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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended December 31, 2025

			OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ________ to _________

Commission File Number 001-33034


			FREEDOM HOLDING CORP.
			(Exact name of registrant as specified in its charter)

Nevada

30-0233726

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

40 Wall Street, 58th Floor

New York, NY

10005

(Address of principal executive offices)

(Zip Code)

(212) 980 4400

(Registrant's telephone number, including area code)

Securities registered under Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	FRHC	The Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes ☐ No x

As of February 6, 2026, the registrant had 61,190,535 shares of common stock, par value $0.001, issued and outstanding.

FREEDOM HOLDING CORP.

FORM 10-Q

TABLE OF CONTENTS



		Page
PART I — FINANCIAL INFORMATION

Item 1.	Unaudited Condensed Consolidated Financial Statements	3

	Condensed Consolidated Balance Sheets as of December 31, 2025, and March 31, 2025	3

	Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income for the Three Months and Nine Months Ended December 31, 2025 and 2024	4

	Condensed Consolidated Statements of Cash Flows for the Three Months and Nine Months Ended December 31, 2025 and 2024	6

	Condensed Consolidated Statements of Shareholders’ Equity for the Three Months and Nine Months Ended December 31, 2025 and 2024	9

	Notes to Condensed Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70

Item 3.	Qualitative and Quantitative Disclosures About Market Risk	106

Item 4.	Controls and Procedures	110

PART II — OTHER INFORMATION		111

Item 1.	Legal Proceedings	111

Item 1A.	Risk Factors	111

Item 5.	Other Information	111

Item 6.	Exhibits	111

Signatures		112

Table of Contents


FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	December 31, 2025		March 31, 2025

ASSETS
Cash and cash equivalents	$	869,167	$	837,302
Restricted cash (including $463,254 and $30 to related parties)	2,643,375		807,468
Investment securities	3,129,439		2,814,733
Margin lending, brokerage and other receivables, net	3,010,625		3,319,145
Loans issued (including $19,534 and $188,445 to related parties)	1,982,543		1,595,435
Fixed assets, net	328,805		191,103
Intangible assets, net	65,856		54,186
Goodwill	49,453		49,093
Right-of-use asset	41,929		39,828
Insurance contract assets	28,011		37,183
Other assets, net (including $37,559 and $18,080 with related parties)	227,607		168,541
TOTAL ASSETS	$	12,376,810	$	9,914,017

LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations	$	1,055,274	$	1,418,443
Customer liabilities	6,815,396		4,304,999
Margin lending and trade payables	557,938		1,322,241
Liabilities from insurance activity	580,106		481,539
Current income tax liability	50,248		28,919
Debt securities issued	1,075,397		469,551
Lease liability	43,767		40,525
Liability arising from continuing involvement	520,397		503,705
Other liabilities	283,440		129,737
TOTAL LIABILITIES	$	10,981,963	$	8,699,659
Commitments and Contingent Liabilities (Note 23)	—		—

SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock - $0.001 par value; 500,000,000 shares authorized; 61,180,039 shares issued and outstanding as of December 31, 2025, and 60,993,949 shares issued and outstanding as of March 31, 2025, respectively	61		61
Additional paid in capital	299,849		246,610
Retained earnings	1,230,917		1,085,565
Accumulated other comprehensive loss	(135,980)		(117,995)
TOTAL FRHC SHAREHOLDERS’ EQUITY	$	1,394,847	$	1,214,241

Non-controlling interest	—		117
TOTAL SHAREHOLDERS’ EQUITY	$	1,394,847	$	1,214,358

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	12,376,810	$	9,914,017

The accompanying notes are an integral part of these condensed consolidated financial statements

Table of Contents


FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024

Revenue:
Fee and commission income	$	126,089	$	143,436	$	365,969	$	379,976
Net gain on trading securities	43,478		89,564		126,184		105,779
Interest income	228,794		224,688		639,027		661,016
Insurance premiums earned, net of reinsurance	106,924		177,472		385,409		467,224
Net gain on foreign exchange operations	45,774		3,945		32,886		18,513
Net gain on derivatives	26,540		11,889		38,836		30,691
Sales of goods and services	29,148		10,815		66,370		28,059
Other income	21,874		2,769		33,470		14,458
TOTAL REVENUE, NET	$	628,621	$	664,578	$	1,688,151	$	1,705,716

Expense:
Fee and commission expense	$	33,691	$	93,927	$	182,724	$	264,911
Interest expense	127,915		131,136		343,584		401,519
Insurance claims incurred, net of reinsurance	77,937		104,511		238,145		218,504
Payroll and bonuses	124,084		77,395		310,328		201,129
Professional services	15,963		10,955		39,484		26,468
Stock compensation expense	15,352		13,417		53,902		36,088
Advertising and sponsorship expense (including $10,759 and $5,894 from related parties for the three months ended, and $21,164 and $12,583 for the nine months ended)	36,628		41,035		88,593		95,364
General and administrative expense	71,416		53,874		158,947		135,140
Allowance for expected credit losses	6,342		30,612		23,108		39,269
Cost of sales	25,348		9,388		54,390		18,911
TOTAL EXPENSE	$	534,676	$	566,250	$	1,493,205	$	1,437,303

INCOME BEFORE INCOME TAX	93,945		98,328		194,946		268,413

Income tax expense	(17,710)		(20,191)		(49,594)		(41,529)

NET INCOME	$	76,235	$	78,137	$	145,352	$	226,884

Less: Net loss attributable to non-controlling interest in subsidiary	—		(144)		—		(455)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	76,235	$	78,281	$	145,352	$	227,339

OTHER COMPREHENSIVE INCOME
Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect	(929)		7,993		6,472		15,673
Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect	(4,103)		872		(4,858)		1,039
Foreign currency translation adjustments	87,733		(101,212)		(19,599)		(186,990)
OTHER COMPREHENSIVE INCOME/(LOSS)	82,701		(92,347)		(17,985)		(170,278)

COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS	$	158,936	$	(14,210)	$	127,367	$	56,606

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FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)



Less: Comprehensive loss attributable to non-controlling interest in subsidiary	—		(144)		—		(455)

COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	158,936	$	(14,066)	$	127,367	$	57,061

EARNINGS PER COMMON SHARE (In U.S. dollars):
Earnings per common share - basic	1.27		1.32		2.43		3.83
Earnings per common share - diluted	1.25		1.29		2.38		3.76

Weighted average number of shares (basic)	59,955,472		59,372,323		59,918,950		59,331,443
Weighted average number of shares (diluted)	61,114,058		60,548,794		61,098,469		60,422,124

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of contents


FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	Nine Months Ended December 31,
	2025		2024

Cash Flows From Operating Activities
Net income	$	145,352	$	226,884
Adjustments to reconcile net income from operating activities:
Depreciation and amortization	20,700		12,710
Amortization of deferred acquisition costs	77,511		165,651
Non-cash lease expense	13,452		9,528
Change in deferred taxes	(19,042)		(7,308)
Stock compensation expense	53,902		36,088
Unrealized gain on trading securities	(21,093)		(75,525)
Unrealized gain on derivatives	(4,706)		(4,201)
Net realized (gain)/loss on available-for-sale securities	(4,858)		1,039
Net change in accrued interest	(29,442)		(32,545)
Loss on sale of fixed assets	156		—
Gain from sale of Comrun LLP	(1,634)		—
Gain from sale of ITS tech	—		(4,201)
Change in insurance reserves	114,063		164,356
Revaluation of investment in associates	168		(2,111)
Change in unused vacation reserves	5,705		589
Allowance for expected credit losses	23,108		39,269
Other non-cash income/expense	(9,999)		—
Changes in operating assets and liabilities:
Trading securities	93,755		(170,899)
Margin lending, brokerage and other receivables (including $4,219 and $15,797 changes from related parties)	379,944		(509,597)
Insurance contract assets	(3,182)		(6,566)
Other assets	(93,950)		(230,615)
Brokerage customer liabilities (including $56,522 and $40,843 changes from related parties)	1,734,397		1,187,289
Current income tax liability	21,923		15,260
Margin lending and trade payables (including $234 and $252 changes from related parties)	(803,685)		(505,097)
Lease liabilities	(12,466)		(8,394)
Liabilities from insurance activity	(15,898)		7,493
Other liabilities	69,715		34,214
Net cash flows from operating activities	1,733,896		343,311

