Nasdaq-listed Freedom Holding Corp. ended fiscal 2026 with record revenue and more than double the previous year’s net profit, despite continued investment in its ecosystem, telecommunications, cloud infrastructure, digital services, and international expansion. This makes the company’s results interesting not only from the standpoint of financial performance, but also as a test of its business model: Freedom Holding continues to expand beyond its traditional brokerage and banking businesses while maintaining its ability to generate profit.
“Well, another fiscal year is behind us. And it was a good one,” Timur Turlov, Chief Executive Officer of Freedom Holding Corp., wrote on Instagram, commenting on the year’s results. According to him, the company’s revenue reached $2.19 billion – 26 times higher than at the time of Freedom’s Nasdaq listing; net profit rose from $76.2 million to $153.3 million, assets increased by a third to $13.2 billion, and the number of clients exceeded 14 million. The official financial statements point to the same trend: Freedom’s business has become larger, more diversified, and more profitable.
For Freedom Holding Corp., this is a particularly important result because the company has spent recent years actively expanding its ecosystem. Its investments now cover banking services, brokerage infrastructure, insurance, e-commerce, online ticketing, travel, telecom, cloud services, and media. Such a strategy usually requires significant spending and may temporarily weigh on profits. However, the results for fiscal year 2026 suggest that some of these investments are already contributing to the company’s growth.
This is especially evident in Freedom Holding’s revenue from goods and services, which is generated by new business lines. According to the annual report, this figure rose from $40.1 million to $97.4 million, representing a 143% increase. The company attributes this growth to its expansion into the telecommunications sector following the acquisition of Freedom Cloud Holding, as well as increased customer activity and order volumes at Arbuz, online grocery and retail business. This is an important signal: non-financial services are becoming part of the ecosystem’s cash flow, rather than remaining secondary additions to the core financial business.
In its reporting, Freedom Holding Corp. describes its “Other” segment as a group of businesses designed to strengthen customer engagement. These include payment processing, e-commerce, online ticketing, travel aggregation, telecommunications, cloud services, and media initiatives. Freedom Telecom is being developed as the group’s telecommunications business in Kazakhstan, Freedom Cloud provides cloud infrastructure to both internal and external clients, and Freedom Media is being built as a streaming and media platform for Kazakhstan and Central Asia.
At the same time, the financial business remains the core of the ecosystem and continues to provide the base for further expansion. The banking segment continued to grow: its assets amounted to $5.36 billion, the loan portfolio increased by 29% to $2.05 billion, and the deposit portfolio grew by 46% to $2.52 billion. The brokerage business also expanded its client base, with the number of brokerage accounts rising from 683,000 to 858,000. This shows that Freedom is not replacing its traditional financial businesses with new services, but adding products that increase the frequency of contact with clients.
Freedom’s SuperApp remains the main interface of this model. Its user base exceeded 5 million people, while monthly active users grew to 2.59 million in March 2026, compared with 1.02 million a year earlier. The SuperApp brings together banking, payments, insurance, tickets, grocery delivery, travel, e-commerce, medical services, and government services. The more features the app offers, the more likely customers are to use Freedom for everyday purchases as well as investments and banking transactions.
This combination of financial growth and ecosystem expansion is central to Freedom’s investment story. The growth in net profit despite this level of investment suggests that the company is able to monetize its expanding client base, reduce dependence on a single source of income, and create operating leverage across the ecosystem. One client can use several services, while the same infrastructure supports multiple products.
For investors, however, financial performance is only one part of the story. Regulatory clarity is also important for a company that is trying to expand internationally and access new sources of capital. Turlov emphasizes the importance of trust in the company’s financial statements. According to him, Deloitte confirmed that the reporting is “clean,” the control system is functioning, and there were no material issues. He also commented on the SEC review, which he said had lasted almost five years and was nearing completion after the company received a Wells notice. Turlov emphasizes that this is “neither an accusation nor a verdict,” but a procedural stage after which the company can present its position to the regulator.
Timur Turlov directly links the potential easing of regulatory uncertainty to future development: “The conclusion of the review opens a direct path for us to raising capital and obtaining financial licenses in the United States and Europe.” For a company building international infrastructure, access to capital and licenses may become one of the key factors in the next stage of growth.
Freedom Holding Corp’s plans also point to further expansion. The group has applied for a banking license in France and plans to invest €500 million in the project. It has also signed an agreement to acquire a 99.32% stake in Turkish Bank AS, while developing a regional banking platform and securing approval to establish a subsidiary bank in Georgia. In the brokerage business, the company expanded its presence through a license in the Abu Dhabi Global Market and the development of its business in Turkey. At the same time, Freedom is participating in a project to create sovereign AI infrastructure in Kazakhstan using NVIDIA technology, with expected investments of $2 billion.
The results of fiscal 2026 show that Freedom Holding Corp. is entering a new stage: the company is testing the strength of its digital ecosystem model. Record revenue, a doubling of profit, growth in the client base, and the first tangible results from the telecom and cloud businesses indicate that investments in new sectors are beginning to support growth, while the group as a whole continues to improve profitability. If this trend continues, the next question will no longer be whether Freedom can build an ecosystem, but how successfully it can scale the model into new markets.
