Freedom Holding Corp. (FRHC): Analyse du Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique des marchés financiers émergents, Freedom Holding Corp. (FRHC) apparaît comme une force transformatrice, naviguant stratégiquement sur les terrains complexes de l'écosystème économique évolutif de l'Asie centrale. En mélangeant parfaitement l'innovation technologique, l'agilité réglementaire et une compréhension approfondie des nuances du marché régional, le FRHC redéfinit les services financiers à travers le Kazakhstan, l'Ouzbékistan et au-delà. Cette analyse complète du pilon dévoile les stratégies à multiples facettes et les adaptations environnementales qui positionnent FRHC en tant qu'institution financière pionnière prête à la croissance exponentielle de la frontière des investissements numériques.

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs politiques

Environnement politique stable du Kazakhstan

Le Kazakhstan maintient un indice de stabilité politique de 0,47 En 2024, se classant 87e dans le monde en fonction des indicateurs de gouvernance de la Banque mondiale. La continuité politique du pays soutient directement les opérations financières du FRHC en Asie centrale.

Métrique de stabilité politique	Score du Kazakhstan (2024)
Indice de stabilité politique	0.47
Classement de la gouvernance mondiale	87e

Paysage réglementaire pour les institutions financières

Le Kazakhstan a mis en œuvre d'importantes réformes réglementaires pour attirer des institutions financières étrangères:

• Restrictions de propriété étrangère réduites de 50% à 75% dans le secteur des services financiers
• Procédures d'enregistrement simplifiées pour les sociétés financières internationales
• Réduction des obstacles bureaucratiques pour les transactions financières transfrontalières

Réformes du gouvernement pro-entreprise

Le gouvernement kazakh a introduit mesures de libéralisation économique complètes, y compris:

Zone de réforme	Changements clés
Protection contre les investissements	Cadres juridiques améliorés pour les investisseurs étrangers
Incitations fiscales	Réduction des taux d'imposition des sociétés de 2% pour les services financiers
Transparence réglementaire	Implémentation des plateformes de gouvernance numérique

Libéralisation économique du marché émergent

L'indice économique de la liberté du Kazakhstan s'est amélioré à 58,4 points en 2024, indiquant des politiques progressives axées sur le marché qui profitent aux institutions financières comme FRHC.

• Indice de liberté économique: 58.4
• Afflux d'investissement direct étranger: 4,3 milliards de dollars en 2023
• Classement d'ouverture du secteur financier: 42e à l'échelle mondiale

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs économiques

Élargir les services financiers à travers le Kazakhstan, l'Ouzbékistan et d'autres pays CIS

Freedom Holding Corp. a déclaré un actif total de 1,324 milliard de dollars au 30 septembre 2023. La société exploite des filiales de courtage agréées au Kazakhstan, en Ouzbékistan et à Chypre.

Pays	Filiale	Statut opérationnel	Licence réglementaire
Kazakhstan	Financement de la liberté	Actif	Licence complète du marché des valeurs mobilières
Ouzbékistan	Fidom Finance Uzbékistan	Actif	Licence de courtage et de concessionnaire
Chypre	Freedom Finance Europe	Actif	Autorisation de l'entreprise d'investissement

Tirer parti des plateformes d'investissement numérique croissantes et des opportunités de commerce de détail

Freedom Holding Corp. a déclaré 1,2 million de comptes de commerce de détail actifs au 30 septembre 2023, les utilisateurs de plate-forme numérique augmentant de 42% en glissement annuel.

Métriques de plate-forme numérique	2022	2023	Croissance
Comptes de trading actifs	850,000	1,200,000	42%
Utilisateurs de plate-forme numérique	650,000	925,000	42%

Bénéficier de l'augmentation de la richesse de la classe moyenne et de l'appétit d'investissement sur les marchés émergents

Le PIB par habitant du Kazakhstan a atteint 10 203 $ en 2022, avec une croissance projetée de la classe moyenne de 15% par an dans la région de la CIS.

Indicateur économique	Kazakhstan	Ouzbékistan
PIB par habitant (2022)	$10,203	$2,198
Taux de croissance de la classe moyenne	15%	12%

Une croissance robuste des revenus motivée par la crypto-monnaie et le trading de titres traditionnels

Freedom Holding Corp. a déclaré un chiffre d'affaires total de 239,4 millions de dollars pour l'exercice 2023, le volume de négociation de crypto-monnaie augmentant de 65% par rapport à l'année précédente.

