| DESCRIPTION OF BUSINESS |
DESCRIPTION OF BUSINESS Overview
Freedom Holding Corp. (the "Company" or "FRHC" and, together with its subsidiaries, the "Group") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services information, processing services and lifestyle services. The Company also owns several ancillary businesses, which complement its core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. The Company is the holding company of subsidiaries incorporated in Kazakhstan, Cyprus, the United States (USA), the United Kingdom (UK), Armenia, the United Arab Emirates (UAE), Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Turkey, and the Group also has representative offices in Austria, Belgium, Bulgaria, France, Germany, Greece, Italy, Lithuania, The Netherlands, Poland and Spain. The Company's subsidiaries in the United States include a broker-dealer that is registered with the United States Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). The Company's common stock is traded on the Nasdaq Capital Market, the Kazakhstan Stock Exchange ("KASE"), and the Astana International Exchange ("AIX"). The Company's common stock is included in the Russell 3000® Index.
As of June 30, 2025, the Company owned, directly or indirectly, the following subsidiaries:
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| Name of subsidiary |
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Jurisdiction of Incorporation |
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Business Area |
| Brokerage Segment |
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Freedom Finance JSC ("Freedom KZ") |
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Kazakhstan |
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Securities broker-dealer |
Freedom Finance Global PLC ("Freedom Global") |
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Kazakhstan |
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Securities broker-dealer |
| Freedom Finance Europe Limited ("Freedom EU") |
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Cyprus |
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Securities broker-dealer |
| Freedom Finance Armenia LLC ("Freedom AR") |
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Armenia |
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Securities broker-dealer |
Freedom Capital Markets ("FCM") |
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USA |
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Securities broker-dealer |
| Foreign Enterprise LLC Freedom Finance |
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Uzbekistan |
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Securities broker-dealer |
| Freedom Broker LLC |
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Kyrgyzstan |
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Securities broker-dealer |
| Freedom Broker Global Markets Ltd |
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UAE |
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Securities broker-dealer |
| FREEDOM YATIRIM MENKUL DEĞERLER ANONİM ŞİRKETİ |
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Turkey |
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Securities broker-dealer |
| Banking Segment |
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Freedom Bank Kazakhstan JSC ("Freedom Bank KZ") |
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Kazakhstan |
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Commercial bank |
Freedom Bank Tajikistan CJSC ("Freedom Bank TJ") |
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Tajikistan |
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Commercial bank |
| OUSA Nova LLP |
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Kazakhstan |
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Stress asset management company |
| Insurance Segment |
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| Freedom Finance Life JSC ("Freedom Life") |
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Kazakhstan |
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Life/health insurance |
| Freedom Finance Insurance JSC ("Freedom Insurance") |
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Kazakhstan |
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General insurance |
| Other segment |
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| Ticketon Events LLP ("Ticketon") |
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Kazakhstan |
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Online ticket sales |
| Freedom Digital Exchange Closed Joint-Stock Company |
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Kyrgyzstan |
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Digital asset services |
| Chiptahoi Muosir LLC |
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Tajikistan |
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Online ticket sales |
| Ticketon Events KG LLC |
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Kyrgyzstan |
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Online ticket sales |
| Ticketon LLC |
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Uzbekistan |
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Online ticket sales |
| Freedom Finance Special Purpose Company LTD ("Freedom SPC") |
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Kazakhstan |
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Issuance of debt securities |
| Freedom Finance Commercial LLP |
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Kazakhstan |
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Sales consulting |
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| Freedom Technologies LLP ("Paybox") |
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Kazakhstan |
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Payment services |
| Freedom Processing LLP |
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Kazakhstan |
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IT Solutions and products processes data for payment services |
| Freedom Pay LLP |
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Kazakhstan |
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Payment platform |
| Paybox Money LLP |
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Kazakhstan |
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Implementation of payment services |
| Freedom Pay Kyrgyzstan |
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Kyrgyzstan |
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Provision of payment services |
| Freedom Payments LLC |
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Uzbekistan |
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Provision of payment services |
| Aviata LLP |
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Kazakhstan |
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Online travel ticket aggregator |
| Internet-Tourism LLP |
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Kazakhstan |
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Online travel ticket aggregator |
| Arbuz Group LLP ("Arbuz") |
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Kazakhstan |
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Online retail trade and e-commerce |
| Prime Retail LLP |
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Kazakhstan |
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Online retail trade and e-commerce |
| Retail Prime Astana LLP |
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Kazakhstan |
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Online retail trade and e-commerce |
| Arbuz Pharma LLP |
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Kazakhstan |
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Retail (pharmaceuticals) |
