#1KINNEVIK INTERIM REPORT FIRST HALF OF 2022 STEAK HERTTALE#2Intro Net Asset Value (SEK) 61.1bn Key Financial Data SEKM NAVIGATING A HIGHLY CHALLENGING MARKET ENVIRONMENT FROM A POSITION OF STRENGTH Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) SEKM Net Asset Value Net Profit/(Loss) Net Profit / (Loss) per Share Pre Dilution, SEK Net Profit / (Loss) per Share Post Dilution, SEK Change in Fair Value of Financial Assets Dividends Received Dividend Paid, In Kind Dividend Paid, Cash Investments Divestments KINNEVIK Interim Report. Q2 2022 Change in NAV Q/Q (10)% Q2 2022 -6 729 -24.09 -24.09 -9 701 Portfolio Overview 3 077 475 -6 027 61 140 30 Jun 2022 31 Mar 2022 31 Dec 2021 218.32 164.75 13 592 Q2 2021 12 489 44.95 44.95 11 450 1126 -54 116 -44 734 -43 Change in NAVY/Y (20)% 67 859 243.50 247.05 4 977 H1 2022 Sustainability -11 270 -40.35 -40.35 -14 290 3 077 2 132 -7 042 72 391 259.86 323.95 5 384 H1 2021 18 561 66.80 66.80 17 586 1 126 -54 116 -44 1 740 -250 30 Jun 2021 76 178 274.05 344.80 4 320 FY 2021 14 777 53.12 53.12 13 269 1 689 -54 140 Financial Statements -44 6 376 -5 544 One-Year TSR (52)% Other Five-Year Annualised TSR 9% "With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a nega- tive impact on those of our companies that are less resilient." Georgi Ganev CEO of Kinnevik 2#3Intro Net Asset Value HIGHLIGHTS IN THE QUARTER Key Events We made a follow-on investment in Budbee, valuing the com- pany at SEK 7.3bn, supporting its continued strong organic and profitable growth. We also participated in Mathem's funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation We divested 27% of our shareholding in Tele2 for SEK 6.0bn, providing us with additional financial strength at a time of market uncertainty, ensuring we have a net cash runway through 2024, and allowing us flexibility to time our capital deployment We published Kinnevik's inaugural Climate Progress Report to follow up on our climate targets for the portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik's port- folio have decreased their emissions intensity by 11%, reaching our annual target of 7% by a wide margin KINNEVIK Portfolio Overview Interim Report Q2 2022 Sustainability Investment Management Activities • We invested a more modest SEK 0.5bn during the quarter, reflective of the current funding environment, of which SEK 155m into Mathem and SEK 115m into Budbee ● For the first half of 2022, we invested SEK 2.1 bn in aggregate Financial Position NAV of SEK 61.1 bn (SEK 218 per share), down SEK 6.7bn or 10% in the quarter and SEK 11.3bn or 16% year-to-date Net cash position of SEK 13.6bn, including the proceeds from our Tele2 sell-down and received dividends, corresponding to 28% of portfolio value by quarter-end Financial Statements Other Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our compa- nies 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 KINV A and KINV B. 13.6bn Kinnevik's net cash position (SEK) 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q2 Results Our Net Asset Value amounted to SEK 61.1 bn or SEK 218 per share at the end of the second quarter of 2022, down by SEK 6.7bn or 10 percent from where we ended the first quarter. The downward valuation trend faced by public growth assets during the first quarter continued without abatement during the second quarter. The pandemic winners are typi- cally facing the most valuation pressure, as evident in the stock market's valuations of companies in sectors such as non-specialized virtual health, e-commerce, and streaming services. We continue to seek to reflect changes in valuation levels of publicly listed peers when valuing our unlisted bu- sinesses. On average, we have decreased our valuation of each individual company by around 30 percent this quarter. Due to a handful of transactions undertaken in this valuation environment, significant currency tailwinds, and the effect of customary downside protection provisions in some of our investments, the reported fair value of our unlisted portfolio decreased by a more muted 7 percent. You find a detailed description of the current valuations of our unlisted invest- ments in Note 4. In May, we divested around a quarter of our shares in Tele2 KINNEVIK Portfolio Overview Dear Shareholders, as we close out the first half of 2022, our environment is radically different to where we were one year ago. The aftermath of the covid pandemic with inflationary pressure, challenged supply chains and rising interest rates, exacerbated by the war in Europe, has put strong pressure on the valuations in our pocket of growth equity markets. Whereas we last year highlighted that multiple expansion was supporting our net asset value, we now face a significant reversal of that trend. With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a negative impact on those of our companies that are less resilient. Interim Report - Q2 2022 Sustainability for a total consideration of SEK 6.0bn which, together with dividends received from Tele2, takes our net cash balance at the end of the second quarter to SEK 13.6bn. The additional financial strength secured at a time of market uncertainty not only ensures that we have a net cash runway through 2024 at our current pace of investment of around SEK 5bn per year. It also provides us with increased flexibility to time our deployment of capital, and ability to act on attractive opportunities as they emerge. The Importance of the S-Curve It seems clear that the market downturn will be more long- lasting than perhaps expected at the beginning of the year. At Kinnevik, we take comfort in the fact that we have a strong balance sheet and are able to take a more long-term view than most other investors. We are also pleased that many of our largest and most important investments took advantage of the benign market conditions of the past to extend their runways. In aggregate, our companies raised more than SEK 50bn in fresh capital last year, making many of them less vulnerable to the medium-term fundraising market. We estimate that investees corresponding to almost 50 percent Financial Statements Other of our unlisted fair value have runways extending into 2024 and beyond, and less than 10 percent have cash runway that ends during 2022. With this in mind, we are continuously assessing how the weaker macro outlook could affect each of our companies individually, and refrain from issuing generic and dogmatic advice on how they should value growth versus profitability in the short term. The general ebb of capital will undoubtedly have a more fundamental impact on many of our businesses that have shorter runways, and there will be cases where we opt to realize losses of capital instead of financing businesses that we do not believe have a high risk-adjusted potential to be long-term successful. What also helps us absorb the impact of deteriorating market conditions are the strides we have made in building a portfolio of a balanced set of companies spread across the typical business S-curve in terms of growth and time to cash flow profitability. This is not only a result of investing at different stages of maturity, but also by financing the growth of many of our younger businesses through consistent follow- on investments. At the right-hand side of our portfolio's maturity spectrum, we find e.g. Jobandtalent, the workforce marketplace that matches workers with temporary employment. The company was growing revenues at 130 percent annually while being profitable at an EBITDA level when we invested at the end of last year. Since then, the company has continued to perform strongly and expects to double revenues also in 2022. At the other end of the curve, we find Omnipresent, a more recent investment in an earlier stage of growth. Omnipresent provides client-focused, tech-enabled business solutions combined with personalized expertise to support hiring people globally in more than 160 countries. When Kinnevik led the round in March of this year, it was on the back of Omnipresent growing revenues by 25x during 2021. While the new market environment clearly has an impact on Omnipresent, it also provides opportunities. Many companies 4#5Intro . Net Asset Value are now even more focused at hiring in different jurisdictions to further optimize their cost base, and with valuations reset- ting across companies in the venture and growth ecosystem, there is a lot of movement of talent taking place. We expect Omnipresent to move along the S-curve over time, just as many of our successful investments have done before them. One example of this is Budbee, where we in- vested early on and have kept investing more capital as the company has progressed along the curve. Since our first investment in 2018, Budbee has grown revenue by over 30x to SEK 835m in 2021, while reaching profitability in their underlying operations. In addition to last mile deliveries directly to the home, Budbee has contracted 5,000 pick-up boxes in its five markets supporting their strong growth. Budbee is an example of how high-quality companies remain able to raise capital at attractive terms even as markets have softened, with the company completing a funding round of SEK 400m during the quarter valuing the company at SEK 7.3bn. To date, our investment in Budbee has generated a return of 4.4x times our aggregate invested capital, and 11x our first investment in 2018. With our diverse set of companies led by strong founders, we also have great opportunities to draw on the experiences from how some of our portfolio companies have coped with rapidly changing market conditions. One such example is Avi Meir, the founder and CEO of TravelPerk, whose strong leadership and swift actions helped TravelPerk not only survive when the covid pandemic hit, but to thrive as travel returned. Read how he did it on page 15. Assessing New Investment Opportunities The current market environment will not only cause some of our companies to fall off their growth trajectory, or to fail completely. It will also cause attractive investment opportunities to emerge both in our existing portfolio and in new companies. Our pipeline remains vibrant, with interesting KINNEVIK Interim Report - Q2 2022 Portfolio Overview Sustainability opportunities in all focus sectors. In the first six months of 2022, we have deployed SEK 2.1bn in total, with a 37/63 per- cent split between existing and new companies. We see a marked difference in the pace of new funding rounds, and we believe that this market climate benefits our ability to identify, source and pursue long-term attractive investment opportunities. For the full year, we still expect to invest around SEK 5bn, and that this capital