Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 292

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 292
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%Agency fee income6,365 3,892 2,473 64 %Commission income from payment processing5,008 5,970 (962)(16)%Underwriting and market-making services1,527 1,214 313 26 %Bank services(18,929)1,872 (20,801)(1111)%Other fee and commission income621 725 (104)(14)%Total fee and commission income$132,238 $121,051 $11,187 9 %

75

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.

Three months ended September 30, 20252024(as a % of total fee and commission income)Brokerage services104 %89 %Commission income from payment processing4 %5 %Agency fee income5 %3 %Underwriting and market-making services1 %1 %Bank services(14)%2 %Other fee and commission income— %— %Total fee and commission income100 %100 %

Fee and commission income for the three months ended September 30, 2025 amounted to $132.2 million, reflecting a increase of $11.2 million or 9% compared to $121.1 million for the three months ended September 30, 2024. This increase was driven by multiple factors, including the factors discussed below.

Fee and commission income from brokerage services generated $137.6 million, representing a 28% increase from $107.4 million in the three 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 three 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 $97.2 million and $71.4 million, representing 74% and 59%, respectively, of our total fee and commission income for that period.

Fee and commission income from payment processing decreased to $5.0 million in the three months ended September 30, 2025 from $6.0 million for the three months ended September 30, 2024. The $1.0 million