Core Viewpoint - Freedom Holding Corp. has announced an agreement to acquire 99.32% of Turkish Bank A.Ş., marking a significant step in its expansion into the Turkish banking market, which serves a population of approximately 90 million people [2][3]. Group 1: Acquisition Details - The acquisition involves Turkish Bank A.Ş., which has been operational since 1982, while its divisions in the UK and Cyprus are excluded from the deal [4]. - The transaction is pending approval from relevant regulatory authorities in Turkey [2]. Group 2: Strategic Importance - This acquisition aligns with Freedom Holding Corp.'s strategy to develop its digital infrastructure in regions where it operates, allowing for the integration of investment, brokerage, and banking services [5]. - The CEO emphasized the potential for significant long-term growth in Turkey, with the country's GDP growing at approximately 3-4% annually [6]. Group 3: Technological and Market Expansion - Following the acquisition, the company plans to invest in technological modernization and expand its product offerings, focusing on retail customers and small to medium-sized businesses [6]. - Freedom Holding Corp. has been expanding internationally, having entered markets in Tajikistan and Georgia, and recently obtained a brokerage license in Abu Dhabi [8]. Group 4: Digital Ecosystem and User Base - The company's digital ecosystem serves over 11 million users, with its SuperApp user base in Kazakhstan expected to grow from 5 million to 8 million by the end of the year [9]. - The SuperApp offers a wide range of services, including traditional banking, insurance products, and various retail services [9]. Group 5: Institutional Interest and Financial Stability - Institutional interest in Freedom Holding Corp. is increasing, with notable shareholders including BlackRock and Goldman Sachs, and the company has been added to the Russell 3000 Index [10]. - The company's credit rating from S&P Global Ratings is reaffirmed at "B-" with a stable outlook, indicating financial stability and long-term growth potential [11].

Core Insights - Grupo Supervielle S.A. reported a net loss of AR$19.5 billion in Q4 2025, showing significant improvement from a loss of AR$54.2 billion in Q3 2025, and a net income of AR$37.1 billion in Q4 2024, indicating a recovery in financial conditions [6][7][12] - The company anticipates a supportive environment for credit expansion and sustainable profitability as macroeconomic conditions normalize and reforms advance [5][8] Financial Performance - The attributable net loss for FY 2025 was AR$48.6 billion, compared to a net income of AR$164.7 billion in FY 2024, primarily due to extraordinary monetary tightening and regulatory conditions [7][13] - The net financial margin increased to AR$245.7 billion in Q4 2025, up 82.2% QoQ, driven by lower funding costs and improved investment portfolio yields [19][14] - Loan loss provisions rose to AR$108.3 billion in Q4 2025, up 72.2% QoQ and 408.3% YoY, reflecting weaker asset quality amid a challenging macroeconomic environment [25][26] Operational Highlights - Total loans reached AR$3,982.9 billion as of December 31, 2025, increasing 172.1% since March 31, 2024, with a quarterly growth of 8.4% [37][38] - The efficiency ratio improved to 60.6% in Q4 2025, down from 63.8% in Q4 2024, reflecting a 67.1% increase in revenues and a 5.6% reduction in personnel expenses [27][28] - The company added 114,000 payroll customers in 2025, enhancing its funding base and client engagement [4] Market Position and Strategy - The company maintained a strong CET1 ratio of 15.4% as of December 31, 2025, reflecting balance sheet strength and flexibility [39] - The NPL ratio increased to 5.0% in Q4 2025, up from 3.9% in Q3 2025, indicating higher delinquency levels in the retail portfolio [24] - The company executed over 70% of transactions through its mobile app, highlighting a shift towards digital engagement [4]

Core Viewpoint - Freedom Holding Corp. reported significant growth in assets, shareholders' equity, and customer base across its core business segments for the three and nine months ending December 31, 2025 [1]. Financial Performance - Total assets reached $12.38 billion, a 25% increase from $9.91 billion at the end of the previous fiscal year, driven by the expansion of the investment portfolio and increased client balances in brokerage accounts [2]. - Net cash provided by operating activities for the nine-month period was $1.73 billion, primarily due to growth in customer funds in brokerage accounts and a reduction in margin-related balances [2]. - Cash, cash equivalents, and restricted cash stood at $3.51 billion, up from $1.64 billion at the start of the financial year [3]. - Total revenue for the three months ending December 31, 2025, was $628.6 million, with a nine-month total of $1.69 billion, reflecting diverse revenue sources from brokerage, banking, and insurance segments [4]. - Total shareholders' equity increased to $1.40 billion from $1.21 billion at the end of the prior fiscal year, with net income for the third quarter at $76.2 million and diluted earnings per share (EPS) of $1.25 for the quarter and $2.38 for the nine-month period [8]. Customer Growth and Business Development - The number of banking customers rose from 2.5 million to 4.5 million over nine months, while the brokerage customer base grew by over 20%, supported by expanded digital offerings [5]. - The company has integrated traditional brokerage and banking with everyday consumer services, resulting in over 7 million customers using its platform, with plans for expansion into additional markets [7]. Business Model and Ecosystem - The diversified business model across financial, insurance, and technology segments has proven effective, with ongoing development of a financial and digital ecosystem [6]. - The SuperApp is the most downloaded application in Kazakhstan, indicating strong market presence and user engagement [7].

Core Insights - Freedom Bank Kazakhstan has launched an embedded eSIM miniapp within its SuperApp, allowing users to purchase, activate, and manage international mobile data plans directly through their banking interface [1][2] - This initiative is part of Freedom Bank's strategy to transform its SuperApp into a comprehensive lifestyle platform, integrating telecommunications capabilities to enhance user experience for travelers [2][3] Company Strategy - The integration of eSIM services aims to eliminate the challenges associated with traditional roaming and physical SIM cards, catering to both business and leisure travelers [2][3] - Freedom Bank has established itself as an innovator in the region, previously launching fully digital mortgages and investment-based cashback programs [3] Technical Infrastructure - The technical execution of the eSIM miniapp is powered by Boxo's superapp SDK, which facilitates the embedding of third-party miniapps, managing backend complexities such as carrier provisioning and global telecom partnerships [4][5] - Boxo's infrastructure allows Freedom Bank to rapidly deploy new services, enhancing the overall functionality of its digital ecosystem [4][5] Market Position - Freedom Bank is part of Freedom Holding Corp., a diversified financial group operating in 22 countries, with a digital ecosystem that includes banking, insurance, and marketplaces [5]

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Business Performance - Loan book grew by 8% QoQ, outperforming the industry growth of 7.6%[8] - Total deposits increased by 15% QoQ and 40% YoY[8] - US$ deposits reached record levels, up 31% QoQ and 56% YoY[8] - Net fee income increased by 7% QoQ and 9% YTD[8] Profitability and Asset Quality - The company experienced a net loss of 50 billion in 3Q25 due to increased Cost of Risk (COR)[8] - Net Interest Margin (NIM) declined to 11%[8] - NPL ratio increased to 3.9%[8] - Net COR was 6.4% in 3Q25 and 5.2% YTD[8] Strategic Initiatives and Capital - CET1 ratio stood at 13.2% as of September 2025, increasing to 14.5% by October 2025[8, 18] - The company continued to evolve its SuperApp[8] - Cost reduction of 2% QoQ and 12% YTD was achieved[8] Macroeconomic Context - The Central Bank Market Expectations Survey as of October 2025 projected inflation of 30%, an Fx eop at 1,532, and GDP growth of 3.9% in 2025[15, 19]