• A Rocket Mortgage of the U.S. mortgage industry.
• Like the massive mortgage division of a bank such as Wells Fargo, but as an independent, non-bank entity.

• Brokerage Services: Providing clients access to global stock and bond markets for trading securities.
• Investment Banking: Offering corporate clients services such as underwriting, mergers and acquisitions advisory, and capital raising.
• Asset Management: Managing investment portfolios for individuals and institutional clients to achieve specific financial goals.
• Retail Banking: Providing traditional banking products like deposits, loans, and payment services to individuals and small businesses.
• Insurance Services: Offering various insurance products including life, health, and property insurance to individuals and corporate clients.

Freedom Holding Corp. (symbol: FRHC) primarily serves individuals across various financial needs. The company operates within the financial services sector, offering brokerage, investment advisory, asset management, and banking services. Due to the nature of its business, which involves catering to a broad client base rather than being dependent on a few large institutional entities, Freedom Holding Corp. does not publicly disclose specific major corporate customers in the traditional sense.

Based on its service offerings, the company serves up to three categories of individual customers:

• Retail Investors: This category includes everyday individuals who utilize Freedom's brokerage platforms for self-directed trading of various financial instruments, such as stocks, bonds, and exchange-traded funds. These clients range from beginners seeking accessible entry into financial markets to experienced traders actively managing their personal investment portfolios.
• High-Net-Worth Individuals (HNWIs): These are individuals with substantial financial assets who seek comprehensive and personalized financial services. They typically engage with Freedom for advanced investment advisory, wealth management, and asset management services, often requiring tailored portfolio strategies, sophisticated financial planning, and access to more exclusive investment opportunities.
• Small Business Owners and Entrepreneurs: While their businesses might engage with Freedom for corporate services, this category refers to the individual owners and entrepreneurs who utilize Freedom's expertise for managing their personal wealth. Their personal finances are often closely tied to their business ventures, and they may seek services for personal investment management, retirement planning, and strategic financial advice to grow and preserve wealth generated from their entrepreneurial activities.

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Timur Turlov, Chairman of the Board and Chief Executive Officer

Timur Turlov is the founder and CEO of Freedom Holding Corp. (Nasdaq: FHRC), which he established in 2008 as Freedom Finance, an investment company providing access to U.S. stock exchanges. He began his career as a trader at World Capital Investments (WCI) at the age of 16 and later contributed to developing infrastructure for trading on American stock exchanges at Uniastrum Bank. In 2012, he expanded Freedom Finance into the Kazakhstani market, and by 2019, he consolidated various businesses under Freedom Holding Corp., taking the company public on Nasdaq. Turlov personally controls 69% of the company's shares. Under his leadership, Freedom Holding Corp. has developed a comprehensive financial ecosystem in Kazakhstan, including Freedom Bank Kazakhstan, several brokerage firms, a trading platform, payment services, insurance companies, a telecommunications operator, and lifestyle services. In 2022, the company sold its Russian subsidiaries to focus on operations in Kazakhstan.

Evgeniy Ler, Chief Financial Officer and Principal Accounting Officer

Evgeniy Ler has served as the Chief Financial Officer of Freedom Holding Corp. since November 2015. Before this role, he was the Chief Financial Officer of BMB Munai, Inc., the company's predecessor, from April 2009 to November 2015. Mr. Ler joined BMB Munai in 2006, holding various positions such as finance manager and reporting manager. From September 2011 to December 2012, he also served as a Deputy Director for Emir Oil, LLP, a wholly-owned subsidiary of BMB Munai.

Askar Tashtitov, President and Director

Askar Tashtitov has been a director of Freedom Holding Corp. since May 2008. He was employed with BMB Munai, Inc., the predecessor of the company, from 2004 through 2015, serving as president from May 2006 to November 2015. Mr. Tashtitov earned a Bachelor of Arts degree in Economics and History from Yale University in 2002 and passed the AICPA Uniform CPA Examination in 2006.

Renat Tukanov, Chief Technology Officer

As Chief Technology Officer of Freedom Holding Corp., Renat Tukanov is responsible for strengthening the company's technological direction and ensuring effective interaction and corporate governance in information technology and security across its member companies. He possesses over 15 years of experience in the information technology sector, with more than a decade in leadership positions. Before joining Freedom Holding Corp., Mr. Tukanov was a Counselor to the Chairman of the Management Board at Freedom Finance JSC, a subsidiary in Kazakhstan. Currently, he also serves as the Chief Executive Officer at Freedom Finance Global PLC and Deputy Chairman of the Board at Freedom Finance JSC.

Evgeniy Tyapkin, Executive Director of Freedom Finance Europe Ltd.

Evgeniy Tyapkin joined Freedom Finance Europe in 2017. Under his leadership, the company has significantly grown, expanding its client base to over 250,000 retail clients across the EU. Mr. Tyapkin has played a crucial role in ensuring the company's operations comply with Cyprus' regulatory requirements, helping transform it into one of the largest European stock brokerage companies based in Cyprus. He has outlined ambitious plans to launch an international, fully digital financial ecosystem.