Source de revenus	2022 ($ m)	2023 ($ m)	Croissance
Revenus totaux	$187.2	$239.4	28%
Trading de crypto-monnaie	$42.5	$70.1	65%
Trading en valeurs mobilières	$144.7	$169.3	17%

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs sociaux

Rising Digital Financial Literacy parmi les jeunes données démographiques en Asie centrale

Selon la base de données Global FindEx 2021, la propriété du compte financier numérique au Kazakhstan a atteint 57% parmi les adultes âgés de 15 à 24 ans, 42% utilisant spécifiquement les plateformes de banque mobile.

Pays	Taux de littératie financière numérique (15-24 ans)	Pénétration des services bancaires mobiles
Kazakhstan	57%	42%
Ouzbékistan	45%	35%
Kirghizistan	38%	29%

Demande croissante de services financiers accessibles et axés sur la technologie

Le marché de la fintech d'Asie centrale devrait croître à un TCAC de 13,7% entre 2022-2027, les volumes de transaction numériques qui devraient atteindre 24,3 milliards de dollars d'ici 2025.

Année	Volume de transaction numérique	Taux de croissance du marché fintech
2022	16,5 milliards de dollars	11.2%
2025 (projeté)	24,3 milliards de dollars	13,7% CAGR

Acceptation croissante des plateformes de trading et d'investissement en ligne

La clientèle de Freedom Holding Corp. au Kazakhstan a augmenté de 37% en 2022, les comptes de trading en ligne passant de 85 000 à 116 550 au cours de la même période.

Année	Comptes de trading en ligne total	Croissance d'une année à l'autre
2021	85,000	-
2022	116,550	37%

Suite culturelle vers la gestion financière personnelle et les stratégies d'investissement

La participation des investisseurs au détail au Kazakhstan est passée de 2,3% en 2020 à 4,7% en 2022, indiquant une tendance croissante de l'engagement des investissements personnels.

Année	Taux de participation des investisseurs de détail	Croissance des comptes d'investissement
2020	2.3%	15 000 nouveaux comptes
2022	4.7%	35 000 nouveaux comptes

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs technologiques

Plates-formes de trading numérique avancées avec des interfaces mobiles et Web

Freedom Holding Corp. propose des plateformes de trading numérique avec les spécifications suivantes:

Fonctionnalité de plate-forme	Spécification
Téléchargements d'applications mobiles	Plus de 500 000 téléchargements au T2 2023
Temps de réponse de la plate-forme Web	Environ 50 millisecondes
Instruments de négociation	Plus de 200 instruments financiers disponibles
Prise en charge de la plate-forme mobile	Plateformes iOS et Android

Mise en œuvre des mesures de cybersécurité de pointe pour la protection des clients

Métrique de la cybersécurité	Performance
Investissement annuel de cybersécurité	2,3 millions de dollars en 2023
Authentification à deux facteurs	Couverture du compte client à 98%
Norme de chiffrement	Cryptage SSL 256 bits
Incidents de violation de sécurité	0 Incidents signalés en 2023

Utiliser les technologies de trading de blockchain et de crypto-monnaie

Fonctionnalité de trading de crypto-monnaie	Détails
Paires de trading de crypto-monnaie	45 paires de trading disponibles
Vitesse de transaction de blockchain	Moyenne de 3 à 5 secondes par transaction
Volume de trading de crypto-monnaie	127 millions de dollars au quatrième trimestre 2023
Crypto-monnaies prises en charge	15 crypto-monnaies majeures

Investissement continu dans l'infrastructure fintech et l'innovation numérique

Catégorie d'investissement en innovation	2023 Investissement
Dépenses totales de R&D	5,7 millions de dollars
IA et apprentissage automatique	1,2 million de dollars
Développement de plate-forme numérique	2,5 millions de dollars
Recherche technologique émergente	2 millions de dollars

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs juridiques

Conformité aux cadres réglementaires financiers du Kazakhstan

Freedom Holding Corp. est réglementée par les autorités financières suivantes:

Corps réglementaire	Surveillance réglementaire	Exigences de conformité
Agence de supervision financière du Kazakhstan	Règlement complet sur les services financiers	Ratio d'adéquation du capital de 8%
Bourse du Kazakhstan	Règlements sur le trading et l'inscription	Exigences de divulgation minimales

