Miami International Holdings Reports Results for Third Quarter 2025

Net revenue grew 57% year-over-year to $109.5 million GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO-related expenses GAAP diluted EPS of $(1.46) Adjusted EBITDA more than doubled year-over-year to $48.0 million Adjusted earnings increased nearly five times year-over-year to $39.9 million Adjusted diluted EPS of $0.42 , /PRNewswire/ -- Miami International Holdings, Inc. (MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the third quarter ended September 30, 2025. "MIH produced strong results in the third quarter while also executing on a successful initial public offering, driven by our team's focus on providing customers with best-in-class technology, reliability and risk protections across our markets," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. "Elevated volatility supported record volumes, contributing to strong performance in our options business. Notably, we achieved record average daily volume of 9.6 million contracts across our options exchanges for the third quarter, increasing 56% over the same period in the prior year." "Looking ahead, we remain committed to leveraging our ongoing investments in technology, relationships and industry expertise as we seek to further expand market share in our options business and grow our equities, futures, and international segments. With a strong foundation to build on, we are well-positioned to execute on our growth strategy and create long-term shareholder value." Third Quarter 2025 Highlights All figures are compared to the third quarter of 2024 unless otherwise stated. Net revenue, defined as revenues less cost of revenues, grew 57% to $109.5 million, compared to $69.6 million in the prior-year period primarily driven by strong options business performance, including increased industry volumes and the launch of the MIAX Sapphire® electronic options exchange in August 2024. Total operating expenses were $109.8 million, compared to $70.7 million in the prior-year period primarily due to initial public offering (IPO) related expenses and planned increases in headcount to support our growth initiatives. Operating loss of $0.3 million, compared to an operating loss of $1.2 million in the prior-year period. GAAP net loss of $102.1 million, compared to GAAP net loss of $3.2 million in the prior-year period primarily due to one-time loss on extinguishment of debt and IPO-related expenses. Adjusted earnings increased nearly five times to $39.9 million, compared to adjusted earnings of $8.3 million in the prior-year period. Adjusted EBITDA more than doubled to $48.0 million, compared to $18.7 million in the prior-year period driven primarily by strong growth in net revenues. Adjusted EBITDA margin expanded to 44% from 27% in the prior-year period. Business Updates Launched the MIAX Sapphire options trading floor in Miami in September 2025. MIAX® options exchanges reached a market share record of 17.2% in the third quarter of 2025. Announced support for the trading of financial futures on the MIAX Futures™ Onyx trading platform in the first quarter of 2026. MIAX Futures to list futures on the Bloomberg 500 Index in collaboration with Bloomberg during the first quarter of 2026, with futures on the Bloomberg 100 Index to follow. Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) Consolidated Third Quarter Results 3Q25 September 30, 2025 3Q24 September 30, 2024 Change Total revenues less cost of revenues $ 109,483 $ 69,558 57 % Operating loss $ (305) $ (1,159) NA Net loss attributable to MIH stockholders $ (102,080) $ (3,204) NA Diluted EPS $ (1.46) $ (0.05) NA Adjusted earnings* $ 39,947 $ 8,273 383 % Adjusted diluted EPS* $ 0.42 $ 0.11 282 % EBITDA $ (93,941) $ 5,768 NA Adjusted EBITDA* $ 48,019 $ 18,690 157 % Adjusted EBITDA margin %* 44 % 27 % 63 % * Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below. Segment Results ($000) Total Revenues Less Cost of Revenues (Net Revenue) by Business Segment 3Q25 September 30, 2025 3Q24 September 30, 2024 Change Options $ 94,499 $ 60,925 55 % Equities 4,352 2,234 95 % Futures 4,786 5,288 (9) % International 5,533 806 586 % Corporate/Other 313 305 3 % Total $ 109,483 $ 69,558 57 % Options Net revenue grew 55% to $94.5 million, compared to $60.9 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the launch of the MIAX Sapphire electronic options exchange in August 2024 which also contributed to increased revenues. Operating income increased 56% to $51.4 million, compared to $32.9 million in the prior-year