#1ΚΙΝΝΕVIK YEAR-END RELEASE 2022 2000#2Intro Net Asset Value (SEK) 52.9bn Key Financial Data SEKM Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) A CHALLENGING MARKET ENVIRONMENT CONTINUES TO WEIGH HEAVILY ON GROWTH INVESTING 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. Q4 2022 Change in NAV Q/Q (9)% Q4 2022 Portfolio Overview -5 085 -18.16 -18.16 -5 437 461 2 589 31 Dec 2022 52 906 188.90 143.50 10 387 Q4 2021 -3 467 -12.46 -12.46 -4 062 563 2 370 -5 294 Change in NAVY/Y (27)% 30 Sep 2022 57 982 207.05 147.65 12 530 FY 2022 -19 519 Sustainability -69.83 -69.83 -22 856 3 538 5 742 -7 043 31 Dec 2021 72 391 259.86 323.95 5 384 FY 2021 14 777 53.12 53.12 13 269 1 689 -54 140 Financial Statements -44 6 376 -5 544 Other One-Year TSR (56)% Five-Year Annualised TSR 5% "Inflation and increasing interest rates have led to a steep decline in investor risk appetite after two years of abundance. This has particularly affected valuations of growth companies, and had a significant negative impact on Kinnevik's net asset value in 2022. With measures taken to improve profitability and prolong runways, our companies are entering 2023 with more resilient financial plans. This combined with our own solid financial position, long-term view, and active ow- nership approach, enables us to remain firmly focused on the continued execution of our strategy." Georgi Ganev CEO of Kinnevik 2#3Intro Net Asset Value HIGHLIGHTS IN THE QUARTER Key Events Kinnevik led a private placement in Recursion, a clinical-stage bio- technology company industrializing drug discovery, and invested in Mews, a hospitality management system designed to simplify and automate all operations for modern hoteliers and their guests H2 Green Steel, the Swedish venture aiming to produce green steel in a fully integrated, digitalized and circular plant, was added to our emerging portfolio within climate tech • Oda raised NOK 1.5bn in new capital from new investors, with par- ticipation from Kinnevik, as it continues its geographic expansion Kinnevik received double recognition for our leadership in sus- tainability - we were the only firm awarded the highest category in Honordex Inclusive Index Report 2022, and one of the top performing companies in Sweden in a sustainability ranking by Lund University KINNEVIK Portfolio Overview Interim Report Q4 2022 Sustainability Investment Management Activities We invested SEK 2.6bn during the fourth quarter, including: • SEK 843m into Recursion ● SEK 436m into Mews ● SEK 275m into H2 Green Steel ● SEK 471m into Oda In full year 2022, we invested SEK 5.7bn in aggregate and released a total of SEK 7.0bn through sell-downs in Tele2 and Teladoc ● Financial Statements Other Financial Position • NAV of SEK 52.9bn (SEK 189 per share), down SEK 5.1 bn or 9% in the quarter and SEK 19.5bn or 27% for the full year Kinnevik's ambition is to be Europe's leading listed growth stor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, 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. • Net cash position of SEK 10.4bn, corresponding to 24% of port- folio value by year-end 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's 2022 Financials Our Net Asset Value amounted to SEK 52.9bn or 189 per share at the end of 2022, down by SEK 19.5bn or 27 percent compared to one year ago and down SEK 5.1 bn or 9 percent during the fourth quarter. The development during the quarter was driven by a 10 percent write-down of the carrying value of our unlisted investments, reflecting continued pressure in valuation levels of comparable public market growth compa- nies and a more cautious and uncertain outlook. Dear Shareholders, 2022 was a dramatic year dominated by the war in Ukraine causing massive hu- man suffering and geopolitical tension, and exacerbating global financial instability. Inflation and in- creasing interest rates have led to a steep decline in investor risk appetite after two years of abun- dance. This has particularly affected valuations of growth companies, and had a significant negative impact on Kinnevik's net asset value in 2022. With measures taken to improve profitability and pro- long runways, our