Cash Flows Used In Investing Activities
Purchase of fixed assets and intangible assets	(175,772)		(53,581)
Net change in loans issued to customers	(395,584)		(341,842)
Purchase of available-for-sale securities, at fair value	(352,696)		(392,011)
Proceeds from sale of available-for-sale securities, at fair value	323,789		157,939
Purchase of held-to-maturity securities	(320,125)		—
Capital contribution to investment in associate	(70)		(2,414)
Cash, cash equivalents disposed from sale of Comrun LLP	(55)		—
Cash received from sale of ITS Tech	—		2,000
Cash, cash equivalents disposed from sale of ITS Tech	—		(542)

Table of contents


FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


Consideration paid for Silknet	(2,672)		(12,050)
Cash received at acquisition of Silknet	—		54
Cash, cash equivalents and restricted cash received from acquisitions	—		39
Consideration paid for other acquisitions	—		(2,804)
Consideration paid for acquisition of Astel Group Ltd.	(10,336)		—
Cash and cash equivalents received from acquisition of Astel Group Ltd.	7,678		—
Cash received from sale of Comrun LLP	2,421		—
Prepayment on acquisitions	(17,504)		(7,416)
Net cash flows used in investing activities	(940,926)		(652,628)

Cash Flows From Financing Activities
Net repayment of securities repurchase agreement obligations	(346,279)		(157,068)
Proceeds from issuance of debt securities	599,055		201,663


Net change in bank customer deposits	668,611		765,681
Repurchase of mortgage loans under the State Program	(45,297)		(40,962)
Funds received under state program for financing of mortgage loans	49,627		60,351

Net proceeds from loans received	78,117		3,946
Net cash flows from financing activities	1,003,834		833,611

Effect of changes in foreign exchange rates on cash and cash equivalents	72,256		(212,300)
Effect of expected credit losses on cash and cash equivalents and restricted cash	(1,288)		378

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,867,772		312,372

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	1,644,770		1,007,721

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	3,512,542	$	1,320,093


	For The Nine Months Ended December 31,
	2025		2024

Supplemental disclosure of cash flow information:
Cash paid for interest	$	318,830	$	384,736
Income tax paid	$	55,746	$	32,934

Supplemental non-cash disclosures:
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net	$	10,657	$	1,485

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FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:


	December 31, 2025		December 31, 2024

Cash and cash equivalents	$	869,167	$	577,940
Restricted cash	2,643,375		742,153
Total cash, cash equivalents and restricted cash shown as in the statement of cash flows	$	3,512,542	$	1,320,093

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of contents


FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Common Stock			Additional paid in capital		Retained earnings		Accumulated other comprehensive loss			Total equity attributable to the shareholders'			Non- controlling interest			Total
	Shares	Amount

At September 30, 2025	61,159,931	$	61	$	285,160	$	1,154,682	$	(218,681)		$	1,221,222		$	—		$	1,221,222

Undelivered stock based compensation	(10,483)	—		(663)		—		—			(663)			—			(663)
Stock based compensation	30,591	—		15,352		—		—			15,352			—			15,352
Foreign currency translation adjustments, net of tax effect	—	—		—		—		87,733			87,733			—			87,733
Other comprehensive loss	—	—		—		—		(5,032)			(5,032)			—			(5,032)
Net income	—	—		—		76,235		—			76,235			—			76,235

At December 31, 2025	61,180,039	$	61	$	299,849	$	1,230,917	$	(135,980)	0	$	1,394,847	0	$	—	0	$	1,394,847

At March 31, 2025	60,993,949	$	61	$	246,610	$	1,085,565	$	(117,995)		$	1,214,241		$	117		$	1,214,358

Sale of Comrun LLP	—	—		—		—		—			—			(117)			(117)
Forfeited stock based compensation	(82,906)	—		—		—		—			—			—			—
Undelivered stock based compensation	(10,483)	—		(663)		—		—			(663)			—			(663)
Stock based compensation	279,479	—		53,902		—		—			53,902			—			53,902
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(19,599)			(19,599)			—			(19,599)
Other comprehensive income	—	—		—		—		1,614			1,614			—			1,614
Net income	—	—		—		145,352		—			145,352			—			145,352

At December 31, 2025	61,180,039	$	61	$	299,849	$	1,230,917	$	(135,980)		$	1,394,847		$	—		$	1,394,847

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of contents


FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Common Stock			Additional paid in capital		Retained earnings		Accumulated other comprehensive loss		Total equity attributable to the shareholders'		Non- controlling interest		Total
	Shares	Amount

At September 30, 2024	60,557,801	$	61	$	209,249	1,147,798		$	(96,869)	$	1,260,239	$	2,997	$	1,263,236

Delivered stock based compensation from previous year	12,816	—		302		—		—		302		—		302


Stock based compensation	48,600	—		13,417		—		—		13,417		—		13,417
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(101,212)		(101,212)		—		(101,212)
Other comprehensive income	—	—		—		—		8,865		8,865		—		8,865
Net income/(loss)	—	—		—		78,281		—		78,281		(144)		78,137

At December 31, 2024	60,619,217	$	61	$	222,968	$	1,226,079	$	(189,216)	$	1,259,892	$	2,853	$	1,262,745

At March 31, 2024	60,321,813	$	60	$	183,788	$	998,740	$	(18,938)	$	1,163,650	$	3,308	$	1,166,958

Delivered stock based compensation from previous year	215,878	—		3,092		—		—		3,092		—		3,092
Forfeited stock based compensation	(310,700)	—		—		—		—		—		—		—

Stock based compensation	392,226	1		36,088		—		—		36,089		—		36,089
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(186,990)		(186,990)		—		(186,990)
Other comprehensive income	—	—		—		—		16,712		16,712		—		16,712
Net income/(loss)	—	—		—		227,339		—		227,339		(455)		226,884

At December 31, 2024	60,619,217	$	61	$	222,968	$	1,226,079	$	(189,216)	$	1,259,892	$	2,853	$	1,262,745

Table of Contents


FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 1 – DESCRIPTION OF BUSINESS

Overview

Freedom Holding Corp. (the "Company" or "FRHC" and, together with its subsidiaries, the "Group") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services information, processing services and lifestyle services. The Company also owns several ancillary businesses, which complement its core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. The Company is the holding company of subsidiaries incorporated in Kazakhstan, Cyprus, the United States (USA), the United Kingdom (UK), Armenia, the United Arab Emirates (UAE), Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, Turkey, Bulgaria, Germany, Greece, Lithuania, The Netherlands, and Spain, and the Group also has representative office in Austria, France, Poland, and Italy. The Company's subsidiaries in the United States include a broker-dealer that is registered with the United States Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). The Company's common stock is traded on the Nasdaq Capital Market, the Kazakhstan Stock Exchange ("KASE"), and the Astana International Exchange ("AIX"). The Company's common stock is included in Russell 3000® Index.