period. The growth was primarily due to higher net revenues, partially offset by higher expenses driven by share-based compensation costs. Adjusted EBITDA grew 70% to $69.1 million, compared to $40.7 million in the prior-year period. Equities Net revenue nearly doubled to $4.4 million, compared to $2.2 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved but still negative pricing as liquidity payments exceeded transaction revenues. Operating loss of $4.9 million, compared to an operating loss of $5.0 million in the prior-year period. Adjusted EBITDA of $(0.9) million, compared to $(2.5) million in the prior-year period. Futures Net revenue was $4.8 million, compared to $5.3 million in the prior-year period. The decrease was due to participant migrations to the MIAX Futures Onyx trading platform and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex. Operating loss was $18.5 million, compared to an operating loss of $12.8 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by share-based compensation costs. Adjusted EBITDA of $(9.6) million, compared to $(8.0) million in the prior-year period. International Net revenue was $5.5 million, compared to $0.8 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025. Operating income was $0.8 million, compared to an operating loss of $2.6 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition. Adjusted EBITDA of $1.7 million, compared to $(1.7) million in the prior-year period. Capital and Liquidity On August 13, 2025, MIH raised $396.8 million in gross proceeds from its IPO of 17,250,000 shares of common stock, including the full exercise of the underwriters' option to purchase additional shares. On August 18, 2025, MIH repaid its outstanding senior secured loan agreement maturing in 2029. The amount repaid by MIH included $178.4 million of outstanding indebtedness, accrued and unpaid interest, the related premium, and fees. As of September 30, 2025, MIH had cash and cash equivalents of $401.5 million and total debt of $6.5 million. Webcast and Conference Call MIAX will host a webcast and conference call to review its third quarter financial results today, November 5, 2025 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 using conference ID "10203428" (international dial-in 412-317-6060). The webcast can be accessed on the Investor Relations section of MIAX's website at https://ir.miaxglobal.com/. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. A reconciliation of net income attributable to MIH to adjusted earnings, appears below. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. A reconciliation of net income attributable to MIH to adjusted EBITDA, appears below. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues. Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). For a reconciliation of our non-GAAP results to our GAAP results, see the tables below. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates nine exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Contact: Investors [email protected] Media [email protected] Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024 ($000, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Transaction and clearing fees $ 292,814 $ 240,623 $ 868,257 $ 712,209 Access fees 27,096 22,490 77,285 66,787 Market data fees 10,730 9,143 30,625 24,808 Other revenue 9,138 4,400 18,472 12,372 Total revenues 339,778 276,656 994,639 816,176 Cost of revenues: Liquidity payments 217,286 167,797 606,983 525,399 Brokerage, clearing, and exchange fees 11,612 17,731 42,547 51,134 Section 31 fees — 20,241 35,225 40,108 Equity rights program — — — 1,975 Other cost of revenues 1,397 1,329 3,855 3,621 Total cost of revenues 230,295 207,098 688,610 622,237 Revenues less cost of revenues 109,483 69,558 306,029 193,939 Operating expenses: Compensation and benefits 68,753 37,850 146,734 107,227 Information technology and communication costs 9,290 7,250 25,689 21,442 Depreciation and amortization 8,229 6,045 21,337 17,107 Occupancy costs 3,568 2,335 9,018 7,032 Professional fees and outside services 10,807 12,658 30,159 34,663 Marketing and business development 759 663 2,077 2,198 Acquisition-related costs — — 2,901 — General, administrative, and other 8,382 3,916 18,835 14,253 Total operating expenses 109,788 70,717 256,750 203,922 Operating income (loss) (305) (1,159) 49,279 (9,983) Non-operating (expense) income: Change in fair value of puttable common stock (338) (6,791) (2,229) (8,149) Change in fair value of puttable warrants issued with debt (255) (1,635) (1,172) (1,635) Interest