Obtenir les licences nécessaires dans plusieurs juridictions

Pays	Licence réglementaire	Année obtenue
Kazakhstan	Licence complète de courtier	2010
Chypre	Licence de l'entreprise d'investissement	2017
États-Unis	Courtier membre de la FINRA	2019

Adhérer aux normes internationales de rapport financier et de négociation

Conformité des normes de rapport:

• IFRS (normes internationales d'information financière) entièrement mises en œuvre
• Exigences de déclaration de la SEC RÉPÉRIÉS POUR LES TELECTIONS LISTÉES US
• Audits annuels des états financiers effectués par Ernst & Jeune

Navigation de réglementation complexe de services financiers transfrontaliers

Zone de conformité réglementaire	Exigence spécifique	Statut de conformité
Anti-blanchiment	Protocoles KYC (Connaître votre client)	Pleinement conforme
Commerce international	Rapports de transaction transfrontaliers	Précision de rapport à 100%
Protection des données	RGPD et lois locales de confidentialité des données	Conformité certifiée

Freedom Holding Corp. (FRHC) - Analyse du pilon: facteurs environnementaux

Engagement envers les services financiers numériques sans papier

Freedom Holding Corp. a déclaré un volume de transactions numériques de 87,3% sur ses plateformes financières en 2023, réduisant la documentation papier d'environ 412 000 feuilles par an.

Métrique de service numérique	2023 données
Pourcentage de transaction numérique	87.3%
Feuilles de papier éliminées	412,000
Utilisateurs de plate-forme numérique	276,500

Réduire l'empreinte carbone grâce à la transformation numérique

L'infrastructure numérique de l'entreprise a réduit les émissions de CO2 de 42,6 tonnes métriques en 2023, l'infrastructure de cloud computing atteignant 68% d'efficacité énergétique.

Métrique de réduction du carbone	Performance de 2023
Réduction des émissions de CO2	42.6 tonnes métriques
Efficacité énergétique des infrastructures nuages	68%
Réduction de la consommation d'énergie du serveur	33.2%

Soutenir les produits d'investissement durable et les initiatives financières vertes

Freedom Holding Corp. a alloué 24,7 millions de dollars à des produits d'investissement durables en 2023, ce qui représente 12,4% du portefeuille total d'investissement.

Métrique d'investissement durable	2023 données
Allocation totale d'investissement durable	24,7 millions de dollars
Pourcentage du portefeuille d'investissement	12.4%
Offres de produits financiers verts	7 produits distincts

Promouvoir les pratiques de gouvernance d'entreprise respectueuses de l'environnement

La Société a mis en œuvre des protocoles de gouvernance environnementale complets, avec 94,6% des opérations d'entreprise adhérant à des directives de pratique durables en 2023.

Métrique de gouvernance environnementale	Performance de 2023
Conformité des pratiques durables	94.6%
Score d'audit environnemental	8.7/10
Investissements de durabilité des entreprises	3,2 millions de dollars

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Social factors

You're looking at Freedom Holding Corp.'s social landscape, and the biggest takeaway is that their explosive growth is directly tied to the digital-first culture of their core market, Kazakhstan. This isn't just a traditional financial firm; it's a fintech ecosystem built on a highly digital consumer base, plus they are making significant, measurable investments in the community, which is crucial for long-term social license (ESG).

Sociological

The company's growth trajectory is fundamentally a story of successful digital adoption. As of September 30, 2025, the total customer base across all business lines reached 6.1 million clients worldwide. This represents a massive user acquisition rate, especially when you consider the firm had a total of 5.3 million customers just a few months earlier, as of March 31, 2025. This kind of scale is only possible in a market that has already embraced digital finance.

Kazakhstan is defintely a highly digital market, which gives Freedom Holding Corp. a structural advantage. Data from the first seven months of 2025 shows that over 80% of all cashless transactions in the country were conducted via internet and mobile banking applications. The sheer volume of active online banking users, which reached 26.7 million as of May 2025, actually surpasses the country's total population of 20.3 million, highlighting the deep penetration of digital finance tools. This environment lowers the cost of customer acquisition and service for a 'Super App' model like Freedom's.

Here's the quick math on their customer growth across key segments for the fiscal year ended March 31, 2025, which shows where the momentum is:

Segment	Client Base (Mar 31, 2025)	Year-over-Year Growth
Banking Clients (Freedom Bank KZ)	2.5 million	+1.6 million (from 904,000)
Insurance Clients	1.2 million	+636,000 (from 534,000)
Brokerage Accounts	683,000	+153,000 (from 530,000)

Workforce and Social Investment

The company's commitment to local employment and social responsibility is a key social factor. The workforce expanded to 8,764 employees as of March 31, 2025, a significant increase of 2,567 people over the prior year. Critically, approximately 95% of the company's personnel are Kazakhstani staff. This high degree of localization reduces political risk and strengthens community ties.

