MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) Earnings

Management highlights

### Core Financial Performance - Record Q2 2026 net revenue of $141 million, 35% year-over-year growth - Adjusted EBITDA of $77 million, up 57% year-over-year; adjusted EBITDA margin expanded 700 basis points to 54% - Adjusted diluted EPS was $0.48; adjusted earnings grew 41% year-over-year to $53 million - The company ended the quarter with $660 million in cash and cash equivalents and less than $2 million in outstanding debt maturing in December 2026 - Product and Strategic Milestones - Successfully launched the first set of Bloomberg Financial Futures products (B500 and B100 contracts, including smaller retail-focused contracts) in May 2026; initial market depth and volumes meet expectations - The company holds a 10-year exclusive license from Bloomberg to list index futures, options on futures, and cash index products based on Bloomberg indices in the Americas - The company is increasing FCM net capital by $40 million and the FCM is applying for Options Clearing Corporation (OCC) membership to support clearing of new Bloomberg futures - Resolved the previously disclosed NASDAQ litigation, which is now closed - Maintains a passive 10% minority ownership stake in Rothera, which has recently reported positive volume and operational progress - Options Business Updates - Early market share in new IPO listings (including SpaceX and SK Hynix) exceeds the company's overall average options market share, creating future additive volume growth from improving IPO supply - Management continues to balance revenue per contract and market share, adjusting pricing tiers to maximize total net revenue - Futures Business Strategy - Near-term top priority is onboarding retail brokers to enable retail access to the new Bloomberg Financial Futures products - The new Bloomberg index products offer differentiated value (earlier inclusion of new IPOs, competitive fee structure, advanced technology) and aim to grow the overall futures market, not just take share from incumbents - The company is pursuing regulatory engagement to potentially launch regulated perpetual futures (PERPs) in the U.S. if regulatory approval and market demand materialize, leveraging existing exchange and clearing infrastructure - New agricultural futures products focused on the fertilizer space are scheduled to launch in late October 2026, responding to customer demand created by geopolitical supply chain disruption

Guidance

- Full-year 2026 adjusted operating expense guidance is lowered to a range of $260 million to $270 million, from the prior range of $265 million to $275 million - Full-year 2026 share-based compensation guidance is revised upward to a range of $29 million to $32 million, from the prior range of $27 million to $30 million, driven by updated executive compensation plans shifting from cash to share-based pay - Full-year 2026 capital expenditure guidance is maintained at $40 million to $45 million; most 2026 CapEx was front-loaded in the first half with no expected material cost increases for the remainder of the year - Full-year 2026 depreciation and amortization guidance is revised upward to a range of $35 million to $39 million, from the prior range of $33 million to $38 million - Full-year 2026 effective tax rate guidance is maintained at 27% to 29%

Segment performance

Q2 2026 total net revenue grew 35% year-over-year to $141 million. Below is the breakdown by segment: - **Option segment**: Net revenue of $124 million, up 34% year-over-year, accounting for 87.9% of total net revenue. The segment saw a 25% year-over-year increase in average daily volume to 11 million contracts, in line with industry average daily volume growth. Q2 2026 multi-listed options market share was 16.5% (flat year-over-year, down from 17.3% in Q1 2026), and revenue per contract (RPC) was 12.4 cents. Non-transaction fee growth hit 36% year-over-year, driven by increased member connections, January 1 fee increases, and market data sales. - **Equity segment**: Net revenue of $6 million, up from $4 million year-over-year, representing 4.3% of total net revenue. Capture was less inverted in the quarter compared to the prior year period. - **Futures segment**: Net revenue of $5 million, flat year-over-year, accounting for 3.5% of total net revenue. The newly launched Bloomberg Financial Futures products did not contribute materially to Q2 results. Agricultural futures saw 20% quarter-over-quarter growth in average daily volume (ADV) and a 14% improvement in capture rates compared to Q1 2026. - **International segment**: Net revenue of $6 million, up from $2 million year-over-year, representing 4.3% of total net revenue. Growth was driven by the acquisition of TICE in June 2025.

Risks & headwinds

- Forward-looking statements (including product launch forecasts, volume projections, and market share targets) are subject to significant uncertainties, including regulatory changes, market conditions, and geopolitical events that could cause actual results to differ materially from projections - Perpetual futures potential launch is contingent on CFTC and SEC regulatory approval, and recent CFTC approvals for perpetual futures have already faced litigation that could delay or block broader access to the product category - Options revenue per contract (RPC) is subject to quarterly volatility from market share shifts, tiering effects, and mix changes, making the elevated Q2 2026 RPC unsustainable for the second half of 2026 - New product launches (including Bloomberg Financial Futures and new agricultural futures) depend on successful broker onboarding, market maker participation, and customer adoption, which may not meet management expectations - New competitive product entries (such as CME's reintroduced single stock futures) may disrupt existing market dynamics, though management currently assesses limited demand risk to its core business

Analyst Q&A

• Q: What drove the Q2 step-up in options RPC, why will it decline in H2, and is the company open to pricing adjustments to regain lost year-to-date market share? /

  A: The Q2 RPC increase came from four factors: lower market share reduced volume at the lowest fee tiers, favorable mix of higher-capture trading flow, July 1 ORF regulatory fee methodology changes that lower RPC over time, and new pricing adjustments to balance RPC and share. July market share already rebounded to 17.1%, so tier effects will pull RPC back to the 10.3-11 cent range seen in recent quarters. Management actively adjusts pricing tiers to balance RPC and market share to maximize total net revenue, and is targeting continued market share momentum, with early July and August share showing improvement. (614 characters)

• Q: What is the strategy for the new Bloomberg Financial Futures, what is the fee structure, and what is the timeline for onboarding retail brokers? /

  A: The fee structure is designed to incentivize retail firms to introduce the product to their clients, with targeted incentives and joint marketing/educational programs. Multiple retail brokers are already working through connectivity and clearing arrangements, with several expected to enable customer trading over the next several weeks. The product aims to grow the overall index futures market rather than just take share from incumbents, with broad industry interest in new competition after a long period of limited alternatives. OCC clearing membership for the company's FCM is an important step to enable broader retail access. (598 characters)

• Q: What drives stronger market share in new IPO listings and single-stock weekly options, and can this advantage be extended to mature products? /

  A: Higher performance in these products is driven by the company's superior technology, which lets market makers quote more aggressively with tighter spreads and better real-time risk management. These products are heavily retail-focused, which plays to MIAC's competitive strengths, while more institutional-focused names have lower relative performance as the company continues building out institutional trading capabilities. Management is working to extend this technology-driven advantage to all product categories by attracting more institutional flow over time. (447 characters)

• Q: How will CME's reintroduction of single-stock futures impact MIAC, and will MIAC pursue its own single-stock futures offering? /

  A: Single-stock futures have failed previously in the U.S. market, and synthetic single-stock futures can already be created via options combinations on MIAC's existing platform. The only potential differentiated demand comes from regulatory and margin arbitrage between CFTC-regulated futures and SEC-regulated options. MIAC can easily launch its own single-stock futures product with minimal technological and regulatory lift if demand materializes, but will wait and observe CME's launch before committing resources. (421 characters)