Freedom Holding Corp. (FRHC): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico dos mercados financeiros emergentes, a Freedom Holding Corp. (FRHC) surge como uma força transformadora, navegando estrategicamente nos terrenos complexos do ecossistema econômico em evolução da Ásia Central. Ao misturar perfeitamente inovação tecnológica, agilidade regulatória e uma profunda compreensão das nuances do mercado regional, o FRHC está redefinindo os serviços financeiros em todo o Cazaquistão, Uzbequistão e além. Esta análise abrangente de pestles revela as estratégias multifacetadas e as adaptações ambientais que posicionam o FRHC como uma instituição financeira pioneira pronta para o crescimento exponencial na fronteira de investimento digital.

Freedom Holding Corp. (FRHC) - Análise de pilão: Fatores políticos

Ambiente político estável do Cazaquistão

O Cazaquistão mantém a Índice de Estabilidade Política de 0,47 em 2024, classificando 87º globalmente de acordo com os indicadores de governança do Banco Mundial. A continuidade política do país apoia diretamente as operações financeiras da FRHC na Ásia Central.

Métrica de estabilidade política	Pontuação do Cazaquistão (2024)
Índice de Estabilidade Política	0.47
Ranking de governança global	87º

Cenário regulatório para instituições financeiras

O Cazaquistão implementou reformas regulatórias significativas para atrair instituições financeiras estrangeiras:

• Restrições de propriedade estrangeira reduziram de 50% para 75% no setor de serviços financeiros
• Procedimentos de registro simplificados para empresas financeiras internacionais
• Barreiras burocráticas reduzidas para transações financeiras transfronteiriças

Reformas do governo pró-negócios

O governo do Cazaquistão introduziu medidas abrangentes de liberalização econômica, incluindo:

Área de reforma	Principais mudanças
Proteção ao investimento	Estruturas legais aprimoradas para investidores estrangeiros
Incentivos fiscais	Reduziu as taxas de imposto corporativo em 2% para serviços financeiros
Transparência regulatória	Implementou plataformas de governança digital

Liberalização econômica do mercado emergente

O índice de liberdade econômica do Cazaquistão melhorou para 58,4 pontos em 2024, indicando políticas progressivas orientadas para o mercado que beneficiam instituições financeiras como o FRHC.

• Índice de Liberdade Econômica: 58.4
• Entrada de investimento direto estrangeiro: US $ 4,3 bilhões em 2023
• Classificação de abertura do setor financeiro: 42º globalmente

Freedom Holding Corp. (FRHC) - Análise de pilão: Fatores econômicos

Expandindo serviços financeiros em todo o Cazaquistão, Uzbequistão e outros países da CEI

A Freedom Holding Corp. relatou ativos totais de US $ 1,324 bilhão em 30 de setembro de 2023. A Companhia opera subsidiárias de corretagem licenciada no Cazaquistão, Uzbequistão e Chipre.

País	Subsidiária	Status operacional	Licença regulatória
Cazaquistão	Finanças da liberdade	Ativo	Licença completa do mercado de valores mobiliários
Uzbequistão	FINANCEIRA FILDAÇÃO Uzbequistão	Ativo	Licença de corretagem e revendedor
Chipre	Liberdade Financeiro Europa	Ativo	Autorização da empresa de investimentos

Aproveitando plataformas de investimento digital em crescimento e oportunidades de negociação de varejo

A Freedom Holding Corp. reportou 1,2 milhão de contas de negociação de varejo ativas em 30 de setembro de 2023, com os usuários da plataforma digital aumentando em 42% ano a ano.

Métricas de plataforma digital	2022	2023	Crescimento
Contas de negociação ativa	850,000	1,200,000	42%
Usuários da plataforma digital	650,000	925,000	42%

Beneficiando-se do aumento da riqueza de classe média e apetite ao investimento em mercados emergentes

O PIB do Cazaquistão per capita atingiu US $ 10.203 em 2022, com um crescimento projetado de 15% da classe média anualmente na região cis.