As of December 31, 2025, the Company owned, directly or indirectly, the following subsidiaries:

Name of subsidiary

Jurisdiction of Incorporation

Business Area

Brokerage Segment

Freedom Finance JSC ("Freedom KZ")

Kazakhstan

Securities broker-dealer

Freedom Finance Global PLC ("Freedom Global")

Kazakhstan

Securities broker-dealer

Freedom Finance Europe Limited ("Freedom EU")

Cyprus

Securities broker-dealer

Freedom Finance Armenia LLC ("Freedom AR")

Armenia

Securities broker-dealer

Prime Executions, Inc. (d/b/a Freedom Capital Markets) ("FCM")

USA

Securities broker-dealer

Foreign Enterprise LLC Freedom Finance

Uzbekistan

Securities broker-dealer

Freedom Broker LLC

Kyrgyzstan

Securities broker-dealer

Freedom Broker Global Markets Ltd

UAE

Securities broker-dealer

FREEDOM YATIRIM MENKUL DEĞERLER ANONİM ŞİRKETİ

Turkey

Securities broker-dealer

Banking Segment

Freedom Bank Kazakhstan JSC ("Freedom Bank KZ")

Kazakhstan

Commercial bank

Freedom Bank Tajikistan CJSC ("Freedom Bank TJ")

Tajikistan

Commercial bank

OUSA Nova LLP

Kazakhstan

Stress asset management company

Insurance Segment

LIC Freedom Life JSC ("Freedom Life")

Kazakhstan

Life/health insurance

Freedom Finance Insurance JSC ("Freedom Insurance")

Kazakhstan

General insurance

Other segment

Ticketon Events LLP ("Ticketon")

Kazakhstan

Online ticket sales

Freedom Digital Exchange CJSC

Kyrgyzstan

Digital asset services

Chiptahoi Muosir LLC

Tajikistan

Online ticket sales

Ticketon Events KG LLC

Kyrgyzstan

Online ticket sales

Ticketon LLC

Uzbekistan

Online ticket sales

Freedom Finance Special Purpose Company LTD ("Freedom SPC")

Kazakhstan

Issuance of debt securities

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Freedom Finance Commercial LLP

Kazakhstan

Sales consulting

Freedom Technologies LLP ("Paybox")

Kazakhstan

Payment services

Freedom Processing LLP

Kazakhstan

IT solutions and products processes data for payment services

Freedom Pay LLP

Kazakhstan

Payment platform

Paybox Money LLP

Kazakhstan

Implementation of payment services

Freedom Pay Kyrgyzstan LLC

Kyrgyzstan

Provision of payment services

Freedom Payments LLC

Uzbekistan

Provision of payment services

Aviata LLP ("Aviata")

Kazakhstan

Online travel ticket aggregator

Internet-Tourism LLP

Kazakhstan

Online travel ticket aggregator

Arbuz Group LLP ("Arbuz")

Kazakhstan

Online retail trade and e-commerce

Prime Retail LLP

Kazakhstan

Online retail trade and e-commerce

Retail Prime Astana LLP

Kazakhstan

Online retail trade and e-commerce

Arbuz Pharma LLP

Kazakhstan

Retail (pharmaceuticals)

Freedom Telecom Holding Limited ("Freedom Telecom")

Kazakhstan

Telecommunications

Freedom Telecom Operations LLP

Kazakhstan

Wireless telecommunications

Freedom Media LLP ("Freedom Media")

Kazakhstan

Media and entertainment

Freedom Cloud LLP ("Freedom Cloud")

Kazakhstan

Telecommunications

SilkNetCom LLP ("SilkNetCom")

Kazakhstan

Telecommunications

Elitecom LLP

Kazakhstan

Telecommunications

Astel Group Ltd. (renamed Freedom Cloud Holding Ltd. on January 8, 2026)

Kazakhstan

Holding company

Arna-Sprint Data Communications JSC

Kazakhstan

Rental and leasing of other personal items and household goods

Astel JSC

Kazakhstan

Other wireless telecommunications

Freedom Kazakhstan Ltd.

Kazakhstan

Holding company

Freedom Advertising Ltd. ("Freedom Advertising")

Kazakhstan

Advertising

Freedom Shapagat Corporate Fund

Kazakhstan

Non-profit

Freedom Holding Operations LLP

Kazakhstan

Hiring and recruitment

Freedom Horizons LLP

Kazakhstan

Business consulting and services

CLUB T LLP

Kazakhstan

Restaurant and cafe operations

CLUB T ASTANA LLP

Kazakhstan

Restaurant and cafe operations

Freedom Events LLP

Kazakhstan

Concert and events organizations

Freedom Tech Ltd.

Kazakhstan

IT services

Freedom Ventures Ltd.

Kazakhstan

Investment company

Freedom Home LLP

Kazakhstan

Housing and utilities software solutions

Freedom Auto LLP

Kazakhstan

E-commerce and logistics

Freedom Finance Azerbaijan LLC

Azerbaijan

Financial educational center

Freedom Finance FZE.

UAE

Consulting

Freedom Management Ltd.

UAE

Consulting

Freedom Telecom International FZE

UAE

Telecommunications

Freedom Finansial Hizmetler Anonim Şirketi

Turkey

Financial consulting

Freedom Finance Technologies Ltd

Cyprus

IT development

Freedom Prime UK Limited

Management consulting

Freedom Finance Germany GmbH

Germany

Tied Agent of Freedom EU

Freedom Structured Products PLC ("FSP")

Cyprus

Financial services

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Freedom24 Chess Masters LTD

Cyprus

Chess academy

Freedom Property Ltd

Cyprus

Asset management company

Freedom24 Bulgaria VCC

Bulgaria

Tied Agent of Freedom EU

Freedom24 Greece Single Members P.C

Greece

Tied Agent of Freedom EU

Freedom24 Poland LTD

Poland

Tied Agent of Freedom EU

Freedom24 Lithuania, UAB

Lithuania

Tied Agent of Freedom EU

Freedom24 Iberia SL

Spain

Tied Agent of Freedom EU

Freedom24 Netherlands B.V.

Netherlands

Tied Agent of Freedom EU

Freedom24 Austria GmbH

Austria

Tied Agent of Freedom EU

Freedom24 France

France

Tied Agent of Freedom EU

Freedom24 C

Cyprus

EMI license acquisition

Freedom24 P

Cyprus

EMI license acquisition

FFIN Securities, Inc.

USA

Dormant

Freedom U.S. Market LLC

USA

Management company

LD Micro

USA

Event platform

Freedom US Technologies LLC

USA

Technology services

Total subsidiaries

Through its subsidiaries, the Company offers a diverse range of financial services, including banking, brokerage, and insurance. The Company also provides lifestyle services such as online payments, travel, ticketing, e-commerce, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. It operates as a professional participant in the financial markets, holding banking and insurance licenses, as well as licenses to provide various services across multiple stock exchanges, including the KASE and the AIX, the Republican Stock Exchange of Tashkent, and the Uzbek Republican Currency Exchange. Additionally, the Company U.S. subsidiary FCM it is a member of the New York Stock Exchange ("NYSE") and the Nasdaq Stock Exchange ("Nasdaq"). Freedom EU enhances the Company's offerings by providing customers with operational support and access to investment opportunities in the United States and the European securities markets.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting principles

The Group's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP).

Basis of presentation and principles of consolidation

The consolidated financial statements present the consolidated accounts of FRHC and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated from the consolidated financial statements.

Consolidation of variable interest entities

In accordance with accounting standards regarding consolidation of variable interest entities ("VIEs"), VIEs are generally defined as entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. VIEs must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. As of December 31, 2025, the Company did not have any VIEs.

