Miami International Holdings, Inc. · NYSE:MIAX
Miami International — Q2 2026 Earnings Presentation
24 slides from Miami International's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 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 • Leading exchange group across multiple U.S. Options asset classes and geographies 16.5% Q2’26 Market Share (1) • Advanced, in-house built proprietary technology, differentiated by speed, MIAX MIAX MIAX MIAX performance, risk protections and scalability Options Emerald Pearl Sapphi
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights ⚫ Net revenue(1) +35% YoY to record $141mm FINANCIAL ⚫ Adjusted EBITDA(2) +57% YoY to record $77mm PERFORMANCE ⚫ Adjusted EBITDA margin increased >700 bps YoY to 54% ⚫ Adjusted diluted earnings per share(3) of $0.48 ⚫ Options market share(4) of 16.5% in Q2’26 vs 16.7% in Q2’25 ⚫ O
Slide 5: Update: Options
Q2 2026 Update: Options ($ in 000s, unless noted) Q2’26 Q2’25 YoY change (%) Key Drivers ADV (k) 10,989 8,767 25.3% ⚫ Continued profitable growth Market Share(1) 16.5% 16.7% (1.2%) ⚫ Industry ADV +27% YoY ⚫ Non-transaction revenue +36% YoY RPC ($)(2) $0.124 $0.117 6.0% Net Revenue(3) $124,394 $92,76
Slide 6: Update: Futures
Q2 2026 Update: Futures ($ in 000s, unless noted) Q2’26 Q2’25 YoY change (%) Key Drivers Agricultural ADV 12,957 18,142 (28.6%) ⚫ Net transaction fees flat as increases in Agricultural Open 89,703 63,880 40.4% agricultural futures offset by inverted financial Interest(1) futures revenue Agricultural
Slide 7: Update: Equities
Q2 2026 Update: Equities ($ in 000s, unless noted) Q2’26 Q2’25 YoY change (%) Key Drivers ADV (mm) 186 195 (4.6%) ⚫ Higher net transaction fees drove +27% YoY revenue growth Market Share(1) 0.9% 1.1% (18.2%) ⚫ Improved capture YoY Capture ($)(2) ($0.001) ($0.014) NM Net Revenue(3) $5,542 $4,363 27.0
Slide 8: Update: International
Q2 2026 Update: International Key Drivers ($ in 000s, unless noted) Q2’26 Q2’25 YoY change (%) ⚫ Securities listed(1) +6% YoY to 6,109 Securities Listed(1) 6,109 5,757 6.1% ⚫ Streamlining sales and marketing for Net Revenue(2) $5,744 $2,291 150.7% international listings business Adjusted EBITDA(3) $
Slide 9: Financial Results
Financial Results
Slide 10: 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(4) 16.0% 16.7% 17.2% 18.2% 17.3% 16.5% 1.1% 1.1% 1.1% 0.9% 0.9% 0.9
Slide 11: Financial Summary
Q2 2026 Financial Summary Net Revenue (1) Adjusted EBITDA and Margin (2) Adjusted Earnings (3) ($, mm) ($, mm) ($, mm) $141 $105 $77 $53 $49 54% $38 47% Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 Notes: 1. Defined as total revenues less cost of revenues 2. Defined as EBITDA before share-based compensation,
Slide 12: Adjusted Operating Expenses Detail
Q2 2026 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) ($mm) $64.4 Q2’26 PERFORMANCE 6500% 6480% 6460% 6440% 6420% 6400% 6380% 6360% 6340% 6320% 6300% 6280% 6260% 6240% 6220% 6200% 6180% 6160% $4.1 6140% 6120% 6100% 6080% 6060% 6040% 6020% 6000% 5980% 5960% 5940% 5920% $57.2 5900%
Slide 13: YoY Net Revenue by Segment and Key Drivers
Q2 2026 YoY Net Revenue by Segment and Key Drivers Net Revenue(1) ($mm) Net Revenue(1) Segment Key Drivers $141.1 Growth ⚫ Higher net transaction fees due to: ⚫ Record multi-listed options industry ADV of 66.5 million contracts ⚫ MIAX ADV of 11.0 million contracts +$31.6mm ⚫ Higher RPC $104.7 Option
Slide 14: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity 6/30/26 12/31/25 ($ in 000s) Assets Cash and cash equivalents 660,462 433,648 Cash and securities segregated under federal and other regulations 26,984 27,618 Restricted cash 13,654 6,005 Assets held for sale (MIAXdx) — 40,976 Other current assets 401,449 346,967 T
Slide 15: 2026 Guidance
2026 Guidance
Slide 16: Updated 2026 Full Year Expense Guidance
Updated 2026 Full Year Expense Guidance ($ in millions) Current Prior(3) Adjusted operating expenses(1) $260M - $270M $265M - $275M Share-based compensation expense $29M - $32M $27M - $30M Capital expenditures and capitalization of internally developed software $40M - $45M $40M - $45M Depreciation a
Slide 17: Appendix
Appendix
Slide 18: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of net income allocated to common shareholders to adjusted EBITDA ($ in 000s) Q2’26 Q2’25 Net incom e allocated to com m on shareholders 44,208 23,527 Interest expense and amortization of debt issuance costs 44 4,902 Interest income (5,254) (1,418
Slide 19: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation of net income allocated to common shareholders to adjusted earnings ($ in 000s) Q2’26 Q2’25 Net incom e allocated to com m on shareholders 44,208 23,527 Investment loss (gain) (1) 4,010 (9,104) (2) Share based compensation 7,087 9,424
Slide 20: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation to adjusted effective tax rate ($ in 000s) Q2’26 Q2’25 Incom e before incom e tax provision 28,782 24,655 Total non-GAAP pre-tax adjustments (1) 44,428 13,982 Adjusted incom e before tax 73,210 38,637 Income tax benefit (expense) 15,42
Slide 21: Reconciliation of Non-GAAP Financials (continued)
Reconciliation of Non-GAAP Financials (continued) Reconciliation of operating expenses to adjusted operating expenses ($ in 000s) Q2’26 Q2’25 Total operating expenses 113,316 77,371 (+) Share based compensation - Compensation and benefits (1) (5,219) (8,278) (2) (+) Share based compensation - Profes
Slide 22: 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 Depreciation Adjusted Litigation operating (+) Options (+) RSAs (+) RSUs (+) Warrants (=) Total SBC Litigation and operating settlem ent Q2’26 expens
Slide 23: Share Count Sensitivity
Share Count Sensitivity Fully Diluted Weighted Average Shares Assumed Average Share Price Quarter Ending September 30, 2026 $30.00 107,995,407 $35.00 109,681,490 $40.00 110,989,912 $45.00 112,112,380 $50.00 113,013,864 The pro forma adjusted fully diluted weighted average shares outstanding and assu
Slide 24: Thank you.
Thank you. Connect with us: ir.miaxglobal.com Investor.Relations@miaxglobal.com
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