is split fairly even between follow-on investments and new investments, and we remain ready and able to deploy even more capital should attractive opportunities arise during the second half of 2022. Building Sustainable Businesses In June, we published our first Climate Progress Report to follow-up on the fulfilment of our annual greenhouse gas emissions intensity target for Kinnevik's portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11 percent, thus achieving our annual target of 7 percent. The current market environment will cause attractive investment opportunities to emerge both in our existing portfolio and in new companies. Our pipeline remains vibrant, with interesting opportunities in all focus sectors. Financial Statements Other Climate change is one of the greatest global environmental and economic challenges of our time and we have a unique position to influence our companies to become sustainability leaders and align with a low-carbon future. We are proud of the progress made in our portfolio companies and impressed by their ability to scale rapidly while decreasing greenhouse gas emission intensity. Concluding Remarks The current market environment is driving a wedge between companies that rose with the tide during the pandemic era and companies that truly have the potential to be long-term successful irrespective of the macroeconomic environment. This is the case for the venture and growth market in general, and it is the case for us at Kinnevik. We need to be prepared if the pressure on valuations continues, or intensifies further, making fundraising even more difficult. While we remain humble in the face of the current market environment, we are confident that over the long-term we will come out of this downturn stronger. For two reasons. Firstly, we believe we have been disciplined allocators of capital and have elected to pass on, or scale down, invest- ments at lofty valuations during 2020 and 2021. Secondly, we believe our permanent capital base and our strong financial position gives us the tools we need to capture as much value as possible during a time when other investors' horizons contract. Growth investing is not easy and requires a level of patience and composure that few investors can stomach. It is at these times of difficulties that the advantage and distinction of our long-term perspective is the most valuable. To all our shareholders that continue to place your trust with us, we are confident your endurance will be rewarded. Georgi Ganev CEO of Kinnevik 5#6Intro Categories KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance (52)% One Year Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Note: For more information about the categories see Note 4 on pages 29-33. TMT Total Portfolio Annualised Total Shareholder Return Net Asset Value 9% (1)% KINNEVIK Five Years Fair Value 4% 7 793 Five Year Annualised IRR per Category 2764 6 866 15% 15% 9 371 2 462 14% Note: The annualised total shareholder return includes reinvested dividends. Interim Report. Q2 2022 Ten Years Return 3.3x 2.6x 1.3x 3.8x 1.1x 60% 61% Portfolio Overview 79% Average Holding Period 2.6 Years 2.9 Years 3.0 Years 3.7 Years 4.7 Years 14% Thirty Years 2,132 (7,042) Sustainability H1 2022 2021 Revenue Growth +145-165% Investment Activity (SEKm) +125-145% +40-60%/ +140-160% +130-150% +30-50% (4,910) 2021 Gross Margin Investments Divestments 5-15% 50-70% 30-40% / 60-80% 28% Net Investments 60-80% 50-70% 475 Financial Statements NTM EV/Revenue 3-4x 1.5-2.5x/5-7x (6,027) 5.5-7.5× Q2 2022 10-25x Net Cash to Portfolio Value 5-7x (5,552) Other Composition of Portfolio Value Tele2 33% Emerging Markets 3% Early Bets & New Themes 3% Platforms & Marketplaces 14% 76.2 75.8 Value-Based Care 16% NAV Development (SEKbn) 72.4 Virtual Care 6% Consumer Finance 5% 67.9 Q2'21 Q3'21 Q4'21 Q1'22 61.1 Q2'22 Software 19% 6#7Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Babylon Cityblock Transcarent Village MD Value-Based Care Parsley Health Quit Genius Spring Health Teladoc Virtual Care Budbee Common HungryPanda Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Interim Report. Q2 2022 Vintage 2016 2020 2022 2019 2021 2021 2021 2017 2018 2020 2020 2021 2019 2018 2018 2021 Portfolio Overview Ownership 13% 8% 3% 4% 11% 12% 5% 2% 28% 14% 11% 5% 31% 21% 7% 11% Value Q2 2022 535 2959 615 3 684 7 793 165 320 1 025 1 254 2 764 1970 103 438 1 082 854 1 118 724 577 6 866 Sustainability Released 3 110 3 110 4 363 4 363 Invested 847 933 546 986 3 312 191 271 861 1 394 2717 452 295 424 1 006 1 374 711 597 586 5 445 Financial Statements Return 3.2x 1.1x 6.9x 3.3x 0.9x 1.2x 1.2x 4.0x 2.6x 4.4x 0.3x 1.0x 1.1x 0.6x 1.6x 1.2x 1.0x 1.3x Value Q1 2022 1 992 3 364 559 4 273 10 188 214 280 932 2 474 3 900 1 309 132 511 1 047 699 1 499 417 525 6 139 Other Value Q4 2021 2 900 4 036 4 658 11 594 208 272 905 4 149 5 534 1 309 163 573 1 040 1 254 1 604 427 510 6 880 Value Q2 2021 4 699 2 076 7 858 14 633 197 10 653 10 850 1 259 239 339 1671 1 553 468 632 6 161 7#8Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Ced Omnipresent Pleo Sure TravelPerk Software Betterment Lunar Monese Consumer Finance Early Bets & New Themes Global Fashion Group Other Emerging Markets Emerging Markets Other Total Growth Portfolio whereof Unlisted Assets Net Asset Value KINNEVIK Interim Report. Q2 2022 Vintage 2018 2022 2018 2021 2018 2016 2021 2018 2010 2007-13 Portfolio Overview Ownership 8% 6% 14% 9% 15% 13% 6% 23% 36% Mixed Value Q2 2022 061 373 4 502 512 1923 9 371 1 415 522 525 2 462 1 437 1 226 348 1 574 50 32 316 29 302 Sustainability Released 56 56 7 530 3 166 Invested 270 377 646 435 714 2 443 1 135 717 481 2 333 1912 6 290 2 196 8 486 26 647 18 116 Financial Statements Return 7.6 1.0x 7.0x 1.2x 2.7x 3.8x 1.2x 0.7x 1.1x 1.1x 0.8x 0.2x 0.2x 0.2x 1.5x 1.8x Value Q1 2022 2 284 368 5 333 466 1 717 10 168 1 395 800 519 2714 1 601 1 403 606 2 009 140 36 860 30 990 Other Value Q4 2021 2 525 5 884 453 1 668 10 530 1 586 526 534 2 646 1 251 3 612 1 019 4 631 236 43 302 32 641 Value Q2 2021 2 38 1913 791 5 089 1 090 514 1 604 701 10 228 1 131 11 359 196 50 593 29 712 8#9Intro SEKM NET ASSET VALUE LEGACY ASSETS, FINANCIAL POSITION & TOTALITY Tele2 Total Portfolio Value Gross Cash Gross Debt Net Cash / (Debt) Other Net Assets/(Liabilities) Total Net Asset Value Net Asset Value Per Share, SEK Closing Price, Class B Share, SEK Note: Growth Portfolio 19.1 Net Invested Cash Net Asset Value KINNEVIK SEKbn 32.3 Fair Value 2022 Q2 Vintage Interim Report Q2 2022 1993 Portfolio Overview Tele2 33% 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% 6% Listed Growth Value Q2 2022 16 025 48 341 Unlisted Growth 61% ) 17 218 -3 626 13 592 -793 61 140 218.32 164.75 Sustainability Composition of Portfolio Value Per quarter-end Tele2 33% 2016-21 Investments 64% Financial Statements 3% Pre 2016 Investments Value Q1 2022 26 735 63 595 8 595 -3 618 4 977 -713 67 859 243.50 247.05 Other Value Q4 2021 24 240 67 541 10 549 -5 165 5 384 -534 72 391 259.86 323.95 ASSESSMENTS OF FAIR VALUE OF UNLISTED INVESTMENTS Value Q2 2021 21 72 516 7 329 -3 009 4 320 -658 76 178 274.05 344.80 In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Ven- ture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in deter- mining the fair value of each of our unlisted investments. Read more in Note 4 on pages 29-33. MORE → 9#10Intro HEALTHCARE Empowering people to live their healthiest lives by transforming the healthcare experience Public company Fair Value SEK 1.3bn Kinnevik Stake 2% Digital healthcare service com- pany combining mobile tech and artificial intelligence with medical expertise Public company Fair Value SEK Kinnevik Stake Net Asset Value 535m 13% A leading US based provider of primary care and a pioneer in the delivery of value-based care Fair Value SEK 3.7bn Kinnevik Stake 4% KINNEVIK Interim Report. Q2 2022 Revenue (USDm) 454 Q1 2021 71 503 Q1 2021 Q2 2021 Revenue (USDm) Portfolio Overview 57 Q2 2021 523 Q3 2021 74 Q3 2021 554 Q4 2021 120 Q4 2021 VillageMD Value-based patients May 2022 425k Teladoc HEALTH 565 Q1 2022 266 Sustainability Q1 2022 Adjusted EBITDA Margin 12% Q1 2021 babylon 66 13% Q4 2020 Q2 2021 13% Active markets April 2022 22 Q3 2021 US value based care members ('000) 167 Financial Statements Q4 2021 14% Q4 2021 10% Q1 2022 271 Q1 2022 US Paid Membership (m) 51.5 Other Q1 2021 52.0 Q2 2021 52.5 Fair Value SEK Kinnevik Stake Q3 2021 53.6 320m 12% Monitor Q4 2021 54.3 Quit Genius The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually Q1 2022 10#11Intro HEALTHCARE Fair Value SEK 3.0bn Kinnevik Stake 8% Net Asset Value Value-based healthcare provider focused on underserved urban populations with complex care needs Fair Value SEK 1.0bn Kinnevik Stake 5% KINNEVIK CITYBLOCK Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employ- ees and their families spring health Interim Report. Q2 2022 Portfolio Overview ystoc Sustainability Fair Value SEK 165m Kinnevik Stake 11% America's largest holistic virtual- first consumer subscription service, caring for and supporting chronic conditions for women Financial Statements Fair Value SEK Kinnevik Stake 615m 3% Parsley Health A new and different health and care experience company for em- ployees of self-insured employers and their families Other T Transcarent 11#12Intro PLATFORMS & MARKETPLACES Customer centric last-mile logistics platform specialised for e-Commerce businesses Fair Value SEK 2.0bn Kinnevik Stake 28% Sweden's leading independent online grocery retailer, reaching more than half of all Swedish households Fair Value SEK Kinnevik Stake Net Asset Value 854m 31% The leading online grocery store in Norway, with the ambition to make grocery shopping an effortless ac- tivity Fair Value SEK 1.1bn Kinnevik Stake 21% KINNEVIK Interim Report - Q2 2022 Number of New Merchants 345 Q2 2021 2 694 Q1 2021 Revenues LTM (SEKm) 268 2315 Q3 2021 Q1 2021 Portfolio Overview 2736 Q2 2021 Revenues LTM (NOKm) 2 404 Q2 2021 385 Q4 2021 2727 Q3 2021 oda 2 471 Q3 2021 357 Q1 2022 2 648 Q4 2021 2484 Q4 2021 budbee 448 Q2 2022 Mathem 2 545 Q1 2022 Sustainability 2 509 Q1 2022 Number of Completed Deliveries LTM (m) 2.4 Q1 2021 1.8 2.5 Q1 2021 Q2 2021 1.9 2.7 Q2 2021 Q3 2021 Number of Completed Deliveries LTM (m) Financial Statements 2.0 Q3 2021 2.3 Q4 2021 2.0 Q4 2021 2.1 Q1 2022 2.1 Q1 2022 Other Kinnevik made a follow-on investment of SEK 115m in Budbee as part of a SEK 400m funding round that valued the company at SEK 7.3bn. We invested early in Budbee and have continued to invest more capital as the company continues to show strong organic and profitable growth. Kinnevik participated with SEK 155m in Mathem's SEK 500m funding round valuing the company