Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

v3.25.4
SEGMENT REPORTING
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The following tables summarize the Company's Statement of Operations by its reportable segments for the periods presented. There are no revenues from transactions between the segments and intercompany balances have been eliminated in disclosures.
Three months ended December 31, 2025
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 132,194  $ (18,330) $ —  $ 12,225  $ 126,089 
Net (loss)/gain on trading securities (2,564) 51,771  (569) (5,160) 43,478 
Interest income 79,620  126,764  19,859  2,551  228,794 
Insurance premiums earned, net of reinsurance
 —  —  106,924  —  106,924 
Net (loss)/gain on foreign exchange operations (9,161) 53,739  (283) 1,479  45,774 
Net gain on derivative 8,591  9,631  —  8,318  26,540 
Sales of goods and services —  —  —  29,148  29,148 
Other income 923  11,963  3,943  5,045  21,874 
TOTAL REVENUE, NET 209,603  235,538  129,874  53,606  628,621 
Fee and commission expense 14,332  6,336  10,312  2,711  33,691 
Interest expense 9,327  89,541  1,444  27,603  127,915 
Insurance claims incurred, net of reinsurance —  —  77,937  —  77,937 
Payroll and bonuses 49,470  23,863  9,394  41,357  124,084 
Professional services 3,050  706  1,208  10,999  15,963 
Stock compensation expense 5,576  3,312  711  5,753  15,352 
Advertising and sponsorship expense 10,925  360  506  24,837  36,628 
General and administrative expense 14,423  19,943  2,344  34,706  71,416 
(Recovery of)/allowance for expected credit losses (231) 998  5,026  549  6,342 
Cost of sales —  —  —  25,348  25,348 
TOTAL EXPENSE 106,872  145,059  108,882  173,863  534,676 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 102,731  $ 90,479  $ 20,992  $ (120,257) $ 93,945 
Income tax (expense)/benefit (21,708) (10,927) 2,636  12,289  (17,710)
NET INCOME/(LOSS)
 $ 81,023  $ 79,552  $ 23,628  $ (107,968) $ 76,235 
Nine months ended December 31, 2025
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 377,244  $ (45,694) $ —  $ 34,419  $ 365,969 
Net gain on trading securities 17,112  96,337  7,953  4,782  126,184 
Interest income 222,724  357,096  54,252  4,955  639,027 
Insurance premiums earned, net of reinsurance —  —  385,409  —  385,409 
Net (loss)/gain on foreign exchange operations (7,183) 29,679  1,693  8,697  32,886 
Net gain on derivative 8,612  24,268  —  5,956  38,836 
Sales of goods and services —  —  —  66,370  66,370 
Other income/(expense) 2,238  25,816  5,475  (59) 33,470 
TOTAL REVENUE, NET 620,747  487,502  454,782  125,120  1,688,151 
Fee and commission expense 38,303  19,047  117,668  7,706  182,724 
Interest expense 34,068  241,281  5,428  62,807  343,584 
Insurance claims incurred, net of reinsurance —  —  238,145  —  238,145 
Payroll and bonuses 116,197  65,799  26,284  102,048  310,328 
Professional services 6,836  1,385  2,431  28,832  39,484 
Stock compensation expense 16,689  9,213  11,568  16,432  53,902 
Advertising and sponsorship expense 28,881  3,831  898  54,983  88,593 
General and administrative expense 36,347  46,808  6,403  69,389  158,947 
(Recovery of)/allowance for expected credit losses (2,165) 15,138  9,383  752  23,108 
Cost of sales —  —  —  54,390  54,390 
TOTAL EXPENSE 275,156  402,502  418,208  397,339  1,493,205 
INCOME/(LOSS) BEFORE INCOME TAX $ 345,591  $ 85,000  $ 36,574  $ (272,219) $ 194,946 
Income tax (expense)/benefit (63,586) (20,143) (6,279) 40,414  (49,594)
NET INCOME/(LOSS) $ 282,005  $ 64,857  $ 30,295  $ (231,805) $ 145,352 
Three months ended December 31, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 120,700  $ 8,598  $ —  $ 14,138  $ 143,436 
Net gain/(loss) on trading securities 20,905  66,773  3,319  (1,433) 89,564 
