#1ΚΙΝΝΕVIK INTERIM REPORT FIRST HALF OF 2023#2Intro Net Asset Value (SEK) 54.0bn Key Financial Data SEKM Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) MAKING USE OF MARKET CONDITIONS TO ACCRETE OWNERSHIP IN OUR HIGHEST-CONVICTION BUSINESSES 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 Investments Divestments KINNEVIK Interim Report Q2 2023 Change in NAV Q/Q (3)% Q2 2023 -1 410 -5.02 -5.02 Portfolio Overview -1 817 468 -11 2241 -10 30 Jun 2023 54 050 191.93 149.70 8 786 Q2 2022 -6 729 -24.09 -24.09 -9 701 3 077 475 -6 027 31 Mar 2023 55 460 198.02 154.55 10 506 H1 2023 1 136 4.05 4.05 742 468 -11 Change in NAVY/Y (12)% 3 054 -1 030 31 Dec 2022 52 906 188.90 143.50 10 387 H1 2022 -11 270 -40.35 -40.35 -14 290 Sustainability 3 077 2 132 -7 042 30 Jun 2022 61 140 218.32 164.75 13 592 FY 2022 -19 519 -69.83 -69.83 -22 856 3 538 Financial Statements 5 742 -7 043 Other One-Year TSR (9)% Five-Year Annualised TSR +3% "Disciplined capital allocation and using our strong financial position wisely to maximize the impact of our highest-conviction companies are crucial to long-term value creation. During the quarter, our dedication to these priorities and our unique ability to seize oppor- tunities in the current market is manifested by our USD 100m investment in Spring Health. Through this invest- ment, Spring Health represents our largest aggregate investment since we commenced our transformation in 2018. We believe Spring Health also has the poten- tial to become one of the most successful investments in Kinnevik's history." Georgi Ganev CEO of Kinnevik 2#3Intro HIGHLIGHTS IN THE QUARTER Key Events Acquired secondary shares in Spring Health, one of our highest- conviction and strongest performing businesses, increasing our ownership to 12 percent ● Net Asset Value ● Made use of market conditions to accrete ownership and capital commitments in TravelPerk, Instabee, Recursion and HungryPanda, totalling SEK 0.6bn New investment activity was limited, with smaller investments into Charm Industrial, a clear emerging leader in the carbon removal space, and biotechnology company Enveda Babylon Health announced it had agreed to be taken private in a transaction supported by the company's main creditor, leading to us writing off our investment in full Kinnevik beat its portfolio climate target in 2022, decreasing emissions intensity by 14 percent year-over-year, as announced in our Climate Progress Report published in June KINNEVIK Portfolio Overview Interim Report Q2 2023 Investment Activities We invested SEK 2.2bn in the quarter, including: SEK 1,069m into Spring Health ● SEK 258m into Enveda ● Sustainability ● SEK 254m into Instabee • SEK 203m into TravelPerk • SEK 187m into Mathem ● SEK 145m into Recursion SEK 108m into Charm Industrial SEK 15m into HungyPanda ● ● Financial Statements Other Financial Position • NAV of SEK 54.0bn (SEK 192 per share), down SEK 1.4bn or 3 percent in the quarter Kinnevik's ambition is to be Europe's leading listed growth stor. 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 healthcare, software, marketplaces and climate tech. 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 and 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 KINV A and KINV B. • Net cash position of SEK 8.8bn, including SEK 0.5bn in dividends received from Tele2, corresponding to 19 percent of portfolio value 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Second Quarter Financials Our Net Asset Value amounted to SEK 54.0bn or SEK 192 per share at the end of the second quarter, largely flat since end of 2022. The fair value of our private businesses increased by SEK 2.5bn to 32.5bn, through a 1 percent write-up and SEK 2.1bn in investments. This was supported by large and positive currency movements. In fixed currencies, growth and improved profitability was offset by contracting multiples on an aggregated portfolio level. Weak share price performance in our listed assets Tele2 and Global Fashion Group brought a negative SEK 1.7bn impact, and our Recursion investment had a small positive impact during the quarter. From a more important and longer-term perspective, during the quarter we made use of market conditions to accrete ownership and capital commitments in some of our highest- conviction businesses. In addition to our investment in Spring Health, we deployed SEK 0.6bn into TravelPerk, Instabee, Re- cursion and HungryPanda. New investment activity remained relatively subdued, with smaller early-stage investments in biotechnology company Enveda and carbon removal business Charm Industrial. KINNEVIK Portfolio Overview Dear Shareholders, while volatility has come down, venture and growth capital markets remain a chal- lenging environment for many companies and investors to operate in. Under these circumstances, disciplined capital allocation and using our strong financial position wisely to maximize the impact of our highest-conviction companies are crucial to long-term value creation. During the quarter, our dedication to these priorities and our unique ability to seize opportunities in the current market is manifested by our USD 100m investment in Spring Health. Through this investment, Spring Health represents our largest aggregate investment since we commenced our transformation in 2018. We believe Spring Health also has the potential to become one of the most successful investments in Kinnevik's history. Interim Report - Q2 2023 Sustainability Doubling Down in High Conviction Companies In the current market conditions, we are prioritizing dis- ciplined capital allocation to maximize the impact of our highest-conviction businesses and minimize the impact of our lowest-conviction businesses. This quarter's USD 100m investment in Spring Health is the most material example to date. Since end of 2022, our ownership has increased from 5 to 12 percent and the company's share of our Growth Portfolio has tripled from around 3 to 10 percent - changes that would have been more difficult and expensive under other circumstances. Our conviction in Spring Health is underpinned by several factors. The company addresses one of the fastest growing public health issues, mental health, in the world's largest healthcare market, the United States. It is run by a strong founder duo in April Koh and Adam Chekroud, building their business well-grounded in science. Spring Health's combina- tion of precision mental healthcare and personalized care delivery has proven to drive superior clinical outcomes for enrolled employees as well as positive benefits to busines- ses in terms of absenteeism, higher productivity, and lower Financial Statements Other healthcare costs. The company grew its revenues by 270 percent in 2022 and is on a fully funded path to become cash flow positive. Our permanent capital structure and ability to multiply our investment in companies as they grow and prove their busi- ness are two of our most important competitive advantages as an investor. By increasing our exposure to Spring Health as our conviction has grown, we are executing a familiar model previously applied in investments like Zalando and Livongo. In both companies, we made substantial follow-on investments during our journey as owners, and we are excited to do the same with Spring Health. Babylon Health Taken Private by Creditor In June, Babylon Health announced it had agreed to be taken private in a transaction supported by the company's main creditor. Consequently, we have written off our investment in the company in full. We decided not to participate in the financial restructuring, in line with our priority to focus our ca- pital allocation on companies where we have high conviction in the long-term value creation potential. In connection with this transaction, I left Babylon Health's Board of Directors. We wish the company and the founder Ali Parsa well, and trust that they just as us - have learnt several valuable lessons. Continued Headwind Within Online Grocers The valuation of our Norwegian online grocer Oda was down substantially in the quarter. Oda and its Swedish equivalent Mathem have faced significant headwinds in the past 18 months. As many e-tailers, but even more pronounced for these more nascent online grocers, Oda and Mathem built up significant capacity during the pandemic to meet the surge in demand. When the pandemic subsided, the combination of a ramped-up cost base, retreating online consumption, 4#5Intro Net Asset Value and weaker consumer purchasing power placed significant pressure on the companies' financials. In the case of Oda, the company also deployed significant capital in expanding into Germany and Finland, decisions that now have been reversed. With circumstances expected to remain difficult, we do not expect a quick turnaround in Oda nor Mathem. While the decision to close markets such as in the