MIAMI INTERNATIONAL HOLDINGS, INC. Q4 FY2025 earnings call

• 2025 was an extraordinary year with significant strategic milestones and outstanding financial performance. Total net revenue grew 56% to $431 million for the full year and 52% to $125 million in Q4. Adjusted EBITDA more than doubled in both full year and Q4. • Completed secondary public offering in December 2025. Strategic sale of 90% of MyEx derivatives exchange to Robinhood Markets in partnership with Susquehanna International Group in late 2025, closing in January 2026. • MyEx Sapphire options trading floor launched in third quarter 2025 continues to perform as expected. • Acquisition of TICE expanded international footprint. Launch of MyEx Futures Onyx and completion of new MyEx Futures clearing infrastructure. Plan to launch B100 and B500 futures in second quarter 2026, rescheduled to ensure reliability and performance. • Options market environment favorable in 2025 with elevated volatility creating demand for risk management tools. Expect elevated volatility in 2026. Rapid growth in new Monday and Wednesday short-term expirations in single stocks. • Equities business evolving with U.S. equity market presence. International operations demonstrating strategic value with ongoing work to maximize synergies. Focus on four key competitive pillars: differentiated technology, broad regulatory licenses, diverse product range, and deep customer relationships.

For the fourth quarter, options segment net revenue was $107 million, up 46% year-over-year with a market share of 18.2% (up from 15.9% prior year). Equity segment net revenue reached $6 million, up from $2 million prior year. Futures segment net revenue was $5 million, compared to $6 million prior year. International segment net revenue was $6 million, compared to $1 million prior year, primarily due to the acquisition of TICE in June 2025.

• Expect full year 2026 adjusted operating expenses in range of $265 million to $275 million, 13% - 18% increase over 2025. • Full-year share-based compensation expense in range of $27 million to $30 million. • Full-year CapEx in range of $40 million to $45 million, depreciation and amortization in range of $33 million to $38 million. • Expect to release deferred tax valuation allowance in 2026, then effective tax rate on adjusted earnings in range of 27% - 29%.

Q: Patrick Moley with Piper Sandler asked about outlook for option volumes in 2026 and market share dynamics.

A: Thomas and Shelly responded on continued volatility leading to volume growth and market share being consistent over recent months.

Q: Michael Tsipras with Morgan Stanley asked about Bloomberg derivative products launch.

A: Shelly and Thomas discussed starting with retail-sized contracts, working with platforms, and pricing strategy to attract retail.

Q: Ken Worthington with JP Morgan asked about Monday and Wednesday options.

A: Thomas and Shelly talked about early volumes, market share outperformance in those classes, and plans for expanding classes before additional days.

Q: Jeff Schmidt with William Blair asked about adjusted operating expense growth and crypto/event-based products.

A: Lance and Thomas responded on sensitivity to top-line growth and focus on core products over crypto for now.

Q: Patrick O'Shaughnessy with Raymond James asked about market makers in secondary offering and access/market data revenue.

A: Thomas and Shelly said no impact on market share and expectations for growth in access fees and market data.

Q: Chris Brindler with Rosenblatt Securities asked about fee increases and tokenization.

A: Joe and Thomas/Shelly discussed fee change expiration and no current plans for tokenization