#1ΚΙΝΝΕVIK INTERIM REPORT FIRST QUARTER 2023#2Intro Net Asset Value (SEK) 55.5bn Key Financial Data SEKM Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) CAPTURING OPPORTUNITIES IN A RISK-OFF ENVIRONMENT WHILE MAINTAINING OUR FINANCIAL RESILIENCE 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 Portfolio Overview Interim Report Q1 2023 Change in NAV Q/Q +5% 31 Mar 2023 55 460 198.02 154.55 10 506 Q1 2023 2 546 9.09 9.09 2 559 814 -1 020 Change in NAVY/Y (18)% 31 Dec 2022 52 906 188.90 143.50 10 387 Q1 2022 -4 541 -16.29 -16.29 Sustainability -4 589 1 658 -1 015 31 Mar 2022 67 859 243.50 247.05 4977 FY 2022 -19 519 -69.83 -69.83 -22 856 3 538 Financial Statements 5 742 -7 043 Other One-Year TSR (37)% Five-Year Annualised TSR +5% "In the first quarter, we made headway on our 2023 priorities. We invested significant capital to accrete ownership in Spring Health and Agreena two of the most promising companies in our portfolio - and financed these investments by exiting our remaining shareholding in Teladoc - ending the quarter with a net cash position remaining above SEK 10bn." Georgi Ganev CEO of Kinnevik 2#3Intro HIGHLIGHTS IN THE QUARTER Key Events Led Spring Health's most recent funding round, stepping up our commitment and increasing our ownership in one of our most high conviction businesses ● Net Asset Value ● Participated in Agreena's funding round, as the company is seeing strong traction and has scaled its activities by 10x since our first investment about a year ago Exited Teladoc, realizing an IRR exceeding 55% since our first Livongo investment in 2017, releasing an incremental SEK 1.0bn in the quarter Ranked first in the Venture Capital category in the Honordex Inclusive PE & VC Index for the third year in a row. Additionally, we ranked as the only investor among Equileap's top companies in Sweden for gender equality, and ranked second globally for our equal parental leave policy KINNEVIK Portfolio Overview Interim Report Q1 2023 Sustainability Investment Activities We invested SEK 814m in the quarter, including: ● SEK 523m into Spring Health SEK 119m into Agreena • SEK 104m into Parsley Health ● In the quarter, we released SEK 1,020m by exiting our remaining Teladoc investment Financial Statements Other Financial Position • NAV of SEK 55.5bn (SEK 198 per share), up SEK 2.6bn or 5% in the quarter Net cash position of SEK 10.5bn, corresponding to 23% of quarter- end portfolio value 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 and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's sha- res are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B. Events After the Quarter • Enveda, a biotechnology company tackling drug discovery through a nature-based approach, was added to our emerging cluster of life sciences investments with a USD 25m investment in April 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's First Quarter Financials Our Net Asset Value amounted to SEK 55.5bn or SEK 198 per share at the end of the first quarter, up by SEK 2.6bn or 5 percent from the end of 2022. The fair value of our unlisted assets increased by SEK 1.1 bn to 29.9bn through a 1 percent write-up and SEK 0.8bn in follow-on investments. The compa- nies within virtual and value-based care contributed positively on the back of continued strong performance and supportive market multiples, whereas some of our more consumer-facing investees experienced some incremental softness in consumer spending causing slight downward revisions on short-term revenue growth and thereby valuations. Comparing the start of the quarter with its end gives the impression of stable and positive public equity markets. Howe- ver, volatility during the quarter was high, with continued stock market turbulence in reaction to macroeconomic indicators exacerbated by instability in the banking system. Broader market indices appreciated by 15-20 percent, but this was to a large extent driven by the large tech giants. The weighted average share price development in our private portfolio's peer universe was more muted at just over 10 percent. KINNEVIK Portfolio Overview Dear Shareholders, in the first quarter, we made headway on our 2023 priorities. We invested signi- ficant capital to accrete ownership in Spring Health and Agreena and financed these investments by exiting our remaining shareholding in Teladoc - ending the quarter with a net cash position remain- ing above SEK 10bn. The market backdrop continued to be volatile, exacerbated by distress in the banking sector, impacting the financial ecosystem our growth companies form part of. The impact on Kinnevik and our investees was limited, but the events serve as an important reminder of the fragility of current markets and the importance of financial resilience in these uncertain times. Interim Report - Q1 2023 Sustainability While growth and venture capital markets remained slow in the first quarter, six of our investees successfully completed funding rounds. Three of them were led by existing investors, and three by new investors. All funding rounds were comple- ted at valuations around or above our assessed underlying valuations in the previous quarter, with a headline valuation difference of almost 50 percent on average. Maximizing the Impact of Our Highest-Conviction Investees We led the most recent funding round in Spring Health with a USD 40m investment and an additional 10m secondary purchase from an early-stage investor, stepping up our com- mitment to one of the brightest shining stars in our portfolio. Spring Health's ambition is to reshape mental healthcare into treatments tailored to each individual using big data and machine learning. The company has shown impressive traction, growing revenue by more than 7x since our first investment in 2021, and is funded to break-even after this round. We are excited to support founders April Koh and Adam Chekroud as they continue to set a new standard in mental healthcare for employers and health plans. Financial Statements Other We took the opportunity to increase our stake in Agreena in their funding round in the quarter, basing our conviction on the company's strong growth and the urgency of investing to combat climate change. Since our initial investment about a year ago, the Agreena team has exceeded our already high expectations in their pursuit to push and support the shift to regenerative agriculture. Soil sequestration was high- lighted in the latest IPCC report as one of the