case of Oda will have negative implications on short term growth, we support our companies in pruning their operations and focusing on efficiency in the current market conditions. By taking tough decisions now, not only do we lower the dowside risk in our portfolio, but we ensure that our companies are better set for long-term profitable growth and value creation. Tracking Ahead of Our Portfolio Climate Target The urgency of the climate crisis is evident and the expecta- tions on companies from customers, employees, investors and regulators are increasing rapidly. In June, we published our climate progress report, following up on the fulfilment of our portfolio climate target. In 2022, the year-over-year decrease in our portfolio's emissions intensity was 14 percent. Since 2020, our base year, the average annual decrease in emissions intensity was 12 percent. This means we are tracking ahead of our target to reduce our portfolio's emissions intensity by 50 percent by 2030. KINNEVIK Interim Report - Q2 2023 Portfolio Overview Sustainability 8.8bn Kinnevik's net cash position (SEK) The follow-on investments in Spring Health and others during the first half of 2023 are great examples of the prospects that a more stagnant market provides, and of the power of our competitive advantage as a permanent capital investor. Financial Statements Other Concluding Remarks While our environment shows signs of becoming more construc- tive, it continues to be highly challenging with limited fundraising activity, smaller aggregate movements in the valuations of our private portfolio, and changes in plans and expectations. Under these circumstances, our portfolio continues to grow revenues and improve profitability at a fast pace, and we are instigating and uncovering opportunities to deploy more capital into our highest-conviction businesses at balanced valuations. The follow-on investments in Spring Health and others during the first half of 2023 are great examples of the prospects that a more stagnant market provides, and of the power of our competitive advantages as a permanent capital investor. With our successes in creating and executing on these follow-on opportunities during the first half of 2023, we expect the percentage share of investments into the ex- isting portfolio to be closer to two-thirds of our aggregate 2023 investments rather than the 50/50 split set out at the beginning of the year. I would like to thank our shareholders for their continued support as we make use of the current market environment to rebalance our trajectory for the years to come. We look forward to continuing the execution of our priorities through the second half of the year and beyond. Georgi Ganev CEO of Kinnevik 5#6Intro Categories KINNEVIK IN SUMMARY • Value-Based Care . Virtual Care • Platforms & Marketplaces • Software • Consumer Finance (9)% One Year Net Asset Value Value-Based Care Virtual Care Platforms & Marketplaces (12)% Software Consumer Finance Annualised Total Shareholder Return TMT Total Portfolio +3% KINNEVIK Fair Value Five Years 8 444 4 076 (1)% 5 478 8 875 Five Year Annualised IRR per Category 2 476 Note: The annualised total shareholder return includes reinvested dividends. Note: Financial metrics weighted by fair value as at 30 June 2023. For more information about the categories see Note 4 on pages 28-38. 7% 11% Interim Report Q2 2023 Return +10% Ten Years 3.2x 2.1x 0.8x 2.9x 1.0x 52% Portfolio Overview 53% 49% Average Holding Period 3.4 Years 1.8 Years 3.8 Years 4.4 Years 6.0 Years +15% Thirty Years 3,054 Investment Activity (SEKm) (1,030) H1 2023 Sustainability 2022 Revenue Growth 46% 240% 88% 145% 26% 2,024 Investments Divestments 2022 Gross Margin Net Investments 14% 50% 19% 46% 56% 46% 2,241 Financial Statements (10) NTM EV/Revenue 3.3x Q2 2023 8.2x 3.5x 12.7x 5.4x Net Cash to Portfolio Value 2,231 Other Composition of Portfolio Value Tele2 27% Emerging Markets 1% Early Bets & New Themes 9% Consumer Finance 5% 61.1 Value-Based Care 18% 58.0 Virtual Care 9% Platforms & Marketplaces 12% NAV Development (SEKbn) Software 19% 52.9 55.5 54.0 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 6#7Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Babylon Cityblock Transcarent Village MD Value-Based Care Parsley Health Pelago (Quit Genius) Spring Health Teladoc Virtual Care HungryPanda Instabee Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Interim Report Q2 2023 Vintage 2016 2020 2022 2019 2021 2021 2021 2017 2020 2018 2021 2019 2018 2018 2021 Portfolio Overview Ownership 8% 3% 2% 15% 15% 12% 11% 13% 5% 31% 27% 7% 11% Value Q2 2023 3 245 648 4551 8 444 356 405 3 315 4 076 498 1 707 1 190 493 429 763 398 5 478 Sustainability Released 3 110 3 110 5.383 5 383 Invested 33 933 546 986 3 598 295 348 2 453 1 394 4 490 439 706 1 006 1 750 1 426 597 586 6510 Financial Statements Return 3.5x 1.2x 7.8x 3.2x 1.2x 1.2x 1.4x 3.9x 2.1x 1.1x 2.4x 1.2x 0.3x 0.3x 1.3x 0.7x 0.8x Value Q1 2023 240 3 098 622 5112 9 072 342 389 1 792 2523 452 1 484 1 138 252 772 733 526 5 357 Other Value Q4 2022 2787 625 4 606 8 342 167 391 1 042 907 2 507 442 1 736 1 123 379 940 736 587 5 943 Value Q2 2022 535 2 959 615 3 684 7 793 165 320 1 025 1 254 2 764 438 1970 1 082 854 1118 724 577 6 763 7#8Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Cedar Mews Omnipresent Pleo Sure TravelPerk Software Betterment Lunar Monese Consumer Finance Recursion Other Early Bets & New Themes Global Fashion Group Other Emerging Markets Emerging Markets Other Total Growth Portfolio whereof Unlisted Assets Net Asset Value KINNEVIK Vintage Interim Report Q2 2023 2018 2022 2022 2018 2021 2018 2016 2021 2018 2022 2018-23 2010 2007-13 Portfolio Overview Ownership 8% 5% 6% 14% 9% 16% 13% 6% 21% 5% Mixed Note: Columns "Released" and "Invested" exclude investments that were exited or written off at the time of the earliest comparable period. 35% Mixed Value Q2 2023 1 655 471 412 3518 540 2279 8 875 1 491 332 653 2 476 839 3111 3 950 569 569 33 868 32 460 Sustainability Released 66 66 8 560 3 177 Invested 270 436 377 646 435 936 3 100 1 135 815 481 2 431 989 3 694 4 683 6 290 1 168 7 458 32 270 22 463 Financial Statements Return 1.1x 1.1x 5.4x 1.2x 2.4x 2.9x 1.3x 0.4x 1.4x 1.0x 0.8x 0.8x 0.8x 0.1x 0.1x 0.1x 1.3x 1.6x Value Q1 2023 1 690 451 385 3 309 518 1 965 8 318 1 431 289 583 2 303 529 2 583 3 112 859 859 4 31 550 29 920 Other Value Q4 2022 1 662 445 376 3 352 521 1964 8 320 1 438 268 832 2 538 614 2 351 2 965 1 005 1 005 12 31 632 28 782 Value Q2 2022 2061 373 4 502 512 1 923 9 371 1 415 522 525 2462 1 540 1 540 1226 348 1 574 50 32 316 29 302 8#9Intro NET ASSET VALUE TELE2, FINANCIAL POSITION & TOTALITY SEKM 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 32.3 Invested Capital Net Asset Value KINNEVIK SEKbn 42.4 8.6 33.9 Fair Value & Released Capital Vintage Interim Report - Q2 2023 1993 Portfolio Overview Tele2 27% Ownership 20% 3% Listed Growth Value Q2 2023 12 283 Unlisted Growth 70% 46 151 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. 12 518 - 3 732 8 786 - 887 54 050 191.93 149.70 Sustainability Composition of Portfolio Value At Quarter-End Tele2 27% 2016-23 Investments 72% Financial Statements 1% Pre 2016 Investments Value Q1 2023 14 188 45 737 14 242 - 3 736 10 506 - 783 55 460 198.02 154.55 Other Value Q4 2022 11 752 43 385 14 134 - 3 747 10 387 - 866 52 906 188.90 143.50 Value Q2 2022 16 02 48 341 17 218 -3 626 13 592 -793 61 140 218.32 164.75 OUR FAIR VALUE ASSESSMENTS In assessing the fair value of our unlisted investments, we adhere to IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines. In Note 4 (pages 28-38), we outline the central parameters and drivers of our fair value assessment per NAV category. MORE → 9#10Intro VALUE-BASED CARE A leading US based provider of primary care and a pioneer in the delivery of value-based care Fair Value, SEK 4.6bn Kinnevik Stake 2% Net Asset Value Fair Value, SEK 3.2bn Kinnevik Stake 8% Value-based healthcare provider focused on underserved urban populations with complex care needs KINNEVIK Interim Report Q2 2023 426 Value-Based Patients ('000) (with Summit Health from Q1 2023) Q2 2022 #cityblock 435 Portfolio Overview Q3 2022 442 Q4 2022 Bio 819 Q1 2023 VillageMD 850 May 2023 Sustainability Y/Y Revenue Growth Per 31 May 2023 (Pro forma Summit Health) 22% Financial Statements Fair Value, SEK Kinnevik Stake A new and different health and care experience company for employees of self-insured employers 648m 3% transcarent EXPERIENCE DIFFERENT Other 10#11Intro VIRTUAL CARE Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employees and their families Fair Value, SEK 3.3bn Kinnevik Stake 12% Net Asset Value Fair Value, SEK 356m Kinnevik Stake 15% America's largest holistic virtual- first consumer subscription service, caring for and supporting chronic conditions for women KINNEVIK Parsley Health Interim Report Q2 2023 Portfolio Overview Sustainability Spring Health Covered Lives June 2023 >5m Fair Value, SEK Kinnevik Stake Financial Statements The world's leading virtual clinic for substance use management, helping members cut back, stop, or otherwise manage their substance use to a healthy state 405m 15% Revenue Growth 2022 Pelago 270% 9:41 Appointments Ⓒ Time with Other Format Friday, August 12th, 9:00am 3 CA Nurse Phillips 30 minute video call 9:41 My medication 8 Medication Prescribing Nuroo X Naltrexone 50mg tablets N. Hammond Note: Pelago was formerly named Quit Genius. 