Use of estimates

The preparation of financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates utilized in preparing the Group's financial statements are reasonable and prudent. Actual results could differ from those estimates.

Revenue and expense recognition

Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes the principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services promised to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. A significant portion of the Group's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, insurance revenue, as these activities are subject to other U.S. GAAP guidance discussed elsewhere within these disclosures. Descriptions of the Group's revenue-generating activities that are within the scope of ASC Topic 606, which are presented in the Consolidated Statements of Operations and Statements of Other Comprehensive Income as components of total revenue, net are as follows:

• Commissions on brokerage services;

• Commissions on banking services (money transfers, foreign exchange operations and other);

• Agency fee commissions (the Company earns agency fee commissions through its facilitation of transactions between customers);

• Commissions on payment processing; and

• Commissions on investment banking services (such as underwriting and market making services).

The Group launched a cashback-based loyalty program, according to which cashback is provided for purchases made with Bank's card, depending on the customer loyalty level. If cash or another form of consideration provided to a customer, the Group reduces the transaction price.

Concentrations of Revenue

Revenues from one customer of the Group's Brokerage segment represents the following amount of the Group's consolidated revenues:


	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024		Nine Months Ended December 31, 2025		Nine Months Ended December 31, 2024
Single non-related party	$	89,646	$	79,875	$	272,677	$	243,159

For the three months ended December 31, 2025 and December 31, 2024 the amounts in the table above included fee and commission income earned from one customer in the amount of $85,555 and $77,354, respectively and interest income from margin loans to one customer in the amount of $4,091 and $2,521, respectively.

For the nine months ended December 31, 2025 and December 31, 2024 the amounts in the table above included fee and commission income earned from one customer in the amount of $255,094 and $213,643, respectively, and interest income from margin loans to one customer in the amount of $17,583 and $29,516, respectively.

Transaction-Based Revenues

The Company earns transaction-based revenue by routing and executing customer orders in equities, options, fixed-income securities and other exchange-traded products. The Company's single performance obligation is satisfied at the point in time an order is executed, which is when the customer obtains substantially all of the remaining benefits from the asset. The transaction price is established at execution and consists of per-instrument or per-contract commissions and a fixed percentage of the notional trade value.

Gross versus net revenue

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

ASC 606 provides guidance on proper recognition of principal versus agent considerations which is used to determine gross versus net revenue recognition. Under ASC 606, the core objective of the guidance on gross versus net revenue recognition is to help determine whether the Group is a principal or an agent in a transaction. In general, the primary difference between these two is the performance obligation being satisfied. The principal has a performance obligation to provide the desired goods or services to the end customer, whereas the agent arranges for the principal to provide the desired goods or services. Additionally, a fundamental characteristic of a principal in a transaction is control. A principal substantively controls the goods and services before they are transferred to the customer as well as controls the price of the good or service being provided. An agent normally receives a commission or fee for these activities. In addition to control, the level at which the Group controls the price of the good or service being transferred determines principal versus agent status. The more discretion over setting price the Group has in providing the good or service, the more likely it is considered a principal rather than an agent.

In certain cases, other parties are involved with providing products and services to the Group's customers. If the Group is principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in non interest expense. If the Group is an agent in the transaction (arranging for another party to provide goods or services), the Group reports its net fee or commission retained as revenue.

Based on the contractual arrangements with customers, the Group acts as an agent on behalf of its customers by enabling customers to enter into long and short positions within the Group's omnibus accounts. The Group facilitates the purchase and sale of securities and securities and margin lending transactions through its platforms by routing purchases and sales transactions from its customers, including its market-making customer, through its prime brokers. All the customers, including the market-making customer, act on a principal basis and assume the associated market and counterparty risks of their respective positions. The Group does not act as a counterparty to its customers’ buy or sell transactions but may provide them with margin loans and securities lending transactions. The Group's customers have control of the securities they transact on the Group's platforms, including those that collateralize margin loans, and, as a result, such securities are not presented on the Group's consolidated balance sheets.

Impairment of Goodwill

Goodwill allocated to reporting units, which are identified as the operating segments or one level below operating segments that generate separate financial information, is regularly reviewed by management. The assignment of goodwill to reporting units allows for the assessment of potential impairment at the appropriate level within the organization.

The Group has identified its reporting units based on its organizational and operational structure, as well as the level at which internal financial information is reviewed by management to make strategic decisions. We have the following reporting units: Banking, Insurance, Brokerage, and Other. The management team responsible for each unit reviews financial information related to such reporting unit, including revenue, expenses, and market trends.

Goodwill has been allocated to each reporting unit based on its relative fair value at the time of acquisition or significant triggering events. The fair value allocation of goodwill to reporting units is periodically reassessed to ensure alignment with the Group's evolving organizational structure and operational dynamics.

The Group conducts impairment testing on an annual basis or whenever indicators of potential impairment arise. The impairment testing involves comparing the carrying amount of each subsidiary, including its allocated goodwill, to its fair value. If the carrying amount exceeds the fair value, an impairment loss is recognized.

Further details regarding the measurement of goodwill impairment and the results of impairment tests for each reporting unit are provided below.

The Group discloses information about its reporting units, the carrying amounts of goodwill allocated to each reporting unit, and the impairment losses recognized. The allocation of goodwill to reporting units ensures a focused evaluation of each unit's financial performance and facilitates the identification of potential impairment, enhancing the transparency and reliability of the Company's financial reporting.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2025 and March 31, 2025, goodwill recorded in the Company's Condensed Consolidated Balance Sheets totaled $49,453 and $49,093, respectively.

The amount of goodwill at December 31, 2025 increased compared to March 31, 2025 primarily as a result of the acquisition of 100% interest in Astel Group Ltd. (renamed Freedom Cloud Holding Ltd. on January 8, 2026) by Freedom Telecom, according to preliminary results. Final valuation of Astel Group Ltd. was not completed. Excluding the impact of acquisition of Astel Group Ltd., goodwill decreased due to the effect of foreign currency translation and sale of Comrun LLP.

The changes in the carrying amount of goodwill for the nine months ended December 31, 2025 and 2024, were as follows:


	Brokerage		Bank		Insurance		Other		Total
Goodwill, gross
Balance as of March 31, 2024	$	2,688	$	2,746	$	1,040	$	46,174	$	52,648
Foreign currency translation difference	(157)		(14)		(155)		(5,541)		(5,867)
Acquired	—		—		—		1,436		1,436
Balance as of December 31, 2024	$	2,531	$	2,732	$	885	$	42,069	$	48,217

Balance as of March 31, 2025	$	2,568	$	2,735	$	921	$	42,869	$	49,093
Foreign currency translation difference	(2)		(410)		(2)		(289)		(703)
Write-off due to the sale	—		—		—		(560)		(560)
Acquired	—		—		—		1,623		1,623
Balance as of December 31, 2025	$	2,566	$	2,325	$	919	$	43,643	$	49,453

Accumulated impairment
Balance as of March 31, 2024	$	—	$	—	$	—	$	—	$	—
Impairment expense	—		—		—		—		—
Balance as of December 31, 2024	$	—	$	—	$	—	$	—	$	—

Balance as of March 31, 2025	$	—	$	—	$	—	$	—	$	—
Impairment expense									—
Balance as of December 31, 2025	$	—	$	—	$	—	$	—	$	—

Goodwill, net of impairment
Balance as of December 31, 2024	$	2,531	$	2,732	$	885	$	42,069	$	48,217
Balance as of March 31, 2025	$	2,568	$	2,735	$	921	$	42,869	$	49,093
Balance as of December 31, 2025	$	2,566	$	2,325	$	919	$	43,643	$	49,453

Recent accounting pronouncements

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, and (ii) ASU 2020-11, Financial Services - Insurance (Topic 944): Effective Date and Early Application (collectively referred to herein as ASU 2018-12). ASU 2018-12 changed existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts. ASU 2018-12 includes: (1) a requirement to review and, if there is a change, update cash flow assumptions used to measure the liability for future policy benefits (LFPB) at least annually, and to update the discount rate assumption quarterly, (2) a requirement to account for market risk benefits (MRBs) at fair value, (3) simplified amortization for deferred policy acquisition costs (DAC), and (4) enhanced financial statement presentation

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

and disclosures. For the Company, the update is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company will adopt ASU 2018-12 effective for fiscal year beginning after April 1, 2025, and interim period within fiscal year beginning after April 1, 2026 using the modified retrospective transition method where permitted. ASU 2018-12 will impact the accounting and disclosure requirements for all long-duration contracts issued by the Company. While the Company is currently evaluating the effect that standard will have on its consolidated financial statements and related disclosures, no material impact is anticipated.

