#1ΚΙΝΝΕVIK INTERIM REPORT FIRST NINE MONTHS OF 2022#2Intro • Net Asset Value (SEK) 58.0bn Key Financial Data SEKM Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) CHALLENGING MARKETS PUTS A STRAIN ON GROWTH INVESTING WHILE ALSO PRESENTING OPPORTUNITIES SEKM Net Asset Value Net Profit/(Loss) Net Profit / (Loss) per Share Pre Dilution, SEK Net Profit / (Loss) per Share Post Dilution, SEK Change in Fair Value of Financial Assets Dividends Received Dividend Paid, In Kind Dividend Paid, Cash Investments Divestments KINNEVIK Interim Report Q3 2022 Change in NAV Q/Q (5)% Q3 2022 -3 164 -11.30 -11.30 Portfolio Overview -3 129 1 021 30 Sep 2022 57 982 207.05 147.65 12 530 Q3 2021 -317 -1.14 -1.14 -255 2 266 Change in NAVY/Y (24)% 30 Jun 2022 31 Dec 2021 61 140 218.32 164.75 13 592 Q1-Q3 2022 Sustainability -14 434 -51.67 -51.67 -17 419 3 077 3 153 -7 042 72 391 259.86 323.95 5 384 Q1-Q3 2021 18 244 65.66 65.66 17 331 1 126 -54 140 -44 4 006 -250 30 Sep 2021 75 844 272.97 308.55 1 809 FY 2021 14 777 53.12 53.12 13 269 1 689 -54 140 Financial Statements -44 6 376 -5 544 Other One-Year TSR (52)% Five-Year Annualised TSR 6% "In this environment, our strong financial position and the strides we have taken in building out a broad, significant and balanced growth portfolio allow us not only to double down in the existing portfolio, but also to explore new and adjacent themes and sectors. In addition, we are looking for opportunities for consoli- dation, such as the proposed combination of Budbee and Instabox." Georgi Ganev CEO of Kinnevik 2#3Intro Net Asset Value HIGHLIGHTS IN THE QUARTER Key Events Budbee and Instabox announced they are joining forces in the new combined company Instabee, creating a new group with the power to invest in, and push the boundaries of, consumer-centric and sustainable last-mile delivery services for the e-commerce sector in Europe We invested USD 50m into Solugen, the industrial green chemicals platform providing cheaper, safer chemicals without using fossil fuels. This is Kinnevik's first sizeable investment into climate tech Monese announced a USD 35m investment by HSBC as part of a broader, strategic partnership that will focus on Monese's industry-leading, cloud-based Platform as a Service business KINNEVIK Portfolio Overview Interim Report Q3 2022 Investment Management Activities We invested SEK 1.0bn during the quarter, of which SEK 508m into Solugen ● ● Sustainability ● For the first nine months of 2022, we have invested SEK 3.2bn in aggregate Financial Position NAV of SEK 58.0bn (SEK 207 per share), down SEK 3.2bn or 5% in the quarter and SEK 14.4bn or 20% year-to-date Net cash position of SEK 12.5bn, corresponding to 27% of port- folio value by quarter-end Financial Statements Other Events After the Quarter In October, we invested EUR 25m into H2 Green Steel, the Swedish producer of green steel reducing carbon emissions by up to 95 percent compared to traditional steelmaking Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINVA and KINV B. Organisation In September, Kinnevik announced that Samuel Sjöström will assume the position as Chief Financial Officer effective from 1 November 2022, replacing Erika Söderberg Johnson who will move into a role as Senior Advisor 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q3 Results Our Net Asset Value amounted to SEK 58.0bn or SEK 207 per share at the end of the third quarter of 2022, down by SEK 3.2bn or 5 percent from where we ended the second quarter and 20 percent below where we ended 2021. The fair value of our unlisted assets was written up by SEK 0.3bn or 1 percent in the quarter but would have been down by SEK 1.2bn without the continued currency tailwinds. On aggregate, multiples were largely stable. Write-downs were focused on our online grocers Mathem and Oda where the public market peers continued to face material multiple contraction. In addition, in the case of Mathem, top-line headwinds caused further pressure on the valuation. Write-ups were centered around our value-based care holdings VillageMD and Cityblock where public market peers moved in the opposite direction. Transaction-supported valuations and strong operational performance also provided a positive impact in Budbee and Monese. Our balance sheet remains solid, with a net cash position of SEK 12.5 bn at the end of the quarter providing gross runway well into late 2024 at a maintained investment momentum. With SEK 3.2bn invested year-to-date and several ongoing investment processes, we believe we are likely to deploy slightly more than our SEK 5bn target. KINNEVIK Portfolio Overview Dear Shareholders, geopolitical and macroeconomic unrest continues to provide a challenging market backdrop for investors. For Kinnevik, the pressure on market multiples has had a negative impact on valuations and the fundraising environment is clearly more demanding than last year. However, our pipeline remains strong, albeit with deal flow coming at a slower pace. In this environment, our strong financial position and the strides we have taken in building out a broad, significant and balanced growth portfolio allow us not only to double down in the existing portfolio, but also to explore new and adjacent themes and sectors. In addition, we are looking for opportunities for consolidation, such as the proposed combination of Budbee and Instabox. Interim Report. Q3 2022 Sustainability Strong Growth in Value-Based Care Our value-based care assets VillageMD and Cityblock conti- nue to execute on their growth path. VillageMD now operates well over 300 clinics in the US, both co-located with Walgreens and standalone. The company is growing strongly, and re- cently expanded in Massachusetts and Nevada. Cityblock also continued expanding substantially coming out of COVID and recently expanded into Indiana with a partnership with MDWise, the second largest managed Medicaid organization in Indiana. Cityblock also launched a rebrand which highlights the key components of its success, making healthcare more human-centered and equitable for underserved communities. Babylon has faced a tough journey in the market since going public last year. Last week, the company announced the intention to divest a network of physicians providing physical care in California to focus on its core business mo- del through further investment in its digital-first contracts. In addition, the company is raising USD 80m in new funding in a private placement where Kinnevik will invest USD 26m, approximately three times our pro-rata. The company expects to be funded to break-even, a focus which we fully support. Financial Statements Other Market Environment Drives Consolidation With capital scarcer and more demanding now than in the more recent past, companies are looking to strengthen their growth and earnings profile through consolidation. In Septem- ber, Budbee and Instabox announced their plans to join forces in the new combined company Instabee. The combination, which is subject to approval from the Swedish Competition Authority, would create a sector leader in consumer-centric and sustainable last-mile delivery services for European e- commerce. For Kinnevik, the transaction serves as a true testament of our unique ability to invest early and back our companies consistently through their growth journey. We first invested in Budbee in 2018 and since then the company has grown its revenues by 10x. Meanwhile, we have generated a 14x return on our initial investment and supported the growth journey by investing at or above pro-rata in every funding round since then, with an aggregate 5x return on investment to date. Investing to Combat Climate Change Our strong financial position and the strides we have made in building out a broad, significant and balanced growth port- folio allow us to explore themes and sectors adjacent to our current ones. One such area is climate tech, as climate change remains the largest and most pressing challenge facing the global economy. Reaching the 1.5-degree target stipulated in the Paris agreement will require massive investments and changes across industries. Kinnevik has always been a backer of challengers, investing in disruptive companies that can significantly upend their sectors, making us well placed to serve as an attractive partner to companies in this space. During the quarter, we made our first larger investment into the climate tech area with a USD 50m investment into Solugen. The global chemicals industry is a USD 6 trillion market, responsible for 6 percent of global carbon emis- 4#5Intro . Net Asset Value sions. Solugen is a Houston-based company that aims to decarbonise the chemicals industry. Founded by Gaurab Chakrabarti and Sean Hunt in 2016, the company has de- veloped, and is now scaling, an industrial green chemicals platform that produces safer, cheaper, and more environ- mentally friendly chemical products from sugar rather than petroleum. Solugen is a global leader in clean chemistry, and we are very excited to be able to support this journey with our investment and partnership. In October, we invested EUR 25m into H2 Green Steel, the Swedish producer of green steel. Steel today makes up around 7 percent of carbon emissions globally and is therefor, together with chemicals, one of the most important areas to target first in the clean industrial revolution. As a first step, H2 Green Steel is developing a fully integrated, digitalized, and sustainable plant in Boden, northern Sweden, where the company will produce green steel, reducing carbon emissions by up to 95 percent compared to traditional steelmaking. And steel is only the beginning - their expertise in green hydrogen will enable H2 Green Steel to also decarbonize other heavy industries. Management Changes In September, we announced that Samuel Sjöström will take over as Chief Financial Officer at Kinnevik on 1 November 2022, replacing Erika Söderberg Johnson who is moving into a role as Senior Advisor to our investee companies. Samuel has been instrumental in developing the strategic and finan- cial framework that underpins our financial decision-making, reporting and communication, and I look forward to working KINNEVIK Interim Report - Q3 2022 Portfolio Overview Sustainability 12.5bn Kinnevik's net cash position (SEK) Climate change remains the largest and most pressing