Mastercard Investor Presentation — April 2022

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First Quarter 2022 Financial Results Conference Call

April 28, 2022 ©2022 Mastercard

Michael Miebach:Financial Overview©2022 Mastercard

1st Quarter Selected Financial Performance

($ in millions, except per share data)

1Q 22 1Q 21 YOY Growth

Non-GAAP Non-GAAP As adjusted Currency-neutral

Adjusted net revenue $ 5,136 $ 4,155 24% 27%

Adjusted operating expenses 2,182 1,958 11% 13%

Adjusted operating income 2,954 2,197 34% 40%

Adjusted operating margin 57.5 % 52.9 % 4.6 ppt 5.2 ppt

Adjusted net income $ 2,702 $ 1,741 55% 61%

Adjusted diluted EPS $ 2.76 $ 1.74 59% 65%

Adjusted effective tax rate 5.3% 1 16.9 %

1Includes an 11.7 percentage point discrete tax benefit due to final U.S. tax regulations published in the current period resulting in a valuation allowance

release of $333 million associated with the U.S. foreign tax credit carryforward deferred tax asset.

Note: See Appendix A for Non-GAAP reconciliation.

Thanks, Michael. Turning to page 3 , which shows our financial performance for the quarter on a currency-neutral

basis excluding special items and the impact of gains and losses on our equity investments.

•Net Revenue was up 27% , reflecting the continued execution of our strategy and the ongoing recovery in

spending. Acquisitions contributed 2 ppt to this growth. These revenues were above expectation primarily

due to stronger than expected cross-border and domestic volumes, favorable cross-border mix and F/X

•Operating Expenses increased 13% , including a 6 ppt increase from acquisitions.

•Operating Income was up 40% , which includes a 1 ppt decrease related to acquisitions.

•Net Income was up 61% , which includes a 20 ppt benefit due to the recognition of a one-time discrete tax

benefit related to a U.S. tax regulation published in the current period and a 1 ppt decrease from

•EPS was up 65% year-over-year to $2.76 cents , which includes a 36 cent contribution from the one-time

discrete tax benefit and a 5 cent contribution from share repurchases.

•During the quarter, we repurchased $2.4 billion worth of stock and an additional $599 million through

April 25, 2022 . ©2022 Mastercard

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