at SEK 2.3bn which is in line with Kinnevik's first quarter 2022 valuation. The additional capital will be used for the new warehouse in Stockholm. ✓ Common Residential brand and tech- enabled managed rental housing marketplace in the US Fair Value SEK Kinnevik Stake 103m 14% 12#13Intro PLATFORMS & MARKETPLACES A global leader in online Asian food delivery Fair Value SEK 438m Kinnevik Stake 11% Net Asset Value Fair Value SEK 724m Kinnevik Stake 7% The largest multi-modal travel platform in Europe operating in 15 countries KINNEVIK Interim Report. Q2 2022 熊猫外卖 HungryPanda 'omio Portfolio Overview Hungry Panda |熊猫外卖 VOR Sustainability Fair Value SEK Kinnevik Stake The world's leading digital temp staffing agency 1.1bn 5% The world's leading wine app Fair Value SEK Kinnevik Stake Financial Statements 577m 11% jobandtalent VIVINO 52.0 Other Q2 2021 Review your cont 53.5 9:41 Q3 2021 TOUR CURRENT WORK Warehouse operatives Y JONANDTAL ENT Total number of users (m) Tekaloring €16,490 E 7 Clocking e back of your working hours were €1,824 Shifts Accept and reject yourshits Contract details Review & Down your contracts 55.6 Q4 2021 57.1 Q1 2022 58.5 Q2 2022 13#14Intro SOFTWARE Provides a smarter way for hospi- tals, health systems and medical groups to manage the patient payment ecosystem Fair Value SEK Kinnevik Stake 2.1bn 8% Offers smart payment cards to employees while making sure the company remains in full control of spending Fair Value SEK 4.5bn Kinnevik Stake 14% Net Asset Value Fair Value SEK Kinnevik Stake Provides an end-to-end service to support and guide businesses hiring talent globally KINNEVIK 373m 6% Interim Report - Q2 2022 10.3 Number of customers ('000) SQ1 2021 14.0 Portfolio Overview Q2 2021 cedar 15.0 Q3 2021 18.5 I'A Q4 2021 nep paying. Contact us if you have any questions. PATIENT Jane Gold PROVIDER ABC Health System LAST VISIT Dec. 21, 2016 Jan. 1. 2018 Sustainability PLEO 21.0 Q1 2022 PAY TOTAL $3,135 PAYMENT PLAN Always interest free MORE OPTIONS SELECT BILLS TO PAY PAY PARTIAL AMOUNT omnipresent Financial Statements The leading global insurtech enabling the insurance industry to reach its full potential in an online era Fair Value SEK Kinnevik Stake Other With customers McDonald's .ee House Coffee meeting with Aaron B SURE 512m 9% 14#15Intro SOFTWARE Net Asset Value The leading solution for businesses to book corporate travel online Fair Value SEK 1.9bn Kinnevik Stake 15% How does a travel management company not just survive, but thrive, in a global pandemic? We spoke to Avi Meir, founder and CEO of TravelPerk about how he steered TravelPerk through the covid crisis Avi, what was your first reaction when covid hit the world in March of 2020? In March 2020 we were growing 3x year-on- year. Three weeks later we had a negative revenue day. Negative. Revenue. We needed KINNEVIK Interim Report. Q2 2022 Portfolio Overview Travel Perk to return more money than what we had col- lected that day. Overnight, we had to acknow- ledge that our world had changed completely - we went to war mode. The Leadership Team and I met on a Sun- day afternoon and simply deleted the docu- ment with our yearly goals. We stood up by the whiteboard and wrote down three new priorities: 1) survive, 2) emerge strong, and 3) turn lemons into lemonade. Tell us how you made sure the company survived the crisis We needed to make sure we had enough cash to outlive the crisis. All replaceable or luxury expenses were immediately cut to zero - rent, fruits & coffee, etc. We needed to be brutal and get rid of everything that we could buy or rent again in the future. The one thing that we didn't cut was pe- ople. It took a lot of effort to build our ama- zing team, and I wasn't going to let it all go to waste. People are not interchangeable, each of us is unique. So, we fought hard to save every job we could and avoided layoffs. We had 300 sales representatives and travel agents who had no work to do as no one was traveling in April 2020. We did a very aggressive performance review across the organization covering all roles, which enabled us to cut costs while keeping the best people - even in roles that had no work to do at the time. Sustainability As a side effect is that my team now knows that I did everything in my power to keep Financial Statements their jobs, and that our values are not mere virtue - we stick to them even when things get tough. Imagine how much stronger we are as a team now because of this. In addition to cutting costs by over 40 percent, we also raised a convertible note from existing investors. I didn't negotiate the terms too hard, we needed cash and I wasn't going to be short-sighted and fight for paper valuation at the expense of cash in the bank. Two years on, we now know that TravelPerk not only survived but emerged strong - how did you do it? We always knew that the meetings that mat- ter happen in person, and that people will go back to wanting to connect in real life. So, we decided to not stop selling but kept adding customers as fast as we could, even though no one was traveling. We set up their accounts, did demos, and crossed our fingers that one day they would use the product. I used to tell my team that we're like a real estate company buying buildings to rent in the future. We know that tenants will want to live there, but right now we can't rent the assets. Future revenue was our north star metric (we called it Travel Budget Under Management). In addition to adding customers, we also used the time to double down on our pro- duct. We hired more people in product and engineering and increased our product velo- city. Quiet times have their advantages, and we used it to build for the future. Other As a result of our resolve to emerge strong from the crisis, we have tripled our margins, kept building a great product, added more customers than ever, and increased future revenue. Finally, how did you manage to turn lemons into lemonade? Crisis means opportunity. Once we had en- sured we would survive and emerge strong, we lifted our eyes from the immediate, and looked for these strategic and rare opportuni- ties that the crisis enabled for us. Firstly, crisis means lower valuations and we acquired four great companies at a discount during this period. Secondly, traveling during Covid was really complicated with all local rules and re- gulations, so we built a Travel Restrictions API and sold to third parties. Thirdly, as we saw remote work and increasingly international team as a trend that was likely to last beyond the pandemic, we built an offsite planning tool to enable people to meet in person a few times per year. So where is TravelPerk today? I'm fortunate enough to have a great team and fantastic investors that supported us throughout the crisis. Today, our revenue is 10x compared to before the pandemic, our margins are 3x, the team is stronger than ever, and the product is in a category of its own. 15#16Intro CONSUMER FINANCE US based smart money manager offering investing and retirement solutions Fair Value SEK 1.4bn Kinnevik Stake 13% Net Asset Value The first fully mobile current ac- count in the UK Fair Value SEK 525m Kinnevik Stake 23% KINNEVIK Interim Report. Q2 2022 31.3 Assets Under Management (USDbn) Q2 2021 3.6 Betterment Q2 2021 31.8 Portfolio Overview Q3 2021 Signed-Up Customers (m) 3.7 Q3 2021 33.9 Q4 2021 3.9 Q4 2021 33.1 Q1 2022 4.1 Q1 2022 31.7 May 2022 4.3 Sustainability May 2022 Customers ('000) 677 ✔ monese Q2 2021 693 Q3 2021 713 Q4 2021 Financial Statements 751 Q1 2021 GBP account £1,085.00 Add money Recently paid Aurelo Details 763 May 2022 Senge 239.00 Card PIN View all Matthew Viev Other LUNARⓇ Financial technology company that lets consumers and busines- ses handle everything money in one place Fair Value SEK Kinnevik Stake monese 522m 6% 16#17Intro Net Asset Value EARLY BETS & NEW THEMES Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market a Safety Wing KINNEVIK Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote workforces Portfolio Overview Interim Report. Q2 2022 joint academy® Swedish digital health company that connects patients with phy- sical therapists to deliver an on- line evidence-based treatment for chronic joint pain simple feast A leading plant-based meal kit provider Sustainability KARMA Financial Statements Sustainable food platform allowing retailers to sell both surplus food with a discount and food from their regular menu with the goal of preven- ting food waste superb The first all-in-one Guest Expe- rience Management platform for restaurants Other NICK'S Swedish-born, global food-tech innovator of healthy and indulgent snacks and ice cream vay A Berlin-based tech-enabled mobility company that is on track to launch a mobility service with teledriven electric VayCars on European public streets 17#18Intro OTHER PORTFOLIO Enables mobile and fixed connectivity, telephony, data, TV and streaming Public company Fair Value SEK 16.0bn Kinnevik Stake 20% Net Asset Value The leading fashion and lifestyle retail destination in growth markets Public company Fair Value SEK Kinnevik Stake KINNEVIK 1.2bn 36% Interim Report. Q2 2022 Revenue (SEKbn) 6.6 EMERGING MARKETS Q1 2021 6.6 2.0 Q2 2021 Q1 2021 Portfolio Overview 2.2 Q2 2021 6.6 Net Merchandise Value LTM (EURbn) Q3 2021 2.2 7.0 Q3 2021 Q4 2021 2.4 Q4 2021 TELE2 ..... 