Freedom Holding Corp. (NASDAQ: FRHC), a diversified financial services company headquartered in Almaty, Kazakhstan, with operations in 22 countries, announced its fiscal year 2025 financial results, showcasing robust growth and strategic advancements in its fintech ecosystem. Here you can check out the success story of Freedom Holding.
The company reported a 23% increase in revenue, reaching $2.05 billion for the fiscal year ended March 31, 2025, compared to $1.67 billion in fiscal 2024. This performance underscores Freedom’s ability to expand its market presence and diversify its offerings across brokerage, banking, insurance, and emerging sectors like telecommunications.
Revenue Growth and Segment Performance
Freedom Holding Corp. delivered strong operational results, driven by significant growth in its core segments. The brokerage division generated $717.3 million in revenue, fueled by a 29% increase in brokerage accounts to 683,000 and a 57% surge in active users.
Fee and commission income rose 15% to $505.0 million, with brokerage services contributing $430.1 million, a 29% increase from the previous year. The insurance segment was a standout performer, with underwriting income soaring 134% to $617.6 million, driven by a growing demand for pension and accident insurance products and an increase in customers from 534,000 to 1.17 million.
The banking segment, led by Freedom Bank Kazakhstan, reported $506.1 million in revenue, supported by an 18% rise in interest from customer loans and a 21% increase in margin loan interest.
Additionally, the “Other” segment, encompassing lifestyle, telecom, and payment services, saw a 72% revenue increase to $144 million, boosted by platforms like Arbuz.kz, Aviata, and the newly acquired SilkNetCom LLP.
Strategic Expansion into Telecommunications
In fiscal 2025, Freedom Holding Corp. took bold steps to diversify beyond traditional financial services. The acquisition of Astel Group Ltd. for $22.6 million on April 30, 2025, marked the company’s entry into Kazakhstan’s telecommunications market. Astel Group, the largest independent fixed-line operator in the B2G and B2B segments, strengthens Freedom’s digital ecosystem.
This move, supported by a $200 million domestic bond offering on the Astana International Exchange in September 2024, aligns with the company’s vision to integrate financial and lifestyle services through its Freedom SuperApp. Additionally, the acquisition of EliteCom for $3 million in October 2024 further bolstered Freedom’s telecommunications capabilities, enhancing its ability to deliver innovative services.
Financial Metrics and Challenges
Despite the revenue growth, Freedom’s net income for fiscal 2025 was $84.5 million, a decline from $375 million in fiscal 2024, resulting in basic and diluted earnings per share of $1.43 and $1.40, respectively, compared to $6.37 and $6.33 in the prior year. The decrease was attributed to higher expenses, which rose to $1.94 billion from $1.23 billion, driven by increased fees, commissions, administrative costs, and investments in digital infrastructure.
Total assets grew to $9.9 billion from $8.3 billion, reflecting the company’s expanding footprint. The workforce also expanded significantly, reaching 8,764 employees, a 41% increase from the previous year, highlighting Freedom’s rapid growth.
Commitment to Innovation and Community
Freedom Holding Corp. continued to invest in its digital infrastructure, leveraging AI and data analytics through the Freedom SuperApp to enhance customer experiences. The app integrates banking, investing, payments, and lifestyle services, driving customer engagement and enabling tailored product offerings.
The company also maintained its commitment to social impact, supporting initiatives like the ‘Teach for Qazaqstan’ program and the Kazakhstan Chess Federation. In December 2024, Freedom sponsored the FIDE World Rapid & Blitz Chess Championship in New York, reinforcing its dedication to cultural and educational causes.
A new campus opened in March 2025, featuring AI labs and fintech research centers, further solidifying Freedom’s focus on innovation.
Looking Ahead to Fiscal 2026 Freedom Holding
CEO Timur Turlov emphasized the company’s long-term strategy, stating, “Our 2025 results show that the strategy we’ve been building for years is paying off. We are transitioning from a collection of financial products to a unified ecosystem that touches nearly every aspect of our customers’ financial lives.”
Looking forward, Freedom plans to deepen its investments in digital infrastructure and AI, with a focus on expanding its presence in Europe, Central Asia, and new markets like Turkey, where it launched a brokerage in January 2025. The company’s inclusion in the Russell 3000® Index on June 27, 2025, is expected to enhance its visibility among investors.