challenge facing the global economy and reaching the 1.5-degree target stipulated in the Paris agreement will require massive investments and changes across industries. Financial Statements Other closely with him as we continue to transform Kinnevik into a leading European growth investor. Concluding Remarks Despite the current market headwinds and increased risk aversion, our conviction in the Kinnevik strategy and the long-term power of technology has not changed. However, the full effect of an economic downturn remains to be seen. We are focused on maintaining our investment momentum and seizing the opportunities that arise while ensuring we continue to be disciplined in our allocation of capital. I would like to thank all shareholders for your continued support. Georgi Ganev CEO of Kinnevik 5#6Intro Categories KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance (52)% One Year Value-Based Care Virtual Care Platforms & Marketplaces -1% Software Consumer Finance Net Asset Value Note: For more information about the categories see Note 4 on pages 29-33. TMT Total Portfolio Annualised Total Shareholder Return 6% KINNEVIK Fair Value Five Years 5% 8 886 2 757 Five Year Annualised IRR per Category 12% 6 306 8 789 2.838 14% 13% Note: The annualised total shareholder return includes reinvested dividends. Interim Report Q3 2022 Ten Years Return 3.6x 2.5x 1.1x 3.6x 1.2x 62% 60% Portfolio Overview 67% Average Holding Period 2.7 Years 2.8 Years 3.2 Years 3.9 Years 5.0 Years 15% Thirty Years 3,153 (7,043) Sustainability Q1-Q3 2022 2021 Revenue Growth +145-165% Investment Activity (SEKm) +125-145% +40-60%/ +140-160% +130-150% +30-50% (3,890) 2021 Gross Margin Investments Divestments 5-15% 50-70% 30-40% / 60-80% 27% Net Investments 60-80% 50-70% 1,021 Financial Statements NTM EV/Revenue 0 3-4x 1.0-2.0x/4.5-5.5x 5.5-7.5× Q3 2022 10-20x 5-7x Net Cash to Portfolio Value 1,021 Other Composition of Portfolio Value Tele2 29% Emerging Markets 3% Early Bets & New Themes 4% Platforms & Marketplaces 14% 75.8 72.4 Value-Based Care 19% NAV Development (SEKbn) Virtual Care 6% Consumer Finance 6% 67.9 61.1 Software 19% 58.0 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 6#7Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Babylon Cityblock Transcarent Village MD Value-Based Care Parsley Health Quit Genius Spring Health Teladoc Virtual Care Budbee Common HungryPanda Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Interim Report Q3 2022 Vintage 2016 2020 2022 2019 2021 2021 2021 2017 2018 2020 2020 2021 2019 2018 2018 2021 Portfolio Overview Ownership 13% 8% 3% 4% 11% 15% 5% 2% 27% 14% 11% 5% 31% 21% 7% 11% Value Q3 2022 294 3 694 666 4 232 8 886 179 430 1 110 1 038 2 757 2415 109 436 1 098 194 645 784 625 6 306 Sustainability Released 3 110 3 110 4 363 4 363 Invested 847 933 546 986 3 312 191 348 861 1 394 2 794 452 295 424 1 006 1374 932 597 586 5 666 Financial Statements Return 0.3 4.0x 1.2x 7.4x 3.6x 0.9x 1.2x 1.3x 3.9x 2.5x 5.3x 0.4x 1.0x 1.1x 0.1x 0.7x 1.3x 1.1x 1.1x Value Q2 2022 535 2 959 615 3 684 7 793 165 320 1 025 1 254 2764 1970 103 438 1 082 854 1 118 724 577 6 866 Other Value Q4 2021 2 900 4 036 4 658 11 594 208 272 905 4 149 5 534 1 309 163 573 1 040 1 254 1 604 427 510 6 880 Value Q3 2021 4792 4 107 7 651 16 550 201 262 875 8 305 9 643 1 312 244 354 1 463 1 566 471 605 6 015 7#8Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Ced Omnipresent Pleo Sure TravelPerk Software Betterment Lunar Monese Consumer Finance Early Bets & New Themes Global Fashion Group Other Emerging Markets Emerging Markets Other Total Growth Portfolio whereof Unlisted Assets Net Asset Value KINNEVIK Interim Report Q3 2022 Vintage 2018 2022 2018 2021 2018 2016 2021 2018 2010 2007-13 Portfolio Overview Ownership 8% 6% 14% 9% 15% 13% 6% 21% 36% Mixed Value Q3 2022 2 023 372 3719 555 2 120 8 789 1 532 464 842 2 838 1 967 963 352 1315 85 32 943 30 648 Sustainability Released 56 56 7 530 3 166 Invested 270 377 646 435 733 2 461 1 135 792 481 2 408 2 532 6 290 2 207 8 497 27 668 19 137 Financial Statements Return 7.5 1.0x 5.8x 1.3x 2.9x 3.6x 1.4x 0.6x 1.7x 1.2x 0.8x 0.2x 0.2x 0.2x 1.5x 1.8x Value Q2 2022 2 061 373 4 502 512 1923 9 371 1 415 522 525 2462 1 437 1 226 348 1 574 50 32 316 29 302 Other Value Q4 2021 2 525 5 884 453 1 668 10 530 1 586 526 534 2 646 1 251 3 612 1 019 4 631 236 43 302 32 641 Value Q3 2021 440 1 952 437 802 5 631 1 602 520 513 2 635 716 7711 1 080 8 791 185 50 165 34 150 8#9Intro SEKM NET ASSET VALUE LEGACY ASSETS, FINANCIAL POSITION & TOTALITY Tele2 Total Portfolio Value Gross Cash Gross Debt Net Cash / (Debt) Other Net Assets/(Liabilities) Total Net Asset Value Net Asset Value Per Share, SEK Closing Price, Class B Share, SEK Note: Growth Portfolio 20.1 Net Invested Cash Net Asset Value KINNEVIK SEKbn 32.9 Fair Value 2022 Q3 Vintage Interim Report Q3 2022 1993 Portfolio Overview Tele2 29% Ownership tAssets/(Liabilities) include the reservation from Q4 2020 regarding a potential capital gains tax liability of SEK 0.8bn relating to the merger between Teladoc and Livongo, based on the rules for accounting for uncertain tax positions in IFRIC 23. 20% 5% Listed Growth Value Q3 2022 Unlisted Growth 66% D 13 291 46 233 16 275 - 3 745 12 530 - 781 57 982 207.05 147.65 Sustainability Composition of Portfolio Value Per quarter-end Tele2 29% 2016-22 Investments 68% Financial Statements 3% Pre 2016 Investments Value Q2 2022 16 025 48 341 17 218 - 3 626 13 592 - 793 61 140 218.32 164.75 Other Value Q4 2021 24 240 67 541 10 549 -5 165 5 384 - 534 72 391 259.86 323.95 Value Q3 2021 24 3 74 527 4 784 - 2 975 1 809 - 492 75 844 272.97 308.55 ASSESSMENTS OF FAIR VALUE OF UNLISTED INVESTMENTS In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in deter- mining the fair value of each of our unlisted investments. Read more in Note 4 on pages 29-33. MORE → 9#10Intro HEALTHCARE Empowering people to live their healthiest lives by transforming the healthcare experience Public company Fair Value SEK 1.0bn Kinnevik Stake 2% Digital healthcare service com- pany combining mobile tech and artificial intelligence with medical expertise Public company Fair Value SEK Kinnevik Stake Net Asset Value 294m 13% A leading US based provider of primary care and a pioneer in the delivery of value-based care Fair Value SEK 4.2bn Kinnevik Stake 4% KINNEVIK Interim Report - Q3 2022 Revenue (USDm) 503 Q2 2021 57 523 Q2 2021 Q3 2021 Revenue (USDm) Portfolio Overview 74 Q3 2021 554 Q4 2021 120 Q4 2021 565 Q1 2022 266 Q1 2022 VillageMD Value-based patients August 2022 433k Teladoc HEALTH 592 Q2 2022 265 Sustainability Q2 2022 Adjusted EBITDA Margin 13% Q2 2021 babylon 66 13% Q4 2020 Q3 2021 14% Active markets August 2022 22 Q4 2021 US value based care members ('000) 167 Financial Statements Q4 2021 10% Q1 2022 8% Q2 2022 269 Q2 2022 US Paid Membership (m) 52.0 Other Q2 2021 52.5 Q3 2021 53.6 Fair Value SEK Kinnevik Stake Q4 2021 54.3 430m 15% Q1 2022 56.6 Quit Genius The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually Q2 2022 10#11Intro HEALTHCARE Fair Value SEK 3.7bn Kinnevik Stake 8% Net Asset Value Value-based healthcare provider focused on underserved urban populations with complex care needs Fair Value SEK 1.1bn Kinnevik Stake 5% KINNEVIK cityblock Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employ- ees and their families spring health Interim Report Q3 2022 Portfolio Overview ystoc Sustainability Fair Value SEK 179m Kinnevik Stake 11% America's largest holistic virtual- first consumer subscription service, caring for and supporting chronic conditions for women Financial Statements Fair Value SEK Kinnevik Stake 666m 3% Parsley Health A new and different health and care experience company for em- ployees of self-insured employers and their families transcarent EXPERIENCE DIFFERENT Other 11#12Intro PLATFORMS & MARKETPLACES Customer centric last-mile logistics platform specialised for e-Commerce businesses Fair Value SEK 2.4bn Kinnevik Stake 27% Sweden's leading independent online grocery retailer, reaching more than half of all Swedish households Fair Value SEK Kinnevik Stake Net Asset Value Fair Value SEK Kinnevik Stake 194m 31% The leading online grocery store in Norway, with the ambition to make grocery shopping an effort- less activity KINNEVIK 645m 21% Interim Report - Q3 2022 Number of New Merchants 268 Q32021 2736 Q2 2021 385 Revenues LTM (SEKm) 2 404 Q4 2021 Q2 2021 Portfolio Overview 2727 Q3 2021 Revenues LTM (NOKm) Mathem 2471 Q3 2021 357 Q1 2022 2 648 Q4 2021 oda 2484 448 Q4 2021 Q2 2022 2 545 Q1 2022 2 509 Q1 2022 budbee 238 Q3 2022 2 482 Q2 2022 2 642 Sustainability Q2 2022 In September, Budbee and Instabox announced they are joining forces in the new combined company Instabee. The combination, subject to approval from the Swedish Competition Authority, would create a new group with the power to invest in, and push the boundaries of, consumer- centric and sustainable last-mile delivery services for the e-commerce sector in Europe. Kinnevik first invested in Budbee in 2018 and since then, the company has grown its revenues by 10x. Kinnevik's aggregate return on our investment in Budbee corresponds to over 5x to date and our first investment in 2018 have generated a return of 14x. This serves as a true testament to Kinnevik's unique ability to invest early and back our companies consistently through their development. Number of Completed Deliveries LTM (m) 2.5 Q2 2021 1.9 2.7 Q2 2021 Q3 2021 2.0 2.3 Q3 2021 Q4 2021 Number of Completed Deliveries LTM (m) Financial Statements 2.0 Q4 2021 2.2 Q1 2022 2.1 Q1 2022 2.1 Q2 2022 2.3 Other Q2 2022 ✓ Common Residential brand and tech- enabled managed rental housing marketplace in the US Fair Value SEK Kinnevik Stake 109m 14% 12#13Intro PLATFORMS & MARKETPLACES A global leader in online Asian food delivery Fair Value SEK 436m Kinnevik Stake 11% Net Asset Value Fair Value SEK 784m Kinnevik Stake 7% The largest multi-modal travel platform in Europe operating in 15 countries KINNEVIK Interim Report Q3 2022 熊猫外卖 HungryPanda 'omio Portfolio Overview Hungry Panda |熊猫外卖 VOR Sustainability Fair Value SEK Kinnevik Stake The world's leading digital temp staffing agency 1.1bn 5% The world's leading wine app Fair Value SEK Kinnevik Stake Financial Statements 625m 11% jobandtalent VIVINO 53.5 Other Q3 2021 Review your cont 55.6 9:41 Q4 2021 TOUR CURRENT WORK