New York, USA, June 24, 2026, FinanceWire
Standard & Poor’s global ratings He upgraded the ratings on several of the company’s subsidiaries Freedom Holding Companyan international investment and technology group listed on the Nasdaq Stock Exchange. The credit ratings of Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC and Freedom Bank Kazakh JSC were raised to “BB-” with stable outlooks.
Standard & Poor’s also upgraded Kazakhstan’s long-term national ratings of Freedom Finance JSC and Freedom Bank Kazakh JSC to ‘kzA-‘. Earlier, the agency confirmed Kazakhstan’s sovereign credit rating at “kzAAA” on the national scale and “BBB-” with a positive outlook. Freedom Holding Company’s rating remained at “B-” with a stable outlook.
According to S&P, Freedom has demonstrated positive momentum in risk management within the holding company itself and across the group’s subsidiaries. S&P said this would allow the group to closely monitor and control risks within its growing business, including sanctions compliance, cybersecurity, reputational risk, regulatory risk and cryptocurrencies.
The agency expects the group to maintain strong capitalization metrics over the next 12 to 24 months, despite continued investments in its telecom and consumer lifestyle businesses. According to S&P, Freedom’s earnings metrics remain strong, with a three-year average operating profit-to-risk-weighted assets ratio of about 2.2% for the period March 2024 to March 2026, which remains high in the international context.
S&P also said that the development of Freedom’s financial and non-financial businesses is not expected to place significant pressure on Freedom Holdings’ capitalization.
The agency also highlighted Freedom’s position as one of Kazakhstan’s leading digital fintech ecosystems, pointing to the group’s SuperApp mobile application. The number of monthly active users of the app was approximately 2.6 million in March 2026.
In updating its ratings, Standard & Poor’s took into account Freedom Holding Corp.’s annual report for fiscal year 2026. The company reported record revenues of $2.19 billion and a double-digit increase in net income to $153.3 million. Freedom has also significantly expanded its customer base across key business segments. The number of users of the bank’s services doubled during the year to reach 5.03 million, while the brokerage client base grew by 26% to reach 858 thousand clients. In insurance and other sectors, Freedom serves about 2.2 million people. Overall, the company’s digital ecosystem customer base across all operating markets exceeded 14 million people by the end of fiscal year 2026.
“Expanding our digital ecosystem beyond our region, where we have built an effective business model in a relatively short period of time, is a key element of our long-term development strategy,” said Timur Turlov, CEO of Freedom Holding Corp. “We are already seeing strong growth in Europe, are close to obtaining banking and financial brokerage licenses in Turkey, and are actively developing our business in the US and the Middle East. In Kazakhstan, we have built the experience, expertise and resources necessary to compete for global leadership.”
As of May 1, 2026, Freedom’s European brokerage business reached 453,000 clients. Freedom also announced plans to expand its banking operations and digital ecosystem in several international markets. In early June, the company said it had applied for a banking license in France and planned to invest €500 million in developing its digital ecosystem there. Freedom also expects to invest $300 million in expanding its operations in Türkiye, and has announced the acquisition of 99.32% of the Turkish bank’s shares. The company’s digital banking subsidiary has been operating in Tajikistan since October 2025, and in November 2025, Kazakhstan’s financial regulator granted Freedom a permit to open a bank in Georgia.
About Al Hurriya Holding Company
Freedom Holding Company It provides financial services 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. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, insurance companies Freedom Life and Freedom Insurance, as well as the lifestyle segment that includes Arbuz.kz, Freedom Ticketon and Aviata. Freedom Holding Corp’s shares are traded on the US technology exchange NASDAQ, the Kazakh Stock Exchange (KASE), and the Astana International Stock Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC), and its common stock is included in the Russell 3000 Index.
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Head of Public Relations
Natalia Kharlashina
Freedom Holding Company
(email protected)
+77013641454