income 2,658 840 5,371 1,976 Interest expense and amortization of debt issuance costs (3,378) (2,208) (12,710) (9,532) Gain (loss) on sale of intangible asset — — (2,054) 52,604 Unrealized gain (loss) on derivative assets 7,979 10,010 (39,039) 76,684 Loss on debt extinguishment (107,656) — (107,656) — Other, net (1,595) (703) 10,765 (149) Income (loss) before income tax provision (102,890) (1,646) (99,445) 101,816 Income tax (expense) benefit 810 (1,559) (528) (2,721) Net income (loss) (102,080) (3,205) (99,973) 99,095 Net loss attributable to non-controlling interest — (1) — (137) Net income (loss) attributable to Miami International Holdings, Inc $ (102,080) $ (3,204) $ (99,973) $ 99,232 Weighted-average shares of common stock outstanding Basic 70,128,197 63,246,820 66,168,315 60,477,992 Diluted 70,128,197 63,246,820 66,168,315 75,212,560 Net income (loss) per share attributable to common stock Basic $ (1.46) $ (0.05) $ (1.51) $ 1.64 Diluted $ (1.46) $ (0.05) $ (1.51) $ 1.35 Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024 ($000, except share and per share amounts) September 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 401,482 $ 150,341 Cash and securities segregated under federal and other regulations 29,509 30,809 Accounts receivable, net 99,864 92,415 Restricted cash 6,005 6,270 Clearing house performance bonds and guarantee funds 86,204 87,744 Participant margin deposits 1,151 1,234 Receivables from broker-dealers, futures commission merchants, and clearing organizations 123,302 147,164 Current portion of derivative assets 14,052 33,536 Other current assets 30,452 23,303 Total current assets 792,021 572,816 Investments 14,180 31,022 Fixed assets, net 47,861 44,478 Internally developed software, net 35,987 32,262 Goodwill 64,739 46,818 Other intangible assets, net 189,125 114,224 Derivative assets, net of current portion 12,955 50,304 Other assets, net 68,402 81,727 Total assets $ 1,225,270 $ 973,651 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and other liabilities $ 81,803 $ 120,361 Accrued compensation payable 31,910 33,523 Current portion of long-term debt 4,957 4,767 Deferred transaction revenues 9,166 2,710 Clearing house performance bonds and guarantee funds 85,704 87,244 Participant margin deposits 1,151 1,234 Payables to customers 133,853 152,637 Payables to clearing organizations 745 2,746 Total current liabilities 349,289 405,222 Long-term debt 1,506 32,268 Deferred income taxes 21,999 10,766 Puttable common stock, net of current portion — 78,424 Puttable warrants issued with debt — 64,188 Other non-current liabilities 20,567 15,166 Total liabilities 393,361 606,034 Commitments and contingencies — — Stockholders' equity: Convertible preferred stock - par value $0.001 (25,000,000 authorized, and 0 issued and outstanding at September 30, 2025 and 781,859 issued and outstanding at December 31, 2024) — 1 Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000 voting, 200,000,000 nonvoting); 81,767,756 issued and 81,413,957 outstanding common stock at September 30, 2025 (81,413,957 voting, 0 nonvoting) and 63,219,480 issued and 63,181,011 outstanding non-puttable common stock at December 31, 2024 (59,683,661 voting, 3,497,350 nonvoting)) 82 63 Common stock in treasury, at cost, 353,799 shares at September 30, 2025 and 38,469 shares at December 31, 2024 (8,232) (775) Additional paid-in capital 1,502,973 930,638 Accumulated deficit (662,283) (562,310) Accumulated other comprehensive loss, net (631) — Total stockholders' equity 831,909 367,617 Total liabilities and stockholders' equity $ 1,225,270 $ 973,651 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and Adjusted EBITDA by segment ($000): Three Months Ended September 30, 2025 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders $ 51,846 $ (4,858) $ (18,426) $ 8,477 $ (139,119) $ (102,080) Interest expense and amortization of debt issuance costs — — 36 — 3,342 3,378 Interest income (482) — (207) (111) (1,858) (2,658) Income tax expense (benefit) — — — 396 (1,206) (810) Depreciation and amortization 3,826 1,570 1,692 435 706 8,229 EBITDA 55,190 (3,288) (16,905) 9,197 (138,135) (93,941) Share-based compensation(1) 13,322 2,399 7,103 511 5,763 29,098 Investment loss(2) — — 239 — — 239 Litigation costs(3) 608 — — — 203 811 Impairment charges(4) — — — — 1,978 1,978 Change in fair value of puttable warrants issued with debt(5) — — — — 255 255 Change in fair value of puttable common stock(6) — — — — 338 338 Unrealized gain on derivative assets(7) — — — (7,979) — (7,979) One time IPO payments(8) — — — — 