Warehouse operatives Y JONANDTAL ENT Total number of users (m) Tekaloring €16,490 E 7 were €1,824 Clocking e back of your working hours Q1 2022 Shifts Accept and reject yourshits Contract details Review & Down your contracts 57.1 58.5 Q2 2022 60.3 Q3 2022 13#14Intro SOFTWARE Net Asset Value Fair Value SEK 3.7bn Kinnevik Stake 14% Offers smart payment cards to employees while making sure the company remains in full control of spending KINNEVIK PLEO Interim Report Q3 2022 Brutto B $22 berta am Bak lette Dankort TX 1837 38 37 Foro da do 21 Number of customers ('000) TULNA Pr: Total 000 4,00 4208 12.31 18.4 ● Portfolio Overview Q2 2022 !!!!! *** 19.4 Q3 2022 Sustainability cedar Provides a smarter way for hospitals, health systems and medical groups to manage the patient payment ecosystem Fair Value SEK 2.0bn Kinnevik Stake 8% Financial Statements Fair Value SEK Kinnevik Stake Provides an end-to-end service to support and guide businesses hiring talent globally 372m 6% Other The leading global insurtech enabling the insurance industry to reach its full potential in an online era Fair Value SEK Kinnevik Stake omnipresent SURE 555m 9% 14#15Intro CONSUMER FINANCE US based smart money manager offering investing and retirement solutions Fair Value SEK 1.5bn Kinnevik Stake 13% Net Asset Value The first fully mobile current ac- count in the UK Fair Value SEK 842m Kinnevik Stake 21% KINNEVIK Interim Report Q3 2022 31.8 Assets Under Management (USDbn) Q3 2021 3.7 Betterment Q3 2021 Portfolio Overview 33.9 Q4 2021 Signed-Up Customers (m) 3.9 Q4 2021 33.1 Q1 2022 4.1 Q1 2022 29.8 Q2 2022 4.3 Q2 2022 30.8 Aug 2022 4.5 Q3 2022 Sustainability Attent Good morning Alox Ma 04/0041 monese Add money Recently paid Apelo Good Investment Gertuppale mutta yurfrandse A Conn Buldout your financial plan Details orning, Alex Twith Transactions TFL Math PayPal 281054 Asda 2945 Esteka View £65.00 -£12.64 Financial Statements Sprac 34.750.23 $32013 Net worth Total netwo Int performanc ta Donde Taxt Sex d Scheduled deposits ning monese mastercard 185.3245 5001002 130.0406 38 114 20 Other LUNARⓇ Financial technology company that lets consumers and busines- ses handle everything money in one place Fair Value SEK 464m Kinnevik Stake 6% In September, Monese announced a USD 35m investment by HSBC. The investment is part of a broader, strategic partnership that will focus on Monese's industry-leading, cloud- based Platform as a Service business. The new funding will support the continued growth of Monese's platform. 15#16Intro Net Asset Value EARLY BETS & NEW THEMES Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market NICK'S Swedish-born, global food-tech innovator of healthy and indulgent snacks and ice cream & Superb The first all-in-one Guest Expe- rience Management platform for restaurants KINNEVIK Portfolio Overview Interim Report. Q3 2022 GORDIAN Enables the distribution of flight ancillaries, such as seat selection, luggage, and priority boarding through an API solution ( Safety Wing Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote workforces vay A Berlin-based tech-enabled mobility company that is on track to launch a mobility service with teledriven electric VayCars on European public streets Sustainability Financial Statements joint academy® Swedish digital health company that connects patients with phy- sical therapists to deliver an on- line evidence-based treatment for chronic joint pain Carbon Direct Capital In the third quarter of 2022, Kinnevik in- vested USD 10m in Carbon Direct Capital Management's second fund. The fund will be predominantly focused on growth-stage companies developing technologies related to carbon capture and utilisation. We made the investment to deepen our strategic ties with a fund that have emerged as one of the foremost thought leaders within climate tech and whose portfolio contains many of the emerging companies within the space. Alongside its investment management bu- siness, Carbon Direct also operates a highly complementary scientific advisory business that assists its investment team with technical diligence and pipeline building, and it is this combination that makes the combined entity highly unique. The firm is led by Jonathan Goldberg, who has a background in energy investing, institutional asset management and climate change. Other KARMA Restaurant platform enabling table ordering, payment and pick-up, and a sustainable food platform allowing retailers to sell surplus food with a discount 16#17Intro Net Asset Value EARLY BETS & NEW THEMES Green chemicals producer providing cheaper, safer chemicals without using fossil fuels Kinnevik invested USD 50m into Solugen in the third quarter 2022. The global chemicals industry is a 6 tril- lion USD market which responsible for 6 percent of global CO2 emissions. Houston- based Solugen is the premier company t that is aiming to decarbonise that industry. Solu- gen has developed, and is now scaling, an industrial green chemicals platform that uses biologically engineered enzymatic catalysis and metal catalysis to produce organic acids and platform chemicals from sugar instead of petroleum, resulting in safer, cheaper, and more environmentally friendly chemical pro- ducts. The company was founded by Gaurab Chakrabarti and Sean Hunt whilst they were completing their PhDs at the University of Texas and MIT, respectively. Gaurab is a physician-scientist and his research revol- ved around the role chemicals can play in cancer therapy, whilst Sean's focused on im- proving traditional chemical manufacturing methods. The two founders connected over the fact they were both researching the same KINNEVIK Portfolio Overview Interim Report Q3 2022 Solugen problem from different angles, and it is that same research that now underpins Solugen's technology. In 2017, they were both named in Forbes' 30 under 30 list and joined the Y Combinator accelerator programme as one of relatively few non-software companies to be admitted. With growing demand from some of the biggest industrial powerhouses in the world, Solugen's industrial-grade specialty chemicals have a significant value proposition across sectors, and the company's current product portfolio has use cases across indu- stries including agriculture, concrete, water treatment, and energy. This list will also con- tinue to expand as they commercialise pro- ducts from their extensive pipeline - impro- ving price-performance fit in those industries whilst helping to spark a decarbonization movement in parallel. As an indicator of the company's potential environmental impact, by 2030 they plan to have sequestered 10m tonnes of carbon - the equivalent of removing two million cars from the road. Sustainability Another of the company's major innova- tions is the design of its highly modular and low-capex manufacturing plants (or Biofor- ges). The first Bioforge has proven its ability to scale at strong gross margins and will provide a blueprint for the construction of another four flexible, modular, and scalable chemical production facilities that can be co-located with suppliers and / or customers by 2025. Additionally, the company's competitive Financial Statements advantages are safeguarded by extensive intellectual property across formulations and applications, their internal processes, as well as the enzymes and catalysts that enable their unique manufacturing process. Garaub and Sean's passion for using biology in unconventional ways to solve in- Other credibly complex problems - along with the support of their highly impressive team - has enabled them to build Solugen into a world leader in the clean chemistry space and we are very excited to be able to support them on this journey. Gaurab Chakrabarti, Co-Founder & CEO, and Sean Hunt, Co-Founder & CTO of Solugen. 17#18Intro OTHER PORTFOLIO Enables mobile and fixed connectivity, telephony, data, TV and streaming Public company Fair Value SEK 13.3bn Kinnevik Stake 20% Net Asset Value The leading fashion and lifestyle retail destination in growth markets Public company Fair Value SEK Kinnevik Stake KINNEVIK 963m 36% Interim Report - Q3 2022 Revenue (SEKbn) 6.6 EMERGING MARKETS Q2 2021 6.6 2.2 Q3 2021 Q2 2021 Portfolio Overview 2.2 Q3 2021 7.0 Net Merchandise Value LTM (EURbn) Q4 2021 2.4 6.7 Q4 2021 Q1 2022 2.5 Q1 2022 TELE2 ..... 6.8 Q2 2022 Sustainability OFG 2.7 Q2 2022 Adjusted EBITDAaL Margin 39% 36% Q2 2021 GLOBAL FASHION GROUP 2.0% Q3 2021 Q2 2021 Adjusted EBITDA Margin LTM 0.8% 34% Q3 2021 Q4 2021 0.9% Q4 2021 Financial Statements 37% Q1 2022 0.9% Q1 2022 36% Q2 2022 3.1% Q2 2022 Revenue Generating Units Sweden and the Baltics (m) 9.3 Q2 2021 Other 17.0 Q2 2021 9.4 Active Customers (m) Q3 2021 16.9 Q3 2021 9.4 Q4 2021 17.0 Q4 2021 9.4 Q1 2022 16.8 Q1 2022 9.5 Q2 2022 16.2 Q2 2022 18#19Intro Net Asset Value American business magazine Fortune's Most Powerful Women list ranks the most influential executives in global business. Some of the leaders of tomorrow's big businesses, however, are for now running still-private startups. To reflect that future, Fortune this year published a list of some of the most influential women leaders working across startups. Two founders in Kinnevik's portfolio were inclu- ded in the list this year, Toyin Ajayi and April Koh. KINNEVIK Portfolio Overview Investments into female founded businesses remains small: in the US market, mixed-gender founding teams took in 14.8% of VC dollars last year, while female- only founding teams claimed 2.4%, according to PitchBook. The trend is similar throughout Europe. TWO KINNEVIK FOUNDERS INCLUDED IN FORTUNE'S LIST OF THE 15 MOST POWERFUL WOMEN IN STARTUPS H cityblock Interim Report Q3 2022 Sustainability Toyin Ajayi Co-founder and CEO of Cityblock Financial Statements Other "We couldn't be more proud that not one, but two of our incredible female foun- ders made Fortune's list of the 15 most powerful women in startups. Toyin Ajayi and April Koh, we're honored to support you and your businesses as you work to make mental and physical healthcare more accessible for all. We can't wait to see where you take Cityblock Health and Spring Health next. And of course, congra- tulations to all of the amazing women on the list - you're an inspiration to founders everywhere." spring health Georgi Ganev, CEO of Kinnevik April Koh Co-founder and CEO of Spring Health 