Miami International Holdings, Inc. · NYSE:MIAX
Miami International — Q4 2025 Earnings Presentation
31 slides from Miami International's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 25, 2026
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 Updates
Business Updates ⚫ Closed secondary public offering of 7.8 million shares of common stock at a price of $41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares. ⚫ MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the
Slide 4: Business Review
BUSINESS REVIEW
Slide 5: Q4'25 and FY'25 Highlights
Q4’25 and FY’25 Highlights Q4 2025 Full Year 2025 ⚫ 52% increase YoY in adjusted net revenue(1) to record $125mm ⚫ 55% increase YoY in adjusted net revenue(1) to record $431mm FINANCIAL ⚫ 112% increase YoY in adjusted EBITDA(2) to record $62mm ⚫ 143% increase YoY in adjusted EBITDA(2) to record $199
Slide 6: MIAX at-a-Glance
MIAX at-a-Glance • Leading exchange group across multiple U.S. Options asset classes and geographies 18.2% Q4’25 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 7: End Markets Continue to Benefit From Secular Tailwinds
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 Market
Slide 8: Q4'25 Update: Options
Q4’25 Update: Options ($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) Industry ADV(1) (k) 61,053 47,536 28.4% MIAX ADV (k) 11,095 7,574 46.5% Key Drivers Market Share(1) 18.2% 15.9% 14.5% RPC ($) $0.106 $0.100 6.0% ⚫ Continued profitable growth and market share Adjusted Net Revenue(2) $106,903
Slide 9: Q4'25 Update: Futures
Q4’25 Update: Futures ($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) ADV 8,188 12,142 (32.6%) Key Drivers Open Interest(1) 68,547 96,634 (29.1%) RPC ($) $2.281 $2.530 (9.8%) ⚫ Decreased transaction fees due to lower volumes Adjusted Net Revenue(2) $4,805 $5,565 (13.7%) caused by timing of part
Slide 10: Q4'25 Update: Equities
Q4’25 Update: Equities ($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) ADV (mm) 173 187 (7.5%) Key Drivers Market Share(1) 0.9% 1.4% (35.7%) ⚫ Capture reached breakeven for Q4’25 Capture ($)(2) $0.000 ($0.034) NM Adjusted Net Revenue(3) $6,376 $1,846 245.4% ⚫ Adjusted EBITDA achieved profitabil
Slide 11: Q4'25 Update: International
Q4’25 Update: International ($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) Securities Listed(1) 6,027 1,245 384% Key Drivers Adjusted Net Revenue(2) $6,039 $851 610% ⚫ 6,027 securities listed(1) ⚫ 4,818 securities listed on TISE as of December Adjusted EBITDA(3) $1,823 ($2,045) NM 31, 2025 rep
Slide 12: 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 12
Slide 13: 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 13
Slide 14: Financial Results
FINANCIAL RESULTS
Slide 15: 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(4) 14.7% 13.9% 15.9% 16.0% 16.7% 17.2% 18.2% 1.4% 1.1% 1.1% 80k 64k 77k 69k 16.0
Slide 16: Q4'25 Financial Summary
Q4’25 Financial Summary MIAX’s Adj. Net Revenue(1) Growth MIAX’s Adj. EBITDA(2) Expansion MIAX’s Adj. Earnings(3) Growth $125mm Margin: +52% 36% 50% $82mm $62mm +112% $57mm +192% $29mm $20mm Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Notes: 1. Defined as total revenues less cost of revenues excluding non-c
Slide 17: FY'25 Financial Summary
FY’25 Financial Summary MIAX’s Adj. Net Revenue(1) Growth MIAX’s Adj. EBITDA(2) Expansion MIAX’s Adj. Earnings(3) Growth $431mm Margin: +55% 30% 46% $278mm $199mm +143% $165mm +267% $82mm $45mm FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 Notes: 1. Defined as total revenues less cost of revenues excluding no
Slide 18: Q4'25 Adjusted Operating Expenses Detail
Q4’25 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) 6500% 6480% 6460% 6440% ($mm) $62.5 6420% 6400% 6380% 6360% 6340% 6320% 6300% 6280% 6260% 6240% 6220% 6200% 6180% 6160% 6140% 6120% 6100% Q4’25 PERFORMANCE 6080% 6060% 6040% 6020% 6000% 5980% 5960% 5940% 5920% 5900% 5880% 5860%
