According to Freedom Holding Corp. CEO Timur Turlov, the telecommunications business will become the company’s fourth-largest source of income in the coming years. He made this statement during a live broadcast discussing the company’s financial and operating results for fiscal year 2026.
Meanwhile, Freedom is completing several major infrastructure projects and preparing to launch its own mobile operator.
Holding’s revenue structure is changing
By the end of fiscal year 2026, Freedom Holding Corp. reported a record $2.19 billion in total revenue and $153 million in net profit.
The group’s three main sources of revenue are brokerage services, banking and insurance. However, this revenue structure is expected to change, as the company plans to enter the telecommunications market. To achieve this goal, Freedom is actively building fiber-optic networks and data centers, while also developing its e-commerce business. The company is funding all of these initiatives with its own capital.
«Once the data centers are fully operational, they will begin generating substantial cash flow. Telecom will become the fourth major source of revenue, capable of generating several billion dollars in revenue in the coming years. We have already signed offtake contracts that will generate tens of millions of dollars in revenue from the new facilities within the first year of operation,» Turlov emphasized.
Sovereign cloud and 220 5G base stations
The holding company is already the second-largest data center operator in Kazakhstan. The company is also building its own sovereign cloud to serve international corporations and government agencies, similar to Amazon Web Services’ high-margin business model.
Freedom is also expanding its fixed wireless access (FWA) infrastructure. The company has built 220 5G base stations, providing 35,000 customers with internet access at speeds of up to 1 gigabit per second, with average usage reaching approximately 300 megabits per subscriber.
MVNO launch and multi-billion-dollar market cap
In 2026, the holding plans to launch mobile services as a virtual mobile network operator (MVNO). The company is already in the final stages of obtaining the necessary licenses. Once the technology is fully deployed, it will allow the company to offer a converged product that integrates mobile communications, home internet and citywide Wi-Fi networks.
Turlov is confident that all of these long-term investments in digital infrastructure will ultimately pay off many times over in the years ahead.
«This particular area is capable of generating billions of dollars in additional market capitalization. These investments are going to make us the strongest digital player in Central Asia,» he said.
Freedom Telecom was launched in 2023 as part of a strategy to create an integrated digital ecosystem that includes banking, brokerage, insurance, and the company’s flagship SuperApp. Freedom Telecom’s business objectives also include the construction and leasing of fiber-optic networks, the provision of broadband internet services for both B2B and B2C customers, the deployment of public Wi-Fi networks and the operation of its own network of data centers.