In October 2023, the FASB issued Accounting Standards Update No. 2023-06 ("ASU 2023-06"), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then ASU 2023-06 will not become effective. Early adoption is prohibited. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no material impact is anticipated.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that ASU No 2023-09 will have on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that ASU No 2024-01 will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that ASU No. 2024-03 will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20). The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in update 2020-06. The amendments in this update permit an entity to apply the new guidance on either a prospective or a retrospective basis. The Company is currently evaluating the impact that ASU No 2024-04 will have on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this update affect entities involved in acquisition transactions effected primarily by exchanging equity interest when the legal acquiree is a VIE that meets the definition of a business. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this update require that an entity apply the new guidance prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact that ASU No 2025-03 will have on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-04, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments in this update affect all entities that issue share-based consideration to a customer that is within the scope of

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Topic 606. The amendments in this update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted for all entities. The amendments in this update permit a grantor to apply the new guidance on either a modified retrospective or a retrospective basis. The Company is currently evaluating the impact that ASU No 2025-04 will have on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact that ASU No 2025-05 will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update apply to all entities subject to the internal-use software guidance in Subtopic 350-40. The amendments also apply to all entities that account for website development costs in accordance with Subtopic 350-50, Intangibles—Goodwill and Other—Website Development Costs. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments in this update permit an entity to apply the new guidance using any of the following transition approaches: a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, a retrospective transition approach. The Company is currently evaluating the impact that ASU No 2025-06 will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The Board is issuing this update to address stakeholders’ concerns about the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that ASU No. 2025-07 will have on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU No. 2025-08, Financial instruments – Credit losses (Topic 326): Purchased loans. The amendments in this update expand the population of acquired financial assets subject to the gross-up approach in Topic 326. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. If an entity adopts the amendments in an interim reporting period, it should apply the amendments as of the beginning of that interim reporting period or the beginning of the annual reporting period that includes that interim reporting period.

The Company early adopted ASU 2025-08 in current interim reporting period, applying amendments as of October 1, 2025. The Company adopted the guidance on a prospective basis to loans that are acquired on or after the initial application date, in accordance with the transition provisions of ASU 2025-08. Accordingly, the guidance applies to transactions occurring on or after the adoption date, the prior-period financial statements were not restated. The adoption of this ASU did not materially affect on the Company’s consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and hedging (Topic 815): Hedge accounting improvements. The amendments in this update apply to any entity that elects to apply hedge accounting in accordance with Topic 815. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. For entities other than public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted on any date on or after the issuance of this update. The

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Company is currently evaluating the impact that ASU No 2025-09 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10, Government grants (Topic 832): Accounting for government grants received by business entities. The amendments in this update apply to business entities (specifically, all entities except for not-for-profit entities and employee benefit plans) that receive a government grant. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. For entities other than public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact that ASU No 2025-10 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The Board is issuing amendments in this update to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact that ASU No 2025-11 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification improvements. Thirty-three issues are addressed in this update. The amendments in this update represent changes to the Codification that clarify, correct errors, or make minor improvements. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact that ASU No 2025-12 will have on its consolidated financial statements and related disclosures.

NOTE 3 – CASH AND CASH EQUIVALENTS

As of December 31, 2025, and March 31, 2025, cash and cash equivalents consisted of the following:


	December 31, 2025		March 31, 2025

Short term deposits in commercial banks	$	339,720	$	262,345
Short term deposits in National Bank (Kazakhstan)	239,132		311,065
Securities purchased under reverse repurchase agreements	162,417		81,118
Petty cash in bank vault and on hand	84,840		59,533
Short term deposits in stock exchanges	15,284		2,391
Short term deposits in National Bank (Tajikistan)	10,012		7,647
Short term deposits on brokerage accounts	8,126		20,567
Cash in transit	5,202		10,546
Overnight deposits	3,857		81,962
Short term deposits in the Central Depository (Kazakhstan)	1,231		510


Other short term deposits and accounts	215		—



Allowance for Cash and cash equivalents	(869)		(382)


Total cash and cash equivalents	$	869,167	$	837,302

As of December 31, 2025, and March 31, 2025, total cash and cash equivalents included short-term collateralized securities received under reverse repurchase agreements which the Group enters into on the KASE. The KASE, in turn, guarantees

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

payments to the counterparty. The terms of the short-term collateralized securities received under reverse repurchase agreements as of December 31, 2025, and March 31, 2025 are presented below:


	December 31, 2025
	Interest rates and remaining contractual maturity of the agreements
	Average interest rate		Up to 30 days		30-90 days		Total
Securities purchased under reverse repurchase agreements
Non-US sovereign debt	14.08	%	$	89,402	$	1,772	$	91,174
Corporate equity	16.64	%	66,510		—		66,510
Corporate debt	13.34	%	3,680		—		3,680
US sovereign debt	3.25	%	1,053		—		1,053
Total			$	160,645	$	1,772	$	162,417


	March 31, 2025
	Interest rates and remaining contractual maturity of the agreements
	Average interest rate		Up to 30 days		Total
Securities purchased under reverse repurchase agreements
Corporate equity	17.05	%	$	58,202	$	58,202
Corporate debt	13.27	%	16,644		16,644
Non-US sovereign debt	4.48	%	4,436		4,436
US sovereign debt	16.75	%	1,836		1,836
Total			$	81,118	$	81,118

The securities received by the Group as collateral under reverse repurchase agreements are liquid trading securities with market quotes and significant trading volume. The fair value of collateral received by the Group under reverse repurchase agreements as of December 31, 2025 and March 31, 2025, was $163,759 and $82,140, respectively.

As of December 31, 2025 and March 31, 2025, securities purchased under reverse repurchase agreements included accrued interest in the amount of $94 and $5, with a weighted average maturity of 6 days and 1 day, respectively.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 4 – RESTRICTED CASH

As of December 31, 2025, and March 31, 2025, restricted cash consisted of the following:


	December 31, 2025		March 31, 2025

Brokerage customers’ cash	$	2,529,674	$	737,546
Guaranty deposits	102,162		70,026
Short term placements	11,742		—
Restricted bank accounts	9,333		8,122
Due from banks	6,395		6,904
Deferred distribution payment	23		23

Allowance for restricted cash	(15,954)		(15,153)

Total restricted cash	$	2,643,375	$	807,468

As of December 31, 2025, and March 31, 2025, part of the Group’s restricted cash was segregated in a special custody account for the exclusive benefit of the relevant brokerage customers.

As of December 31, 2025, and March 31, 2025, the Group had brokerage customers’ cash with a single non-related prime broker that individually exceeded 10% of the Group’s total restricted cash in the amount of $1,634,344 and $368,196, respectively.

