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Miami International Holdings Reports Third Quarter 2026 Results

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Q3 Net revenue of $131 million (+20% YoY)Q3 GAAP diluted EPS of $0.47; Adjusted diluted EPS of $0.45Q3 Adjusted EBITDA of $71 million (+47% YoY); Adjusted EBITDA margin of 54% (+>1,000 bps YoY)Updates full-year 2026 expense guidance

PRINCETON, N.J. and MIAMI, Oct. 29, 2026 /PRNewswire/ — Miami International Holdings, Inc. (MIAX or MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the third quarter of 2026.

MIAX delivered strong financial results in Q3 2026. Total net revenue grew 20% year-over-year to $131.0 million, adjusted EBITDA increased 47% to $70.8 million, and adjusted EBITDA margin was 54%. Adjusted diluted earnings per share was $0.45. The company’s options business posted a 15% year-over-year increase in average daily volume to 11.1 million contracts.

“MIAX’s lean, high-margin operating model enabled us to deliver strong revenue growth and margin expansion in the third quarter,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Net revenue grew 20% year-over-year and options market share increased to 17.4%. Adjusted expenses came in below last year’s level and adjusted EBITDA margin expanded by more than 1,000 basis points.”

Mr. Gallagher added: “Our next growth phase is underway, with Bloomberg index futures now available on NinjaTrader and four fertilizer futures contracts recently launched in response to clear member interest. With a strong balance sheet and the technology, licenses and customer relationships to compete in a fast-changing market, MIAX remains well-positioned to deliver long-term value for our shareholders.”

Third Quarter 2026 Highlights

All figures are compared to the third quarter of 2025 unless otherwise stated.

Net revenue, defined as revenues less cost of revenues, grew 20%, or $21.5 million, to  $131.0 million, compared to $109.5 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and higher non-transaction revenue.Total operating expenses were $83.8 million, compared to $109.8 million in the prior-year period. The decrease was primarily due to initial public offering (IPO) related expense in 2025.Total adjusted operating expenses of $60.3 million decreased 2% compared to the prior-year period.Operating income was $47.2 million, compared to an operating loss of  $0.3 million in the prior-year period.GAAP net income was $52.5 million, compared to a net loss of $102.1 million in the prior-year period.Adjusted earnings increased 25% to $50.1 million, compared to $39.9 million in the prior-year period.Adjusted EBITDA increased 47% to $70.8 million, compared to $48.0 million in the prior-year period, driven primarily by strong growth in net revenues.Adjusted EBITDA margin expanded to 54% from 44% in the prior-year period.Diluted EPS of $0.47 compared to $(1.46) in the prior-year period.Adjusted diluted EPS of $0.45 compared to $0.42 in the prior-year period.

Third Quarter 2026 Business Updates

MIAX options exchanges reached average daily volume of 11.1 million contracts in the third quarter of 2026, a 15.2% year-over-year (YoY) increase.MIAX options exchanges achieved market share of 17.4% in the third quarter of 2026, compared to 17.2% in the prior year period.MIAX options exchange revenue per contract declined 4.9% YoY to $0.098.

Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)

Consolidated Third Quarter Results

3Q26

September 30,
2026

3Q25

September 30,
2025

Change

Total revenues less cost of revenues (“Net revenue”)

$          131,009

$          109,483

20 %

Operating income (loss)

$            47,204

$                (305)

*

Net income (loss) attributable to MIH stockholders

$            52,472

$        (102,080)

*

Diluted EPS

$                0.47

$               (1.46)

*

Adjusted earnings**

$            50,056

$            39,947

25 %

Adjusted diluted EPS**

$                0.45

$                0.42

7 %

EBITDA**

$            67,635

$           (93,941)

*

Adjusted EBITDA**

$            70,809

$            48,019

47 %

Adjusted EBITDA margin %***

54 %

44 %

23 %

* Not meaningful

** Reconciliation of non-GAAP results is included in the tables below. See “Non-GAAP Financial Information” below.

*** Adjusted EBITDA margin represents adjusted EBITDA divided by net revenue.

 

Segment Results
($000)

Net Revenue by Business Segment 

3Q26

September 30,
2026

3Q25

September 30,
2025

Change

Options

$          112,586

$            94,499

19 %

Equities

6,660

4,352

53 %

Futures

4,978

4,786

4 %

International

6,139

5,533

11 %

Corporate/Other

646

313

106 %

Total

$          131,009

$          109,483

20 %

Options

Net revenue grew 19% to $112.6 million, compared to $94.5 million in the prior-year period. Growth was primarily driven by both net transaction fees and non-transaction fees. Net transaction fees increased due to higher industry volume, and higher market share, partially offset by lower revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, and 2026 fee increases.Operating income increased 44% to $73.9 million, compared to $51.4 million in the prior year period. Growth was primarily due to higher net revenues, and lower expenses as the prior-year period included accelerated share-based compensation expenses.Adjusted EBITDA grew 25% to $86.5 million, compared to $69.1 million in the prior-year period.

Equities

Net revenue grew 53% to $6.7 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved capture.Operating loss of $2.9 million in the third quarter, compared to an operating loss of $4.9 million in the prior-year period. Growth was primarily due to higher net revenues.Adjusted EBITDA of $1.0 million, compared to ($0.9) million in the prior-year period.

Futures

Net revenue was $5.0 million, compared to $4.8 million in the prior-year period. Net transaction fees were relatively flat as increases in agricultural future revenues were offset by inverted financial futures revenue.Operating loss was $12.2 million, compared to an operating loss of $18.5 million in the prior year period. Growth was primarily due to lower expenses as the prior-year period included accelerated share-based compensation expenses.Adjusted EBITDA of ($8.4) million, compared to ($9.6) million in the prior-year period.