Slide 19: FY'25 Adjusted Operating Expenses Detail
FY’25 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) 24000% 23952% 23904% 23856% 23808% 23760% 23712% 23664% 23616% 23568% 23520% 23472% 23424% ($mm) $233.5 23376% 23328% 23280% 23232% 23184% 23136% 23088% 23040% 22992% 22944% 22896% 22848% 22800% 22752% 22704% 22656% 22608% 22560
Slide 20: Q4'25 YoY Adjusted Net Revenue by Segment and Key Drivers
Q4’25 YoY Adjusted Net Revenue by Segment and Key Drivers Adjusted Net Revenue(1) Adj. Net Rev. Segment Key Drivers ($mm) Growth $124.5 ⚫ Higher net transaction fees due to: +52% ⚫ Record multi-listed options market share of 18.2% +$33.8mm ⚫ Record multi-listed options industry ADV of 61.1 Options +
Slide 21: FY'25 YoY Adjusted Net Revenue by Segment and Key Drivers
FY’25 YoY Adjusted Net Revenue by Segment and Key Drivers Adjusted Net Revenue(1) Adj. Net Rev. Segment Key Drivers ($mm) Growth 44000% 43912% 43824% 43736% 43648% 43560% 43472% 43384% 43296% 43208% 43120% 43032% $430.5 42944% 42856% 42768% 42680% 42592% 42504% 42416% 42328% ⚫ Higher net transaction
Slide 22: Strengthened Balance Sheet Throughout 2025
Strengthened Balance Sheet Throughout 2025 12/31/25 12/31/24 ($ in 000s) Assets Cash and cash equivalents 433,648 150,341 Cash and securities segregated under federal and other regulations 27,618 30,809 Restricted cash 6,005 6,270 Assets held for sale (MIAXdx) 40,976 — Other current assets 346,967 3
Slide 23: 2026 Guidance
2026 GUIDANCE
Slide 24: 2026 Full Year Guidance
2026 Full Year Guidance ($ in millions) 2026 Full-Year Guidance(1) 2025 Actuals Adjusted operating expenses $265 to $275 $234(3) Implied growth rate vs FY'25 13% to 18% 17% Implied growth rate vs Q4'25 annualized 6% to 10% Share based compensation expense $27 to $30 $58 Capital expenditures and capi
Slide 25: Appendix
APPENDIX
Slide 26: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of revenues less costs of revenues to adjusted revenues less cost of revenues ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Transaction and clearing fees 321,172 287,905 1,189,429 1,000,114 Access fees 28,763 22,780 106,048 89,567 Market data fees 10,973 8,
Slide 27: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) Reconciliation of net income (loss) allocated to common shareholders to adjusted EBITDA ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Net income (loss) allocated to common shareholders 29,944 2,891 (70,029) 102,123 Interest expense and amortization of debt issuan
Slide 28: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) Reconciliation of net income (loss) allocated to common shareholders to adjusted earnings ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Net Income (loss) allocated to common shareholders 29,944 2,891 (70,029) 102,123 Investment (gain) loss (1) (54) (510) (10,374)
Slide 29: Reconciliation of Non-GAAP Financials (Cont'd)
Reconciliation of Non-GAAP Financials (Cont’d) Reconciliation of operating expenses to adjusted operating expenses ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Total operating expenses 81,812 74,547 338,562 278,469 (+) Share based compensation - Compensation and benefits (1) (8,540) (8,987) (53,277) (37,000)
Slide 30: Share Count Sensitivity
Share Count Sensitivity Fully Diluted Weighted Average Shares Assumed Average Share Price Quarter Ending March 31, 2026 $30.00 105,880,447 $35.00 108,100,708 $40.00 109,765,904 $45.00 111,061,120 $50.00 112,098,335 The pro forma adjusted fully diluted weighted average shares outstanding and assumed
Slide 31: Thank you.
Thank you. miaxglobal.com miax.
Miami International Holdings — Q4 2025 Earnings Presentation on 6ix