Freedom Holding Corp: S&P Global Ratings Upgrades Outlook

International credit
rating agency S&P Global Ratings has revised the outlook on Freedom Holding
Corp.’s core operating subsidiaries from “Stable” to “Positive,” while
affirming their credit ratings at ‘B+/B’. The revised outlook applies to
Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC,
and Freedom Bank Kazakhstan JSC. The rating of the parent company, Freedom
Holding Corp., was affirmed at ‘B-’ with a Stable outlook.

Positive
Outlook: recognition of systemic progress

The revised outlook reflects Freedom Holding’s significant
achievements in consolidating and enhancing its risk management and compliance
functions across the organization.

Over the past two years, the group has implemented a
centralized risk management policy, adopted unified risk appetite standards,
established a compliance project management office, and expanded its oversight
team to include 129 risk specialists and 162 compliance professionals operating
across 22 jurisdictions.

“We’ve come a long way —
turning fragmented control functions into a unified, centralized system at the
group level. This decision reflects the maturity of our governance model,”
commented CEO Timur Turlov.

Focus on
resilience: lower risk and balanced growth

The holding’s overall
capitalization strengthened in fiscal year 2025. Its risk-adjusted capital
(RAC) ratio rose from 11.6% to around 13%, supported by moderate balance sheet
growth, a decline in economic and industry risks in Kazakhstan, and a resilient
brokerage business. As of March 2025, Freedom Group serves around 5 million
customers, including over 4.4 million financial clients, with its SuperApp
becoming a key digital tool for users’ day-to-day financial activities.

Market
leadership in Kazakhstan, growth in Europe

S&P highlighted
Freedom’s continued leadership in Kazakhstan’s retail brokerage sector, serving
approximately 683,000 clients worldwide, of whom over 151,000 executed at least
one trade in the last quarter of FY2025. The group is also expanding its presence
in Europe, with 391,000 clients via its Cyprus-based subsidiary and offices in
10 EU countries. The holding company continues to invest in the telecom segment
and maintains a sustainable business model supported by income from brokerage
operations.

About
Freedom Holding Corp.

Freedom Holding Corp. (
is an international financial and technology group listed on the Nasdaq
(ticker: FRHC). The company offers investment, banking, insurance, and digital
services through its integrated platform, Freedom SuperApp. The group operates
in 22 countries, including Kazakhstan, the United States, Cyprus, Poland,
Spain, Uzbekistan, and Armenia. The Company’s principal executive office is
located in New York City.

Freedom Holding Corp. is regulated by the U.S. Securities
and Exchange Commission (SEC).