11#12Intro PLATFORMS & MARKETPLACES The leading online grocery store in Norway, with the ambition to make grocery shopping an effort- less activity Fair Value, SEK 429m Kinnevik Stake 27% Net Asset Value Fair Value, SEK 493m Kinnevik Stake 31% KINNEVIK Sweden's leading online grocer offering a wide assortment through 2,438 its state-of-the-art e-commerce platform Interim Report Q2 2023 2,509 Revenues LTM (NOKm) Q1 2022 Portfolio Overview Q1 2022 2,642 Q2 2022 oda Revenues LTM (SEKm) 2,366 Q2 2022 2,781 Q3 2022 Mathem 2,372 2,911 Q3 2022 Q4 2022 2,398 Q4 2022 3,021 Q1 2023 2,310 Q1 2023 Sustainability Number of Completed Deliveries LTM (m) 2.1 Q1 2022 2.1 2.3 Q1 2022 Q2 2022 2.0 2.4 Q2 2022 Q3 2022 Number of Completed Deliveries LTM (m) Financial Statements 2.1 Q3 2022 2.5 Q4 2022 2.1 Q4 2022 2.6 Q1 2023 2.1 Q1 2023 Other b P Instabee is a customer centric last- mile logistics platform specialized for e-commerce businesses 1.7bn Fair Value, SEK Kinnevik Stake 13% Revenue Growth 2022 Pro forma for Instabox Merger D >50% 12#13Intro PLATFORMS & MARKETPLACES Fair Value, SEK 498m Kinnevik Stake 11% Net Asset Value A global leader in online Asian food delivery, enabling overseas Chinese businesses and connects Chinese food to all who enjoy it Fair Value, SEK 763m Kinnevik Stake 7% KINNEVIK 熊猫外卖 HungryPanda Travel platform bringing together more than 1,000 transportation providers across multiple modes of transports across Europe Interim Report Q2 2023 'omio Portfolio Overview Hungry Panda |熊猫外卖 C Home Sustainability Fair Value, SEK Kinnevik Stake The world's leading digital temp staffing agency, making the labour market more fluid and accessible through its on-demand staffing marketplace 1.2bn 5% Fair Value, SEK Kinnevik Stake Financial Statements jobandtalent 398m 11% The world's largest online wine marketplace and most downloaded wine app Revenue Growth 2022 Vivino 90% Other Total number of users (m) 58.5 Q2 2022 60.3 Q3 2022 62.1 Q4 2022 63.4 Q1 2023 64.6 Q2 2023 13#14Intro SOFTWARE Offers smart payment cards to employees while making sure the company remains in full control of spending Fair Value, SEK 3.5bn Kinnevik Stake 14% Fair Value, SEK 1.7bn Kinnevik Stake 8% Net Asset Value Provides a smarter way for hospi- tals, health systems and medical groups to manage the patient pay- ment ecosystem Fair Value, SEK Kinnevik Stake Leading global insurtech enabling the insurance industry to reach its full potential in an online era KINNEVIK 540m 9% Interim Report. Q2 2023 18.6 cedar Number of customers ('000) Q1 2022 18.6 Portfolio Overview Q2 2022 SURE PLEO 20.9 Q3 2022 23.3 Q4 2022 Growth in Engaged Patients End of 2022 compared to beginning of 2021 >120% 27.1 Q1 2023 Sustainability Revenue Growth 2022 c. 2x Fair Value, SEK 2.3bn Kinnevik Stake 16% The leading solution for businesses to book corporate travel online Financial Statements Fair Value, SEK Kinnevik Stake 412m 6% Provides an end-to-end service to support and guide businesses hiring talent globally TravelPerk Other MEWS Hospitality management cloud that empowers hoteliers to improve performance, maximize revenue, and provide superior guest experiences Fair Value, SEK 471m Kinnevik Stake 5% Annual Runrate Revenue End of 2022, USD >100m omnipresent 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 A European fintech that provides digital services to customers and businesses, including mobile money accounts and their Banking-as-a- Service platform Fair Value, SEK 653m Kinnevik Stake 21% KINNEVIK Interim Report Q2 2023 29.8 Portfolio Overview Assets Under Management (USDbn) Q2 2022 Betterment 28.7 Q3 2022 32.3 Q4 2022 35.7 Q1 2023 monese GBP account £1,085.00 Recently paid Auroho Detal Transactions 36.9 May 2023 Sys £239.00 8 Card PN View all Sustainability View Attent Good morning Alox Ma 040041 Good Investment orning, Alex Gewing Gutterfrands is A Buldout your financial plan monese Financial Statements Sprac 34.750.23 $32013 Net worth Total netwo ta Int performanc Donde Taxt Sex d Scheduled deposits Osiąg 185.3245 5001002 130.0406 38 114 20 Other LUNARⓇ Fintech company enabling consumers and businesses to handle all their finances on one platform Fair Value, SEK Kinnevik Stake 332m 6% AAMU 15#16Intro Fair Value, SEK Invested Capital, SEK Net Asset Value EARLY BETS & NEW THEMES 3.9bn (9% of Portfolio Value) 4.7bn Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market GORDIAN Enables the distribution of flight ancillaries, such as seat selection, luggage, and priority boarding through an API solution KINNEVIK Portfolio Overview Interim Report Q2 2023 CHARM INDUSTRIAL Removes CO₂ permanently from the atmosphere by converting biomass into a stable, carbon-rich liquid and pumping it underground In the quarter, Kinnevik participated in Charm Industrial's USD 100m funding round to accelerate the company's carbon removal Sustainability H2green steel Producer of green steel aiming to reduce carbon emissions by up to 95 percent compared to traditio- nal steelmaking Financial Statements deliveries. The round was led by General Ca- talyst and Kinnevik invested ca USD 10m. With recent commitments from Frontier and JP Morgan Chase, the company has secured the largest off- take amount of any carbon removal company in the world. Charm is now rapidly ramping up operations, and since the beginning of the year it has increased tons of weekly carbon removals delivered by 5x. joint academy® Swedish digital health company that connects patients with physical therapists to deliver an online evidence-based treatment for chronic joint pain Other Enveda BIOSCIENCES Biotechnology company tackling drug discovery through a nature- based approach KARMA Restaurant platform enabling table ordering, payment and pick-up, and a sustainable food platform allowing retai- lers to sell surplus food with a discount 16#17Intro Net Asset Value EARLY BETS & NEW THEMES (CON'T) 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 Interim Report Q2 2023 Portfolio Overview Recursion. Biopharma company mapping and navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost Public company vay A leading teledriving company that aims to launch a unique, affordable, and sustainable door- to-door mobility service Sustainability ( Safety Wing Financial Statements Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote work- forces Other Solugen Green chemicals producer pro- viding cheaper, safer chemicals without using fossil fuels 17#18Intro TELE2 Enables mobile and fixed con- nectivity, telephony, data, TV and streaming Public company Fair Value, SEK 12.3bn Kinnevik Stake 20% Net Asset Value The leading fashion and life- style retail destination in growth markets Public company (Results excluding CIS) Fair Value, SEK Kinnevik Stake KINNEVIK 569m 35% Interim Report Q2 2023 Revenue (SEKbn) 6.7 EMERGING MARKETS Q1 2022 6.8 327 Portfolio Overview Q2 2022 Q1 2022 Net Merchandise Value (EURbn) 303 7.1 Q1 2023 Q3 2022 7.5 1,529 2021 Q4 2022 7.0 TELE2 ..... Q1 2023 Sustainability OFG 1,615 2022 Adjusted EBITDAaL Margin 37% Q1 2022 GLOBAL FASHION GROUP -7% 36% Q1 2022 Q2 2022 Adjusted EBITDA Margin -12% 37% Q1 2023 Q3 2022 Financial Statements -1.8% 2021 33% Q4 2022 36% Q1 2023 -3.7% 2022 Revenue Generating Units Sweden and the Baltics (m) 9.4 Q1 2022 Other 13.1 Q1 2022 9.5 Active Customers (m) Q2 2022 10.7 Q1 2023 9.6 Q3 2022 13.4 2021 9.5 Q4 2022 9.5 Q1 2023 11.2 2022 18#19Intro FINANCIAL REVIEW CAPITAL REALLOCATION Investment (SEKm) Agreena Charm Industrial Enveda HungryPanda Instabee Lunar Oda Mathem Parsley Health Recursion Spring Health Superb TravelPerk Other Investments Teladoc Other Divestments Net Investments / (Divestments) Net Asset Value KINNEVIK Q2 2023 Interim Report Q2 2023 108 258 15 254 187 145 1 069 203 2 2 241 10 10 2 231 H1 2023 119 108 258 15 254 23 24 187 104 145 1 592 19 203 3 3 054 1 020 10 1 030 During the quarter we focused our capital deployment on follow- on opportunities, investing in total SEK 1.9bn into our existing portfolio. More than half of this capital deployment, SEK 1.1bn, related to acquisitions of secondary shares in Spring Health. These acquisitions bring our aggregate capital commitment to the company to SEK 2.5bn, making it our largest aggregate 2 024 Portfolio Overview Sustainability investment