Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 159

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 159
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,20252024Amount Change% ChangeBrokerage services240,523 200,545 39,978 20 %Commission income from payment processing10,942 14,533 (3,591)(25)%Agency fee income10,903 8,600 2,303 27 %Underwriting and market-making services4,432 5,916 (1,484)(25)%Bank services(28,309)4,388 (32,697)(745)%Other fee and commission income1,389 2,558 (1,169)(46)%Total fee and commission income$239,880 $236,540 $3,340 1 %

The following table sets out the components of our fee and commission income as a percentage of total fee and commission income, net for the periods presented.

Six months ended September 30, 20252024(as a % of total fee and commission income)Brokerage services100 %85 %Commission income from payment processing5 %6 %Agency fee income5 %4 %Bank services(12)%2 %Underwriting and market-making services2 %2 %Other fee and commission income— %1 %Total fee and commission income100 %100 %

Fee and commission income for the six months ended September 30, 2025 amounted to $239.9 million, reflecting a increase of $3.3 million or 1% compared to $236.5 million for the six months ended September 30, 2024. This decrease was driven by multiple factors, including the factors discussed below.

Fee and commission income from brokerage services generated $240.5 million, representing a 20% increase from $200.5 million in the six months ended September 30, 2024. This growth was primarily due to an increase in the number of retail brokerage customers from 555,000 as of September 30, 2024 to 776,000 as of September 30, 2025. During the six months ended September 30, 2025 and September 30, 2024, we earned fee and commission income from a market maker customer at our subsidiary Freedom Global of $169.5 million and $136.3 million, representing 71% and 58%, respectively, of our total fee and commission income for that period.

Fee and commission income from payment processing decreased to $10.9 million in the six months ended September