19#20Intro FINANCIAL REVIEW Investee (SEKm) Agreena Budbee Carbon Direct II Common. Gordian Joint Academy Lunar Mathem Oda Omio Omnipresent Quit Genius SafetyWing Solugen Town Hall Ventures III Transcarent TravelPerk Other Investments Teladoc Tele2 Other Divestments Net Investments / (Divestments) Net Asset Value KINNEVIK Q3 2022 111 1 75 220 77 508 18 11 1 021 1 021 Interim Report Q3 2022 Jan-Sep 2022 127 115 111 68 126 59 286 155 220 32 377 89 177 508 93 546 54 11 3 153 -986 -6 027 -29 -7 043 -3 890 Portfolio Overview Amended Capital Allocation Framework Kinnevik has amended its capital allocation fram- ework to reflect the improvements to the balance of its Growth Portfolio. Going forward, our expectations are to: • Invest half of our capital into first round investments, and the other half into follow-on investments in our existing portfolio ● Sustainability ● ● Add up to eight new companies per year Continue to evolve our thematic and sectorial focus • Seek to build an adequate level of influence in our companies, rather than specific ownership stakes Build and maintain a portfolio across different stages of maturity, with 10-20 companies making up the lion's share of portfolio value Financial Statements Other During the third quarter we invested SEK 1.0bn of which 508m into our new climate tech business Solugen. We also invested SEK 220m into Oda, and committed SEK 111m to Carbon Direct's second fund. In the first nine months of 2022, we have deployed SEK 3.2bn in total, with a 38/62 percent split between existing and new companies. With a vibrant pipeline and a number of ongoing investment processes, we believe we are likely to deploy slightly more than our SEK 5bn target for the full year. 20#21Intro Net Asset Value CAPITAL STRUCTURE As at 30 September 2022, Kinnevik had a net cash position of SEK 12.5bn, corresponding to 27 percent of portfolio value. This net cash position was mainly made up of SEK 16.0bn in cash and short-term investments, less SEK 3.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months. KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability FINANCIAL TARGETS Attractive Returns Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15 percent over the business cycle. Low Leverage Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10 percent of portfolio value. Shareholder Remuneration Policy Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends. Financial Statements Other 21#22Intro SEK m GROUP FINANCIAL STATEMENTS Change in fair value of financial assets Dividends received Consolidated Income Statement and report concerning Total Comprehensive Income Administration costs Other operating income Other operating expenses Operating profit/loss Net Asset Value Interest income and other financial income Interest expenses and other financial expenses Profit/loss after financial net Tax Net profit/loss for the period Total comprehensive income for the period Net profit/loss per share before dilution, SEK Net profit/loss per share after dilution, SEK Outstanding shares at the end of the period Average number of shares before dilution Average number of shares after dilution KINNEVIK Interim Report Q3 2022 Note Portfolio Overview 4 5 Q3 2022 -3 129 0 -81 3 0 -3 207 70 -27 -3 164 0 -3 164 -3 164 -11.30 -11.30 280 042 974 280 042 974 280 042 974 Q3 2021 -255 -53 2 0 -306 0 -11 -317 0 -317 -317 -1.14 -1.14 277 843 665 Sustainability 277 871 501 277 871 501 Jan-Sep 2022 -17 419 3 077 -223 8 -1 -14 558 317 -193 -14 434 0 -14 434 -14 434 -51.67 -51.67 280 042 974 279 360 120 279 360 120 Jan-Sep 2021 17 331 1 126 -198 6 -3 18 262 18 -36 18 244 0 18 244 18 244 65.66 65.66 277 843 665 277 839 346 277 839 346 FY 2021 13 269 1 689 -319 10 -3 14 646 210 -74 14 782 -5 14 777 14 777 53.12 53.12 278 677 265 278 177 851 278 177 851 Financial Statements Other Consolidated Earnings for the Third Quarter The change in fair value of financial assets amounted to a loss of SEK 3,129m (loss of 255) for the third quarter of which a loss of SEK 3,454m (loss of 2,427) was related to listed holdings and a profit of SEK 325m (profit of 2,172) was related to unlisted holdings. See note 4 and 5 for further details. The higher administration costs are mainly explained by a decrease of value of outstanding long-term options in the third quarter last year. The increased financial net is mainly attributable to revaluation of SWAP agreements and foreign currency differences. Consolidated Earnings for the First Nine Months of the Year The change in fair value of financial assets including dividends received amounted to a loss of SEK 14,342m (profit of 18,457) for the first nine months of the year of which a loss of SEK 9,225m (profit of 5,886) was related to listed holdings and a loss of SEK 5,117m (profit of 12,571) was related to unlisted holdings. See note 4 and 5 for further details. The higher administration costs are mainly explained by a timing dif- ference regarding the payment of the subsidy for the yearly long-term incentive plan in the second quarter this year. In 2021 the program was launched and paid in the fourth quarter. The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term invest- ments in Money Market funds and foreign currency differences. 22#23Intro Consolidated Statement of Cash Flow SEK m Dividends received Cash flow from operating costs Interest, received Interest, paid Cash flow from operations Investments in financial assets Sale of shares and other securities Cash flow from investing activities Repayment of loan Borrowing Sale of treasury shares Dividend paid to equity holders of the Parent company Cash flow from financing activities Cash flow for the period Net Asset Value Short term investments and cash, opening balance Revaluation of short term investments Short term investments and cash, closing balance KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Note 5 Financial Statements Q3 2022 -86 5 -2 -83 -911 -911 0 994 16 967 1 15 974 Q3 2021 563 -65 0 -3 495 -2 266 -2 266 0 -1 771 6 468 4 697 Other Jan-Sep 2022 3 077 -265 -33 2 784 -3 385 7 334 3 949 -1 210 -1 210 5 523 10 544 -93 15 974 Jan-Sep 2021 1 126 -219 0 -47 860 -4 046 250 -3 796 88 -44 44 -2 892 7 589 4 697 FY 2021 1 689 -321 -55 1 313 -6 014 5 799 -215 -190 2 000 91 -44 1 857 2 955 7 589 0 10 544 23#24Intro Supplementary Cash Flow Information SEK m Net Asset Value Investments in financial assets Investments not paid Prior period investments, paid in current period Exchange differences on investments not paid Cash flow from investments in financial assets Sale of shares and other securities Divestments with no cash flow Paid on divestments earlier periods Exchange differences pertaining to divestments Cash flow from sale of shares and other securities KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Note Financial Statements Q3 2022 -1 021 116 -6 -911 Q3 2021 -2 266 -2 266 Other Jan-Sep 2022 -3 153 208 -440 -3 385 7 042 292 7 334 Jan-Sep 2021 -4 006 43 -83 -4 046 250 250 FY 2021 -6 376 442 -90 10 -6 014 5 544 -3 94 164 5 799 24#25Intro Condensed Consolidated Balance Sheet SEK m ASSETS Fixed assets Financial assets held at fair value through profit or loss Tangible fixed assets Right of use asset Other fixed assets Total fixed assets Current assets Other current assets Short-term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Financial Statements Note 4 Other 30 Sep 2022 46 233 30 Sep 2021 62 748 74 527 44 49 6 8 133 210 46 416 74 794 ⠀ 358 328 13 692 3 887 2 282 810 16 332 5 025 79 819 31 Dec 2021 67 541 46 6 210 67 803 240 6 684 3 860 10 784 78 587 25#26Intro Condensed Consolidated Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity attributable to equityholders of the Parent Company Interest bearing liabilities, long term Interest bearing liabilities, short term Non-interest bearing liabilities TOTAL EQUITY AND LIABILITIES KEY RATIOS Net Asset Value Debt/equity ratio Equity ratio Net interest-bearing assets/ (liabilities) Net cash/Net debt, for the Group KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Financial Statements Note 6 6 Other 30 Sep 2022 57 982 3511 1 255 62 748 0.06 92% 12 863 12 530 30 Sep 2021 75 844 1 521 1 400 1 054 79 819 0.04 95% 2 135 1 809 31 Dec 2021 72 391 3511 1210 1 475 78 587 0.07 92% 5 704 5 384 26#27Intro Condensed Report of Changes in Equity for the Group SEK m Opening balance Profit/loss for the period Total comprehensive income for the period Transactions with shareholders Effect of employee share saving programme Sale of own shares Dividend in kind Net Asset Value Cash dividend Closing balance for the period KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Financial Statements Other Jan-Sep 2022 72 391 -14 434 -14 434 25 57 982 Jan-Sep 2021 111 671 18 244 18 244 25 88 -54 140 -44 75 844 FY 2021 111 671 14 777 14 777 36 91 -54 140 -44 72 391 27#28Intro Net Asset Value NOTES FOR THE GROUP Note 1 Accounting Principles The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. The accounting principles are the same as described in the 2021 Annual Report. KINNEVIK Portfolio Overview Interim Report Q3 2022 Sustainability Note 2 Risk Management Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Di- rectors. Kinnevik has a model for risk management that aims to identify, control and reduce risks. The output of the model is reported to Audit & Sustainability Committee and Board of Directors on a regular basis. Kinnevik is mainly exposed to financial risks in respect of: • Valuation risk, in relation to negative changes in the value of the portfolio • Liquidity and financing risk, in relation to increased cost of financing, and difficulties in refinancing maturing loans and facilities, ultimately leading to payment obligations not being met • Foreign exchange rate risk, in relation to transaction and translation currency exposure • Interest rate risk, having an adverse impact on financing costs For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 17 for the Group in the 2021 Annual Report. Financial Statements Other Note 3 Related Party Transactions Related party transactions for the period are of the same character as the transactions described in the 2021 Annual Report. 28#29Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are suitable and rel- evant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference for our valuations. