Freedom Holding Corp.
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 9, 2026
FRHC$178.85+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0000924805-25-000041
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-09.
0000924805-26-000006
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 326 previous paragraphs and 317 current paragraphs.
178 unchanged; 122 reworded; 15 added; 14 removed; 12 previous and 2 current paragraphs rearranged.
Tables are not compared: 36 previous and 36 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
In November 2025, the Company entered into a non-binding arrangement with the Kazakhstan Ministry of Artificial Intelligence and Digital Development providing for potential collaboration on the development of a $2 billion Sovereign AI Hub in Kazakhstan. The proposed AI Hub is to utilize NVIDIA’s latest computing architecture and be located at a site in Kazakhstan with 100 MW of available power, with the Company acting as the principal financing and implementation partner. In addition to strengthening Kazakhstan’s position in the global AI landscape, the initiative may enhance the Company’s competitiveness in AI innovation and support its long-term growth strategy.
Current report
•We had a net gain on trading securities of $43.5 million for the three months ended December 31, 2025, as compared to a net gain on trading securities of $89.6 million for the three months ended December 31, 2024. The change was attributable mainly due to the decline in the value of securities positions we held as of December 31, 2025, partially offset by gains from the sale of Kazakhstan sovereign bonds during the three months ended December 31, 2025.
Current report
Fee and commission income for the three months ended December 31, 2025 amounted to $126.1 million, reflecting a decrease of $17.3 million or 12% compared to $143.4 million for the three months ended December 31, 2024. The decrease was driven by several factors, as discussed below.
Current report
Fee and commission income from underwriting and market-making services increased to $5.7 million in the three months ended December 31, 2025 compared to $1.5 million in the prior-year period. The increase was primarily attributable to higher underwriting activity and improved market-making volumes during the period.
Current report
For the three months ended December 31, 2025, insurance claims incurred, net of reinsurance, decreased by $26.6 million, or 25%, to $77.9 million, as compared to $104.5 million for the three months ended December 31, 2024. The decrease was primarily driven by a $52.0 million, or 70%, reduction in change to in insurance reserves to $22.7 million for the three months ended December 31, 2025, as compared to $74.7 million for the three months ended December 31, 2024.
Current report
This reduction in reserve activity was largely attributable to the decrease in insurance premiums earned, net of reinsurance, during the period, which resulted in lower insured exposure and a corresponding decline in insurance claims incurred. The decrease did not reflect material changes in underlying loss assumptions or reserving methodologies. This was partially offset by higher claims paid, which increased by $28.3 million, or 261%, to $39.2 million for the three months ended December 31, 2025, as compared to $10.9 million for the three months ended December 31, 2024, and by a $4.9 million, or 26%, increase in other insurance net expense to $24.1 million for the three months ended December 31, 2025, as compared to $19.2 million for the three months ended December 31, 2024. In addition, the reinsurance offset was higher, with reinsurers’ share of claims paid totaling $8.0 million for the three months ended December 31, 2025, as compared to $0.2 million for the three months ended December 31, 2024.
Current report
Advertising and sponsorship expense for the three months ended December 31, 2025, was $36.6 million, representing a decrease of $4.4 million, or 11%, compared to $41.0 million for the three months ended December 31, 2024.
Current report
General and administrative expense for the three months ended December 31, 2025, was $71.4 million, representing an increase of $17.5 million or 33% compared to general and administrative expense of $53.9 million for the three months ended December 31, 2024. The main factors contributing to the increase were increases in other operating expenses, depreciation and amortization expenses, business travel, taxes other than income tax, lease depreciation and software support. Other operating expenses increased by $4.9 million, primarily due to increased banking and overhead costs from Freedom Bank KZ, as well as the overall growth of our operations. The increase in depreciation and amortization expenses by $3.7 million, was caused by planned increase in fixed assets of Freedom Bank KZ. The increase in business travel expenses increased in amount of $2.9 million, primarily resulted from increased travel activity supporting expanded operational and strategic initiatives across multiple regions. Taxes, other than income tax, increased by $1.9 million, mainly due to the continued growth of our operations, including the addition of new subsidiaries. Lease depreciation increased by $1.4 million, driven by business expansion and acquisition of additional office and retail space. Software support expenses increased by $1.1 million, mainly due to the incurring support services with respect to of licensed and other software systems.
Current report
December 31, 2024. The decrease in the provision during the period was primarily driven by lower provisions relating to purchased retail loans, loans to SME and mortgage loans, reflecting improved macroeconomic conditions and other factors that reduced the estimated probability of default across our loan portfolio, as well as the incorporation of updated forward-looking information.
Current report
Comparison of the Nine-month Periods Ended December 31, 2025 and 2024
Current report
For the nine months ended December 31, 2025, we had net gain on derivatives of $38.8 million compared to a net gain of $30.7 million for the nine months ended December 31, 2024. The change was primarily attributable to the increase in realized gain from Freedom KZ from $2.5 million for the nine months ended December 31, 2024 to $8.6 million for the nine months ended December 31, 2025 due to the increased volume of swap turnover between two periods. There was also an increase in net gain attributable to our subsidiary, FSP, of $5.9 million, resulting from the revaluation of structured products during the nine months ended December 31, 2025.
Current report
For the nine months ended December 31, 2025, insurance claims incurred, net of reinsurance, increased by $19.6 million, or 9%, to $238.1 million compared with $218.5 million for the nine months ended December 31, 2024. The increase was primarily driven by higher claims paid, which rose by $57.4 million, or 212%, to $84.5 million, and by an $18.2 million, or 38%, increase in other insurance net expense to $66.0 million, reflecting higher redemptions/settlements under compulsory motor third-party liability (MTPL) policies as the insurance portfolio expanded. These impacts were partially offset by a $43.0 million, or 30%, decrease in the change in insurance reserves and higher reinsurance recoveries, with reinsurers’ share of claims paid increasing by $12.9 million to $15.2 million.
Current report
•In the three months ended December 31, 2025, total expenses, net in our insurance segment decreased mainly due to a $64.5 million decrease in fee and commission expense due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period, a $26.6 million decrease in insurance claims incurred, net of reinsurance which also correlates with a new regulatory cap, a $2.0 million decrease in general and administrative expense. The decrease was partially offset by a $3.9 million increase in provision for credit losses.
