Miami International Holdings Inc (FRA:U42)

Q2 2026 Miami International Holdings Inc Earnings Call Transcript

Aug 5, 2026 / 09:00 PM GMT

Release Date Price: €39 (-2.99%)

Transcript 10-Q8-K

Key Points

Positve

Record net revenue of $141 million, up 35% year-over-year, driven by strong options trading volumes and favorable market volatility.
Adjusted EBITDA margin improved significantly by over 700 basis points year-over-year to 54%, demonstrating strong operating leverage.
Successfully launched the first group of Bloomberg financial futures products (B-500 and B-100), with market depth and volumes in line with expectations.
Options segment delivered record revenue with a strong revenue per contract (RPC) of $0.124, driven by favorable product mix and tier effects.
Strong balance sheet with $660 million in cash and minimal debt, providing ample capital for strategic investments and growth initiatives.
Market share in new IPO listings like SpaceX and SK Hynix is tracking ahead of the company's overall market share, indicating strong competitive positioning.
The company is actively pursuing retail distribution for its new Bloomberg futures products, with several firms expected to enable customer activity in the coming weeks.
Resolved the NASDAQ litigation, removing a significant legal overhang and allowing the company to focus on its core business.
The agricultural futures business showed strong growth, with ADV up 20% and capture rates improving by 14% quarter-over-quarter.
The company is exploring new opportunities in perpetual futures (PERFs) and actively engaging with regulators, potentially opening up new revenue streams.

Negative

Options market share declined to 16.5% in Q2, down from 17.3% in Q1, reflecting a normal but notable quarterly fluctuation.
The company cautioned that the strong Q2 RPC of $0.124 is not sustainable and expects second-half RPC to be closer to previous quarters' levels.
Adjusted operating expenses increased to $64 million, up from $57 million in the prior year, due to planned headcount expansion and marketing costs.
The newly launched Bloomberg futures products did not contribute materially to Q2 results, and their success remains uncertain as retail access is still being developed.
The company faces intense competition in the options market, requiring constant calibration of pricing and fees to balance market share and revenue per contract.
The company's FCM is in the process of applying for OCC membership, which involves regulatory hurdles and may take time to complete.
The company's international segment revenue growth is heavily dependent on the recent Tice acquisition, which may carry integration risks.
The company is increasing its FCM's net capital by $40 million, which could tie up capital that might otherwise be used for other opportunities.
The company's guidance for share-based compensation expense was raised, indicating higher non-cash costs that could pressure future earnings.
The company's strategy for perpetual futures is still in the exploratory phase, with regulatory and market demand uncertainties remaining.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MIAX.N - Miami International Holdings, Inc.
Q2 2026 Miami International Holdings Inc Earnings Call
Aug 05, 2026 / 09:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Thank you for standing by. My name is Alan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc.

Second quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question-and-answer session. It is now my pleasure to turn the call over to John T. Williams, Senior Vice President and Head of Investor Relations. You may begin your conference.

--------------------------------------------------------------------------------
Unidentified_2 [2]
---------------------------------------------------------------------------

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.