6.7 Q1 2022 Sustainability OFG 2.5 Q1 2022 Adjusted EBITDAaL Margin 34% Q1 2021 GLOBAL FASHION GROUP 2.0% 36% Q1 2021 Q2 2021 Adjusted EBITDA Margin LTM 2.0% 39% Q2 2021 Q3 2021 0.8% Q3 2021 Financial Statements 34% Q4 2021 0.9% Q4 2021 37% Q1 2022 0.9% Q1 2022 Revenue Generating Units Sweden and the Baltics (m) 9.3 Q1 2021 Other 16.7 Q1 2021 9.3 Active Customers (m) Q2 2021 17.0 Q2 2021 9.4 Q3 2021 16.9 Q3 2021 9.4 Q4 2021 17.0 Q4 2021 9.4 Q1 2022 16.8 Q1 2022 18#19Intro Net Asset Value KINNEVIK HAS PUBLISHED ITS INAGURAL CLIMATE PROGRESS REPORT 11% Between 2020 and 2021, the emissions- reporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11%, thus achieving our annual target of 7% KINNEVIK Portfolio Overview "Climate change is one of the greatest global environmental and economic challenges of our time and we have a unique position to influence our companies to become sustainability leaders and to align with a low- carbon future. I am proud of the progress made in our portfolio companies and impressed by their ability to scale rapidly while decreasing greenhouse gas emission intensity. With this report we also want to increase transparency towards Kinnevik's stakeholders and drive the development in our sector with regards to emis- sion disclosure and target follow-up." Sustainability Interim Report. Q2 2022 Georgi Ganev, CEO of Kinnevik 50% Our long-term target is a 50% reduction in greenhouse gas emission intensity in Kinnevik's portfolio by 2030 compared to 2020 Financial Statements Other Highlights from the Climate Progress Report 2021 Kinnevik set two climate targets in May 2020, a net zero tar- get for our operations excluding the portfolio and a target to achieve 50% reduction in greenhouse gas emission in- tensity in Kinnevik's portfolio by 2030 compared to 2020. In 2021, the portfolio climate target was integrated into our Sustainability-Linked Financing Framework and translated into an annual reduction target, namely, to achieve a reduc- tion in greenhouse gas emissions intensity in the portfolio by 7% annually, until 2030 The objective of our inaugural Climate Progress Report is to follow-up on the fulfilment of Kinnevik's annual intensity re- duction target and report on the performance against the Climate Sustainability Performance Target of our outstan- ding Sustainability Linked Bonds Between 2020 and 2021, the six companies in Kinnevik's portfolio reporting emissions have on aggregate and on a value-weighted basis, decreased their emissions intensity by 11%, thus achieving our target for 2021 In addition to the main objective to follow-up on our climate target for the portfolio, the Climate Progress Report also includes an overview of the total emissions from Kinnevik's portfolio. The overview includes the actual carbon dioxide equivalents of our emissions-reporting companies as well as an estimate of the scope 1 and 2 emissions from our lar- gest non-reporting portfolio companies The full Climate Progress Report 2021 is available on www.kinnevik.com. 19#20Intro FINANCIAL REVIEW Investee (SEKm) Agreena Budbee Common Joint Academy Lunar Mathem Omio Omnipresent Quit Genius SafetyWing Town Hall Ventures III Transcarent TravelPerk Other Investments Teladoc Tele2 Other Divestments Net Investments / (Divestments) Net Asset Value KINNEVIK Interim Report. Q2 2022 Q2 115 155 31] 12 36 126 475 -6 027 -6 027 - 5 552 H1 2022 127 115 68 57 211 155 32 377 12 177 93 546 36 127 2 132 -986 -6 027 -29 -7 042 -4910 Portfolio Overview Sustainability Capital Allocation Framework Over 2019-23, Kinnevik is aiming to systematically invest its capital under a capital allocation framework which entails: • Investing one-third of our capital into first round investments, and two-thirds of our capital into follow- on investments in the high-performing companies of our growth portfolio, on average per year. • Adding one or two international, later-stage compa- nies, and one or two Nordic earlier-stage companies on average per year. Distributing our capital evenly across our focus sectors. • Aiming to accrete 15-25 percent ownership stakes. • Targeting a portfolio of 30 companies, with a more even distribution of value across investments and sectors, as well as levels of risk and stages of maturity. ● Financial Statements Other During the second quarter, reflective of the current funding en- vironment, we invested a more modest SEK 0.5bn. Among the largest investments were a follow-on investment of SEK 115m in Budbee as part of a SEK 400m funding round that valued the company at SEK 7.3bn. We also participated with SEK 155m in Mathem's SEK 500m funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation. In May, we divested around a quarter of our shares in Tele2 for a total consideration of SEK 6.0bn which, together with dividends received from Tele2, takes our net cash balance at the end of the second quarter to SEK 13.6bn. The additional financial strength secured at a time of market uncertainty ensures that we have a net cash runway through 2024 at our current pace of investment. In the first six months of 2022, we have deployed SEK 2.1bn in total, with a 37/63 percent split between existing and new companies. For the full year, we still expect to invest around SEK 5bn, and that this capital is split fairly even between follow-on investments and new investments, and we remain ready and able to deploy even more capital should attractive opportunities arise during the second half of 2022. 20#21Intro Net Asset Value CAPITAL STRUCTURE As at 30 June 2022, Kinnevik had a net cash position of SEK 13.6bn, corresponding to 28 percent of portfolio value. This net cash position was mainly made up of SEK 17.2bn in cash and short-term investments, less SEK 3.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months and 0.1bn in debt for unpaid investments. KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability FINANCIAL TARGETS Attractive Returns Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15 percent over the business cycle. Low Leverage Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10 percent of portfolio value. Shareholder Remuneration Policy Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends. Financial Statements Other 21#22Intro SEK m GROUP FINANCIAL STATEMENTS Change in fair value of financial assets Dividends received Consolidated Income Statement and report concerning Total Comprehensive Income Administration costs Other operating income Other operating expenses Operating profit/loss Net Asset Value Interest income and other financial income Interest expenses and other financial expenses Profit/loss after financial net Tax Net profit/loss for the period Total comprehensive income for the period Net profit/loss per share before dilution, SEK Net profit/loss per share after dilution, SEK Outstanding shares at the end of the period Average number of shares before dilution Average number of shares after dilution KINNEVIK Interim Report. Q2 2022 Note Portfolio Overview 4 5 Q2 2022 -9 701 3 077 -84 3 -1 -6 706 88 -111 -6 729 0 -6 729 -6 729 -24.09 -24.09 280 042 974 279 360 120 279 360 120 Q2 2021 11 450 1 126 -76 1 -3 12 498 0 -9 12 489 0 12 489 12 489 44.95 44.95 277 967 964 Sustainability 277 871 501 277 871 501 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 H1 2021 17 586 1 126 -145 4 -3 18 568 35 -42 18 561 0 18 561 18 561 66.80 66.80 277 967 964 277 839 346 277 839 346 FY 2021 13 269 1 689 -319 10 -3 14 646 210 -74 14 782 -5 14 777 14 777 53.12 53.12 278 677 265 278 177 851 278 177 851 Financial Statements Other Consolidated Earnings for the Second Quarter The change in fair value of financial assets including dividends received amounted to a loss of SEK 6,624m (profit of 12,576) for the second quarter of which a loss of SEK 4,461m (profit of 8,753) was related to listed holdings and a loss of SEK 2,163m (profit of 3,823) was related to unlisted holdings. See note 4 and 5 for further details. The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term investments in Money Market funds. Consolidated Earnings for the First Six Months of the Year The change in fair value of financial assets including dividends received amounted to a loss of SEK 11,213m (profit of 18,712) for the first six months of the year of which a loss of SEK 5,771m (profit of 8,312) was related to listed holdings and a loss of SEK 5,442m (profit of 10,399) was related to unlisted holdings. See note 4 and 5 for further details. The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term investments in Money Market funds. 22#23Intro Consolidated Statement of Cash Flow SEK m Dividends received Cash flow from operating costs Interest, received Interest, paid Cash flow from operations Investments in financial assets Sale of shares and other securities Cash flow from investing activities Repayment of loan Borrowing Sale of treasury shares Dividend paid to equity holders of the Parent company Cash flow from financing activities Cash flow for the period Net Asset Value Short term investments and cash, opening balance Revaluation of short term investments Short term investments and cash, closing balance KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability Note 5 Financial Statements Q2 2022 3 077 -56 -3 3 018 -474 6 043 5 569 0 8 587 8 441 -61 16 967 Q2 2021 563 -51 -16 496 -805 43 -762 88 -44 44 -222 6 690 0 6 468 Other H1 2022 3 077 -179 -31 2 867 -2 474 7 334 4 860 -1 210 -1 210 6 517 10 544 -94 16 967 H1 2021 563 -154 -44 365 -1 780 250 -1 530 88 -44 44 -1 121 7 589 0 6 468 FY 2021 1 689 -321 -55 1 313 -6014 5 799 -215 -190 2 000 91 -44 1 857 2 955 7 589 0 10 544 23#24Intro Supplementary Cash Flow Information SEK m Net Asset Value Investments in financial assets Investments not paid Prior period investments, paid in current period Exchange differences on investments not paid Cash flow from investments in financial assets Sale of shares and other securities Divestments with no cash flow Paid on divestments earlier periods Exchange differences pertaining to divestments Cash flow from sale of shares and other securities KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability Note Financial Statements Q2 2022 -475 4 -3 0 -474 6 027 16 6 043 Q2 2021 -734 42 -113 -805 43 43 Other H1 2022 -2 132 97 -437 -2 -2 474 7 042 292 7 334 H1 2021 -1 740 43 -83 -1 780 250 250 FY 2021 -6 376 442 -90 10 -6 014 5 544 -3 94 164 5 799 24#25Intro Condensed Consolidated Balance Sheet SEK m ASSETS Fixed assets Financial assets held at fair value through profit or loss Tangible fixed assets Right of use asset Other fixed assets Total fixed assets Current assets Other current assets Short-term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability Financial Statements Note 4 Other 30 Jun 2022 48 341 17 265 30 Jun 2021 65 789 72 516 47 47 3 10 133 216 210 48 524 72 789 67 803 !!! 