Company: FRHC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000924805-25-000041
Chunk: 160

Company: Freedom Holding Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 160
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 30, 2025 from $14.5 million for the six months ended September 30, 2024. The $3.6 million decrease is attributable to a decrease in our average acquiring rate and overall decline in transaction turnover during the period.

Fee and commission income from banking services decreased by $32.7 million during the six months ended September 30, 2025. The decrease was primarily driven by active use by our customers of a cashback-based loyalty program. As part of our strategic approach, we do not prioritize revenue generation from banking service commissions. Instead, the loyalty program is leveraged to effectively reduce transaction costs for customers by supporting our customer base expansion and increasing engagement across the ecosystem.

Net gain on trading securities 

We had a net gain on trading securities of $82.7 million for the six months ended September 30, 2025, an increase of $66.5 million as compared to a net gain of $16.2 million for the six months ended September 30, 2024. The following table sets forth information regarding our net gains on trading activities during the three months ended September 30, 2025 and 

85

2024:(amounts in thousands)Realized Net GainUnrealized Net GainNet GainSix months ended September 30, 2025$52,786 $29,920 $82,706 Six months ended September 30, 2024 $15,241 $974 $16,215 

During the six months ended September 30, 2025, we had a realized gain on trading securities of $82.7 million, which is mostly attributable to Kazakhstani corporate debt securities sold during the six months ended September 30, 2025. Also, we recognized an unrealized net gain of $29.9 million during the same period due to an increase in the value of securities positions we held as of September 30, 2025. The majority of the unrealized net gain is attributable to Kazakhstan sovereign bonds.

During the six months ended September 30, 2024, we had a realized gain on trading securities of $15.2 million, which is attributable to Kazakhstan sovereign bonds sold during the six months ended September 30, 2024. Also, we recognized an unrealized net gain of $1.0 million during the same period due to the increase in the value of securities positions we held as of September 30, 2024. The majority of the unreal