MIAMI INTERNATIONAL HOLDINGS, INC. Q1 FY2026 earnings call

• Executed well in Q1, posted record quarterly revenue in a volatile market. • Options business had strong quarter with sustained year-over-year volume growth and healthy revenue per contract levels. • Benefited from industry tailwinds like elevated volatility, broad investor participation, and growing volume in new short-term expirations. • Equities business maintained positive trajectory, international segment performed well. • Futures business set to expand with May 17th launch of Bloomberg Equity Futures. • Sold 90% of MyXDX to a joint venture, retaining 10% equity stake. • Focus on organic growth opportunities, including futures business and Bloomberg product launch, and open to opportunistic acquisitions.

Option segment net revenue was $111 million, up 37% year-over-year, with average daily volume of 10.9 million contracts, a 27% year-over-year increase. Equities segment net revenue was $7 million, up from $4 million in the prior year period. Futures segment net revenue was $5 million compared to $6 million in the prior year period. International segment net revenue was $6 million compared to $1 million in the year-ago period due to the acquisition of Tice in June of 2025.

• Reaffirming full year 2026 adjusted operating expense guidance of $265 million to $275 million, with planned increases in marketing costs. • Continued to expect full-year share-based compensation expense in a range between $27 million and $30 million. • Continued to expect full-year capital expenditures in a range between $40 million and $45 million. • Q1 adjusted effective tax rate was 27.2%, expecting tax rate in 27 to 29% range from Q2.

Q: About options market share, biggest opportunities to grow market share and how to think about puts and takes throughout rest of year.

A: Normal shifts in volume and market share quarter to quarter. RPC was strong in Q1. Have range of pricing mechanisms to grow market share, target right mix of volume and economics. Sapphire floor has growth, with additional releases throughout year.

Q: Dig in on market share, new functionality, new products.

A: Continued growth in equity options daily weeklies. Improved IPO pipeline will bring option volume. Functionality enhancements constantly worked on with members. More brokers and market makers joining Sapphire floor.

Q: On short-dated company options, market share and build-out of new single company options.

A: Market share in nine classes range between 18 and 20% of multi-listed volume. Open discussion on expanding single-name weekly options program, decision to be made over next several months.

Q: EBITDA margin expansion, good run rate in normalized environment.

A: Focus on maintaining and growing EBIT margin above 50%. Equities business profitable, international business with Tice acquisition contributing. Futures business new revenue from Bloomberg products at high incremental margin.

Q: Impact from options regulatory fee reform.

A: Filed rule changes, not finalized rates, can't say impact yet.

Q: Launching Bloomberg 100 product on May 17th, sequencing of 500 products.

A: Started with B100 initially as retail firms think retail customers more interested. B500 teeny contract on June 1st, B500 big contract on June 8th.

Q: Thoughts on tokenization and impact on business.

A: Tokenization not core focus now, focus on core business and new product launches in futures.

Q: Impact from new single stock weeklies.

A: Still early days, negligible contributor at this point but could grow over time.