International 

Net revenue was $6.1 million, compared to $5.5 million in the prior-year period. The increase was primarily due to increased total listed securities by The International Stock Exchange Group Limited (TISE).Operating income was $1.3 million, compared to $0.8 million in the prior-year period. The increase was primarily due to increased net revenue.Adjusted EBITDA of $2.3 million, compared to $1.7 million in the prior-year period.

Capital and Liquidity

As of September 30, 2026, MIAX had cash and cash equivalents of $698.9 million and total debt of $1.5 million.

FY 2026 Guidance

The company is updating full year 2026 expense guidance and now expects:

Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, litigation and litigation settlement expenses, and provision for notes receivable in a range between $254 million and $257 million, down from previous guidance of between $260 million and $270 million;Share-based compensation expense in a range between $30 million and $32 million, compared to previous guidance of between $29 million and $32 million;Capital expenditures, including capitalization of internally developed software, in a range between $43 million and $46 million, compared to previous guidance of between $40 million and $45 million;Depreciation and amortization expense in a range between $36 million and $38 million, compared to previous guidance of between $35 million and $39 million;Adjusted effective tax rate post valuation allowance release in a range between 26% and 28%, compared to previous guidance of between 27% and 29%.

Webcast and Conference Call

MIAX will host a webcast and conference call to review its third quarter financial results today, October 29, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX’s website at 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 and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, provision for notes receivable, and non-GAAP tax adjustments.

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 tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized gain/loss on derivative and digital assets, loss on sale of intangible asset, impairment charges, warrant modifications, one time IPO payments, loss on extinguishment of debt, and provision for notes receivable.

Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.

Adjusted diluted 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).

Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company’s ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company’s ongoing operations. 

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 eight exchanges across options, futures, equities and international markets including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains 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,” “expect,” “anticipates,” “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 MIAX’s 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.

Contacts:

Investors 
John T. Williams
investor.relations@miaxglobal.com

Media 
Andy Nybo
media@miaxglobal.com

Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three and Nine Months Ended September 30, 2026 and 2025
($000, except share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues:

Transaction and clearing fees

$   316,420

$   292,814

$   963,714

$         868,257

Access fees

36,949

27,096

105,247

77,285

Market data fees

13,877

10,730

39,038

30,625

Other revenue

8,937

9,138

25,503

18,472

Total revenues

376,183

339,778

1,133,502

994,639

Cost of revenues:

Liquidity payments

206,313

217,286

636,472

606,983

Brokerage, clearing, and exchange fees

14,212

11,612

45,849

42,547

Section 31 fees

23,028

—

46,004

35,225

Other cost of revenues

1,621

1,397

4,462

3,855

Total cost of revenues

245,174

230,295

732,787

688,610

Revenues less cost of revenues

131,009

109,483

400,715

306,029

Operating expenses:

Compensation and benefits

40,286

68,753

125,642

146,734

Information technology and communication costs

9,601

9,290

29,286

25,689

Depreciation and amortization

9,453

8,229

26,319

21,337

Occupancy costs

2,938

3,568

9,158

9,018

Professional fees and outside services

15,386

10,807

38,241

30,159

Marketing and business development

1,249

759

5,409

2,077

Acquisition-related costs

—

—

—

2,901

Litigation settlement

—

—

30,000

—

General, administrative, and other

4,892

8,382

15,691

18,835

Total operating expenses

83,805

109,788

279,746

256,750

Operating income (loss)

47,204

(305)

120,969

49,279

Non-operating (expense) income:

Change in fair value of puttable common stock

—

(338)

—

(2,229)

Change in fair value of puttable warrants issued with debt

—

(255)

—

(1,172)

Interest income

5,941

2,658

15,581

5,371

Interest expense and amortization of debt issuance costs

(42)

(3,378)

(131)

(12,710)

Loss on sale of intangible asset

—

—

—

(2,054)

Unrealized gain (loss) on derivative and digital assets

9,797

7,979

6,919

(39,039)

Loss on debt extinguishment

—

(107,656)

—

(107,656)

Gain on sale of business

—

—

50,570

—

Other, net

1,181

(1,595)

(998)

10,765

Income (loss) before income tax provision

64,081

(102,890)

192,910

(99,445)

Income tax benefit (expense)

(11,609)

810

73,994

(528)

Net income (loss) attributable to Miami International Holdings, Inc

$          52,472

$     (102,080)

$   266,904

$         (99,973)

Weighted-average shares of common stock outstanding

Basic

99,113,041

70,128,197

95,430,903

66,168,315

Diluted

110,799,280

70,128,197

110,249,406

66,168,315

Net income (loss) per share attributable to common stock

Basic

$            0.53

$           (1.46)

$            2.80

$           (1.51)

Diluted

$            0.47

$           (1.46)

$            2.42

$           (1.51)

 

Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2026 and December 31, 2025
($000, except share and per share amounts)

September 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$    698,854

$    433,648

Cash and securities segregated under federal and other regulations

26,797

27,618

Accounts receivable, net

95,949

98,107

Restricted cash

13,667

6,005

Clearing house performance bonds and guarantee funds

93,062

70,078

Receivables from broker-dealers, futures commission merchants, and clearing
organizations

152,509

133,533

Current portion of derivative assets

8,554

6,017

Other current assets

40,298

39,232

Assets held for sale

—

40,976

Total current assets

1,129,690

855,214

Investments

28,850

19,180

Fixed assets, net

59,520

46,854

Internally developed software, net

36,667

36,333

Goodwill

62,000

62,211

Other intangible assets, net

168,947

170,774

Deferred tax asset, net

63,787

—

Derivative assets, net of current portion

—

5,114

Other assets, net

68,679

63,745

Total assets

$       1,618,140

$    1,259,425

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and other liabilities

$    73,438

$           69,780

Accrued compensation payable

36,201

39,412

Current portion of long-term debt

1,517

1,508

Deferred transaction revenues

8,960

9,572

Clearing house performance bonds and guarantee funds

92,562

69,578

Payables to customers

152,070

144,641

Payables to clearing organizations

—

11

Liabilities held for sale

—

2,758

Total current liabilities

364,748

337,260

Deferred income taxes

10,877

22,386

Other non-current liabilities

22,229

18,762

Total liabilities

397,854

378,408

Commitments and contingencies

—

—

Stockholders’ equity:

