[guided]We have found a connected component $C_0$ of the symmetric-difference graph $H = (V,M\triangle N)$ for which
\begin{align*}
n(C_0) > m(C_0),
\end{align*}
where $n(C_0)=|E(C_0)\cap N|$ and $m(C_0)=|E(C_0)\cap M|$. The purpose of this step is to show that this component is exactly an augmenting path for $M$.
First, $C_0$ cannot be a cycle. Along every component of $H$, adjacent edges alternate between $M$ and $N$. On a cycle, alternating edges must come in equal numbers: going around the cycle, each $M$-edge is followed by an $N$-edge and each $N$-edge is followed by an $M$-edge. Therefore a cycle would satisfy
\begin{align*}
n(C_0)=m(C_0),
\end{align*}
contrary to the choice of $C_0$. Hence $C_0$ is a path. Write it as
\begin{align*}
C_0 = (w_0,f_1,w_1,\dots,f_\ell,w_\ell).
\end{align*}
Now use the inequality $n(C_0)>m(C_0)$. In an alternating path, the two matchings contribute equally many edges unless the first and last edges lie in the same matching. If the first and last edges both lie in $M$, then $M$ contributes one more edge. Since here $N$ contributes more edges, the first edge must satisfy
\begin{align*}
f_1 \in N \setminus M.
\end{align*}
The same count forces the last edge to satisfy
\begin{align*}
f_\ell \in N \setminus M.
\end{align*}
Then
\begin{align*}
n(C_0)=m(C_0)+1.
\end{align*}
It remains to check the endpoint condition in the definition of an augmenting path. We prove that $w_0$ is $M$-exposed. The vertex $w_0$ is an endpoint of the path component $C_0$, so it has degree $1$ in $H$, and the unique incident edge of $H$ at $w_0$ is $f_1$. Since $f_1\in N\setminus M$, this edge is not an $M$-edge. Suppose, for contradiction, that some edge $g\in M$ is incident to $w_0$. Because $N$ is a matching and already contains the edge $f_1$ incident to $w_0$, the edge $g$ cannot lie in $N$. Hence
\begin{align*}
g \in M\setminus N \subseteq M\triangle N.
\end{align*}
This would give a second edge of $H$ incident to $w_0$, contradicting that $w_0$ has degree $1$ in the path component. Therefore $w_0$ is $M$-exposed. The same argument at the other endpoint shows that $w_\ell$ is $M$-exposed.
The path $C_0$ therefore has $M$-exposed endpoints and alternates between edges outside $M$ and edges in $M$, beginning and ending outside $M$. Thus $C_0$ is an $M$-augmenting path.[/guided]