Financial Analysis

ACQUISITIONS OF SUBSIDIARIES Acquisition of Freedom Cloud Holding On April 30, 2025, the Company acquired 100% interest in Astel Group Ltd. (subsequently renamed on January 8, 2026 to Freedom Cloud Holding). Astel Group Ltd. is a provider of digital solutions and telecommunications services, and ranks among the largest telecom operators in Kazakhstan. Astel Group Ltd. provides advanced IT solutions including information security and cloud services. The purpose of the acquisition of Astel Group Ltd. was to use the acquired assets and licenses to develop our telecommunications business. As of April 30, 2025, the date of the acquisition of Astel Group Ltd., the fair value of net assets of Astel Group Ltd. was 21,646. The total purchase price was allocated as follows: As of April 30, 2025 ASSETS Cash and cash equivalents 7,631 Margin lending, brokerage and other receivables, net 5,047 Fixed assets, net 7,470 Current income tax asset 433 Right-of-use asset 92 Other assets, net 3,255 TOTAL ASSETS 23,928 LIABILITIES Margin lending and trade payables 1,139 Lease liabilities 92 Other liabilities 1,051 TOTAL LIABILITIES 2,282 Net assets acquired 21,646 Goodwill 997 Total purchase price 22,643

BusinessCombinationDisclosureTextBlock

"COMMITMENTS AND CONTINGENCIES Legal, regulatory and governmental matters As previously disclosed, since 2021, the Company and certain officers and directors have received subpoenas for documents and testimony from the SEC. The requested information relates to a number of topics related to an investigation, including settlement practices and relationships with certain institutional market maker customers of certain of our non- U.S. broker-dealer subsidiaries, and has included our accounting practices related to internalized trades, disclosures and internal controls. In the context of certain of those requests, on March 11, 2026, the Company and Companys controlling shareholder, chairman and chief executive officer, Timur Turlov received a Wells Notice from the SEC staff in connection with the Investigation. The Wells Notice provides that the SEC staff has made a ""preliminary determination"" to recommend that the SEC file a civil enforcement action against the recipients alleging violations of certain provisions of the U.S. federal securities laws. A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. The issuance of a Wells Notice may or may not result in such actions or proceedings, and in some cases where a Wells Notice has been issued the matter may be settled or dismissed. The Company and Mr. Turlov have challenged the SECs preliminary determination. We face risks and uncertainties in connection with th …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT SECURITIES ISSUED As of March 31, 2026 and 2025, outstanding debt securities of the Group included the following: Debt securities issued by: Principal Amount as of March 31, 2026 Principal Amount as of March 31, 2025 Interest rate Issue date Maturity date Denominated Currency Freedom SPC bonds due 2028 $ 269,722 $ 9.5% October, 2025 October, 2028 USD Freedom SPC bonds due 2028 200,170 200,305 1-2 years: 12% 3-5years: 10.39% December, 2023 December, 2028 USD Freedom SPC bonds due 2026 199,344 201,311 10.5% September, 2024 September, 2026 USD Freedom SPC bonds due 2027 198,492 10.0% May, 2025 May, 2027 USD Freedom SPC bonds due 2029 186,502 9.0% March, 2026 March, 2029 USD Freedom SPC bonds due 2027 98,982 8.0% May, 2025 May, 2027 EUR Freedom SPC bonds due 2026 65,057 64,801 5.5% October, 2021 October, 2026 USD Freedom SPC bonds due 2027 30,676 9.0% May, 2025 May, 2027 CNY Accrued interest 12,175 3,134 Total debt securities issued $ 1,261,120 $ 469,551 The Freedom SPC bonds are denominated in U.S. dollars, euros, Chinese yuans and were issued under Astana International Financial Centre (""AIFC"") law and trade on the AIX. FRHC is a guarantor of the Freedom SPC bonds. The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and 10.5%. The maturity dates for those bonds are in October and September 2026. Interest payments are due to be made semi-annually in April and October, and on a quarterly basis . For the first two years of Freedom SPC bonds due 2028, the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