since the beginning of our transformation in 2018. The remaining SEK 0.8bn in follow-ons were primarily invested into Instabee, TravelPerk and Recursion. These investments, just as those into Spring Health and Agreena in the previous quarter, serve as examples of our ability and priority to capture oppor- tunities to deploy capital into our highest-conviction investees in the current market environment. On the new investment side, we made two smaller investments in carbon removal business Charm Industrial and biotechnology company Enveda, both of which we will be looking to increase over time as and if they meet our expectations. Our outlook at the beginning of 2023 was to invest around SEK 5bn split roughly 50/50 between new investments and follow- on investments into the existing portfolio. These expectations were primarily sensitive to two factors - our ability to deploy as much capital as we would like into our existing high-conviction businesses, and our ability to source attractive new opportunities in the current market environment. As a consequence of the completion of our significant follow-on investment into Spring Health this quarter, among others, we expect the percentage share of investments into the existing portfolio to be closer to two-thirds of our aggregate 2023 investments than the 50/50 split set out at the onset of the year. CAPITAL STRUCTURE As at 30 June 2023, Kinnevik had a net cash position of SEK 8.8bn (19 percent of Portfolio Value). This net cash position was mainly made up of SEK 12.2bn in cash and short-term investments, less 3.5bn in senior unsecured bonds with a remaining tenor excee- ding 12 months (maturing in 2025, 2026 and 2028). During the second quarter, Kinnevik received SEK 0.5bn in ordinary dividends from Tele2 and we expect to receive another SEK 0.5bn in ordinary dividends in the fourth quarter of 2023. Financial Statements Other CAPITAL ALLOCATION FRAMEWORK Our expectations over the medium-term are to: Invest half of our capital into new investments, and the other half into follow-on investments in our existing portfolio • 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 compa- nies, rather than specific ownership stakes Build and maintain a portfolio across different stages of ma- turity, with 10-20 companies making up the lion's share of portfolio value 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. 19#20Intro Net Asset Value Portfolio Overview Sustainability One of Kinnevik's climate targets is to reduce greenhouse gas emission intensity in our portfolio by 50% by 2030, with 2020 as base year. The target has been integrated into our Sustainability-Linked Financing Framework and translated to an annual reduction target, na- mely, to achieve a reduction in portfolio emissions intensity of 7% year-over-year until 2030. WE PUBLISHED OUR YEARLY CLIMATE PROGRESS REPORT In 2022, on a fair value basis, the year-over-year decrease in portfolio emissions intensity was 14%. Since the base year 2020, the average annual decrease in emissions intensity was 12%. Thus, in 2022 we exceeded our target both year-over-year and on average an- nual basis. KINNEVIK Georgi Ganev, Kinnevik's CEO, commented: "The urgency of the climate crisis is evident and the expectations on companies from custo- mers, employees, investors and regulators are increasing rapidly. I'm proud of our portfolio companies' ability to continue scaling and contributing to economic growth, while decreasing their dependency on fossil fuels and aligning their operations with a low-carbon economy." The Climate Progress Report also includes an overview of the total estimated emissions from Kinnevik's portfolio. The overview includes the actual emissions from our emissions- reporting companies (scope 1, 2 and 3) and an estimate of the emissions from our largest non-reporting portfolio companies (scope 1 and 2, consistent with the PCAF Standard). The full report is available on our website www.kinnevik.com. Interim Report. Q2 2023 Financial Statements Other 14% Year-over-year decrease in emissions intensity Six companies were included in the target calculation 2022, representing 35% of Kinnevik's portfolio value per 31 December 2022. 20#21Intro 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 Q2 2023 Note Portfolio Overview 4 5 Q2 2023 -1817 468 -127 3 -2 -1 475 113 -48 -1 410 0 -1 410 -1 410 -5.02 -5.02 281 610 295 280 843 235 280 843 235 Q2 2022 -9 701 3 077 -84 3 -1 -6 706 88 -111 -6 729 0 -6 729 -6 729 -24.09 -24.09 280 042 974 Sustainability 279 360 120 279 360 120 H1 2023 742 468 -202 5 -2 1 011 224 -99 1 136 0 1 136 1 136 4.05 4.05 281 610 295 280 587 548 280 587 548 H1 2022 -14 290 3 077 -142 5 -1 -11 351 247 -166 -11 270 0 -11 270 -11 270 -40.35 -40.35 280 042 974 279 311 820 279 311 820 FY 2022 -22 856 3 538 -371 11 -1 -19 679 346 -186 -19 519 0 -19 519 -19 519 -69.83 -69.83 280 076 174 279 503 330 279 503 330 Financial Statements Other Consolidated Earnings for the Second Quarter The change in fair value of financial assets including dividends received amounted to a loss of SEK 1,349m (loss of 6,624) for the second quar- ter of which a loss of SEK 1,804m (loss of 4,461) was related to listed holdings and a profit of SEK 455m (loss of 2,163) was related to unlisted holdings. See note 4 and 5 for further details. Of SEK 127m (84) in administration costs, SEK 57m (26) is attributa- ble to Kinnevik's long-term incentive program (LTIP). The increased cost compared to the previous year is partly due to the larger scope of the program and partly to the fact that the cost is dependent on the valuation at the time the incentive shares are transferred to the participants and taxation takes place. The total cost of LTIP2023 amounts to SEK 100m, of which SEK 53m has been expensed in the quarter. Consolidated Earnings for the First Six Months of the Year The change in fair value of financial assets including dividends received amounted to a profit of SEK 1,210m (loss of 11,213) for the first six months of the year of which a profit of SEK 430m (loss of 5,771) was related to listed holdings and a profit of SEK 780m (loss of 5,442) was related to unlisted holdings. See note 4 and 5 for further details. Of SEK 202m (142) in administration costs, SEK 67m (36) is attributable to Kinnevik's long-term incentive program (LTIP). For more information about Kinnevik's LTIP, refer to note 16 for the group in Kinnevik's Annual Report for 2022. 21#22Intro Consolidated Statement of Cash Flow SEKM 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 Loans 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 Q2 2023 Portfolio Overview Sustainability Note 5 Financial Statements Q2 2023 468 -84 55 -5 434 -2 245 10 -2 235 0 -1 801 13 988 55 12 242 Q2 2022 3 077 -56 -3 3 018 -474 6 043 5 569 0 8 587 8 441 -61 16 967 Other H1 2023 468 -204 71 -24 311 -3 067 1 030 -2 037 0 -1 726 13 848 120 12 242 H1 2022 3 077 -179 -31 2 867 -2 474 7 334 4 860 -1 210 -1 210 6517 10 544 -94 16 967 FY 2022 3 538 -337 44 -66 3 179 -5 954 7 335 1 381 -1 210 -1 210 3 350 10 544 -46 13 848 22#23Intro Supplementary Cash Flow Information SEKM Investments in Financial Assets Investments Not Paid Net Asset Value Prior Period Investments, Paid in Current Period Currency Exchange Differences on Investments Not Paid Cash Flow From Investments in Financial Assets Sale of Shares and Other Securities Paid on Divestments in Earlier Periods Cash Flow From Sale of Shares and Other Securities KINNEVIK Interim Report Q2 2023 Portfolio Overview Sustainability Note Financial Statements Q2 2023 -2 241 8 -12 0 -2 245 10 0 10 Q2 2022 -475 4 -3 0 -474 6 027 16 6 043 Other H1 2023 -3 054 9 -22 0 -3 067 1 030 0 1 030 H1 2022 -2 132 97 -437 -2 -2 474 7 042 292 7 334 FY 2022 -5 742 237 -443 -6 -5 954 7 043 292 7 335 23#24Intro Condensed Consolidated Balance Sheet SEKM ASSETS Fixed Assets Financial Assets Held at Fair Value Through Profit or Loss Tangible Fixed Assets Right of Use Assets 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 Q2 2023 Portfolio Overview Sustainability Financial Statements Note 4 Other 30 Jun 2023 46 151 52 129 46 332 340 10 859 1 383 12 582 58 914 30 Jun 2022 48 341 47 3 133 48 524 298 13 690 3 277 17 265 65 789 31 Dec 2022 43 385 44 3 130 43 562 320 10 738 3 110 14 168 57 730 24#25Intro Condensed Consolidated Balance Sheet SEKM 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 Net Asset Value KEY RATIOS Debt/Equity Ratio Equity Ratio Net Interest-Bearing Assets/Liabilities Net Cash for the Group KINNEVIK Interim Report Q2 2023 Portfolio Overview Sustainability Financial Statements Note 6 6 Other 30 Jun 2023 54 050 3 508 1 356 58 914 0.06 92% 9 148 8 786 30 Jun 2022 61 140 3513 1 136 65 789 0.06 93% 13 766 13 592 31 Dec 2022 52 906 3 509 1 315 57 730 0.07 92% 10 720 10 387 25#26Intro Condensed Report of Changes in Equity for the Group SEKM Opening Balance Profit/Loss for the Period Net Asset Value Total Comprehensive Income for the Period Transactions with Shareholders Cash dividend paid Effect of Employee Share Saving Programmes Closing Balance for the Period KINNEVIK Interim Report Q2 2023 Portfolio Overview Sustainability Financial Statements Other H1 2023 52 906 1 136 1136 -11 19 54 050 H1 2022 72 391 -11 270 -11 270 19 61 140 FY 2022 72 391 -19 519 -19 519 34 52 906 26#27Intro 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. The Parent Company has prepared its interim report according to the Swedish Annual Accounts Act chapter 9, Interim report. 