solutions with the highest potential to contribute towards global net zero emissions. Combined with other benefits such as enhanced biodiversity and better water quality, regenerative farming is one of the most powerful levers available today in the fight against climate change. Reallocating Capital Within Healthcare Funding new investments and maintaining an attractive port- folio distribution by reallocating capital is a fundamental part of our strategy. In the quarter, we fully exited our Teladoc investment, the first truly significant full exit from our younger growth portfolio, realizing a >55 percent IRR since our first investment in Livongo six years ago. This gain alone has financed our investments into new healthcare businesses since 2020, including companies such as Cityblock, Spring Health and Recursion, as well as the latest addition to our healthcare portfolio, Enveda. Enveda is a biotechnology company unravelling com- pounds in nature that can be used to discover new drugs. After quarter-end, we invested USD 25m into the business alongside our partner fund Dimension, adding to our emer- ging cluster of life sciences investments. Enveda was founded by Viswa Colluru, a PhD in cellular and molecular biology who is deeply passionate about bringing life changing drugs to 4#5Intro Net Asset Value market. Using machine learning, computing power and human understanding, Enveda has created a chemical 'search engine' which attempts to tackle some of the toughest problems in drug discovery by finding answers in natural compounds. The company was founded in 2019 and while still early in its growth journey, we are impressed by the platform it has built and by the founder's vision and drive to build a truly impactful company. Recognition of Our Leadership in Diversity and Inclusion For the third year in a row, Kinnevik ranked first in the VC category in the Honordex Inclusive PE & VC Index, having increased our score each year. In addition, Equileap ranked Kinnevik as the only investor among the top companies in Sweden for gender equality, and we were the second ranked company globally for our equal parental leave policy. These recognitions are a testament to our hard work, dedication and commitment towards equality, diversity and inclusion. Concluding Remarks At Kinnevik, we are proud of our ability to support compa- nies over the long-term. While financial resilience is vital, we continue to support and push our companies to remain aggressive, challenging and innovative to ensure that their customer offerings remain relevant not only in the next quarter, but for the next ten years. As shown with our investments into Spring Health and Agreena, we are able to finance this push and accrete ownership in our highest-conviction businesses during a period of more balanced valuations. We hope to repeat these accomplishments at other investees during KINNEVIK Interim Report - Q1 2023 Portfolio Overview Sustainability 10.5bn Kinnevik's net cash position (SEK) As shown with our investments into Spring Health and Agreena, we are able to accrete ownership in our highest-conviction businesses during a period of more balanced valuations Financial Statements Other 2023, and capture opportunities to maximize the impact of our highest-conviction investments during a period of risk-off sentiment. We are grateful for the strong support from our share- holders to continue executing on our shorter-term priorities and longer-term strategy, and we look forward to meeting many of you at our Annual General Meeting in Stockholm on the 8th of May. Georgi Ganev CEO of Kinnevik 5#6Intro Categories KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software (37)% One Year Net Asset Value Value-Based Care Virtual Care Platforms & Marketplaces (8)% Software Consumer Finance Annualised Total Shareholder Return TMT Total Portfolio +5% KINNEVIK Fair Value Five Years 9 072 2 523 (2)% 5 357 8 318 Five Year Annualised IRR per Category 2 303 Note: The annualised total shareholder return includes reinvested dividends. • Consumer Finance Note: Financial metrics weighted by fair value as at 31 March 2023. For more information about the categories see Note 4 on pages 27-34. 11% 12% Interim Report Q1 2023 Return +12% Ten Years 3.4x 2.3x 0.9x 2.9x 0.9x 56% Portfolio Overview 53% 51% Average Holding Period 3.3 Years 1.6 Years 3.6 Years 4.1 Years 5.8 Years +16% Thirty Years 5,742 Investment Activity (SEKm) (7,043) FY 2022 Sustainability 2022 Revenue Growth 51% 221% 86% 142% 25% (1,301) Investments Divestments 2022 Gross Margin Net Investments 14% 48% 23% 41% 55% 47% 814 Financial Statements NTM EV/Revenue (1,020) 3.4x Q1 2023 9.6x 3.3x 13.1x Net Cash to Portfolio Value 5.5x (206) Other Composition of Portfolio Value Tele2 31% Emerging Markets 2% Early Bets & New Themes 7% Consumer Finance 5% 67.9 Value-Based Care 20% 61.1 Platforms & Marketplaces 12% NAV Development (SEKbn) Virtual Care 6% Software 18% 58.0 Q1'22 Q2'22 Q3'22 52.9 55.5 Q4'22 Q1'23 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 HungryPanda Instabee Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Interim Report Q1 2023 Vintage 2016 2020 2022 2019 2021 2021 2021 2017 2020 2018 2021 2019 2018 2018 2021 Portfolio Overview Ownership 19% 8% 3% 2% 15% 15% 7% 11% 13% 5% 31% 27% 7% 11% Value Q1 2023 240 3 098 622 5112 9 072 342 389 1.792 2 523 452 1 484 1 138 252 772 733 526 5 357 Sustainability Released 3 110 3 110 5 383 5 383 Financial Statements Invested 1 133 933 546 986 3 598 295 348 1 384 1394 3 421 424 452 1 006 1 564 1426 597 586 6 055 Return 0.2x 3.3x 1.1x 8.3x 3.4x 1.2x 1.1x 1.3x 3.9x 2.3x 1.1x 3.3x 1.1x 0.2x 0.5x 1.2x 0.9x 0.9x Other Value Q4 2022 324 2 787 625 4 606 8 342 167 391 1 042 907 2 507 442 1 736 1 123 379 940 736 587 5 943 Value Q1 2022 1 992 3 364 559 4 273 10 188 214 280 932 2 474 3 900 511 1 309 1 047 699 1 499 417 525 6 007 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 Q1 2023 2018 2022 2022 2018 2021 2018 2016 2021 2018 2022 2018-22 2010 2007-13 Portfolio Overview Ownership 8% 5% 6% 14% 9% 15% 13% 6% 21% 4% Mixed Note: Columns "Released" and "Invested" exclude exited investments and investments wholly written off since the time of the earliest comparable period. 