Current report
Comparison of the Nine-month Periods Ended December 31, 2025 and 2024
Current report
Net cash provided by operating activities for the nine months ended December 31, 2025 was primarily driven by changes in brokerage customer liabilities, restricted cash, and margin lending-related balances. Brokerage customer liabilities largely represent customer cash balances held in brokerage accounts, and a portion of these balances are maintained in segregated/clearing or settlement accounts and therefore reflected as restricted cash. Accordingly, increases in brokerage customer liabilities generally correspond to increases in restricted cash, as customer funds are placed into restricted/segregated accounts rather than being available for general corporate use. The increase in brokerage customer liabilities during the period reflects higher customer cash balances, which may be influenced by a combination of (i) higher customer activity and turnover, (ii) growth in the customer base and/or higher balances from existing customers, and (iii) customer preference to hold more cash in brokerage accounts due to market conditions and trading opportunities. The significant decrease in margin lending liabilities is consistent with a reduction in margin funding requirements as net margin lending balances declined, as also reflected in the decrease in margin lending and other receivables. These changes may be associated with changes in customer liabilities balances, led by lower utilization of margin by customers and/or increased repayments of margin balances, as well as ongoing optimization of the Company’s margin funding structure.
Removed paragraphs (14)
Previous report
•We had a net gain on trading securities of $37.1 million for the three months ended September 30, 2025, as compared to a net gain on trading securities of $68.3 million for the three months ended September 30, 2024. The change was attributable to the decrease in the market price of Kazakhstan sovereign bonds held in our proprietary portfolio during the quarter.
Previous report
•We had a net loss on derivatives for the three months ended September 30, 2025 in the amount of $3.2 million, a decrease of $9.5 million, or 150%, compared to the three months ended September 30, 2024. The loss for the three months ended September 30, 2025 was primarily due to losses on currency swaps.
Previous report
We had approximately 776,000 total retail brokerage customers as of September 30, 2025 as compared to approximately 683,000 as of March 31, 2025. We had approximately 3,617,000 banking customers at our Freedom Bank KZ subsidiary as of September 30, 2025 as compared to approximately 2,515,000 as of March 31, 2025. We had approximately 1,285,000 insurance customers at our Freedom Life and Freedom Insurance subsidiaries as of September 30, 2025 as compared to approximately 1,170,000 as of March 31, 2025.
Previous report
Fee and commission income for the three months ended September 30, 2025 amounted to $132.2 million, reflecting a increase of $11.2 million or 9% compared to $121.1 million for the three months ended September 30, 2024. This increase was driven by multiple factors, including the factors discussed below.
Previous report
For the three months ended September 30, 2025, we had net loss on derivatives of $3.2 million compared to a net gain of $6.3 million for the three months ended September 30, 2024. The decrease was primarily attributable to our subsidiary, Freedom Bank KZ, which had a realized net loss of $1.9 million for the three months ended September 30, 2025, as compared to a realized net gain of $9.9 million for the three months ended September 30, 2024. Such change between the two periods was mainly due to losses on currency swaps and the decrease of transactions during the three months ended September 30, 2025.
Previous report
For the three months ended September 30, 2025 we had a $13.2 million, or 20%, increase in insurance claims incurred, net of reinsurance, as compared to the three months ended September 30, 2024. The increase was primarily attributable to $19.6 million increase in claims paid in particular for compulsory motor third-party liability (MTPL). In addition, other insurance expense increased by $2.9 million, or 18%, primarily due to higher redemptions under pension annuity contracts and terminations under accident insurance policies. The increase was partially offset by $6.7 million decrease in change in insurance reserves. Part of these claims has been reimbursed from the reinsurers in the amount of $4.3 million.
Previous report
Advertising and sponsorship expense for the three months ended September 30, 2025, was $27.5 million, representing a decrease of $4.9 million, or 15%, compared to $32.4 million for the three months ended September 30, 2024.
Previous report
Comparison of the Six-month Periods Ended September 30, 2025 and 2024
Previous report
For the six months ended September 30, 2025 we had a $46.2 million, or 41%, increase in insurance claims incurred, net of reinsurance, as compared to the six months ended September 30, 2024. The increase was primarily attributable to a $9.0 million, or 13%, rise in expenses for insurance reserves, mainly driven by growth in compulsory motor third-party liability (MTPL). This reflects the overall expansion of the insurance portfolio. In addition, other insurance expense increased by $13.3 million, or 47%, primarily due to higher redemptions under compulsory motor third-party liability (MTPL) insurance policies. Claims paid also grew by $29.1 million, or 179%. Part of these claims has been reimbursed from the reinsurers in the amount of $7.2 million.
Previous report
General and administrative expense for the six months ended September 30, 2025, was $87.5 million, representing an increase of $6.3 million or 8% compared to general and administrative expense of $81.3 million for the six months ended September 30, 2024. The increase was primarily driven by higher business trip expenses due to increased travel activity supporting expanded operational and strategic initiatives across multiple regions, as well as a rise in depreciation and amortization expenses related to the continued growth of our operations.
Previous report
We recognized provision for allowance for credit losses in the amount of $16.8 million for the six months ended September 30, 2025, as compared to provision for allowance for credit losses of $8.7 million for the six months ended September 30, 2024. The increase in the provision during the period was primarily attributable to increased provisions for right of claim for purchased loans, car loans and other loans. The increase in the provision during the period was primarily attributable to a deterioration in macroeconomic conditions and other factors impacting the estimated probability of default in our loan portfolio, and the incorporation of revised forward-looking information. The increase was partially offset by decrease in provision for mortgage loans due to improved credit quality and lower expected losses within the mortgage portfolio.
Previous report
•In the three months ended September 30, 2025, total expenses, net in our insurance segment decreased mainly due to a $32.8 million decrease in fee and commission expense, $5.6 million decrease in general and administrative expense, a $1.5 million decrease in stock based compensation. The decrease was partially offset by a $13.2 million increase in insurance claims incurred, net of reinsurance, a $3.1 million increase in provision for credit losses, and a $1.0 million increase in payroll and bonuses expense.
Previous report
Comparison of the Six-month Periods Ended September 30, 2025 and 2024
Previous report
Net cash flows from operating activities in the six months ended September 30, 2025 were primarily net cash inflows attributable to decrease in margin lending, brokerage and other receivables over that period, decrease in trading securities and increase in brokerage customer liabilities. These inflows were partially offset by a decrease in margin lending and trade payables.
