Miami International (MIAX) investor relations material

Executive summary

• Q3 net revenue rose 20% to $131.0M; Adjusted EBITDA increased 47% to $70.8M, with margin at 54% versus 44%.

• Total Q3 revenue increased 10.7% to $376.2M; revenue less cost of revenues rose 19.7% to $131.0M.

Financial highlights

• Net revenue increased to $131.0M from $109.5M; adjusted operating expenses were $60.3M, down 2% YoY.

• Operating income was $47.2M versus a $0.3M loss; operating expenses were $83.8M versus $109.8M, primarily reflecting prior-year IPO costs.

• GAAP net income was $52.5M versus a $102.1M loss; Q3 results included a $9.8M unrealized gain on digital and derivative assets.

• Adjusted earnings rose 25% to $50.1M from $39.9M; adjusted diluted EPS was $0.45 versus $0.42.

Outlook and guidance

• FY 2026 adjusted operating expense guidance narrowed to $254M–$257M from $260M–$270M; Q4 marketing costs, including Bloomberg Futures incentives, are expected to rise.

• FY 2026 share-based compensation guidance is $30M–$32M; capex and capitalized internally developed software guidance is $43M–$46M, including pulled-forward 2027 spending.

• FY 2026 D&A guidance is $36M–$38M; adjusted effective tax rate guidance is 26%–28%, down from 27%–29%.

• Margin expansion is expected as revenue grows against a largely fixed cost base and new products scale.

• Bloomberg equity index futures distribution and product scaling are planned for Q4 2026 and 2027; B500 and B100 options are expected in 2027, followed by options on futures.