Interest income 72,828  135,222  15,378  1,260  224,688 
Insurance premiums earned, net of reinsurance
 —  —  177,472  —  177,472 
Net (loss)/gain on foreign exchange operations (2,621) (14,621) 2,301  18,886  3,945 
Net gain on derivative 1,078  10,770  —  41  11,889 
Sales of goods and services —  —  —  10,815  10,815 
Other income/(expense) 441  (372) (639) 3,339  2,769 
TOTAL REVENUE, NET 213,331  206,370  197,831  47,046  664,578 
Fee and commission expense 11,583  4,099  74,840  3,405  93,927 
Interest expense 15,774  101,864  2,963  10,535  131,136 
Insurance claims incurred, net of reinsurance —  —  104,511  —  104,511 
Payroll and bonuses 26,368  16,916  9,650  24,461  77,395 
Professional services 1,635  412  595  8,313  10,955 
Stock compensation expense 8,328  2,174  1,549  1,366  13,417 
Advertising and sponsorship expense 14,803  1,239  77  24,916  41,035 
General and administrative expense 10,048  11,237  4,374  28,215  53,874 
Allowance for expected credit losses 1,391  27,754  1,103  364  30,612 
Cost of sales —  —  —  9,388  9,388 
TOTAL EXPENSE 89,930  165,695  199,662  110,963  566,250 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 123,401  $ 40,675  $ (1,831) $ (63,917) $ 98,328 
Income tax (expense)/benefit (21,105) (6,223) (3,360) 10,497  (20,191)
NET INCOME/(LOSS)
 $ 102,296  $ 34,452  $ (5,191) $ (53,420) $ 78,137 
Nine months ended December 31, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 327,283  $ 13,592  $ 147  $ 38,954  379,976 
Net gain/(loss) on trading securities 31,874  69,616  7,053  (2,764) 105,779 
Interest income 188,465  423,271  45,342  3,938  661,016 
Insurance premiums earned, net of reinsurance
 —  —  467,224  —  467,224 
Net gain/(loss) on foreign exchange operations 9,722  (35,882) 3,696  40,977  18,513 
Net gain on derivative 2,409  28,241  —  41  30,691 
Sales of goods and services —  —  —  28,059  28,059 
Other income/(expense) 3,291  243  (193) 11,117  14,458 
TOTAL REVENUE, NET 563,044  499,081  523,269  120,322  1,705,716 
Fee and commission expense 25,224  9,950  213,888  15,849  264,911 
Interest expense 69,067  298,205  8,796  25,451  401,519 
Insurance claims incurred, net of reinsurance —  —  218,504  —  218,504 
Payroll and bonuses 67,534  46,757  24,266  62,572  201,129 
Professional services 5,891  576  1,302  18,699  26,468 
Stock compensation expense 19,925  6,305  4,353  5,505  36,088 
Advertising and sponsorship expense 41,449  3,132  541  50,242  95,364 
General and administrative expense 28,956  36,101  17,173  52,910  135,140 
Allowance for/(recovery of) expected credit losses
 1,484  36,775  1,500  (490) 39,269 
Cost of sales —  —  —  18,911  18,911 
TOTAL EXPENSE 259,530  437,801  490,323  249,649  1,437,303 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 303,514  $ 61,280  $ 32,946  $ (129,327) $ 268,413 
Income tax (expense)/benefit (45,940) (9,641) (9,544) 23,596  (41,529)
NET INCOME/(LOSS)
 $ 257,574  $ 51,639  $ 23,402  $ (105,731) $ 226,884 
The following tables summarize the Company's total assets and total liabilities by its business segments as of the dates presented. Intercompany balances have been eliminated for separate disclosure.
December 31, 2025
Brokerage Banking Insurance Other Total
Total assets $ 5,882,884  $ 5,027,954  $ 818,204  $ 647,768  $ 12,376,810 
Total liabilities 4,643,790  4,420,376  627,376  1,290,421  10,981,963 
Net assets $ 1,239,094  $ 607,578  $ 190,828  $ (642,653) $ 1,394,847 
March 31, 2025
Brokerage Banking Insurance Other Total
Total assets $ 4,344,555  $ 4,441,315  $ 712,352  $ 415,795  $ 9,914,017 
Total liabilities 3,588,781  3,936,900  571,335  602,643  8,699,659 
Net assets $ 755,774  $ 504,415  $ 141,017  $ (186,848) $ 1,214,358 

