Mastercard Incorporated Second Quarter 2025 Financial Results Conference Call July 31, 2025 Business Update Business Highlights Financial Overview July 31, 2025 2 ©2025 Mastercard Michael Miebach: 2nd Quarter Selected Financial Performance ($in millions, except per share data) | | 2Q 25 | | 2Q 24 | | YOY Growth | | | --- | --- | --- | --- | --- | --- | --- | | | Non-GAAP | | Non-GAAP | | As adjusted | Currency-neutral | | Net revenue |$ | 8,133 | $ | 6,961 | 17% | 16% | | Adjusted operating expenses | | 3 ...