companies are entering 2023 with more resilient financial plans. This combined with our own solid financial position, long-term view, and active ownership approach, enables us to remain firmly focused on the continued execution of our strategy. A More Resilient Portfolio During late 2020 and through 2021, valuations of high growth companies skyrocketed. Our private growth companies pro- duced significant returns during these two years and raised large amounts of capital to finance expansive growth plans. In 2022, the price of growth capital has rebased materially, leading to write-downs in our private portfolio of around 50 percent. Beneath this material swing, however, we have seen great underlying operational progress across the portfolio. Our companies grew revenues by around 100 percent on average in both 2021 and 2022, quadrupling in scale. KINNEVIK Portfolio Overview Interim Report. Q4 2022 Sustainability To bring our companies' plans in line with the current cost of capital, they have now dialled down their growth ambitions as appropriate to reach profitability or at least extend their runway. With these measures, our portfolio is entering 2023 not only with valuations that reflect current market multiples but also with more cautious business plans. Almost 40 percent of our private portfolio is invested in companies that are profitable or have runways that enable them to reach profitability under their current business plans. Around 30 percent is invested in companies with runways extending beyond the end of 2024, and around 10 percent of the value of our private portfolio sits in investees whose runways end in 2023. This is a material improvement in the average runway profile of the private part of our Net Asset Value and is a consequence of three factors. A handful of our companies have managed to raise new capital during late 2022, profita- bility has improved across our portfolio, and we have written down our financially frail companies more forcefully than our companies with a robust path to profitability. The nature of early-stage investing is that a small number Financial Statements Other of investments deliver the lion's share of returns. During 2023, we expect this pattern to become more distinct. We will continue to focus on maximizing the potential and impact from our businesses where our conviction has grown, while remaining disciplined in pruning other parts of the portfolio. Evolving Our Portfolio Using a Proven Method During the last five years, Kinnevik has been on a transfor- mational journey. We ended 2022 with almost 70 percent of our portfolio being invested in private growth companies and a SEK 10.4bn net cash position, compared to 10 percent and a SEK 1.1bn net debt position at the end of 2017. This transformation is the result of value creation and capital real- location. Despite this year's write-downs and the considerable amount of capital we have deployed during 2021-22, the portfolio we started building in 2018 has generated an IRR of around 30 percent since inception. This, together with the substantial capital reallocated within our Growth Portfolio, are clear proof-points that our strategy works. Building sector expertise allows us to go beyond the consensus in picking the category-defining companies of the future and is key to our long-term success. Through the years, we have built a prowess, a portfolio, and a track record in three areas - healthcare, software, and marketplaces. And in each area, we have added companies in a balanced way across various stages of growth and maturity. Sector exper- tise does not stand in contrast to change. The healthcare portfolio is a good example of how investment theses and focus areas have evolved and will continue to do so. We built our portfolio first in virtual care, then moved into value- based care and specialty care, and most recently invested into drug discovery through Recursion. The combination of 4#5Intro . Net Asset Value positive sector tailwinds, our deep and evolving expertise and network, and our willingness to take long-term risk and invest early, has positioned us as one of the leading investors in