Freedom Holding Corp. reported a total revenue of $628.6 million for the three months ended December 31, 2025, a decrease of 5% from $664.6 million in the same period of the previous year. The decline was primarily driven by a significant drop in insurance premiums earned, which fell by 40% to $106.9 million, attributed to regulatory changes that capped commissions for insurance agents. Additionally, the net gain on trading securities decreased by 51% to $43.5 million, reflecting a decline in the value of securities held. However, interest income rose slightly by 2% to $228.8 million, supported by increased loan activity.
In terms of expenses, Freedom Holding Corp. reported a total of $534.7 million for the latest quarter, down from $566.3 million a year earlier. This reduction was largely due to a significant decrease in fee and commission expenses, which fell by 64% to $33.7 million, and a 25% drop in insurance claims incurred. However, payroll and bonuses increased by 60% to $124.1 million, reflecting the company's expansion and hiring efforts. The net income for the quarter was $76.2 million, slightly lower than the $78.1 million reported in the prior year.
The company’s total assets increased to $12.4 billion as of December 31, 2025, up from $9.9 billion at the end of the previous fiscal year. This growth was driven by a substantial rise in restricted cash, which surged to $2.6 billion from $807.5 million, and an increase in investment securities, which rose to $3.1 billion. Customer liabilities also saw a significant increase, reaching $6.8 billion, compared to $4.3 billion in the prior period, indicating a growing customer base and increased deposits.
Operationally, Freedom Holding Corp. expanded its customer base significantly, with banking customers increasing to 4.5 million from 2.5 million, and brokerage customers rising to 828,000 from 683,000. The company also made strategic moves, including the acquisition of Astel Group Ltd., a telecommunications provider, which is expected to enhance its digital ecosystem. The company is also in the process of obtaining a brokerage license in Turkey, further expanding its geographic footprint.
Looking ahead, Freedom Holding Corp. anticipates continued growth driven by its digital fintech ecosystem strategy, which integrates various financial services. The company is focused on expanding its telecommunications and media operations while managing regulatory changes and market conditions. The outlook remains cautiously optimistic, with expectations of leveraging its expanded customer base and new product offerings to drive future revenue growth.
About Freedom Holding Corp.
Freedom Holding Corp. is a diversified financial services company providing securities brokerage, banking, insurance, and investment products across global markets. Its core offerings include retail and institutional brokerage, digital banking, insurance, and proprietary trading. Operating mainly in Kazakhstan with a growing international presence, it leverages advanced fintech, integrated ecosystems, and data analytics to deliver seamless, innovative financial solutions to individual and corporate clients worldwide.
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