1、Mastercard Incorporated Second Quarter 2025 Financial Results Conference CallJuly31,2025 2025 MastercardJuly31,2025 2Business UpdateMichael Miebach:Financial OverviewBusiness Highlights2025 MastercardJuly31,2025 32nd Quarter Selected Financial Performance($in millions,except per share data)2Q 252Q 2

2、4YOY GrowthNon-GAAPNon-GAAPAs adjustedCurrency-neutralNet revenue$8,133$6,961 17%16%Adjusted operating expenses 3,260 2,828 15%14%Adjusted operating income 4,873 4,133 18%17%Adjusted operating margin 59.9%59.4%0.5 ppt0.5 pptAdjusted net income$3,769$3,341 13%12%Adjusted diluted EPS$4.15$3.59 16%14%A

3、djusted effective tax rate20.9%17.5%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 second quarter on a currency-neutral basis,excluding,where applicable,special items and the impact of

4、 gains and losses on our equity investments.Net Revenue was up 16%,reflecting continued growth in our payment network and our value-added services and solutions.Acquisitions contributed 1 ppt to this growth.This growth was ahead of expectations primarily driven by higher than expected revenue from F

5、X volatility.Operating Expenses increased 14%,including a 4 ppt increase from acquisitions.And,Operating Income was up 17%,which includes a 1 ppt headwind from acquisitions.Net Income and EPS increased 12%and 14%respectively,driven primarily by the strong operating income growth,partially offset by

6、a higher effective tax rate due to the impact of the global minimum tax rules,which came into effect at the start of the year.EPS was$4.15 cents,which includes a 9 cent contribution from share repurchases.During the quarter,we repurchased$2.3billion worth of stock and an additional$1.0billion throug