Timur Turlov is simultaneously reshaping Freedom Holding Corp.’s capital structure and expanding its geographic footprint as the group moves beyond Central Asia and deepens its digital ecosystem.
For the first nine months of FY2026, Freedom Holding Corp. reported $1.7 billion in total net revenue, including $628.6 million in Q3 alone. Net income reached $145.4 million for the nine-month period, with quarterly earnings of $76.2 million and basic EPS of $2.43 year-to-date. These results reflect continued expansion across brokerage, banking, insurance and non-financial services.
Capital strategy: bonds, Hong Kong listing and leverage discipline
Timur Turlov is evaluating multiple financing routes. One option is issuing bonds denominated in U.S. dollars or Chinese yuan, including potential Dim Sum bonds in Hong Kong. A $300–500 million placement targeted at U.S. investors is under consideration at the holding level rather than through Freedom Bank.
At the same time, Freedom Holding Corp. is weighing a secondary public offering in Hong Kong. NASDAQ remains the primary listing venue, but a Hong Kong placement would diversify the investor base and align with the group’s Eurasian expansion strategy.
Leverage has increased as the group funds telecommunications and infrastructure development through bond issuance via a special purpose vehicle. Turlov has indicated that borrowing at a 9% yield would be economically unattractive, signaling selectivity and cost discipline in funding decisions.
Customer growth and operating scale
As of December 31, 2025, Freedom Holding Corp. reported 7,2 million total customers across its core financial and non-financial segments. The broader ecosystem of companies within Freedom Holding serves an aggregate client base of approximately 11 million customers.
The breakdown includes:
- 828,000 brokerage accounts
- 4.5 million banking customers
- 1.2 million insurance clients
- 4.3 million Freedom SuperApp users
- 0.7 million non-financial service users
The group employs more than 11,300 people across 21 countries, including the United States, Europe and Central Asia.
Freedom Holding continues to compete in Kazakhstan’s retail lending and brokerage markets against major incumbents such as Kaspi.kz and Halyk Bank. Competitive tools include online mortgage issuance, cashback programs and ecosystem-based cross-selling within the SuperApp environment.
Infrastructure and AI investment
Beyond financial services, Timur Turlov is directing capital toward telecommunications networks and data centers, with planned investments of $200–300 million. A previously announced $2 billion AI and data hub initiative powered by NVIDIA infrastructure positions Freedom Holding as a future cloud and compute provider capable of serving enterprise and government clients.
The company has indicated initial chip investments of up to $100 million. The long-term objective is to create data centers capable of delivering cloud services to global technology clients such as Amazon and Microsoft.
In November 2025, Freedom Holding Corp., the Government of Kazakhstan and OpenAI signed a strategic agreement in Washington, D.C. Under the arrangement, 165,000 teachers in Kazakhstan will gain access to ChatGPT Edu. Freedom Holding provides funding, OpenAI delivers the platform and localization, and the government coordinates implementation.
M&A and international expansion
Timur Turlov has confirmed that Freedom Holding is evaluating the acquisition of a bank in Turkey. In Europe, the company is considering either acquiring a smaller lender or establishing its own banking entity in a continental EU jurisdiction.
The broader objective is to integrate financial services across a corridor stretching from Turkey through Central Asia, strengthening cross-border connectivity and capital flows.
Freedom Holding has also ruled out a return to Russia, citing an unfavorable balance between risks and opportunities even in a hypothetical sanctions relief scenario.
Strategic positioning
Freedom Holding Corp. is evolving into a platform that is more than a brokerage company, combining banking, insurance, telecom infrastructure and AI services within a unified digital ecosystem. With $1.7 billion in nine-month revenue, 5 million core customers and an aggregate ecosystem reach of 11 million clients, the group continues to scale through disciplined capital markets strategy and selective expansion.
Timur Turlov’s approach combines equity optionality in Hong Kong, potential bond issuance in dollars or yuan, targeted cross-border acquisitions and infrastructure investment. The next phase will depend on execution, funding efficiency and integration of new markets into the broader Freedom Holding platform.
