The owner of Freedom Holding Corp. Timur Turlov called Freedom's inclusion in the S&P 500 a realistic goal.

Founder and CEO of Freedom Holding Corp. Timur Turlov said that the company may become part of the S&P 500 index in the future. According to him, for this the holding needs to "grow a little more" — to bring capitalization to the level of 20-25 billion dollars. This is an increase of about 2.5 times from the current level, and Turlov calls this goal "absolutely realistic."

The head of the company estimates the direct benefit from getting into the index in money. If FRHC shares enter the S&P 500, Turlov expects to attract additional investments of almost $5-8 billion, which is about a third of the holding's free float. Timur Turlov formulates the key condition as follows: in order to pass the index committee "on such large and important indexes", it is necessary to increase business within the United States. The head of the holding recalled that Freedom has had an investment banking license in the United States for several years, and the structure itself is a broker licensed on the New York Stock Exchange.

What is the S&P 500 and why are they aiming there?

The S&P 500 is a stock index that unites about 500 of the largest publicly traded companies in the United States. It is called the broad market index because it is considered the main barometer of the American economy. To get into it, an issuer must pass the S&P Dow Jones Indices index committee: have an American "residence permit", positive profits in recent quarters, sufficient free float and liquidity of securities. One of the key parameters is a high market capitalization: the bar has grown over the years to about $20 billion and above.

The economic meaning lies in the mechanics of index funds. The S&P 500 is followed by hundreds of ETFs and passive funds, which are required to hold the securities of all its participants. As soon as a stock enters the index, these funds will buy it, which will create a steady inflow of capital and support the quotes. It is this effect that is behind Turlov's estimate of $5-8 billion.

Part of the path of Freedom Holding Corp. It's already passed. In May 2025, FRHC shares were included in the Russell 3000 index, covering about 98% of the invested US stock market, and later in the First Trust Financial AlphaDEX (FXO) exchange—traded fund, where Berkshire Hathaway, Goldman Sachs and Citigroup are adjacent.

Since February 10, 2026, Freedom Holding's securities have also been included in the ITS World global index, the flagship benchmark of the ITS platform in the jurisdiction of the AIFC, which unites 50 leading companies in America, Europe and Asia. In 2025, ITS World gained 25.5% compared to 16.4% for the S&P 500 itself.

Financial results of Freedom Holding Corp.

According to the results of the 2026 fiscal year (ended March 31, 2026), the revenue of Freedom Holding Corp. It reached a record $2.19 billion, an increase of 9% year—on-year and more than 26 times higher than at the time of listing on NASDAQ in 2019. Net profit doubled from $76.2 million to $153.3 million. Total assets increased by 33% to $13.16 billion, and diluted earnings per share amounted to $2.51.

Income of Freedom Holding Corp. they bring several directions. The largest item is interest income ($882.5 million), followed by net income from the insurance segment ($402.4 million) and profit from trading in securities ($158.8 million), obtained mainly on transactions with government debt and corporate securities of Kazakhstan. The banking segment increased assets by 21%, to $5.36 billion, and the loan portfolio by 29%, to $2.05 billion.

The customer base is also growing. The number of brokerage accounts increased by 26% to 858,000, and there were twice as many bank clients — 5.03 million against 2.52 million a year earlier. The audience of the Freedom SuperApp has exceeded 5 million users, and the daily active audience has grown from 1.02 million to 2.59 million people.

International expansion as a path to the goal

To reach a capitalization of $20-25 billion, Freedom Holding Corp. It scales the ecosystem beyond Kazakhstan and increases its capital. In June 2026, the holding company sold $300 million worth of SPO, which is about 3% of the shares with a free float of about 30%. Back in February, Turlov admitted in an interview with Bloomberg the possible launch of the superapp Freedom SuperApp for users in the United States.

In Europe, Freedom Holding Corp. Expanding to France: Freedom has applied for a banking license with the French regulator ACPR and announced its readiness to invest 500 million euros in a digital bank within five years. A license in France gives you a "European passport" — access to the entire EU market, where the company has had a broker for a long time, and a travel service is due to start operating this year.

In Turkey, the strategy is the same — to build a complete ecosystem. Freedom Holding has signed an agreement to purchase 99.32% of Turkish Bank A.Ş., is simultaneously developing the broker Freedom Yatırım and is preparing to transfer SuperApp to a market with a population of almost 90 million people. In the CIS, the company has already launched a digital bank from scratch in Tajikistan and obtained a license in Georgia. The market's confidence in this strategy is confirmed by international agencies: in June 2026, S&P Global Ratings upgraded the ratings of Freedom's four subsidiaries to BB, with a stable outlook.