Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international investment and technology company said in a statement.

Total revenue, net in fiscal 2026 rose 9% to a record $2.19bn, compared with $2.00bn in fiscal 2025, meaning that since the company’s listing on Nasdaq in 2019, total revenue has expanded more than 26 times.  

Freedom, which provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan and Armenia, said it maintained a strong liquidity position and demonstrated the effectiveness of its diversified business model. It brings together financial services, insurance, consumer services and technology businesses within a single integrated ecosystem.  

“We completed the year with record revenue and doubled net income, despite significant investment in the development of the Freedom ecosystem,” said Timur Turlov, founder and CEO of Freedom Holding Corp, “Our rapidly growing customer base confirms the strength of our strategy: building institutional infrastructure not around individual products, but around solving customers’ everyday needs.

“Today, the daily audience of Freedom SuperApp exceeds 2.5 million people, compared with just over one million a year ago, while total users exceed 5 million. We believe the solutions we have implemented in Kazakhstan can become universal across the markets where Freedom operates.” 

Freedom added that its customer base continued to expand across key business lines. Brokerage customers increased from 683,000 to 858,000, while banking customers doubled from 2.52mn to 5.03mn.

The insurance business served approximately 1.1mn customers, and the customer base across other business segments increased 83% to approximately 1.1mn.  

Freedom said other highlights of fiscal 2026 included:

• Interest income increased by $18.0mn to $882.5mn, up 2% compared with the prior year.  
• Net gain on trading securities was $158.8mn, up $216.6mn, or 375%, primarily due to the sale of Kazakhstan corporate debt securities.  
• Net gain on derivatives was $66.8mn, up $54.4mn, or 438%, primarily due to positive revaluation of foreign-currency swaps.  
• Fee and commission income was $489.8mn, down $15.3mn, or 3%, primarily due to lower banking-service income.  
• Net revenue from insurance activities decreased by 29% compared with the same period a year earlier, to $402.4mn. This was driven by changes in Kazakhstan’s legislation regarding borrowers’ life insurance and the payment of agency commissions to credit institutions.  
• Revenue from goods and services increased by $57.3mn to $97.4mn, up 143%, primarily reflecting expansion into telecommunications following the acquisition of Freedom Cloud Holding.  
• Total assets reached $13.16bn as of March 31, 2026, up 33% from $9.92bn at the end of the prior fiscal year. The increase was supported by growth in the company’s proprietary investment portfolio and higher customer balances in brokerage accounts.  
• Diluted earnings per share were $2.51 and basic earnings per share were $2.56 for the fiscal year.  

Looking at Freedom SuperApp, the company’s flagship all-in-one platform for retail banking, payments, insurance, government services and lifestyle services, it reached more than 5mn users by March 2026, by which point the number of monthly active users reached 2.59mn versus 1.02mn in March 2025.  

The SuperApp integrates traditional banking with services for insurance contracts, event tickets, grocery and consumer-goods delivery, airline tickets, travel packages, loyalty rewards, e-commerce, health services and a broad range of government services.

The holding said that Freedom Bank Kazakhstan continued to serve as a core component of the company’s ecosystem strategy.

As of March 31, the banking segment reported combined assets of $5.36bn, up 21% year over year. The segment’s loan portfolio increased 29% to $2.05bn, while its deposit portfolio increased 46% to $2.52bn.  

Freedom also continued to expand its regional banking platform. The company signed an agreement with Ozyol Holding and the National Bank of Kuwait to acquire approximately 99.32% of Turkish Bank A.S., subject to regulatory approval and other customary conditions.

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market also granted Freedom Bank permission to establish a subsidiary bank in Georgia.  

Freedom added that its brokerage business continued to benefit from customer growth and demand for access to international capital markets. As of March 31, brokerage customer accounts had increased to 858,000, reflecting continued organic growth.  

During fiscal 2026, Freedom also expanded its brokerage footprint. Freedom Broker Global Markets Ltd, the company’s UAE subsidiary, received a brokerage licence from the Abu Dhabi Global Market Financial Services Regulatory Authority. In March 2025, Freedom Holding Corp. also received a licence to conduct brokerage activities in Turkey.  

Freedom has also continued to develop complementary digital infrastructure and lifestyle businesses designed to strengthen customer engagement and broaden the utility of its ecosystem. The company’s “Other segment” includes payment processing, ecommerce, online ticketing, travel aggregation, telecommunications, cloud services and media initiatives.  

Freedom Telecom, meanwhile, is being developed as a telecommunications business in Kazakhstan, while Freedom Cloud provides cloud infrastructure and related services to internal and external clients. Freedom Media is being developed as a streaming and media platform for Kazakhstan and the broader Central Asia region.  

In another digital move, Freedom Holding Corp and the Ministry of Artificial Intelligence and Digital Development of Kazakhstan have announced plans to create sovereign NVIDIA artificial intelligence infrastructure with an expected investment of $2bn. As part of this initiative, Freedom Holding Corp, the government of Kazakhstan and OpenAI signed a strategic agreement under which 165,000 teachers in Kazakhstan received access to ChatGPT Edu, an education-focused version of ChatGPT with enhanced privacy and data-management features.  

In corporate developments, S&P Global Ratings revised its outlook on JSC Freedom Finance, Freedom Finance Global PLC, Freedom Finance Europe Ltd and JSC Freedom Bank Kazakhstan from stable to positive and affirmed long- and short-term ratings at B+/B, citing strengthened risk-management and compliance systems.  

Moody’s assigned Freedom Bank Kazakhstan ratings with a stable outlook, including Ba3 long-term local- and foreign-currency deposit ratings, a b1 baseline credit assessment, a b1 adjusted baseline credit assessment, a Ba2 long-term counterparty risk assessment and Ba2 long-term counterparty risk ratings.  

BlackRock, Morgan Stanley and J.P. Morgan increased their holdings in Freedom Holding Corp shares during the latest fiscal year. BlackRock remained the company’s largest institutional shareholder.  

Freedom Holding Corp. shares were included in the Moneyball portfolio formed by The Motley Fool.  

Another corporate development saw Freedom Holding Corp included in the Russell 3000 Index, which tracks more than 3,000 of the largest US companies and represents approximately 98% of the investable US equity market.  

A case study on the development of the Freedom ecosystem was included in the Stanford Graduate School of Business MBA programme and became part of the university’s educational library for students, faculty and international business-programme participants.  

Also during fiscal 2026, Freedom Holding Corp allocated $10.026mn to the Kazakhstan Chess Federation and $10.7mn to the youth soccer league. Its sponsorship activities also extend to education, digital technology, culture and science.  

As of March 31, 2026, Freedom Holding Corp employed 11,846 people across its regions of operation, including 10,830 in Central Asia, 334 in Europe, 627 in the Middle East and 55 in the United States.  

Freedom Holding Corp’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon and Freedom Travel. Freedom Holding Corp shares are traded on the US technology exchange Nasdaq, the Kazakhstan Stock Exchange (KASE) and the Astana  
International Exchange (AIX) under the ticker symbol FRHC.