Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 4

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 4
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 or prudential norms; • our ability to protect or enforce our intellectual property rights in our brands or proprietary technology; • our ability to retain key executives and recruit and retain personnel; • the impact of rapid technological change, including incorporation of artificial intelligence (AI) technologies into products and processes; • information technology, trading platform and other system failures, cybersecurity threats and other disruptions; • market risks affecting the value of our proprietary investments; • risks of non-performance by third parties with whom we have business relationships; • the creditworthiness of our trading counterparties, and banking and brokerage customers; • the impact of tax laws and regulations, and their changes, in any of the jurisdictions in which we operate; Table of Contents 4

• compliance with laws and regulations in each of the jurisdictions in which we operate, particularly those relating to the brokerage, banking and insurance industries; • the impact of armed conflict in Israel and Gaza, India-Pakistan conflict, and any possible escalation of such conflicts or contagion to neighboring countries or regions; • unforeseen or catastrophic events, including the emergence of pandemics, terrorist attacks, extreme weather events or other natural disasters, political discord or armed conflict; and • other factors discussed under "Risk Factors" in Part 1 Item 1A of this annual report. We operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on forward-looking statements. Forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management and apply only as of the date of this report or the respective dates of the documents from which they are incorporated by reference. We, except to the extent required by law, undertake no obligations to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, made by us or on our behalf, are also expressly qualified by these cautionary statements. The following discussion should be read carefully together with our audited consolidated financial statements and the related notes contained in Part II Item 8