Last week, Kazakhstan-based Freedom Holding Corp. (Nasdaq: FRHC) released its financial statement for the second quarter of the 2025 fiscal year (July to September). According to the report, FRHC's revenue rose by $114.5 million year-on-year (+33%), totaling $581 million.
This growth was primarily driven by the performance of Freedom Bank and the company’s insurance business. Specifically, Freedom Bank Kazakhstan reported a 21% revenue increase, reaching $201.5 million, with its client base expanding to 1.2 million people. Additionally, the Bank obtained its license in Tajikistan, which is expected to strengthen Freedom Holding Corp.’s presence in Central Asia. Meanwhile, the insurance business segment — comprising Freedom
Insurance and Freedom Life — grew by 121%, reaching $178.2 million in revenue. The combined client base for these services rose by 48%, totaling 846,000 customers.
In the brokerage segment, Kazakhstani Freedom Finance, JSC, and Freedom Finance Global together earned $175 million in revenue, with their combined retail investor base reaching 555,000 by the end of September.
In addition to securing a banking license in Tajikistan, Freedom Holding Corp. achieved other notable milestones this fiscal year. For instance, several of Freedom’s companies saw credit rating upgrades from Standard & Poor’s. This included improved ratings for both insurance firms, with brokerage ratings upgraded to positive in late June. “This reflects our counterparties’ improving sentiment and growing confidence in us,” said Timur Turlov, founder and CEO of Freedom Holding Corp.
Commenting on the results, the businessman credited improving market conditions, including the softening of monetary policy in regions where the company operates, as contributing to the growth across all business lines.
What happened?
According to Timur Turlov, among other significant achievements last quarter was the launch of a large-scale loyalty program, allowing Freedom Bank customers to receive cashback in a form of FRHC shares. “Our digital ecosystem and partner services now support over 9.5 million people, who receive their rewards in the form of a financial instrument linked to Freedom Holding Corp.'s share price.
This initiative aims to boost customer loyalty and encourage increased transactions within our Super App. We’re already seeing positive results from this strategy over the first nine months of the calendar year,” Turlov said.
In addition, Freedom Holding Corp. recently acquired SilkNetCom, LLP, a Kazakhstani telecommunications network provider, for $23.88 million. This acquisition will support the expansion of Freedom Telecom, a 5G network operator. “We believe these investments will yield strong returns, supporting sustainable growth and diversifying our revenue in upcoming quarters,” Turlov emphasized.
Freedom’s administrative expenditures for the quarter ($452MM) included a significant allocation for charity and sponsorships, including support for the Kazakhstan Chess Federation, where Timur Turlov has served as president since January 2023. The company currently leads Kazakhstan in contributions to social projects.
It’s worth noting that investors responded positively to the financial report. On the day of its release, Freedom Holding Corp.’s share price rose by over 2%, reaching a new high of $114.40 per share. The company’s market cap has now reached nearly $7 billion.