the US healthcare space. In 2022, we begun crystallizing a fourth focus area by making three investments in climate tech. We have adopted a similar method to what we have leveraged in healthcare - identifying a secular growth trend, beginning to develop deep sector knowledge, and building a network of industry experts and specialist funds. We seek to back companies at the right time in their development, with a proven technology that is on the brink of commercialization. With Solugen, H2 Green Steel and Agreena, we have partnered with three exciting companies in an early commercialization phase. All three are sector leaders with proven technologies, strong potential to deliver venture and growth capital style returns, and are building businesses for a low carbon future. With our permanent capital structure, we are uniquely placed to support and capitalize on their success. KINNEVIK Interim Report. Q4 2022 Portfolio Overview Sustainability 10.4bn Kinnevik's net cash position (SEK) We have a resolute intent to remain disciplined in our capital allocation, focusing on supporting the long-term winners in our portfolio. Financial Statements Other Outlook As we go into 2023, we expect the recessionary environment to continue to weigh on us and our companies. Facing this headwind, we have reset our private valuations to the deve- lopment in public markets, revised our expectations on our investees' performance, and supported the improvements of their financial resilience. In 2023, we expect to invest around SEK 5bn split roughly 50/50 between new investments and follow-on investments in our existing portfolio. We have a resolute intent to remain disciplined in our capital allocation, focusing our capital into the long-term winners in our portfolio. Even if the market environment is likely to remain depres- sed, volatile and unpredictable, we believe it will also create long-term opportunities. Opportunities both for our existing portfolio companies, as well as for making future investments. We thank our shareholders for their support as we head into 2023 with confidence that Kinnevik will emerge stronger on the other side. Georgi Ganev CEO of Kinnevik 5#6Intro Categories KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software (56)% One Year Value-Based Care Virtual Care Platforms & Marketplaces (6)% Software Consumer Finance Net Asset Value Annualised Total Shareholder Return 5% TMT Total Portfolio Five Years KINNEVIK Fair Value 8 342 2 507 2% 5 943 8 320 Five Year Annualised IRR per Category Note: The annualised total shareholder return includes reinvested dividends. 2 538 • Consumer Finance 5.5 Years Note: Financial metrics weighted by fair value as at 31 December 2022. For more information about the categories see Note 4 on pages 28-32. 9% 12% 13% Interim Report. Q4 2022 Ten Years Return 3.2x 2.5x 1.0x 2.9x 1.1x Portfolio Overview 57% 57% 56% Average Holding Period 3.1 Years 3.0 Years 3.4 Years 3.9 Years. 16% Thirty Years 5,742 (7,043) FY 2022 Sustainability 2022 Revenue Growth Investment Activity (SEKm) 60-70% 130-150% +10-20%/ +110-130% +135-155% +20-40% (1,301) 2022 Gross Margin Investments Divestments 5-15% 45-70% 30-40% / 45-60% 24% Net Investments 50-70% 40-60% 2,589 Financial Statements NTM EV/Revenue 0 2.5-3.5x 0.8-1.5x/4.5-5.5x 5.5-8.0x Q4 2022 10-20x 4-6x Net Cash to Portfolio Value 2,589 Other Composition of Portfolio Value Tele2 27% Emerging Markets 2% Consumer Finance 6% Early Bets & New Themes 7% 72.4 67.9 Value-Based Care 19% Q4'21 Q1'22 NAV Development (SEKbn) Virtual Care 6% Platforms & Marketplaces 14% Software 19% 61.1 58.0 52.9 Q2'22 Q3'22 Q4'22 6#7Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Babylon Cityblock Transcarent Village MD Value-Based Care Parsley Health Quit Genius Spring Health Teladoc Virtual Care HungryPanda Instabee Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Vintage Interim Report. Q4 2022 2016 2020 2022 2019 2021 2021 2021 2017 2020 2018 2021 2019 2018 2018 2021 Portfolio Overview Ownership 9% 8% 3% 2% 11% 15% 5% 2% 11% 13% 5% 31% 28% 7% 11% Value Q4 2022 324 2 787 625 4 606 8 342 167 391 1 042 907 2 507 442 1 736 1 123 379 940 736 587 