35% Mixed Value Q1 2023 1 690 451 385 3 309 518 1 965 8 318 1 431 289 583 2 303 529 2 583 3112 859 859 4 31 550 29 920 Sustainability Released 56 56 8 550 3 166 Financial Statements Invested 270 436 377 646 435 733 2 897 1 135 815 481 2 431 843 3 327 4 171 6 290 1 167 7 457 30 029 20 368 Return 6.3x 1.0x 1.0x 5.1x 1.2x 2.7x 2.9x 1.3x 0.4x 1.2x 0.9x 0.6x 0.8x 0.7x 0.1x 0.0x 0.1x 1.3x 1.6x Other Value Q4 2022 1 662 445 376 3 352 521 1964 8 320 1 438 268 832 2 538 614 2 351 2965 1 005 1 005 12 31 632 28 782 Value Q1 2022 2 284 368 5 333 466 1717 10 168 1 395 800 519 2714 1 733 1 733 1 403 606 2009 140 36 860 30 990 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 30.0 Invested Capital Net Asset Value KINNEVIK SEKbn 40.1 8.6 31.5 Fair Value & Released Capital Vintage Interim Report - Q1 2023 1993 Portfolio Overview Tele2 31% 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% 4% Listed Growth Value Q1 2023 141 Unlisted Growth 65% 45 737 14 242 - 3 736 10 506 - 783 55 460 198.02 154.55 Sustainability Composition of Portfolio Value At Quarter-End Tele2 31% 2016-22 Investments 67% Financial Statements 2% Pre 2016 Investments Other Value Q4 2022 11 752 43 385 14 134 - 3 747 10 387 - 866 52 906 188.90 143.50 Value Q1 2022 26 63 595 8 595 - 3618 4 977 - 713 67 859 243.50 247.05 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 27-34), 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 5.1bn Kinnevik Stake 2% Fair Value, SEK 3.1bn Kinnevik Stake 8% Net Asset Value Value-based healthcare provider focused on underserved urban po- pulations with complex care needs Public company Fair Value, SEK Kinnevik Stake Digital healthcare service company combining mobile tech and artificial intelligence with medical expertise KINNEVIK 240m 19% Interim Report Q1 2023 413 #cityblock Value-based patients ('000) (incl. Summit Health from Q1 2023) 806 Q1 2022 426 120 Q4 2021 Q2 2022 Revenue (USDm) Portfolio Overview 266 Q1 2022 435 Q3 2022 265 Q2 2022 442 Q4 2022 289 Q3 2022 Q1 2023 289 Q4 2022 Sustainability VillageMD Revenue Growth 2022 Pro forma for Summit Health 35% Fair Value, SEK Kinnevik Stake A new and different health and care experience company for employees of self-insured employers babylon 66 622m 3% US value based care members ('000) Q4 2020 Financial Statements 167 Q4 2021 transcarent EXPERIENCE DIFFERENT 261 Q4 2022 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 1.8bn Kinnevik Stake 7% Net Asset Value Fair Value, SEK 342m 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 Q1 2023 Portfolio Overview Sustainability Spring Health Kinnevik participated in Spring Health's funding round in which the company raised USD 71m at a 2.5bn valuation, giving the company additional flexibility to invest in its world-class services. Kinnevik led the round with a USD 40m investment and a 10m secondary acquisition, increasing our ownership share to 7 percent. Financial Statements Fair Value, SEK Kinnevik Stake The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually 389m 15% Other Revenue Growth Since September 2021, LTM 7x Quit Genius Library 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 Kinnevik Stake Net Asset Value 772m 27% Fair Value, SEK 252m Kinnevik Stake 31% KINNEVIK Sweden's leading online grocer offering a wide assortment through 2,648 its state-of-the-art e-commerce platform Interim Report Q1 2023 2,484 Revenues LTM (NOKm) Q4 2021 Portfolio Overview Q4 2021 2,509 Q1 2022 oda Revenues LTM (SEKm) 2,545 Q1 2022 2,642 Q2 2022 Mathem 2,482 2,781 Q2 2022 Q3 2022 2,494 Q3 2022 2,911 Q4 2022 2,515 Q4 2022 Sustainability Number of Completed Deliveries LTM (m) 2.0 Q4 2021 2.3 2.1 Q4 2021 Q1 2022 2.2 2.3 Q1 2022 Q2 2022 Number of Completed Deliveries LTM (m) Financial Statements 2.1 Q2 2022 2.4 Q3 2022 2.2 Q3 2022 2.5 Q4 2022 2.1 Q4 2022 Other b P Instebee is a customer centric last- mile logistics platform specialized for e-commerce businesses 1.5bn Fair Value, SEK Kinnevik Stake 13% Revenue Growth 2022 Pro forma for Instabee Merger D >50% 12#13Intro PLATFORMS & MARKETPLACES Fair Value, SEK 452m 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 733m 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 Q1 2023 'omio Portfolio Overview Hungry Panda |熊猫外卖 C Home Sustainability Fair Value, SEK 1.1bn Kinnevik Stake 5% The world's leading digital temp staffing agency, making the labour market more fluid and accessible through its on-demand staffing mar- ketplace Financial Statements Fair Value, SEK Kinnevik Stake jobandtalent 526m 11% The world's largest online wine marketplace and most downloaded wine app VIVINO 57.1 Other Q1 2022 Review your cont 58.5 9:41 Q2 2022 TOUR CURRENT WORK Warehouse operatives AT JOANDTALENT Total number of users (m) Tekaloring €16,490 E 7 were €1,824 Clocking e back of your working hours Q3 2022 Shifts Accept and reject yourshits Contract details Review & Down your contracts 60.3 62.1 Q4 2022 63.4 Q1 2023 13#14Intro SOFTWARE Offers smart payment cards to employees while making sure the company remains in full control of spending Fair Value, SEK 3.3bn 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 518m 9% Interim Report - Q1 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 Engaged patients Growth since the beginning of 2021 >120% 27.1 Q1 2023 Sustainability Revenue Growth 2022 c. 2x Fair Value, SEK 2.0bn Kinnevik Stake 15% The leading solution for businesses to book corporate travel online Financial Statements Fair Value, SEK Kinnevik Stake 385m 6% Provides an end-to-end service to support and guide businesses hiring talent globally Other MEWS Hospitality management cloud that empowers hoteliers to improve performance, maximize revenue, and provide superior guest experiences Travel Perk Fair Value, SEK Kinnevik Stake omnipresent 451m 5% Annual Recurring Revenue End of 2022, USD >100m 14#15Intro CONSUMER FINANCE US based smart money manager offering investing and retirement solutions Fair Value, SEK Kinnevik Stake Net Asset Value 1.4bn 13% 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 583m Kinnevik Stake 21% KINNEVIK Interim Report Q1 2023 33.1 Portfolio Overview Assets Under Management (USDbn) Q1 2022 Betterment 29.8 Q2 2022 28.7 Q3 2022 32.3 Q4 2022 monese GBP account £1,085.00 Recently paid Auroho Detal Transactions 35.7 Q1 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 con- sumers and businesses to handle all their finances on one platform Fair Value, SEK Kinnevik Stake 289m 6% AAMU 15#16Intro Fair Value, SEK Invested Capital, SEK Net Asset Value EARLY BETS & NEW THEMES 3.1bn (7% of Portfolio Value) 4.2bn Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market In the quarter, Kinnevik participated in Agreena's EUR 46m funding round to sup- port the continued expansion