Common stock – voting and nonvoting, par value $0.001 (600,000,000 authorized
(400,000,000 voting, 200,000,000 nonvoting)); 100,758,991 issued and 99,945,378
outstanding common stock at September 30, 2026 and 85,890,086 issued and
85,536,287 outstanding common stock at December 31, 2025

100

86

Common stock in treasury, at cost, 813,613 shares at September 30, 2026 and 353,799
shares at December 31, 2025

(27,229)

(8,232)

Additional paid-in capital

1,614,769

1,522,143

Accumulated deficit

(365,435)

(632,339)

Accumulated other comprehensive loss, net

(1,919)

(641)

Total stockholders’ equity

1,220,286

881,017

Total liabilities and stockholders’ equity

$    1,618,140

$       1,259,425

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, 2026

Options

Equities

Futures

International

Corporate /
Other

Total

Net income (loss) allocated to common stockholders

$     74,112

$     (2,874)

$    (9,999)

$     11,295

$   (20,062)

$     52,472

Interest expense and amortization of debt issuance costs

—

—

—

—

42

42

Interest income

(213)

—

(261)

(222)

(5,245)

(5,941)

Income tax expense

—

—

—

69

11,540

11,609

Depreciation and amortization

4,626

1,601

2,087

521

618

9,453

EBITDA

78,525

(1,273)

(8,173)

11,663

(13,107)

67,635

Share-based compensation(1)

3,086

669

1,605

384

1,795

7,539

Investment gain (loss)(2)

—

—

(1,811)

—

724

(1,087)

Litigation costs(3)

188

—

—

—

63

251

Unrealized gain on derivative and digital assets(4)

—

—

—

(9,797)

—

(9,797)

Provision for notes receivable(5)

4,694

1,574

—

—

—

6,268

Adjusted EBITDA

$     86,493

$     970

$     (8,379)

$     2,250

$     (10,525)

70,809

(1)

Share-based compensation represents expenses associated with stock options of $3.3 million, restricted stock awards of $1.0 million, restricted stock units of $3.3 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.5 million is made up of $6.4 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $0.9 million to directors within general, administrative, and other.

(2)

Investment gain of $1.1 million represents an unrealized gain on marketable equity securities.

(3)

Litigation costs associated with litigation related to the Nasdaq matter.

(4)

Reflects the aggregate unrealized gain resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to the 125 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2026.

(5)

Represents provision for certain CAT costs that are no longer expected to be recoverable.

 

Three Months Ended September 30, 2025

Options

Equities

Futures

International

Corporate /
Other

Total

Net income (loss) allocated to common stockholders

$    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 (benefit) expense

—

—

—

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

Change in fair value of puttable warrants issued with debt(4)

—

—

—

—

255

255

Change in fair value of puttable common stock(5)

—

—

—

—

338

338

Impairment charges(6)

—

—

—

—

1,978

1,978

Unrealized gain on derivative and digital 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 equity securities.

(3)

Litigation costs are associated with 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. The right to put warrants terminated upon completion of the IPO in August 2025.

(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 the Company’s ERPs I and II that had an associated put right which required the Company 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.

(6)

Impairment charges of $2.0 million related to owned land and building impairments.

(7)

Reflects the unrealized gain resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2025.

(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.

Segment Operating Results

The following sets forth our results of operations by segment ($000):

Three Months Ended September 30, 2026

Options

Equities

Futures

International

Corporate /
Other

Total

Revenues:

Transaction and clearing fees

$    274,261

$     22,788

$     19,300

$     71

$     —

$     316,420

Access fees

32,689

3,824

455

38

(57)

36,949

Market data fees

10,211

2,082

1,512

80

(8)

13,877

Other revenue

125

—

2,505

5,950

357

8,937

Total revenues

317,286

28,694

23,772

6,139

292

376,183

Cost of revenues:

Liquidity payments

185,334

16,862

4,117

—

—

206,313

Brokerage, clearing, and exchange fees

1,325

185

12,702

—

—

14,212

Section 31 fees

18,041

4,987

—

—

—

23,028

Other cost of revenues(1)

—

—

1,975

—

(354)

1,621

Total cost of revenues

204,700

22,034

18,794

—

(354)

245,174

Revenues less cost of revenues

112,586

6,660

4,978

6,139

646

131,009

Operating expenses:

Compensation and benefits

18,589

3,909

9,476

2,566

5,746

40,286

Information technology and communication costs

4,359

1,608

2,763

595

276

9,601

Depreciation and amortization

4,626

1,601

2,087

521

618

9,453

Occupancy costs

1,439

186

449

240

624

2,938

Professional fees and outside services

7,552

1,813

517

268

5,236

15,386

Marketing and business development

145

41

849

74

140

1,249

General, administrative, and other

1,977

376

1,002

530

1,007

4,892

Total operating expenses

38,687

9,534

17,143

4,794

13,647

83,805

Operating income (loss)

73,899

(2,874)

(12,165)

1,345

(13,001)

47,204

Non-operating (expense) income:

Interest income

213

—

261

222

5,245

5,941

Interest expense and amortization of debt
issuance costs

—

—

—

—

(42)

(42)

Unrealized gain on derivative and digital assets

—

—

—

9,797

—

9,797

Other, net

—

—

1,905

—

(724)

1,181

Income (loss) before income tax provision

74,112

(2,874)

(9,999)

11,364

(8,522)

64,081

Income tax expense

—

—

—

(69)

(11,540)

(11,609)

Net income (loss) attributable to Miami International
     Holdings, Inc

$     74,112

$     (2,874)

$     (9,999)

$     11,295

$     (20,062)

$     52,472

(1)

Futures segment includes $0.4 million related to access fees, $0.6 million related to market data fees, and $1.0 million related to other revenue. Corporate / Other segment includes $(0.4) million related to other revenue.