Indicador econômico	Cazaquistão	Uzbequistão
PIB per capita (2022)	$10,203	$2,198
Taxa de crescimento da classe média	15%	12%

Crescimento robusto de receita impulsionado pela criptomoeda e negociação de valores mobiliários tradicionais

A Freedom Holding Corp. relatou receita total de US $ 239,4 milhões para o ano fiscal de 2023, com o volume de negociação de criptomoedas aumentando em 65% em comparação com o ano anterior.

Fonte de receita	2022 ($ m)	2023 ($ m)	Crescimento
Receita total	$187.2	$239.4	28%
Negociação de criptomoedas	$42.5	$70.1	65%
Negociação de valores mobiliários	$144.7	$169.3	17%

Freedom Holding Corp. (FRHC) - Análise de pilão: Fatores sociais

Aumentada alfabetização financeira digital entre dados demográficos mais jovens na Ásia Central

De acordo com o banco de dados Global FindEx 2021, a propriedade de contas financeiras digitais no Cazaquistão atingiu 57% entre os adultos de 15 a 24 anos, com 42% especificamente usando plataformas bancárias móveis.

País	Taxa de alfabetização financeira digital (idades de 15 a 24)	Penetração bancária móvel
Cazaquistão	57%	42%
Uzbequistão	45%	35%
Quirguistão	38%	29%

Crescente demanda por serviços financeiros acessíveis e orientados pela tecnologia

O mercado da FinTech da Ásia Central deve crescer a um CAGR de 13,7% entre 2022-2027, com os volumes de transações digitais que atingem US $ 24,3 bilhões até 2025.

Ano	Volume de transação digital	Taxa de crescimento do mercado de fintech
2022	US $ 16,5 bilhões	11.2%
2025 (projetado)	US $ 24,3 bilhões	13,7% CAGR

Aceitação crescente de plataformas de negociação e investimento on -line

A base de clientes da Freedom Holding Corp. no Cazaquistão cresceu 37% em 2022, com contas de negociação on -line aumentando de 85.000 para 116.550 no mesmo período.

Ano	Total de contas de negociação online	Crescimento ano a ano
2021	85,000	-
2022	116,550	37%

Mudança cultural em direção a gestão financeira e estratégias de investimento

A participação do investidor no varejo no Cazaquistão aumentou de 2,3% em 2020 para 4,7% em 2022, indicando uma tendência crescente de envolvimento de investimentos pessoais.

Ano	Taxa de participação do investidor no varejo	Crescimento da conta de investimento
2020	2.3%	15.000 novas contas
2022	4.7%	35.000 novas contas

Freedom Holding Corp. (FRHC) - Análise de pilão: Fatores tecnológicos

Plataformas de negociação digital avançadas com interfaces móveis e baseadas na Web

Freedom Holding Corp. oferece plataformas de negociação digital com as seguintes especificações:

Recurso da plataforma	Especificação
Downloads de aplicativos móveis	Mais de 500.000 downloads a partir do quarto trimestre 2023
Tempo de resposta da plataforma da web	Aproximadamente 50 milissegundos
Instrumentos de negociação	Mais de 200 instrumentos financeiros disponíveis
Suporte da plataforma móvel	plataformas iOS e Android

Implementando medidas de segurança cibernética de ponta para proteção do cliente

Métrica de segurança cibernética	Desempenho
Investimento anual de segurança cibernética	US $ 2,3 milhões em 2023
Autenticação de dois fatores	98% de cobertura da conta do cliente
Padrão de criptografia	Criptografia SSL de 256 bits
Incidentes de violação de segurança	0 incidentes relatados em 2023

Utilizando tecnologias de negociação de blockchain e criptomoedas

Recurso de negociação de criptomoeda	Detalhes
Pares de negociação de criptomoedas	45 pares comerciais disponíveis
Velocidade da transação blockchain	Média de 3-5 segundos por transação
Volume de negociação de criptomoeda	US $ 127 milhões no quarto trimestre 2023
Criptomoedas suportadas	15 principais criptomoedas

