1、Mastercard Incorporated First Quarter 2025 Financial Results Conference CallMay1,2025 2025 MastercardMay1,2025 2Business UpdateMichael Miebach:Financial OverviewBusiness Highlights2025 MastercardMay1,2025 31st Quarter Selected Financial Performance($in millions,except per share data)1Q 251Q 24YOY Gr

2、owthNon-GAAPNon-GAAPAs adjustedCurrency-neutralNet revenue$7,250$6,348 14%17%Adjusted operating expenses 2,950 2,617 13%14%Adjusted operating income 4,300 3,731 15%19%Adjusted operating margin 59.3%58.8%0.5 ppt0.9 pptAdjusted net income$3,406$3,093 10%13%Adjusted diluted EPS$3.73$3.31 13%16%Adjusted

3、 effective tax rate19.1%15.9%Note:See Appendix A for Non-GAAP reconciliation.Figures may not sum due to rounding.Thanks,Michael.Turning to page 3,which shows our financial performance for the first quarter on a currency-neutral basis,excluding,where applicable,special items and the impact of gains a

4、nd losses on our equity investments.Net Revenue was up 17%,reflecting continued growth in our payment network and our value-added services and solutions.Acquisitions contributed 1 ppt to this growth.Operating Expenses increased 14%,including a 4 ppt increase from acquisitions.And,Operating Income wa

5、s up 19%,which includes a 1 ppt headwind from acquisitions.Net Income and EPS increased 13%and 16%respectively,driven primarily by the strong operating income growth,partially offset by a higher effective tax rate due to the impact of the global minimum tax rules commencing in the current period.EPS

6、 was$3.73 cents,which includes an 8 cent contribution from share repurchases.During the quarter,we repurchased$2.5 billion worth of stock and an additional$884million through April28,2025.2025 MastercardMay1,2025 4$2,290$2,417$713$764$1,578$1,653$1,077$1,117$364$386$712$731$1,214$1,300$348$378$865$9