S&P improves outlook for companies within Freedom Holding Corp.

S&P Global Ratings has revised its outlook from «stable» to «positive» for key companies within Freedom Holding Corp., an international group controlled by Kazakh businessman Timur Turlov. The improved outlook comes as a result of strengthened risk management and compliance systems across the group.

The rating agency raised its outlook from «stable» to «positive» and affirmed the long-term and short-term credit ratings of «B+/B» for Freedom Finance, Freedom Finance Europe, Freedom Finance Global and Freedom Bank Kazakhstan.

«We affirmed our ‘B-‘ long-term rating on nonoperating holding company Freedom Holding Corp. and maintained the stable outlook,» S&P Global Ratings said in a statement.

The agency also announced that it had raised its Kazakh national scale ratings for Freedom Finance JSC and Freedom Bank Kazakhstan JSC to «kzBBB+» from «kzBBB.» (These national scale ratings do not carry outlooks.)

S&P Global Ratings noted that over the past two years, the Freedom Group — controlled by Timur Turlov — has established a consolidated risk management and compliance system and has significantly strengthened these functions within its financial subsidiaries.

«Freedom Holding Corp. is rapidly increasing the number of clients in its ecosystem and enhancing cross-selling through loyalty programs,» the agency added.

According to analysts, the group maintains a leading position in the retail brokerage market in Kazakhstan and is expanding its client base in Europe and the CIS.

«Freedom is by far the largest retail and institutional broker in Kazakhstan, with a well-known brand name serving about half of the market,» S&P said.

The agency also noted that after years of rapid growth, the holding is maturing into a diversified global financial services group. According to Freedom’s estimates, its ecosystem now includes approximately 5 million clients.

For the 2025 fiscal year (from April 2024 to March 2025), Freedom Holding Corp. reported revenue of $2.1 billion, a 23% year-on-year (YoY) increase, while net profit totaled $84.5 million. The group’s total assets grew from $8.3 billion to $9.9 billion (+19% YoY).

In Kazakhstan, Freedom Holding Corp. offers brokerage services under the Freedom Broker brand (a KASE member) and Freedom Finance Global (an AIX member). The group also operates several other subsidiaries in the country, including Freedom Bank, Freedom Insurance and Freedom Life.