S&P Global Ratings has confirmed the credit ratings of Freedom Holding Corp., a Nasdaq-listed fintech group, despite an increase in debt at the holding company level. The strong performance is linked to the group’s continued business expansion and growth in its client base. The agency maintained Freedom Holding Corp.’s long-term issuer credit rating at “B-” with a “Stable” outlook, while the ratings of its key banking and brokerage subsidiaries remain “B+/B” with a “Positive” outlook.
The ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC on the Kazakhstan national scale were also confirmed at “kzBBB+.”
According to analysts, the group’s financial results for the nine months ending December 31, 2025, were generally in line with expectations. Freedom Holding’s assets grew by 25%, reflecting the expansion of its banking and brokerage businesses. The loan portfolio increased by 24%, and profitability metrics began to recover: the ratio of operating profit to risk-weighted assets rose from 1.0% to 1.8% year-on-year.
Business and Client Base Growth
Freedom Holding Corp. is actively developing brokerage and banking services, expanding investor access to international markets, and strengthening its presence in multiple regions.
Freedom Holding CEO Timur Turlov notes that the company’s key growth driver remains customer trust and the development of technological solutions.
“We see steadily growing interest in investments and digital financial services. Our goal is to make access to financial markets simple and convenient for millions of clients by combining brokerage, banking, and digital services on a single platform,” Timur Turlov says.
Freedom Holding Corp.: Financial Services Ecosystem
One of Freedom Holding’s strategic priorities is building a large-scale financial ecosystem that integrates investment, banking, insurance, and payment solutions.
The company is also developing new business areas, including digital services, telecommunications, and lifestyle projects, which complement its financial products and create an integrated customer experience.
“We are building an ecosystem where a client can manage most of their financial needs – from investments and payments to insurance and banking services – within a single digital space. This approach creates new opportunities for users and accelerates the company’s growth,” Turlov notes.
Financial Stability and Risk Management
S&P Global Ratings also highlighted Freedom Holding’s progress in establishing a unified risk management and compliance system for all financial subsidiaries within the group. According to the agency, the risk-adjusted capital (RAC) ratio remains above 12%, which is a positive factor for the company’s credit profile.
The “Positive” outlook for the operating subsidiaries reflects analysts’ expectations that the group will continue strengthening its risk control systems, restoring profitability, and expanding its market share in Kazakhstan and internationally.
Investments in New Areas
In 2025, Freedom Holding issued $600 million in bonds to finance the expansion into non-financial sectors, including telecommunications projects. These investments increased the holding company’s debt burden, but the agency expects the company will be able to successfully refinance its obligations.
According to Timur Turlov, investments in new industries are part of the company’s long-term development strategy.
“We invest in technology, infrastructure, and new services that form the ecosystem of the future. Our strategy is to build a sustainable international platform capable of growing alongside our clients’ needs,” he emphasizes.
S&P notes that the ratings of the group’s operating companies could be upgraded within the next 12 months if the risk management system continues to strengthen, capital adequacy remains sufficient, and the company continues implementing its growth strategy.
The expansion of the client base, development of digital services, and creation of a comprehensive financial services ecosystem are helping Freedom Holding strengthen its position in international markets and maintain strong growth.