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples, with consideration to differences in size, growth, profitability and cost of equity capital. We also consider the strength of a company's financial position, cash runway, and the funding environment. The valuation process is led independently from the investment team. Accuracy and reliability of financial information is ensured through con- tinuous contacts with investee management teams and regular reviews of their financial and operational reporting. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The val- uations are approved by Kinnevik's CFO and CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports. When establishing the fair value of other financial instruments, meth- ods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation of fair value. Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed in the levels stated below: KINNEVIK Interim Report Q3 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2021 Kinnevik Unlisted Investee Averages Revenue Growth +105-125% +215-235% +40-60% / +140-160% +130-150% +30-50% Note: Kinnevik unlisted investee averages are weighted by fair value. 2021 Gross Margin 5-15% 35-55% 30-40% / 60-80% 60-80% 50-70% Financial Statements NTM EV/Revenue Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,042m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,053m. A NEW VALUATION ENVIRONMENT In the third quarter of 2022, the downward valuation pressures faced by public growth assets during the first half-year eased significantly in intensity in most sectors. On average, peer multiples were largely stable. Value-based care saw a significant rerating driven in part by a number of transactions in the sector, and e-commerce multiples continued to contract on the back of revised outlooks. Changing expectations on in- flation and interest rates continue to be referenced as a significant driver of valuation multiples, in particular for companies such as ours where cash flow profitability is typically still some years out. Going forward, the external force increasingly driving changes may be the extent to which 3.0-4.5× 1.0-2.0x/4.5-5.5x 8.0-10.0x 10.0-20.0x 5.0-7.0x 2021 Revenue Growth +55% +80% +40% / 45% +35% +40% Other Peer Group Averages 2021 Gross Margin 25% 45% 40% / 80% 80% 55% NTM EV/Revenue 3.0x 2.0x 1.0x/3.0x 5.0x 5.0x a contracting business cycle affects the demand for our companies' and their public comparables' products and services. Investment activity in private venture and growth markets has slowed down relative to the hectic 2021, and the growth IPO market has effec- tively closed. This is leading to fewer transactions and less price discovery occurring in private markets that could otherwise aid the calibration of our valuations. Even so, we see clear signs of private markets reconciling with the material derating in public markets. The correction in valuation levels is bearing a less significant impact on market leaders relative to its followers, and on profitable or low-burn companies relative to high- burn companies. These parameters, paired together with our companies' operational performance, financial strength and reliance on the near-term funding climate, have all been taken into consideration when valuing our unlisted companies. Growth remains a distinct influence on valuation multiples in public markets, and we seek to reflect a corresponding differential when valuing our companies in relation to slower-growing public peers. However, we are increasingly focused on cash flow margins in a more direct way when assessing the appropriate valuation level to reflect patterns we are observing in public markets, and this typically drives a narrowing of the gap in valuation levels between our businesses and their more mature public benchmarks. 29#30Intro Net Asset Value MULTIPLE CONTRACTION We continue to seek to reflect the quarter-end valuation levels of publicly listed peers when valuing our unlisted businesses, typically allowing peer group multiple contraction to flow through our valuations without adjustment. We increasingly focus on multiples of expected revenue over the next twelve months ("NTM") to deemphasize the direct weight of importance placed on more longer-term projections. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn are more resilient than that of the average listed peer, and more in line with the stronger constituents of the respective peer group. In the table to the right, we show the average multiple contraction in valuations that are not underpinned by transactions that took place during the third quarter of 2022 (Budbee and Monese). During the quarter, the average NTM revenue multiple contraction in our unlisted portfolio was 10 percent, around 23 percentage points more severe than the average peer. For 2022 year-to-date the multiple contraction in our unlisted portfolio was 48 percent, around 3 percentage points more severe than the average peer. LIQUIDATION PREFERENCES Kinnevik's unlisted investee companies adopt different financing struc- tures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business, and typically means that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are ap- plicable may result in a disproportionate increase or decrease in the fair KINNEVIK Interim Report Q3 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q2-2022 Q3 Approximations, SEKbn I 29.3 Q2 2022 Category • Value-Based Care • Virtual Care Multiple Changes EV/NTM Revenues, 2022 Q3 and Jan-Sep 2022 • Platforms & Marketplaces • Software Sustainability • Consumer Finance +3.7 Revenue Growth Unlisted Portfolio Including Q3 2022 Transactions -4.5 Multiple Contraction Investee Change (Weighted Average) +7% -10% -23% -16% -9% -10% -4% Financial Statements +1.0 Net Investments Q3 2022 Peer Change (Average) +52% +11% -7% -4% -5% +13% +1.9 Liquidation Preferences & Currencies Other -0.8 Other Investee Change (Weighted Average) -45% -61% -48% Jan-Sep 2022 -50% -44% -48% -42% 30.6 Q3 2022 Peer Change (Average) -8% -53% -65% -65% -44% -45% 30#31Intro Net Asset Value value of Kinnevik's shareholding. Liquidation preferences may also entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially. An unlisted investee company's transition into a publicly listed company may also affect the value of Kinnevik's shareholding due to the dismantling or triggering of such provisions. Liquidation preferences, as described above, naturally become more relevant during a market drawdown such as the one we are experiencing during 2022. The majority of our investments carry these types of down- side protection provisions, and the effect of these provisions become the most pronounced in companies where we have only invested in the latest financing round. In these investments, the fair value of our investment may remain unchanged in spite of material downwards adjustments to the underlying valuation of each relevant company. At the end of the quarter, the aggregate fair value impact from liquidation preferences amounted to approximately SEK 2.7bn and was primarily centred to a handful of new investments made in 2021 and early 2022. The same figure amounted to around SEK 2.4bn at the end of the second quarter, and the difference was negligible at the end of 2021. As such, the incremental effect in the third quarter amounts to SEK 0.4bn (due to rounding), and SEK 2.7bn in 2022 to date. This value difference means that if Kinnevik's shareholdings would not enjoy said liquidation preferences, the fair value of the unlisted portfolio would be SEK 2.7bn lower. In other terms, the underlying val- ue of Kinnevik's investments in these companies needs to increase by SEK 2.7bn before the accrual of an on-paper return on investment. This notwithstanding, the fair values included in Kinnevik's net asset value statement correspond to the proceeds Kinnevik is entitled to receive in the event of a sale of each investment at the assessed underlying value of each company. AGGREGATE VALUE CHANGES AND DRIVERS On average, the valuation of each of our companies decreased by 13 percent in the third quarter of 2022 when excluding companies where our valuations are underpinned by transactions that took place during the third quarter (Budbee and Monese), and by almost 40 percent dur- KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability ing 2022 to date. Including these two companies, the average decrease amounted to around 10 percent in the third quarter and around 30 percent during 2022 to date. Similar to the previous quarter, contracting multiples was the sin- gle-most important driver of the value change in our unlisted portfolio during the quarter. Indicatively, multiple contraction had a negative effect of SEK 4.5bn on our valuations in the quarter. Excluding the valuations that are underpinned by arms-length transactions in the quarter and thereby concluded in the current valuation environment (Budbee and Monese), the effect of multiple contraction was closer to SEK 5.2bn. Revenue growth offset most of the impact of compressing valuation levels with a positive contribution of around SEK 3.7bn. The Swedish krona continued to weaken materially in the third quarter, in particular against the dollar. Per the end of the third quarter, the currency exposure of the unlisted portfolio was approximately 62 percent in USD, 22 percent in EUR, and 8 percent in NOK and GBP (with the balance in SEK). In aggregate, currency changes contributed to a positive effect on the valuations of our unlisted investments of around SEK 1.5bn in the quarter. As outlined above, the incremental positive effect of liquidation preferences in the quarter amounted to SEK 0.4bn. The aggregate positive effect from these two factors of SEK 1.9bn is what bridges the downward reassessments of the underlying valuations of our unlisted portfolio to the 1 percent write-up outlined in our net asset value statement. In 2022 to date, the positive effect of currency movements amounts to SEK 3.9bn and that of liquidation preferences (in constant currencies) amounts to SEK 2.4bn, or SEK 6.2bn in total. Other effects such as investee cash burn and dilution had a negative SEK 0.8bn impact. OUR INVESTEES RELATIVE TO THEIR VALUATION PEER GROUPS In our interim report for the first quarter of 2022, we rearranged our NAV statement. Our