S&P Revises Freedom Holding Outlook to Positive on Kazakhstan Banking Improvements – Cyprus Inform

Six companies within Nasdaq-listed Freedom Holding Corp.'s digital ecosystem ranked among Kazakhstan's top 50 largest e-commerce platforms in 2026, according to Forbes Kazakhstan. The companies, including Freedom Travel and Arbuz.kz, generated a combined $429.7 million in online revenue in 2025. Freedom Travel ranked highest with $292 million in revenue. S&P Global Ratings and Moody's have recently upgraded the outlooks for several of Freedom Holding's operating companies, citing improvements in

S&P revised the outlook for Freedom Holding Corp and four subsidiaries to positive from stable, citing improved banking-sector risks in Kazakhstan, stronger capitalization, and diversified earnings. Ratings were affirmed at BB-/B for subsidiaries and B- for the parent. Q1 2027 revenue grew 40% YoY to $732.5M, with net income at $31.7M. S&P expects lower interest rates to boost securities market attractiveness. The group's strong financials and risk management were highlighted.

S&P Global Ratings revised the outlook for Freedom Holding Corp. and its subsidiaries to positive from stable, citing improved risk in Kazakhstan's banking sector. Ratings for the subsidiaries were affirmed at BB-/B, while Freedom Holding Corp. was affirmed at B-. The group reported Q1 2027 net revenue of $732.5 million, up 40% YoY, with total assets at $14.0 billion. S&P expects strong earnings and diversified growth to support the group's capitalization.

Freedom Holding Corp. (FRHC) is expanding its technology cooperation with China, focusing on AI, cloud services, and digital finance. The company has signed agreements with Alibaba Cloud, Tencent, and others to integrate payment systems and develop cloud infrastructure in Kazakhstan. Trade between Kazakhstan and China reached $49 billion last year, with Chinese investment exceeding $30 billion. Freedom Holding aims to scale its digital model globally, including Europe and the U.S.

Freedom Holding Corp. (NASDAQ: FRHC) subsidiary Freedom Yatırım received a brokerage license in Türkiye, marking its entry into the market. The company plans to offer investment services and build infrastructure linking Turkish and international markets. Freedom Holding Corp. has $14B in assets, with brokerage accounting for 39% of net revenue. It aims to create a digital financial ecosystem in Türkiye.

Freedom Holding Corp. (NASDAQ: FRHC) reported Q1 FY2027 revenue up 40% to $732.5 million, with brokerage revenue up 60% to $282.6 million and banking revenue up 54% to $225.2 million. Net income was $31.7 million ($0.52 diluted). Total assets rose to $14.05 billion. The company also acquired ChessBase GmbH and a 99.32% stake in Turkish Bank A.Ş.