Miami International Holdings, Inc. · NYSE:MIAX
Miami International — Q3 2025 Earnings Presentation
25 slides from Miami International's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 2025
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: Business Review
BUSINESS REVIEW
Slide 4: 3Q25 Highlights
3Q25 Highlights ⚫ 57% increase YoY in adjusted net revenue(1) to record $109mm FINANCIAL ⚫ 157% increase YoY in adjusted EBITDA(2) to record $48mm PERFORMANCE ⚫ Adjusted diluted earnings per share(3) of $0.42 ⚫ 24% increase (+336bps) YoY in options market share to 17.2% for the quarter(4) OPERATIONA
Slide 5: MIAX at-a-Glance
MIAX at-a-Glance • Leading exchange group across multiple U.S. Options asset classes and geographies 17.2% Market Share(1) • Advanced, in-house built proprietary technology, differentiated by speed, MIAX MIAX MIAX MIAX performance, risk protections and scalability Options Emerald Pearl Sapphire • Fu
Slide 6: Our End Markets Continue to Benefit From Secular Tailwinds
Our End Markets Continue to Benefit From Secular Tailwinds $ Industry Tailwinds Proliferation of New Increased Sophistication Growing Retail Base Heightened Technological Advances Financial Products and of Trading Strategies of Market Participants Market Volatility Asset Classes (1) U.S. Options Mar
Slide 7: 3Q25 Update: Options
3Q25 Update: Options U.S. Options Highlights ($ in 000s, unless noted) Q3’25 Q3’24 YoY change (%) ⚫ MIAX Sapphire trading floor launched on September 12, 2025 ADV (k) 9,624 6,164 56.1% ⚫ Continued profitable growth and market Market Share(1) 17.2% 13.9% 23.7% share gains ⚫ +336bps YoY market share(1
Slide 8: 3Q25 Update: Futures
3Q25 Update: Futures U.S. Futures Highlights ⚫ MIAX Futures Onyx trading platform launched ($ in 000s, unless noted) Q3’25 Q3’24 YoY change (%) on June 29, 2025 ADV 8,022 12,252 (34.5%) ⚫ Planned listing of futures on the Bloomberg 500 Index and Bloomberg 100 Index in H1 Open Interest 76,866 79,682
Slide 9: Update on Bloomberg Partnership
Update on Bloomberg Partnership A Vertically Integrated Futures Ecosystem FCM DCM DCO Proprietary Technology New Clearing System Broadens distribution of products, Enables listing and trading exclusive and Provides Clearing-as-a-Service Powers ultra-low latency and high- Enables real-time, end-to-en
Slide 10: 3Q25 Update: Equities and International
3Q25 Update: Equities and International U.S. Equities Highlights International Highlights ⚫ 0.5 pts decrease in YoY market share(1) ⚫ 5,808 Total Securities Listed(5) ⚫ 95% YoY adjusted revenue growth ⚫ Expanding into EU time zone and increasing recurring listing revenue stream ($ in 000s, unless no
Slide 11: Drivers of Long-Term Growth
Drivers of Long-Term Growth Continuing to Grow Our Options Exchanges Expanding Our Futures Markets Creating New Product Offerings Increasing Our International Presence Further Monetizing and Enhancing Our Data and Analytics Capabilities Growing Our Cash Equities Exchange 11
Slide 12: Solid Foundation in Place to Enable Growth as a Global, Tech-Driven, Multi-Asset Class Market Leader
Solid Foundation in Place to Enable Growth as a Global, Tech-Driven, Multi-Asset Class Market Leader 12
Slide 13: Financial Results
FINANCIAL RESULTS
Slide 14: Strong Momentum in KPIs
