Freedom Holding Corp. (Nasdaq: FRHC) has closed its fiscal year 2026 with record results, and chief executive Timur Turlov used the moment to explain where he believes the company goes next.
Alongside the official earnings release published on June 2, Turlov held a live investor briefing on YouTube, walking shareholders through the numbers and the group’s next phase of growth. His central message was clear: Freedom’s telecom ambitions are no longer a side project. They are being built into what the company sees as a fourth major revenue pillar for the group.
From Kazakhstan Broker to Nasdaq-Listed Multinational
Freedom Holding Corp. started out as a brokerage firm in Kazakhstan and has since grown into a diversified financial and technology group with operations across 22 countries. The company has been listed on the Nasdaq Capital Market under the ticker FRHC since 2019. Since then, total revenue has increased more than 26 times.
Today, Freedom Holding Corp. is no longer just a broker. The company describes itself as a multinational investment and technology company built around a diversified model that brings together financial services, insurance, consumer services, and technology within a single ecosystem. Its brands include Freedom Bank, Freedom Insurance, Freedom Finance, and, increasingly, Freedom Telecom.
Record Fiscal 2026
The annual earnings report that preceded Turlov’s briefing showed strong headline numbers. For fiscal year 2026, which ended on March 31, 2026, Freedom Holding Corp. reported record total net revenue of $2.19 billion, compared with $2.00 billion a year earlier. Net income rose by approximately 101% year on year, from $76.2 million to $153.3 million.
The group’s three established segments – brokerage, banking, and insurance – remain the foundation of the business. But one smaller line in the report pointed to the direction Freedom is now trying to move in. Revenue from goods and services rose 143% to $97.4 million, mainly reflecting the company’s expansion into telecommunications following the acquisition of Freedom Cloud Holding.
What Timur Turlov Is Building
During the live earnings call, Turlov set out the strategic logic behind the move. Freedom Holding Corp. is building fiber-optic networks, rolling out 5G base stations, developing data centers, and preparing to launch a mobile virtual network operator. According to Turlov, the buildout is being funded from current profits, without the need for external financing.
Freedom Holding Corp. is already the second-largest data center operator in Kazakhstan. The company is developing sovereign cloud infrastructure modeled on the high-margin business logic of Amazon Web Services, with international corporations and Kazakh government agencies seen as potential anchor clients.
The data center strategy goes beyond cloud hosting. In November 2025, Freedom Holding Corp. signed a memorandum of understanding with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development and NVIDIA Corporation to develop a large-scale sovereign AI Hub in Kazakhstan. The project carries a projected investment of $2 billion and a planned site capacity of 100 MW. The hub is expected to run on exascale NVIDIA AI infrastructure, with Freedom Holding Corp. acting as the principal financing and implementation partner.
To formalize this direction, a dedicated entity – Freedom AI Ltd. – was registered at the Astana International Financial Centre in May 2026. It is intended to provide AI infrastructure services both inside the Freedom ecosystem and to external clients, including government agencies, banks, and international technology companies that require data localization and regional computing capacity.
On the wireless side, 220 5G base stations are already live. They are delivering Fixed Wireless Access, or FWA, home internet at speeds of up to 1 Gbps, with an average subscriber load of around 300 Mbps. The service has attracted 35,000 customers. Freedom Holding Corp. is also deploying SpaceX Starlink broadband as part of its telecom infrastructure expansion, adding satellite connectivity to its growing network portfolio across Kazakhstan and Central Asia.
In 2026, the company plans to launch MVNO services, which are currently in the final stages of regulatory licensing. That would allow Freedom to offer a converged product combining mobile services, home broadband, and urban Wi-Fi under one subscription.
Turlov summarized the investment thesis this way:
“Once the data centers are completed, they will start generating strong cash flow. Telecom will become the fourth major revenue line, capable of bringing in several billion dollars in the coming years. We already have offtake contracts signed that will ensure tens of millions of dollars in revenue from new facilities from their very first year of operation.”
He also framed the opportunity in terms of market positioning:
“This segment has the potential to add billions of dollars to our market capitalization. These investments will make us the strongest digital player across Central Asia.”
Freedom Telecom
Freedom Telecom was formally launched in 2023 as part of Freedom Holding Corp.’s strategy to build a vertically integrated digital ecosystem. The division covers fiber-optic infrastructure, including construction and leasing, as well as B2B and B2C broadband, public Wi-Fi networks, and data center operations.
As of fiscal year 2025, Freedom Holding Corp. had already capitalized $37.7 million in telecommunications network infrastructure, primarily fiber-optic lines and supporting equipment. That points to the scale of the physical buildout already underway before the NVIDIA-related AI infrastructure project became part of the public story.
The telecom push also connects directly with the company’s SuperApp. In Turlov’s vision, the app will eventually become the main entry point for banking, investing, insurance, connectivity and commerce across the region.
“Infrastructure is an investment spanning decades,” Turlov has noted publicly. “It does not deliver immediate results, but it determines where future technologies will be created and where major investments will go.”
For investors following FRHC on Nasdaq, the telecom and AI infrastructure buildout is both a cost center today and a potential source of future revaluation. Turlov is betting that, over time, it could change how the market sees Freedom Holding Corp. – not only as a financial group, but as a broader digital infrastructure player in Central Asia.
