Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 207

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 207
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,265) Income tax expense $ 28,425 $ 60,419 $ 42,776 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) 134

As of March 31, 2025 and 2023, income tax expense was comprised of the following: Year ended March 31, 2025 Year ended March 31, 2024 Year ended March 31, 2023 Current income tax charge Federal 4,054 34,623 22,387 Foreign 44,341 24,573 21,406 48,395 59,196 43,793 Deferred income tax charge Federal (12,715) 3,695 (2,606) Foreign (7,255) (2,472) 1,589 (19,970) 1,223 (1,017) Income tax expense $ 28,425 $ 60,419 $ 42,776 During the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Company realized net income before income tax $112,946, $435,371 and $235,938, respectively. During the same periods, the Company's effective tax rate was equal to 25.2%, 13.9% and 18.1%, respectively. Tax years ended from March 31, 2025 to March 31, 2020 are remains subject to examination by major tax jurisdictions. Income before income taxes includes the following components: Year ended March 31, 2025 Year ended March 31, 2024 Year ended March 31, 2023 United States $ (61,060) $ (66,053) $ (26,383) Foreign 174,006 501,424 262,321 Net income before income tax $ 112,946 $ 435,371 $ 235,938 As of March 31, 2025, the Company had undistributed earnings of certain foreign subsidiaries of $887,924. The Company intends to reinvest its foreign earnings indefinitely in the non-U.S. operations and therefore has not provided for any non- U.S. withholding tax that would be assessed on dividend distributions. The determination of the U.S. state income taxes upon a potential