of its global carbon farming initiatives. The round was led by new investor HV Capital and Kinnevik invested around EUR 10m. Since our first investment in Agreena a year ago, the company has scaled its covered land by 10x, expanded its geographic foot- print to 16 European countries and partnered with farms to help them transition more than 600,000 hectares towards climate-positive, regenerative farming. Safety Wing Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote work- forces KINNEVIK Portfolio Overview Interim Report - Q1 2023 GORDIAN Enables the distribution of flight ancillaries, such as seat selection, luggage, and priority boarding through an API solution KARMA Restaurant platform enab- ling table ordering, payment and pick-up, and a sustainable food platform allowing retai- lers to sell surplus food with a discount Solugen Green chemicals producer pro- viding cheaper, safer chemicals without using fossil fuels Sustainability Financial Statements H2green steel Producer of green steel aiming to reduce carbon emissions by up to 95 percent compared to traditio- nal steelmaking 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 Other joint academy® Swedish digital health compa- ny that connects patients with physical therapists to deliver an online evidence-based treatment for chronic joint pain Recursion. Biopharma company mapping and navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost vay Tech-enabled mobility company that is on track to launch a mobility service with teledriven electric Vay- Cars on European public streets 16#17Intro TELE2 Enables mobile and fixed con- nectivity, telephony, data, TV and streaming Public company Fair Value, SEK 14.2bn 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 859m Kinnevik Stake 35% KINNEVIK Interim Report Q1 2023 Revenue (SEKbn) 7.0 Q4 2021 EMERGING MARKETS 6.7 474 Portfolio Overview Q1 2022 Q4 2021 Net Merchandise Value (EURbn) 452 6.8 Q4 2022 Q2 2022 7.1 1,529 នី Q3 2022 7.5 TELE2 ..... Q4 2022 Sustainability OFG 1,615 N Adjusted EBITDAaL Margin 34% Q4 2021 GLOBAL FASHION GROUP 37% Q1 2022 36% Adjusted EBITDA Margin 2.6% -1.3% Q2 2022 Financial Statements -1.8% N 37% Q3 2022 33% Q4 2022 -3.7% Ⓡ Revenue Generating Units Sweden and the Baltics (m) 9.4 Q4 2021 Other 13.4 9.4 Q1 2022 Active Customers (m) 11.2 9.5 Q2 2022 13.4 222 9.6 Q3 2022 9.5 Q4 2022 11.2 22022 17#18Intro Net Asset Value Key highlights from the Sustainability Report 2022 Continued the roll-out of our climate strategy across the portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik's portfolio decreased their emis- sions intensity by 11%, exceeding our annual target of 7%. Supported our companies in implementing bespoke and business integrated strategies related to diversity, equity and inclusion. In addition, 17% of Kinnevik's investments into new companies over the last two years have been invested in female founded or led companies, exceeding our target of 10%. REPORT 2022 WE PUBLISHED OUR SUSTAINABILITY AND RECEIVED RECOGNITION FOR OUR DEI EFFORTS The average total portfolio ESG score increased by 10 percentage points on a comparative basis, exceeding our annual target of 5 percentage points. In Kinnevik's Sustainability Report 2022, we outline our strategy, progress and fulfilment of our sustainability targets for Kinnevik and our portfolio. During the first quarter of 2023, we also received double recognition for our leadership in diversity, equity and inclusion ("DEI"). Set a new climate target to reduce greenhouse gas emis- sions from Kinnevik's operations by 50% in 2030 and by 90% in 2050, with 2019 as base year (scope 1-3 excluding category 15 Investments). The full report is available on Kinnevik's website. KINNEVIK Portfolio Overview Interim Report Q1 2023 Sustainability The leading VC investor in Honordex Inclusive Index 2023 Kinnevik ranked first in the VC category in the Honordex Inclusive PE & VC Index 2023. This is a testament to our hard work, dedication and commitment towards equality, diversity and inclusion. Honordex Inclusive PE & VC Index 2023 is an essential plat- form for measuring the social sustainability performance of funds and benchmarking against peer organizations. Over 300 funds were evaluated on their EDI efforts, and Kinnevik's efforts secured a top 10 spot in the index. TOP 10 2023 COMMITTES Financial Statements HONORDEX Other TO EDI Equileap ranked Kinnevik as the only investor among top companies in Sweden for gender equality Kinnevik was rated as a top-performer overall and the only investor on the top 10 list in Sweden. In addition, Equileap specifically praised Kinnevik's global parental leave policy. Equileap is the leading organisation providing data and insights on gender equality in the corporate sector. They- research and rank 4,000 public companies around the world using a unique and comprehensive Gender Equality ScorecardTM across 19 criteria, including the gender ba- lance of the workforce, senior management and board of directors, as well as the pay gap and policies relating to parental leave and sexual harassment. EQUILEAP MAKE A DIFFERENCE AND A RETURN 18#19Intro FINANCIAL REVIEW CAPITAL REALLOCATION IN THE QUARTER Investment (SEKm) Agreena Lunar Oda Parsley Health Spring Health Superb Other Investments Teladoc Divestments Net Asset Value Net Investments / (Divestments) KINNEVIK Q1 2023 119 Interim Report Q1 2023 23 24 104 523 19 3 814 - 1 020 - 1 020 During the quarter we invested SEK 0.8bn into our existing investees. We led a funding round in Spring Health with a USD 40m investment and an additional 10m secondary purchase from an early-stage investor - accreting our ownership from 5 to 7 percent. We also took the opportunity to increase our stake in Agreena by investing SEK 119m in the company's latest funding round, corresponding to around 150 percent of our pro rata share. These two investments serve as examples of our ability to cap- ture opportunities to deploy capital into our highest-conviction investees during a period of uncertainty and balanced valuations. These investments were more than financed by us exiting our remaining Teladoc stake, releasing more than SEK 1bn in the quarter. This last selldown marks an end to a six-year investment, - 206 Portfolio Overview Sustainability starting with our 2017 investment into Livongo, generating an IRR exceeding 55 percent. In 2023, we expect to invest around SEK 5bn split roughly 50/50 between new investments and follow-on investments into the existing portfolio. This expectation is 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. CAPITAL STRUCTURE As at 31 March 2023, Kinnevik had a net cash position of SEK 10.5bn (23 percent of Portfolio Value). This net cash posi- tion was mainly made up of SEK 14.0bn in cash and short-term investments, less 3.5bn in senior unsecured bonds with a re- maining tenor exceeding 12 months (maturing in 2025, 2026 and 2028). During 2023, we expect to receive SEK 0.9bn in ordinary dividends from Tele2. 