Reworded paragraphs (122)
Previous wording
This quarterly report on Form 10-Q and any related discussions contains forward-looking statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) which involve substantial risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "should," "strategy," "will," "would," and other similar expressions and their negatives. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements, other than statements of historical fact, included herein in this quarterly report on Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding aims, goals, and plans and objectives, including business mission and strategy, digital fintech ecosystem development, customer base, features and performance of our products and services, including Tradernet, Freedom SuperApp and Freedom Business mobile applications, our plans for expansion into telecommunication, media and other markets, expected capital expenditures and plans to finance such capital expenditures, credit ratings and outlook, impact of new accounting pronouncements, intentions with respect to FFIN Credit and FTI, compliance, information security, acquisitions, payment of cash dividends on our common stock, treasury policy, expected outcome of legal proceedings, our plans for expanding our banking segment, including establishing a bank in Georgia, the expected impact of accounting pronouncements and other non-historical statement.
Current wording
This quarterly report on Form 10-Q and any related discussions contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which involve substantial risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "likely," "may," "might," "mission," "plan," "potential," "predict," "project," "should," "strategy," "will," "would," and other similar expressions and their negatives. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements, other than statements of historical fact, included herein in this quarterly report on Form 10-Q are forward-looking statements within the meaning of Section 21E of the Exchange Act, including, without limitation, statements regarding aims, goals, and plans and objectives, including business mission and strategy, digital fintech ecosystem development, features and performance of our products and services, including Tradernet, Freedom SuperApp and Freedom Business mobile applications, our plans for expansion into telecommunication, media and other markets, expected capital expenditures and plans to finance such capital expenditures, the expected impact of changes in tax laws, credit loss exposure, credit ratings and outlook, the expected impact of new accounting pronouncements, prospects related to the Kazakhstan Sovereign AI Hub development, compliance, information security, acquisitions, payment of cash dividends on our common stock, treasury policy, statements with respect to legal proceedings, our plans for expanding our banking segment, and other non-historical statement.
Previous wording
Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, many of which may be beyond our control, which could cause actual results to differ materially from the those implied by the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and actual results could differ materially as a result of various factors. The following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
Current wording
Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, many of which may be beyond our control. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and actual results could differ materially as a result of various factors. The following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
Previous wording
•сhanges in U.S. trade policies or other countries trade policies, including the imposition of tariffs and retaliatory tariffs;
Current wording
•trade policies of the U.S. and other countries trade policies, including the imposition of tariffs and retaliatory tariffs;
Previous wording
•market risks affecting the value of our proprietary investments;
Current wording
•market risks and fluctuations affecting the value of our proprietary investments;
Previous wording
The main market of our operations is Kazakhstan. Our operating subsidiaries are located in Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Turkey, and we also have a presence in Austria, Bulgaria, France, Germany, Greece, Italy, Lithuania, The Netherlands, Poland and Spain. We divested our Russian subsidiaries in February 2023. Our subsidiaries in the United States include an SEC- and FINRA-registered broker dealer. As of September 30, 2025, we had 10,348 employees and 232 offices (of which 42 offered brokerage services, 60 offered insurance services, 31 offered banking services and 99 offered other financial and non-financial services).
Current wording
The main market of our operations is Kazakhstan. Our operating subsidiaries are located in Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, Turkey, Bulgaria, Germany, Greece, Lithuania, The Netherlands, Spain and we also have a presence in Austria, France, Italy, and Poland. We divested our Russian subsidiaries in February 2023. Our subsidiaries in the United States include an SEC- and FINRA-registered broker dealer. As of December 31, 2025, we had 11,311 employees and 233 offices (of which 36 offered brokerage services, 61 offered insurance services, 39 offered banking services and 97 offered other financial and non-financial services).
Previous wording
As of September 30, 2025, in our Brokerage business segment we had 42 offices that provided brokerage and financial services, investment consulting and education, including offices in Kazakhstan, Europe, Armenia, United States, Uzbekistan, and Kyrgyzstan. In addition, following receipt of a principal approval by the Turkey's financial regulatory and supervisory authority granted on January 9, 2025, we are in the process of obtaining a license to provide brokerage services in Turkey. We provide a comprehensive range of securities brokerage services to individuals, businesses and financial institutions. Depending on the region, our brokerage services may include securities trading and margin lending. Our investment banking business, which includes underwriting and market making activities, is carried out by professionals in Kazakhstan, Uzbekistan and the United States who provide strategic advisory services and capital markets products.
Current wording
As of December 31, 2025, in our Brokerage business segment we had 36 offices that provided brokerage and financial services, investment consulting and education, including offices in Kazakhstan, Europe, Armenia, United States, Uzbekistan, and Kyrgyzstan. On December 29, 2025, we received a brokerage license in the UAE issued by the Abu Dhabi Global Market Financial Services Regulatory Authority. In addition, following receipt of a principal approval by the Turkey's financial regulatory and supervisory authority granted on January 9, 2025, we are in the process of obtaining a license to provide brokerage services in Turkey. We provide a comprehensive range of securities brokerage services to individuals, businesses and financial institutions. Depending on the region, our brokerage services may include securities trading and margin lending. Our investment banking business, which includes underwriting and market making activities, is carried out by professionals in Kazakhstan, Uzbekistan and the United States who provide strategic advisory services and capital markets products.
Previous wording
Freedom KZ and Freedom Global are professional participants on the KASE and the AIX. Foreign Enterprise LLC Freedom Finance ("Freedom UZ") is a professional participant on the Republican Stock Exchange of Tashkent ("UZSE") and the Uzbek Republican Currency Exchange ("UZCE") and International Trading System Limited ("ITS"). Freedom Finance Armenia LLC ("Freedom AR") is a professional participant on the Armenia Stock Exchange ("AMX"). Freedom Broker LLC is a professional participant on the Kyrgyz Stock Exchange ("KSE").
Current wording
Freedom KZ and Freedom Global are professional participants on the KASE and the AIX. Our Uzbekistan entity Foreign Enterprise LLC Freedom Finance is a professional participant on the Republican Stock Exchange of Tashkent, the Uzbek Republican Currency Exchange and International Trading System Limited. Freedom AR is a professional participant on the Armenia Stock Exchange. Our Kyrgyzstan entity Freedom Broker LLC is a professional participant on the Kyrgyz Stock Exchange.
