S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Freedom Holding Corp. to 'BB-' with stable outlooks, citing improved risk management and strong capitalization. The upgraded entities include Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The agency also raised the long-term Kazakhstan national scale ratings for Freedom Finance JSC and Freedom Bank Kazakhstan JSC to 'kzA-.' Kazakhstan’s sovereign credit ratings were affirmed at 'kzAAA' on the national scale and 'BBB-' with a positive outlook. Freedom Holding Corp.’s rating remained at 'B-' with a stable outlook.

S&P noted that Freedom has demonstrated positive momentum in risk management across the holding company and its subsidiaries. This progress is expected to enhance the group’s ability to monitor and control risks, including sanctions compliance, cybersecurity, reputational, regulatory, and cryptocurrency risks. The agency anticipates that the group will maintain strong capitalization metrics over the next 12–24 months, despite ongoing investments in telecommunications and consumer lifestyle businesses.

Freedom’s earnings metrics remain robust, with a three-year average operating profit-to-risk-weighted-assets ratio of approximately 2.2% for the period from March 2024 to March 2026. S&P highlighted that the development of Freedom’s financial and non-financial businesses is not expected to place significant pressure on its capitalization. The agency also recognized Freedom’s position as a leading digital fintech ecosystem in Kazakhstan, with its SuperApp mobile application reaching approximately 2.6 million monthly active users in March 2026.

Freedom Holding Corp. reported record revenue of $2.19 billion for fiscal year 2026, with net income doubling to $153.3 million. The company significantly expanded its client base, with the number of users of its bank services doubling to 5.03 million and its brokerage client base growing by 26% to 858,000 clients. In the insurance and other segments, Freedom serves around 2.2 million people. The total client base of its digital ecosystem across all operating markets exceeded 14 million by the end of fiscal year 2026.

Timur Turlov, CEO of Freedom Holding Corp., emphasized the expansion of the digital ecosystem beyond its home region as a key element of the company’s long-term strategy. The company is pursuing growth in Europe, Turkey, the United States, and the Middle East. As of May 1, 2026, its European brokerage business had reached 453,000 clients. Freedom has applied for a banking license in France, plans to invest €500 million in its digital ecosystem there, and expects to invest $300 million in expanding its Turkish operations. The company also announced the acquisition of 99.32% of Turkish Bank’s shares and received permission to open a bank in Georgia in November 2025.

Key Financial and Operational Metrics

Freedom Holding Corp. has launched an offering of its common stock for an aggregate amount of up to US$300 million, with bookbuilding commencing in the week of June 15, 2026. The price per share of common stock offered in the offering as determined by the Company is US$126.35. The offering would be conducted outside the United States in reliance on Regulation S under the Securities Act of 1933. There can be no assurance that the offering will be completed.

The securities to be offered in the offering mentioned above will not be or have not been registered under the Securities Act and may not be offered or sold in the United States (or to a U.S. person) absent registration or an applicable exemption from the registration requirements of the Securities Act. Hedging transactions involving the securities may not be conducted unless in compliance with the Securities Act.

Key Details of the Offering

This announcement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to FRHC's offering mentioned above, including terms of the offering. These forward-looking statements are based on current expectations or beliefs, and are subject to changes in circumstances as well as a number of risks and uncertainties, which could cause the actual results to differ materially from those indicated in the forward-looking statements. Such risks include risks relating to the offering mentioned above, including that such an offering does not proceed or if it does proceed, the ultimate results of such an offering. Except as required by law, FRHC undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.