 

Three Months Ended September 30, 2025

Options

Equities

Futures

International

Corporate /
Other

Total

Revenues:

Transaction and clearing fees

$    245,406

$     31,899

$     15,424

$     85

$     —

$     292,814

Access fees

23,076

3,761

275

41

(57)

27,096

Market data fees

7,011

2,368

1,279

80

(8)

10,730

Other revenue

1,047

—

2,386

5,327

378

9,138

Total revenues

276,540

38,028

19,364

5,533

313

339,778

Cost of revenues:

Liquidity payments

180,950

33,470

2,866

—

—

217,286

Brokerage, clearing, and exchange fees

1,091

206

10,315

—

—

11,612

Section 31 fees

—

—

—

—

—

—

Other cost of revenues(1)

—

—

1,397

—

—

1,397

Total cost of revenues

182,041

33,676

14,578

—

—

230,295

Revenues less cost of revenues

94,499

4,352

4,786

5,533

313

109,483

Operating expenses:

Compensation and benefits

27,373

4,712

16,574

2,720

17,374

68,753

Information technology and communication costs

3,896

1,819

2,653

663

259

9,290

Depreciation and amortization

3,826

1,570

1,692

435

706

8,229

Occupancy costs

1,807

227

703

259

572

3,568

Professional fees and outside services

4,189

514

265

305

5,534

10,807

Marketing and business development

150

36

326

99

148

759

General, administrative, and other

1,894

332

1,109

269

4,778

8,382

Total operating expenses

43,135

9,210

23,322

4,750

29,371

109,788

Operating income (loss)

51,364

(4,858)

(18,536)

783

(29,058)

(305)

Non-operating (expense) income:

Change in fair value of puttable warrants issued
with debt

—

—

—

—

(255)

(255)

Change in fair value of puttable common stock

—

—

—

—

(338)

(338)

Interest income

482

—

207

111

1,858

2,658

Interest expense and amortization of debt
issuance costs

—

—

(36)

—

(3,342)

(3,378)

Loss on extinguishment of debt

—

—

—

—

(107,656)

(107,656)

Unrealized gain on derivative and digital assets

—

—

—

7,979

—

7,979

Other, net

—

—

(61)

—

(1,534)

(1,595)

Income (loss) before income tax provision

51,846

(4,858)

(18,426)

8,873

(140,325)

(102,890)

Income tax benefit (expense)

—

—

—

(396)

1,206

810

Net income (loss) attributable to Miami International
     Holdings, Inc

$     51,846

$     (4,858)

$     (18,426)

$     8,477

$     (139,119)

$     (102,080)

(1)

Includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.7 million related to other revenue.

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

2026

2025

Change

2026

2025

Change

Revenues less cost of revenues

$   112,586

$     94,499

19.1 %

$      6,660

$      4,352

53.0 %

Operating expenses

38,687

43,135

(10.3) %

9,534

9,210

3.5 %

Operating income (loss)

$     73,899

$     51,364

43.9 %

$    (2,874)

$    (4,858)

*

Adjusted EBITDA(1)

$     86,493

$     69,120

25.1 %

$        970

$      (889)

*

Adjusted EBITDA margin(2)

76.8 %

73.1 %

14.6 %

*

Futures

International

Three Months Ended

Three Months Ended

September 30,

Percent

September 30,

Percent

2026

2025

Change

2026

2025

Change

Revenues less cost of revenues

$      4,978

$      4,786

4.0 %

$      6,139

$      5,533

11.0 %

Operating expenses

17,143

23,322

(26.5) %

4,794

4,750

0.9 %

Operating income (loss)

$   (12,165)

$   (18,536)

*

$      1,345

$        783

71.8 %

Adjusted EBITDA(1)

$    (8,379)

$    (9,563)

*

$      2,250

$      1,729

30.1 %

Adjusted EBITDA margin(2)

*

*

36.7 %

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 revenues less cost of revenues.

Reconciliations of GAAP Net Income (Loss) to Adjusted Earnings

The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Net income (loss) allocated to common stockholders

$  52,472

$      (102,080)

$  266,904

$        (99,973)

Share-based compensation(1)

7,539

29,098

23,502

48,007

Investment (gain) loss(2)

(1,087)

239

1,553

(10,320)

Litigation costs and settlement(3)

251

811

36,036

2,687

Impairment charges(4)

—

1,978

—

2,717

Acquisition-related costs(5)

—

—

—

2,901

Change in fair value of puttable warrants issued with debt(6)

—

255

—

1,172

Change in fair value of puttable common stock(7)

—

338

—

2,229

Loss on sale of intangible asset(8)

—

—

—

2,054

Unrealized (gain) loss on derivative and digital assets(9)

(9,797)

(7,979)

(6,919)

39,039

Gain on sale of business(10)

—

—

(50,570)

—

Provision for notes receivable(11)

6,268

—

6,268

—

One time IPO payments(12)

—

8,048

—

8,048

Warrant modifications(13)

—

1,516

—

1,516

Loss on extinguishment of debt(14)

—

107,656

—

107,656

Total non-GAAP pre-tax adjustments

3,174

141,960

9,870

207,706

Income tax (expense) benefit related to items above(15)

(720)

67

675

—

One-off discrete tax adjustments(16):

Release of valuation allowance as of January 1, 2026

—

—

(109,161)

—

Deferred tax re-measurements

—

—

15,806

—

Other(17)

(4,870)

—

(35,424)

—

Total non-GAAP tax adjustments

(5,590)

67

(128,104)

—

Adjusted earnings

$         50,056

$  39,947

$       148,670

$       107,733

(1)

Share-based compensation represents expenses associated with stock options, restricted stock awards, restricted stock units, and warrants that have been granted to employees, directors and service providers.

