Freedom Holding Corp. leverages robust Q3 performance to accelerate international expansion
Scaling forward
NASDAQ-listed Freedom Holding Corp. reported strong third-quarter results for fiscal 2026, opening the door for further growth and expansion through strategic acquisitions.
Freedom Holding: Financial results
Revenue for the quarter ending December 31, 2025, rose to $628.6 million from $526.1 million in the previous quarter, while net income nearly doubled from $38.7 million to $76.2 million. Over the first nine months of the fiscal year, the group generated $1.69 billion in revenue and $144.5 million in net income.
These numbers reflect Freedom Holding’s continued expansion across its diversified fintech ecosystem, which integrates financial, telecom, and lifestyle businesses and is available to clients through the holding’s SuperApp. The strong results translated into solid shareholder returns, with diluted earnings per share of $1.25 for the quarter and $2.38 for the first nine months of the fiscal year.
Expansion plans
Revenue and earnings are likely to keep rising as Freedom Holding Corp. expands its ecosystem. The group – already present in 21 countries – prepares a series of transactions to broaden its geographic footprint.
According to the Chief Executive Officer, Timur Turlov, Freedom Holding is considering acquiring another bank in Kazakhstan and pursuing a bank purchase in Turkey. Freedom also plans to launch a bank in Georgia this year. To finance further growth, Freedom Holding Corp. is preparing bond placements in the U.S. market, targeting $300 million to $500 million, and is considering additional yuan-denominated bonds in Hong Kong. Management has also discussed the possibility of a secondary public offering in Hong Kong. According to the official statements, proceeds would be directed toward business expansion.
In addition to the new acquisitions on the financial market, the funds will be used to further develop the telecommunications infrastructure. Freedom has been investing heavily in digital infrastructure in Kazakhstan, Central Asia’s leading digital economy. Freedom Holding Corp. is participating in the creation of a sovereign artificial intelligence data center in partnership with Nvidia and the Kazakh government, deploying broadband satellite internet using SpaceX’s Starlink technology in Kazakhstan, and rolling out ChatGPT Edu nationwide in cooperation with OpenAI.
Customer momentum
Freedom Holding’s expanding operations are attracting new customers. Companies within the holding serve 7.2 million clients.
Client numbers rose across all of the group’s businesses. The brokerage division counted 828,000 client accounts, up 145,000 (more than 20%) from the previous quarter. Insurance companies served 1.2 million clients, up by 8,000. Banking services showed the fastest expansion, reaching 4.5 million users, nearly 2 million more than in the prior period. The non-financial businesses resulted in 697,000 clients (+92,000).
The total number of users within Freedom’s ecosystem, including partner companies, has surpassed 11 million.
Market recognition
As Freedom Holding Corp. scales, it is gaining greater visibility in global capital markets. Freedom’s shares have been included in the Russell 3000 index and added to the flagship Moneyball portfolio managed by The Motley Fool.
BlackRock has become the second-largest shareholder in the company, and S&P Global Ratings recently revised its outlook on key entities within Freedom Holding Corp. from stable to positive. The agency noted that Freedom is rapidly expanding its client base across the ecosystem and increasing cross-selling through its loyalty programs.
With the client base growing and profitability accelerating, capital-raising plans underway, and cross-border expansion in progress, Freedom Holding is entering a new phase of scaling its fintech ecosystem across Eurasia and beyond.