298 891 240 13 690 3 884 6 684 3 277 2 584 3 860 7 359 31 Dec 2021 80 148 67 541 46 6 10 784 78 587 25#26Intro Condensed Consolidated Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity attributable to equityholders of the Parent Company Interest bearing liabilities, long term Interest bearing liabilities, short term Non-interest bearing liabilities TOTAL EQUITY AND LIABILITIES KEY RATIOS Net Asset Value Debt/equity ratio Equity ratio Net interest-bearing assets/ (liabilities) Net cash/Net debt, for the Group KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability Financial Statements Note 6 6 Other 30 Jun 2022 61 140 3513 1 136 65 789 0.06 93% 13 663 13 592 30 Jun 2021 76 178 1 523 1 400 1 047 80 148 0.04 95% 4 450 4 320 31 Dec 2021 72 391 3511 1210 1 475 78 587 0.07 92% 5 704 5 384 26#27Intro Condensed Report of Changes in Equity for the Group SEK m Opening balance Profit/loss for the period Total comprehensive income for the period Transactions with shareholders Effect of employee share saving programme Sale of own shares Dividend in kind Net Asset Value Cash dividend Closing balance for the period KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability Financial Statements Other H1 2022 72 391 -11 270 -11 270 19 61 140 H1 2021 111 671 18 561 18 561 18 88 -54 116 -44 76 178 FY 2021 111 671 14 777 14 777 36 91 -54 140 -44 72 391 27#28Intro Net Asset Value NOTES FOR THE GROUP Note 1 Accounting Principles The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. The accounting principles are the same as described in the 2021 Annual Report. KINNEVIK Portfolio Overview Interim Report. Q2 2022 Sustainability Note 2 Risk Management Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Di- rectors. Kinnevik has a model for risk management that aims to identify, control and reduce risks. The output of the model is reported to Audit & Sustainability Committee and Board of Directors on a regular basis. Kinnevik is mainly exposed to financial risks in respect of: • Valuation risk, in relation to negative changes in the value of the portfolio • Liquidity and financing risk, in relation to increased cost of financing, and difficulties in refinancing maturing loans and facilities, ultimately leading to payment obligations not being met • Foreign exchange rate risk, in relation to transaction and translation currency exposure • Interest rate risk, having an adverse impact on financing costs For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 17 for the Group in the 2021 Annual Report. Financial Statements Other Note 3 Related Party Transactions Related party transactions for the period are of the same character as the transactions described in the 2021 Annual Report. 28#29Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are suitable and rel- evant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference for our valuations. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples, with consideration to differences in size, growth, profitability and cost of equity capital. We also consider the strength of a company's financial position, cash runway, and the funding environment. The valuation process is led independently from the investment team. Accuracy and reliability of financial information is ensured through con- tinuous contacts with investee management teams and regular reviews of their financial and operational reporting. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The val- uations are approved by Kinnevik's CFO and CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports. When establishing the fair value of other financial instruments, meth- ods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation of fair value. Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed in the levels stated below: KINNEVIK Interim Report Q2 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2021 Kinnevik Unlisted Investee Averages Revenue Growth +105-125% +215-235% +40-60% / +140-160% +130-150% +30-50% Note: Kinnevik unlisted investee averages are weighted by fair value. 2021 Gross Margin 5-15% 35-55% 30-40% / 60-80% 60-80% 50-70% Financial Statements NTM EV/Revenue Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,016m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,025m. A NEW VALUATION ENVIRONMENT In the second quarter of 2022, the downward valuation pressures faced by public growth assets during the first quarter continued without abatement. Concurrently, many companies also faced sidewinds from speculation around post-pandemic consumer behaviour, as evident in the stock market's valuations of companies in sectors such as non-specialized virtual health, e-commerce, and streaming services. Changing expecta- tions of inflation and interest rates continue to be a significant driver of valuation multiples, in particular for companies such as ours where cash flow profitability is typically still some years out. Going forward, another external force driving changes in valuations may be to what extent the 3.0-4.5x 1.5-2.5x/5.0-7.0x 8.0-12.0x 10.0-25.0x 5.0-7.0x 2021 Revenue Growth +55% +80% +40% / 45% +35% +40% Other Peer Group Averages 2021 Gross Margin 25% 45% 40% / 80% 80% 55% NTM EV/Revenue 2.0x 1.5x 1.0x / 4.0x 5.0x 5.5x business cycle contracts and the economic activity in our key markets decline, affecting demand for our companies' products and services. Investment activity in private venture and growth markets has slowed down relative to the hectic 2021, and the IPO market has effectively closed. This is leading to fewer transactions and less price discovery occurring in private markets during the first half of 2022 that could otherwise aid the calibration of our valuation models. Even so, we see clear signs of private markets reconciling with the material derating in public markets and that this correction is bearing a more significant impact on later-stage com- panies relative to earlier-stage companies. Still, companies regarded as leading businesses in their respective sector or business area are typically facing fewer and less intense challenges when raising capital relative to the median business, and this differential has widened during the first half of 2022. These parameters, paired together with our companies' operational performance, financial strength and reliance on the near-term funding climate, have been taken into consideration when valuing our unlisted companies. Growth remains a distinct influence on valuation multiples in public markets, and we seek to reflect a corresponding differential when valuing our companies in relation to slower-growing public peers. MULTIPLE CONTRACTION We continue to seek to reflect the quarter-end valuation levels of publicly listed peers when valuing our unlisted businesses, typically allowing 29#30Intro Net Asset Value peer group multiple contraction flow through our valuations without adjustment. We also increasingly focus on multiples of expected revenue over the next twelve months ("NTM") to deemphasize the direct weight of importance placed on more longer-term projections. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn are more resilient than that of the average listed peer, and more in line with the stronger constituents of the respective peer group. In the table to the right, we show the average multiple contraction in valuations that are not underpinned by transactions that took place in the current valuation environment, during or shortly after the second quarter of 2022. During the quarter, the average NTM revenue multiple contraction in our unlisted portfolio was 34 percent, around 5 percent- age points more moderate than the average peer. For the first half of 2022 the multiple contraction in our unlisted portfolio was 43 percent, around 12 percentage points more moderate than the average peer. This moderation primarily stems from our Software investments. Here, the peer group's average multiple contraction has been weighed down by the reversal of trends in sectors like e-commerce. This stands in stark contrast to our two largest Software investments, Pleo and TravelPerk, that are enjoying significant tailwinds as pandemic restrictions have eased and corporate travel and expense volumes have begun to rebound materially. This, we believe, warrants a multiple compression more in line with the peer group's more resilient quartile rather than its average compression. LIQUIDATION PREFERENCES Kinnevik's unlisted investee companies adopt different financing struc- tures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business, and typically means that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may KINNEVIK Interim Report Q2 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q1-2022 Q2 Approximations, SEKbn +4.8 L 31.0 Q1 2022 Category Multiple Contraction EV/NTM Revenues, 2022 Q2 and H1 • Value-Based Care • Virtual Care Sustainability • Platforms & Marketplaces • Software • Consumer Finance Revenue Growth Unlisted Portfolio Including Q2 2022 Transactions -8.4 Multiple Contraction -33% Investee Contraction (Weighted Average) -43% -38% -34% -31% -34% -30% Financial Statements +0.5 Net Investments Q2 2022 Peer Contraction (Average) -36% -43% -41% -43% -28% -39% +3.6 Liquidation Preferences & Currencies Other -2.1 Other Investee Contraction (Weighted Average) -45% -61% -51% -42% -38% -43% H1 2022 -40% 29.3 Q2 2022 Peer Contraction (Average) -41% -58% -53% -61% -41% -55% 30#31Intro Net Asset Value become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are ap- plicable may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding. Liquidation preferences may also entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially. An unlisted investee company's transition into a publicly listed company may also affect the value of Kinnevik's shareholding due to the dismantling or triggering of such provisions. Liquidation preferences, as described above, naturally become more relevant during a market drawdown such as the one we are experiencing during 2022. The majority of our investments carry these types of down- side protection provisions, and the effect of these provisions become the most pronounced in companies where we have only invested in the latest financing round. In these investments, the fair value of our investment may remain unchanged in spite of material downwards adjustments to the underlying valuation of each relevant company. At the end of the quarter, the aggregate fair value impact from liquidation preferences amounted to approximately SEK 2.4bn and was primarily centred to a handful of new investments made in 2021 and early 2022. The same figure amounted to around SEK 0.5bn in the previous quarter, and the difference was negligible at the end of 2021. As such, the incremental effect in the second quarter amounts to SEK 1.9bn, and SEK 2.4bn in the first half of 2022. This value difference means that if Kinnevik's shareholdings would not enjoy said liquidation preferences, the fair value of the unlisted port- folio would be SEK 2.4bn lower. In other terms, the underlying value of Kinnevik's investments in these companies needs to increase by SEK 2.4bn, or around 40 percent on average, before the accrual of an on-pa- per return on investment. This notwithstanding, the fair values included in Kinnevik's net asset value statement correspond to the proceeds Kinnevik is entitled to receive in the event of a sale of each investment at the assessed underlying value of each company. KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability AGGREGATE VALUE CHANGES AND DRIVERS On average, the valuation of each of our companies decreased by more than 20 percent in the second quarter of 2022, and by more than 30 percent during the first half of 2022. Excluding the companies where our valuations are underpinned by transactions that took place during or shortly after the second quarter, the average decrease exceeded 