#USA #Miami #Miami International Holdings #MIAX #IPO Results

Miami International Holdings Reports Q3 2025 Results

Miami International Holdings, Inc. (MIH), a prominent leader in regulated financial markets, recently announced its results for the third quarter ending September 30, 2025. The company's net revenue experienced an impressive growth of 57% year-over-year, reaching $109.5 million. However, it also reported a GAAP net loss of $102.1 million, primarily due to one-time charges linked to the extinguishment of debt and expenses associated with its initial public offering (IPO).

Executive Overview

Thomas P. Gallagher, Chairman and CEO of MIH, expressed pride in the company's performance despite the challenges posed by the IPO, emphasizing the team's dedication to providing superior technology, reliability, and risk management in the financial markets. Q3 marked remarkable activity in MIH's options business, driven by significant market volatility that resulted in record trading volumes. The average daily volume for options surged to 9.6 million contracts, indicating a 56% increase compared to the previous year.

The financial results included:

• - XX% year-over-year growth in adjusted earnings to $39.9 million from $8.3 million.
• - Adjusted EBITDA more than doubled, reaching $48.0 million, representing a substantial increase from $18.7 million last year.

Key Financial Highlights

Despite a significant overall loss, MIH's operational performance demonstrated positive trends:

• - Net Revenue: Up 57% to $109.5 million from $69.6 million in the same quarter last year.
• - Operating Expenses: Increased to $109.8 million from $70.7 million, attributed mainly to IPO-related costs and headcount expansion to support growth.
• - Adjusted EBITDA Margin: Improved from 27% to 44%, highlighting effective cost management and revenue growth.

Business Developments

In September 2025, MIH launched the MIAX Sapphire options trading platform, enhancing its capabilities in the competitive options market. Additionally, MIAX exchanges saw a record market share of 17.2% in Q3 2025. Looking ahead, the company plans to expand market segments by introducing financial futures in early 2026, showcasing robust growth strategies extending beyond the current offerings.

Segment Performance

• - Options Segment: Revenue rose to $94.5 million, up 55% from $60.9 million a year ago, driven by increased transaction fees and enhanced market presence. Operating income followed suit, improving significantly compared to the previous year.
• - Equities Segment: Nearly doubled net revenue to $4.4 million, indicating a strengthening position within this competitive space.
• - Futures Segment: Reported a slight decline in revenue, reflecting market transitions and participant migrations due to operational adjustments.
• - International Segment: Showed remarkable growth with a 586% revenue increase following strategic acquisitions.

Financial Position and IPO Insight

As of the end of September 2025, MIH had robust cash reserves totaling $401.5 million and a manageable debt load of $6.5 million. The company successfully raised $396.8 million in gross proceeds from its IPO, with major efforts to enhance shareholder value through operational efficiencies and market expansions.

Gallagher concluded by reiterating MIH's commitment to leveraging technology and strategic relationships to capture further market share while aiming for long-term shareholder value creation.

For more information regarding MIH's latest quarterly performance, a live webcast will be available on its Investor Relations website today, November 5, at 5 p.m. ET.