Miami International Holdings, Inc. · NYSE:MIAX
Miami International — Q3 2026 Earnings Presentation
25 slides from Miami International's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements about Miami International Holdings, Inc.’s (referred to herein as “our”, “we”, the “Company” or “MIAX”) and the industry in which MIAX operates, including statements rega
Slide 3: MIAX at a Glance
MIAX at a Glance U.S. Options • Leading exchange group across multiple asset classes and geographies 17.4% • Advanced in-house built proprietary Q3’26 Market Share (1) technology differentiated by speed, MIAX MIAX MIAX MIAX performance, risk protections and scalability Options Emerald Pearl Sapphire
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights ⚫ Net revenue(1) +20% YoY to $131mm FINANCIAL ⚫ Adjusted EBITDA(2) +47% YoY to $71mm PERFORMANCE ⚫ Adjusted EBITDA margin increased >1,000 bps YoY to 54% ⚫ Adjusted diluted earnings per share(3) of $0.45 ⚫ Options market share(4) of 17.4% in Q3’26 vs 17.2% in Q3’25 ⚫ Options ADV o
Slide 5: Update: Options
Q3 2026 Update: Options ($ in 000s, unless noted) Q3’26 Q3’25 YoY change (%) Segment Highlights ADV (k) 11,088 9,624 15.2% ⚫ Continued profitable YoY growth: ⚫ Net revenue +19%, Adj. EBITDA +25%, Market Share(1) 17.4% 17.2% 1.2% Adj. EBITDA margin +370bps ⚫ ADV +15% YoY, vs. Industry +14% RPC ($)(2)
Slide 6: Update: Futures
Q3 2026 Update: Futures ($ in 000s, unless noted) Q3’26 Q3’25 YoY change (%) Segment Highlights Agricultural ADV 11,428 8,022 42.5% ⚫ Net transaction fees +11% as increases in agricultural futures offset by inverted financial Agricultural Open 80,280 75,628 6.2% Interest(1) futures revenue ⚫ Continu
Slide 7: Update: Equities
Q3 2026 Update: Equities ($ in 000s, unless noted) Q3’26 Q3’25 YoY change (%) Segment Highlights ADV (mm) 111 188 (41.0%) ⚫ Higher net transaction fees drove +53% YoY net revenue growth Market Share(1) 0.7% 1.1% (36.4%) ⚫ Improved capture YoY Capture ($)(2) $0.011 ($0.015) NM Net Revenue(3) $6,660 $
Slide 8: Update: International
Q3 2026 Update: International ($ in 000s, unless noted) Q3’26 Q3’25 YoY change (%) Segment Highlights Securities Listed(1) 6,092 5,808 4.9% ⚫ Securities listed(1) +5% YoY to 6,092 ⚫ Streamlining sales and marketing for Net Revenue(2) $6,139 $5,533 11.0% international listings business Adjusted EBITD
Slide 9: New Product Update
New Product Update Bloomberg Equity Index Futures Fertilizer Futures ⚫ Phased rollout May-June 2026 on MIAX Futures® ⚫ Rolled out four new products October 2026 on MIAX Futures® ⚫ Screens lit; 4 clearing members and 4 market makers active and ⚫ Products launched in response to clear market participa
Slide 10: Financial Results
Financial Results
Slide 11: Strong Momentum in KPIs
Strong Momentum in KPIs MIAX Options Exchanges MIAX Pearl Equities MIAX Agricultural Futures (ADV of Multi-Listed Options Contracts(1), k) (ADV of Equity Shares, mm) (ADV of Futures Contracts) Market share Market share Open Interest(3) 16.0% 16.7% 17.2% 18.2% 17.3% 16.5% 17.4% 1.1% 1.1% 1.1% 0.9% 0.