Previous wording
Freedom EU oversees our European region operations (including Austria, Bulgaria, Cyprus, France, Germany, Greece, Italy, the Netherlands, Poland, Lithuania, Spain, and the United Kingdom).Through Freedom EU, we provide transaction processing and intermediary services to our regional customers and to institutional customers that may seek access to the securities markets in the United States and Europe. All trading of United States and European exchange traded and over-the-counter ("OTC") securities by all Freedom group securities brokerage firms, excluding FCM, are also routed to and executed through Freedom EU.
Current wording
Freedom EU oversees our European region operations (including Austria, Bulgaria, Cyprus, France, Germany, Greece, Italy, The Netherlands, Poland, Lithuania, Spain, and the United Kingdom).Through Freedom EU, we provide transaction processing and intermediary services to our regional customers and to institutional customers that seek access to the securities markets in the United States and Europe. All trading of United States and European exchange traded and over-the-counter securities by Freedom group securities brokerage firms, excluding FCM, are also routed to and executed through Freedom EU.
Previous wording
insured. FCM provides a full range of broker-dealer services, including research, sales and trading services for institutional accounts, investment banking services and independent investment research through research reports, recommendations and investment ideas to assist customers in making informed decisions.
Current wording
FCM is a registered agency-only execution broker-dealer on the floor of the NYSE. FCM is a member of Nasdaq, NYSE and FINRA, as well as Securities Investor Protection Corporation (SIPC) insured. FCM provides a full range of broker-dealer services, including research, sales and trading services for institutional accounts, investment banking services and independent investment research through research reports, recommendations and investment ideas to assist customers in making informed decisions.
Previous wording
As of September 30, 2025, we had 1,870 employees in our Brokerage segment, including 1,491 full-time employees and 387 part-time employees.
Current wording
As of December 31, 2025, we had 1,953 employees in our Brokerage segment, including 1,650 full-time employees and 303 part-time employees.
Previous wording
Freedom Bank KZ is a pioneer in digital retail and commercial banking services in Kazakhstan, offering deposits, multi‑currency payment cards, consumer and SME loans, payment and acquiring solutions. The bank extends our capital market heritage into everyday finance, providing the funding, payments and credit backbone of the wider Freedom ecosystem. Our Freedom Bank TJ obtained its banking license on October 15, 2024 and is currently rolling out its operations. We are also taking initial steps to establish a bank in Georgia which is subject to obtaining the required regulatory approvals.
Current wording
Freedom Bank KZ is a pioneer in digital retail and commercial banking services in Kazakhstan, offering deposits, multi‑currency payment cards, consumer and SME loans, payment and acquiring solutions. The bank extends our capital market heritage into everyday finance, providing the funding, payments and credit backbone of the wider Freedom ecosystem. Our Freedom Bank TJ obtained its banking license on October 15, 2024 and continues the phased rollout of its operations. We are also considering plans for expanding our banking segment to other jurisdictions which is contingent upon, among other factors, prevailing market conditions and obtaining the required regulatory approvals.
Previous wording
As of September 30, 2025, Freedom Bank KZ's assets decreased by 10%, trading portfolio decreased by 33%, held-to-maturity portfolio increased by 403%, loan portfolio increased by 10%, deposit portfolio increased by 6%, in each case in comparison with March 31, 2025. The increase in the loan and deposit portfolios reflects continued customer demand and growth in our banking services, while the decline in trading portfolio aligns with our strategic focus on core banking operations.
Current wording
As of December 31, 2025, Freedom Bank KZ's assets increased by 13%. In particular, trading portfolio decreased by 13%, held-to-maturity portfolio increased by 544%, loan portfolio increased by 23%, deposit portfolio increased by 30%, in each case in comparison with March 31, 2025. The increase in the loan and deposit portfolios reflects continued customer demand and growth in our banking services, while the decline in trading portfolio aligns with our strategic focus on core banking operations.
Previous wording
We have 31 office locations in Kazakhstan and Tajikistan that provide banking services to our customers. As of September 30, 2025, we had 3,616 employees in our Banking segment, all of which were full-time employees.
Current wording
We have 39 office locations in Kazakhstan and Tajikistan that provide banking services to our customers. As of December 31, 2025, we had 3,764 employees in our Banking segment, all of which were full-time employees.
Previous wording
Freedom Life provides a range of health and life insurance products to individuals and businesses, including life insurance, health insurance, annuity insurance, accident insurance, obligatory worker emergency insurance, travel insurance and reinsurance. As of September 30, 2025, Freedom Life had 488,876 active contracts, as compared to 1,038,516 active contracts as of March 31, 2025. The decrease in active contracts was due to the newly introduced regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period. As of September 30, 2025, Freedom Life had total assets of approximately $540.8 million and total liabilities of approximately $440.5 million, as compared to total assets of approximately $554 million and total liabilities of approximately $465.9 million as of March 31, 2025.
Current wording
Freedom Life provides a range of health and life insurance products to individuals and businesses, including life insurance, health insurance, annuity insurance, accident insurance, obligatory worker emergency insurance, travel insurance and reinsurance. As of December 31, 2025, Freedom Life had 329,167 active contracts, as compared to 1,038,516 active contracts as of March 31, 2025. "Active contracts" refers to insurance policies that are currently in force, meaning they have been issued and are not expired, canceled, or otherwise inactive as of the reporting date. The decrease in active contracts was due to the newly introduced regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the first quarter of fiscal 2026. As of December 31, 2025, Freedom Life had total assets of approximately $597.5 million and total liabilities of approximately $462.5 million, as compared to total assets of approximately $554 million and total liabilities of approximately $465.9 million as of March 31, 2025.
Previous wording
Freedom Insurance operates in the "general insurance" industry and is the leader in online insurance in Kazakhstan offering various general insurance products in property (including automobile), casualty, civil liability, personal insurance and reinsurance. As of September 30, 2025, Freedom Insurance had 1,388,832 active contracts, as compared to 824,838 active contracts as of March 31, 2025. As of September 30, 2025, Freedom Insurance had total assets of approximately $194.4 million and total liabilities of approximately $136.4 million, as compared to total assets of approximately $157.4 million and total liabilities of approximately $105.5 million as of March 31, 2025.
Current wording
Freedom Insurance operates in the "general insurance" industry and is the leader in online insurance in Kazakhstan offering various general insurance products in property (including automobile), casualty, civil liability, personal insurance and reinsurance. As of December 31, 2025, Freedom Insurance had 1,383,501 active contracts, as compared to 824,838 active contracts as of March 31, 2025. As of December 31, 2025, Freedom Insurance had total assets of approximately $222.6 million and total liabilities of approximately $167.0 million, as compared to total assets of approximately $157.4 million and total liabilities of approximately $105.5 million as of March 31, 2025.
