Miami International Holdings: Model Update

Research evidence excerpt

Miami International Holdings: Model Update

J P M O R G A N North America Equity Research

24 July 2026

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Miami International Holdings Neutral

MIAX, MIAX US

Model Update Price (23 Jul 26):$41.67

▼Price Target (Dec-26):$43.00

Prior (Dec-26):$45.00

We are updating our MIAX model ahead of 2Q26 earnings and raising adj. EPS to

$0.42 (previously JPMe $0.37). Overall, numbers increase driven by higher Brokers, Asset Managers &

Exchangestransaction revenue, as higher 2Q26 options RPC more than offset the decline in

options volumes we observed. In options, 2Q26 ADV totaled 11.0mn (+1% q/q, Kenneth B. Worthington, CFA AC

+25% y/y), resulting in equity options market share of 16.5% (down 82bps q/q, (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

down 19bps) and total options market share of 15.1%. As such, we model options

net transaction fees of $83mn driving total transaction fees of $86mn. Altogether, Madeline Daleiden

(1-212) 622-4911

we model total net revenue of $138mn, as we assume data and access fees (non-txn madeline.daleiden@jpmchase.com

fees $52mn) decline a touch sequentially given one-time 1Q benefits. On expenses,

Michael Cho

we model 2Q26 adj. opex of $68mn, contributing to $269mn in FY26 adj. opex, (1-212) 622-3619

+ 15% y/y (guidance $265-275mn). Our Neutral rating is unchanged, but our Dec- michael.cho@jpmchase.com

2026 price target falls to $43 as we reset expectations lower for go-forward options J.P. Morgan Securities LLC

market share.

Key Changes (FYE Dec)