(2)

2026 represents the unrealized gain or loss on marketable equity securities. Three months ended September 30, 2025 represents an unrealized loss on available for sale marketable equity securities.  The nine months ended September 30, 2025 represents an unrealized gain of $8.6 million from the TISE acquisition, and $1.7 million of unrealized gain on available for sale marketable equity securities.

(3)

Litigation costs and settlement associated with litigation related to the Nasdaq matter.

(4)

Impairment charges related to owned land and building impairments.

(5)

Relates to the TISE acquisition.

(6)

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.

(7)

The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company’s ERPs I and II that had an associated put right which required the Company 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.

(8)

Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025.

(9)

Reflects the aggregate unrealized gain or loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to Pyth tokens that remain locked by the Pyth Network as of each balance sheet date.

(10)

Represents the gain on the sale of MIAXdx in January 2026.

(11)

Represents provision for certain CAT costs that are no longer expected to be recoverable.

(12)

One time IPO bonuses paid to certain employees and termination payments to former directors.

(13)

Represents expense recognized upon the extension of expiration date of certain warrants.

(14)

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.

(15)

The income tax effect of the adjustments takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).

(16)

Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance.

(17)

Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share-based compensation compared to the book expense.

Earnings Per Share

The following table sets forth the computation of diluted net income (loss) and adjusted diluted earnings per share ($000, except share and per share data):

Three Months Ended

September 30,

2026

2025

Net income (loss) attributable to MIH

$           52,472

$        (102,080)

Diluted weighted-average common shares outstanding

110,799,280

70,128,197

Diluted net income (loss) per share

$              0.47

$            (1.46)

Adjusted earnings

$           50,056

$          39,947

Diluted weighted average shares outstanding used for
adjusted diluted earnings per share

110,799,280

96,100,563

Adjusted diluted earnings per share

$              0.45

$             0.42

 

Key Business Metrics
Three and Nine Months Ended September 30, 2026 and 2025

Three Months Ended
September 30,

Increase/
(Decrease)

Percent
Change

Nine Months Ended
September 30,

Increase/
(Decrease)

Percent
Change

2026

2025

2026

2025

Options:

Number of trading days

64

64

—

— %

187

186

1

0.5 %

Total contracts:

Market contracts – Equity and ETF (in thousands)

4,083,844

3,573,731

510,113

14.3 %

12,029,228

10,042,003

1,987,225

19.8 %

MIH contracts – Equity andETF (in thousands)

709,660

615,910

93,750

15.2 %

2,053,729

1,674,370

379,359

22.7 %

Average daily volume (“ADV”)(defined below)(1)

Market ADV – Equity andETF (in thousands)(1)

63,810

55,840

7,970

14.3 %

64,327

53,989

10,338

19.1 %

MIHADV – Equity andETF (in thousands)(1)

11,088

9,624

1,464

15.2 %

10,983

9,002

1,981

22.0 %

MIH market share

17.4 %

17.2 %

0.2 pts

1.2 %

17.1 %

16.7 %

0.4 pts

2.4 %

Total Options revenue per contract (“RPC”)(2)

$0.098

$0.103

$(0.005)

(4.9) %

$0.110

$0.108

$0.002

1.9 %

U.S. Equities:

Number of trading days

64

64

—

— %

187

186

1

0.5 %

Total shares:

Market shares (in millions)

1,084,303

1,125,194

(40,891)

(3.6) %

3,556,467

3,206,789

349,678

10.9 %

MIH shares (in millions)

7,085

12,058

(4,973)

(41.2) %

29,393

34,708

(5,315)

(15.3) %

ADV(1):

Market ADV (in millions)(1)

16,942

17,581

(639)

(3.6) %

19,019

17,241

1,778

10.3 %

MIH ADV (in millions)(1)

111

188

(77)

(41.0) %

157

187

(30)

(16.0) %

MIH market share

0.7 %

1.1 %

(0.4) pts

(36.4) %

0.8 %

1.1 %

(0.3) pts

(27.3) %

Equities capture (per 100 shares) (defined below)(3)

$0.011

$(0.015)

$0.026

*

$0.004

$(0.016)

$0.020

*

Futures:

Agricultural:

Number of trading days

64

64

—

— %

187

187

—

— %

Agricultural products total contracts

731,384

513,406

217,978

42.5 %

2,194,520

2,736,313

(541,793)

(19.8) %

Agricultural products ADV(1)

11,428

8,022

3,406

42.5 %

11,735

14,633

(2,898)

(19.8) %

Agricultural products RPC(2)

$2.323

$2.369

$(0.046)

(1.9) %

$2.198

$2.233

$(0.035)

(1.6) %

Financial:

Number of trading days from launch(4)

64

na

na

na

94

na

na

na

Financial products total contracts

171,702

na

 na

na

410,185

na

na

na

Financial products ADV(4)

2,683

na

 na

na

4,364

na

na

na

Financial; products RPC(2)

$(1.428)

 na

 na

na

$(1.624)

na

na

na

International:

Total listed securities (period end)

6,092

5,808

284

4.9 %

6,092

5,808

284

4.9 %

*  Percentage calculation is not meaningful.

(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 net transaction fees, divided by one-hundredth of total shares.

(4)

Financial futures launched on May 17 (trade date May 18). Accordingly, ADV is calculated as total contracts for the period divided by total trading days for the period beginning on May 18.

