Mastercard 2q26: ~40% of revenue growing at ~20%. Time to pay more attention to services especially cyber?

Research evidence excerpt

Mastercard 2q26: ~40% of revenue growing at ~20%. Time to pay more attention to services especially cyber?

Harshita Rawat, CFA +1 917 344 8485 harshita.rawat@bernsteinsg.com 30 July 2026

• Neutral (N): The total return of the preferred instrument is expected to perform in line with preferred securities of other issuers

operating in similar sectors or rating categories over the next six months.

• Underperform (UP): The total return of the preferred instrument is expected to underperform preferred securities of other

issuers operating in similar sectors or rating categories over the next six months.

Autonomous preferred stock ratings are based on a 6-month time horizon.

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• Credit Outperform (C-OP): The total return of the Reference Credit Instrument is expected to outperform the credit spread of

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• Credit Neutral (C-N): The total return of the Reference Credit Instrument is expected to perform in line with the credit spread