INTANGIBLE ASSETS, NET As of March 31, 2026 and 2025, intangible assets, net of the Company included the following: March 31, 2026 March 31, 2025 Weighted-Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets Software 20 $ 42,841 $ (7,949) $ 22,945 $ (5,010) Trademark indefinite/3 19,549 (1,836) 18,596 Licenses 21 14,111 (2,171) 10,645 (1,705) Customer base 6 8,166 (4,992) 9,225 (4,284) Value added business 47 5,182 (3,479) 4,114 (2,161) Other intangible assets 12 4,558 (661) 2,766 (945) Total $ 94,407 $ (21,088) $ 68,291 $ (14,105) Total intangible assets, net $ 73,319 $ 54,186 Aggregate Amortization Expense For year ended 31.03.2026 $ 8,192 Estimated Amortization Expense For year ended 31.03.2027 $ 7,568 For year ended 31.03.2028 $ 7,019 For year ended 31.03.2029 $ 6,731 For year ended 31.03.2030 $ 6,405 For year ended 31.03.2031 $ 6,359 Amortization expense totaled $8,192, $5,020 and $7,797 for the years ended March 31, 2026, 2025 and 2024 respectively. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES The Group is subject to taxation in Kazakhstan, Kyrgyzstan, Cyprus, Uzbekistan, Germany, Tajikistan, Turkiye, the United Arab Emirates, the United Kingdom and the United States of America. The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2026 and March 31, 2025, were 21% for the United States, 20% for Kazakhstan (with a higher rate of 25% for banking activities), 20% Azerbaijan, 18% for Tajikistan, 10% for Kyrgyzstan, 15% for Germany, 15% for Cyprus, 25% for Turkiye, 25% for United Kingdom, 9% United Arab Emirates, 18% for Armenia and 15% for Uzbekistan. As of March 31, 2026 and March 31, 2025, deferred tax assets and liabilities of the Company were comprised of the following: Year ended March 31, 2026 Year ended March 31, 2025 Deferred tax assets: Provisions for contingent liabilities $ 2,100 $ Tax losses carryforward 21,479 4,871 Deferred acquisition costs and insurance reserves 27,204 6,669 Provision for impairment losses 19,510 12,181 Valuation allowance on unrecognized deferred tax assets (27,575) Deferred tax assets $ 42,718 $ 23,721 Deferred tax liabilities: Revaluation on trading securities $ 5,107 $ 874 Fixed and Intangible Assets 7,980 4,425 Other liabilities 1,038 Deferred tax liabilities $ 13,087 $ 6,337 Net deferred tax assets $ 36,183 $ 17,446 Net deferred tax liabilities $ 6,552 $ 62 The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the amount computed by multipl …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES At March 31, 2026, the Group was obligated under a number of noncancellable leases, predominantly operating leases of office space, which expire at various dates through 2034. The Group's primary involvement with leases is in the capacity as a lessee where a Group lease premises to support its business. The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. Operating lease liabilities and right-of-use (ROU) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Company's collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. Certain of these leases also have extension or termination options, and the Company assess the likelihood of exercising such options. If it is reasonably certain that the Group will exercise the options to extend, then we include the impact in the measurement of our right-of-use assets an …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent accounting pronouncements Adoption of ASU 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts Effective for annual periods beginning April 1, 2025, the Company adopted ASU 2018-12, Financial Services Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by ASU 2019-09 and ASU 2020-11 (collectively, ""LDTI""), using the modified retrospective transition method with a transition date of April 1, 2023. LDTI changed existing recognition, measurement, presentation, and disclosure requirements for long-duration insurance contracts. The principal changes affecting the Company are: (1) a requirement to review and, if there is a change, update cash flow assumptions used to measure the liability for future policy benefits (LFPB) at least annually and to update the discount rate assumption quarterly, with assumption changes recognized within Insurance claims and policyholder benefits, net of reinsurance and discount rate changes recognized within Change in discount rate on liability for future policy benefits, net of tax in other comprehensive income; (2) simplified amortization for deferred acquisition costs (DAC) on a constant-level basis over the expected contract term, replacing the previous coverage-period approach; and (3) enhanced financial statement presentation and disclosures, including disaggregated rollforwards of the LFPB and DAC. The Company applied the modified retrospective tra …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"RELATED PARTY TRANSACTIONS Year ended March 31, 2026 Year ended March 31, 2025 Related party balances Total category as per financial statements captions Related party balances Total category as per financial statements captions ASSETS Cash and cash equivalents $ 1,771 $ 966,115 $ 2,233 $ 837,302 Companies controlled by management 1,771 2,233 Restricted cash $ 6,586 $ 1,246,312 $ 30 $ 807,468 Companies controlled by management 6,586 30 Investment securities $ 8,117 $ 3,342,561 $ 1,174 $ 2,814,733 Companies controlled by management 8,117 1,174 Margin lending, brokerage and other receivables, net $ 22,267 $ 4,690,782 $ 41,308 $ 3,319,145 Management 19,946 10,080 Companies controlled by management 2,315 31,228 Other 6 Loans issued $ 21,321 $ 2,077,606 $ 188,445 $ 1,595,435 Management 475 291 Companies controlled by management 