Mastercard Incorporated Third Quarter 2026 Financial Results Conference Call October 29, 2026 ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Business Update Michael Miebach: Financial Overview Business Highlights ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 rd Quarter Selected Financial Performance($ in millions, except per share data) Turning to page 3, which shows our financial performance for the third quarter on a currency-neutral basis, excluding, where applicable, special items and the impact of gains and losses on our equity investments. • Net Revenue was up 14%, reflecting continued growth in our payment network and our value-added services and solutions, with minimal impact from acquisitions and dispositions. • These revenues were above our expectations, primarily due to the continued strength of our business, and the timing of both services projects and payment network deals. • Operating Expenses increased 12%, including a 1 ppt increase from acquisitions and dispositions. • And, Operating Income was up 15%. • Net Income and EPS increased 18% and 21% respectively, driven primarily by the strong operating income growth in the quarter. • EPS was five dollars and thirty-one cents, which includes a 16 cent contribution from share repurchases. • During the quarter, we repurchased $3.0 billion worth of stock and approximately $648 million of additional stock through October 26th of this year. 3Q 26 3Q 25 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 9,807 $ 8,602 14% 14% Adjusted operating expenses 3,872 3,459 12% 12% Adjusted operating income 5,935 5,144 15% 15% Adjusted operating margin 60.5 % 59.8 % 0.7 ppt 0.7 ppt Adjusted net income $ 4,653 $ 3,961 17% 18% Adjusted diluted EPS $ 5.31 $ 4.38 21% 21% Adjusted effective tax rate 20.1% 21.4 % Note: See Appendix A for Non-GAAP reconciliation. Figures may not sum due to rounding. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Now turning to page 4 where I'll speak to the growth rates of our key volume drivers for the third quarter on a local currency basis. Worldwide Gross Dollar Volume, or GDV, increased by 7% year-over-year. • In the U.S., GDV increased 6%, with Credit growth of 10%, and Debit growth of 1%, which includes the impacts of the Capital One Debit migration. • Outside of the U.S., GDV increased 8%, with Credit growth of 6%, and Debit growth of 10%. • Cross-border volume increased 11% globally for the quarter reflecting continued growth in both travel and non-travel related cross-border spending. $2,754 $2,952 $819 $867 $1,935 $2,084 $1,272 $1,363 $424 $467 $848 $896 $1,481 $1,589 $395 $400 $1,087 $1,188 Credit Debit / Prepaid 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 $0$500$1,000$1,500$2,000$2,500$3,000 Worldwide United States Rest of World 7% Growth 6% Growth 8% Growth Notes: Growth rates are shown in local currency. Figures may not sum due to rounding. ($ in billions)3rd Quarter Gross Dollar Volume (GDV) ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Turning to page 5, Switched transactions grew 9% year-over-year in Q3. We continue to drive contactless penetration, which in Q3 stood at 81% of all in-person switched purchase transactions. This is up 5 ppt since the same period last year. In addition, card growth was 5%. Globally, there are now 3.8 billion Mastercard and Maestro-branded cards issued. 3rd Quarter Switched Transactions and Cards Transactions (in billions) 45.4 49.3 3Q25 3Q26 0102030405060 Cards (in millions) 3,627 3,807 3,303 3,539 323 269 Mastercard Cards Maestro Cards 3Q25 3Q26 0 1,000 2,000 3,000 4,000 Switched Transactions Cards 9% Growth 5% Growth Note: Figures may not sum due to rounding. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Growth Payment Network Value-added Services and Solutions Total Net Revenue GAAP 11% 19% 14% Currency-neutral 11% 19% 14% 1 Payment Network is presented net of rebates and incentives of $6,369 million and $5,389 million for Q3'26 and Q3'25, respectively, which grew year-over-year by 18%, as reported and on a currency-neutral basis. 3rd Quarter Net Revenue($ in millions) $5,179 $3,423 $8,602 $5,749 $4,058 $9,807 3Q25 3Q26 $0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000$10,000 Turning to Slide 6 for a look into our Net Revenue growth rates for the third quarter, discussed on a currency-neutral basis. • Payment Network net revenue increased 11%, primarily driven by domestic and cross-border transaction and volume growth, as well as pricing. • It also includes growth in rebates and incentives. • Value-added Services and Solutions net revenue increased 19%. • This includes a minimal impact from acquisitions and dispositions, and now reflects the contributions from BVNK. • Excluding these impacts, the increase was driven primarily by: • Growth in our underlying drivers, • Strong demand across Consumer Acquisition & Engagement, Business & Market Insights, Security Solutions, as well as Digital & Authentication, • And finally, pricing. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Domestic Assessments Cross-Border Assessments Transaction Processing Assessments Other Network Assessments Increase/(Decrease) 14% 16% 14% 10% Increase/(Decrease)Currency-neutral 13% 16% 14% 10% 3rd Quarter Key Metrics related to the Payment Network ($ in millions) $2,809 $3,313 $4,191 $255 $3,211 $3,841 $4,781 $285 3Q25 3Q26 $0$1,000$2,000$3,000$4,000$5,000 Now let’s turn to page 7 to discuss key metrics related to the Payment Network. Again, all growth rates are described on a currency-neutral basis unless otherwise noted. Looking quickly at each key metric: • Domestic Assessments were up 13%, while worldwide GDV grew 7%. • The 6 ppt difference is primarily driven by pricing and mix. • Cross-Border Assessments increased 16%, while cross-border volumes increased 11%. • The 5 ppt difference is driven primarily by pricing in international markets and mix. • Transaction Processing Assessments were up 14%, while switched transactions grew 9%. • The 5 ppt difference is primarily related to pricing and favorable mix, partially offset by lower revenue from FX volatility. • Other Network Assessments were $285 million this quarter. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 3rd Quarter Adjusted Operating Expenses $2,923 $245 $290 $3,459 $3,293 $252 $326 $3,872 3Q25 3Q26 $0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000 ($ in millions) Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 13% 3% 12% 12% Currency-neutral 13% 3% 13% 12% Note: See Appendix A for Non-GAAP reconciliation. Figures may not sum due to rounding. Moving on to page 8, you can see that on a non-GAAP, currency-neutral basis, excluding special items, Total Adjusted Operating Expenses increased 12%, including a 1 ppt increase from acquisitions and dispositions. The growth in Operating Expenses was primarily driven by spending to drive the execution of our strategic priorities, including product innovation, geographic expansion, and continued investments in our technology. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 Business Update Through October 21 1. Mastercard-branded programs only; on a local currency basis. Note: Our key drivers above include Venezuela cross-border activity, as applicable. Year-over-year growth % 2026 Q2 Jul Aug Sep Q3 Oct 21 MTD Switched volume 9% 9% 9% 11% 9% 10% United States 6% 6% 5% 9% 7% 9% Worldwide less U.S. 12% 11% 11% 12% 11% 11% Switched transactions 9% 9% 8% 9% 9% 9% Cross-border volume 12% 11% 11% 12% 11% 10% Intra-Europe 12% 10% 10% 10% 10% 8% Other Cross-border 11% 12% 11% 13% 12% 12% XB CNP ex travel 20% 15% 15% 15% 15% 14% XB Travel (CP + CNP travel) 6% 8% 8% 9% 8% 7% ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 10 Looking Ahead Further thoughts on 2026 ~PAGE-BREAK~ Appendices ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 12 Appendix ANon-GAAP Reconciliation($ in millions, except per share data) Note: Figures may not sum due to rounding.** Not applicable. 1 Represents Q3'26 net pre-tax loss of $5 million and Q3'25 net pre-tax gain of $41 million primarily related to realized and unrealized fair market value adjustments on marketable and nonmarketable equity securities.2 Represents Q3'26 pre-tax charges of $74 million primarily due to settlements with merchants who opted out of the U.S. merchant class litigation.3 Represents Q3'25 pre-tax charges of $83 million primarily due to a legal provision associated with the the U.S. liability shift litigation. Three Months Ended September 30, 2026 Operating expenses Operating income Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share Reported - GAAP $ 3,945 $ 5,862 59.8 %$ (121) 19.4 %$ 4,628 $ 5.28 (Gains) losses on equity investments ** ** ** 5 0.5 % (24) (0.03) Litigation provisions (74) 74 0.8 % ** 0.2 % 49 0.06 Adjusted - Non-GAAP $ 3,872 $ 5,935 60.5 %$ (115) 20.1 %$ 4,653 $ 5.31 Three Months Ended September 30, 2025 Operating expenses Operating income Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share Reported - GAAP $ 3,541 $ 5,061 58.8 %$ (62) 21.5 %$ 3,927 $ 4.34 (Gains) losses on equity investments ** ** ** (41) — % (31) (0.03) Litigation provisions (83) 83 1.0 % ** — % 65 0.07 Adjusted - Non-GAAP $ 3,459 $ 5,144 59.8 %$ (103) 21.4 %$ 3,961 $ 4.38 ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 13 Note: Figures may not sum due to rounding.** Not applicable. 