Investimento contínuo em infraestrutura de fintech e inovação digital

Categoria de investimento em inovação	2023 Investimento
Despesas totais de P&D	US $ 5,7 milhões
AI e aprendizado de máquina	US $ 1,2 milhão
Desenvolvimento da plataforma digital	US $ 2,5 milhões
Pesquisa em tecnologia emergente	US $ 2 milhões

Freedom Holding Corp. (FRHC) - Análise de Pestle: Fatores Legais

Conformidade com as estruturas regulatórias financeiras do Cazaquistão

Freedom Holding Corp. é regulamentado pelas seguintes autoridades financeiras:

Órgão regulatório	Supervisão regulatória	Requisitos de conformidade
Agência de Supervisão Financeira do Cazaquistão	Regulamento completo de serviços financeiros	Índice de adequação de capital de 8%
Bolsa de Valores do Cazaquistão	Regulamentos de negociação e listagem	Requisitos mínimos de divulgação

Obtendo as licenças necessárias em várias jurisdições

País	Licença regulatória	Ano obtido
Cazaquistão	Licença abrangente de corretores	2010
Chipre	Licença da empresa de investimentos	2017
Estados Unidos	Corretora de membros da FINRA	2019

Aderir aos padrões internacionais de relatórios financeiros e negociação

Relatando os padrões de conformidade:

• IFRS (Padrões Internacionais de Relatórios Financeiros) totalmente implementados
• Os requisitos de relatório da SEC atendem aos valores mobiliários listados nos EUA
• Auditorias anuais de demonstração financeira realizadas por Ernst & Jovem

Navegando regulamentos de serviço financeiro transfronteiriço complexos

Área de conformidade regulatória	Requisito específico	Status de conformidade
Lavagem anti-dinheiro	Protocolos KYC (Conheça seu cliente)	Totalmente compatível
Negociação Internacional	Relatórios de transações transfronteiriças	100% relatando precisão
Proteção de dados	Leis de privacidade do GDPR e de dados locais	Conformidade certificada

Freedom Holding Corp. (FRHC) - Análise de Pestle: Fatores Ambientais

Compromisso com serviços financeiros digitais sem papel

A Freedom Holding Corp. relatou o volume de transações digitais de 87,3% em suas plataformas financeiras em 2023, reduzindo a documentação do papel em cerca de 412.000 folhas anualmente.

Métrica de Serviço Digital	2023 dados
Porcentagem de transações digitais	87.3%
Folhas de papel eliminaram	412,000
Usuários da plataforma digital	276,500

Reduzindo a pegada de carbono através da transformação digital

A infraestrutura digital da empresa reduziu as emissões de CO2 em 42,6 toneladas métricas em 2023, com a infraestrutura de computação em nuvem alcançando 68% de eficiência energética.

Métrica de redução de carbono	2023 desempenho
Redução de emissões de CO2	42,6 toneladas métricas
Eficiência energética de infraestrutura em nuvem	68%
Redução do consumo de energia do servidor	33.2%

Apoiar produtos de investimento sustentável e iniciativas financeiras verdes

A Freedom Holding Corp. alocou US $ 24,7 milhões a produtos de investimento sustentável em 2023, representando 12,4% do portfólio total de investimentos.

Métrica de investimento sustentável	2023 dados
Alocação total de investimento sustentável	US $ 24,7 milhões
Porcentagem de portfólio de investimentos	12.4%
Ofertas de produtos financeiros verdes	7 produtos distintos

Promoção de práticas de governança corporativa ambientalmente responsáveis

A Companhia implementou protocolos abrangentes de governança ambiental, com 94,6% das operações corporativas aderindo às diretrizes de prática sustentável em 2023.

Métrica de Governança Ambiental	2023 desempenho
Conformidade da prática sustentável	94.6%
Pontuação de auditoria ambiental	8.7/10
Investimentos de sustentabilidade corporativa	US $ 3,2 milhões

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.