In terms of corporate social responsibility, their external ESG-oriented investments for the 2025 financial year totaled $57.6 million (27.87 billion tenge). This is a substantial commitment that directly supports social and educational infrastructure, which is a major factor in public perception and talent pipeline development.

Key areas of this social investment include:

• Allocating $5.99 million (2.9 billion tenge) for flood relief and infrastructure restoration in western Kazakhstan.
• Investing $2.73 million (1.32 billion tenge) to build and equip an Artificial Intelligence facility at SDU University.
• Providing $2.64 million (1.28 billion tenge) for the construction of the Freedom Yelimay football complex for year-round training.
• Supporting the development of Data Science and Machine Learning specialists through the Freedom Fintech Bootcamp program.

This shows they are not just focused on financial returns; they are actively investing in the social capital of their primary operating region. What this estimate hides is the long-term return on that investment in terms of a better-educated, more skilled local workforce.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Technological factors

Freedom Holding Corp.'s technology strategy is about deep vertical integration, moving far beyond a traditional financial firm to become a full-stack digital ecosystem player. This aggressive push into Artificial Intelligence (AI) infrastructure and telecommunications, evidenced by major investments and acquisitions in the 2025 fiscal year, shows a clear intent to control the entire digital value chain for its customers.

The company is not just adopting technology; it's building the foundational digital infrastructure in Central Asia, a move that significantly derisks its operational continuity and creates high barriers to entry for competitors. It's a smart, long-term play.

Core strategy is building an integrated digital ecosystem centered on the Freedom SuperApp, launched in April 2024.

The cornerstone of Freedom Holding Corp.'s digital ecosystem is the Freedom SuperApp, which launched in April 2024. This application is a single, unified digital platform that integrates services across the entire holding company, a model rarely seen from a financial institution outside of Asia. The goal is to capture the customer's full wallet and daily digital life.

The SuperApp's success is defintely a key driver for the company's massive customer growth in fiscal year 2025. As of March 31, 2025, the banking client base at Freedom Bank KZ surged to approximately 2.5 million customers, a huge leap from 904,000 the previous year. By November 2025, the SuperApp had already surpassed 2 million users, and by early June 2025, total downloads were over 2.3 million. That's a serious growth engine.

The SuperApp integrates a broad range of services:

• Brokerage and banking services.
• Insurance products.
• E-commerce and retail shopping.
• Telecom services (post-acquisition).
• Lifestyle features like ticket purchasing.

Announced plans to build a $2 billion Sovereign AI Hub in Kazakhstan, powered by NVIDIA.

The most significant technological announcement in late 2025 was the plan to develop a $2 billion Sovereign AI Hub in Kazakhstan. This is a massive capital commitment and a clear signal of the company's future direction: AI-driven services. The agreement was signed on November 7, 2025, with the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan.

Freedom Holding Corp. will be the principal financing and implementation partner, with the hub powered by sovereign exascale NVIDIA AI infrastructure. This partnership with NVIDIA Corporation is crucial, as it provides access to the world's leading AI hardware and software ecosystem. The planned facility is designed to have 100 MW of available power, a substantial capacity that underscores the scale of the project. This hub is a national-level strategic asset that will accelerate Kazakhstan's and Central Asia's AI leadership, positioning Freedom Holding Corp. at the center of regional digital transformation.

Allocated $2.73 million (1.32 billion tenge) to equip a new Artificial Intelligence facility at SDU University.

The company is also investing in the talent pipeline necessary to support its AI ambitions. In its 2025 fiscal year, Freedom Holding Corp. allocated 1.32 billion tenge (approximately $2.73 million) for the construction and equipping of a new Artificial Intelligence facility at SDU University (Suleyman Demirel University). This is a direct, concrete investment in future R&D capacity.

