Nasdaq-listed Freedom Holding Corp. reported record revenue for fiscal 2026, while net profit more than doubled year over year. But these results matter not only as the outcome of a successful year. They also create the financial foundation for the company’s next phase of development: international expansion. Europe, including France, is becoming one of Freedom’s key growth priorities, even as the company increasingly looks beyond Europe as well.
“Well, another financial year is behind us. And it was a good one,” Timur Turlov wrote on Instagram after the publication of the audited report. According to him, Freedom’s revenue reached $2.19 billion, 26 times higher than at the time of the company’s Nasdaq listing. Net profit doubled over the year, from $76 million to $153 million; assets increased by a third to $13.2 billion; and the number of clients exceeded 14 million.
This is especially important for Freedom Holding Corp. because the company has been actively investing in the development of its ecosystem. It has been building not only brokerage and banking businesses, but also a SuperApp, telecom, cloud infrastructure, media, e-commerce, travel, and other digital services. Typically, such an investment cycle can put pressure on profitability. Fiscal 2026 results suggested otherwise: Freedom was investing, expanding, and earning more at the same time.
The Freedom SuperApp remains the main gateway to the ecosystem. By March 2026, the number of app users had grown to over 5 million, with monthly active users increasing to 2.59 million compared to 1.02 million the previous year. The SuperApp brings together banking, payments, insurance, government services, tickets, delivery, travel, e-commerce, medical services, and a loyalty program.
Now this model may become the basis for international expansion. In Europe, Freedom already operates through Freedom Finance Europe, which is active in several countries, including France, Germany, Italy, Spain, Poland, the Netherlands, and other markets. France looks particularly interesting in this context: it is a mature, competitive, and highly regulated market where it is not enough for a digital bank or broker simply to offer access to investments. To succeed, a company needs a strong product, reliable infrastructure, customer trust, the right licenses, and a clear value proposition.
This is where Freedom’s strong fiscal 2026 results become a major advantage. Record revenue and doubled profit give the company more room to invest in licensing, local teams, technological adaptation, and marketing. Timur Turlov also noted on Instagram that the completion of the SEC’s nearly five-year review, in his view, opens a “direct path to raising capital and obtaining financial licenses in the U.S. and Europe.” For Freedom’s European expansion, including France, this could become one of the key factors.
Freedom Holding’s plans already extend beyond Europe. In recent months, Turlov and his team have also been looking at the markets of Pakistan and Mongolia. In interviews and public comments, Turlov has said that Freedom is actively studying Pakistan and is considering registering a bank branch in the country. He described Pakistan as a large, young, and promising market where a digital bank could be in demand thanks to low costs.
Pakistan is attractive to Freedom also because of its market dynamics. It is a country where digital financial services could serve a large young population that may find traditional banking infrastructure inconvenient or difficult to access. For Freedom, this is an opportunity to apply the ecosystem model it has already developed in Kazakhstan: to start with financial infrastructure and then gradually add payments, everyday services, and digital products.
Freedom Holding Corp’s interest in Mongolia is another sign that the company views international expansion more broadly than a simple Kazakhstan-Europe-Turkey route. According to recent media reports, Freedom Holding Corp. and the government of Mongolia signed an agreement to develop cooperation in several sectors, including electronics, finance, and innovation. Turlov also expressed interest in investing in Mongolia and studying opportunities in technology, communications, and other areas.
This geography shows that Freedom Holding Corp. is not building a one-off international story, but a broader international footprint. Europe and France may serve as a showcase for entering mature markets. Turkey could act as an important bridge between Europe, Central Asia, and the Middle East. Pakistan represents a bet on scale and demographics, while Mongolia offers a market where financial and technological solutions could be introduced while the country’s digital transformation is still at a relatively early stage.
For Freedom, this is an ambitious but logical next step. Its ecosystem has already shown that it can rapidly grow users and monetization in Kazakhstan. The banking segment has grown its assets, the brokerage business has expanded its client base, the SuperApp has become a daily point of contact with millions of users, and new areas such as telecom and cloud have begun contributing meaningfully to revenue.
The question now is whether Freedom can successfully transfer this model into different regulatory, cultural, and competitive environments. France will require compliance with European standards and competition with strong digital players. Pakistan will require adaptation to a large, young, and more price-sensitive market. Mongolia will require operating in a smaller market, but one with potentially high demand for infrastructure and technological solutions.
Fiscal 2026 results give Freedom Holding Corp. several of the key resources it needs for such expansion: profit, capital, a client base, and evidence that investments in the ecosystem are starting to work. If the company manages to maintain this balance between growth and efficiency, its record financial results may prove to be the beginning of a new chapter: Freedom’s transformation from a regional fintech holding company into a global ecosystem group.
