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Freedom Holding Corp. (NASDAQ: FRHC), a Nasdaq-listed diversified financial services group with operations across 22 countries, has reported strong results for the fiscal year ended March 31, 2025.
Freedom Holding posted a 23% increase in revenue, reaching $2.05 billion—up from $1.67 billion in fiscal 2024—while total assets climbed to $9.9 billion. The main drivers of growth were brokerage and insurance services, as well as an increase in interest income from margin lending and client loans. Revenue from commissions reached $505 million (+15% YoY), with brokerage commissions up 29% to $430.1 million.
Timur Turlov, the CEO of Freedom Holding Corp., sees the results as proof of Freedom Holding’s successful transition from a collection of independent financial products to a cohesive, digital-first ecosystem.
“We are transitioning from a collection of financial products to a unified ecosystem that touches nearly every aspect of our customers’ financial lives,” commented Turlov.
Growth was seen across all core business lines this year. Brokerage services led the way, generating $717.3 million in revenue. Income from brokerage commissions increased by 29% to $430.1 million, driven by an expanding retail customer base. The number of brokerage accounts increased by 29% to reach 683,000.
The insurance segment was particularly successful, with life insurance premiums rising by 156% and general insurance premiums by 107% year-on-year. Freedom Insurance holds a 6% share of the general insurance market in Kazakhstan.
Freedom Bank KZ, the group’s flagship banking arm, also played a central role in this performance, with revenue climbing to $506.1 million. Its client base more than doubled to 2.5 million. Lending was another key contributor, with interest income rising to $864.5 million, boosted by a 21% increase in margin loan interest and an 18% increase from customer loans.
Freedom Holding continued to expand beyond finance and diversify into related industries through its ‘Other’ segment, which encompasses e-commerce, travel, and payment services. Revenue from this unit increased by 72% year-on-year to reach $144 million, thanks to platforms such as Arbuz.kz (online grocery shopping), Aviata (ticket sales), and Ticketon (buying tickets for various entertainment events).
In line with its ecosystem strategy, Freedom Holding Corp. expanded its telecommunications and media presence by launching Freedom Telecom and Freedom Media. These ventures are seen as long-term investments that will integrate connectivity, streaming, and digital commerce into the wider Freedom SuperApp ecosystem.
Further development of the Freedom SuperApp—a unified digital interface for all the holding company’s services, including brokerage, banking, ticket purchases, and grocery delivery—was also among 2025’s key successes. The application supports multi-currency accounts, investments, and loans, and includes lifestyle services. More than 1 million people are now using Freedom SuperApp every month, with over 183,000 active users every day. Its main products include the multi-currency SuperCard, the Invest Card investment card, and the educational Power Card for children.
During the 2025 financial year, Freedom Holding continued to support public and sporting initiatives, including the Kazakhstan Chess Federation, the Tennis Federation, the IBO Olympiad, student IT competitions, and the Teachers for Kazakhstan project. The company is also involved in environmental initiatives, including the Oasis project to restore the Aral Sea ecosystem. In 2025, construction of a fintech research centre at SDU in Almaty was completed—a project that has become a flagship of corporate investment in science and education.
Freedom Holding’s growth story is increasingly defined by its presence in high-potential, underbanked markets such as Kazakhstan, Uzbekistan, Armenia, and Turkey. In these regions, Freedom combines the regulatory rigor of a U.S. SEC-compliant entity with local knowledge and digital innovation.
As of March 31, 2025, Freedom served over 7 million clients worldwide. The firm’s entities span brokerage, banking, insurance, and payment services, each of which contributes to its vertically integrated business model.
“We believe that connected ecosystems will define the next era of finance,” said Turlov. “By combining traditional financial stability with technology-enabled innovation, we’re creating something that goes far beyond banking or brokerage. We’re creating the infrastructure for how people live, spend, save and grow.”