Slide 12: Financial Summary
Q3 2026 Financial Summary Net Revenue (1) Adjusted EBITDA and Margin (2) Adjusted Earnings (3) ($, mm) ($, mm) ($, mm) $131 $109 $71 $50 $48 $40 54% 44% Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Notes: 1. Defined as total revenues less cost of revenues. 2. Adjusted EBITDA defined as EBITDA before share-ba
Slide 13: Adjusted Operating Expenses Detail
Q3 2026 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) ($mm) Q3’26 PERFORMANCE 6500% 6480% 6460% 6440% 6420% 6400% 6380% 6360% 6340% 6320% 6300% 6280% $61.6 6260% 6240% 6220% 6200% 6180% 6160% $60.3 6140% 6120% 6100% 6080% 6060% 6040% 6020% 6000% 5980% 5960% 5940% 5920% 5900% 5880
Slide 14: YoY Net Revenue by Segment and Key Drivers
Q3 2026 YoY Net Revenue by Segment and Key Drivers Net Revenue(1) ($mm) Net Revenue(1) Segment Key Drivers Growth $131.0 ⚫ Higher net transaction fees due to: ⚫ Options industry ADV of 63.8 million contracts ⚫ MIAX ADV of 11.1 million contracts $109.5 +$18.1mm ⚫ Partially offset by lower RPC Options
Slide 15: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity 9/30/26 12/31/25 ($ in 000s) Assets Cash and cash equivalents 698,854 433,648 Cash and securities segregated under federal and other regulations 26,797 27,618 Restricted cash 13,667 6,005 Assets held for sale (MIAXdx) — 40,976 Other current assets 390,372 346,967 T
Slide 16: 2026 Guidance
2026 Guidance
Slide 17: Updated 2026 Full Year Expense Guidance
Updated 2026 Full Year Expense Guidance ($ in millions) Current Prior(3) Adjusted operating expenses(1) $254M - $257M $260M - $270M Share-based compensation expense $30M - $32M $29M - $32M Capital expenditures and capitalization of internally developed software $43M - $46M $40M - $45M Depreciation a
Slide 18: Appendix
Appendix
Slide 19: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of net income (loss) allocated to common shareholders to adjusted EBITDA ($ in 000s) Q3’26 Q3’25 Net incom e (loss) allocated to com m on shareholders 52,472 (102,080) Interest expense and amortization of debt issuance costs 42 3,378 Interest inco
Slide 20: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation of net income (loss) allocated to common shareholders to adjusted earnings ($ in 000s) Q3’26 Q3’25 Net incom e (loss) allocated to com m on shareholders 52,472 (102,080) Investment (gain) loss (1) (1,087) 239 (2) Share based compensati
Slide 21: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation to adjusted effective tax rate ($ in 000s) Q3’26 Q3’25 Incom e (loss) before incom e tax provision 64,081 (102,890) Total non-GAAP pre-tax adjustments (1) 3,174 141,960 Adjusted incom e before tax 67,255 39,070 Income tax benefit (expe
Slide 22: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation of operating expenses to adjusted operating expenses ($ in 000s) Q3’26 Q3’25 Total operating expenses 83,805 109,788 (+) Share based compensation - Compensation and benefits (1) (6,384) (27,816) (2) (+) Share based compensation - Profe
Slide 23: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation of operating expenses to adjusted operating expenses by expense line ($ in 000s) GAAP Provision for Depreciation Adjusted operating (+) Options (+) RSAs (+) RSUs (+) Warrants (=) Total SBC Litigation notes and operating Q3’26 expenses
Slide 24: Share Count Sensitivity
Share Count Sensitivity Fully Diluted Weighted Average Shares Assumed Average Share Price Quarter Ending December 31, 2026 $30.00 107,995,407 $35.00 110,050,970 $40.00 111,327,737 $45.00 112,372,256 $50.00 113,212,207 The pro forma adjusted fully diluted weighted average shares outstanding and assum
Slide 25: Thank you.
Thank you. Connect with us: ir.miaxglobal.com [email protected]
Miami International Holdings — Q3 2026 Earnings Presentation on 6ix