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 Statements Other 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 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 Portfolio Overview Interim Report Q1 2023 Note Sustainability 4 5 Q1 2023 2 559 -75 2 0 2 486 111 -51 2 546 0 2 546 2 546 9.09 9.09 280 076 174 280 076 174 280 076 174 Q1 2022 -4 589 -58 2 0 -4 645 159 -55 -4 541 0 -4 541 -4 541 -16.29 -16.29 278 677 265 278 677 265 278 677 265 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 First Quarter The change in fair value of financial assets amounted to a profit of SEK 2,559m (loss of 4,589) for the first quarter of which a profit of SEK 2,234m (loss of 1,310) was related to listed holdings and a profit of SEK 325m (loss of 3,279) was related to unlisted holdings. See Note 4 for further details. The higher administration costs this year relates mainly to timing differ- ences. The lower financial net relates to fluctuations in the valuation of financial instruments. 20#21Intro 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 Q1 2023 Portfolio Overview Sustainability Financial Statements Note 5 сл Other Q1 2023 -120 16 -19 -123 -822 1 020 198 0 75 13 848 65 13 988 Q1 2022 -123 0 -28 -151 -2 000 1 291 -709 -1 210 -1 210 -2 070 10 544 -33 8 441 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 21#22Intro 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 Q1 2023 Portfolio Overview Sustainability Financial Statements Note 4 Other Q1 2023 -814 2 -10 0 -822 1 020 1 020 Q1 2022 -1 658 93 -433 -2 -2 000 1 015 276 1 291 FY 2022 -5 742 237 -443 -6 -5 954 7 043 292 7 335 22#23Intro 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 Q1 2023 Portfolio Overview Sustainability Financial Statements Note 4 Other 31 Mar 2023 45 737 31 Mar 2022 60 209 63 595 46 6 129 148 45 912 63 794 1 309 187 10 804 7 751 3 184 690 14 297 8 628 45 72 422 31 Dec 2022 43 385 44 3 130 43 562 320 10 738 3 110 14 168 57 730 23#24Intro 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 Q1 2023 Portfolio Overview Sustainability Financial Statements Note 6 6 Other 31 Mar 2023 55 460 3510 1 239 60 209 0.06 92% 10 819 10 506 31 Mar 2022 67 859 3512 1 051 72 422 0.05 94% 5 177 4977 31 Dec 2022 52 906 3 509 1 315 57 730 0.07 92% 10 720 10 387 24#25Intro 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 Effect of Employee Share Saving Programmes Closing Balance for the Period KINNEVIK Interim Report Q1 2023 Portfolio Overview Sustainability Financial Statements Other Q1 2023 52 906 2 546 2 546 8 55 460 Q1 2022 72 391 -4 541 -4 541 9 67 859 FY 2022 72 391 -19 519 -19 519 34 52 906 25#26Intro 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 Q1 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 character as the transactions described in the 2022 Annual Report. 26#27Intro 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 Q1 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% 7% 27% 13% 5% 8% 14% 15% 13% 21% % Weight of Unlisted Assets 10% 17% 6% 3% 5% 4% 6% 11% 7% 5% 2% 30% 8% 18% 28% 8% 9% 100% Financial Statements Fair Value SEKM 3 098 5112 1 792 772 1 484 1 138 1 690 3 309 1 965 1 431 583 8 832 2 523 5 357 8 318 2 303 2 583 29 916 Change, Q/Q +11% +11% +15% (20)% (15)% +1% +2% (1)% +0% (0)% (30)% +10% +13% (10)% (0)% (10)% +4% +1% Other Change, YTD +11% +11% +15% (20)% (15)% +1% +2% (1)% +0% (0)% (30)% +10% +13% (10)% (0)% (10)% +4% +1% Change, Y/Y (8)% +20% +23% (65)% +4% +9% (26)% (38)% +11% +3% +12% +8% +18% (26)% (22)% (18)% (13)% (12)% 27#28Intro Change Q/Q • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance • Early Bets & New Themes Total Unlisted Portfolio 28.8 Q4 2022 KINNEVIK +1.2 Net Asset Value Revenue Outlook (NTM) Fair Value Value Drivers in the Unlisted Portfolio Q4 2022-Q1 2023, Illustrative Approximations, SEKbn Interim Report Q1 2023 +10% +13% (10)% (0)% (10)% +4% +1% +0.1 Multiples (NTM EV/R) Portfolio Overview (0.2) Equity Value Liquidation Preferences & Currencies +11% +25% (12)% (1)% (6)% +6% +2% (0.7) Cash Burn & Dilution Sustainability Investee Average EV/NTM R +5% +9% +1% (7)% +6% +1% +0.8 Net Investments Peer Average EV/NTM R 29.9 Q1 2023 +35% +11% +3% +12% +4% +16% Financial Statements 3% 2% +3% 1% +1% Valuation Reassessments to NAV Impact % Q/Q Change Average Write-Up 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 28#29Intro Net Asset Value A VOLATILE YET STABLE START TO 2023 Comparing levels at the end of Q1 2023 to the end of 2022, public equity markets seem to have been stable and positive. Thereinbetween, however, volatility remained high with continued market jitters to ma- croeconomic indicators and fears of instability in the banking system. Broader market indices appreciated by 15-20 percent, largely driven by the large tech giants. The weighted-average share price increase in our unlisted portfolio's peer universe was just over 10 percent when excluding buyouts, compared to a 2 percent weighted-average write-up of our underlying valuations. We saw positive movements in our value-based care benchmarks, noting however that the number of comparable businesses is shrinking drastically through buyouts, and stable movements in our software and virtual care benchmarks. On average, the weighted-average peer multiple expanded by 16 percent (less than 10 percent when excluding buyouts), compared to 1 percent multiple expansion in our unlisted portfolio. We revised our expectations on 2023 quite materially in the last quarter, with our investees deprioritizing growth in favor of longer cash runways and financial strength. In the first quarter, our 2023 revenue estimates have been revised downwards in low single-digit percentages, driven by our more consumer-facing businesses expecting a further weakening of consumer spending. In our B2B businesses, the outlook remained stable. In aggregate, the NTM revenue outlook for Q2 2023 through Q1 2024 is 5-6 percent higher than last quarter's outlook for the 2023 full-year (or around 10 percent higher in our B2B businesses). The effect of liquidation preferences remains pronounced in our unlis- ted portfolio. In the quarter, the aggregate fair value impact amounted to SEK 2.9bn, down 0.2bn in the quarter. This aggregate impact corresponds to 10 percent of the fair value of our unlisted portfolio. 