20,846 188,154 Other assets, net $ 40,119 $ 264,621 $ 18,080 $ 169,641 Management 17,885 486 Companies controlled by management 22,234 17,594 LIABILITIES Customer liabilities $ 94,808 $ 7,103,984 $ 48,161 $ 4,304,999 Management 33,854 13,827 Companies controlled by management 58,592 32,607 Other 2,362 1,727 Margin lending and trade payables $ 836 $ 689,641 $ 1,307 $ 1,322,241 Management 441 201 Companies controlled by management 395 1,106 Insurance contract liabilities $ 6,437 $ 653,907 $ 5,960 $ 472,433 Companies controlled by management 6,437 5,960 Other liabilities $ 2,984 $ 285,247 $ 1,407 $ 129,737 Management 250 1,281 Companies controlled by manageme …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure: Year ended March 31, 2026 STATEMENTS OF OPERATIONS Brokerage Banking Insurance Other Total Fee and commission income $ 514,305 $ (72,696) $ $ 48,156 $ 489,765 Net gain on trading securities 13,969 125,217 12,894 6,744 158,824 Interest income 298,929 499,501 75,592 8,456 882,478 Net insurance revenue 402,396 402,396 Net (loss)/gain on foreign exchange operations (9,340) 68,376 1,203 7,441 67,680 Net gain on derivative 11,706 41,359 13,707 66,772 Sales of goods and services 97,446 97,446 Other income/(expense) 1,939 27,445 5,699 (9,153) 25,930 TOTAL REVENUE, NET 831,508 689,202 497,784 172,797 2,191,291 Fee and commission expense 60,809 24,155 123,348 10,253 218,565 Interest expense 43,109 348,603 6,863 90,461 489,036 Insurance claims and policyholder benefits, net of reinsurance 259,309 259,309 Payroll and bonuses 156,437 91,064 37,922 141,048 426,471 Professional services 8,263 1,544 3,061 33,390 46,258 Stock compensation expense 20,725 11,265 13,660 22,397 68,047 Advertising and sponsorship expense 37,874 4,688 1,118 59,624 103,304 General and administrative expense 49,455 66,281 8,804 97,799 222,339 (Recoveries)/allowance for expected credit losses (1,403) 39,616 13,674 478 52,365 Cost of sales 79,632 79,632 TOTAL EXPENSE 375,269 58 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting principles The Group's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Basis of presentation and principles of consolidation The consolidated financial statements present the consolidated accounts of FRHC and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated from the consolidated financial statements. Prior Period Reclassifications Certain prior-period amounts have been reclassified and disaggregated to conform to the current-period presentation. In the consolidated statements of cash flows, purchases of intangible assets are now presented separately within cash flows from investing activities. This is a presentation reclassification/disaggregation rather than a change in accounting principle or an error correction, as it did not affect previously reported net income, comprehensive income, total assets, total liabilities, equity, or net cash provided by or used in operating, investing or financing activities. Consolidation of variable interest entities In accordance with accounting standards regarding consolidation of variable interest entities (""VIEs""), VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. VIE …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY During the fiscal year ended March 31, 2026 and 2025, the Company awarded stock grants totaling 381,538 and 766,958 shares, 160,884 and 162,779 of which were vested on the date of the award. The table below presents Stock Incentive Plan awards granted on the dates indicated. Stock awards granted on: Units April 1, 2024 immediate stock grants 10,360 April 1, 2024 38,250 April 23, 2024 immediate stock awards 3,924 April 23, 2024 36,120 June 7, 2024 immediate stock awards 18,313 June 24, 2024 immediate stock awards 10,000 June 24, 2024 70,000 July 1, 2024 34,250 July 1, 2024 immediate stock awards 4,300 July 12, 2024 12,816 August 5, 2024 10,000 August 5, 2024 immediate stock awards 5,000 August 13, 2024 76,795 August 13, 2024 immediate stock awards 13,498 October 1, 2024 47,850 October 10, 2024 immediate stock awards 750 January 23, 2025 immediate stock awards 1,000 February 13, 2025 84,492 February 13, 2025 immediate grants 21,123 February 28, 2025 193,606 February 28, 2025 immediate grants 74,511 April 8, 2025 immediate stock grants 92,979 April 8, 2025 22,612 May 1, 2025 5,000 May 29, 2025 immediate stock grants 6,950 May 29, 2025 89,150 9 July 2025 immediate stock grants 14,169 5 August 2025 immediate stock grants 2,000 5 August 2025 13,000 16 September 2025 immediate stock grants 3,028 16 October 2025 3,338 17 October 2025 immediate stock grants 2,354 17 October 2025 17,752 28 November 2025 6,236 2 December 2025 911 11 February 2026 62,655 11 February …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS The Company has performed an evaluation of subsequent eve nts through the date of issuance of these financial statements. D uring this period the Company did not have any material recognizable subsequent events.