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 2022 Annual Report. KINNEVIK Portfolio Overview Interim Report Q2 2023 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 2022 Annual Report. Financial Statements Other Note 3 Related Party Transactions Related party transactions for the period are of the same immaterial character as the transactions described in the 2022 Annual Report, such as short-term bridge loans to investee companies. 27#28Intro 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 adhere to IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines. Valuation methods primarily center around revenue, GMV, and profit multiples, with due 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 its funding environment. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. The valuation process is led by Kinnevik's CFO, independently from the investment team. Accuracy and reliability of financial information is ensured through continuous contacts with investee management teams and regular reviews of their financial and operational reporting. The valuations are approved by the 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, methods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for inter- est payments 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 per the below: 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. KINNEVIK Interim Report Q2 2023 Portfolio Overview Largest Unlisted Investments Cityblock Village MD Spring Health Oda Instabee Jobandtalent Cedar Pleo TravelPerk Betterment Monese Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Early Bets & New Themes Total Unlisted Portfolio Sustainability Ownership 8% 2% 12% 27% 13% 5% 8% 14% 16% 13% 21% % Weight of Unlisted Assets 10% 14% 10% 1% 5% 4% 5% 11% 7% 5% 2% 26% 13% 17% 27% 8% 10% 100% Financial Statements Fair Value SEKM 3 245 4 551 3 315 429 1 707 1 190 1 655 3 518 2 279 1 491 653 8 444 4 076 5 478 8 875 2 476 3 111 32 460 Change, Q/Q +5% (11)% +16% (44)% (2)% +5% (2)% +6% +5% +4% +12% (4)% +13% (6)% +4% +8% +5% +1% Other Change, YTD +16% (1)% +26% (55)% (14)% +6% (0)% +5% +5% +4% (22)% +5% +24% (15)% +4% (3)% +9% +2% Change, Y/Y +10% +24% +27% (77)% (23)% +10% (20)% (22)% +6% +5% +24% +16% +24% (33)% (12)% (3)% +3% (5)% 28#29Intro Change Q/Q • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance • Early Bets & New Themes Total Unlisted Portfolio 29.9 Q1 2023 KINNEVIK Net Asset Value +0.3 Change in Revenue Outlook (NTM) Fair Value Interim Report Q2 2023 (4)% +13% Value Drivers in the Unlisted Portfolio Q1 2023 Q2 2023, Illustrative Approximations, SEKbn (6)% +4% +8% +5% +1% (0.6) Multiples (NTM EV/R) Portfolio Overview +1.0 Equity Value Liquidation Preferences & Currencies (11)% +1% (8)% +1% +8% (1)% (4)% (0.2) Cash Burn & Dilution Sustainability Investee Average EV/NTM R (6)% (10)% +3% (3)% (1)% (3)% +2.1 Net Investments Peer Average EV/NTM R 32.5 Q2 2023 (2)% (4)% (3)% +6% +0% +0% Financial Statements 2% 1% -1% -2% Valuation Reassessments to NAV Impact % Q/Q Change -3% (2)% -4% +1% Average Write-Down Other Weighted by Value Underlying Value Change (Q/Q, Simple Average) Fair Value Change (Q/Q) After Dilution & Investments After Preferences Fair Value After FX 29#30Intro Net Asset Value A STABLE BUT FRAGILE START TO 2023 In H1 2023, the Nasdaq 100 had one of its best starts of the year ever, returning almost 40 percent. Around 90 percent of the gain was propelled by the large tech giants. This concentration of returns was underpinned by positive sentiment around these businesses' earnings prowess, "do more with less" messaging, and perhaps most importantly their showcasing of real-world applications of artificial intelligence. Beneath these mega caps, stock market performance was more mixed and less uniformly positive. This is reflected in our unlisted portfolio's peer universe, in which the weighted-average share price movement was up in low-single digit percentages during the quarter, compared to a 4 percent decline in the underlying valuations of our private businesses. We saw minor positive movements in our software peers and more muted developments elsewhere in our comparable universe. We exert some caution in reflecting H1 2023 public market multiple expansion in valuing our businesses considering the still prevailing market uncerta- inty and the continued increase in correlation between profitability and valuation multiples. As a consequence, the average premiums ascribed to our faster growing businesses has shrunk meaningfully during 2023 to date. In Q2, the weighted-average peer multiple remained unchanged compared to 3 percent multiple contraction in our unlisted portfolio. Key revisions of financial outlooks in this quarter pertain to Oda closing its operations in Germany and Finland, and of Village MD consolidating its footprint to accelerate profitability after the acquisition of Summit Health. Elsewhere in the private portfolio, expectations on growth rates and profitability remained largely unchanged on average. When factoring in changes in the private portfolio's composition in the quarter, the average expected growth rate of the portfolio remained unchanged in the quarter even with the downward adjustments of forecasts at Oda and VillageMD. The effect of liquidation preferences remains pronounced in our private portfolio but is causing less of a drag. In the quarter, the aggregate fair value impact amounted to SEK 2.8bn, down 150m in the quarter. This ag- gregate impact corresponds to 9 percent of the fair value of our unlisted portfolio, down from 10 percent in the previous quarter. More than 75 percent of this difference continue to relate to five specific investments representing SEK 4.3bn in value where our underlying valuation needs to KINNEVIK Interim Report Q2 2023 Portfolio Overview double on average before our investments will accrue an on-paper return. Developments in the currencies most important to our private invest- ments again provided tailwinds to our fair values in the quarter. Both the Euro and the US dollar appreciated by more than 4 percent. In aggregate, currencies had a positive SEK 1.3bn impact on our fair values in the quarter. Transaction intensity was lower in Q2, and centered around Spring Health, TravelPerk, and Mathem. Tallying all funding rounds and transac- tions completed during the first half of 2023, these have been completed at headline valuations exceeding each of their preceding quarter's un- derlying valuation by 7 percent on average (21 percent when excluding the Kinnevik-led investments in Spring Health). In relation to current carrying values, the H1 2023 transaction valuations are 4 percent lower than our underlying Q2 2023 valuations (8 percent higher excluding Spring Health). These data points are indications of our mark-to-market approach to fair value assessments. They also demonstrate that our carrying values reflect underlying changes in valuations that for many venture and growth businesses are yet to be manifested in transactions and financing rounds in the current market environment. Effect of Liquidation Preferences Q2 2022-Q2 2023, SEKbn and % of Unlisted Fair Value 8% 2.3 Q2'22 9% Sustainability 2.7 Q3'22 Total Effect 11% 3.2 Q4'22 10% 2.9 Q1'23 % of Fair Value 9% 2.8 Q2'23 Financial Statements Development of Key Currencies Against the SEK, Q/Q and LTM +4.2% +4.6% +7.1% Q/Q Currency Split % of Unlisted Fair Value USD +1.8% Other USD EUR GBP 7% 23% 1% 5% +5.4% EUR SEK 63% GBP +10.0% +10.3% NOK LTM NOK (2.8)% 30#31Intro Net Asset Value VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on patient health outcomes and are rewarded if they keep their patients healthy and out of the hospital. This stands in contrast to care delivery businesses that charge patients and payers on a fee-for-service basis. Value-based care enjoys strong secular tailwinds, and companies em- ploying this business model have therefore historically been valued at a significant premium to fee-for-service businesses. During the last two quarters, our investments' most comparable public peers One Medical (ONEM), Oak Street Health (OSH), and Signify (SGFY), have all been taken private through takeover offers. The multiples at which these transactions occurred