1 Represents Q3'26 net pre-tax loss of $5 million and Q3'25 net pre-tax gain of $41 million primarily related to realized and unrealized fair market value adjustments on marketable and nonmarketable equity securities.2 Represents Q3'26 pre-tax charges of $74 million primarily due to settlements with merchants who opted out of the U.S. merchant class litigation.3 Represents Q3'25 pre-tax charges of $83 million primarily due to a legal provision associated with the U.S. liability shift litigation.4 Represents the translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). Appendix A (continued)Non-GAAP Reconciliation Three Months Ended September 30, 2026 as compared to the Three Months Ended September 30, 2025Increase/(Decrease) Operating expenses Operating income Operating margin Effective income tax rate Net income Diluted earnings per share Reported - GAAP 11 % 16 % 0.9 ppt (2.1) ppt 18 % 22 % (Gains) losses on equity investments ** ** ** 0.5 ppt — % — % Litigation provisions 1 % — % (0.2) ppt 0.2 ppt (1) % (1) % Adjusted - Non-GAAP 12 % 15 % 0.7 ppt (1.4) ppt 17 % 21 % Currency impact — % — % — ppt — ppt — % — % Adjusted - Non-GAAP - currency-neutral 12 % 15 % 0.7 ppt (1.4) ppt 18 % 21 % ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 14 Appendix BNon-GAAP Reconciliation2026 financial outlook Prior 2026 vs. 2025 Increase/(Decrease) Updated 2026 vs. 2025 Increase/(Decrease) Net Revenue Operating Expenses Net Revenue Operating Expenses Forecasted Growth - GAAP Low teens High end of high single digits Low teens Low end of low double digits Litigation provisions ** ~3% ** ~3% Restructuring charge ** ~(1)% ** ~(1)% Non-GAAP Growth Low teens High end of low double digits Low teens High end of low double digits Currency impact ~(1)% (0.5-1)% ~(1)% (0.5-1)% Inorganic activity ~0% ~0% ~0% ~0% Non-GAAP Growth, currency-neutral, excluding inorganic activity High end of low double digits Low double digits High end of low double digits Low double digits ** Not applicable.1 GAAP - FY2026 forecast versus FY2025 reported results. Full Year Special Items2 Impact of FY2025 litigation provisions ($504M) and YTD Q3'26 litigation provisions ($156M). 3 Impact of Q1'26 restructuring charge of $202M as a result of a restructuring action primarily intended to enable reinvestment to support the realization of our long-term growth opportunities. Other Notes4 Represents the projected translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).5 Represents acquisitions and dispositions completed, or expected to be completed, after the beginning of 2025. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 15 Appendix C Non-GAAP ReconciliationFourth quarter 2026 financial outlook Q4'26 vs. Q4'25 Increase/(Decrease) Net Revenue Operating Expenses Forecasted Growth - GAAP High end of low double digits High single digit Litigation provisions ** ~5% Non-GAAP Growth High end of low double digits Low Teens Currency impact ~1% ~0.5% Inorganic activity ~0% ~(1)% Non-GAAP Growth, currency-neutral, excluding inorganic activity High end of low double digits High end of low double digits ** Not applicable.1 GAAP - Q4'26 forecast versus Q4'25 reported results. Fourth Quarter Special Items2 Impact of Q4'25 litigation provisions ($174M). Other Notes3 Represents the projected translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).4 Represents acquisitions and dispositions completed, or expected to be completed, after the beginning of 2025. ~PAGE-BREAK~ ©2026 Mastercard October 29, 2026 16 Forward-Looking Statements This earnings presentation contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this earnings presentation, the words "believe", "expect", "could", "may", "would", "will", "trend" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this earnings presentation or to reflect the occurrence of any unanticipated events. Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors: For additional information on these and other factors that could cause the company’s actual results to differ materially from expected results, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent reports on Forms 10-Q and 8-K. • regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging) • the impact of preferential or protective government actions • regulation of privacy, data, AI, information security and the digital economy • regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation) • the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions • potential or incurred liability and limitations on business related to any litigation or litigation settlements • the impact of competition in the global payments industry (including disintermediation and pricing pressure) • the challenges relating to rapid technological developments and changes • the challenges relating to operating a real-time account-based payments system and to working with new customers and end users • the impact of information security incidents, account data breaches or service disruptions • issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments) • the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls • reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services • the impact of environmental, social and governance matters and related stakeholder reaction • the inability to attract and retain a highly qualified workforce, or maintain our corporate culture • issues related to acquisition integration, strategic investments and entry into new businesses • exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take • issues related to our Class A common stock and corporate governance structure ~PAGE-BREAK~