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S&P Global Upgrades Freedom Holding Corp. Subsidiaries to ’Positive’ Outlook—Risk Management & Compliance Wins

S&P Global Upgrades Freedom Holding Corp. Subsidiaries to ’Positive’ Outlook—Risk Management & Compliance Wins

Published:
2025-06-27 15:39:48
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Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to “Positive” on Strengthened Risk Management and Compliance

Wall Street's favorite report card just got an upgrade. S&P Global Ratings flipped its outlook to 'Positive' for Freedom Holding Corp.'s key subsidiaries—proving even compliance departments can have redemption arcs.

Risk management finally gets its moment

Once the wild child of Central Asian finance, Freedom's ops now sport S&P's stamp of approval. Turns out those 'boring' compliance hires actually pay off when you're playing with nine-figure sums.

The cynical take? Another financial heavyweight learns the oldest lesson: regulators only smile after you've bought enough compliance software to bankrupt a startup. But hey—at least the suits in Almaty are sleeping better these days.

Positive Outlook: recognition of systemic progress

The revised outlook reflects Freedom Holding’s significant achievements in consolidating and enhancing its risk management and compliance functions across the organization.

Over the past two years, the group has implemented a centralized risk management policy, adopted unified risk appetite standards, established a compliance project management office, and expanded its oversight team to include 129 risk specialists and 162 compliance professionals operating across 22 jurisdictions.

“We’ve come a long way — turning fragmented control functions into a unified, centralized system at the group level. This decision reflects the maturity of our governance model,” commented CEO Timur Turlov.

Focus on resilience: lower risk and balanced growth

The holding’s overall capitalization strengthened in fiscal year 2025. Its risk-adjusted capital (RAC) ratio ROSE from 11.6% to around 13%, supported by moderate balance sheet growth, a decline in economic and industry risks in Kazakhstan, and a resilient brokerage business. As of March 2025, Freedom Group serves around 5 million customers, including over 4.4 million financial clients, with its SuperApp becoming a key digital tool for users’ day-to-day financial activities.

Market leadership in Kazakhstan, growth in Europe

S&P highlighted Freedom’s continued leadership in Kazakhstan’s retail brokerage sector, serving approximately 683,000 clients worldwide, of whom over 151,000 executed at least one trade in the last quarter of FY2025. The group is also expanding its presence in Europe, with 391,000 clients via its Cyprus-based subsidiary and offices in 10 EU countries. The holding company continues to invest in the telecom segment and maintains a sustainable business model supported by income from brokerage operations.

About Freedom Holding Corp.

Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City.

Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC).

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