 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/miami-international-holdings-reports-third-quarter-2026-results-302924232.html

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New Study Finds $141.8 Billion in ESOP Wealth Distributed to Workers

Published

5 minutes ago

on

October 29, 2026

By

National analysis from EOX’s Steve Storkan introduces cumulative ESOP distributions as a new way to measure the economic impact of employee ownership. The study finds that $141.8 Billion reached employee owners between 2009 and 2024, revealing a major part of the employee story that is rarely measured. The full study is available at no cost.

ARLINGTON, Va., Oct. 29, 2026 /PRNewswire-PRWeb/ — A new national study of Employee Stock Ownership Plans (ESOPs) has identified $141.8 billion in benefits paid to workers and beneficiaries from 2009 through 2024, revealing a major part of the employee ownership story that is rarely measured over time.

“For years we have talked about how much wealth exists inside ESOPs, but we have not celebrated the wealth that has already reached employees,” Storkan said. “This research gives us a powerful new way to tell that story.”

The report, More Than What Remains: Measuring the Wealth ESOPs Have Already Delivered, was authored by Steve Storkan, Executive Director of the Employee Ownership Expansion Network (EOX), with research and data analysis by Aaron Dean, Founder and CEO of Deanalytics. Dean developed the software and dashboard used to collect, organize, categorize, and analyze the annual Form 5500 filings of Employee Stock Ownership Plans (ESOPs).

An ESOP is a retirement plan that gives employees an ownership stake in the company where they work. In a traditional ESOP, employees generally do not use their wages or personal savings to buy the company stock allocated to their accounts. The study examined distributions, contributions, plan terminations, and new ESOP formations reported in Form 5500 filings over the sixteen-year period from 2009 through 2024.

To measure wealth created by ESOPs, national statistics have traditionally focused on assets currently held in plans and annual distribution amounts. To the researchers’ knowledge, this is the first study to calculate cumulative ESOP distributions over an extended period, requiring the collection, organization, and analysis of approximately 100,000 Form 5500 filings across sixteen years.

“For years we have talked about how much wealth exists inside ESOPs, but we have not celebrated the wealth that has already reached employees,” Storkan said. “This research gives us a powerful new way to tell that story. More importantly, it gives business owners, policy makers, community leaders, and employee ownership advocates evidence they can use to help create far more employee-owned companies.”

One of the study’s central themes is that ESOP wealth can become meaningful well before traditional retirement. Dean’s own experience illustrates that point. Before founding Deanalytics, Dean spent five years working for an employee-owned company. When he later received his ESOP distribution, he used part of that wealth to strengthen his personal finances and, most significantly, to help launch Deanalytics.

“I experienced firsthand what an ESOP distribution can mean in someone’s life,” Dean said. “My distribution helped me get my financial house in order, but more importantly, it gave me resources that helped make it possible to start Deanalytics. When Steve explained what he wanted to learn from the Form 5500 data, I immediately understood why the question mattered. The data behind this study represents billions of dollars, but every distribution ultimately represents a real person and an opportunity that employee ownership helped create.”

The study found that approximately $28.7 billion, or 20 percent, of measured distributions came from ESOPs that were winding down, often after a company sale or ownership change. As an example, in 2020 Leidos completed its acquisition of Dynetics, a Huntsville, Alabama, employee-owned company. As a result of the purchase, the Dynetics ESOP was terminated, and about $977 million in distributions across 2019 and 2020 was paid to roughly 2,260 participants in the ESOP. The report includes five additional company case studies showing how large ESOP payouts can occur when ownership changes.

The remaining approximately $113.1 billion came from ESOPs that were not winding down, showing that employee ownership wealth is also realized through retirement, leaving a job, diversification, and other events during the normal life of an ESOP. For Storkan, however, documenting the wealth already created is not the ultimate objective.

“The reason to measure and celebrate this wealth is to create more of it,” Storkan said. “Every retiring business owner should consider employee ownership as a succession option. Owners who are nowhere near retirement should consider it as well if they want to build a strong company and create meaningful wealth for the people helping them build it. Too few business owners seriously consider employee ownership, and too few of the people advising them understand how much wealth employee-owned companies have already created.”

The analysis also identified 3,943 new ESOPs and 3,839 ESOPs entering the termination process from 2009 through 2024. New ESOPs exceeded terminations in every year from 2016 through 2024. The findings show that relatively small changes in the national number of active ESOPs can conceal significant movement as companies enter and leave employee ownership.

The report also includes state-level data showing the distributions, contributions, new ESOP formations, and ESOPs entering termination by state from 2009 through 2024. The figures are based on the location reported by the plan sponsor, typically the company’s headquarters, and do not identify where individual participants receiving distributions live.

“The national number is powerful, but the state numbers make the story much more tangible,” Storkan said. “A state legislator can now see how much wealth ESOPs associated with their state have distributed. Community leaders can see what employee-owned companies in their area have already produced for workers. And business owners can see that employee ownership is not just a national idea. It is creating real wealth in communities across the country.”

Storkan and Dean welcome opportunities to work with state and local leaders, researchers, and employee ownership organizations to build on the published state data and provide more targeted analysis by community, industry, and other relevant measures.

Read the Executive Summary and Download the Full Report →

About the Employee Ownership Expansion Network (EOX)

Founded in 2018, EOX is the nation’s only 501(c)(3) non-profit focused on building awareness and engaging local communities around all forms of employee ownership at state and national levels via a network of 25 State Centers for Employee Ownership. The Employee Ownership Expansion Network works to expand employee ownership by building and strengthening a national network of State Centers for Employee Ownership. EOX helps states develop the infrastructure, partnerships, education, and resources needed to introduce more business owners and communities to employee ownership. Learn more at www.eoxnetwork.org

About Deanalytics, LLC

Founded by Aaron Dean, Deanalytics builds data tools for mission-driven companies, including ESOPs and the manufacturers that sell through distributors. Its ESOP work includes the ESOP Scanner, which makes Form 5500 data searchable and comparable across companies and years, and the free ESOP Almanac at deanalytics.llc.

