#1PRESENTATION OF KINNEVIK'S Q2 2023 JULY 2023#2Q2 2023 1 3 4 5 Key Events of the Quarter Accreting Ownership in Our Winners Progress on Our 2030 Portfolio Climate Target Valuations & Growth Tracking Against Our Priorities Q&A Today's Presenters Georgi Ganev Chief Executive Officer Samuel Sjöström Chief Financial Officer Torun Litzén Director Corporate Communications KINNEVIK#3KEY EVENTS OF THE QUARTER ACCRETING OWNERSHIP IN OUR WINNERS PROGRESS ON OUR 2030 PORTFOLIO CLIMATE TARGET KINNEVIK#4WE CONTINUED TO EXECUTE ON OUR 2023 PRIORITIES IN Q2, ACCRETING OWNERSHIP IN SPRING HEALTH AND TRAVELPERK Spring Health Note: TravelPerk babylon CHARM Key Events of The Quarter Q2 2023 NAV of SEK 54.0bn or 192 per share, down 3% in Q2 2023 and 12% over the last twelve months. Unlisted investments up SEK 2.5bn in the quarter through SEK 2.1bn in net investments and a minor write-up of underlying valuations Continuing our accretion of ownership in Spring Health through a USD 100m purchase of existing shares, making the company our largest aggregate investment since we began our transformation to growth in 2018 Invested USD 19m in TravelPerk. Since our first investment in the travel management platform in 2018, we have quadrupled our invested capital and the company has grown revenues by >30x Babylon Health announced it has agreed to be taken private through a transaction supported by the company's main creditor. Electing not to participate in the transaction, we have written off our investment in full Added Charm Industrial, a San Francisco-based carbon dioxide removal company, to our portfolio through a USD 10m investment Net Asset Value adjusted for Other Net Assets / Liabilities We exceeded our portfolio climate target both year-over-year and on an average annual basis in 2022, which we disclosed in our Climate Progress Report released in June Net Asset Value • Public, Private, Net Cash/ (Debt), SEKbn 61.1 13.6 19.0 29.3 Q2 2022 55.5 Investments 3.1 10.5. 15.8 29.9 Q1 2023 Investment Activity H1 2023, SEKbn Divestments (1.0) 54.0 8.8 13.7 32.5 Q2 2023 Net Investments 2.1 KINNEVIK#5WE DEPLOYED SEK 1.9BN IN FOLLOW-ONS IN Q2 EXECUTING ON OUR MAIN 2023 PRIORITY TO INCREASE THE IMPACT OF OUR HIGH-CONVICTION BUSINESSES ■ Main strategic priority in 2023 is to use the market conditions to double-down in our high-conviction businesses by increasing our committed capital and accreting ownership In the quarter we deployed SEK 1.7bn into portfolio winners such as Spring Health, TravelPerk, Instabee, Recursion and HungryPanda Increasing Our Exposure To Portfolio Winners Supporting & Maximizing Impact of High-Conviction Businesses Spring Health is now our largest aggregate investment since the start of the current iteration of Kinnevik ■ ■ ■ In Q2, we invested an additional USD 100m on top of the 50m invested in Q1 this year, accreting ownership from 5 to 12% The company grew revenues by 270% in 2022, and is fully funded to reach cash flow profitability We also deployed meaningful capital into TravelPerk and Instabee, businesses from our early 2018 vintage TravelPerk breached USD 100m in run-rate revenues last year Instabee is currently focusing on merger integration and unleashing EBITDA profitability, and is growing revenues across its entire footprint by gaining market share in a contracting e-commerce market Spring Health Q3 '21 Q4 '18 b Q2 '18 Repeated Investment Through the Journey Invested Capital, Fair Value & Growth TravelPerk Q2 '23 Q2 '23 Q2 '23 Our permanent capital structure and ability to multiply our investment in companies as they grow and prove their business is one of our key competitive advantages as an investor 3.3bn Fair Value 2.5bn Invested 5x NTM Growth Since 1st Investment 2.3bn Fair Value 0.9bn Invested 31x 1.7bn 0.7bn 32x NTM Growth Since 1st Investment Fair Value Invested NTM Growth Since 1st Investment KINNEVIK#6WITH OUR RECENT SUCCESSES WE EXPECT OUR 2023 INVESTMENTS TO BE MORE SKEWED TOWARDS FOLLOW-ONS IN THE WINNERS OF OUR PORTFOLIO ■ ■ ■ Significant strides in the quarter, including the investment into Spring Health, mean we now envisage two-thirds of capital deployment to be dedicated to follow-on investments in the existing portfolio (from the previous expectation of a 50/50 split between new investments and follow-on investments) Of our currently forecasted follow-on investments, around 80% of capital is expected to be deployed into high-conviction businesses where we are either instigating transactions or willingly accreting ownership (as in Spring Health) Assessments of investee runways remain largely unchanged, with key developments being extensions of runways through funding rounds in the quarter Around 4% of our private investees by value have a runway not lasting longer than to end of 2023 (from 6% in Q1 2023) Capital Reallocation 2023 Expectations Type of Follow-On Investment Q1 Forecast vs Current Forecast (Approximations) Pre-Empting or Instigating Transactions in High-Conviction Businesses Above Pro Rata Participation in Planned Rounds in High-Conviction Businesses Pro Rata Participation in Planned Rounds in Emerging Businesses Minimized Participation in Planned Rounds in Struggling or Low-Conviction