Previous wording
As of September 30, 2025, we had 60 offices and 1,073 employees, including 1,057 full-time employees and 16 part-time employees, providing consumer life and general insurance services in Kazakhstan.
Current wording
As of December 31, 2025, we had 61 offices and 1,087 employees, including 1,069 full-time employees and 18 part-time employees, providing consumer life and general insurance services in Kazakhstan.
Previous wording
As of September 30, 2025, in our Other segment we had 99 offices and 3,789 employees, including 3,650 full-time employees and 143 part-time employees, providing a range of services including payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce services. In the recent years, we have also established subsidiaries in Kazakhstan and UAE with a view to developing a telecommunications business and a media business, each of which is in the developmental stage. In our Other segment we also conduct proprietary securities trading activities, which are mainly conducted by FRHC. This revenue was mainly derived from online retail trade and e-commerce services, provision of payment processing services, retail online ticket sales and online aggregation of purchasing air and railway tickets.
Current wording
As of December 31, 2025, in our Other segment we had 97 offices and 4,507 employees, including 4,264 full-time employees and 243 part-time employees, providing a range of services including payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce services. In the recent years, we have also established subsidiaries in Kazakhstan and UAE with a view to developing a telecommunications business and a media business, each of which is in the developmental stage. In our Other segment we also conduct proprietary securities trading activities, which are mainly conducted by FRHC. Revenue in this segment is mainly derived from online retail trade and e-commerce services, provision of payment processing services, retail online ticket sales and online aggregation of purchasing air and railway tickets.
Previous wording
The Freedom SuperApp ("Freedom SuperApp" or "SuperApp") is the Group’s front end for all retail services. A single sign‑on process and biometric authentication grant access to multi‑currency accounts, credit, investment, card management and lifestyle commerce. All modules are built on a micro‑services architecture with open APIs (Application Programming Interface) to nearly one hundred government and commercial data sources.
Current wording
The Freedom SuperApp ("Freedom SuperApp" or "SuperApp") is the Group’s front end for all retail services. A single sign‑on process and biometric authentication grant access to multi‑currency accounts, credit, investment, card management and lifestyle commerce. All modules are built on a micro‑services architecture with open Application Programming Interfaces (APIs) to nearly one hundred government and commercial data sources.
Previous wording
The SuperApp supports accounts and payments in KZT, multiple foreign currencies and Freedom Currency, an exchange‑traded note linked to the performance of FRHC common stock. Our app provides our customers with a generous loyalty and referral program, access to a lifestyle marketplace including ticketing (cinema, concerts), travel bookings (Freedom Travel), media content (Freedom Media), grocery delivery (Arbuz) and on‑demand home services (Naimi), auto accessories and tires (Freedom Drive), mobile phones and electronic devices (Freedom Mobile), e-SIM cards, and a digital pharmacy. The app also integrates customer wealth information into a real‑time net‑worth view generating secured‑loan offers where collateral is available. In addition, it enables customers to automatically complete and file certain individual tax declarations required by Kazakhstan law. All our core lending lines operate on the same end‑to‑end digital rail inside the SuperApp enabling our eligible customers to obtain digital mortgage loans and consumer digital auto loans in a streamlined, automated way.
Current wording
The SuperApp supports accounts and payments in KZT, multiple foreign currencies and Freedom Currency, an exchange‑traded note linked to the performance of FRHC common stock. Our app provides our customers with a loyalty and referral program, access to a lifestyle marketplace including ticketing (cinema, concerts via Ticketon), travel bookings (Freedom Travel), media content (Freedom Media), grocery delivery (Arbuz) and on‑demand home services (Naimi), auto accessories and tires (Freedom Drive), mobile phones and electronic devices (Freedom Mobile), e-SIM cards, and a digital pharmacy. The app also integrates customer wealth information into a real‑time net‑worth view generating secured‑loan offers where collateral is available. In addition, it enables customers to automatically complete and file certain individual tax declarations required by Kazakhstan law. All our core lending lines operate on the same end‑to‑end digital rail inside the SuperApp, enabling our eligible customers to obtain digital mortgage loans and consumer digital auto loans in a streamlined, automated way.
Previous wording
Our Freedom Business mobile application is a full-featured mobile bank designed for individual entrepreneurs. It provides customers with 24/7 mobile access to financial management tools, including access to current accounts, balance monitoring, account detail viewing, and statement downloads. The app enables customers to perform a full range of transactions, such as payments to counterparties, transfers to the state budget, internal account transfers, and payroll management, including direct transfers to employees. The application also includes advanced acquiring functionalities, such as online ordering of POS terminals and corporate cards, accepting payments via QR code, and monitoring sales analytics. In addition, Freedom Business integrates various value-added services, including the AirShop partner marketplace builder enabling customers to launch an online store within minutes, an AI assistant, access to credit products, and a cashback loyalty program.
Current wording
Our Freedom Business mobile application is a full-featured mobile bank designed for individual entrepreneurs. It provides customers with 24/7 mobile access to financial management tools, including access to current accounts, balance monitoring, account detail viewing, and statement downloads. The app enables customers to perform a full range of transactions, such as payments to counterparties, transfers to the state budget, internal account transfers, and payroll management, including direct transfers to employees. The app also includes advanced acquiring functionalities, such as online ordering of point-of-sale (POS) terminals and corporate cards, accepting payments via QR code, and monitoring sales analytics. In addition, Freedom Business integrates various value-added services, including the AirShop partner marketplace builder which enables customers to launch an online store within minutes, an AI assistant, access to credit products, and a cashback loyalty program.