Media Contact

Kyle Harshey, The Employee Ownership Expansion Network (EOX), 1 (205) 516-1601, marcom@eoxnetwork.org, https://www.eoxnetwork.org/

View original content to download multimedia:https://www.prweb.com/releases/new-study-finds-141-8-billion-in-esop-wealth-distributed-to-workers-302924114.html

SOURCE The Employee Ownership Expansion Network (EOX)

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Technology

/C O R R E C T I O N – Andx Global/

Published

5 minutes ago

on

October 29, 2026

By

In the news release, AndX Global Unveils Manila One, a First-of-Its-Kind Tokenized Land Development With Global Access, issued 29-Oct-2026 by Andx Global over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:

AndX Global Unveils Manila One, a First-of-Its-Kind Tokenized Land Development With Global Access

$100 million USD-denominated offering brings a 54-hectare Metro Manila development on-chain, built for global distribution and secondary trading.

NEW YORK, Oct. 29, 2026 /PRNewswire/ — AndX Global today unveiled Manila One, a $100 million initiative that is the first to tokenize a large-scale, development-stage land project and open it to investors worldwide from day one.

Originated in the Philippines, structured through a U.S.-based investment framework and built for distribution to eligible investors globally, Manila One represents a new model for cross-border real estate investing. It combines a local asset, institutional structuring, global access and a path to liquidity.

Manila One applies tokenization where the most value is created, in the development of raw land, and opens it to investors around the world from the start.

“Tokenization without liquidity is simply digitized illiquidity,” said Viru Raparthi, CEO of AndX Global. “Manila One changes that model by giving global investors access at the development stage, while building toward real liquidity. This isn’t just about tokenizing real estate. It’s about creating a global market for real-world assets.”

Designed for global investors

Manila One is built to overcome the barriers that have kept private real estate closed to most investors: access, currency, minimums and exit.

Global access: open to eligible investors in more than 190 countries, subject to applicable lawUSD-denominated: priced and reported in U.S. dollarsLow minimum: tokens priced to ensure maximum participationDigital ownership: each token represents an economic interest in the development-stage project, with digital custody and blockchain-based recordkeepingBuilt for liquidity: designed for secondary trading on regulated AndX exchanges globally, so eligible holders can buy and sell their interests rather than stay locked into a multi-year private investment

Behind the offering is an end-to-end model that AndX intends to apply to other asset classes. It runs from origination through U.S. structuring, digital issuance, global distribution and custody to secondary trading. AndX Global provides the technology, tokenization, exchange, custody, payments and distribution infrastructure.

“The next generation of capital markets won’t be defined by geography,” Raparthi said. “It will be defined by access.”

The asset: 54 hectares, 5 km from Bonifacio Global City

The project centers on about 54 hectares of waterfront land roughly 5 kilometers from Bonifacio Global City (BGC), Metro Manila’s leading business district. Proceeds will fund horizontal development, including roads, utilities, drainage and other core infrastructure, to prepare the site for future residential, commercial and mixed-use construction. A later phase is planned to include affordable housing.

Manila One is sponsored by Jack Rodriguez, a Filipino entrepreneur and President of ARC Pacific Development, Inc., whose family story spans generations and two countries. His ancestry traces to passengers associated with the Mayflower and America’s earliest Pilgrim settlers, while his own roots remain deeply connected to the Philippines. Rodriguez sees the project as a bridge between the United States and the Philippines.

“Major development opportunities in the Philippines have mostly been available to a small circle of institutions, developers and wealthy families,” said Rodriguez. “Manila One opens that up, starting with Filipinos around the world and extending to investors everywhere who want a stake in transforming a major Philippine asset.”

The project is advised by Romel C. Cañete, widely regarded as one of the early visionaries behind Manhattan’s Hudson Yards transformation. Cañete evaluated developer bids for more than 40 million square feet of mixed-use development over the West Side rail yards — work that helped shape what became one of the most successful and consequential urban redevelopment projects in modern New York City.

“On Hudson Yards, the first question was whether the infrastructure could carry the vision,” said Cañete. “Manila One starts in the same place. What’s different is who gets in on the ground floor. It’s not just a handful of institutions anymore, but investors around the world.”

Offering at a glance

Offering size: $100 millionUnderlying asset: about 54 hectares of waterfront land near BGC, Metro ManilaIndicated land value: more than $200 million, per Cuervo Valuers & Advisory, Inc. (appraisal dated February 3, 2026)Term: three yearsPreferred return: 8% per year, simple and non-compounding (24% over the three-year term)Additional upside: 100% return on investment tied to appreciation of the underlying land, subject to offering termsEligible investors: retail and institutional, in more than 190 countriesOffering documents and eligibility: andx.ai/m1

About Manila One

Manila One is a tokenized real estate offering tied to the horizontal development of about 54 hectares of waterfront land near Bonifacio Global City in Metro Manila. ARC Pacific Development, Inc. is the sponsor, and AndX Global provides the tokenization and distribution infrastructure. Learn more at andx.ai/m1. 

About AndX Global

AndX Global is a financial technology company expanding global access to financial markets and real-world assets. Its infrastructure spans licensed digital-asset trading, payments, tokenization, custody and liquidity. Its mission is to let investors trade any asset, anywhere, anytime. Learn more at andx.ai. 