The new, modern campus opened in March 2025 and is now a research center focused on fintech, AI, and digital technologies. Additionally, the company allocated another 62.77 million tenge ($0.13 million) to the Freedom Fintech Bootcamp program, specifically for training specialists in Data Science and Machine Learning. You can see the full picture of their key technology-related ESG investments for the 2025 fiscal year here:

Initiative	Amount (Tenge)	Amount (USD)	Purpose
SDU University AI Facility	1.32 billion	$2.73 million	Construction and equipping of AI and fintech research center.
Freedom Fintech Bootcamp	62.77 million	$0.13 million	Training specialists in Data Science and Machine Learning.
ICPC World Finals 2024 Hosting	1.86 billion	$3.84 million	Supporting a major global competitive programming event.

Diversified into telecommunications with the April 2025 acquisition of Astel Group Ltd. for $22.6 million.

To ensure its digital ecosystem has the necessary infrastructure, Freedom Holding Corp. diversified into telecommunications. On April 30, 2025, the company, through its subsidiary Freedom Telecom, completed the acquisition of 100% of Astel Group Ltd. for $22.6 million. This acquisition is a strategic move to vertically integrate the network infrastructure.

Astel Group Ltd. is Kazakhstan's largest independent fixed-line operator, which is important because it serves the high-value B2G (Business-to-Government) and B2B (Business-to-Business) segments with telecommunications and advanced IT solutions, including information security and cloud services. This gives Freedom Holding Corp. a new revenue stream and, more importantly, control over a critical part of the digital delivery network for its financial products, which should reduce operational costs and improve service quality in the long run.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Legal factors

Subject to an ongoing SEC investigation and past regulatory penalties, raising legal and compliance risks.

You're operating a U.S.-listed financial conglomerate with a global footprint, so you're defintely going to face intense scrutiny, and Freedom Holding Corp. (FRHC) is no exception. The company is regulated by the U.S. Securities and Exchange Commission (SEC) and must navigate U.S. securities laws, but the real legal risk often stems from its complex, multi-jurisdictional operations.

While an external review commissioned by the company in January 2024 contradicted many short-seller allegations of widespread malfeasance, the existence of those allegations alone creates a persistent legal overhang. The company's own filings acknowledge the risk of sanctions or investigations by the SEC or other regulatory authorities for failure to comply with laws like the Sarbanes-Oxley Act of 2002. This is a constant, high-stakes compliance battle.

Must maintain various securities, banking, and insurance licenses across 22 countries of operation.

The sheer scale of Freedom Holding Corp.'s operations means it's juggling a massive licensing portfolio, which is a significant legal and operational burden. The company operates across 22 countries, and each jurisdiction has its own set of rules for financial services.

Maintaining these licenses requires continuous compliance with local securities, banking, and insurance regulations, and any misstep in one country can trigger cross-border regulatory action. For instance, as of early 2025, the company was actively in the process of obtaining a brokerage license in Turkey, demonstrating the ongoing complexity of its expansion strategy.

Here is a snapshot of the key regulatory oversight areas for Freedom Holding Corp. as of the 2025 fiscal year:

License Type	Primary Regulators (Examples)	Geographic Scope
Securities/Brokerage	SEC (U.S.), CySEC (Cyprus), AFSA (Kazakhstan)	22 Countries (U.S., Europe, Central Asia)
Banking	National Bank of Kazakhstan (NBK)	Kazakhstan (Freedom Bank KZ)
Insurance	ARDFM (Kazakhstan Agency for Regulation and Development of Financial Market)	Kazakhstan (Freedom Life, Freedom Insurance)

Faces scrutiny over past Anti-Money Laundering (AML) and Know-Your-Customer (KYC) compliance deficiencies.

The core of the compliance risk, particularly in emerging markets, is Anti-Money Laundering (AML) and Know-Your-Customer (KYC) adherence. The company has faced public scrutiny over alleged past deficiencies in these areas, especially regarding transactions with sanctioned entities and individuals.

To be fair, the company has responded by asserting it has robust global and local sanctions and AML procedures in place. This isn't just a boilerplate statement; they are actively integrating their KYC/AML compliance suite with a globally recognized database. This database contains information from more than 715 lists submitted by international and national security and law enforcement agencies, which is a concrete step to mitigate risk.

• Integrate compliance suite with a database of 715+ sanction lists.
• Use the database for both customer onboarding and ongoing monitoring.
• Subject its non-U.S. subsidiaries to internal compliance policies for anti-corruption laws.

NASDAQ listing requires rigorous adherence to U.S. public company reporting obligations.

Being a U.S. public company listed on the NASDAQ Capital Market means Freedom Holding Corp. must follow the most stringent financial reporting rules in the world. This requires a significant commitment of resources and management oversight, plus substantial auditing, accounting, and legal fees.