are outlined in the scatter chart on the right-hand side. These levels are helpful in gauging our valuation levels considering the challenge in triangulating valuation multiples for our businesses against more traditional healthcare businesses such as United Health (UNH) and Humana (HUM), and enabler businesses Agilon (AGL) and Privia (PRVA). To better relate our value-based care investments to the benchmarks available, we increasingly focus on capital efficiency metrics (revenue growth plus EBITDA margins) when calibrating our valuations. Year to date, Cityblock has beaten expectations on both revenue and EBITDA. While encouraging, we refrain from extrapolating this into H2 2023 and H1 2024. The company remains focused on improving margins by dedicating its operations to regions and populations where its care model is proving the strongest health outcomes and financial results, and is funded to break-even after raising nearly USD 600m in 2021. Our valuation corresponds to an NTM revenue multiple some 20 percent below where One Medical and Oak Street Health were taken private. VillageMD is integrating its acquisition of Summit Health, and cost synergies are being realized at higher levels than expected. Expectations on growth have been lowered due to a faster pace of right-sizing the company's footprint after increasing significantly in scale following the acquisition. This drives this quarter's write-down. We have contracted our NTM revenue multiple by just over 5 percent relative to a fairly flat peer group, which adds to the downwards revision. Our valuation corresponds to an NTM revenue multiple 10 percent below where One Medical and Oak Street Health were taken private, and a slightly decreased 10 percent premium to the multiple used in valuing Cityblock. KINNEVIK Interim Report Q2 2023 Portfolio Overview Value-Based Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 12x 9x 6x 3x Sustainability 10% Our Investees VBC Enablers 46% 14% 3.3x (6)% Equity Value (Q/Q Change) (11)% +5% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple "Revenue Growth (2022)" pro forma Village MD's acquisition of Summit Health Peer Average 13% 22% 20% 1.6x (2)% Peer Top Quartile Traditional Care Providers 15% EV/NTM Revenue and Capital Efficiency (Revenue Growth plus EBITDA Margin) Key Public Benchmarks as at Quarter-End 27% 2.7x (1)% +11% Financial Statements 30% 26% (4)% 40% Previous VBC Peers Taken Private Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 50% 60% ● Healthcare Technology (Transcarent) 70% 31#32Intro Net Asset Value VIRTUAL CARE Our Virtual Care businesses deliver specialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. Our previous investee company Livongo pioneered the model, and our current investee companies are disrupting the virtual care incumbents such as Teladoc (TDOC) and Amwell (AMWL). Our businesses are selling to employers and insurers and have a high share of recurring revenues, but as healthcare companies they require higher costs for servicing the end-user of their products than business software may do. The appropriate public market benchmark for valuing our virtual care businesses is therefore high-growth SaaS businesses and healthcare technology businesses that share our investments' structurally lower gross margins in the 50-70 percent area. In the second quarter, we acquired USD 100m in shares in Spring Health in the wake of the funding round that was concluded in the previous quarter at a USD 2.5bn post-money valuation. The secondary acquisition was made at a 25 percent discount to the USD 2.5bn valua- tion the round was concluded at, which we hold as the fair intrinsic value of the company. This underlying USD 2.5bn valuation of the business corresponds to last quarter's valuation. As a consequence, the quarter's write-up solely stems from a revaluing effect on our USD 100m investment and a weakening Swedish krona. Spring Health has grown its revenues since our late 2021 investment by more than 4x on an NTM basis and more than 7x on an LTM basis. Meanwhile, during the same period, our NTM revenue multiple has contracted by more than 70 percent. In the quarter, an unchanged underlying valuation of USD 2.5bn causes our NTM revenue multiple to contract by 12 percent, relative to the peer group's contraction of 4 percent. The business is funded to break-even under its current plan and on track to reach cash flow profitability. With our investments during the first half of 2023, we are now the company's second largest shareholder with a 12 percent shareholding - up from 5 percent at the beginning of the year - and the company's share of our private portfolio has expanded from less than 4 percent at the end of 2022 to this quarter's 10 percent. KINNEVIK Interim Report Q2 2023 Portfolio Overview Virtual Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 20x 15x 10x Sustainability 5x Our Investees 240% 50% 8.2x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (10)% +1% Peer Average 10% 26% 63% 5.7x (4)% +2% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 23% 82% 10.9x +3% +6% SaaS Universe Financial Statements 20% 13% +13% Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% 40% 32#33Intro Net Asset Value PLATFORMS & MARKETPLACES Our Platform & Marketplaces businesses span online grocer businesses with gross margins in the 30s, to pure marketplaces with gross margins in the 60-70s. Considering differences in financial profile and end markets, we benchmark our investments against bespoke sets of peers. All Plat- form & Marketplaces investments, however, share a larger exposure to consumer-facing e-commerce. This is a particular challenge in the current environment. Our online grocers face perhaps the most strong headwinds, considering the strain on Mathem and Oda coming out of the pandemic with a need to materially adjust its operations and business plans. Our valuation of Instabee is largely flat in the quarter. The company remains focused on integration and unleashing profitability proven in its Nordic operations. Despite an e-commerce market contracting materially, Instabee is growing revenues across its footprint by gaining market share. We benchmark our valuation against a diverse set of businesses spanning last-mile logistics operator InPost (INPST.AS), food delivery marketplace DoorDash (DASH) and e-commerce enabler Shopify (SHOP). In the quarter, we participated with SEK 250m in the provision of a shareholder debt facility. Oda has refocused on its core Norwegian market and shut down operations in Germany and Finland. This decreases burn dramatically but negatively impacts near-term growth. Our valuation takes the full impact of moving to a lower Norway-only revenue outlook, without giving credit for its stronger profitability, causing a write-down in the quarter. Adding to the revision, multiples of peers such as Boozt (BOOZT.ST), HelloFresh (HFG.DE) and Zalando (ZAL.DE) contracted by around 15 percent in the quarter, which flows through our valuation without adjustment. Price competition in Norwegian grocery retail has abated since the end of the first quarter, with notable improvements in growth and gross margins. Jobandtalent is benchmarked against job platforms such as Fiverr (FVRR) and Upwork (UPWK), as well as marketplaces such as Airbnb (ABNB) and Uber (UBER). In the quarter, we have begun transitioning our valuation from top-line to EBITDA multiples. Valuation multiples in our composite peer group were stable in the quarter. Our valuation implies a slight premium to this peer group on a revenue basis and in line on an EBITDA basis. A minor uplift in valuation is muted by liquidation preferences in the quarter. KINNEVIK Interim Report Q2 2023 Portfolio Overview Platforms & Marketplaces Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 12x 9x 6x Sustainability 3x Our Investees ● Mobility & Logtech 88% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 46% 3.5x +3% Equity Value (Q/Q Change) (8)% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple "Revenue Growth (2022)" pro forma Budbee's merger with Instabox Peer Average 26% e-Commerce Enablers 49% 2.6x (3)% +4% Peer Top Quartile 10% 33% 57% 4.7x (3)% +2% Financial Statements Work Marketplaces 17% Unlisted Portfolio Weight (6)% e-Commerce Other Fair Value Change (Q/Q) 20% Travel Marketplaces 30% Goods Marketplaces 33#34Intro Net Asset Value SOFTWARE Our Software businesses are benchmarked against three sets of peers. First, high-growth SaaS companies whose growth profile comes closest to resembling those of our investees. Constituents can differ over time but typically include companies such as Snowflake (SNOW), CrowdStrike (CS), SentinelOne (S), and Datadog (DDOG). Second, companies with a high share of revenue from transactional or usage-based activities rather than strictly recurring streams - and therefore with gross margins similar to many of our investees. These include Shopify (SHOP), Bill.com (BILL), and Twilio (TWLO). Finally, we consider vertical-specific peers. These include Veeva (VEEV) and Doximity (DOCS) for Cedar, and Toast (TOST) for Mews. Growth remains a key driver of multiple levels, and our businesses are valued at or below what is suggested by the correlation between growth and multiples in the public market SaaS universe. Our assessed valuation multiples are also adjusted in consideration of differences in current and expected future gross margins (and thereby also long-term profitability potential), financial strength (length of runway), and the percentage share of recurring revenues (versus more transaction-based revenue). At the end of 2022, Cedar was engaging with 22 million patients on an annualized basis, representing a 120 percent increase since the beginning of 2021. In the quarter, we have contracted our multiple more drastically than the peer group to better reflect differences in gross margin profile vis-à-vis the peer set. This contraction is almost offset by continued strong financial performance. Pleo doubled its revenues in 2022, and has recalibrated its organization to improve profitability and prolong cash runway. 