75 percent of this difference relate to five specific investments representing SEK 4.2bn in value where our underlying valuation needs to double on average before our investments will accrue an on-paper return. Developments in the currencies most important to our unlisted in- vestments were stable relative to the quarterly movements observed since early 2020. The largest movement was that of the Norwegian krona, which depreciated by 6 percent against its Swedish equivalent, affecting KINNEVIK Interim Report Q1 2023 Portfolio Overview the fair value of our Oda investment materially. In aggregate, currencies had an immaterial impact on our fair values in the quarter. We saw six funding rounds in our portfolio during the quarter, three that were led by existing investors and three that were led by new in- vestors. These funding rounds occured in Parsley Health, Spring Health and Lunar, and in our smaller investments Agreena, Raisin and Superb. We participated in all funding rounds except the round concluded at Raisin, and led the funding round in Spring Health. All funding rounds were completed at valuations around or above our assessed underlying valuations in the previous quarter, with a headline valuation difference of almost 50 percent on average (more than 75 percent when excluding the Kinnevik-led round in Spring Health). Our fair values of these six invest- ments are on average 10 percent below the valuations at which these funding rounds were concluded. These data points are solid indications of our intention to take a cautious approach to fair value assessments, as well as of our perceived abscense of a "public-private market lag" so far as it relates to the accuracy of our net asset value statement in relation to where transactions are clearing in private markets. Effect of Liquidation Preferences Q1 2022-Q1 2023, SEKbn and % of Unlisted Fair Value 2% 0.5 Q1'22 8% 2.3 Sustainability Q2'22 Total Effect 9% 2.7 Q3'22 11% 3.2 Q4'22 % of Fair Value 10% 2.9 Q1'23 Financial Statements Development of Key Currencies Against the SEK, Q/Q and LTM (0.5)% +1.3% +2.3% Q/Q (6.4)% USD Currency Split % of Unlisted Fair Value 6% 24% Other 5% EUR GBP +11.3% 3% 63% USD EUR SEK GBP +8.6% NOK +4.5% LTM NOK (7.1)% 29#30Intro Net Asset Value VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk and reward on patient health outcomes. 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 employing this business model has therefore historically been valued at a significant premium to fee-for-service businesses. During the last two quarters, our investments' most comparable pu- blic peers One Medical (ONEM), Signify (SGFY), and Oak Street Health (OSH), have all been subject to takeover offers. This causes a challenge in triangulating appropriate valuation levels for our businesses. We mitigate some of this through two measures. Firstly, we reference more traditional healthcare businesses such as United Health (UNH) and Humana (HUM) in our calibrations. Secondly, we expand our valuation multiples more cautiously than what we have observed in the limited number of public value-based care businesses in the quarter. In order to relate our value-based care investments to more traditional healthcare businesses, we increasingly focus on capital efficiency metrics (revenue growth plus EBITDA margins) when calibrating our valuation multiples (as depicted in the scatter chart on the right-hand side). For Transcarent, a business with structurally higher gross margins, we benchmark our valuation against higher-margin healthcare technology businesses. Cityblock grew considerably faster than its public peers in 2022, and is now focused on improving margins by consolidating its footprint where its care model is proving the strongest results. At the same time, Cityblock is expanding into geographies where the population faces health and social challenges that can be alleviated by Cityblock's partnership-driven strategy and high-touch care model. The company is funded to break-even, having raised nearly USD 600m in 2021. Our valuation corresponds to an NTM revenue multiple in line with where One Medical was taken private, and at a discount to where Oak Street ended the quarter. VillageMD is integrating its acquisition of Summit Health, and is per- forming in line with plan. The combined company is growing revenues at around 35 percent and is expected to be EBITDA profitable in 2023. We value the business in line with where it raised equity in late 2022 to finance the acquisition of Summit Health, corresponding to an unchanged 10-15 percent premium to the revenue multiple used in valuing Cityblock. KINNEVIK Interim Report Q1 2023 Portfolio Overview Value-Based Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 4x 3x 2x Sustainability 1x Our Investees 10% 45% 14% 3.5x +5% Peer Average 45% Equity Value (Q/Q Change) +11% +47% "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 19% 2.5x +35% Peer Top Quartile 20% 49% 27% 3.5x +55% +74% EV/NTM Revenue and Capital Efficiency (Revenue Growth plus EBITDA Margin) Key Public Benchmarks as at Quarter-End (Excluding Transcarent's Healthcare Technology Peers) Financial Statements • Value Based Care 30% 30% +10% Unlisted Portfolio Weight . Traditional Care Providers Other Fair Value Change (Q/Q) 40% 50% 60% 30#31Intro 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 50-60 percent area. In the first quarter, we led a USD 71m funding round in Spring Health with a 40m investment at a 2.5bn post-money valuation. The balance of the round was funded by other existing investors, and we also invested an additional USD 10m into secondary equity. Raising capital from existing investors allowed Spring Health to remain focused on continuing to deliver on expectations rather than on catering to an unacquainted investor's diligence requests, and allowed us to accrete ownership in one of our strongest-performing businesses in our portfolio at a balanced valuation. The fair value of our aggregate investment largely corresponds to the valuation that the company was ascribed in the funding round. Spring Health has grown its revenues since our late 2021 