Previous wording
In alignment with our digital fintech ecosystem strategy, we are expanding our business by entering the telecommunications market in Kazakhstan and regional media industry in Central Asia. We are seeking to establish a new independent telecommunications operator in Kazakhstan to provide a diverse range of telecommunications and telecommunications-related services to customers which may include, among others, high-quality internet connectivity, fixed wireless access (FWA), WiFi access, over-the-top (OTT) streaming, internet protocol television (IPTV), traffic transit for operators and cloud solutions, subject to obtaining applicable licenses, acquisitions of telecom assets or entering into partnerships where required. Our new telecommunications business in Kazakhstan is operated by Freedom Telecom, a wholly-owned subsidiary of Freedom Holding Corp. incorporated under the laws of the AIFC. Through Freedom Telecom, we operate Freedom Cloud, an essential component of our digital ecosystem that delivers advanced cloud infrastructure and related services both within the Group and to external clients, including major enterprises and government entities. As Freedom Telecom represents a new line of business, its strategy and budget are evolving dynamically in response to internal developments and external market factors, which may result in material adjustments. Our telecom services will be offered as a separate product and in a bundle with our other digital products and services and will expand the ecosystem’s reach to areas where traditional banking channels are less efficient. In May 2025, we established our Dubai-based subsidiary Freedom Telecom International FZE ("FTI"), a strategic platform that connects telecommunications and technology companies with our existing fintech ecosystem and allows them to unlock synergies through new collaborations. FTI is focused on further expanding Freedom Holding Corp.'s ecosystem, including international expansion by way of strategic partnerships, joint ventures, and the acquisition of telecom assets.
Current wording
In alignment with our digital fintech ecosystem strategy, we are expanding our business by entering the telecommunications market in Kazakhstan and regional media industry in Central Asia. We are seeking to establish a new independent telecommunications operator in Kazakhstan to provide a diverse range of telecommunications and telecommunications-related services to customers which may include, among others, high-quality internet connectivity, fixed wireless access (FWA), WiFi access, over-the-top (OTT) streaming, internet protocol television (IPTV), traffic transit for operators and cloud solutions, subject to obtaining applicable licenses, acquisitions of telecom assets or entering into partnerships where required. Our new telecommunications business in Kazakhstan is operated by Freedom Telecom, a wholly-owned subsidiary of Freedom Holding Corp., incorporated under the laws of the AIFC. As Freedom Telecom represents a new line of business, its strategy and budget are evolving dynamically in response to internal developments and external market factors, which may result in material adjustments. Our telecom services will be offered as a separate product and in a bundle with our other digital products and services and will expand the ecosystem’s reach to areas where traditional banking channels are less efficient. Through entities incorporated under the AIFC laws, we also operate Freedom Cloud that was structured during the third quarter of fiscal 2026 as a standalone business line. Freedom Cloud is an essential component of our digital ecosystem that delivers advanced cloud infrastructure and related services both within the Group and to external clients, including major enterprises and government entities.
Previous wording
During fiscal 2024, we established Freedom Media as a subsidiary of Freedom Telecom that is intended to become a national media platform in Kazakhstan offering tailored streaming services to the Kazakhstan and broader Central Asia markets. This platform is built and developed to provide unlimited access to a diverse collection of TV shows, movies, documentaries, and an exclusive content of multiple genres that is produced in-house.
Current wording
During fiscal 2024, we established Freedom Media as a subsidiary of Freedom Telecom that is intended to become a major Kazakhstan media platform offering tailored streaming services to the Kazakhstan market and, potentially, the broader Central Asian region. Freedom Media is built within the Freedom ecosystem to provide unlimited access to a diverse collection of TV shows, movies, documentaries, and an exclusive content of multiple genres that is produced in-house.
Previous wording
On October 3, 2025, S&P raised its long-term issuer credit and financial strength ratings on life insurance company Freedom Life to 'BB+' from 'BB'. The outlook is stable. The agency also raised its national scale rating to 'kzAA' from 'kzAA-'. Pursuant to S&P, the upgrade reflects Freedom Life's track record of market share and profit growth over recent years.
Current wording
On October 3, 2025, S&P raised its long-term issuer credit and financial strength ratings on Freedom Life to 'BB+' from 'BB'. The outlook is stable. The agency also raised its national scale rating to 'kzAA' from 'kzAA-'. Pursuant to S&P, the upgrade reflects Freedom Life's track record of market share and profit growth over recent years.
Previous wording
Our operations have been, and may continue to be, affected by certain key factors as well as certain historical events. The key factors affecting our business and the results of operations include, in particular: market and economic conditions, expansion of our digital ecosystem, acquisitions and expansion into new business areas and markets, our transactions with related parties, our arrangements with market maker customers, and governmental policies. For additional information on these factors and other risks that may affect our financial condition and results of operations, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II Item 7 of the 2025 Form 10-K and "Risk Factors" in Part I, Item 1A, of the 2025 Form 10-K.
Current wording
Our operations have been, and may continue to be, affected by certain key factors as well as certain historical events. The key factors affecting our business and the results of operations include, in particular: market and economic conditions, expansion of our digital ecosystem, acquisitions and expansion into new business areas and markets, our transactions with related parties, our arrangements with market maker customers, and governmental policies. For additional information on these factors and other risks that may affect our financial condition and results of operations, see
Previous wording
We had total revenues, net of $526.1 million for the three months ended September 30, 2025, as compared to $586.1 million for the three months ended September 30, 2024. The decrease between the two quarters was primarily attributable to the following:
Current wording
We had total revenues, net of $628.6 million for the three months ended December 31, 2025, as compared to $664.6 million for the three months ended December 31, 2024. The decrease between the two quarters was primarily attributable to the following:
Previous wording
•Our insurance premiums earned, net of reinsurance for the three months ended September 30, 2025 were $125.2 million, a decrease of $35.1 million or 22%, compared to the three months ended September 30, 2024. The decrease was primarily driven by lower written insurance premiums as a result of the regulatory cap on commissions paid to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.
Current wording
•Our insurance premiums earned, net of reinsurance for the three months ended December 31, 2025 were $106.9 million, a decrease of $70.5 million or 40%, compared to the three months ended December 31, 2024. The decrease was primarily driven by lower written insurance premiums as a result of the regulatory cap on commissions paid to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.
Previous wording
•Our fee and commission income for the three months ended September 30, 2025 was $132.2 million, an increase of $11.2 million, or 9%, compared to the three months ended September 30, 2024. The increase was primarily driven by higher fee and commission income from brokerage services and agency fees, partially offset by lower income from banking services and payment processing.
Current wording
•Our fee and commission income for the three months ended December 31, 2025 was $126.1 million, an decrease of $17.3 million, or 12%, compared to the three months ended December 31, 2024. The decrease was primarily driven by lower income from banking services and payment processing, partially offset by higher fee and commission income from brokerage services and agency fees. The decrease in fee and commission from banking services was primarily driven by active use by our customers of a cashback-based loyalty program, with cashback amounts reflected as a reduction of banking service revenue.
Previous wording
We had total expense of $465.6 million, for the three months ended September 30, 2025, as compared to $457.7 million for the three months ended September 30, 2024. The increase was mainly attributable to increases in payroll and bonuses, insurance claims incurred (net of reinsurance), cost of sales, general and administrative expense, advertising and sponsorship expense and stock based compensation expense.
