Freedom Holding Corp. reported a successful second quarter of the 2025 fiscal year, showing growth across key financial indicators. During this period (July 1 to Sept. 30, 2024), the company’s revenue rose by 33% year-over-year, totaling $580.9 million. The banking segment was the primary revenue driver, with income rising by 21% to $201.5 million. According to Timur Turlov, CEO of Freedom Holding Corp., all business lines performed well amid improving overall market conditions.

Freedom Bank Kazakhstan also reported a rise in its client base, now reaching 1.2 million customers. In October, the Bank received its license in Tajikistan, enabling Freedom to expand its presence in Central Asia and strengthen its position as a regional banking leader, Timur Turlov emphasized. The brokerage segment of Freedom Holding Corp., represented in Kazakhstan by Freedom Broker, reported steady growth with $174.8 million in revenue. By late September, the segment's client base had grown to 555,000 customers.

The insurance segment, which includes Freedom Life and Freedom Insurance, showed the most impressive growth. This sector reported a 121% increase in revenue, reaching $178.2 million, while its client base rose by 58% to 846,000 customers. In recognition of this performance, S&P Global Ratings recently upgraded Freedom Insurance’s rating to “BB-,” highlighting the company’s stable operational results. Timur Turlov noted that the insurance sector's sustainable growth positively impacts the overall financial health of the company.

Another key revenue driver was insurance underwriting income, which surged by 177% to $160.3 million. Trading transactions with securities also contributed to profitability, reporting a 35% revenue increase to $68.3 million. Additionally, fee revenue rose by 8%, reaching $121.1 million, despite a slight decline in fees for banking and other services. Other business segments — such as online payments, ticket sales, e-commerce, tourism, and telecommunications — generated $26.4 million in revenue (+56%) for the quarter.

Freedom Holding Corp (File Image)

Freedom Holding Corp.’s net profit for the period was $114.5 million, with basic earnings per FRHC share (based on an average of 59.4 million shares) reaching $1.93. Amid the trend of softening monetary policy in regions where the company operates, demand for its services is growing, which, according to Turlov, will further strengthen all the business segments within the organization. The company’s assets grew to $8.8 billion, an increase of 6%.

Business expansion led to a 50% rise in the company’s expenditures for the reported period, totaling $452 million. A significant part of this was driven by the acquisition of SilkNetCom LLP, a Kazakhstani telecommunications company, for $452MM. As Turlov explained, this acquisition will allow Freedom to leverage SilkNetCom’s assets and licenses to develop Freedom Telecom, the company’s telecommunications business, opening new possibilities in this rapidly growing market.

Timur Turlov also highlighted that over 9.5 million people now use Freedom’s digital ecosystem. “We have launched the largest loyalty program in the company’s history, uniting all users of our services and partner product, offering bonuses in the form of financial instruments linked to Freedom Holding Corp.’s share price,” Turlov noted. This initiative is designed to enhance client loyalty to the ecosystem and stimulate customer activity within the Freedom Super App, which consolidates all company services in one place.

Following the release of the recent financial statement, the share price of Freedom Holding Corp. on Nasdaq reached a new record of $114.60 per share on November 11. Since the start of 2024, the share price has risen by more than 40%, bringing the company’s market cap to approximately $6.9 billion. When the company’s shares became listed on the Nasdaq in October 2019, the price of one FRHC share was approximately $14.

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