investment by more than 4x on an NTM basis and 7x on an LTM basis. Meanwhile, during the same period our NTM revenue multiple has contracted by almost 70 percent. Through the recent funding round, we believe the business is funded to break-even and on track to reach cash flow profitability in 2024. One of our more early-stage virtual care businesses Parsley Health also raised new capital in the quarter in a funding round led by 7wire Ventures - a US healthcare investment firm founded by the founders of Livongo. We participated in the round with a USD 10m investment, and our assessed fair value is at a slight discount to the valuation that the funding round was concluded at. KINNEVIK Interim Report Q1 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: 16x 12x 8x Sustainability 4x Our Investees 221% 48% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 9.6x +9% +25% 10% Peer Average 26% 63% 6.0x +11% +20% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 23% 20% 82% 10.6x +3% +5% • SaaS Universe Financial Statements 8% +13% 30% • Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) A 40% 50% 31#32Intro Net Asset Value PLATFORMS & MARKETPLACES Our Platform & Marketplaces businesses span online grocer businesses such as Mathem and Oda with gross margins in the 30s, to pure mar- ketplaces like Jobandtalent and Omio with gross margins in the 60-70s. Considering not only the difference in financial profile, but also the underlying differences in our businesses' end markets, we benchmark each of our Platform & Marketplaces investments against more bespoke sets of public market peers. All our Platform & Marketplaces investments, however, share a larger exposure - direct or indirect - to consumer-facing e-commerce. This is a particular challenge in the current macroeconomic environment. Instabee - the combination of Budbee and Instabox - grew pro forma revenues by more than 50 percent in 2022. Growth is expected to be lower in 2023, with a weaker e-commerce market and the company focusing on integration and unleashing EBITDA profitability. We have revised our expectations on near-term growth incrementally from the previous quarter, which is what drives the not immaterial write-down in this quarter. As the company eventually refocuses on market expansion, potentially underpinned by cyclical tailwinds, growth rates are expected to increase. We benchmark our valuation of Instabee against a diverse peer set encompassing businesses such as last-mile logistics operator InPost (INPST.AS), food delivery marketplace DoorDash (DASH) and e- Commerce enabler Shopify (SHOP). At Oda, the NTM revenue multiple of key e-commerce peers such as Boozt (BOOZT.ST), HelloFresh (HFG.DE) and Zalando (ZAL.DE) expanded in low single-digit percentages, and the multiple we apply in valuing Oda expanded at a similar magnitude. Ongoing price competition in Norwegian grocery retail and a considerable depreciation of the Nor- wegian krona more than offset this slight multiple expansion, causing a write-down in the quarter. The valuation of Jobandtalent is benchmarked primarily against human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), as well as marketplaces such as Airbnb (ABNB) and Uber (UBER), which saw multiple expansion of around 10-15 percent on average in the quarter. Our underlying valuation change is muted by liquidation preferences that causes an unchanged fair value in euro terms. KINNEVIK Interim Report Q1 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 86% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 41% 3.3x +1% Peer Average Equity Value (Q/Q Change) (12)% "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 10% 25% • e-Commerce Enablers 52% 2.5x +3% +9% Peer Top Quartile 32% 59% 4.7x +13% +19% Financial Statements 20% • Work Marketplaces 18% (10)% Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% e-Commerce • Travel Marketplaces • Goods Marketplaces 40% 32#33Intro Net Asset Value SOFTWARE Our Software businesses are typically benchmarked against broad SaaS benchmarks, with a particular focus on high-growth SaaS businesses such as Snowflake (SNOW) and Datadog (DDOG), more transactional software businesses like Shopify (SHOP), and - for Cedar - more healthcare focused businesses like Veeva Systems (VEEV) and Doximity (DOCS). Growth remains a key driver of multiple levels, and our software businesses are valued at or below what is suggested by the correlation between growth and revenue multiples in the broader public market SaaS universe. Our assessed valuation multiples are also adjusted in consideration of differences in 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 begin- ning of 2021 (and an indicator of even higher revenue growth during the same period). In late 2022, the company raised additional capital from a strategic investor at the same valuation the company raised funds at in early 2021. Our valuation is at a 40 percent discount to the implied valuation of this investment, considering its small scale. In the quarter, we have raised our forward-looking expectations on Cedar's financial per- formance on the back of strong traction during late 2022 and early 2023. Pleo launched its offering in 8 new countries during 2022, added more than 12,000 new clients, and doubled its revenues. During the year, the company also recalibrated its organization to improve its profitability and prolong its cash runway. 2023 has started strong, with above-plan growth in recurring subscription revenues and a stabilizing client spend after a tumultuous 2022. TravelPerk closed 2022 with revenue growth of 13x compared to 2019, and with more than USD 100m in Annual Recurring Revenue. Growth last year was explosive, benefiting from a sharp rebound in travel and continued strong acquisition of new clients. In 2023, the company naturally faces significantly tougher year-on-year comparable figures, but is still expected to grow at a significantly higher pace than its public market benchmarks. KINNEVIK Interim Report Q1 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: 16x 12x 8x Sustainability 4x Our Investees 142% 55% 13.1x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (7)% 10% (1)% Peer Average 27% 74% 6.3x +12% +20% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 33% 78% 10.0x 20% +4% +23% • SaaS Universe Financial Statements 28% Flat 30% • Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) A 40% 50% 33#34Intro 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 AUM model. AUM was almost flat in 2022, despite the Nasdaq being down more than 30 percent and the S&P 500 being down almost 20 percent. Facing this considerable headwind, Bet- terment still grew revenues in double digit percentages in 2022 through an improved customer offering and a more diversified business model than historically has been the case. Growth is expected to pick up materially in 2023, but remains sensitive to movements in the broader stock market. 