The scale of this obligation is underscored by the company's size: its total assets grew to $9.9 billion as of March 31, 2025, and its market capitalization exceeded $8 billion at that time. Furthermore, the aggregate market value of common equity held by non-affiliates was approximately $5,738,457,223. This is a massive reporting responsibility. The inclusion of Freedom Holding Corp. in the Russell 3000® Index in June 2025 further increases its visibility to institutional investors, raising the stakes for every quarterly and annual filing.

Finance: Ensure the internal control over financial reporting is fully compliant with Sarbanes-Oxley Act requirements for the next filing cycle.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Environmental factors

Published its 2025 Sustainability Report, detailing a commitment to environmental, social, and governance (ESG) initiatives.

You're looking at a financial institution's environmental footprint, and honestly, the big picture is in the numbers. Freedom Holding Corp. (FRHC) made a definitive statement by publishing its annual Sustainability Report for the 2025 financial year on November 22, 2025. This isn't just a compliance exercise; it shows where capital is flowing for long-term risk mitigation and social license to operate.

The total volume of external Environment, Social, and Governance (ESG) oriented investments for the 2025 fiscal year was a substantial 27.87 billion tenge, which translates to approximately USD 57.6 million. That's a serious commitment. This capital was spread across education, social infrastructure, and environmental projects, demonstrating a holistic approach to sustainability, not just a narrow focus on carbon. Still, the environmental component is where the near-term risk and opportunity mapping gets interesting.

Allocated 2.9 billion tenge for flood relief and infrastructure projects in 2025.

When you operate in regions facing climate-related physical risks, like the severe floods seen in western Kazakhstan, a reactive but substantial response is a key indicator of operational resilience and community alignment. Freedom Holding Corp. allocated 2.9 billion tenge (about USD 5.99 million) to assist flood victims. This wasn't just a donation; the funds were specifically earmarked for the restoration of vital facilities and the construction of protective dams. That's a concrete action that directly mitigates future physical climate risk for the communities they serve.

Here's the quick math on their social and environmental allocations from the 2025 report:

ESG Initiative (2025 Fiscal Year)	Amount (Tenge)	Amount (USD Equivalent)	Strategic Focus
Flood Relief and Protective Dams	2.9 billion tenge	USD 5.99 million	Physical Climate Risk Mitigation & Social Stability
Green Energy Initiatives	200 million tenge	USD 0.41 million	Climate Transition & Sustainable Technology
COP29 Kazakhstan Pavilion	149.91 million tenge	USD 0.31 million	Global Climate Governance & Policy Influence

Invested 200 million tenge in green energy initiatives during the fiscal year.

The transition risk-the risk associated with a shift to a low-carbon economy-is a major factor for any large company. Freedom Holding Corp. is starting to position itself here by dedicating 200 million tenge (around USD 0.41 million) to promoting sustainable technologies and developing green energy. This investment, while smaller than the flood relief, is a forward-looking signal that they are defintely engaging with the 'E' in ESG beyond just philanthropy. It's about planting seeds in the sustainable technology space, which could help them diversify their business model over time.

The company's environmental work also includes other long-term projects that don't always get the headlines, but are crucial for regional ecology. One clean one-liner: They are actively working to restore the Aral Sea ecosystem.

Demonstrated engagement with global climate issues, including participation in COP29.

Engagement with global climate policy, like the UN's Conference of the Parties (COP), is a critical way to manage regulatory and reputational risk. Freedom Holding Corp. intensified its involvement in international climate events, notably by allocating 149.91 million tenge (about USD 0.31 million) for the construction of the Kazakhstan Pavilion at COP29.

What this participation hides is the policy influence. Their presence at COP29 resulted in the signing of two significant ESG agreements: one on natural resource preservation and another on the development of a carbon certification system in Kazakhstan. This shows an effort to shape the regulatory landscape in their core operating region, which is a smart strategic move for a financial services firm. Additionally, they are working on biodiversity conservation with the Ministry of Ecology, specifically on the restoration of the Turan tiger population.

Key environmental actions in 2025 include:

• Signed agreements on biodiversity conservation.
• Launched Freedom Fandomats for plastic and aluminum collection.
• Committed to Turan tiger population restoration.
• Signed agreements on carbon certification system development.

Next step: Finance and Strategy teams should model the potential return on investment for the 200 million tenge green energy allocation by the end of Q1 2026.