8,048 8,048 Warrant modifications(9) — — — — 1,516 1,516 Loss on extinguishment of debt(10) — — — — 107,656 107,656 Adjusted EBITDA $ 69,120 $ (889) $ (9,563) $ 1,729 $ (12,378) $ 48,019 (1) Share-based compensation represents expenses associated with stock options of $3.7 million, restricted stock awards of $25.1 million, and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $29.1 million is made up of $27.8 million to employees within compensation and benefits, $0.9 million to service providers within professional fees and outside services, and $0.4 million to directors within general, administrative, and other. (2) Investment loss of $0.2 million represents an unrealized loss on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Impairment charges of $2.0 million related to owned land and building impairments. (5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. (6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. (7) Represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. (8) One time IPO bonuses paid to certain employees and termination payments to former directors. (9) Represents expense recognized upon the extension of expiration date of certain warrants. (10) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. Three Months Ended September 30, 2024 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders $ 33,192 $ (4,999) $ (11,448) $ 7,364 $ (27,313) $ (3,204) Interest expense and amortization of debt issuance costs — — 91 — 2,117 2,208 Interest income (265) — (224) — (351) (840) Income tax expense — — — — 1,559 1,559 Depreciation and amortization 2,835 1,581 927 146 556 6,045 EBITDA 35,762 (3,418) (10,654) 7,510 (23,432) 5,768 Share-based compensation(1) 3,929 924 3,685 818 2,532 11,888 Investment (gain) loss(2) — — (1,058) — 2,037 979 Litigation costs(3) 1,042 — — — 347 1,389 Change in fair value of puttable warrants issued with debt(4) — — — — 1,635 1,635 Change in fair value of puttable common stock(5) — — — — 6,791 6,791 Settlement fee(6) — — — — 250 250 Unrealized gain on derivative assets(7) — — — (10,010) — (10,010) Adjusted EBITDA $ 40,733 $ (2,494) $ (8,027) $ (1,682) $ (9,840) $ 18,690 (1) Share-based compensation represents expenses associated with stock options of $3.4 million, restricted stock awards of $7.5 million and warrants of $1.0 million that have been granted to employees, directors and service providers. The 2024 expense of $11.9 million is made up of $10.2 million to employees within compensation and benefits, $1.2 million to service providers within professional fees and outside services, $0.5 million to directors within general, administrative, and other. (2) Investment loss of $1.0 million represents an unrealized loss for an observable price change in the value of an investment, net of unrealized gain on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. (5) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. (6) MIAX recognized expense of $0.3 million related to an estimated settlement fee for the repayment of its Prior Loan Agreement. (7) Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. Segment Operating Results The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages): Options Equities Three Months Ended Three Months Ended September 30, Percent September 30, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues $ 94,499 $ 60,925 55.1 % $ 4,352 $ 2,234 94.8 % Operating expenses 43,135 27,998 54.1 % 9,210 7,233 27.3 % Operating income (loss) $ 51,364 $ 32,927 56.0 % $ (4,858) $ (4,999) * Adjusted EBITDA(1) $ 69,120 $ 40,733 69.7 % $ (889) $ (2,494) * Adjusted EBITDA margin(2) 73.1 % 66.9 % * * Futures International Three Months Ended Three Months Ended September 30, Percent September 30, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues $ 4,786 $ 5,288 (9.5) % $ 5,533 $ 806 586.5 % Operating expenses 23,322 18,108 28.8 % 4,750 3,452 37.6 % Operating income (loss) $ (18,536) $ (12,820) * $ 783 $ (2,646) * Adjusted EBITDA(1) $ (9,563) $ (8,027) * $ 1,729 $ (1,682) * Adjusted EBITDA margin(2) * * 31.2 % * * Not meaningful (1) See Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA above. (2) Adjusted EBITDA margin represents adjusted EBITDA divided by adjusted revenues less cost of revenues. Reconciliations of GAAP Net Loss to Adjusted Earnings The following table is a reconciliation of net loss allocated to common stockholders to Adjusted Earnings ($000): Three Months Ended September 30, 2025 2024 Net loss allocated to common shareholders $ (102,080) $ (3,204) Share-based compensation(1) 29,098 