Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 208

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 208
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 foreign earnings distribution is impractical. In the event the earnings were distributed to the U.S., the Company would adjust its income tax provision for the period and would determine the amount of foreign tax credit that would be available. Tax loss carryforwards as of March 31, 2025 and March 31, 2024, was $27,280 and $30,472, respectively, in Cyprus and Kazakhstan. Table of Contents FREEDOM HOLDING CORP. NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 (All amounts in thousands of United States dollars, except share data, unless otherwise stated) 135

NOTE 9 - FIXED ASSETS, NET As of March 31, 2025 and 2024, fixed assets, net of the Company included the following: March 31, 2025 March 31, 2024 Buildings $ 36,270 $ 25,241 Office equipment 29,293 18,552 Telecommunications network infrastructure 37,663 — Construction in progress 40,002 8,165 Processing and storage data centers 21,848 13,316 Capital expenditures on leasehold improvements 12,789 7,941 Furniture 12,045 9,234 Land 11,820 10,938 Vehicles 9,021 1,591 Other 5,584 2,985 Less: Accumulated depreciation (25,232) (14,961) Total fixed assets, net $ 191,103 $ 83,002 Depreciation expense totaled $12,138, $6,806 and $4,083 for the years ended March 31, 2025, 2024 and 2023, respectively. During the year ended March 31, 2025, the Company capitalized $37.7 million related to telecommunications network infrastructure, primarily consisting of the installation and expansion of fiber-optic communication lines and related supporting equipment. This asset class was not present in the comparative period. Construction in progress as of March 31, 2025 and March 31, 2024, was $40.0 million and $8.2 million, respectively, and primarily includes costs related to the installation of fiber-optic communication lines, including construction services, labor, travel expenses, and materials to be capitalized upon acceptance. Table of Contents FREEDOM HOLDING CORP. NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31,