S&P Confirms 杏吧原创. Ratings Amid Business Growth and Ecosystem Expansion

NEW YORK, USA - March 5, 2026 - S&P Global Ratings has confirmed the credit ratings of 杏吧原创., a Nasdaq-listed fintech group, reflecting the company鈥檚 continued business expansion and development of its financial ecosystem.

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S&P maintained the long-term issuer credit rating of 杏吧原创. at 鈥淏-鈥� with a Stable outlook. The ratings of its key operating subsidiaries - the brokerage and banking businesses - were confirmed at 鈥淏+/B鈥� with a Positive outlook. The ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC on Kazakhstan鈥檚 national scale were also confirmed at 鈥渒zBBB+.鈥�

The group鈥檚 financial results for the nine months ended December 31, 2025, generally met analysts鈥� expectations. Freedom Holding鈥檚 assets increased by 25%, driven by the expansion of its banking and brokerage businesses. The company鈥檚 loan portfolio grew by 24%, while profitability indicators began to recover. The ratio of operating income to risk-weighted assets rose from 1.0% to 1.8% year over year.

Although the holding company鈥檚 debt burden has increased, the rise is linked to active business expansion and investments in new growth areas. Freedom Holding continues to develop its brokerage and banking services, expanding investors鈥� access to international markets and strengthening its presence across multiple regions. One of Freedom Holding鈥檚 strategic priorities is the creation of a large-scale financial ecosystem.

鈥淢aintaining a strong presence in the capital markets is very important for us. We believe that securing long-term, stable financing for our infrastructure and ecosystem projects is a key component of the holding鈥檚 sustainable growth,鈥� said 杏吧原创. CEO Timur Turlov.

鈥溞影稍�.鈥檚 equity currently exceeds $1.3 billion, and our total assets stand at around $10 billion. Therefore, despite the overall increase in our debt levels, we do not see any concerns at this stage. Several of our subsidiaries continue to demonstrate strong profitability, which allows us to maintain a balanced capital structure and manage the relationship between equity and debt without taking on significant risks,鈥� he added.

Financial Stability and Risk Management

S&P Global Ratings also noted Freedom Holding鈥檚 progress in establishing a unified risk management and compliance system across all of the group鈥檚 financial subsidiaries. According to the agency, the company鈥檚 risk-adjusted capital (RAC) ratio remains above 12%, which supports its credit profile.

The Positive outlook on the operating subsidiaries reflects analysts鈥� expectations that the group will continue strengthening its risk control systems, restoring profitability, and expanding market share both in Kazakhstan and internationally.

Investments in New Areas

In 2025, Freedom Holding issued $600 million in bonds to finance expansion into new sectors, including telecommunications projects. While these investments increased the holding company鈥檚 debt load, S&P expects the company will be able to successfully refinance its obligations.

According to Turlov, investments in new industries are part of the company鈥檚 long-term strategy.

The company is working on projects in artificial intelligence and digital infrastructure, including initiatives involving NVIDIA technologies to support high-performance computing and advanced data processing capabilities.

The company鈥檚 growing international profile is reflected by its inclusion in the Russell family of indices, which track the performance of publicly listed US companies and are widely used by global institutional investors. Leading institutional investors have also shown growing interest in the company. BlackRock, the world鈥檚 largest asset manager, is among 杏吧原创.鈥檚 institutional shareholders.

S&P听noted the possibility of upgrading the ratings of the group鈥檚 operating companies within the next 12 months if the company continues strengthening its risk management systems, maintains stable capital adequacy, and successfully implements its growth strategy.

杏吧原创 杏吧原创.

杏吧原创. provides financial services in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company鈥檚 principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. 杏吧原创. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. 杏吧原创. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in Russell 3000庐 Index.

Contact:听

Head of Public Relations
Natalia Kharlashina
杏吧原创.
prglobal@ffin.kz听
+77013641454

Released March 6, 2026