MIAX — MIAMI INTERNATIONAL HOLDINGS, INC.

Summary of MIAX Q4 2025 Earnings Call

1. Key Financial Results and Metrics:

• Q4 2025:
  • Total net revenue: $125 million (up 52% YoY)
  • Adjusted EBITDA: $62 million (more than doubled YoY)
  • Adjusted EBITDA margin: 50% (up 1,400 basis points YoY)
  • Adjusted diluted EPS: $0.52
• Full Year 2025:
  • Total net revenue: $431 million (up 56% YoY)
  • Adjusted EBITDA: $199 million (more than doubled YoY)
  • Adjusted EBITDA margin: 46% (up 1,600 basis points YoY)
  • Adjusted diluted EPS: $1.82
• Market share in multi-listed options reached a record 18.2%, with average daily volume of 11.1 million contracts (up 46% YoY).

2. Strategic Updates and Business Highlights:

• Successful completion of a secondary public offering of 7.8 million shares, enhancing liquidity.
• Strategic sale of 90% of MIAX Derivatives Exchange to Robinhood Markets, retaining a 10% equity stake, aimed at accessing growing prediction markets.
• Launch of MIAX Sapphire options trading floor performing well and plans for additional enhancements in 2026.
• Acquisition of TISE expanded international footprint.
• Introduction of new Monday and Wednesday short-term options, expected to drive volume growth.
• Plans to launch Bloomberg Index Futures products (B100 and B500) in Q2 2026, focusing on retail-sized contracts.

3. Forward Guidance and Outlook:

• Anticipated full-year 2026 adjusted operating expenses: $265 million to $275 million (13% to 18% increase YoY).
• Expected full-year CapEx: $40 million to $45 million.
• Projected effective tax rate on adjusted earnings: 27% to 29%.
• Continued optimism for elevated market volatility and growth in options and futures markets throughout 2026.

4. Challenges and Points of Concern:

• Market share has slightly declined in Q1 2026 compared to Q4 2025, raising questions about sustaining growth momentum.
• Increased operating expenses due to headcount expansion and technology investments may impact profitability if revenue growth does not meet expectations.
• The competitive landscape remains challenging, particularly with the introduction of new products by peers.
• Uncertainty surrounding the impact of geopolitical factors on market volatility.

5. Notable Q&A Insights:

• Management expressed confidence in continued options volume growth driven by market volatility and new product offerings.
• Discussions highlighted the importance of retail engagement for new Bloomberg futures products, with a focus on competitive pricing to attract retail traders.
• Management noted that while they are evaluating opportunities in the crypto space, it is not a primary focus for 2026.
• There was no observed impact on market share from market makers participating in the secondary offering, indicating stability in trading relationships.
• Future expansions of the Monday and Wednesday options program will prioritize adding more stocks rather than additional trading days.

Overall, MIAX reported strong financial performance in 2025, with significant strategic developments and a positive outlook for 2026, although challenges in maintaining market share and managing expenses were noted.