1. Regulatory, Compliance, and Governance Failings

2. Exposure to Illiquid/Manipulated Assets and Volatile Emerging Markets

3. Dependence on Key Personnel and Internal Controls

• Insurance Brokerage: The U.S. insurance brokerage market size was estimated at USD 140.38 billion in 2025 and is projected to reach USD 171.93 billion by 2030, growing at a CAGR of 4.14%. Another estimate places the U.S. insurance brokerage market size at USD 261.7 billion in 2025. The market was valued at USD 80.07 billion in 2024 and is anticipated to reach approximately USD 197.39 billion by 2034, with a CAGR of 9.42% from 2024 to 2034.
• Asset Management: The U.S. asset management market is valued at USD 63.28 trillion in 2025 and is forecast to expand to USD 112.17 trillion by 2030, reflecting a 12.13% CAGR. Another report indicates the U.S. Asset Management Market was valued at USD 52.08 trillion in 2024 and is expected to reach USD 134.67 trillion by 2030, with a CAGR of 17.22%.
• Financial Advisory Services: The Financial Advisory Services market in the U.S. was estimated at USD 86.26 billion in 2024. It is projected to grow from USD 91.52 billion in 2025 to USD 165.49 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 6.1%. Another source reports the U.S. financial advisory services market size as USD 94.31 billion in 2024, anticipated to reach USD 137.22 billion by 2032 with a CAGR of 4.8%.

Here are 3-5 expected drivers of future revenue growth for Freedom (FRHC) over the next 2-3 years:

1. Expansion and Diversification of the Financial Ecosystem: Freedom Holding Corp. is actively building a unified platform where diverse business segments, including banking, insurance, brokerage, and lifestyle services, seamlessly interact. This strategy is evidenced by the significant growth in banking and insurance revenues, which are becoming more evenly distributed alongside brokerage as primary income drivers. The company's focus on an "increasingly diversified fintech-based services" offering continues to attract new customers.
2. Customer Base Expansion Across Segments: FRHC has demonstrated robust customer growth across its key segments. The overall customer base increased by 55% to 3.2 million by Q3 FY2025. Specifically, banking customers at Freedom Bank Kazakhstan expanded from 2.5 million to 2.9 million by Q1 FY2026, and further to 3.6 million by Q2 FY2026. Insurance clients reached 1.4 million by Q1 FY2026, and brokerage accounts increased to 725,000 by Q1 FY2026 and to 776,000 by Q2 FY2026. This organic growth in clients across brokerage, banking, and insurance segments is a significant driver.
3. Strategic Investments in Technology and Digital Infrastructure, including AI: The company is continuously investing in technology, expanding its offerings, and deepening its presence in key markets, particularly in Central Asia and Europe. CEO Timur Turlov emphasized reinvestment in digital infrastructure and AI to build a strong foundation for long-term growth and regional leadership. A significant initiative includes the agreement to develop a $2 billion Sovereign AI Hub in Kazakhstan, powered by NVIDIA AI infrastructure, which is expected to drive AI innovation and growth in the Central Asian region.
4. Growth of Insurance and Banking Segments: Both the insurance and banking segments have shown strong revenue growth. Insurance underwriting income surged by 125% to $177.5 million in Q3 FY2025, reflecting the expansion of pension annuities and accident insurance operations. In Q1 FY2026, the banking segment revenue jumped 60% to $146.2 million, and insurance operations grew 18% to $174 million. This sustained growth in these segments is expected to continue contributing significantly to overall revenue.
5. Strategic Acquisitions and Market Expansion: Freedom Holding Corp. remains committed to capitalizing on emerging market opportunities and considering selective acquisitions. An example is the acquisition of EliteCom, a telecommunications services company, in October 2024 for $3 million, intended to develop Freedom Holding's own telecommunications business. The company also completed the acquisition of Astel Group Ltd to strengthen its telecom infrastructure. Furthermore, the expansion of the Freedom24 platform across Europe, with a specific aim to increase its active client base in Romania by 200% for 2025, indicates a focus on market expansion.

Share Issuance

• Freedom Holding Corp. reported 60,993,949 common shares issued and outstanding as of March 31, 2025, an increase from 60,321,813 common shares as of March 31, 2024.
• As of June 30, 2025, the company had 61,205,640 shares issued and outstanding.

Inbound Investments

• BlackRock, Inc. became the second-largest shareholder of Freedom Holding Corp. as of August 31, 2025, holding 0.85% or 520,565 shares.
• Several other institutional investors, including State Street Global Advisors, First Trust Advisors LP, Geode Capital Management, LLC, Millennium Management LLC, Morgan Stanley, Tudor Investment Corporation, UBS Asset Management AG, The Vanguard Group, Inc., and Northern Trust Global Investments, also held significant stakes in the company as of various dates in 2025.

Outbound Investments

• In December 2020, Freedom Holding Corp. acquired JSC Kassa Nova Bank, which was subsequently renamed Freedom Bank KZ.
• Also in December 2020, the company acquired PrimeEx (now Freedom Capital Markets), an agency-only execution broker-dealer on the New York Stock Exchange.
• On April 30, 2025, Freedom Holding Corp. acquired 100% interest in Astel Group Ltd. for $22.6 million through its subsidiary Freedom Telecom, marking its entry into Kazakhstan's telecommunications sector.

Capital Expenditures

• Freedom Holding Corp. plans to develop a $2 billion Sovereign AI Hub in Kazakhstan, operated by the company and powered by NVIDIA AI infrastructure, following an agreement signed in November 2025.
• The company is focusing on continuing investments in digital infrastructure and AI to build out the Freedom services portfolio for fiscal year 2026.
• Capital expenditures related to Freedom Media are primarily planned to be financed using the company's own funds.