ALMATY, Kazakhstan, June 28, 2025 — S&P Global Ratings has adjusted its outlook for Freedom Holding Corp.’s main operating units from “Stable” to “Positive,” while maintaining their ‘B+/B’ credit ratings. This revision impacts Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The parent company, Freedom Holding Corp., retains its ‘B-‘ rating with a Stable outlook.

Positive Outlook: recognition of systemic progress

The updated outlook acknowledges Freedom Holding’s substantial progress in strengthening its risk management and compliance systems across the organization.

In the last two years, the group has put in place a centralized risk management policy, established uniform risk tolerance levels, created a compliance project management office, and increased its oversight team to 129 risk specialists and 162 compliance professionals operating in 22 countries.

“We’ve made significant strides by transforming fragmented control functions into a cohesive, centralized system at the group level. This decision is a testament to the maturity of our governance model,” stated CEO Timur Turlov.

Focus on resilience: lower risk and balanced growth

The holding company’s overall capital position improved in fiscal year 2025. The risk-adjusted capital (RAC) ratio increased from 11.6% to approximately 13%, driven by controlled balance sheet expansion, reduced economic and industry risks in Kazakhstan, and a robust brokerage business. As of March 2025, Freedom Group serves about 5 million customers, including over 4.4 million financial clients, utilizing its SuperApp as a primary digital tool for daily financial tasks.

Market leadership in Kazakhstan, growth in Europe

S&P emphasized Freedom’s ongoing leadership in Kazakhstan’s retail brokerage sector, serving around 683,000 clients globally, with over 151,000 executing at least one trade in the last quarter of FY2025. The group is also growing its presence in Europe, with 391,000 clients through its Cyprus-based subsidiary and offices in 10 EU countries. The holding company is still investing in the telecom sector and maintains a stable business model through income generated by brokerage activities.

About Freedom Holding Corp.

. is a global financial and technology group listed on the Nasdaq (ticker: FRHC). The company provides investment, banking, insurance, and digital solutions via its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s main executive office is located in New York City.

Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC).

Contact

Public Relations
Natalia Kharlashina
Freedom Holding Corp.

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SOURCE Freedom Holding Corp.

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