Timur Turlov Accelerates Global Expansion as Freedom Holding Corp. Reports $1.7 Billion Revenue and Eyes Hong Kong Capital Markets

Freedom Holding Corp. closed the first nine months of fiscal year 2026 with $1.7 billion in total net revenue. Third-quarter revenue reached $628.6 million, while net income amounted to $76.2 million for the quarter and $145.4 million for the nine-month period. Basic earnings per share stood at $1.27 for the quarter and $2.43 for the nine months ended December 31, 2025.

These figures reflect more than financial stability. They show the continued execution of a long-term strategy led by Timur Turlov to transform Freedom Holding Corp. into more than a brokerage company — a diversified international financial and technology ecosystem.

Customer Growth Across All Segments

As of December 31, 2025, Freedom Holding Corp. reported 7,2 million total customers across its core financial segments. In addition, the combined client base of all companies within Freedom Holding exceeds 11 million, reflecting the broader scale of the ecosystem.

Segment breakdown includes:

• Brokerage clients reached 828,000, up by 145,000 over nine months
• Banking customers grew to 4.5 million
• Insurance clients reached 1.2 million
• SuperApp users reached 4.3 million
• Non-financial service users totaled 0.7 million

Freedom Holding now employs more than 11,300 people across 21 countries, including the United States, Europe, and Central Asia.

Timur Turlov has emphasized that Freedom Holding is building an integrated operating environment. Brokerage accounts, digital banking, insurance services, ticket sales, mobile services, grocery delivery, and consumer finance are connected within one digital infrastructure. The SuperApp has become the most downloaded application in Kazakhstan and serves as the central interface for daily transactions and investment activity.

Capital Strategy: Dollar and Yuan Debt Under Consideration

To support expansion, Freedom Holding Corp. is evaluating capital market options beyond its existing NASDAQ listing. Timur Turlov confirmed that the company is considering both U.S. dollar and Chinese yuan denominated bond placements.

One potential structure involves issuing $300–500 million in bonds at the holding level. Another option would be a bank-level issuance through Freedom Bank. However, borrowing at yields around 9% has been described as too expensive, making pricing a critical factor in the final decision.

Freedom Holding has conducted non-deal roadshows in Hong Kong and is exploring the possibility of issuing Dim Sum bonds denominated in yuan. According to Timur Turlov, the yuan market could offer attractive long-term funding opportunities.

In parallel, Freedom Holding Corp. is considering a secondary share offering in Hong Kong. While NASDAQ remains the company’s primary listing venue, Hong Kong is viewed as a complementary capital channel to support expansion into Asian markets.

Expansion Beyond Central Asia

The growth strategy of Freedom Holding extends beyond Kazakhstan. The company is actively evaluating acquisitions and new banking licenses in multiple jurisdictions.

In Turkey, Freedom Holding has already obtained a brokerage license and is assessing the acquisition of a bank. Capital requirements for Turkish banks are estimated at approximately $300 million, creating potential consolidation opportunities.

In continental Europe, Freedom Holding Corp. is considering either acquiring a smaller lender or establishing a new bank in one of the traditional EU jurisdictions. While the specific country has not been disclosed, the objective is to gain direct access to regulated European banking infrastructure.

In Georgia, Freedom Holding received a banking license last year, strengthening its regional footprint.

At the same time, Timur Turlov has ruled out a return to Russia. Even in the event of geopolitical normalization, he has stated that the balance between risk and opportunity does not justify re-entry into that market.

Infrastructure and AI Investment

Beyond financial services, Freedom Holding Corp. is allocating significant resources to telecommunications infrastructure and data centers. The company plans to raise $200–300 million for telecom development and has signed an agreement to build a $2 billion AI-powered hub supported by NVIDIA infrastructure.

Initial chip investments could reach $100 million. The objective is to establish data centers capable of providing cloud services to enterprise clients, governments, and large technology firms such as Amazon and Microsoft.

This infrastructure strategy positions Freedom Holding not only as a financial intermediary but also as a technology platform operator. It also supports cross-border digital integration between Europe and China — a corridor that Kazakhstan increasingly aims to strengthen.

Strategic Agreement with OpenAI

One of the most significant institutional developments during FY2026 was the strategic agreement signed in Washington, D.C. between the Government of Kazakhstan, OpenAI, Inc., and Freedom Holding Corp.

Under the agreement:

• 165,000 teachers in Kazakhstan will gain access to ChatGPT Edu
• Freedom Holding Corp. will provide funding
• OpenAI will supply the platform and localization support
• The government will coordinate implementation at the national level

This initiative illustrates how Freedom Holding integrates education, technology, and public infrastructure within its broader ecosystem strategy.

A Multi-Layered Growth Model

The strategy of Timur Turlov is structured around three pillars:

1. Scaling customer growth across integrated services
2. Securing diversified capital through U.S. and Asian markets
3. Building technological infrastructure to support long-term digital expansion

With $1.7 billion in nine-month revenue, a consolidated client base exceeding 11 million across the ecosystem, and active capital market initiatives in both Hong Kong and the U.S., Freedom Holding Corp. is positioning itself as a regional financial leader with global ambitions.

Timur Turlov is not simply expanding geographically. He is constructing a cross-border ecosystem that connects brokerage, banking, infrastructure, and AI into a unified operating framework under Freedom Holding.