NOTE 5 – INVESTMENT SECURITIES

As of December 31, 2025 and March 31, 2025, trading, available-for-sale securities and held-to-maturity securities consisted of the following:


	December 31, 2025		March 31, 2025

Non-U.S. sovereign debt	$	1,258,870	$	1,282,450
Corporate debt	727,939		807,985
Corporate equity	157,481		106,227
U.S. sovereign debt	33,184		73,787
Exchange traded notes and funds	6,093		4,837
Total trading securities	$	2,183,567	$	2,275,286


	December 31, 2025		March 31, 2025


Corporate debt	$	330,400	$	243,730
Non-U.S. sovereign debt	169,088		208,231
U.S. sovereign debt	22,055		21,626
Total available-for-sale securities, at fair value	$	521,543	$	473,587

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	December 31, 2025		March 31, 2025

Non-U.S. sovereign debt	$	424,562	$	65,914
Allowance for Non-US sovereign debt	(233)		(54)
Total held-to-maturity securities	$	424,329	$	65,860

Total investment securities	$	3,129,439	$	2,814,733

The following tables present maturity analysis for available-for-sale securities as of December 31, 2025, and March 31, 2025:


	December 31, 2025
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total


Corporate debt	$	80,652	$	183,831	$	62,203	$	3,714	$	330,400
Non-US sovereign debt	7,190		60,383		99,557		1,958		169,088
US sovereign debt	—		20,874		—		1,181		22,055
Total available-for-sale securities, at fair value	$	87,842	$	265,088	$	161,760	$	6,853	$	521,543


	March 31, 2025
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	$	85,300	$	141,382	$	9,308	$	7,740	$	243,730
Non-US sovereign debt	66,593		96,662		29,136		15,840		208,231
US sovereign debt	—		20,421		—		1,205		21,626
Total available-for-sale securities, at fair value	$	151,893	$	258,465	$	38,444	$	24,785	$	473,587

The following tables present maturity analysis for held-to-maturity securities as of December 31, 2025, and March 31, 2025:


	December 31, 2025
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Non-US sovereign debt	—		181,222		149,091		94,016		424,329
Total held-to-maturity securities	$	—	$	181,222	$	149,091	$	94,016	$	424,329

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	March 31, 2025
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Non-US sovereign debt	—		—		11,931		53,929		65,860
Total held-to-maturity securities	$	—	$	—	$	11,931	$	53,929	$	65,860

As of December 31, 2025, the Group held debt securities of a single issuer that individually exceeded 10% of the Group’s total investment securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $1,813,340 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $534,099. Similarly, as of March 31, 2025, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total investment securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $1,527,340 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $578,862. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively.

As of December 31, 2025 and March 31, 2025, the Group had $435 and $406 that was recognized as other-than-temporary impairment in accumulated other comprehensive income/loss.

The fair value of securities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Group utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Group is valuing and the selected benchmark. Depending on the type of securities owned by the Group, other valuation methodologies may be required.

Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The valuation hierarchy contains three levels:

•Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets.

•Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.

•Level 3 - Valuation inputs are unobservable and significant to the fair value measurement.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2025, and March 31, 2025:


	Weighted Average Interest Rate		Total		Fair Value Measurements as of December 31, 2025 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Non-U.S. sovereign debt	9.99	%	$	1,258,870	$	486,623	$	772,247	$	—
Corporate debt	15.40	%	727,939		463,123		263,782		1,034
Corporate equity	—		157,481		134,254		2,638		20,589
U.S. sovereign debt	3.66	%	33,184		33,184		—		—
Exchange traded notes and funds	—		6,093		4,480		1,613		—

Total trading securities			$	2,183,567	$	1,121,664	$	1,040,280	$	21,623


Corporate debt	16.94	%	$	330,400	$	121,680	$	208,720	$	—
Non-U.S. sovereign debt	9.97	%	169,088		27,824		141,264		—
U.S. sovereign debt	2.57	%	22,055		22,055		—		—

Total available-for-sale securities, at fair value			$	521,543	$	171,559	$	349,984	$	—

As of December 31, 2025, the fair value of held-to-maturity securities, determined using Level 1 inputs, totaled $196,499, and using Level 2 inputs, totaled $227,719. The table below presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities as of December 31, 2025.


	December 31, 2025
		Assets measured at amortized cost		Gross unrecognized holding gains		Gross unrecognized holding losses		Fair value of held-to-maturity		Maturity Date

Non-US sovereign debt		424,329		9,670		(9,781)		424,218		2028 - 2037
Total held-to-maturity securities		$	424,329	$	9,670	$	(9,781)	$	424,218

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Weighted Average Interest Rate		Total		Fair Value Measurements as of March 31, 2025 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Non-U.S. sovereign debt	11.24	%	$	1,282,450	$	987,657	$	294,793	$	—
Corporate debt	13.93	%	807,985		299,123		508,862		—
Corporate equity	—		106,227		81,810		6,097		18,320
U.S. sovereign debt	3.99	%	73,787		73,787		—		—
Exchange traded notes and funds	—		4,837		2,369		2,468		—

Total trading securities			$	2,275,286	$	1,444,746	$	812,220	$	18,320

Corporate debt	14.81	%	$	243,730	$	91,537	$	152,193	$	—
Non-U.S. sovereign debt	9.96	%	208,231		128,772		79,459		—
U.S. sovereign debt	2.73	%	21,626		21,626		—		—

Total available-for-sale securities, at fair value			$	473,587	$	241,935	$	231,652	$	—

As of March 31, 2025, the fair value of held-to-maturity securities, determined using Level 1 inputs, totaled $45,216, and using Level 2 inputs, totaled $19,736. The table below presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities as of March 31, 2025.


	March 31, 2025
		Assets measured at amortized cost		Gross unrecognized holding gains		Gross unrecognized holding losses		Fair value of held-to-maturity		Maturity Date

Non-US sovereign debt		65,860		332		(1,240)		64,952		2031 - 2037
Total held-to-maturity securities		$	65,860	$	332	$	(1,240)	$	64,952

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

The tables below present the valuation techniques and significant Level 3 inputs used in the valuation as of December 31, 2025, and March 31, 2025. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.

Type

Valuation Technique

FV as of December 31, 2025

Significant Unobservable Inputs

Corporate equity

DCF

18,353

Discount rate

17.0%

Estimated number of years

3 years

Termination multiplier

15.7x

Corporate equity

DCF

2,110

Discount rate

10.8%

Estimated number of years

5 years

Termination multiplier

0.935x

Corporate debt

DCF

1,034

Discount rate

13.2%

Estimated number of years

2 years

Corporate equity

DCF

126

Discount rate

58.8%

Estimated number of years

9 years

Total

21,623

Type

Valuation Technique

FV as of March 31, 2025

Significant Unobservable Inputs

Corporate equity

DCF

18,193

Discount rate

21.5%

Estimated number of years

2 years

Termination multiplier

19.5x

Corporate equity

DCF

127

Discount rate

58.8%

Estimated number of years

9 years

Total

18,320

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2025, and the year ended March 31, 2025:


	Trading securities
Balance as of March 31, 2024	$	20,442





Revaluation of investments that use Level 3 inputs	(2,122)

Balance as of March 31, 2025	$	18,320

Reclassification to Level 3	1,034
Purchase of investments that use Level 3 inputs	2,110
Revaluation of investments that use Level 3 inputs	159
Balance as of December 31, 2025	$	21,623

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of December 31, 2025, and March 31, 2025:


