Freedom Holdings Corp. (FRHC) SEC Filings & Earnings Calls

Insurance segment losses

“Insurance segment contributed net loss of $19.2 million.”

Credit loss provision increase

“Provision for expected credit losses increased by $12.8 million, or 266% to $17.7 million.”

Regulatory cap on insurance commissions

“Regulatory cap on commissions to insurance agents... reduced new business volumes during the period.” · word for word

Concentration risk from one market maker customer

“We earned fee and commission income from one market maker customer... of $89.8 million... representing 57% of our total fee and commission income.” · word for word

Controlled company governance risk

“Timur Turlov owns approximately 66.5% of our common stock as of July 29, 2026” · word for word

Related-party transactions with CEO-controlled entities

“customer liabilities in the amount of $12,091 million which were bank deposits from Turlov Family Office Securities (PTY) LTD held by the Company's subsidiary Freedom Bank KZ.” · word for word

Dilution risk from equity offering.

“2,374,356 shares issued, raising ~$300 million.”

Offering may not complete; forward-looking statements indicate uncertainty.

“There can be no assurance that the offering will be completed.” · word for word

Sovereign concentration risk

“92% of sovereign bonds we hold have been issued by the Republic of Kazakhstan” · word for word

Liquidity risk from repurchase agreements

“$1.0 billion, or 44%, of the trading securities held in our proprietary trading account were subject to securities repurchase obligations.” · word for word

Interest rate risk

“since January 2022 the NBK base rates have ranged from 10.25% to as high as 18% in March 2026” · word for word

Key person risk

“We are dependent on our executive management team, particularly Timur Turlov” · word for word

Dilution risk if offering proceeds; regulatory and market execution risk in Kazakhstan.

“Potential offering could dilute existing shareholders; cross-border regulatory complexity.”

Insurance regulatory cap on agent commissions

“The decrease was primarily driven by lower written insurance premiums as a result of the regulatory cap on commissions paid to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.” · word for word

Kazakhstan tax law change on sovereign securities

“The key change affecting the Company’s tax position is the introduction of a 10% income tax on interest income and realized capital gains from Kazakhstani sovereign securities” · word for word

Customer cashback loyalty program reducing banking fee income

“The decrease was primarily driven by active use by our customers of a cashback-based loyalty program, with cashback amounts reflected as a reduction of banking service revenue.” · word for word

Concentration risk from single market maker customer

“During the three months ended December 31, 2025 and December 31, 2024, we earned fee and commission income from a market maker customer at our subsidiary Freedom Global of $85.6 million and $77.4 million, representing 68% and 54%, respectively, of our total fee and commission income for that period.” · word for word

Kazakhstan Tax Law Change

“The key change affecting the Company’s tax position is the introduction of a 10% income tax on interest income and realized capital gains from Kazakhstani sovereign securities, which are now subject to taxation within a separate income category.” · word for word

Kazakhstan Tenge Depreciation

“Due to a 9% depreciation of the Kazakhstan tenge against the U.S. dollar during the six months ended September 30, 2025, we realized a foreign currency translation loss of $107.3 million for the six months ended September 30, 2025.” · word for word

Insurance Regulatory Cap

“The decrease was primarily driven by lower written insurance premiums as a result of the regulatory cap on commissions paid to insurance agents for policies associated with bank and microfinance loan products, which reduced new business volumes during the period.” · word for word

Credit Loss Deterioration

“The increase in the provision during the period was primarily attributable to a deterioration in macroeconomic conditions and other factors impacting the estimated probability of default in our loan portfolio.” · word for word

Customer Concentration

“During the three months ended September 30, 2025 and September 30, 2024, we earned fee and commission income from a market maker customer at our subsidiary Freedom Global of $97.2 million and $71.4 million, representing 74% and 59%, respectively, of our total fee and commission income for that period.” · word for word