11,888 Investment loss(2) 239 979 Litigation costs(3) 811 1,389 Impairment charge(4) 1,978 — Change in fair value of puttable warrants issued with debt(5) 255 1,635 Change in fair value of puttable common stock(6) 338 6,791 Unrealized gain on derivative assets(7) (7,979) (10,010) Settlement fee(8) — 250 Loss on extinguishment of debt(9) 107,656 — Warrant modifications(10) 1,516 — One time IPO payments(11) 8,048 — Tax effect of adjustments 67 (1,445) Adjusted earnings $ 39,947 $ 8,273 (1) Share-based compensation represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers. (2) 2025 investment loss of $0.2 million represents an unrealized loss on available for sale marketable securities. 2024 investment loss of $1.0 million represents an unrealized loss for an observable price change in the value of an investment, net of unrealized gain on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Impairment charges related to owned land and building impairments. (5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. (6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. (7) 2025 represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. 2024 represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. (8) MIAX recognized expense of $0.3 million related to an estimated settlement fee for the repayment of its Prior Loan Agreement. (9) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. (10) Represents expense recognized upon the extension of expiration date of certain warrants. (11) One time IPO bonuses paid to certain employees and termination payments to former directors. Earnings Per Share The following table sets forth the computation of diluted loss and adjusted earnings per share ($000, except share and per share data): Three Months Ended September 30, 2025 2024 Net loss attributable to MIH $ (102,080) $ (3,204) Weighted-average common shares outstanding 70,128,197 63,246,820 Diluted net loss per share $ (1.46) $ (0.05) Adjusted earnings $ 39,947 $ 8,273 Diluted weighted average shares outstanding used for adjusted diluted earnings per share 96,100,563 75,669,313 Adjusted diluted earnings per share $ 0.42 $ 0.11 Key Business MetricsThree and Nine Months Ended September 30, 2025 and 2024 Three Months Ended September 30, Increase/ (Decrease) Percent Change Nine Months Ended September 30, Increase/ (Decrease) Percent Change 2025 2024 2025 2024 Options: Number of trading days 64 64 — — % 186 188 (2) (1.1) % Total contracts: Market contracts – Equity and ETF (in thousands) 3,573,731 2,844,836 728,895 25.6 % 10,042,003 8,136,518 1,905,485 23.4 % MIH contracts – Equity andETF (in thousands) 615,910 394,511 221,399 56.1 % 1,674,370 1,205,502 468,868 38.9 % Average daily volume ("ADV")(defined below)(1) Market ADV – Equity andETF (in thousands)(1) 55,840 44,451 11,389 25.6 % 53,989 43,279 10,710 24.7 % MIHADV – Equity andETF (in thousands)(1) 9,624 6,164 3,460 56.1 % 9,002 6,412 2,590 40.4 % MIH market share 17.2 % 13.9 % 3.3 pts 23.7 % 16.7 % 14.8 % 1.9 pts 12.8 % Total Options revenue per contract ("RPC")(2) $0.103 $0.095 $0.008 8.4 % $0.108 $0.087 $0.021 24.1 % U.S. Equities: Number of trading days 64 64 — — % 186 188 (2) (1.1) % Total shares: Market shares (in millions) 1,116,705 736,209 380,496 51.7 % 3,198,279 2,194,890 1,003,389 45.7 % MIH shares (in millions) 12,058 12,027 31 0.3 % 34,708 37,874 (3,166) (8.4) % ADV(1): Market ADV (in millions)(1) 17,449 11,503 5,946 51.7 % 17,195 11,675 5,520 47.3 % MIH ADV (in millions)(1) 188 188 — — % 187 201 (14) (7.0) % MIH market share 1.1 % 1.6 % (0.5) pts (31.3) % 1.1 % 1.7 % (0.6) pts (35.3) % Equities capture (per 100 shares) (defined below)(3) $(0.015) $(0.040) $0.025 * $(0.016) $(0.042) $0.026 * Futures: Number of trading days 64 64 — — % 187 188 (1) (0.5) % Agricultural products total contracts 513,406 784,097 (270,691) (34.5) % 2,736,313 2,411,625 324,688 13.5 % Agricultural products ADV(1) 8,022 12,252 (4,230) (34.5) % 14,633 12,828 1,805 14.1 % Agricultural products RPC(2) $2.369 $2.508 $(0.139) (5.5) % $2.233 $2.519 $(0.286) (11.4) % * Percentage calculation is not meaningful. Represents a change in inverted fees. (1) ADV is calculated as total contracts or shares for the period divided by total trading days for the period. (2) RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period. (3) Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction Fees), divided by one-hundredth of total shares. SOURCE MIAX

Miami International Holdings Reports Results for Third Quarter 2025

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