aim with the new categorization is to group our private investments in a more refined way, sorting them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are now providing for each category, is a step forward in terms of transparency of the performance and our assessed valuations of our unlisted assets. The table on page 29 (which Financial Statements Other includes valuations underpinned by transactions in the quarter in Budbee and Monese) outlining these financial metrics for our new NAV catego- ries and their peer groups should be read together with the qualitative commentary provided on the following pages - including the referencing of lower-margin SaaS companies in assessing the fair value of our virtual care investments. Please also note that the averages for Kinnevik's unlisted investees are weighted by fair value and provided as indicative ranges as differences between individual companies may be material. For the categories where our companies are growing at considerably higher rates than the peer group average, our valuation multiples are typically at a premium to the peer group's average. This spread is calibrated by valuations ascribed to our businesses in arms-length transactions and by the correlation of growth and profitability against valuation multiples for comparable companies in public markets. The average premium is considerably smaller (or at a discount) when benchmarking our valuations against more richly valued constituents in each relevant peer group. Premiums to the peer group average multiple narrow over time as our companies continue to outpace the growth of its valuation benchmarks. When relating our assessed valuations to financial metrics a year further out than the next twelve months, virtually all of our valuations are within the ranges of their respective peer group. VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on, and are paid on the basis of, patient health outcomes. Our larger invest- ments in this category - Cityblock and VillageMD - are benchmarked against a peer set of businesses in various ways delivering or driving a shift towards value-based care, such as Oak Street Health (OSH), Agilon Health (AGL), and Signify Health (SGFY). On average, the companies in the peer set grew revenue by 55 percent in 2021 with gross margins of 25 percent, and trade at around 3x NTM revenues. Our businesses grew twice as fast with slightly slimmer gross margins, and are valued at around 3.0-4.5x NTM revenues on average. In the quarter, three of six businesses used as benchmarks for our valuations were subject to takeover offers or speculation thereof, driving not insignificant multiple expansion. In our valuation, we note these offers' indication of investor appetite in the space 31#32Intro Net Asset Value but seek to triangulate valuations that does not indirectly incorporate bid premiums into the valuations of our investments. The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 3,694m, up some 25 percent in the quarter. The NTM revenue multiple has been expanded by around 8 percent in the quarter rela- tive to the over 50 percent expansion in the full peer group, leading to Cityblock being valued in line with the peer group average. In relation to the peer group constituents not subject to takeover offers or spec- ulation thereof, Cityblock is valued at a slight but decreasing premium considering the company's revenue growth significantly outpacing the listed benchmarks while proving sustainable gross margins in its more established cohorts. Our write-up in dollar terms benefits materially from the weakening Swedish krona. The fair value of Kinnevik's 4 percent shareholding in VillageMD amounts to SEK 4,232m, up some 15 percent from last quarter's level. Our NTM revenue multiple has been expanded by around 9 percent relative to the over 50 percent expansion in the full peer group, leading to VillageMD being valued at a considerably lower premium to the peer average than in the previous quarter. In relation to the peer group constit- uents not subject to takeover offers or speculation thereof, VillageMD is valued at premium proportionate to the company's structural gains and stronger growth trajectory stemming from the unique partnership with Walgreens Boots Alliance. Our write-up in dollar terms benefits materially from the weakening Swedish krona. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses in part against a peer set of listed telemedicine compa- nies, including generalists such as Teladoc (TDOC) and Amwell (AMWL), and more vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in this peer set grew revenues by around 80 percent on average in 2021 with gross margins of 40-50 percent. In 2022, the average expected peer growth rate is closer to 30 percent, and the peer group trades at an average 2.0x NTM revenues. Our businesses are growing KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability revenues at a materially higher rate with comparable gross margins, and are better positioned for long-term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that our unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 8-10x NTM revenues on average, more in line with SaaS benchmarks that trade at around 9x NTM revenues with more similar financial profiles to those of our unlisted virtual health businesses. The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 1,110m. Due to liquidation preferences, the fair value of our shareholding in dollar terms remains in line with the capital we invested into the company when it raised capital during the third quarter of 2021, but our carrying value appreciates due to the weakening Swed- ish krona. The underlying valuation of the company has been adjusted upwards to reflect stable peer multiples in the quarter and continued strong performance. The valuation remains at a significant but lowered premium to the forward-looking multiples of our peer group of telemed- icine operators, but at a considerable and expanding discount to the NTM revenue multiples of SaaS businesses with a similar financial profile. PLATFORMS & MARKETPLACES Our Platforms and Marketplace businesses form the most diverse group of investments in the NAV categorization introduced this year. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Jobandtalent with gross margins more than twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation level is around 1x NTM revenues for lower-margin e-commerce peers and around 3x NTM revenues on average for higher margin marketplace peers. Average peer growth rates were typically around 40-45 percent in 2021 in both ends of the margin spectrum. Our Platforms & Marketplaces companies are in general valued in line with, or at narrow premiums to, their respective peer group average. This is reflective of their later stage of maturity, but also of the valuation levels that these businesses have raised capital relative to how their listed peer groups were valued at the time of these transactions. Financial Statements Other The fair value of Kinnevik's 27 percent shareholding in Budbee amounts to SEK 2,415m, up 23 percent in the quarter. The valuation is in line with what Budbee is being ascribed in the ongoing merger with Instabox, and is based on NTM revenue multiples inferred from a set of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). Budbee's NTM revenue multiple is at a material premium to the peer group average, a peer group which saw its average multiple contract in high single digits in the quarter. In relation to the peer group's more richly valued constituents, such as In Post, our valuation is at a more narrow premium, warranted by Budbee's materially higher growth rate solidified by the company's proven underlying EBITDA profitability and stronger outlook. The fair value of Kinnevik's 31 percent shareholding in Mathem amounts to SEK 194m, down some 75 percent in the quarter. The va- luation is based on revenue multiples of a composite peer group of inventory holding e-commerce retailers and meal kit businesses such as Zalando (ZAL.DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The peer group's average NTM revenue multiple contracted by 20-25 percent in the quarter. We have materially revised our estimations of Mathem's future capital need and the effects of continued top-line headwinds from a short-term reversion of consumer behavior, which together with continued multiple contraction drives this quarter's material downward valuation revision. The assessed valuation implies a multiple of 0.4x the company's revenues during the last twelve months as at 30 June 2022 (as disclosed on p. 12 but pro forma the acquisition of Mat.se), but naturally takes the forward outlook into account. On an NTM revenue multiple basis, the valuation is at a 10 percent discount to the key peers referenced above. The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 645m, down more than 40 percent in the quarter even when in- cluding our SEK 220m investment in the quarter. The valuation is based on revenue multiples of the same composite peer group used in valuing Mathem. The decrease in fair value is driven primarily by contracting market multiples, but is exacerbated by a revised outlook as the company seeks to temper its cash burn. The assessed valuation implies a multiple of around 1.1x the company's revenues during the last twelve months as at 32#33Intro Net Asset Value 30 June 2022 (as disclosed on p. 12), at a significant premium to the peer group, and clearly takes the forward outlook into account. The multiple declines to a level more in line with key peers looking further out into the future, as Oda is expected to grow at a significantly higher rate fuelled by its geographical expansion. The valuation also reflects the exceptional operational efficiency of the company's proprietary fulfilment solution. The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 625m, effectively flat in the quarter save for currency tailwinds. The valuation is mainly based on forward-looking GMV multiples of a peer group of global online marketplaces with high user engagement such as Etsy (ETSY). Our assessed value of the company remains at an unchanged and relatively material discount to the peer group's average multiple. As our holding benefits from downside protection from the preferential terms of our investment in the company's latest equity fundraise, the fair value of our investment remains largely unchanged. The fair value of Kinnevik's 5 percent shareholding in Jobandtalent amounts to SEK 1,098m, effectively flat in the quarter. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also drawn to marketplaces such as Airbnb (ABNB) and Uber (UBER). The peer group's average NTM revenue multiple remained unchanged in the third quarter, and the company remains valued at a premium to the peer group, albeit a decreasing one, considering its significantly stronger revenue growth relative to the peer group constituents while maintaining comparable margins. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, causing an effectively unchanged fair value in spite of reflecting considerable multiple contraction in our underlying valuation assessment over the last few quarters. SOFTWARE Our Software businesses are typically benchmarked against both recur- ring revenue SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in our peer sets typically grew KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability revenue at around 35 percent in 2021 with gross margins of 80 percent, compared to our businesses which typically are growing more than four times faster with almost comparable gross margins. For this reason, we also consider valuations of "hyper growth" peers comprising the fastest growing listed software companies as their financial profile more closely resembles our investees. This peer set typically exhibits growth of over 50 percent and trades at an average revenue multiple more than twice as high as the overall software level on average. The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,023m, down around 2 percent in the quarter. The valuation reflects a decreased premium to the peer group's average NTM revenue multiple, which has contracted by around 12 percent in the quarter, to reflect the market's increased relative valuation of profitability. Our fair value is supported by continued strong revenue growth and the Swedish krona's depreciation against the dollar. The company is valued in line with the richest valued companies in its peer group, corresponding to a mate- rial premium to the peer group average to reflect Cedar's considerably stronger growth rate. In relation to this average, the valuation normalizes materially twelve months out, courtesy of the company's strong outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 3,719m, down around 17 percent from last quarter's valuation. The write-down reflects a decreased premium to the peer group's average NTM revenue multiple, which itself has contracted by around 1 percent in the quarter, to reflect the market's increased relative valuation of profit- ability. The valuation still implies a significant premium to the peer group on an NTM basis, but normalizes over the coming 12 months in relation to the best-in-class companies in the peer group as Pleo is expected to grow at a significantly faster pace. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 2,120m, effectively flat in terms of underlying valuation in the quarter but gaining 10 percent mainly from a weakening Swedish krona. The assessed valuation is fairly in line with where the company raised new financing in late December 2021, and where smaller secondary transactions took place during the second and third quarters, in which Kinnevik participated. The resilience of the carrying value of our TravelPerk investment reflects the company's superior performance benefiting from Financial Statements Other a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate 40 percent decline in the NTM revenue multiple during the first three quarters of 2022. CONSUMER FINANCE Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer subscription businesses such as Match Group (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set grew revenue by 40 percent in 2021 with gross mar- gins above 50 percent, largely in line with our investments in the sector. The fair value of Kinnevik's 13 percent shareholding in Betterment amounts to SEK 1,532m. The peer group's average NTM revenue multiple was virtually flat in the third quarter and we continue to value Betterment at an unchanged 10 percent premium to the peer group average in con- sideration of the company's relatively stronger growth trajectory. Per the end of August, the company's assets under management amounted to around USD 30.8bn. While the revenue mix is becoming more diversified, Betterment's revenues are still primarily derived from fees on these assets under management and therefore remain in part correlated with the development of the US and global stock market. Our revenue outlook has been adjusted downwards to take the ongoing drawdown in equity markets into account. At the current valuation level, the carrying value of our investment is positively affected by liquidation preferences, causing an unchanged fair value in USD terms and an increasing fair value in SEK terms due to currency tailwinds. The fair value of Kinnevik's 21 percent shareholding in Monese amounts to SEK 842m, up 60 percent in the quarter, and is at a not immaterial discount to the valuation where the company raised new capital at during the third quarter. The discount partly stems from the terms at which this capital was raised at from a strategic investor. The peer group's average NTM revenue multiple remained effectively flat in the quarter. Our valu- ation means valuing the company at a premium to its peer group rather than at a discount as in the previous quarter - reflective of the company's strengthened financial position and the strategic value of the investor that led the investment in the company's recent fundraise. 33#34Intro CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEK M) Alliance Data Babylon Global Fashion Group Teladoc Tele2 Zalando Total Listed Holdings Babylon Betterment Bread Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Net Asset Value KINNEVIK Interim Report Q3 2022 Q3 2022 - 241 - 263 - 216 - 2 734 -3 455 117 445 - 38 735 6 - 2 16 - 133 - 660 317 - 693 60 14 Q3 2021 - 2517 - 2 349 2 439 - 2 427 93 442 53 55 1955 5 15 14 - 208 1 13 2 st 4 Portfolio Overview Jan-Sep 2022 - 2 606 - 2 649 - 2 125 - 4 922 - 12 302 - 54 991 - 502 - 342 - 122 - 137 58 - 348 - 1215 308 - 1 179 325 - 5 - 29 Jan-Sep 2021 28 23 - 3 997 3912 4795 4 760 2 224 562 543 1 868 2 936 29 54 14 -1 49 446 29 10 FY 2021 28 - 1892 - 4 075 -5974 3 790 4 795 - 3 329 2 224 546 1 540 1953 2642 - 52 160 35 20 - 210 70 484 - 17 17 Sustainability Pleo Quit Genius Spring Health Sure Transcarent TravelPerk Village MD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total whereof unrealized gains/losses for as- sets in Level 3 Financial Statements Village MD Pleo Q3 2022 - 783 33 85 43 51 179 548 48 - 90 Cityblock Total Effect -6 291 35 - 3 129 -20% Q3 2021 3 425 3 046 2 3 14 2 SENSITIVITY ANALYSIS OF OUR THREE LARGEST UNLISTED ASSETS Fair Value (SEKm) Change in Multiple 2 989 9 460 -2 185 11 - 207 - 27 - 2 - 51 2 183 - 11 - 255 -10% 3 829 3 382 3 341 Other 10 552 -1 093 Jan-Sep 2022 - 2165 69 205 102 120 398 - 426 115 - 484 - 678 - 4 995 - 122 - 17419 -5116 Actual Jan-Sep 2021 326 2 172 12 550 Change in unrealized gains or losses for assets in Level 3 for the period are recognised in the Income State- ment as change in fair value of financial assets. 4 232 3719 3 694 11 645 1 278 3 14 2 356 2 809 19 11 - 729 12 526 45 17 331 +10% 4 635 4 055 FY 2021 4 046 12 736 1 091 4 983 13 44 18 996 2 926 -76 - 27 - 788 16 502 96 13 269 16 577 +20% 5 038 4 392 4 399 13 829 2 184 34#35Intro FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Teladoc Tele2 Total Listed Holdings Babylon Betterment Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Class A shares Class B shares 54 942 568 79 093 454 3 683 668 20 733 965 116 879 154 Interim Report Q3 2022 Capital/ Votes % 13.3/3.6 36.0/36.0 2.3/2.3 19.9/36.3 13/13 27/27 8/8 8/8 14/14 11/11 5/5 6/6 31/31 21/21 21/21 7/7 6/6 Portfolio Overview 30 Sep 2022 294 963 1 038 13 291 15 585 1 532 2 415 2 023 3 694 109 436 1 098 464 194 842 645 784 372 30 Sep 2021 7711 8 305 24 362 40 377 4792 1 602 1 312 2440 4 107 244 354 520 1 463 513 1 566 471 31 Dec 2021 2900 3612 4 149 24 240 34 901 1 586 1 309 2 525 4 036 163 573 1 040 526 1 254 534 1 604 427 Sustainability Parsley Health Pleo Quit Genius Spring Health Sure Transcarent TravelPerk Village MD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total Financial Statements Class A shares Class AB shares Capital/ Votes % 11/11 14/14 15/15 5/5 9/9 3/3 15/15 4/4 11/11 Other 30 Sep 2022 179 3719 430 1 110 555 666 2 120 4 232 625 1967 352 30 563 85 46 233 30 Sep 2021 201 1 952 262 875 437 802 7 651 605 716 1 080 33 965 185 74 527 31 Dec 2021 208 5 884 272 905 453 1 668 4 658 510 1 251 1 019 32 405 236 67 541 35#36Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Total Listed Assets Babylon Betterment Budbee Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Pleo Quit Genius Spring Health Sure Net Asset Value KINNEVIK Interim Report Q3 2022 Q3 2022 75 220 77 Q3 2021 70 76 506 1 40 259 861 435 Portfolio Overview Jan-Sep 2022 115 68 286 155 220 32 377 89 Jan-Sep 2021 43 70 330 42 506 149 35 33 4 191 267 259 861 435 FY 2021 43 70 553 42 113 1 006 506 149 35 33 6 191 494 259 861 435 Sustainability Transcarent TravelPerk Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Total Changes in unlisted assets (level 3) Opening balance Investments Disposals / Exit proceeds Reclassification Change in fair value Closing balance Financial Statements Q3 2022 18 620 11 1 021 1 021 29 302 1 021 326 30 648 Q3 2021 17 1 2 266 2 266 29 712 2 266 2172 34 150 Other Jan-Sep 2022 546 54 1 200 11 3 153 3 153 32 641 3 153 - 29 -5116 30 648 Jan-Sep 2021 66 586 126 3 4 006 4 006 17 602 4 006 - 30 12 571 34 150 FY 2021 292 586 699 4 6 376 6 376 17 602 6 376 - 3 144 - 4792 16 598 32 641 36#37Intro Note 5 Dividends Received SEK m Tele2 Total dividends received Of which ordinary cash dividends Q3 2022 KINNEVIK Net Asset Value Q3 2021 Jan- Sep 2022 Interim Report Q3 2022 3 077 3 077 638 Jan- Sep 2021 FY 2021 1 126 1 689 1 126 1 689 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 12,863m and Kinnevik was in a net cash position of SEK 12,530m as at 30 September 2022. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 30 September 2022 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 2-6 years. During the first quarter, SEK 1,210m in outstanding corporate bonds fell due for payment and the Group's available liquidity, includ- ing short term investments and available unutilized credit facilities, totalled SEK 21,104m as at 30 September 2022 (SEK 15,869m as at 31 December 2021). 563 1 126 Portfolio Overview SEK m Interest Bearing Assets Loans to investee companies Short term investments Cash and cash equivalents Revaluation of Swap Other interest bearing assets Total Interest Bearing Long Term Liabilities Corporate bonds Accrued borrowing cost Other interest bearing liabilities Total Interest Bearing Short Term Liabilities Corporate bonds Total Total Interest Bearing Liabilities Net interest bearing assets (+)/ liabilities (-) Sustainability Debt, unpaid investments/divest- ments/dividends receivables Net Interest Bearing Assets Net Cash/(Net Debt) for the Group 30 Sep 2022 231 13 692 2 282 301 129 16 635 3 500 -13 27 3 514 3 514 3 514 13 121 -258 12 863 12 530 30 Sep 2021 150 3 887 810 0 210 5 057 1 500 -13 34 1 521 1 400 1 400 2 921 2 136 -1 2 135 1 809 31 Dec 2021 137 6 684 3 860 5 210 10 896 3 500 -16 27 3 511 1 210 1 210 4 721 6 175 -471 5 704 5 384 Financial Statements Other Kinnevik currently has no bank loans outstanding, and its bank fa- cilities when drawn carry variable interest rates. Debt capital market financing consist of commercial paper and senior unsecured bonds. Commercial paper is issued with a maximum tenor of 12 months un- der Kinnevik's SEK 5bn commercial paper program, and senior un- secured bonds are issued with a minimum tenor of 12 months under Kinnevik's SEK 6bn medium term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a positive market value of SEK 301m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreement. As at 30 Sep- tember 2022, the average interest rate for outstanding senior un- secured bonds amounted to 1.3 percent and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 2.4 years. The carrying amount of the liabilities is a reasonable approxi- mation of fair value as they bear variable interest rates. 37#38Intro Condensed Parent Company Income Statement SEK m Administration costs PARENT COMPANY FINANCIAL STATEMENTS Other operating income Operating profit/loss Profit/Loss from financial assets, associated companies and other Profit from financial assets, subsidiaries Financial net Profit/loss after financial items Net Asset Value Group contribution Profit/loss before tax Taxes Net profit/loss for the period Total comprehensive income for the period KINNEVIK Portfolio Overview Interim Report Q3 2022 Sustainability Financial Statements Q3 2022 -72 1 -71 0 0 55 -16 -16 -16 -16 Q3 2021 -76 0 -76 0 1 -2 -77 -77 -77 -77 Other Jan-Sep 2022 -212 4 -208 29 46 179 46 46 46 46 Jan-Sep 2021 -190 2 -188 77 1 746 -5 1 630 1 630 1 630 1 630 FY 2021 -310 2 -308 -442 9 346 21 8 617 177 8 794 8 794 8794 38#39Intro Condensed Parent Company Balance Sheet SEK m ASSETS Tangible fixed assets Equipment Shares and participation in Group companies Shares and participation in associated companies and other companies Receiviables from Group companies Other long-term receivables Total fixed assets Current assets Short term receivables Other prepaid expenses Short term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report Q3 2022 Portfolio Overview Sustainability Financial Statements Other 30 Sep 2022 4 44 712 6 561 6613 130 58 020 306 34 13 692 2271 16 302 74 322 30 Sep 2021 4 89 101 0 17 394 210 106 709 292 15 3 887 693 4 887 111 596 31 Dec 2021 4 87 593 6 561 27 756 210 122 124 216 15 6 684 3 546 10 461 132 585 39#40Intro Condensed Parent Company Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders equity Restricted equity Unrestricted equity Total shareholders' equity Provisions Provisions for pensions and other Total Provisions Long-term liabilities External interest-bearing loans Total long term liabilities Short-term liabilities External interest-bearing loan Liabilities to Group companies Other Liabilities Net Asset Value Total Short-term liabilities TOTAL SHAREHOLDERS' EQUIITY AND LIABILITIES KINNEVIK Portfolio Overview Interim Report Q3 2022 Sustainability Financial Statements Other 30 Sep 2022 6 896 63 560 70 456 19 19 3 487 3 487 300 60 360 74 321 30 Sep 2021 6 895 56 309 63 204 19 19 1 489 1 489 1 400 45 440 44 46 884 111 596 31 Dec 2021 6 896 63 487 70 383 19 19 3 484 3 484 1210 The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 21,092m (9,710) per 30 September 2022. The Parent Company's interest bearing external liabilities amounted to SEK 3,487m (2,889) on the same date. Net investments in tangible fixed assets amounted to SEK Om (1) during the period. 57 398 91 58 699 132 585 40#41Intro Distribution by Share Class per 30 September 2022 SEK m Net Asset Value Outstanding Class A shares, 10 votes each Outstanding Class B shares, 1 vote each Outstanding Class G shares LTIP 2018, 1 vote each Outstanding Class G shares LTIP 2019, 1 vote each Outstanding Class C-D shares LTIP 2020, 1 vote each Outstanding Class C-D shares LTIP 2021, 1 vote each Outstanding Class C-D shares LTIP 2022, 1 vote each Class B shares in custody Class C-D shares LTIP 2022, in custody Registered number of shares KINNEVIK Portfolio Overview The total number of votes for outstanding shares amounted at 30 September 2022 to 583 841 862 excluding 111,273 shares in own custody. Sustainability Interim Report Q3 2022 Financial Statements Other Number of shares 33 755 432 242 683 725 297 258 379 312 992 337 833 600 1 101 310 133 111 140 280 154 247 Number of votes 337 554 320 242 683 725 297 258 379 312 992 337 833 600 1 101 310 133 111 140 583 953 135 Par value (SEK 000s) 3 376 24 268 30 38 99 83 110 0 11 During April, 264,532 Class B shares were issued to cover dividend compensation related to Kinnevik's long term incentive programs. In addition, and similar to LTIP 2021, a new issue of 1,212,450 reclassifiable, subordinated, incentive shares, divided into two classes, to the participants in Kinnevik's long-term share incentive plan resolved on by the AGM on 9 May 2022 were registered by the Swedish Companies Registration Office (Sw. Bolagsverket) during June 2022. During July. 265,742 incentive shares from LTIP 2019 were converted to Class B shares. 28 015 41#42Intro Net Asset Value Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appli- cable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performan- ce measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the fi- nancial performance and in so believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found below. Reconciliations of a selec- tion of APMs can be found on Kinnevik's corporate website www.kinnevik.com. AVERAGE REMAINING DURATION The value weighted average number of years until maturity for all credit facilities including outstanding bonds DEBT/EQUITY RATIO Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES DIVESTMENTS All divestments in fixed listed and unlisted financial assets EQUITY RATIO Shareholders' equity as a percentage of total assets GROSS CASH Short-term investments, cash and cash equivalents and other interest-bearing receivables KINNEVIK Portfolio Overview Interim Report Q3 2022 GROSS DEBT Interest-bearing liabilities including unpaid investments/divest- ments Sustainability INTERNAL RATE OF RETURN, IRR The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind INVESTMENTS All investments in fixed listed and unlisted financial assets, in- cluding loans to portfolio companies KINNEVIK MARKET CAPITALIZATION Market value of all outstanding shares in Kinnevik at the end of the period NET ASSET VALUE, NAV Net value of all assets on the balance sheet, equal to the sha- reholders' equity NET ASSET VALUE CHANGE Change in net asset value without adjustment for dividend paid or other transactions with shareholders Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS NET ASSET VALUE PER SHARE, SEK Total net asset value attributable to each share based on the number of shares outstanding at the end of the period NET CASH/(NET DEBT) Gross cash less gross debt Financial Statements Other NET CASH/(NET DEBT) INCLUDING NET LOANS TO INVESTEE COMPANIES Gross cash and net outstanding receivables relating to portfolio companies less gross debt NET CASH TO PORTFOLIO VALUE/(LEVERAGE) Net cash/(debt), excluding net loans to investee companies, as percentage of portfolio value NET INVESTMENTS/(DIVESTMENTS) The net of all investments and divestments in fixed listed and unlisted financial assets NET PROFIT/(LOSS) PER SHARE BEFORE AND AFTER DILUTION, SEK Net profit/(loss) for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution PORTFOLIO VALUE Total book value of fixed financial assets held at fair value th- rough profit or loss TOTAL SHAREHOLDER RETURN, TSR Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate 42#43Intro FINANCIAL REPORTS Dates for 2023 reporting: OTHER INFORMATION 2 February Net Asset Value Year-End Release 2022 20 April Interim Report January-March 11 July Interim Report January-June 18 October Interim Report January-September KINNEVIK Portfolio Overview Interim Report Q3 2022 This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 19 October 2022. For further information, visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Sustainability Phone +46 (0)70 762 00 50 Email [email protected] Financial Statements Other INFORMATION FOR US SHAREHOLDERS REGARDING 2021 PFIC STATUS This statement is provided for shareholders who are United States persons for the purpose of the United States Internal Revenue Code. Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast- changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINVA and KINV B. Information on Kinnevik's status as a passive foreign investment company ("PFIC") for US federal income tax purposes for the taxable year ending 31 December 2021 is available on Kinnevik's website at www.kinnevik.com under the heading "Tax Information" (which can be found under the section "Investors"). You should contact your tax advisers regarding the consequences of owning shares in a PFIC. 43#44KINNEVIK For further information visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]