Freedom Holding Corp. has released its financial results for the third quarter of fiscal year 2026, and the numbers once again put the company in the spotlight. Despite market volatility, tighter regulatory requirements and pressure in the insurance segment, the holding generated $1.688 billion in revenue over the first nine months of the fiscal year. Net profit reached $145.4 million, DKNews.kz reports.
This is more than just a quarterly update. It is a signal of how the company’s scale and strategy are evolving.
The Key Figures Behind the Headlines
In the third quarter of fiscal year 2026 - covering October to December 2025 - the company reported:
- Revenue of $628.6 million
- Pre-tax income of $93.9 million
- Net income of $76.2 million
- Earnings per common share of $1.27
For the nine-month period from April to December 2025:
- Revenue totaled $1.688 billion
- Pre-tax income reached $195 million
- Net income amounted to $145.4 million
- Earnings per share stood at $2.43
As of December 31, 2025, cash and cash equivalents, restricted cash and investment securities totaled $6.6 billion. Total assets reached $12.4 billion, while shareholders’ equity amounted to $1.4 billion.
Net cash flow from operating activities was a strong $1.7 billion.
Turlov: “We Continue to Demonstrate Sustainable Development”
Timur Turlov, Chief Executive Officer of Freedom Holding Corp., emphasized the company’s resilience:
“Following the results of the third quarter of fiscal year 2026, Freedom Holding Corp. continues to demonstrate sustainable development. Even in a volatile macroeconomic environment and amid new regulatory requirements, we are maintaining high liquidity indicators and steadily increasing our client base. This has become possible thanks to a flexible strategy and an open approach to innovation. We are doing everything possible to create long-term value for our clients and shareholders, maintain their trust, and grow together with them.”
Timur Turlov / ©Peter Ou
Why Revenue Slightly Declined Year-on-Year
Quarterly revenue of $628.6 million was lower than the $664.6 million recorded in the same period last year.
Several factors contributed to this decline:
- A decrease in earned insurance premiums net of reinsurance
- Lower net financial results from trading securities
- A reduction in commission income
Insurance premiums net of reinsurance dropped to $106.9 million from $177.5 million. This was primarily due to regulatory limits on commissions for policies linked to banking and microfinance products, which reduced new business volumes.
Net profit from trading securities also declined, falling from $89.6 million to $43.5 million. The decrease was driven by unrealized losses resulting from a decline in the value of securities held as of December 31, 2025.
However, part of the decline was offset by a significant increase in net profit from foreign exchange operations, which rose to $45.8 million compared to $3.9 million a year earlier. This growth was largely attributable to revaluation gains driven by the strengthening of the Kazakh tenge against the U.S. dollar and other currencies.
Expenses Decreased
Total expenses declined to approximately $534.7 million in the third quarter, compared to $566.3 million in the same period last year. The decrease was mainly due to lower commission expenses, reduced insurance claims net of reinsurance, and a smaller provision for expected credit losses.
7.2 Million Clients - And Growing
Freedom Holding continues to expand its ecosystem. The total number of clients across its subsidiaries reached 7.2 million.
Third-quarter growth by segment included:
- Brokerage accounts - 828,000, up by 145,000
- Insurance clients - 1.2 million, up by 8,000
- Banking service users - 4.5 million, up by 1.956 million
- Freedom SuperApp users - 4.3 million, up by 1.2 million
- Non-financial company clients - 697,000, up by 92,000
Including partner companies within the broader Freedom ecosystem, the total number of users exceeds 11 million.
This is no longer just a financial holding - it is a rapidly expanding digital ecosystem.
$18.8 Million for Sustainable Development
Between October and December 2025, $18.8 million was allocated through the corporate foundation “Freedom Shapagat” to support sustainable development projects. This underscores the company’s commitment not only to financial performance but also to social responsibility.
A Strategic Agreement with OpenAI
One of the most notable developments of the quarter was the signing of a strategic agreement on November 6, 2025, in Washington, D.C., between the Government of the Republic of Kazakhstan, OpenAI, Inc., and Freedom Holding Corp.
The agreement provides access for 165,000 teachers in Kazakhstan to ChatGPT Edu - a specialized educational version of ChatGPT featuring enhanced privacy and data management mechanisms.
Under the agreement:
- Freedom Holding Corp. finances the initiative
- OpenAI provides the ChatGPT Edu platform along with localized support in Kazakh and Russian
- The Government of Kazakhstan coordinates the project at the level of state bodies and educational institutions
This is not merely a technological update. It represents a large-scale step toward digital transformation in Kazakhstan’s education system.
Freedom Holding Corp. is entering 2026 with solid financial results, a growing client base, and strategic partnerships that extend beyond finance.
With billion-dollar revenues, millions of users and national-level initiatives in technology and education, the company’s ambitions are clear - not just to stay competitive, but to help reshape the landscape in which it operates.