30 percent in the second quarter and amounted to almost 50 percent in the first half of 2022. Similar to the previous quarter, the continued material derating in public growth equities used as valuation benchmarks for our private businesses was the single-most important driver of the downwards value change in our unlisted portfolio during the quarter. Indicatively, multiple contraction had a materially negative effect of SEK 8.4bn on our valuations in the quarter. Excluding the valuations that are underpinned by arms- length transactions in the quarter and thereby concluded in the current valuation environment, the effect of multiple contraction was closer to SEK 9bn. Revenue growth offset some of the impact of compressing valuation levels with a positive contribution of around SEK 4.8bn. The Swedish krona weakened materially in the second quarter, in particular against the dollar, in aggregate contributing to a positive effect on the valuations of our unlisted investments of around SEK 1.7bn. As outlined above, the incremental positive effect of liquidation preferences in the quarter amounted to SEK 1.9bn. The aggregate positive effect from these two factors of SEK 3.6bn is what bridges the material downward reassessments of the underlying valuations of our unlisted portfolio to the more modest 7 percent write-down outlined in our net asset value statement. For the first half year, the positive effect of currency movements amounted to SEK 2.2bn and that of liquidation preferences (in constant currencies) amounted to SEK 2.2bn, or SEK 4.4bn in total. OUR INVESTEES RELATIVE TO THEIR VALUATION PEER GROUPS In our interim report for the first quarter of 2022, we rearranged our NAV statement. Our aim with the new categorization is to group our private investments in a more refined way, sorting them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are now providing for each category, Financial Statements Other is a step forward in terms of transparency of the performance and our assessed valuations of our unlisted assets. The table on page 29 outlining these financial metrics for our new NAV categories and their peer groups should be read together with the qualitative commentary provided on the following pages. Please also note that the averages for Kinnevik's unlisted investees are weighted by fair value and provided as indicative ranges. For the categories where our companies are growing at materially higher rates than the peer group average, our valuation multiples are typically at a premium to the peer group's average. This spread is calibrated by valuations ascribed our businesses in arms-length transactions and by the correlation between growth and valuation multiples in public mar- kets. The average premium is considerably smaller when benchmarking our valuations against more richly valued constituents in each relevant peer group. Premiums to the peer group average multiple narrow over time as our companies continue to outpace the growth of its valuation benchmarks. When relating our assessed valuations to financial metrics a year further out than the next twelve months, virtually all of our valuations are within the ranges of their respective peer group. VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on, and are paid on the basis of, patient health outcomes. Our larger invest- ments in this category - Cityblock and VillageMD - are benchmarked against a peer set of businesses in various ways delivering or driving a shift towards value-based care, such as Oak Street Health (OSH), Agilon Health (AGL), and Signify Health (SGFY). On average, the companies in the peer set grew revenue by 55 percent in 2021 with gross margins of 25 percent, and trade at around 2x NTM revenues. Our businesses grew twice as fast with slightly slimmer gross margins and are valued at around 3-4.5x NTM revenues on average. The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 2,959m, down some 12 percent in the quarter. The NTM revenue multiple has been compressed in line with the peer group average of around 35 percent, and remains at an unchanged premium to this aver- age considering Cityblock's revenue growth significantly outpacing the listed benchmarks while proving sustainable gross margins in its more 31#32Intro Net Asset Value established cohorts. Thanks to continued strong underlying performance the write-down becomes more muted than these 35 percent, and the valuation also benefits materially from the weakening Swedish krona. Looking an additional six months out, on a 2023 revenue multiple basis, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group. The fair value of Kinnevik's 4 percent shareholding in Village MD amounts to SEK 3,684m, down some 14 percent from last quarter's level, which in turn was 11 percent below the SEK fair value underpinned by the transaction with Walgreens Boots Alliance during the fourth quarter of 2021. As for Cityblock, the NTM revenue multiple is compressed in line with the peer group average of 35 percent, and VillageMD remains valued at an unchanged premium to this average NTM revenue multiple. Also similar to Cityblock, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group on a 2023 revenue basis, and benefits materially from a weakening Swedish krona. The premium to the peer group average on an NTM revenue basis is reflective of the company's structural advantage and stronger growth trajectory stemming from the unique partnership with Walgreens Boots Alliance. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses against a peer set of listed telemedicine companies, both generalists such as Teladoc (TDOC) and Amwell (AMWL), but also more vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in the peer set grew revenues by around 80 percent on average in 2021 with gross margins of 40-50 percent. In 2022, the average expected peer growth rate is closer to 35 percent, and the peer group trades at an average 1.5x NTM revenues. Our businesses are growing revenues at a materially higher rate with comparable gross margins, and are better positioned for long-term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that our KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 8-12x NTM revenues on average, more in line with SaaS benchmarks with similar financial profiles to those of our unlisted virtual health businesses. The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 1,025m. The carrying value remains in line with the cap- ital we invested into the company when it raised capital during the third quarter of 2021, but appreciates due to the weakening Swedish krona. The underlying valuation of the company has been adjusted downwards to reflect the approximate 40 percent compression of the listed peer group's average NTM revenue multiple in the quarter, but due to liquida- tion preferences the fair value of our shareholding remains unchanged in dollar terms. Also after this downwards adjustment, the valuation remains at a significant but unchanged premium to the forward-looking multiples of a peer group of telemedicine operators, justified by Spring Health's materially higher growth rate. In relation to the NTM revenue multiples of SaaS businesses with a similar financial profile as Spring Health's, our valuation is at a double-digit discount. PLATFORMS & MARKETPLACES Our Platforms and Marketplace businesses form the most diverse group of investments in the NAV categorization introduced last quarter. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Jobandtalent with gross margins more than twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation level is around 1x NTM revenues for lower-margin e-commerce peers and around 4x NTM revenues on average for higher margin marketplace peers. Average peer growth rates were typically around 40-45 percent in 2021 in both ends of the margin spectrum. Our Platforms & Marketplaces companies are in general valued in line with, or at narrow premiums to, their respective peer group average. This is reflective of their later stage of maturity, but also of the valuation levels that these businesses have raised capital relative to how their listed peer groups were valued at the time of these transactions. The fair value of Kinnevik's 28 percent shareholding in Budbee amounts Financial Statements Other to SEK 1,970m, up 40 percent excluding our SEK 115m investment in the quarter. The valuation is in line with where Budbee raised capital in the second quarter and is based on NTM revenue multiples inferred from a set of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). Budbee's NTM revenue multiple is at a material premium to the peer group average, a peer group which saw significant variance in this quarter's development of valuation multiples - spanning 0 to 70 percent contraction. In relation to the peer group's more richly valued constituents, such as InPost, our valuation is at a significantly more narrow premium. These premiums are reflective of Budbee's materially higher growth rate solidified by the company's proven underlying EBITDA profitability. The fair value of Kinnevik's 31 percent shareholding in Mathem amounts to SEK 854m, which is 40 percent below the valuation at the end of 2021, but in line with last quarter's valuation and the valuation at which Mathem raised new equity capital in the quarter. The valuation is based on revenue multiples of a composite peer group of inventory hold- ing e-commerce retailers and meal kit businesses such as Zalando (ZAL. DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The peer group's average NTM revenue multiple contracted by almost 50 percent in the quarter, with the bulk of this contraction occurring ahead of Mathem raising its funding round in mid-May. The assessed valuation implies a multiple of 1x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12 but pro forma the acquisition of Mat.se), but naturally takes the forward outlook into account. The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 1,118m, down 25 percent in the quarter. The valuation is based on revenue multiples of the same composite peer group used in valuing Mathem. The decrease in fair value is due to Oda's growth not fully offset- ting the material peer multiple contraction in the quarter. The assessed valuation implies a multiple of around 2x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12), at a significant premium to the peer group, and clearly takes the forward outlook into account. The multiple declines to a level more in line with key peers looking further out into the future, as Oda is expected to grow 32#33Intro Net Asset Value at a significantly higher rate fuelled by its geographical expansion. The valuation also reflects the exceptional operational efficiency of the com- pany's proprietary fulfilment solution. The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 577m, effectively flat in the quarter save for currency tailwinds. The valuation is mainly based on forward-looking GMV multiples of a peer group of global online marketplaces with high user engagement such as Etsy (ETSY). Our assessed value of the company as a whole is written down in line with the trading of the peer group in the quarter, which has seen its average forward-looking GMV multiple contract by around 35 percent. The valuation remains at an unchanged and relatively material discount to the peer group's average multiple. As our holding benefits from downside protection from the preferential terms of our investment in the company's latest equity fundraise, the fair value of our investment remains largely unchanged. The fair value of Kinnevik's 5 percent shareholding in Jobandtalent amounts to SEK 1,082m, effectively flat in the quarter. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also drawn to B2B marketplaces. The peer group's average NTM revenue multiple contracted by around 40 percent in the second quarter, with the company's revenue growth muting the impact of a contracting multiple somewhat. The company remains valued at an unchanged premium to the peer group consider- ing its significantly stronger revenue growth relative to the peer group constituents while maintaining comparable margins. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, supporting an effectively unchanged fair value. SOFTWARE Our Software businesses are typically benchmarked against a peer set of SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and of more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in the peer set typically grew revenue at around 35 percent in 2021 and have gross margins of 80 percent, compared to KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability our businesses which typically are growing more than four times faster with almost comparable gross margins. The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,061m, down around 10 percent in the quarter. The valuation reflects an unchanged premium to the peer group's average NTM revenue multiple, which has contracted by around 30 percent in the quarter. Our fair value is supported upwards by continued strong revenue growth and the Swedish krona's depreciation against the dollar. The company is valued in line with the richest valued companies in its peer group, cor- responding to a material premium to the peer group average to reflect Cedar's considerably stronger growth rate. In relation to this average, the valuation normalizes materially twelve months out, courtesy of the company's strong outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 4,502m, down around 16 percent from last quarter's valuation, which in turn was 10 percent below where the company raised new financing at in the fourth quarter of 2021. The write-down reflects a largely unchanged premium to the peer group's more resilient quartile on an NTM revenue basis, which has contracted by around 40 percent in the quarter. Due to Pleo's significantly higher pace of growth than the peer group aver- age, the write-down becomes more muted. The valuation still implies a significant premium to the peer group on an NTM basis, but normalizes over the coming 12 months in relation to the best-in-class companies in the peer group as Pleo is expected to grow at a significantly faster pace. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,923m, effectively flat in dollar terms in the quarter but gaining 10 percent from a weakening Swedish krona. The assessed valuation is fairly in line with where the company raised new financing in late December 2021, and where smaller secondary transactions took place during the quarter, in which Kinnevik participated. The resilience of the carrying value of our TravelPerk investment reflects the company's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate 30 percent decline in the NTM revenue multiple during the first half of 2022. Financial Statements Other CONSUMER FINANCE Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer-facing subscription businesses such as Match Group (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set grew revenue by 40 percent in 2021 with gross margins above 50 percent, largely in line with our investments in the sector. The fair value of Kinnevik's 13 percent shareholding in Betterment amounts to SEK 1,415m, effectively flat in the quarter in SEK terms. The peer group's average NTM revenue multiple contracted by nearly 30 percent in the second quarter and we continue to value Betterment at an unchanged approximate 10 percent premium to the peer group av- erage in consideration of the company's stronger growth trajectory. Per the end of May, the company's assets under management amounted to around USD 32bn. While the revenue mix is becoming more diversified, Betterment's revenues are still primarily derived from fees on these assets under management and therefore remain in part correlated with the development of the US and global stock market. To reflect the drawdown in equity markets, our revenue outlook has been adjusted downwards by double-digit percentages relative to last quarter's forecast. At the current valuation level, the carrying value of our investment is positively affected by liquidation preferences, causing a more muted change in fair value relative to our underlying valuation of the business. The fair value of Kinnevik's 6 percent shareholding in Lunar amounts to SEK 522m, down 35 percent in the quarter and from the valuation applied in a secondary transaction in the company during the first quarter. The peer group's average NTM revenue multiple contracted by around 25 percent in the quarter, and this contraction is reflected in our valuation. The valuation remains at a premium to peers on an NTM revenue multiple basis, but is within the peer group spread on a 2023 revenue basis due to the company's continued stronger growth rate relative to the peer group. 33#34Intro CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEK M) Alliance Data Babylon Global Fashion Group Teladoc Tele2 Zalando Total Listed Holdings Babylon Betterment Bread Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Net Asset Value KINNEVIK Q2 2022 Interim Report Q2 2022 -1 457 - 177 -1 221 -4 683 -7 538 20 546 - 223 - 405 - 29 - 73 35 - 278 1 6 - 381 276 5 - 49 Q2 2021 1 161 -1 215 - 150 7831 7 627 1976 82 311 - 46 - 40 -6 4 32 53 - 57 5 6 Portfolio Overview H1 2022 -2 365 -2 386 -1 909 -2 188 -8 848 - 171 546 - 464 -1 077 - 128 - 135 42 - 215 - 555 -9 - 486 265 -4 - 43 H1 2021 28 2 540 -1 648 1 473 4 795 7 186 2131 120 490 1 813 981 24 39 207 50 433 27 6 FY 2021 28 - 1892 - 4 075 - 5 974 3 790 4 795 - 3 329 2 224 546 1 540 1953 2 642 - 52 160 35 20 - 210 70 484 - 17 17 Sustainability Pleo Quit Genius Spring Health Sure Transcarent TravelPerk Village MD Vivino Financial Statements Early Bets & New Ventures Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total whereof unrealized gains/losses for as- sets in Level 3 Q2 2022 Pleo Village MD Cityblock Total Effect -831 28 93 46 56 171 -589 52 - 291 -258 -2 073 - 90 -9 701 Q2 2021 -20% 1 252 3 678 3 004 2413 9 095 -2 050 -8 578 - 9 - 3 - 174 3 949 - 126 SENSITIVITY ANALYSIS OF OUR THREE LARGEST UNLISTED ASSETS Fair Value (SEKm) Change in Multiple 11 450 -10% 4 090 344 3 Other 2 689 10 123 -1 022 H1 2022 -1 382 36 120 59 69 220 - 974 67 - 395 - 671 -5 285 - 157 -14 290 -5 442 Actual H1 2021 -2 163 3 805 10 378 Change in unrealized gains or losses for assets in Level 3 for the period are recognised in the Income State- ment as change in fair value of financial assets. 4 502 3 684 2 959 11 145 1 279 345 3 016 46 13 - 678 10 343 56 17 586 +10% FY 2021 4913 4 025 3 229 12 167 1 022 4 983 13 44 18 996 2 926 -76 - 27 - 788 16 502 96 13 269 16 577 +20% 5 325 4 365 3 499 13 189 2044 34#35Intro FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Teladoc Tele2 Total Listed Holdings Babylon Betterment Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Class A shares Class B shares 54 942 568 79 093 454 3 683 668 20 733 965 116 879 154 Interim Report. Q2 2022 Capital/ Votes % 13.3/3.6 36.0/36.0 2.3/2.3 20.0/36.3 13/13 28/28 8/8 8/8 14/14 11/11 5/5 6/6 31/31 23/23 21/21 7/7 6/6 Portfolio Overview 30 Jun 2022 535 1 226 1 254 16 025 19 040 1 415 1970 2 061 2 959 103 438 1 082 522 854 525 1 118 724 373 30 Jun 2021 10 228 10 653 21 923 42 804 4699 1 090 1 259 2 385 2 076 239 339 1 671 514 1 553 468 31 Dec 2021 2900 3 612 4 149 24 240 34 901 1 586 1 309 2 525 4 036 163 573 1 040 526 1 254 534 1 604 427 Sustainability Parsley Health Pleo Quit Genius Spring Health Sure Transcarent TravelPerk Village MD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total Financial Statements Class A shares Class AB shares Capital/ Votes % 11/11 14/14 12/12 5/5 9/9 3/3 15/15 4/4 11/11 Other 30 Jun 2022 165 4 502 320 1 025 512 615 1923 3 684 577 1 437 348 29 252 50 48 341 30 Jun 2021 197 1 913 791 7 858 632 701 1 131 29 516 196 72 516 31 Dec 2021 208 5 884 272 905 453 1 668 4 658 510 1 251 1019 32 405 236 67 541 35#36Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Total Listed Assets Babylon Betterment Budbee Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Pleo Quit Genius Spring Health Sure Net Asset Value KINNEVIK Q2 2022 Interim Report. Q2 2022 115 155 31 12 Q2 2021 43 149 34 1 191 227 Portfolio Overview H1 2022 115 68 211 155 32 377 12 H1 2021 43 255 42 149 35 33 2 191 227 FY 2021 43 70 553 42 113 1 006 506 149 35 33 6 191 494 259 861 435 Sustainability Transcarent TravelPerk Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Total Changes in unlisted assets (level 3) Opening balance Investments Disposals / Exit proceeds Reclassification Change in fair value Closing balance Financial Statements Q2 2022 36 126 475 475 30 990 475 -2 163 29 302 Q2 2021 90 734 734 25 173 734 - 19 3 823 29 712 Other H1 2022 546 36 581 2132 2132 32 641 2 132 - 29 -5 442 29 302 H1 2021 66 586 109 3 1 740 1 740 17 602 1 740 - 30 10 399 29 712 FY 2021 292 586 699 4 6 376 6 376 17 602 6 376 -3 144 -4 792 16 598 32 641 36#37Intro Note 5 Dividends Received SEK m Tele2 Total dividends received Of which ordinary cash dividends Q2 2022 KINNEVIK 3 077 3 077 Net Asset Value Q2 2021 1 126 1 126 638 563 H1 2022 Interim Report. Q2 2022 3 077 3 077 638 H1 2021 1 126 1 126 FY 2021 1 689 1 689 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 13,766m and Kin- nevik was in a net cash position of SEK 13,592m as at 30 June 2022. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 30 June 2022 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 3-7 years. During the first quarter, SEK 1,210m in outstanding corporate bonds fell due for payment and the Group's available liquidity, including short term investments and available unutilized credit facilities, totalled SEK 22.349m as at 30 June 2022 (SEK 15,869m as at 31 December 2021). 563 1 126 Portfolio Overview SEK m Interest Bearing Assets Loans to investee companies Short term investments Cash and cash equivalents Revaluation of Swap Other interest bearing assets Total Interest Bearing Long Term Liabilities Corporate bonds Accrued borrowing cost Other interest bearing liabilities Total Interest Bearing Short Term Liabilities Corporate bonds Total Total Interest Bearing Liabilities Net interest bearing assets (+)/ liabilities (-) Sustainability Debt, unpaid investments/divest- ments/dividends receivables Net Interest Bearing Assets Net Cash/(Net Debt) for the Group 30 Jun 2022 71 13 690 3 277 251 131 17 420 3 500 -14 27 3 513 3 513 13 907 -141 13 766 13 592 30Jun 2021 130 3 884 2 584 212 6 810 1 500 -14 37 1 523 1 400 1 400 2 923 3 887 563 4 450 4 320 31 Dec 2021 137 6 684 3 860 5 210 10 896 3 500 -16 27 3 511 1 210 1 210 4 721 6 175 -471 5 704 5 384 Financial Statements Other Kinnevik currently has no bank loans outstanding, and its bank fa- cilities when drawn carry variable interest rates. Debt capital market financing consist of commercial paper and senior unsecured bonds. Commercial paper is issued with a maximum tenor of 12 months un- der Kinnevik's SEK 5bn commercial paper program, and senior un- secured bonds are issued with a minimum tenor of 12 months under Kinnevik's SEK 6bn medium term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a positive market value of SEK 251m 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 2022, the average interest rate for outstanding senior unsecured bonds amounted to 1.3 percent and the weighted average remain- ing tenor for all Kinnevik's credit facilities amounted to 2.7 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates. 37#38Intro Condensed Parent Company Income Statement SEK m Administration costs PARENT COMPANY FINANCIAL STATEMENTS Other operating income Operating profit/loss Profit/Loss from financial assets, associated companies and other Profit from financial assets, subsidiaries Financial net Profit/loss after financial items Net Asset Value Group contribution Profit/loss before tax Taxes Net profit/loss for the period Total comprehensive income for the period KINNEVIK Portfolio Overview Interim Report. Q2 2022 Sustainability Financial Statements Q2 2022 -86 3 -83 4 25 -54 -54 -54 -54 Q2 2021 -57 2 -55 2 1175 -18 1 104 1 104 1104 1 104 Other H1 2022 -140 3 -137 29 46 124 62 62 62 62 H1 2021 -114 2 -112 77 1745 -3 1 707 1 707 1 707 1 707 FY 2021 -310 2 -308 -442 9 346 21 8 617 177 8 794 8 794 8794 38#39Intro Condensed Parent Company Balance Sheet SEK m ASSETS Tangible fixed assets Equipment Shares and participation in Group companies Shares and participation in associated companies and other companies Receivables from Group companies Other long-term receivables Total fixed assets Current assets Short term receivables Short term investments Other prepaid expenses Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report. Q2 2022 Portfolio Overview Sustainability Financial Statements Other 30 Jun 2022 4 43 815 6 562 6 631 130 57 142 259 13 690 23 3 009 16 981 74 123 30 Jun 2021 4 89 101 0 17 391 212 106 708 211 3 884 17 2 302 6414 113 122 31 Dec 2021 4 87 593 6 561 27 756 210 122 124 216 6 684 15 3 546 10 461 132 585 39#40Intro Condensed Parent Company Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders equity Restricted equity Unrestricted equity Total shareholders' equity Provisions Provisions for pensions and other Total Provisions Long-term liabilities External interest-bearing loans Total long term liabilities Short-term liabilities External interest-bearing loan Liabilities to Group companies Other Liabilities Net Asset Value Total Short-term liabilities TOTAL SHAREHOLDERS' EQUIITY AND LIABILITIES KINNEVIK Portfolio Overview Interim Report. Q2 2022 Sustainability Financial Statements Other 30 Jun 2022 6 896 63 567 70 463 19 19 3 486 3 486 83 72 155 74 123 30 Jun 2021 6 895 56 378 63 273 19 19 1 487 1 487 1 400 46 902 41 48 343 113 122 31 Dec 2021 6 896 63 487 70 383 19 19 3 484 3 484 1 210 57 398 91 58 699 The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 21.829m (12,804) per 30 June 2022. The Parent Company's interest bearing external liabilities amounted to SEK 3,486m (2,887) on the same date. Investments in tangible fixed assets amounted to SEK 1m (1) during the period. 132 585 40#41Intro Distribution by Share Class per 30 June 2022 SEK m Net Asset Value Outstanding Class A shares, 10 votes each Outstanding Class B shares, 1 vote each Outstanding Class G shares LTIP 2018, 1 vote each Outstanding Class D-G shares LTIP 2019, 1 vote each Outstanding Class C-D shares LTIP 2020, 1 vote each Outstanding Class C-D shares LTIP 2021, 1 vote each Outstanding Class C-D shares LTIP 2022, 1 vote each Class B shares in custody Class C-D shares LTIP 2021, 1 vote each, in custody Class C-D shares LTIP 2022, 1 vote each, in custody Registered number of shares KINNEVIK Portfolio Overview The total number of votes for outstanding shares amounted at 30 June 2022 to 583 841 862 excluding 131,223 shares in own custody. Sustainability Interim Report. Q2 2022 Financial Statements Other Number of shares 33 755 432 242 417 983 297 258 645 054 992 337 833 600 1 101 310 133 19 950 111 140 280 174 197 Number of votes 337 554 320 242 417 983 297 258 645 054 992 337 833 600 1 101 310 133 19 950 111 140 583 973 085 Par value (SEK 000s) 3 376 24 242 30 65 99 83 110 0 2 11 During April, 264,532 Class B shares were issued to cover dividend compensation related to Kinnevik's long term incentive programs. In addition, and similar to LTIP 2021, a new issue of 1,212,450 reclassifiable, subordinated, incentive shares, divided into two classes, to the participants in Kinnevik's long-term share incentive plan resolved on by the AGM on 9 May 2022 were registered by the Swedish Companies Registration Office (Sw. Bolagsverket) during June 2022. 28 017 41#42Intro 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 2022 KINNEVIK Portfolio Overview SIGNATURES OF THE BOARD OF DIRECTORS AND THE CEO Interim Report. Q2 2022 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 42#43Intro 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 2022 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 2022 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 2022 KPMG AB Mårten Asplund Authorized Public Accountant Principal Sustainability Johanna Hagström Jerkeryd Authorized Public Accountant Financial Statements Other 43#44Intro Net Asset Value Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appli- cable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performan- ce measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the fi- nancial performance and in so believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found below. Reconciliations of a selec- tion of APMs can be found on Kinnevik's corporate website www.kinnevik.com. AVERAGE REMAINING DURATION The value weighted average number of years until maturity for all credit facilities including outstanding bonds DEBT/EQUITY RATIO Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES DIVESTMENTS All divestments in fixed listed and unlisted financial assets EQUITY RATIO Shareholders' equity as a percentage of total assets GROSS CASH Short-term investments, cash and cash equivalents and other interest-bearing receivables KINNEVIK Portfolio Overview Interim Report Q2 2022 GROSS DEBT Interest-bearing liabilities including unpaid investments/divest- ments Sustainability INTERNAL RATE OF RETURN, IRR The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind INVESTMENTS All investments in fixed listed and unlisted financial assets, in- cluding loans to portfolio companies KINNEVIK MARKET CAPITALIZATION Market value of all outstanding shares in Kinnevik at the end of the period NET ASSET VALUE, NAV Net value of all assets on the balance sheet, equal to the sha- reholders' equity NET ASSET VALUE CHANGE Change in net asset value without adjustment for dividend paid or other transactions with shareholders Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS NET ASSET VALUE PER SHARE, SEK Total net asset value attributable to each share based on the number of shares outstanding at the end of the period NET CASH/(NET DEBT) Gross cash less gross debt Financial Statements Other NET CASH/(NET DEBT) INCLUDING NET LOANS TO INVESTEE COMPANIES Gross cash and net outstanding receivables relating to portfolio companies less gross debt NET CASH TO PORTFOLIO VALUE/(LEVERAGE) Net cash/(debt), excluding net loans to investee companies, as percentage of portfolio value NET INVESTMENTS/(DIVESTMENTS) The net of all investments and divestments in fixed listed and unlisted financial assets NET PROFIT/(LOSS) PER SHARE BEFORE AND AFTER DILUTION, SEK Net profit/(loss) for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution PORTFOLIO VALUE Total book value of fixed financial assets held at fair value th- rough profit or loss TOTAL SHAREHOLDER RETURN, TSR Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate 44#45Intro Net Asset Value OTHER INFORMATION FINANCIAL REPORTS Dates for 2022 reporting: 19 October Interim Report January-September KINNEVIK Portfolio Overview Interim Report Q2 2022 This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 11 July 2022. For further information, visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Sustainability Phone +46 (0)70 762 00 50 Email [email protected] Financial Statements Other INFORMATION FOR US SHAREHOLDERS REGARDING 2021 PFIC STATUS This statement is provided for shareholders who are United States persons for the purpose of the United States Internal Revenue Code. Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast- changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINVA and KINV B. Information on Kinnevik's status as a passive foreign investment company ("PFIC") for US federal income tax purposes for the taxable year ending 31 December 2021 is available on Kinnevik's website at www.kinnevik.com under the heading "Tax Information" (which can be found under the section "Investors"). You should contact your tax advisers regarding the consequences of owning shares in a PFIC. 45#46KINNEVIK For further information visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]