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S&P Revises Freedom Holding Outlook To Positive On Stronger Fundamentals

by THEFUTURE.TEAM

September 7, 2026

S&P Global Ratings has revised the outlook on Freedom Holding Corp. and four core subsidiaries from stable to positive, citing lower banking-sector risks in Kazakhstan, stronger capitalization and more diversified earnings.

The agency affirmed the subsidiaries’ long- and short-term issuer credit ratings at BB-/B, while Freedom Holding Corp.’s rating remained at B-. The subsidiaries are Freedom Finance JSC, Freedom Finance Global PLC, Freedom Bank Kazakhstan JSC and Freedom Finance Europe Ltd., which operates under the Freedom24 brand.

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Ratings Action Reflects Stronger Fundamentals

S&P also raised the Kazakhstan national-scale ratings of Freedom Finance JSC and Freedom Bank Kazakhstan JSC to kzA from kzA-. The move marks the group’s second positive ratings action since June, when S&P raised the four operating subsidiaries’ long-term ratings from B+ to BB-, citing progress in consolidated risk management and compliance.

“The positive outlook is a meaningful vote of confidence in the direction of Freedom24 and the wider group,” said Evgenii Tiapkin, CEO of Freedom24. “It recognises the discipline we have built across capital management, compliance and risk governance.”

Kazakhstan’s Risk Profile Supports The Outlook

S&P lowered its industry risk score for Kazakhstan to 6 from 7, citing stronger banking regulation, higher capital levels and an improved sovereign backdrop. After Kazakhstan’s sovereign rating upgrade to BBB/A-2 on Aug. 21, 2026, the agency also moved its economic risk score to positive.

S&P expects easing inflation to support real disposable income and potentially increase participation in financial markets. Bank deposits currently offer interest rates above 10%, while lower rates could make securities markets more attractive and improve conditions for securities firms.

Capital And Earnings Diversification Remain Key

S&P said moderate balance-sheet growth and earnings diversified across sources and geographies should support Freedom’s capitalization. It also highlighted efforts to strengthen consolidated risk management and compliance across the group’s subsidiaries and jurisdictions.

The agency described Freedom as “the largest retail brokerage franchise in Kazakhstan, with an expanding presence in Europe,” supported by banking and insurance operations.

Stronger Results Add To The Momentum

The positive outlook follows Freedom’s first-quarter fiscal 2027 results for the three months ended June 30, 2026. Total net revenue rose 40% year over year to $732.5 million, while total assets increased to $14 billion from $13.2 billion at the end of March. Quarterly net income reached $31.7 million, driven mainly by the brokerage and banking businesses.

S&P said it could raise its assessment of Kazakhstan’s economic risk over the next 12 months. Any upgrade of Freedom’s operating subsidiaries would depend on such an improvement.

“As Freedom24 expands across Europe, we will continue to scale the business without compromising the standards that underpin client trust,” Tiapkin said.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.