• Q3 Net revenue of $131 million (+20% YoY)

• Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45

• Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY)

• Updates full-year 2026 expense guidance

PRINCETON, N.J. and MIAMI - October 29, 2026 - Miami International Holdings, Inc. (MIAX or MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the third quarter of 2026.

MIAX delivered strong financial results in Q3 2026. Total net revenue grew 20% year-over-year to $131.0 million, adjusted EBITDA increased 47% to $70.8 million, and adjusted EBITDA margin was 54%. Adjusted diluted earnings per share was $0.45. The company's options business posted a 15% year-over-year increase in average daily volume to 11.1 million contracts.

"MIAX's lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year's level and adjusted EBITDA margin expanded by more than 1,000 basis points."

Mr. Gallagher added: "Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest. With a strong balance sheet and the technology, licenses and customer relationships to compete in a fast-changing market, MIAX remains well-positioned to deliver long-term value for our shareholders."

Third Quarter 2026 Highlights

All figures are compared to the third quarter of 2025 unless otherwise stated.

• Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to $131.0 million, compared to $109.5 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and higher non-transaction revenue.

• Total operating expenses were $83.8 million, compared to $109.8 million in the prior-year period. The decrease was primarily due to initial public offering (IPO) related expense in 2025.

• Total adjusted operating expenses of $60.3 million decreased 2% compared to the prior-year period.

• Operating income was $47.2 million, compared to an operating loss of $0.3 million in the prior-year period.

• GAAP net income was $52.5 million, compared to a net loss of $102.1 million in the prior-year period.

• Adjusted earnings increased 25% to $50.1 million, compared to $39.9 million in the prior-year period.

• Adjusted EBITDA increased 47% to $70.8 million, compared to $48.0 million in the prior-year period, driven primarily by strong growth in net revenues.

• Adjusted EBITDA margin expanded to 54% from 44% in the prior-year period.

• Diluted EPS of $0.47 compared to $(1.46) in the prior-year period.

• Adjusted diluted EPS of $0.45 compared to $0.42 in the prior-year period.

Third Quarter 2026 Business Updates

• MIAX options exchanges reached average daily volume of 11.1 million contracts in the third quarter of 2026, a 15.2% year-over-year (YoY) increase.

• MIAX options exchanges achieved market share of 17.4% in the third quarter of 2026, compared to 17.2% in the prior year period.

• MIAX options exchange revenue per contract declined 4.9% YoY to $0.098.

Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)

* Not meaningful

** Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below.

*** Adjusted EBITDA margin represents adjusted EBITDA divided by net revenue.

Segment Results

($000)

Options

• Net revenue grew 19% to $112.6 million, compared to $94.5 million in the prior-year period. Growth was primarily driven by both net transaction fees and non-transaction fees. Net transaction fees increased due to higher industry volume, and higher market share, partially offset by lower revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, and 2026 fee increases.

• Operating income increased 44% to $73.9 million, compared to $51.4 million in the prior year period. Growth was primarily due to higher net revenues, and lower expenses as the prior-year period included accelerated share-based compensation expenses.

• Adjusted EBITDA grew 25% to $86.5 million, compared to $69.1 million in the prior-year period.

Equities

• Net revenue grew 53% to $6.7 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved capture.

• Operating loss of $2.9 million in the third quarter, compared to an operating loss of $4.9 million in the prior-year period. Growth was primarily due to higher net revenues.

• Adjusted EBITDA of $1.0 million, compared to ($0.9) million in the prior-year period.

Futures

• Net revenue was $5.0 million, compared to $4.8 million in the prior-year period. Net transaction fees were relatively flat as increases in agricultural future revenues were offset by inverted financial futures revenue.

• Operating loss was $12.2 million, compared to an operating loss of $18.5 million in the prior year period. Growth was primarily due to lower expenses as the prior-year period included accelerated share-based compensation expenses.

• Adjusted EBITDA of ($8.4) million, compared to ($9.6) million in the prior-year period.

International

• Net revenue was $6.1 million, compared to $5.5 million in the prior-year period. The increase was primarily due to increased total listed securities by The International Stock Exchange Group Limited (TISE).

• Operating income was $1.3 million, compared to $0.8 million in the prior-year period. The increase was primarily due to increased net revenue.

• Adjusted EBITDA of $2.3 million, compared to $1.7 million in the prior-year period.

Capital and Liquidity

• As of September 30, 2026, MIAX had cash and cash equivalents of $698.9 million and total debt of $1.5 million.

FY 2026 Guidance
The company is updating full year 2026 expense guidance and now expects:

• Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, litigation and litigation settlement expenses, and provision for notes receivable in a range between $254 million and $257 million, down from previous guidance of between $260 million and $270 million;

• Share-based compensation expense in a range between $30 million and $32 million, compared to previous guidance of between $29 million and $32 million;

• Capital expenditures, including capitalization of internally developed software, in a range between $43 million and $46 million, compared to previous guidance of between $40 million and $45 million;

• Depreciation and amortization expense in a range between $36 million and $38 million, compared to previous guidance of between $35 million and $39 million;

• Adjusted effective tax rate post valuation allowance release in a range between 26% and 28%, compared to previous guidance of between 27% and 29%.