The following table presents revenues for the three and nine months ended December 31, 2025 and 2024, and long-lived assets as of December 31, 2025 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
Three months ended December 31, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 123,164  $ 235,413  $ 129,874  $ 46,226  $ 534,677 
Armenia 45,930  —  —  —  45,930 
Cyprus 36,196  —  —  4,600  40,796 
US 2,083  —  —  1,147  3,230 
Other 2,230  125  —  1,633  3,988 
TOTAL REVENUE, NET $ 209,603  $ 235,538  $ 129,874  $ 53,606  $ 628,621 
Nine months ended December 31, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 382,258  $ 487,216  $ 454,782  $ 98,770  $ 1,423,026 
Armenia 145,495  —  —  —  145,495 
Cyprus 83,043  —  —  13,352  96,395 
US 3,884  —  —  9,292  13,176 
Other 6,067  286  —  3,706  10,059 
TOTAL REVENUE, NET $ 620,747  $ 487,502  $ 454,782  $ 125,120  $ 1,688,151 
Three months ended December 31, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 131,923  $ 206,370  $ 197,831  $ 22,747  $ 558,871 
Armenia 61,150  —  —  —  61,150 
Cyprus 18,750  —  —  3,381  22,131 
US 840  —  —  19,413  20,253 
Other 668  —  —  1,505  2,173 
TOTAL REVENUE, NET $ 213,331  $ 206,370  $ 197,831  $ 47,046  $ 664,578 
Nine months ended December 31, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 385,376  $ 499,081  $ 523,269  $ 67,539  $ 1,475,265 
Armenia 122,319  —  —  —  122,319 
Cyprus 51,379  —  —  3,409  54,788 
US 2,240  —  —  47,175  49,415 
Other 1,730  —  —  2,199  3,929 
TOTAL REVENUE, NET $ 563,044  $ 499,081  $ 523,269  $ 120,322  $ 1,705,716 


December 31, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 23,536  $ 83,722  $ 6,768  $ 214,779  $ 328,805 
Right-of-use assets 17,212  7,902  2,117  14,698  41,929 
TOTAL LONG-LIVED ASSETS $ 40,748  $ 91,624  $ 8,885  $ 229,477  $ 370,734 
Kazakhstan 14,065  89,786  8,885  194,257  306,993 
Cyprus 12,773  —  —  28,374  41,147 
US 3,786  —  —  3,632  7,418 
Armenia 5,653  —  —  —  5,653 
Other 4,471  1,838  —  3,214  9,523 
TOTAL LONG-LIVED ASSETS $ 40,748  $ 91,624  $ 8,885  $ 229,477  $ 370,734 
March 31, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 20,713  $ 53,716  $ 2,461  $ 114,213  $ 191,103 
Right-of-use assets 21,101  7,684  2,532  8,511  39,828 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 
Kazakhstan 15,241  60,863  4,993  97,608  178,705 
Cyprus 15,178  —  —  21,791  36,969 
US 4,220  —  —  2,389  6,609 
Armenia 6,082  —  —  —  6,082 
Other 1,093  537  —  936  2,566 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 

Brokerage
Companies in the Brokerage segment offer securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, underwriting and market-making services to a global customer base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in the Brokerage segment also conduct proprietary securities trading.
The Group's services in this segment include providing customers with access to the world's largest stock exchanges and a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering customers with valuable insights and market intelligence to make informed investment
decisions. To ensure a seamless experience, the Group provides user-friendly trading applications that offer convenience and flexibility.
Banking
Companies in the Banking segment generate banking service fee and interest income by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate customers with innovative digital financial solutions. To ensure a seamless experience, the Banking segment it provides user-friendly trading applications that offer convenience and flexibility. Companies in the Banking segment also conduct proprietary securities trading activities.
Insurance
Companies in the Insurance segment offer products including life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Companies in the Insurance segment also conduct proprietary securities trading activities.
Other

Activities of companies in the Other segment include provision of payment processing services, financial educational center services, financial intermediary center services, financial consulting services, administrative management services, telecommunication services information processing services, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce application. The Other segment also includes transactions conducted by the Company in connection with repurchase agreements.