Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 321

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 321
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30, 2025, total revenue, net in the Banking segment decreased as compared to the six months ended September 30, 2024, mostly driven by a $57.7 million decrease in interest income due to a reduction in the size of the trading portfolio, a $32.4 million decrease in fee and commission income due to SuperApp cashback payments, a $2.8 million decrease in net gain on derivative due to decreased operations with such instruments, and a $2.8 million decrease in net gain on foreign exchange operations due to a depreciation of the U.S. dollar against the Kazakhstan tenge between the two periods. These decreases were partially offset by a $41.7 million increase in net gain on trading securities due to the price increase on the majority of the governmental securities, and a $13.2 million increase in other income.Insurance Segment

•In the six months ended September 30, 2025, total revenue, net in the Insurance segment decreased mainly due to $11.3 million decrease in insurance underwriting income. The decrease was partially offset by $4.8 million increase in net gain/(loss) on trading securities, a $4.4 million increase in interest income due to increase of trading portfolio, and a $1.1 million increase in other income.

              Other Segment

•In the six months ended September 30, 2025, total revenue, net in the Other segment decreased mostly due to a decrease of $14.9 million in net gain on foreign exchange operations from FRHC. The decline was attributable to a reduced appreciation of the U.S. dollar against the Kazakhstani tenge in the six months ended September 30, 2025 compared to the six months ended September 30, 2024. The Other income in the Other segment also decreased by $12.9 million mainly due to one-off transactions occurred during six months ended September 30, 2024. Fee and commission income declined by $2.6 million, which is primarily attributable to a decrease in Paybox's transaction volume following the cessation of operations of its counterparty that previously contributed significantly to such volume. These decreases were partially offset by an increase in sales of goods and services of $20.0 million, driven by our continued expansion into the telecommunications sector and higher order volumes 

96

and customer activity at Arbuz, as well as an increase in net gain on trading securities of $11.3 million between the two quarters.

Total expenses associated with our segments