	December 31, 2025
		Assets measured at amortized cost		Accumulated impairment loss		Unrealized loss accumulated in other comprehensive (loss)/income including foreign currency translation adjustments, net		Assets measured at fair value		Maturity Date

Corporate debt		$	324,120	$	—	$	6,280	$	330,400	2026 - 2039
Non-U.S. sovereign debt		171,090		(435)		(1,567)		169,088		2026 - indefinite

U.S. sovereign debt		22,066		—		(11)		22,055		2027 - 2044
Total available-for-sale securities, at fair value		$	517,276	$	(435)	4,702		$	521,543


	March 31, 2025
	Assets measured at amortized cost		Accumulated impairment loss		Unrealized gain/(loss) accumulated in other comprehensive income/(loss) including foreign currency translation adjustments, net		Assets measured at fair value		Maturity Date

Corporate debt	$	243,660	$	(28)	$	98	$	243,730	2025 - 2039
Non-U.S. sovereign debt	211,628		(378)		(3,019)		208,231		2024 - indefinite
U.S. sovereign debt	21,868		—		(242)		21,626		2027 - 2044
Total available-for-sale securities, at fair value	$	477,156	$	(406)	$	(3,163)	$	473,587

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 6 – MARGIN LENDING, BROKERAGE AND OTHER RECEIVABLES, NET

Margin lending, brokerage and other receivables as of December 31, 2025, and March 31, 2025, consisted of:


	December 31, 2025		March 31, 2025

Margin lending receivables	$	2,961,782	$	3,294,569
Bond coupon receivable and dividends accrued	10,086		6,832
Receivables from telecommunication services	10,146		9,985
Bank commissions receivable	6,545		7,529
Receivables from brokerage customers	2,260		2,399
Other receivables	37,910		17,087

Allowance for receivables	(18,104)		(19,256)

Total margin lending, brokerage and other receivables, net	$	3,010,625	$	3,319,145

Margin lending receivables are amounts owed to the Group from customers as a result of borrowings by such customers against the value of qualifying securities, primarily for the purpose of purchasing additional securities. Amounts may fluctuate from period to period as overall customer balances change as a result of market levels, customer positioning and leverage. Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and the Group's right to call for margin when collateral values decline.

Collateral for margin lending receivables includes cash balances in customers' brokerage accounts and securities, adjusted for customers' off-balance sheet short positions, excluding the Company's own shares held by the clients in their brokerage accounts. As of December 31, 2025, and March 31, 2025, the fair value of collateral held by the Group under margin loans was $8,498,497 and $6,379,368, respectively.

As of December 31, 2025, and March 31, 2025, the Company had two non-related party customers and three non-related party customers whose individual balances exceeded 10% of the total margin lending, brokerage, and other receivables balance, amounted to $1,797,094 and $2,323,461, respectively. The collateral held from these non-related party customers was valued at $1,958,145 and $3,218,277 as of December 31, 2025, and March 31, 2025, respectively.

For both individual and institutional brokerage customers, the Group may enter into arrangements for securities financing transactions in respect of financial instruments held by the Group on behalf of the customer or may use such financial instruments for our own account or the account of another customer. The Group maintains omnibus brokerage accounts for our customers, including institutional brokerage customers, in which transactions of these customers and the underlying customers of these institutional brokerage customers are combined in a single account with us. As noted above, the Group may use the assets within the omnibus accounts to finance, lend, provide credit or provide debt financing or otherwise use and direct the order or manner of assets for financing of other customers of ours. Where allowed by the regulations applicable to the Group, the Group may accept short sales from these institutional customers and as a result, the Group is only required to maintain positions with third party custodians for the net long positions in each security in the omnibus accounts.

As of December 31, 2025 and March 31, 2025, using actual, historical and statistical data, the Group recorded an allowance for brokerage and other receivables in the amounts of $18,104 and $19,256, respectively.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 7 – LOANS ISSUED

Loans issued as of December 31, 2025, consisted of the following:


	Amount Outstanding		Due Dates	Average Interest Rate	Fair Value of Collateral		Loan Currency

Mortgage loans	$	1,077,676	January 2026 - May 2051	12.1%	$	1,077,566	KZT / TJS
Corporate loans	350,699		January 2026 - September 2035	17.1%	262,129		KZT / TJS
Purchased retail loans	204,810		January 2026 - May 2031	31.9%	—		KZT
Loans to SME	202,169		January 2026 - November 2032	29.6%	29,434		KZT
Car loans	151,418		January 2026 - December 2032	24.4%	149,014		KZT
Retail loans	43,306		January 2026 - July 2045	40.5%	1,710		KZT
Other	25,133		January 2026 - May 2030	18.0%/3.0%/4.0%	17		KZT / USD / EUR

Allowance for loans issued	(72,668)

Total loans issued	$	1,982,543

The Group provides mortgage loans to borrowers on behalf of the JSC Kazakhstan Sustainability Fund ("Program Operator") related to the state mortgage program "7-20-25" and transfers the rights of claim on the mortgage loans to the Program Operator. The proceeds received from these transfers are presented within funds received under state program for financing of mortgage loans in the Condensed Consolidated Statements of Cash Flows. Under this program, borrowers can receive a mortgage at an interest rate of 7% subject to not less than 20% down payment, for 25 years, and the interest payments received by the Group are recognized as interest income in the Group's Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income. In accordance with the program and trust management agreement for the program, Group services the transferred loans and remits all repayments of principal it receives plus 4.5% of the 7% interest received to the Program Operator. The interest paid to the Program Operator is recognized as interest expense in the Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income. The remaining 2.5% of the 7% interest is retained by Group. Under the program and trust management agreement, Group is required to repurchase the rights to make claims on the transferred loans when either loan principal repayments or interest payments are overdue 90 days or more. The repurchase of overdue loans is performed at the loans' nominal value and is presented within repurchase of mortgage loans under the State Program in the Condensed Consolidated Statements of Cash Flows.

Since the Group transfers the rights to make claims on the loans with recourse for loans that are more than 90 days past due, retains part of the interest received on the loans and agrees to service the loans after the sale of the loans to the Program Operator, the Group has determined that it retains control over the loans transferred and continues recognizing the loans, which are accounted for as secured borrowings of the Group in accordance with ASC 860, Transfers and Servicing. As the Group continues to recognize the loans as assets, it also recognizes the associated liability equal to the proceeds received from the Program Operator, which is presented separately as liability arising from continuing involvement in the Consolidated Balance Sheets. This liability accrues 5% interest annually as described above. As of December 31, 2025 and March 31, 2025, the corresponding liability amounted to $520,397 and $503,705, respectively.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2025 and March 31, 2025, mortgage loans include loans under the state mortgage program "7-20-25" with an aggregate principal amount of $529,205 and $511,851, respectively, were presented within loans issued in the Condensed Consolidated Balance Sheets.

The Group historically entered into agreement with Microfinance Organization Freedom Finance Credit LLP ("FFIN Credit"), a company established and controlled by FRHC's controlling shareholder, chairman and chief executive officer, Timur Turlov, to purchase uncollateralized retail loans. FFIN Credit is a non-bank credit institution that issues loans in Kazakhstan under simplified lending procedures. FFIN Credit was created as a pilot project to test and improve the scoring models used for qualifying and issuing loans. The principal operation of FFIN Credit is to provide loans to customers online using biometric identification and its proprietary scoring process. Following the successful pilot, the Company considered either acquire FFIN Credit from Mr. Turlov or implement an in-house solution to replicate its functions, ensuring continuity and scalability of the lending operations.