2023 has started strong, with above-plan growth in recurring subscription revenues and a stabilizing client spend after a tumultuous decline in 2022. Our revenue multiple is unchanged in the quarter despite peers trading up by 20 percent. TravelPerk benefits from an ongoing recovery in corporate travel spend and favourable comparables in early 2022 that remained impac- ted by the pandemic. As a result, the company is growing revenue at a significantly higher pace than its public benchmarks. Our valuation is largely unchanged in the quarter due primarily to indications from an extension of the company's most recent funding round at a level in line with our valuation. Our valuation multiples contract by 10 percent in spite of peers trading up by 20 percent. KINNEVIK Interim Report Q2 2023 Portfolio Overview Software Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 20x 15x 10x Sustainability 5x Our Investees 145% 56% 12.7x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (3)% +1% Peer Average 10% 27% 73% 6.6x +6% +5% Peer Top Quartile "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple 34% 78% 11.5x +15% +20% SaaS Universe Financial Statements 20% 27% +4% Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% 40% 34#35Intro Net Asset Value CONSUMER FINANCE Our Consumer Finance businesses are benchmarked against different but in part overlapping public market benchmarks, reflecting their dif- ferences and similarities in business models. Betterment is primarily benchmarked against digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), as well as the broader public SaaS company universe considering the recurring revenue cha- racteristics of its fee-based assets under management ("AUM") model. AUM has increased materially during the first half of 2023 driven by the appreciation of broader market indices, amounting to USD 36.9bn per end of May. Betterment has also enjoyed significant growth in its cash deposit product, and strong net deposits from its customers. An under- lying write-up in spite of a contracting multiple is muted by the effect of liquidation preferences this quarter. Lunar is benchmarked against a mix of the aforementioned digital wealth managers, and consumer subscription businesses such as Netflix (NFLX) and Match Group (MTCH) considering the similarities in business model (albeit with very different offerings and underlying consumer markets). During the first quarter, Lunar raised EUR 35m in new financing from existing investors. Kinnevik participated with slightly less than our pro rata share of the round, and our fair value is more than 35 percent below the valuation implied by this funding round even after the increase in valuation this quarter. Monese is benchmarked against similar peer groups as Lunar, but with references drawn to software licensing businesses such as Cisco (CSCO) and Oracle (ORCL) with respect to its B2B revenue streams. In this quarter, positive movements in the peer group and on-plan performance drive a write-up of the fair value of our stake. A continued relative growth of the company's B2B offering may warrant a slightly increased multiple going forward considering the more attractive margin structure of this business line relative to the consumer offering. KINNEVIK Interim Report Q2 2023 Portfolio Overview Consumer Finance Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 12x 9x 6x 3x Sustainability Our Investees 5% 26% 46% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 5.4x (1)% +8% Peer Average 10% 3% Digital Wealth Managers 65% 5.9x "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple +0% +14% Peer Top Quartile (1)% 74% 8.5x (7)% (1)% 15% Financial Statements ● Subscription Businesses 8% +8% 20% Unlisted Portfolio Weight Other Fair Value Change (Q/Q) Software Licensing 25% 30% High-Growth SaaS 35% 35#36Intro CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Recursion Teladoc Tele2 Total Listed Holdings Betterment Cedar Cityblock HungryPanda Instabee Jobandtalent Lunar Mathem Mews Monese Oda Omio Omnipresent Parsley Health Pelago Pleo Spring Health Net Asset Value KINNEVIK Q2 2023 Interim Report Q2 2023 - 240 - 290 164 - 1 905 - 2 272 60 - 35 147 31 31 52 43 55 20 70 - 343 30 27 14 16 209 454 Q2 2022 - 1 457 - 177 - 1 221 - 4 683 - 7 538 20 - 223 - 405 - 73 546 35 - 278 1 6 - 381 276 5 - 49 28 831 93 Portfolio Overview H1 2023 - 324 - 436 79 113 531 - 38 53 -7 458 41 - 283 67 41 -73 26 - 179 - 535 27 36 85 14 166 681 H1 2022 - 2 365 - 2 386 - 1 909 - 2 188 - 8 848 - 171 - 464 - 1 077 - 135 546 42 - 215 - 555 -9 - 486 265 -4 - 43 36 - 1 382 120 FY 2022 - 2 862 - 2 607 - 229 - 2 255 - 6 460 - 14 414 - 148 - 863 - 1 249 - 131 312 83 - 544 - 1 218 9 298 - 1 355 277 1 - 41 30 - 2 532 137 Sustainability Sure Transcarent TravelPerk Village MD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Financial Statements Other Contractual Rights Total whereof unrealized gains/losses for as- sets in Level 3 Q2 2023 Village MD Pleo Spring Health Total Effect SENSITIVITY ANALYSIS AGAINST MULTIPLES Fair Value (SEKm) Change in Multiple 22 26 111 - 561 - 128 161 9 459 -4 - 1 817 455 -20% 3 549 Q2 2022 2 833 2 683 9 065 - 2319 46 56 171 - 589 52 - 320 - 258 - 2 073 - 90 - 9 701 -10% 4 050 3 176 3 000 Other 10 226 -1 158 H1 2023 19 23 112 - 55 - 189 254 9 791 - 12 742 Actual H1 2022 4551 3518 3 315 11 384 59 69 220 - 2 163 780 - 5 442 - 8 442 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. - 974 67 - 523 - 671 - 5 285 - 157 - 14 290 +10% FY 2022 5 052 3861 3 630 12 543 1 159 68 79 242 - 52 77 - 694 - 1 031 - 8 247 - 195 - 22 856 +20% 5 553 4 203 3 944 13 700 2316 In addition to sensitivities of our three largest unlisted businesses above, for all companies valued using mul- tiples, an increase in the multiple by 10 percent would have increased the assessed fair value by SEK 2,461m. Similarly, a decrease in multiple by 10 percent would have decreased the assessed fair value by SEK 2,298m. 36#37Intro FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Recursion Teladoc Tele2 Total Listed Holdings Betterment Cedar Cityblock HungryPanda Instabee Jobandtalent Lunar Mathem Mews Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Class A shares 4 617 340 79 093 454 10 405 668 Class B shares 20 733 965 116 879 154 Interim Report Q2 2023 Capital/ Votes % 35.4/35.4 5.4/5.4 19.9/36.3 13/13 8/8 8/8 11/11 13/13 5/5 6/6 31/31 5/5 21/21 27/27 7/7 6/6 Portfolio Overview 30 Jun 2023 569 839 12 283 13 691 1 491 1 655 3 245 498 1 707 1 190 332 493 471 653 429 763 412 30 Jun 2022 535 1 226 1 254 16 025 19 040 1415 2 061 2 959 438 1970 1 082 522 854 525 1118 724 373 31 Dec 2022 324 1 005 614 907 11 752 14 603 1 438 1 662 2 787 442 1 736 1 123 268 379 445 832 940 736 376 Sustainability Parsley Health Pelago Pleo 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 B shares Capital/ Votes % 15/15 15/15 14/14 12/12 9/9 3/3 16/16 2/2 11/11 Other 30 Jun 2023 356 405 3518 3 315 540 648 2 279 4 551 398 3111 32 460 46 151 30 Jun 2022 165 320 4 502 1 025 512 615 1923 3 684 577 1 540 348 29 252 50 48 341 31 Dec 2022 167 391 3 352 1 042 521 625 1964 4 606 587 2 351 28 770 12 43 385 37#38Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Babylon Recursion Total Listed Assets HungryPanda Instabee Lunar Mathem Mews Oda Omio Omnipresent Parsley Health Pelago Spring Health Transcarent TravelPerk Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Total Net Asset Value KINNEVIK Q2 2023 Interim Report Q2 2023 145 145 15 254 187 1 069 203 367 1 2 095 2 241 Q2 2022 1 115 155 31 12 1 36 126 475 475 Portfolio Overview H1 2023 145 145 15 254 23 187 24 104 1 592 203 506 2 2 909 3 054 H1 2022 115 211 155 32 377 12 546 36 649 2132 2 132 FY 2022 286 843 1 130 115 286 343 436 691 32 377 89 546 54 1 631 12 4612 5 742 Sustainability Financial Statements Changes in Unlisted Assets (Level 3) Opening Balance Investments Disposals / Exit proceeds Reclassification Change in Fair Value Closing Balance Q2 2023 29 920 2 095 - 10 455 32 460 Q2 2022 30 990 475 - 2 163 29 302 Other H1 2023 28 782 2 909 - 10 780 32 460 H1 2022 32 641 2 132 - 29 - 5442 29 302 FY 2022 32 641 4612 - 29 - 8 442 28 782 38#39Intro Note 5 Dividends Received SEKM Tele2 Total Dividends Received of which Ordinary Cash Dividends Q2 2023 468 468 KINNEVIK Net Asset Value Q2 2022 3 077 3 077 468 638 H1 H1 2023 2022 468 468 Interim Report Q2 2023 468 3 077 3 077 638 FY 2022 3 538 3 538 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 9,148m and Kinnevik was in a net cash position of SEK 8,786m as at 30 June 2023. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 30 June 2023 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 2-5 years. 1 099 The Group's available liquidity, including short term investments and available unutilized credit facilities, totalled SEK 17,648m (22,349) as at 30 June 2023. Portfolio Overview SEKM Interest Bearing Assets Loans to Investee Companies Short-term Investments Cash and Cash Equivalents Interest Rate Swaps Revaluation Other Interest Bearing Assets Total Interest Bearing Long Term Liabilities Corporate Bonds Accrued Borrowing Cost Other Interest Bearing Liabilities Total Total Interest Bearing Liabilities Net Interest Bearing Assets/(Liabilities) Sustainability Net Unpaid Divestments and Di- vidend Receivables/(Investments) Net Interest Bearing Assets Net Cash/(Debt) for the Group 30 Jun 2023 254 10 859 1 383 276 129 12 901 3 500 -13 21 3 508 3 508 9 393 -245 9 148 8 786 30 Jun 2022 71 13 690 3 277 251 131 17 420 3 500 -14 27 3513 3513 13 907 -141 13 766 13 592 31 Dec 2022 225 10 738 3 110 286 129 14 488 3 500 -12 21 3 509 3 509 10 979 -259 10 720 10 387 Financial Statements Other Kinnevik currently has no bank loans outstanding, and its bank facilities when drawn carry variable interest rates. Debt capital market financ- ing typically consist of commercial paper and senior unsecured bonds. Commercial paper may be issued with a maximum tenor of 12 months under Kinnevik's SEK 5bn commercial paper program, and senior unse- cured bonds may be 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 276m 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 June 2023, the average interest rate for outstanding senior unsecured bonds amounted to 1.3 percent and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 1.7 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates. 39#40Intro Condensed Parent Company Income Statement SEKM 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 Group Contribution Net Asset Value Profit/Loss Before Tax Taxes Net Profit/Loss for the Period Total Comprehensive Income for the Period KINNEVIK Portfolio Overview Interim Report Q2 2023 Sustainability Financial Statements Q2 2023 -124 6 -118 -1 437 113 -1 442 -1 442 -1 442 -1 442 Q2 2022 -86 3 -83 4 25 -54 -54 -54 -54 Other H1 2023 -185 6 -179 999 178 998 998 998 998 H1 2022 -140 3 -137 29 46 124 62 62 62 62 FY 2022 -331 5 -326 -2 083 -14 492 217 -16 684 26 -16 658 -16 658 -16 658 40#41Intro Condensed Parent Company Balance Sheet SEKM 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 Q2 2023 Portfolio Overview Sustainability Financial Statements Other 30 Jun 2023 8 35 851 4 449 5 691 130 46 129 317 26 10 859 1124 12 326 58 455 30 Jun 2022 4 43 815 6 562 6 631 130 57 142 259 13 690 23 3 009 16 981 74 123 31 Dec 2022 4 32 748 4 449 6 154 129 43 484 331 11 10 738 2961 14 041 57 525 41#42Intro Condensed Parent Company Balance Sheet SEKM 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 Liabilities to Group Companies Other Liabilities Net Asset Value Total Short-Term Liabilities TOTAL SHAREHOLDERS' EQUIITY AND LIABILITIES KINNEVIK Portfolio Overview Interim Report Q2 2023 Sustainability Financial Statements Other 30 Jun 2023 6 896 47 868 54 764 16 16 3 487 3 487 98 90 188 58 455 30 Jun 2022 6 896 63 567 70 463 19 19 3 486 3 486 83 72 155 74 123 31 Dec 2022 6 896 46 862 53 758 16 16 3 487 3 487 185 79 264 The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 17,113m (21,829) per 30 June 2023. The Parent Company's interest bearing external liabilities amounted to SEK 3,487m (3,486m) on the same date. Net investments in tangible fixed assets amounted to SEK 4m (1) during the period. 57 525 42#43Intro Distribution by Share Class per 30 June 2023 SEKM Class A Shares Class B Shares Class G Shares LTIP 2019 Class C-D Shares LTIP 2020 Class C-D Shares LTIP 2021 Class C-D Shares LTIP 2022 Class C-D Shares LTIP 2023 Net Asset Value Total Outstanding Shares Class B Shares in Own Custody Class C-D Shares LTIP 2023 in Own Custody Registered Number of Shares KINNEVIK Portfolio Overview Interim Report Q2 2023 Sustainability Financial Statements Other Number of 33 755 432 242 861 560 379 312 974 487 809 600 1 105 510 1 724 394 281 610 295 1 285 828 281 896 124 Number of Votes 337 554 320 242 861 560 379 312 974 487 809 600 1 105 510 1 724 394 585 409 183 1 285 828 585 695 012 Par Value (SEK'000) 3 376 24 286 38 97 81 111 172 28 161 0 29 In April, 177,703 Class B shares were issued to cover dividend compensation related to Kinnevik's long term incentive programs. During the period a total of 446,048 outstanding Incentive Shares from 2018 to 2022 were redeemed and a new issue of 2,010,222 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 8 May 2023 were registered by the Swedish Companies Registration Office (Sw. Bolagsverket) during June 2023. 28 190 43#44Intro James Anderson Chairman of the Board Net Asset Value Cecilia Qvist Member of the Board The Board of Directors and the Chief Executive Officer certify that this undersigned six month interim report provides a true and fair overview of the Parent Company and Group's operations, financial position and performance for the period, and describes the material risks and uncertainties facing the Parent Company and other companies in the Group. Stockholm, 11 July 2023 KINNEVIK Portfolio Overview SIGNATURES OF THE BOARD OF DIRECTORS AND THE CEO Interim Report Q2 2023 Sustainability Susanna Campbell Member of the Board Charlotte Strömberg Member of the Board Financial Statements Harald Mix Member of the Board Other Georgi Ganev Chief Executive Officer 44#45Intro Net Asset Value REVIEW REPORT KINNEVIK AB (PUBL) CORPORATE IDENTITY NUMBER 556047-9742 INTRODUCTION We have reviewed the condensed interim financial information (interim report) of Kinnevik AB (publ) as of 30 June 2023 and the six-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. SCOPE OF REVIEW We conducted our review in accordance with International Stan- dard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and ac- counting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. KINNEVIK Interim Report Q2 2023 Portfolio Overview CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 11 July 2023 KPMG AB Mårten Asplund Authorized Public Accountant Principal Sustainability Johanna Hagström Jerkeryd Authorized Public Accountant Financial Statements Other 45#46Intro 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 performance mea- sures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valua- ble information. Definitions of all APMs used are found below and reconciliations 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 Q2 2023 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 46#47Intro Net Asset Value OTHER INFORMATION DATES FOR 2023 FINANCIAL REPORTS 18 October Interim Report for January-September KINNEVIK Portfolio Overview Interim Report Q2 2023 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 11 July 2023. 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 2022 PFIC STATUS This statement is provided for shareholders who are United States persons for the purpose of the United States Internal Revenue Code. Information on Kinnevik's status as a passive foreign invest- ment company ("PFIC") for US federal income tax purposes for the taxable year ending 31 December 2022 is expected to be available no later than August on Kinnevik's website at www. kinnevik.com under the heading "Tax Information" (which can be found under the section "Investors"). Kinnevik's ambition is to be Europe's leading listed growth investor. 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 healthcare, software, marketplaces and climate tech. 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. You should contact your tax advisers regarding the conse- quences of owning shares in a PFIC. 47#48KINNEVIK For further information visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]