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). In 2022, the company grew its customer base by more than 25 percent. 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 40 percent below the valuation implied by this funding round. 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, we are writing down our Monese investment by a magnitude that sets our valuation back to the levels prevailing during the first half of 2022, reflecting higher than expected investment in its B2B offering. The continued relative growth of the company's B2B offering also warrants a slightly increased multiple considering the more attractive margin structure of this business line relative to the consumer offering. KINNEVIK Interim Report Q1 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% 25% 47% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 5.5x +6% (6)% Peer Average 10% 2% • Digital Wealth Managers 66% 6.0x "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple +4% 1% Peer Top Quartile (2)% 74% 9.1x +7% +9% 15% Financial Statements • Subscription Businesses 8% (10)% 20% Unlisted Portfolio Weight Other Fair Value Change (Q/Q) • Software Licensing 25% • High-Growth SaaS 30% 35% 34#35Intro 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 Pleo Quit Genius Spring Health Net Asset Value KINNEVIK Interim Report Q1 2023 Portfolio Overview Q1 2023 - 84 - 146 - 85 113 2 436 2 234 -7 28 311 10 - 252 15 - 2 - 128 6 - 249 - 192 3 9 71 - 43 -2 227 Q1 2022 - 908 - 2 209 -688 2 495 - 1310 - 191 - 241 - 672 - 62 7 63 - 555 - 15 - 105 11 -9 6 - 551 8 27 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 - 2 532 30 137 Sustainability Sure Transcarent TravelPerk Village MD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total Financial Statements SENSITIVITY ANALYSIS AGAINST MULTIPLES Fair Value (SEKm) Change in Multiple Village MD Pleo Cityblock Total Effect -20% 4 008 2 675 2 496 9 179 - 2 340 -10% 4 560 2 992 2 799 Other 10 351 - 1 168 Q1 2023 3 3 1 506 61 93 -1 332 -7 2 559 325 Actual 5112 Q1 2022 - 22 856 whereof unrealized gains/losses for assets in Level 3 - 3 278 - 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. 3 309 3 098 11 519 13 14 49 - 385 15 - 203 - 413 - 3 212 - 67 - 4 589 +10% FY 2022 5 663 3 626 3 397 12 686 1 167 68 79 242 - 52 77 - 694 - 1 031 - 8 247 - 195 +20% 6 215 3 943 3696 13 854 2 335 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 2,191m. Similarly, a decrease in multiple by 10 percent would have decreased the assessed fair value by SEK 2,120m. 35#36Intro 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 7 653 061 Class B shares 20 733 965 116 879 154 Interim Report Q1 2023 Capital/ Votes % 18.6/18.6 35.4/35.4 4.0/4.0 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 31 Mar 2023 240 859 529 14 188 15 817 1 431 1 690 3 098 452 1 484 1 138 289 252 451 583 772 733 385 31 Mar 2022 1 992 1 403 2 474 26 735 32 604 1 395 2 284 3 364 511 1 309 1 047 800 699 519 1 499 417 368 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 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 % 15/15 14/14 15/15 7/7 9/9 3/3 15/15 2/2 11/11 Other 31 Mar 2023 342 3 309 389 1 792 518 622 1 965 5112 526 2 583 29 916 4 45 737 31 Mar 2022 214 5 333 280 932 466 559 1717 4 273 525 1 733 606 30 850 140 63 595 31 Dec 2022 167 3 352 391 1 042 521 625 1964 4 606 587 2 351 28 770 12 43 385 36#37Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Babylon Recursion Total Listed Assets Instabee Lunar Mathem Mews Oda Omio Omnipresent Parsley Health Quit Genius Spring Health Transcarent TravelPerk Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Total Net Asset Value KINNEVIK Interim Report Q1 2023 Portfolio Overview Q1 2023 23 1 24 104 523 139 1 814 814 Q1 2022 211 1 377 546 522 1 1 658 1 658 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 Other Q1 2023 28 782 814 325 29 920 Q1 2022 32 641 1 658 - 29 - 3 278 30 990 FY 2022 32 641 4612 - 29 -8 442 28 782 37#38Intro Note 5 Dividends Received SEKM Tele2 Total Dividends Received of which Ordinary Cash Dividends Net Asset Value KINNEVIK Q1 2023 Q1 2022 Interim Report Q1 2023 FY 2022 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 10,819m and Kin- nevik was in a net cash position of SEK 10,506m as at 31 March 2023. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 31 March 2023 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 2-5 years. 3 538 3 538 1 099 The Group's available liquidity, including short term investments and available unutilized credit facilities, totalled SEK 19,372m (13,571) as at 31 March 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 Interest Bearing Short Term Liabilities Total Total Interest Bearing Liabilities Sustainability Net Interest Bearing Assets/(Liabilities) Net Unpaid Divestments and Di- vidend Receivables/(Investments) Net Interest Bearing Assets Net Cash/(Debt) for the Group 31 Mar 2023 205 10 804 3 184 254 129 14 576 3 500 -11 21 3510 0 3510 11 066 -247 10 819 10 506 31 Mar 2022 200 7 751 690 154 145 8 940 3 500 -15 27 3512 0 3512 5 428 -133 5 295 4 977 31 Dec 2022 225 10 738 3 110 286 129 14 488 3 500 -12 21 3 509 0 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 254m 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 31 March 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 2.0 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates. 38#39Intro 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 Q1 2023 Sustainability Financial Statements Other Q1 2023 -63 0 -63 0 2 436 65 2438 2 438 2 438 2 438 Q1 2022 -54 0 -54 29 42 99 116 116 116 116 FY 2022 -331 5 -326 -2 083 -14 492 217 -16 684 26 -16 658 -16 658 -16 658 39#40Intro 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 Q1 2023 Portfolio Overview Sustainability Financial Statements Other 31 Mar 2023 3 35 333 4 449 6 157 130 46 072 271 31 10 804 2747 13 853 59 925 31 Mar 2022 4 86 650 6561 27 576 145 120 936 167 9 7 751 92 8 019 128 955 31 Dec 2022 4 32 748 4 449 6 154 129 43 484 331 11 10 738 2961 14 041 57 525 40