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Abstract Eleven-dimensional supergravity on S 8 × S 1 is conjectured to be dual to the M-theory matrix model. We prove that the dynamics of a subset of fluctuations around this background is consistently described by D = 2 SO(9) gauged maximal supergravity. We provide the full non-linear uplift formulæ for all bosonic fields. We also present a further truncation to the SO(3)×SO(6) invariant sector and discuss its relation to the BMN matrix model at finite temperature. The construction relies on the framework of generalised Scherk-Schwarz reductions, established for E9 exceptional field theory in a companion paper. As a by-product, we severely constrain the most general gauge deformations in D = 2 admitting an uplift to higher dimensions.