Important disclosure

This communication is for informational purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security or investment product. Any offering will be made only under applicable securities laws and through definitive offering documents containing material information about the investment, its risks and its terms. Investing involves risk, including possible loss of principal. The preferred return is not guaranteed. Statements about liquidity, secondary trading, returns, appreciation or future value are forward-looking and not guaranteed. Secondary trading, if available, will be subject to securities laws, regulatory approvals, transfer restrictions and the availability of an appropriate venue. Securities-related activities in the United States, where applicable, will be conducted through appropriately registered entities.

Media contacts

United States
Roxanne Rittberg
roxanne@andx.ai
+1 (561) 544-7172

Philippines
Mikel Cañete
mikel@andx.ai 

Correction: An earlier version of this release did not have the proper hyperlinks.

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SOURCE Andx Global

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Technology

HDR by Barco comes home as Barco sets plans for first HDR by Barco theater in Belgium in partnership with Kinepolis

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5 minutes ago

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October 29, 2026

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The technology company’s fast-growing premium cinema format has existing locations in the U.S., U.K., Germany, India, Italy, and the Netherlands.

KORTRIJK, Belgium, Oct. 29, 2026 /PRNewswire/ — Barco, a global leader in laser cinema projection, today announced plans to bring HDR by Barco, its groundbreaking premium cinema format, to Belgium for the first time. The new auditorium is set to open in Kinepolis Kortrijk, steps from Barco’s headquarters. The news comes as Barco continues the rapid expansion of HDR by Barco across the U.S. and European markets, including most recently with three new sites in Germany.

Construction is underway, with the new auditorium set to officially open on November 18. The long-awaited commercial debut of HDR by Barco in Belgium gives audiences in the company’s hometown a chance to experience one of cinema’s most talked about innovations.

First introduced to moviegoers in the fall of 2024, the premium format has enjoyed rapid deployment across major film markets following its commercial debut in early 2025.

“Bringing HDR by Barco to Belgium — and to Kortrijk in particular — makes this especially meaningful for us,” said Carl Rijsbrack, Barco Cinema Senior VP of Strategy and Product. “We developed this technology out of our ambition to take the cinema experience to the next level. HDR by Barco is now making its way into cinemas around the world. Being able to bring this experience to Belgian audiences together with Kinepolis marks another milestone for us.”

The upgraded screen at Kinepolis will feature premium HDR by Barco presentation, immersive audio, and premium seating; delivering an elevated experience for moviegoers.

Said Nicolas Hamon, Head of Projection and Sound at Kinepolis Group,

 “At Kinepolis, innovation serves one purpose: delivering the best possible cinema experience to our customers. HDR by Barco allows us to showcase more detail, colour and contrast on screen, allowing us to do even greater justice to filmmakers’ creative vision and deliver an exceptional viewing experience.”

Today’s announcement builds on the longstanding relationship between Barco and Kinepolis which dates back to the former’s foray into digital cinema. Kinepolis was also a trailblazer in the adoption of laser projection for cinema, leveraging Barco’s technology to power their premium brand, Laser ULTRA in 2014. Now the companies are once again setting a new bar for exceptional cinema quality in Belgium.

“HDR by Barco was invented here, so bringing it home to Kortrijk with Kinepolis closes a circle for us,” said Gerwin Damberg, EVP of Barco Cinema. “Every HDR by Barco title is a dedicated version of the film, graded and signed off by the original creative team. You won’t see that version on a standard screen. Lightsteering puts light exactly where the story needs it, with no extra power: better pixels, not more pixels. Exhibitors across Europe are reinvesting in premium cinema, and this is what makes the premium seat worth it. It’s just you and the movie, nothing in between.”

Based on the company’s patented Lightsteering technology, Barco’s approach to cinematic HDR produces images with highlights that are over 6x brighter than traditional projection, while retaining rich details in the darks for greater depth, clarity, and range. HDR by Barco delivers expansive creative possibilities for filmmakers, producing a wide color gamut with high-contrast images that captivate audiences.

For more information on HDR by Barco, including locations, upcoming releases, and showtimes, visit: www.HDRbyBarco.com 

About Barco

Barco, headquartered in Kortrijk (Belgium), is a global technology company leading in visualization, networking, and collaboration solutions. Its innovative technologies drive advancements in the healthcare, enterprise, and entertainment markets. At the heart of Barco’s success are over 3,000 dedicated ‘visioneers’, each passionately contributing to driving change through technology.

Listed on Euronext (BAR), Reuters (BARBt.BR), and Bloomberg (BAR BB), Barco realized sales of 964 million euro in 2025. For further insights, please visit www.barco.com or connect on LinkedIn, YouTube, Instagram, and Facebook.

Barco. Visioneering a bright tomorrow. © 2026

About Kinepolis

Kinepolis Group NV is a leading international cinema operator, active across Europe and North America and headquartered in Ghent, Belgium. The Group’s portfolio of premium cinema brands includes Kinepolis in Europe, Landmark Cinemas in Canada, and MJR Theatres, Emagine and Showcase Cinemas in the United States.

Founded in 1997 and publicly listed since 1998, Kinepolis builds on a cinema heritage dating back to the late 1960s and has grown into a reference in the cinema exhibition industry. The Group combines continuous operational optimization with a strong focus on customer experience. In addition to its core exhibition activities, Kinepolis is active in film distribution, B2B events, screen advertising and real estate management, supporting a diversified and integrated business model.

Kinepolis operates a network of 134 cinemas, representing 1,474 screens and approximately 230,000 seats, across Belgium, France, Luxembourg, the Netherlands, Spain, Switzerland, Poland, Canada and the United States. Supported by more than 5,000 employees, the Group delivers unforgettable entertainment experiences to millions of visitors each year. More information is available at www.kinepolis.com/corporate.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hdr-by-barco-comes-home-as-barco-sets-plans-for-first-hdr-by-barco-theater-in-belgium-in-partnership-with-kinepolis-302924317.html

SOURCE Barco, Inc.

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