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| Freedom Telecom Holding Limited ("Freedom Telecom") |
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Kazakhstan |
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Telecommunications |
| Freedom Telecom Operations LLP |
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Kazakhstan |
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Wireless telecommunications |
| Freedom Media LLP |
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Kazakhstan |
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Media and entertainment |
| Freedom Cloud LLP (formerly, DITel LLP) ("Freedom Cloud") |
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Kazakhstan |
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Telecommunications |
SilkNetCom LLP ("SilkNetCom") |
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Kazakhstan |
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Telecommunications |
Elitecom LLP ("Elitecom") |
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Kazakhstan |
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Telecommunications |
Astel Group LTD |
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Kazakhstan |
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Activities of holding companies |
| Arna-Sprint Data Communications JSC |
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Kazakhstan |
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Rental and leasing of other personal items and household goods |
| Astel JSC |
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Kazakhstan |
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Other wireless telecommunications |
| Freedom Kazakhstan PC Ltd |
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Kazakhstan |
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Holding company |
| Freedom Advertising Ltd |
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Kazakhstan |
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Advertising |
| Freedom Shapagat Corporate Fund |
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Kazakhstan |
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Non-profit |
| Freedom Holding Operations LLP |
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Kazakhstan |
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Hiring and recruitment |
| Freedom Horizons LLP |
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Kazakhstan |
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Business consulting and services |
| CLUB T LLP |
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Kazakhstan |
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Restaurant and cafe operations |
| CLUB T ASTANA LLP |
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Kazakhstan |
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Restaurant and cafe operations |
| Freedom Finance Azerbaijan LLC |
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Azerbaijan |
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Financial educational center |
| Freedom Finance FZE. |
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UAE |
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Consulting |
| Freedom Management Ltd. |
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UAE |
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Consulting |
| Freedom Holding Telecom International FZE |
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UAE |
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Telecommunications |
| Freedom Finansial Hizmetler Anonim Şirketi |
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Turkey |
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Financial consulting |
| Freedom Finance Technologies Ltd |
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Cyprus |
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IT development |
| Freedom Prime UK Limited ("Prime UK") |
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UK |
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Management consulting |
| Freedom Finance Germany GmbH |
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Germany |
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Tied Agent of Freedom EU |
| Freedom Structured Products PLC |
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Cyprus |
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Financial services |
| Freedom24 Chess Masters LTD |
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Cyprus |
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Chess academy |
| Freedom Property Ltd |
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Cyprus |
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Asset management company |
| Freedom24 Bulgaria VCC |
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Bulgaria |
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Tied Agent of Freedom EU |
| Freedom24 Greece Single Members P.C |
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Greece |
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Tied Agent of Freedom EU |
| Freedom24 Poland LTD |
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Poland |
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Tied Agent of Freedom EU |
| Freedom24 Lithuania, UAB |
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Lithuania |
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Tied Agent of Freedom EU |
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| Freedom24 Iberia SL |
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Spain |
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Tied Agent of Freedom EU |
| Freedom24 Netherlands B.V. |
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Netherlands |
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Tied Agent of Freedom EU |
| Freedom24 Austria GmbH |
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Austria |
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Tied Agent of Freedom EU |
| Freedom24 France |
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France |
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Tied Agent of Freedom EU |
| FFIN Securities, Inc. |
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USA |
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Dormant |
| Freedom U.S. Market LLC |
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USA |
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Management company |
| LD Micro ("LD Micro") |
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USA |
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Event platform |
| Freedom US Technologies LLC |
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USA |
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Technology services |
| Total subsidiaries |
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72 |
Through its subsidiaries, the Company offers a diverse range of financial services, including banking, brokerage, and insurance, as well as lifestyle services such as online payments, travel, ticketing, e-commerce, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. It operates as a professional participant in the financial markets, holding banking and insurance licenses, as well as licenses to provide various services across multiple stock exchanges, including the Kazakhstan Stock Exchange (KASE), the Astana International Exchange (AIX), the Republican Stock Exchange of Tashkent (UZSE), and the Uzbek Republican Currency Exchange (UZCE). Additionally, it is a member of the New York Stock Exchange (NYSE) and the Nasdaq Stock Exchange (Nasdaq). Freedom EU enhances the Company's offerings by providing customers with operational support and access to investment opportunities in the United States and the European securities markets.
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