Current wording
We had total expense of $534.7 million, for the three months ended December 31, 2025, as compared to $566.3 million for the three months ended December 31, 2024. The decrease was mainly attributable to decreases in fee and commission expense, insurance claims incurred (net of reinsurance), allowance for expected credit losses, advertising and sponsorship expense, and interest expense.
Previous wording
We had net income of $38.7 million for the three months ended September 30, 2025, as compared to $114.5 million for the three months ended September 30, 2024. Our Brokerage, Banking, Insurance, and Other segments contributed net income of $126.6 million, net loss of $32.1 million, net income of $8.5 million and net loss of $64.4 million, respectively, to our total net income for the three months ended September 30, 2025.
Current wording
We had net income of $76.2 million for the three months ended December 31, 2025, as compared to $78.1 million for the three months ended December 31, 2024. Our Brokerage, Banking, Insurance, and Other segments contributed net income of $81.0 million, net income of $79.6 million, net income of $23.6 million and net loss of $108.0 million, respectively, to our total net income for the three months ended December 31, 2025.
Previous wording
Our total assets increased to $10.3 billion as of September 30, 2025 from $9.9 billion as of March 31, 2025.
Current wording
Our total assets increased to $12.4 billion as of December 31, 2025 from $9.9 billion as of March 31, 2025.
Previous wording
Fee and commission income from brokerage services generated $137.6 million, representing a 28% increase from $107.4 million in the three months ended September 30, 2024. This growth was primarily due to an increase in the number of retail brokerage customers from 555,000 as of September 30, 2024 to 776,000 as of September 30, 2025. During the three months ended September 30, 2025 and September 30, 2024, we earned fee and commission income from a market maker customer at our subsidiary Freedom Global of $97.2 million and $71.4 million, representing 74% and 59%, respectively, of our total fee and commission income for that period.
Current wording
Fee and commission income from brokerage services was $126.2 million, representing a 6% increase from $118.8 million in the three months ended December 31, 2024. This growth was primarily due to an increase in the number of retail brokerage customers from 618,000 as of December 31, 2024 to 828,000 as of December 31, 2025. During the three months ended December 31, 2025 and December 31, 2024, we earned fee and commission income from a market maker customer at our subsidiary Freedom Global of $85.6 million and $77.4 million, representing 68% and 54%, respectively, of our total fee and commission income for that period.
Previous wording
Fee and commission income from payment processing decreased to $5.0 million in the three months ended September 30, 2025 from $6.0 million for the three months ended September 30, 2024. The $1.0 million decrease is attributable to a decrease in our average acquiring rate and overall decline in transaction turnover during those periods.
Current wording
Fee and commission income from payment processing decreased to $6.3 million in the three months ended December 31, 2025 from $7.1 million for the three months ended December 31, 2024. The $0.9 million decrease is attributable to a decrease in our average acquiring rate and overall decline in transaction turnover during those periods.
Previous wording
Fee and commission income from banking services decreased by $20.8 million during the three months ended September 30, 2025. The decrease was primarily driven by active use by our customers of a cashback-based loyalty program. As part of our strategic approach, we do not prioritize revenue generation from banking service commissions. Instead, the loyalty program is leveraged to effectively reduce transaction costs for customers by supporting our customer base expansion and increasing engagement across the ecosystem.
Current wording
Fee and commission income from banking services decreased by $27.4 million during the three months ended December 31, 2025 from $8.4 million for the three months ended December 31, 2024. The decrease was primarily driven by active use by our customers of a cashback-based loyalty program, with cashback amounts reflected as a reduction of banking service revenue. As part of our strategic approach, we do not prioritize revenue generation from banking service commissions. Instead, the loyalty program is leveraged to effectively reduce transaction costs for customers by supporting our customer base expansion and increasing engagement across the ecosystem.
Previous wording
We had a net gain on trading securities of $37.1 million for the three months ended September 30, 2025, a decrease of $31.2 million as compared to a net gain of $68.3 million for the three months ended September 30, 2024. The following table sets forth information regarding our net gains on trading activities during the three months ended September 30, 2025 and 2024:
Current wording
We had a net gain on trading securities of $43.5 million for the three months ended December 31, 2025, a decrease of $46.1 million as compared to a net gain of $89.6 million for the three months ended December 31, 2024. The following table sets forth information regarding our net gains on trading activities during the three months ended December 31, 2025 and 2024:
Previous wording
During the three months ended September 30, 2025, we had a realized gain on trading securities of $44.9 million. The gain primarily reflected our active portfolio management strategy, which mostly attributable to the sale of Kazakhstani corporate debts at favorable market prices following a short-term rally in the local debt market. However, we also incurred an unrealized net loss of $7.8 million during the same period due to the decline in the value of securities positions we held as of September 30, 2025.
Current wording
During the three months ended December 31, 2025, we had a realized gain on trading securities of $52.3 million. The gain primarily reflected our active portfolio management strategy, which mostly attributable to the sale of Kazakhstani corporate debts at favorable market prices following a short-term rally in the local debt market. However, we also incurred an unrealized net loss of $8.8 million during the same period due to the decline in the value of securities positions we held as of December 31, 2025.
Previous wording
During the three months ended September 30,2024, we had a realized gain on trading securities of $2.4 million, which is attributable to Kazakhstan sovereign bonds sold during the three months ended September 30,2024. Also, we recognized an unrealized net gain of $65.9 million during the same period due to an increase in the value of securities positions we held as of September 30, 2024. The majority of the unrealized net gain is attributable to Kazakhstan sovereign bonds.
Current wording
During the three months ended December 31, 2024, we had a realized gain on trading securities of $15.0 million, which is attributable to Kazakhstan sovereign bonds sold during the three months ended December 31, 2024. Also, we recognized an unrealized net gain of $74.6 million during the same period due to an increase in the value of securities positions we held as of December 31, 2024. The majority of the unrealized net gain is attributable to Kazakhstan sovereign bonds.
Previous wording
For the three months ended September 30, 2025, we had interest income of $211.7 million, representing an increase of $1.3 million, or 1%, compared to the three months ended September 30, 2024. The increase was primarily driven by a $31.9 million, or 78% increase in interest income on margin loans to customers reflecting higher customer activity in margin lending.