Strong Momentum in KPIs MIAX Options Exchanges MIAX Pearl Equities MIAX Futures (ADV of Multi-Listed Options Contracts(1), k) (ADV of Equity Shares, mm) (ADV of Futures Contracts) Market share Market share Open Interest 16.0% 14.7% 13.9% 15.9% 16.0% 16.7% 17.2% 1.8% 1.7% 1.6% 1.4% 1.1% 1.1% 1.1% 75k
Slide 15: 3Q25 Financial Summary
3Q25 Financial Summary MIAX’s Adj. Net Revenue(1) Growth MIAX’s Adj. EBITDA(2) Expansion MIAX’s Adj. Earnings(3) Growth Margin: +57% 27% 44% $109mm +157% +383% $70mm $48mm $40mm $19mm $8mm 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q25 YTD: 3Q25 YTD: 3Q25 YTD: $137mm $306mm $108mm 45% Adj. EBITDA Margin Notes:
Slide 16: 3Q25 Adjusted Operating Expenses Detail
3Q25 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) 6500% 6480% ($mm) 6460% 6440% 6420% 6400% 6380% 6360% 6340% 6320% 6300% 6280% 6260% $61.6 3Q25 PERFORMANCE 6240% 6220% 6200% 6180% 6160% 6140% 6120% 6100% 6080% 6060% 6040% 6020% 6000% 5980% 5960% 5940% 5920% 5900% $4.8 5880% 586
Slide 17: 3Q25 Adjusted Net Revenue by Segment and Key Drivers
3Q25 Adjusted Net Revenue by Segment and Key Drivers Adj. Net Revenue(1) Net Rev. Segment Key Drivers ($mm) Growth $109.5 ⚫ Higher net transaction fees due to: +57% ⚫ Record multi-listed options market share of 17.2% +$33.6mm ⚫ Record multi-listed options industry ADV of 55.8 Options +55% million co
Slide 18: Strengthened Balance Sheet Post-IPO
Strengthened Balance Sheet Post-IPO Q3’25 Q4’24 ($ in 000s) Assets Cash and cash equivalents 401,482 150,341 Cash and securities segregated under federal and other regulations 29,509 30,809 Restricted cash 6,005 6,270 Other current assets 355,025 385,396 Total current assets 792,021 572,816 Goodwill
Slide 19: Appendix
APPENDIX
Slide 20: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials 3-Months Ending 9-Months Ending ($ in 000s) Q3’25 Q3’24 Q3’25 Q3’24 Transaction and clearing fees 292,814 240,623 868,257 712,209 Access fees 27,096 22,490 77,285 66,787 Market data fees 10,730 9,143 30,625 24,808 Other revenue 9,138 4,400 18,472 12,372 Total re
Slide 21: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) 3-Months Ending 9-Months Ending ($ in 000s) Q3’25 Q3’24 Q3’25 Q3’24 Net income (loss) allocated to common shareholders (102,080) (3,204) (99,973) 99,232 Interest expense and amortization of debt issuance costs 3,378 2,208 12,710 9,532 Interest income (2
Slide 22: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) 3-Months Ending 9-Months Ending ($ in 000s) Q3’25 Q3’24 Q3’25 Q3’24 Net income (loss) allocated to common shareholders (102,080) (3,204) (99,973) 99,232 Investment (gain) loss (1) 239 979 (10,320) 1,595 Share-based compensation (2) 29,098 11,888 48,007
Slide 23: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) 3-Months Ending 9-Months Ending ($ in 000s) Q3’25 Q3’24 Q3’25 Q3’24 Total operating expenses 109,788 70,717 256,750 203,922 (+) Share-based compensation - Compensation and benefits (27,816) (10,179) (44,737) (28,013) (+) Share-based compensation - Profe
Slide 24: Share Count Sensitivity
Share Count Sensitivity Fully Diluted Weighted Average Shares Assumed Average Share Price Quarter Ending Dec. 31, 2025 $30.00 105,478,411 $35.00 107,908,599 $40.00 109,731,237 $45.00 111,148,844 $50.00 112,282,929 The pro forma adjusted fully diluted weighted average shares outstanding and assumed s
Slide 25: Thank you.
Thank you. miaxglobal.com miax.
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