The credit rating agency S&P Global Ratings has revised the outlook on Freedom Holding Corp.’s core operating subsidiaries from 'Stable' to 'Positive,' while affirming their credit ratings.
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, and expanded its compliance team. '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, with its risk-adjusted capital (RAC) ratio rising 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, with its SuperApp becoming a key digital tool for users’ day-to-day financial activities.
Market Leadership in Kazakhstan and 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.
Freedom Holding Corp. demonstrates steady growth and a strengthening position in the financial markets of Kazakhstan and Europe, as confirmed by the revised outlook from S&P Global Ratings.