Although the Group obtained legal title to uncollateralized retail loans purchased from FFIN Credit, the Group did not recognize such loans in its consolidated financial statements under U.S. GAAP, as the transactions did not qualify for sale accounting due to contractual provisions under which FFIN Credit retained the credit risk. Accordingly, the Group accounted for these arrangements as financing transactions similar to secured borrowing-type arrangement, recognizing loans receivable from FFIN Credit within loans issued on the Condensed Consolidated Balance Sheets, while the underlying customer loans were treated as collateral.

Beginning in September 2025, the Company begun originating these loans through its banking subsidiary and discontinued the purchase of unsecured consumer loans from FFIN Credit.

During the three months ended December 31, 2025, FFIN Credit and the Group agreed that FFIN Credit would make a compensation payment to the Group of approximately $23 million ($20 million discounted), payable over a period of up to two years. In exchange, the Company agreed to release FFIN Credit from the contractual provisions that provided credit protection to the Company covering a total of $215 million of outstanding loans at December 31, 2025. As a result of these modifications, the Group determined that it should recognize the loans previously purchased from FFIN Credit as of December 31, 2025 in the amount of $186 million.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

The total accrued interest for loans issued amounted to $16,928 as of December 31, 2025 and $13,385 as of March 31, 2025.

Loans issued as of March 31, 2025, consisted of the following:


	Amount Outstanding		Due Dates	Average Interest Rate	Fair Value of Collateral		Loan Currency

Mortgage loans	$	924,530	April 2025 - March 2050	11.4%	$	924,386	KZT
Loans to SME	244,217		April 2025 - February 2032	28.6%	35,141		KZT
Right of claim for purchased retail loans	183,635		April 2025 - March 2030	15.0%	183,635		KZT
Car loans	156,340		April 2025 - April 2032	24.2%	155,320		KZT
Corporate loans	149,143		April 2025 - December 2031	19.1%	92,739		KZT
Retail loans	4,847		September 2025 - March 2045	21.2%	663		KZT
Other	7,838		April 2025 - September 2029	18.0%/12.70%/3.00%	29		KZT/EUR/USD

Allowance for loans issued	(75,115)

Total loans issued	$	1,595,435

Credit quality indicators

Freedom Bank KZ uses a loan portfolio quality classification system that indicates signs of a significant increase in credit risk and contractual impairment, depending on the analysis of reasonable and supportable information available at the reporting date. The loan portfolio is classified into "not credit impaired," "with significant increase in credit risk" and "credit impaired" agreements.

Loans "not credit impaired" under the agreement are serviced as usual, there are no primary signs of an increase in credit risk. Agreements classified as "with significant increase in credit risk" represent loans for which there is an increase in the credit risk expected over the life of the agreement compared to the initial risk at the date of recognition of the loan. In practice, the presence of overdue debt on principal and interest for a period of more than 30 days or the absolute probability of default threshold PD exceeds 20%. Agreements classified as "credit impaired" represent loans for which at the reporting date there are signs of impairment, the borrower has been in default for 90 or more days for individuals and 60 or more days for legal entities, the borrower for the last 6 months for individuals and 12 months for legal entities restructured the contract due to the deterioration of the financial condition, the borrower is recognized as credit impaired, the presence of a sign of default, a sign of bankruptcy, the deterioration of the financial performance of the borrower, the presence of other information indicating the presence of a high credit risk.

The table below presents the Group's loan portfolio by credit quality classification and origination year as of December 31, 2025. Current vintage disclosure is the requirement due to first adoption of ASC 326.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Term Loans by Origination Fiscal Year
	2026		2025			2024		2023		2022		Prior		Revolving loans		Total
Mortgage loans	$	243,933	$	300,200		$	166,529	$	340,482	$	26,532	$	—	$	—	$	1,077,676
that are not credit impaired	243,030		297,181			163,939		337,748		26,148		—		—		1,068,046
with significant increase in credit risk	779		1,627			1,388		1,514		259		—		—		5,567
that are credit impaired	124		1,392			1,202		1,220		125		—		—		4,063
Loans to SME	47,339		64,965			78,212		11,653		—		—		—		202,169
that are not credit impaired	45,294		60,412			68,030		9,702		—		—		—		183,438
with significant increase in credit risk	1,120		1,733			2,844		513		—		—		—		6,210
that are credit impaired	925		2,820			7,338		1,438		—		—		—		12,521
Purchased retail loans	204,810		—			—		—		—		—		—		204,810
that are not credit impaired	204,810		—			—		—		—		—		—		204,810
Corporate loans	296,137		54,465			97		—		—		—		—		350,699
that are not credit impaired	295,453		53,984		—	97		—		—		—		—		349,534
with significant increase in credit risk	371		118			—		—		—		—		—		489
that are credit impaired	313		363			—		—		—		—		—		676
Car loans	42,390		4,310			82,275		22,443		—		—		—		151,418
that are not credit impaired	42,085		4,239			76,225		15,395		—		—		—		137,944
with significant increase in credit risk	208		28			1,040		472		—		—		—		1,748
that are credit impaired	97		43			5,010		6,576		—		—		—		11,726
Retail loans	39,483		2,963			800		60		—		—		—		43,306
that are not credit impaired	39,131		2,608			588		58		—		—		—		42,385
with significant increase in credit risk	147		94			27		—		—		—		—		268
that are credit impaired	205		261			185		2		—		—		—		653
Other	17,197		263			1,229		6,414		30		—		—		25,133
that are not credit impaired	17,197		263			1,222		6,414		30		—		—		25,126
with significant increase in credit risk	—		—			—		—		—		—		—		—
that are credit impaired	—		—			7		—		—		—		—		7
Total	$	891,289	$	427,166		$	329,142	$	381,052	$	26,562	$	—	$	—	$	2,055,211

The table below presents the Group's loan portfolio by credit quality classification as of March 31, 2025.

Table of Contents


FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Term Loans by Origination Fiscal Year
	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
Mortgage loans	$	336,535	$	186,816	$	370,588	$	30,591	$	—	$	—	$	—	$	924,530
that are not credit impaired	336,051		184,610		367,918		29,876		—		—		—		918,455
with significant increase in credit risk	410		1,361		1,402		340		—		—		—		3,513
that are credit impaired	74		845		1,268		375		—		—		—		2,562
Loans to SME	98,556		126,835		18,826		—		—		—		—		244,217
that are not credit impaired	96,338		109,461		15,647		—		—		—		—		221,446
with significant increase in credit risk	1,185		3,612		663		—		—		—		—		5,460
that are credit impaired	1,033		13,762		2,516		—		—		—		—		17,311
Right of claim for purchased retail loans	151,237		30,702		1,688		8		—		—		—		183,635
that are not credit impaired	151,237		30,702		1,688		8		—		—		—		183,635
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		—		—		—		—		—		—		—
Car loans	5,974		116,459		33,907		—		—		—		—		156,340
that are not credit impaired	5,974		110,871		26,014		—		—		—		—		142,859
with significant increase in credit risk	—		1,603		837		—		—		—		—		2,440
that are credit impaired	—		3,985		7,056		—		—		—		—		11,041
Corporate loans	148,599		470		74		—		—		—		—		149,143
that are not credit impaired	146,785		470		74		—		—		—		—		147,329
with significant increase in credit risk	1,813		—		—		—		—		—		—		1,813
that are credit impaired	1		—		—		—		—		—		—		1
Retail loans	3,774		1,066		7		—		—		—		—		4,847
that are not credit impaired	3,682		887		5		—		—		—		—		4,574
with significant increase in credit risk	34		18		—		—		—		—		—		52
that are credit impaired	58		161		2		—		—		—		—		221
Other	232		1,237		6,323		46		—		—		—		7,838
that are not credit impaired	232		1,229		6,323		46		—

Freedom Holding Corp. 10-Q