Businesses 30% 50% 40% 30% 20% 10% 10% 10% We remain focused on making the most of the current environment through maximizing the impact of our highest-conviction investments and capturing opportunities that arise during a period of more risk-averse sentiment KINNEVIK#7OUR PORTFOLIO COMPANIES DECREASED THEIR EMISSIONS INTENSITY BY 14 PERCENT YEAR-OVER-YEAR IN 2022 Y/Y Intensity Decrease Annual Average Intensity Decrease Tracking Ahead of Our 2030 Climate Target Target Fulfilment, Fair Value Weighted 2021 (11)% (11)% 2022 (14)% (12)% Target (7)% (7)% Our Climate Strategy aims to align our portfolio with a low-carbon future, to mitigate climate risk and to seize climate-related opportunities 7 KINNEVIK#8VALUATIONS & GROWTH ΚΙΝΝΕVΙΚ#9INVESTMENTS OF SEK 2.1 BN AND A SEK 0.5BN VALUE REASSESSMENT INCREASES THE VALUE OF OUR UNLISTED PORTFOLIO TO SEK 32.5BN I ■ ■ Q2 2023 Valuations Underlying valuation reassessment of our unlisted assets of (2)% translates into a fair value write-up of SEK 0.5bn or +1% 2023 growth outlook unchanged when factoring in portfolio rebalancing during Q2, but Village MD and Oda reforecasts bear a material negative impact in the quarter Multiple contraction of (3) % in our unlisted portfolio, while the weighted average peer NTM multiple was unchanged Average premium to public benchmarks have come down by around 20 percentage points in 2023 to date, while the private portfolio continues to outgrow these benchmarks by >3x Aggregate impact from liquidation preferences amounts to SEK 2.8bn at the end of Q2 - down 150m from the previous quarter Swedish krona depreciated against all key currencies, bearing a SEK 1.3bn positive currency effect Drivers & Parameters 29.9 Q1 2023 ■Value-Based Care Change in Outlook (NTM R) Value Drivers Unlisted Assets, Illustrative, Q1 to Q2 2023 (SEKbn) Virtual Care Change in Multiples (NTM R) Cash Burn & Dilution Platforms & Marketplaces Liquidation Preferences & Currencies Software Net Investments Consumer Finance Overall, Q2 was another stabilizing quarter with a small write-up mainly driven by positive currency effects 32.5 Q2 2023 Early Bets & New Themes KINNEVIK#10OUR PRIVATE PORTFOLIO CONTINUES TO GROW MORE THAN THREE TIMES FASTER THAN ITS PUBLIC MARKET BENCHMARKS ■ ■ ■ Average top-line growth in our private portfolio remains at a >3x faster pace than public benchmarks in 2023 Growth is expected to come down in 2023 relative to doubling year-on-year in 2021 and 2022, primarily due to - ■ ■ I ■ Village MD's merger with Summit Health being a step-change in maturity in our largest private investment Headwinds in e-commerce in general, and in online grocery in particular (as outlined in the previous quarter) H Investees trading in growth for accelerated profitability improvements and longer runways Longer-tenure investees have gone from early-stage start-ups to at- scale later-stage growth companies This in part underpins our multiples remaining flat on average in 2023 to date despite peer multiples expanding by around 10% Rebalancing our portfolio remains a vital tool - the average 2023 growth rate has increased by 10 percentage points through the year-to-date shift in portfolio balance alone Investments in businesses that are effectively pre-revenue - such as Enveda, H2 Green Steel and Solugen - heighten the profile of the portfolio but are (naturally) not included in these figures Growth 2023 Expectations Value-Weighted Growth Rates Private Portfolio (Red), Public Comps (Gray) and Relative Difference in Rate 3.6x 2022 Effect of Village MD & e-Commerce 3.5x 3.1x 2023 months' basis, While valuations have been negatively impacted by downward changes in outlook on a rolling next twelve the underlying actual growth of our private portfolio continues at a healthy level that outpaces peers materially 10 100% 75% 50% 25% KINNEVIK#11IN TOTAL, NET ASSET VALUE WAS DOWN 3% IN Q2 2023 Per are 55.5 10.5 14.2 1.6 1 29.9 Q1 2023 198 Net Asset Value Development in Q2 2023 • Private Growth, Public Growth, Tele2, Net Cash / (Debt), SEKbn +2.5 Private Growth Note: Total Net Asset Value including Other Net Assets / Liabilities +0.3 Recursion (0.5) Babylon & GFG (1.9) Tele2 (1.7) Change in Net Cash 54.0 8.8 12.3 1.4 32.5 Q2 2023 192 11 KINNEVIK#12TRACKING AGAINST OUR PRIORITIES KINNEVIK#13WE ARE TRACKING AGAINST OUR 2023 PRIORITIES AND EXPECTATIONS OUR 2023 PRIORITIES Continued disciplined capital allocation Support and maximize the impact of our highest-conviction investments Minimize capital and exposure to our lowest-conviction investments Pursue new investments selectively, leveraging our financial strength and long-term perspective Capture opportunities arising during a period of a risk-averse sentiment OUR 2023 EXPECTATIONS Maintain our momentum of SEK 5bn in annual investments Investments split roughly 50/50 between existing and new companies Our investees will need to continuously adapt to a dynamic and complex economic environment Continued crystallization of long-term winners and investments that will be pruned and transitioned out Ending the year within a more stable outlook for the venture and growth capital ecosystem 13 KINNEVIK#14Q&A#15WE INVEST FOR A REIMAGINED EVERYDAY