Key Takeaways
- • S&P Global Ratings upgraded four Freedom Holding Corp. subsidiaries (Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC) to "BB-" with stable outlooks, citing strengthened risk management and improved capitalization metrics.
- • Freedom Holding reported record fiscal year 2026 revenues of $2.19 billion with net income doubling to $153.3 million, demonstrating strong financial performance amid continued sector diversification.
- • The company's digital ecosystem expanded to over 14 million users globally, reflecting substantial growth across its integrated financial services platform.
- • Freedom is pursuing aggressive international expansion with planned investments of €500 million in France and $300 million in Turkey, alongside continued market development in the U.S. and Middle East.
- • The parent company, Freedom Holding Corp., maintained its "B-" rating with stable outlook, while subsidiary national scale ratings were enhanced to "kzA-" in Kazakhstan, signaling improved but still below-investment-grade credit quality.
Summary
S&P Global Ratings elevated the creditworthiness assessment of Freedom Holding Corp.'s core operating subsidiaries on June 25, 2026, upgrading them to "BB-" with stable outlooks. The rating action encompassed Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. Concurrently, S&P enhanced the national scale ratings for Freedom Finance JSC and Freedom Bank Kazakhstan JSC to "kzA-" within Kazakhstan's local rating scale. The parent company, Freedom Holding Corp., maintained its existing "B-" long-term issuer credit rating with a stable outlook.
The upgrades reflect S&P's recognition of the group's improved risk management infrastructure and strengthened capital adequacy, despite ongoing capital deployment across multiple business segments. This assessment was grounded in Freedom's audited fiscal year 2026 financial results, which demonstrated robust operational performance. The company achieved record revenues of $2.19 billion while achieving a significant milestone with net income doubling to $153.3 million, underscoring earnings expansion and operational efficiency gains.
Freedom's digital ecosystem has become a critical growth driver, now serving over 14 million users worldwide across integrated financial services offerings. This user base expansion reflects the company's successful strategy in scaling its retail and institutional client acquisition across geographies. CEO Timur Turlov outlined an aggressive international expansion roadmap, including pursuit of banking licenses in Turkey and France with committed capital of $300 million and €500 million, respectively. The company simultaneously continues market penetration efforts in established U.S. and Middle East markets.
The BB- rating classification, while reflecting improved credit metrics and risk management, places Freedom Holding's subsidiaries in the non-investment-grade segment. S&P's stable outlook designation suggests the rating agency does not anticipate near-term rating movement, providing visibility for investors and creditors regarding credit trajectory. The differential between the parent company's B- rating and subsidiary BB- ratings reflects the stronger operational and capital metrics of the regulated financial services entities relative to the holding structure.
The upgrades reflect S&P's recognition of the group's improved risk management infrastructure and strengthened capital adequacy, despite ongoing capital deployment across multiple business segments. This assessment was grounded in Freedom's audited fiscal year 2026 financial results, which demonstrated robust operational performance. The company achieved record revenues of $2.19 billion while achieving a significant milestone with net income doubling to $153.3 million, underscoring earnings expansion and operational efficiency gains.
Freedom's digital ecosystem has become a critical growth driver, now serving over 14 million users worldwide across integrated financial services offerings. This user base expansion reflects the company's successful strategy in scaling its retail and institutional client acquisition across geographies. CEO Timur Turlov outlined an aggressive international expansion roadmap, including pursuit of banking licenses in Turkey and France with committed capital of $300 million and €500 million, respectively. The company simultaneously continues market penetration efforts in established U.S. and Middle East markets.
The BB- rating classification, while reflecting improved credit metrics and risk management, places Freedom Holding's subsidiaries in the non-investment-grade segment. S&P's stable outlook designation suggests the rating agency does not anticipate near-term rating movement, providing visibility for investors and creditors regarding credit trajectory. The differential between the parent company's B- rating and subsidiary BB- ratings reflects the stronger operational and capital metrics of the regulated financial services entities relative to the holding structure.
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