Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 2

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 2
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holder Matters and Issuer Purchases of Equity Securities 61 Item 6. [Reserved] 62 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 86 Item 8. Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 175 Item 9A. Controls and Procedures 175 Item 9B. Other Information 175 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 175 PART III Item 10. Directors, Executive Officers and Corporate Governance 176 Item 11. Executive Compensation 176 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 176 Item 13. Certain Relationships and Related Transactions, and Director Independence 176 Item 14. Principal Accounting Fees and Services 176 PART IV Item 15. Exhibits, Financial Statement Schedules 177 Item 16. Form 10-K Summary 180 SIGNATURES 181 Table of Contents 3

FREEDOM HOLDING CORP. Except where the context otherwise requires or where otherwise indicated, references herein to the "Company," "we," "our," "us," "our company," "our business" and "Freedom" mean Freedom Holding Corp. together with its consolidated subsidiaries. References to "fiscal 2025," "fiscal 2024" and "fiscal 2023" (or similar references to a respective "fiscal year") mean the 12-month period ended March 31 of the relevant year. Special Note About Forward-Looking Information This annual report on Form 10-K contains forward-looking statements (as such phrase is used in the federal securities laws) which involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements, other than statements of historical fact, included herein and in the documents incorporated by reference in this annual report on Form 10-K are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding business strategy, digital fintech ecosystem development, customer base, features and performance of our products and services, including Freedom SuperApp, expansion into telecommunication, media and other markets, expected capital expenditures and plans to finance such capital expenditures, credit ratings, impact of new accounting pronouncements, information security, acquisitions, treasury