net revenue for fiscal 2026, up from about $2.00 billion in the previous year. Net income increased from roughly $76.2 million to $153.3 million, while diluted earnings per share rose from $1.26 to $2.51.
The profit increase was substantial, but part of it came from market-related activity. Freedom recorded a net gain of about $158.8 million on trading securities after reporting a loss in the previous year. Gains on derivatives also increased, mainly because of currency-swap activity at Freedom Bank Kazakhstan.
Other parts of the business also grew. Interest income rose as the bank expanded its loan portfolio and the brokerage business generated more margin-lending income. Telecommunications and e-commerce operations contributed to higher sales of goods and services.
Insurance was weaker. Net insurance revenue declined by about 29%, partly because of lower premiums and regulatory restrictions affecting commissions on some lending-related insurance products.
Operating costs increased as Freedom hired more staff and invested in new businesses. Higher expenses may support future expansion, but the company will need to show that the spending produces dependable long-term earnings.
Customer and Balance-Sheet Growth
Freedom’s total assets increased from about $9.92 billion in March 2025 to approximately $13.16 billion in March 2026. Shareholders’ equity rose to roughly $1.49 billion.
Loans issued grew to about $2.08 billion, while brokerage and margin-lending receivables also increased. These assets can generate interest and fee income, though they also create exposure to defaults, market movements and changes in customer activity.
The company reported approximately 5.03 million banking customers at the end of fiscal 2026, almost twice the previous year’s total. Brokerage accounts increased from about 683,000 to 858,000.
Use of the Freedom SuperApp also expanded. Monthly active users reached approximately 2.59 million in March 2026, compared with about 1.02 million a year earlier.
These figures support the company’s claim that its ecosystem is gaining traction in Kazakhstan. Account totals alone don’t show profitability, however. Investors must also consider how many accounts remain active, how much money customers hold and how frequently they use paid services.
International Expansion
Freedom Holding Corp has been working to extend its business model beyond Kazakhstan. One of its largest planned transactions is the acquisition of approximately 99.32% of Turkish Bank A.Ş.
The proposed deal received approvals from Türkiye’s banking and competition authorities. Those approvals moved the transaction closer to completion, though they were not the same as a final announcement that the purchase had closed.
A Turkish banking platform could give Freedom access to a much larger market. The company has discussed combining banking with brokerage, insurance and digital services, similar to the model used in Kazakhstan.
Freedom also applied for a banking license in France in June 2026. The application supports its European plans, but approval, launch timing and final investment requirements remain uncertain.
The company has also received approval to establish a bank in Georgia. Each new market offers growth potential, but also adds licensing costs, compliance work and competition from established financial institutions.
In July 2026, Freedom completed a share offering that raised nearly $300 million in gross proceeds. Management said the money would support international expansion and investment. The added capital strengthens its ability to fund projects, though the new shares also diluted existing ownership.
Leadership and Main Risks
Timur Turlov founded the business and remains Freedom Holding Corp’s chairman and chief executive. He owns about 69% of the company’s outstanding common stock, giving him voting control.
Strong founder ownership may support a consistent long-term strategy because Turlov’s financial interests are closely connected to FRHC’s performance. It also means minority shareholders have limited influence over major company decisions.
Freedom has disclosed an ongoing SEC investigation involving settlement practices, relationships with certain institutional market makers and related accounting and internal-control questions at some non-U.S. brokerage subsidiaries.
The company and Turlov received Wells notices. A Wells notice means SEC staff have made a preliminary decision to recommend enforcement action, but it is not a formal charge or final finding.
As of mid-2026, the process remained unresolved. The eventual outcome could range from no action to a settlement or enforcement case, making it one of the main uncertainties affecting FRHC.
Other risks include market-sensitive earnings, rapid international expansion, rising operating expenses and exposure to lending and securities markets. Freedom’s growth is real, but future results will depend on how well management controls these risks.
Frequently Asked Questions
What is Freedom Holding Corp?
Freedom Holding Corp is a Nasdaq-listed financial holding company. It owns brokerage, banking, insurance, payment and consumer-service businesses, with its largest operations in Kazakhstan.
What does FRHC stand for?
FRHC is the Nasdaq ticker symbol for Freedom Holding Corp. The company’s common shares began trading on Nasdaq in October 2019.
Who founded Freedom Holding Corp?
Timur Turlov founded the brokerage business that became the core of Freedom Holding Corp. He remains its chairman, chief executive and controlling shareholder.
Is Freedom Holding Corp profitable?
Yes. Freedom reported net income of approximately $153.3 million for fiscal 2026. Part of that profit came from gains on securities and derivatives, so recurring operating performance also deserves attention.
Is Freedom buying Turkish Bank?
Freedom agreed to acquire approximately 99.32% of Turkish Bank A.Ş. The planned purchase received major regulatory approvals, but investors should look for a separate confirmation that the transaction has formally closed.
Is Freedom Holding Corp under SEC investigation?
Yes. Freedom disclosed an SEC investigation involving certain brokerage settlement practices and market-maker relationships. The investigation had not reached a final resolution as of mid-2026.
Conclusion
Freedom Holding Corp has developed into a broad financial and digital-services group with millions of customers. Its fiscal 2026 results showed higher revenue, stronger profit and growing use of its banking and SuperApp services.
Its expansion into Türkiye, France and Georgia could reduce its dependence on Kazakhstan and open larger markets. Success will depend on regulatory approval, careful integration and control of operating costs.
The company also faces clear risks, including founder control, market-sensitive income and an unresolved SEC process. These concerns don’t erase its growth, but they should remain part of any balanced assessment.
Freedom Holding Corp enters its next stage with a stronger financial base and ambitious plans. What matters now is whether FRHC can turn rapid expansion into steady, transparent and repeatable earnings.