SubsequentEventsTextBlock

ACQUISITIONS OF SUBSIDIARIES Acquisition of Astel Group Ltd. On April 30, 2025, the Company acquired 100% interest in Astel Group Ltd. (renamed Freedom Cloud Holding Ltd. on January 8, 2026). Astel Group Ltd. is a provider of digital solutions and telecommunications services, and ranks among the largest telecom operators in Kazakhstan. Astel Group Ltd. provides advanced IT solutions including information security and cloud services. The purpose of the acquisition of Astel Group Ltd. was to use the acquired assets and licenses to develop our telecommunications business. At the reporting date, December 31, 2025, final valuation of Astel Group Ltd. was not completed. According to the preliminary results, as of April 30, 2025, the date of the acquisition of Astel Group Ltd., the fair value of net assets of Astel Group Ltd. was $20,604. The total purchase price was allocated as follows: As of April 30, 2025 ASSETS Cash and cash equivalents 7,678 Fixed assets, net 5,577 Margin lending, brokerage and other receivables, net 5,487 Current income tax asset 575 Intangible assets 314 Other assets, net 3,320 TOTAL ASSETS 22,951 LIABILITIES Margin lending and trade payables 828 Other liabilities 1,519 TOTAL LIABILITIES 2,347 Net assets acquired 20,604 Goodwill 1,740 Total purchase price 22,344

BusinessCombinationDisclosureTextBlock

"COMMITMENTS AND CONTINGENT LIABILITIES Legal, regulatory and governmental matters The Group is involved in various claims and legal proceedings that arise in the normal course of business. The Group recognizes a liability when a loss is considered probable and the amount can be reasonably estimated. If a material loss contingency is reasonably possible but not probable, the Group does not record a liability but discloses the nature and amount of the claim, as well as an estimate of the potential loss, if such an estimate can be determined. Legal fees are recorded as expenses when incurred. While the Group does not anticipate that the resolution of any current claims or proceedings will significantly impact its financial position, an adverse outcome in some or all of these cases could materially affect the Group's results of operations or cash flows for specific periods. For many of the matters involving the Group, particularly those in early stages, we cannot reasonably estimate the reasonably possible loss (or range of loss), if any. In addition, the ultimate outcome of legal proceedings involves judgments and inherent uncertainties and cannot be predicted with certainty. This assessment is based on the Group's current understanding of relevant facts and circumstances, and the Group's perspective on these matters may evolve with future developments. Since 2021, the Company and certain officers and directors have received several document subpoenas, document requests and sub …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT SECURITIES ISSUED As of December 31, 2025, and March 31, 2025, outstanding debt securities issued by the Group included the following: Debt securities issued by: Principal Amount as of December 31, 2025 Principal Amount as of March 31, 2025 Interest rate Issue date Maturity date Denominated Currency Freedom SPC bonds due 2028 $ 269,723 $ 9.5% October, 2025 October, 2028 USD Freedom SPC bonds due 2026 200,638 201,311 10.5% September, 2024 September, 2026 USD Freedom SPC bonds due 2027 200,471 10.0% May, 2025 May, 2027 USD Freedom SPC bonds due 2028 200,243 200,305 1-2 years: 12% 3-5 years: 10.39% December, 2023 December, 2028 USD Freedom SPC bonds due 2027 98,372 8.0% May, 2025 May, 2027 EUR Freedom SPC bonds due 2026 64,993 64,801 5.5% October, 2021 October, 2026 USD Freedom SPC bonds due 2027 30,183 9.0% May, 2025 May, 2027 CNY Accrued interest 10,774 3,134 Total debt securities issued $ 1,075,397 $ 469,551 The Freedom SPC bonds are denominated in U.S. dollars, euros, Chinese yuans and were issued under Astana International Financial Centre (""AIFC"") law and trade on the AIX. The Group is a guarantor of the Freedom SPC bonds. The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and 10.5%. The maturity dates for those bonds are in October and September 2026. Interest payments are due to be made semi-annually in April and October, and on a quarterly basis . For the first two years of Freedom SPC bonds due 2028, the annual interest rate is 12% and for s …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"PROVISION FOR INCOME TAXES The Group is subject to