Mastercard Incorporated - Ordinary Shares - Class A

Strong Q2 2026 results beat expectations (good + measurable): Net revenues +12% YoY, adjusted net income +16%, and value-added services +18% on a non-GAAP, currency-neutral basis. EPS $5.04 (includes $0.14 from share repurchases). Operating income +14%. Key drivers: payment network growth and durable value-added demand (especially security + digital/authentication + business/market insights).

Volume & switching momentum (good): - Worldwide GDV +8% YoY; cross-border volume +12%. - Switched transactions +9% YoY. - Contactless penetration 80% of in-person switched purchases (+5 ppt YoY). - Token penetration >40% of switched transactions. - Card base 3.7B Mastercard/Maestro cards globally; card growth +5%.

Guidance for Q3 + full-year 2026 (expectations/forecasts): - Q3 net revenue growth: high end of low double-digit on a currency-neutral basis (excluding inorganic activity); minimal inorganic impact and ~0.5 ppt FX headwind. - Q3 operating expenses: low double-digit growth (currency-neutral, excluding inorganic/special items) with ~0.5 ppt inorganic headwind; FX tailwind ~0 to 0.5 ppt. - Full-year 2026 net revenue: high end of low double-digit range (slightly upgraded vs prior expectation within the range), driven by stronger first half; minimal inorganic and ~1 ppt FX tailwind. - Full-year operating expenses: low double-digit growth (excluding inorganic/special items), with ~0.5 to 1 ppt FX headwind. - BVNK acquisition expected to close in Q3 2026; Q3 includes additional interest expense (company noted ~$125M expense on other income/expense line, non-GAAP).