Current wording
For the three months ended December 31, 2025, we had interest income of $228.8 million, representing an increase of $4.1 million, or 2%, compared to the three months ended December 31, 2024. The increase was primarily driven by a $24.1 million increase in interest income on loans to customers due to the increase of the loan portfolio. Additionally, interest income on held-to-maturity securities increased by $19.3 million due to the increase of the held-to-maturity portfolio. Interest income on margin loans to customers increased by $12.6 million, or 21% reflecting higher customer activity in margin lending. Increase in interest income was partially offset by decrease in interest income on trading securities.
Previous wording
The interest income on securities available-for-sale increased by $4.9 million, or 54%, compared to the three months ended September 30, 2024. Such increase was due to the increase of volume of available-for-sale securities which is attributable to the purchase of debt securities of the Ministry of Finance of the Republic of Kazakhstan. We also experienced a $67.3 million, or 64%, decrease in interest income on trading securities. This decrease was primarily due to a lower volume of trading securities held during the period.
Current wording
The interest income on securities available-for-sale increased by $3.8 million, or 34%, compared to the three months ended December 31, 2024. Such increase was due to the increase of volume of available-for-sale securities which is attributable to the purchase of debt securities of the Ministry of Finance of the Republic of Kazakhstan. We also experienced a $54.7 million, or 57%, decrease in interest income on trading securities. This decrease was primarily due to a lower volume of trading securities held during the period.
Previous wording
For the three months ended September 30, 2025, we had insurance premiums earned, net of reinsurance of $125.2 million, a decrease of $35.1 million, or 22%, as compared to the three months ended September 30, 2024. The decrease was primarily attributable to a $39.9 million, or 23%, decrease in written insurance premiums due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period. This decrease in income from written insurance premiums was partially offset by a $5.4 million increase in change in unearned premium reserve, net for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The following table sets out information on our insurance premiums earned, net of reinsurance for the periods presented.
Current wording
For the three months ended December 31, 2025, we had insurance premiums earned, net of reinsurance of $106.9 million, a decrease of $70.5 million, or 40%, compared to the three months ended December 31, 2024. The decrease was primarily attributable to a $73.1 million, or 41%, decrease in written insurance premiums due to the regulatory cap on commissions to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period. This decrease in income from written insurance premiums was partially offset by a $2.8 million increase in change in unearned premium reserve, net for the three months ended December 31, 2025, as compared to the three months ended December 31, 2024. The following table sets out information on our insurance premiums earned, net of reinsurance for the periods presented.
Previous wording
For the three months ended September 30, 2025, we realized a net gain on foreign exchange operations of $0.01 million compared to a net gain of $6.5 million for the three months ended September 30, 2024. The change was primarily due to the translation loss in the amount of $27.2 million which is mainly attributable to the 6% weakening of Kazakhstan tenge against US dollar and other currencies. This loss was offset by a $27.2 million gain on dealing transactions. This change is mostly attributable to Freedom Bank KZ which had a gain of $27.2 million from foreign currency dealings for the three months ended September 30, 2025, compared to $17.2 million for the three months ended September 30, 2024.
Current wording
For the three months ended December 31, 2025, we realized a net gain on foreign exchange operations of $45.8 million compared to a net gain of $3.9 million for the three months ended December 31, 2024. The increase was primarily due to the translation gain in the amount of $41.9 million which is mainly attributable to the 8% strengthening of Kazakhstan tenge against US dollar and other currencies. There was also a $3.9 million gain on dealing transactions in three months ended December 31, 2025 compared with a $23.2 million gain for the three months ended December 31, 2024. The decrease is mainly attributable to Freedom Bank KZ, which had a gain of $3.9 million from foreign currency dealings for the three months ended December 31, 2025, compared to $23.2 million for the three months ended December 31, 2024.
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Current report — wording carried from elsewhere
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II Item 7 of the 2025 Form 10-K and "Risk Factors" in Part I, Item 1A, of the 2025 Form 10-K.
Current report — wording carried from elsewhere
We recognized provision for allowance for credit losses in the amount of $6.3 million for the three months ended December 31, 2025, as compared to provision for allowance for credit losses of $30.6 million for the three months ended
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
FCM is a registered agency-only execution broker-dealer on the floor of the New York Stock Exchange ("NYSE"). FCM is a member of Nasdaq, NYSE and FINRA, as well as SIPC (Securities Investor Protection Corporation)
Previous report — wording carried elsewhere
Additionally, interest income on loans to customers increased by $17.3 million, or 35%, due to the expansion of the loan portfolio.
Previous report — wording carried elsewhere
The interest income on held-to-maturity has increased by $15.4 million due to expansion of the held-to-maturity portfolio.
Previous report — wording carried elsewhere
Fee and commission expense decreased by $26.7 million, or 29% in the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease was mainly attributable to a $32.8 million in agency fee service expenses in the three months ended September 30, 2025 as compared to the three months ended September 30,
Previous report — wording carried elsewhere
We had income before income tax of $60.5 million and $128.5 million for the three months ended September 30, 2025, and September 30, 2024, respectively. Income tax expense for the three months ended September 30, 2025, and
Previous report — wording carried elsewhere
Aviata which was partially offset by a decrease in Paybox's transaction volume following the cessation of operations of its counterparty that previously contributed significantly to such volume. These increases were partially offset by a decrease in other income by $7.2 million, as well as decrease in net gain on foreign exchange operations of $1.7 million between the two quarters.
Previous report — wording carried elsewhere
accounts for the exclusive benefit of our brokerage customers.
Previous report — wording carried elsewhere
(3) Consists of cash and cash equivalents, trading securities, and margin lending, brokerage and other
Previous report — wording carried elsewhere
Freedom Bank KZ's loan portfolio over the six months ended September 30, 2025, driven by new banking products, partnership agreements, and effective advertising campaigns.
Previous report — wording carried elsewhere
We did not declare or pay a cash dividend on our common stock during the three months ended September 30, 2025. Any payment of cash dividends on stock will depend upon our results of operations, earnings, capital requirements, financial condition, future prospects, contractual and legal restrictions and other factors deemed relevant by our Board of
Previous report — wording carried elsewhere
Directors. We currently intend to retain any future earnings to fund the operation, development and expansion of our business, and therefore we do not anticipate paying any cash dividends on common stock in the foreseeable future.
Previous report — wording carried elsewhere
CECL methodology are further described in Note 2 "Summary of Significant Accounting Policies" to the consolidated financial statements included in our 2025 Form 10-K.