Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 145

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 145
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 they are generally not significantly impacted by inflation. The rate of inflation does, however, affect our expenses, including employee compensation, communications and information processing and office leasing costs, which may not be readily recoverable from our customers. To the extent inflation result in rising interest rates and has adverse impacts upon securities markets, it may adversely affect our results of operations and financial condition. Table of Contents 90

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA FREEDOM HOLDING CORP. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm - Deloitte LLP (PCAOB ID No. 1056) 87 Consolidated Balance Sheets as of March 31, 2025 and 2024 93 Consolidated Statements of Operations and Statements of Other Comprehensive Income for the years ended March 31, 2025, 2024 and 2023 94 Consolidated Statements of Shareholders' Equity for the years ended March 31, 2025, 2024 and 2023 96 Consolidated Statements of Cash Flows for the years ended March 31, 2025, 2024 and 2023 98 Notes to Audited Consolidated Financial Statements 101 Table of Contents 86

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Freedom Holding Corp. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Freedom Holding Corp. and subsidiaries (the "Group") as of March 31, 2025 and 2024, the related consolidated statements of operations and other comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group's internal control over financial reporting as of March 31, 2025, based on criteria established in Internal Control — Integrated Framework (