Freedom Holding Corp. (FRHC)

In March 2026, Moody's Ratings assigned Freedom Bank Kazakhstan long-term deposit ratings of Ba3 with a stable outlook, and FRHC announced its intention to acquire a 99.32% stake in TurkishBank A.Ş. S&P also confirmed Freedom Holding Corp.'s ratings in March 2026. In February 2026, FRHC reported its third-quarter fiscal year 2026 financial results, showing total revenue of $628.6 million and net income of $76.2 million. In August 2025, BlackRock, Inc. increased its stake in Freedom Holding Corp. to 0.85%. As of March 20, 2026, the share price was $138.76. In fiscal year 2025, the company experienced a significant drop in net income, which was attributed to aggressive and successful customer acquisition efforts.

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Freedom Holding Corp. is a diversified financial services holding company operating primarily in the Investment Banking & Brokerage Services industry. It offers a range of financial products and services, including brokerage, trading, investment banking, asset management, mortgages, insurance, and banking services. The company also provides payment services, information processing, and lifestyle services. Additionally, FRHC owns ancillary businesses in Kazakhstan, including telecommunications and media.

Freedom Holding Corp. has a significant international presence, operating in 21 to 22 countries with a focus on Central Asia, including Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, and Armenia. It also has a presence in Europe, including Cyprus, the United Kingdom, and several other countries. In 2025, the company obtained a license in Abu Dhabi. The company is exploring further growth opportunities, including the potential acquisition of TurkishBank in Turkey and launching banking projects in Georgia and Pakistan.

Freedom Holding Corp.'s brand reputation has faced challenges due to a report by Hindenburg Research alleging sanctions evasion and other issues. However, S&P confirmed Freedom Holding Corp.'s ratings in March 2026, and Freedom Bank Kazakhstan received its first Moody's rating at Ba3 with a stable outlook. The increased stake by BlackRock in August 2025 was also seen as a confirmation of the business's resilience.

Freedom Holding Corp. has a mix of institutional and individual owners, with 162 institutional owners and shareholders holding a total of 2,454,966 shares. Major institutional shareholders include BlackRock, Inc., State Street Corp and others. The founder and CEO, Timur Turlov, is the largest shareholder, holding over 70% of the company's shares.