Freedom Holding Subsidiaries Rated BB- by S&P with $2.19B Revenue
FRHC•S&P upgraded ratings on four Freedom Holding Corp. subsidiaries to BB- and raised Kazakhstan national ratings on Finance JSC and Bank Kazakhstan to kzA- with stable outlook. Fiscal 2026 revenues hit $2.19 billion with net income up 2x to $153.3 million, and digital ecosystem clients topped 14 million with 2.6 million monthly SuperApp users.
1. S&P Rating Upgrades
S&P raised ratings on Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC to BB- with a stable outlook and upgraded national ratings on Finance JSC and Bank Kazakhstan to kzA-.
2. Financial Performance
Freedom Holding Corp. reported record revenue of $2.19 billion in fiscal 2026 and net income doubled to $153.3 million, with an operating profit-to-risk-weighted-assets ratio of 2.2% over the past three years.
3. Digital Ecosystem Growth
The group’s digital ecosystem now serves over 14 million clients across all markets, including 2.6 million monthly active users on its SuperApp and a broker client base of 858,000.
4. International Expansion Plans
Freedom has applied for a banking license in France with a €500 million ecosystem investment, plans a $300 million expansion in Turkey alongside a 99.32% stake acquisition in Turkish Bank, and is developing operations in the United States, Middle East, Georgia and Tajikistan.