taxation in Kazakhstan, Kyrgyzstan, Cyprus, Uzbekistan, Germany, Tajikistan, Turkey, the United Arab Emirates, the United Kingdom and the United States of America. The tax rates used for deferred tax assets and liabilities as of December 31, 2025, and March 31, 2025, were 21% for the United States, 20% for Kazakhstan and Azerbaijan, 18% for Tajikistan, 10% for Kyrgyzstan, 15% for Germany, 12.5% for Cyprus, 25% for Turkey, 25% for United Kingdom, 9% for United Arab Emirates, 18% for Armenia and 15% for Uzbekistan. During the nine months ended December 31, 2025, and 2024, the effective tax rate was equal to 25.4% and 15.5%, respectively. On July 15 and 18, 2025, the President of the Republic of Kazakhstan signed the Law on Amendments to the current Tax Code of the Republic of Kazakhstan, as well as the new Tax Code of the Republic of Kazakhstan, which will come into effect on January 1, 2026. The amendments related to the current tax code of Kazakhstan, is effective for the period starting from January 1, 2025 until December 31, 2025, and concerns the procedures and deadlines for filing individual tax returns. There will also be, for 2025 only, an additional 10% applied to the corporate income tax rate on certain types of income, including net income from debt securities issued by Ministry of Finance of Kazakhstan, income from short-term deposits with the National Bank of Kazakhstan (the ""NBK""), net income from swaps with ma …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES At December 31, 2025, the Group was obligated under a number of noncancellable leases, predominantly operating leases of office space, which expire at various dates through 2034. The Group's primary involvement with leases is in the capacity as a lessee where a Group leases premises to support its business. The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. Operating lease liabilities and right-of-use (ROU) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Companys collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. Certain of these leases also have extension or termination options, and the Company assesses the likelihood of exercising such options. If it is reasonably certain that the Group will exercise the options to extend, then we include the impact in the measurement of our ROU assets and le …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent accounting pronouncements In August 2018, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2018-12, Financial Services Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, and (ii) ASU 2020-11, Financial Services - Insurance (Topic 944): Effective Date and Early Application (collectively referred to herein as ASU 2018-12). ASU 2018-12 changed existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts. ASU 2018-12 includes: (1) a requirement to review and, if there is a change, update cash flow assumptions used to measure the liability for future policy benefits (LFPB) at least annually, and to update the discount rate assumption quarterly, (2) a requirement to account for market risk benefits (MRBs) at fair value, (3) simplified amortization for deferred policy acquisition costs (DAC), and (4) enhanced financial statement presentation and disclosures. For the Company, the update is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company will adopt ASU 2018-12 effective for fiscal year beginning after April 1, 2025, and interim period within fiscal year beginning after April 1, 2026 using the modified retrospective transition method where permi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"RELATED PARTY TRANSACTIONS Related party transactions as of December 31, 2025 and March 31, 2025, consisted of the following: December 31, 2025 March 31, 2025 Related party balances Total category as per financial statements captions Related party balances Total category as per financial statements captions ASSETS Cash and cash equivalents $ 2,245 $ 869,167 $ 2,233 $ 837,302 Companies controlled by management 2,245 2,233 Restricted cash $ 463,254 $ 2,643,375 $ 30 $ 807,468 Companies controlled by management 463,254 30 Investment securities $ 7,851 $ 3,129,439 $ 1,174 $ 2,814,733 Companies controlled by management 7,851 1,174 Margin lending, brokerage and other receivables, net $ 37,089 $ 3,010,625 $ 41,308 $ 3,319,145 Management 14,000 10,080 Companies controlled by management 23,088 31,228 Loans issued $ 19,534 $ 1,982,543 $ 188,445 $ 1,595,435 Management 422 291 Companies controlled