Freedom Holding Corp. strengthens its position as S&P upgrades outlook for key companies in Timur Turlov’s Group 

In June 2025, international ratings agency S&P Global Ratings revised its outlook for several key companies within Freedom Holding Corp., an international Nasdaq-listed company controlled by Kazakhstani billionaire and entrepreneur Timur Turlov, from ‘stable’ to ‘positive’. This was in response to significant improvements in risk management and compliance systems across the group. S&P affirmed the long-term and short-term credit ratings at ‘B+/B’ for Freedom Finance, Freedom Finance Europe, Freedom Finance Global, and Freedom Bank Kazakhstan. The rating of the parent company, Freedom Holding Corp., was affirmed at ‘B-‘ with a stable outlook. At the same time, the national scale ratings of Kazakhstan were upgraded from ‘kzBBB’ to ‘kzBBB+’ for Freedom Finance JSC and Freedom Bank Kazakhstan JSC, which recognizes the increased reliability and resilience of these financial institutions. According to S&P analysts, the Freedom Holding Corp. has carried out a major consolidation of its risk management and internal control functions over the past two years. These changes have enabled the group to establish a unified system, significantly improving transparency for clients and regulators alike. The agency emphasized that Freedom is now the largest retail and institutional broker in Kazakhstan, serving around half of the entire market. S&P also noted that Freedom Holding is beginning to show the maturity of a global financial group. After several years of rapid growth, the holding is evolving into a stable and diversified international structure with a growing presence in Europe and the CIS. According to Freedom Holding’s internal estimates, its ecosystem now includes approximately five million clients worldwide. “We are deliberately building a culture where resilience matters more than speed, and customer trust matters more than short-term profits. Today, Freedom is not just a broker — it’s a full-fledged financial ecosystem,” Timur Turlov commented on the updated outlook. One of the core elements of this ecosystem is the Freedom SuperApp — a digital platform that integrates brokerage, banking, and insurance products into a single client experience. As of mid 2025, the app had been downloaded over 2.3 million times. Within the group, cross-selling is expanding, loyalty programs are being strengthened, and user experience has become a top strategic priority. “Today’s client doesn’t just want to buy a stock or open a deposit — they expect convenience, speed, and a personalized approach. We aim to be not just a financial service, but a part of our customers’ lifestyle,” Turlov notes. The financial results for Freedom Holding in the 2025 fiscal year, covering the period from April 2024 to March 2025, further confirm the effectiveness of its strategy. The group’s revenue rose by 23% year-over-year, reaching $2.1 billion, while total assets increased by 19%, from $8.3 billion to $9.9 billion. Freedom’s presence in Kazakhstan remains particularly strong. The company provides brokerage services under the Freedom Broker brand (a member of KASE) and through Freedom Finance Global (a member of AIX). The group also includes Freedom Bank, Freedom Insurance, and the life insurance company Freedom Life. “We’re building a business that will last for decades. That requires not only ambition, but also structure, ethics, and long-term thinking. The upgraded outlook from S&P is a signal that we’re moving in the right direction,” Turlov says. Freedom Holding Corp. continues to demonstrate how a modern business can successfully combine scale, profitability, and resilience — without sacrificing transparency or social responsibility