by management 19,090 188,154 Other 22 Other assets, net $ 37,559 $ 227,607 $ 18,080 $ 168,541 Management 16,997 486 Companies controlled by management 20,562 17,594 LIABILITIES Customer liabilities $ 104,683 $ 6,815,396 $ 48,161 $ 4,304,999 Management 31,279 13,827 Companies controlled by management 71,131 32,607 Other 2,273 1,727 Margin lending and trade payables $ 1,073 $ 557,938 $ 1,307 $ 1,322,241 Management 199 201 Companies controlled by management 874 1,106 Liabilities from insurance activity $ 9,534 $ 580,106 $ 5,960 $ 481,539 Management 1 Companies controlled by management 9,533 5,960 …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING The following tables summarize the Company's Statement of Operations by its reportable segments for the periods presented. There are no revenues from transactions between the segments and intercompany balances have been eliminated in disclosures. Three months ended December 31, 2025 STATEMENT OF OPERATIONS Brokerage Banking Insurance Other Total Fee and commission income $ 132,194 $ (18,330) $ $ 12,225 $ 126,089 Net (loss)/gain on trading securities (2,564) 51,771 (569) (5,160) 43,478 Interest income 79,620 126,764 19,859 2,551 228,794 Insurance premiums earned, net of reinsurance 106,924 106,924 Net (loss)/gain on foreign exchange operations (9,161) 53,739 (283) 1,479 45,774 Net gain on derivative 8,591 9,631 8,318 26,540 Sales of goods and services 29,148 29,148 Other income 923 11,963 3,943 5,045 21,874 TOTAL REVENUE, NET 209,603 235,538 129,874 53,606 628,621 Fee and commission expense 14,332 6,336 10,312 2,711 33,691 Interest expense 9,327 89,541 1,444 27,603 127,915 Insurance claims incurred, net of reinsurance 77,937 77,937 Payroll and bonuses 49,470 23,863 9,394 41,357 124,084 Professional services 3,050 706 1,208 10,999 15,963 Stock compensation expense 5,576 3,312 711 5,753 15,352 Advertising and sponsorship expense 10,925 360 506 24,837 36,628 General and administrative expense 14,423 19,943 2,344 34,706 71,416 (Recovery of)/allowance for expected credit losses (231) 998 5,026 549 6,342 Cost of sales 25,348 25,348 TOTAL EXPENSE 106,872 145,059 108 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting principles The Group's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Basis of presentation and principles of consolidation The consolidated financial statements present the consolidated accounts of FRHC and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated from the consolidated financial statements. Consolidation of variable interest entities In accordance with accounting standards regarding consolidation of variable interest entities (""VIEs""), VIEs are generally defined as entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. VIEs must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. As of December 31, 2025, the Company did not have any VIEs. Use of estimates The preparation of financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the report …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY During the three months ended December 31, 2025, the Company awarded stock grants totaling 30,591 shares, 2,354 of which were vested on the date of the award, compared to total grants of 48,600 shares during the three months ended December 31, 2024, 750 of which were vested on the date of the award. During the nine months ended December 31, 2025, the Company awarded stock grants totaling 279,479 shares, 121,480 of which were vested on the date of the award, compared to total grants of 392,226 shares during the nine months ended December 31, 2024, 66,145 of which were vested on the date of the award. The table below presents Stock Incentive Plan awards granted on the dates indicated. Stock awards granted on: Units April 8, 2025 immediate stock grants 92,979 April 8, 2025 22,612 May 1, 2025 5,000 May 29, 2025 immediate stock grants 6,950 May 29, 2025 89,150 July 9, 2025 immediate stock grants 14,169 August 5, 2025 immediate stock grants 2,000 August 5, 2025 13,000 September 16, 2025 immediate stock grants 3,028 October 16, 2025 3,338 October 17, 2025 immediate stock grants 2,354 October 17, 2025 17,752 November 28, 2025 6,236 December 2, 2025 911 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS The Company has performed an evaluation of subsequent events through the date of issuance of this quarterly report on Form 10-Q with the SEC. During this period the Company did not have any material recognizable subsequent events.

SubsequentEventsTextBlock