5 943 Sustainability Released 3 110 3 110 4 363 Note: Due to the merger between Common and Habyt, the investment has been moved from Platforms & Marketplaces to Early Bets & New Themes with a carrying value of SEK 114m. 4 363 Financial Statements Invested 1 133 933 546 986 3 598 191 348 861 1394 2 794 424 452 1 006 1 563 1 402 597 586 6 030 Return 0.3x 3.0x 1.1x 7.8x 3.2x 0.9x 1.1x 1.2x 3.8x 2.5x 1.0x 3.8x 1.1x 0.2x 0.7x 1.2x 1.0x 1.0x Other Value Q3 2022 294 3 694 666 4 232 8 886 179 430 1 110 1 038 2 757 436 2415 1 098 194 645 784 625 6 197 Value Q4 2021 2 900 4 036 4 658 11 594 208 272 905 4 149 5 534 573 1 309 1 040 1 254 1 604 427 510 6717 7#8Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Cedar Mews Omnipresent Pleo Sure TravelPerk Software Betterment Lunar Monese Consumer Finance Recursion Other Early Bets & New Themes 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. Q4 2022 Vintage 2018 2022 2022 2018 2021 2018 2016 2021 2018 2022 2018-22 2010 2007-13 Portfolio Overview Ownership 8% 5% 6% 14% 9% 15% 13% 6% 21% 4% Mixed 36% Mixed Value Q4 2022 1662 445 376 3 352 521 1964 8 320 1 438 268 832 2 538 614 2 351 2 965 1 005 1 005 12 31 632 28 782 Sustainability Released 56 56 7 530 3 166 Financial Statements Invested 270 436 377 646 435 733 2 897 1 135 792 481 2 408 843 3 189 4 032 6 290 2 208 8 498 30 257 20 596 Return 6.2x 1.0x 1.0x 5.2x 1.2x 2.7x 2.9x 1.3x 0.3x 1.7x 1.1x 0.7x 0.7x 0.7x 0.2x 0.0x 0.1x 1.3x 1.6x Other Value Q3 2022 2 023 372 3719 555 2 120 8 789 1 532 464 842 2 838 2 076 2 076 963 352 1315 85 32 943 30 648 Value Q4 2021 25 5 884 453 1 668 10 530 1 586 526 534 2 646 1 414 1414 3 612 1 019 4 631 236 43 302 32 641 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 30.3 Invested Capital Net Asset Value KINNEVIK SEKbn 39.2 7.5 31.6 Fair Value & Released Capital Vintage Interim Report Q4 2022 1993 Portfolio Overview 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. Tele2 27% Ownership 20% 7% Listed Growth Value Q4 2022 11 752 43 385 Unlisted Growth 66% 14 134 - 3 747 10 387 - 866 52 906 188.90 143.50 Sustainability Composition of Portfolio Value Per quarter-end Tele2 27% 2016-22 Investments 71% Financial Statements 2% Pre 2016 Investments Other Value Q3 2022 13 291 46 233 16 275 - 3745 12 530 - 781 57 982 207.05 147.65 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 In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in deter- mining the fair value of each of our unlisted investments. Read more in Note 4 on pages 28-32. MORE → 9#10Intro VALUE-BASED CARE A leading US based provider of primary care and a pioneer in the delivery of value-based care Fair Value SEK 4.6bn Kinnevik Stake 2% Fair Value SEK 2.8bn Kinnevik Stake 8% Net Asset Value Value-based healthcare provider focused on underserved urban populations with complex care needs Public company Fair Value SEK Kinnevik Stake Digital healthcare service company combining mobile tech and artificial intelligence with medical expertise KINNEVIK 324m 19% H cityblock Interim Report . Q4 2022 Value-based patients ('000) 413 Q1 2022 74 Revenue (USDm) Q3 2021 Portfolio Overview 120 Q4 2021 426 Q2 2022 266 Q1 2022 435 Q3 2022 265 Q2 2022 482 Q4 2022 VillageMD 289 Q3 2022 Sustainability Active markets November 2022 22 Fair Value SEK Kinnevik Stake A new and different health and care experience company for employees of self-insured employers babylon 66 625m 3% US value based care members ('000) Q4 2020 Financial Statements 167 Q4 2021 transcarent EXPERIENCE DIFFERENT 271 Q3 2022 Other 10#11Intro VIRTUAL CARE Fair Value SEK 1.0bn Kinnevik Stake 5% Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employ- ees and their families Net Asset Value Public company Fair Value SEK 907m Kinnevik Stake 2% A leader in whole-person virtual care, empowering people to live their healthiest lives by transfor- ming the healthcare experience spring health Fair Value SEK 391m Kinnevik Stake 15% KINNEVIK The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually Interim Report . Q4 2022 Revenue (USDm) 554 Quit Genius Q4 2021 565 Portfolio Overview Q1 2022 592 Q2 2022 611 Q3 2022 1:41 Library yang 633- 640 04 2022 (500iters Sustainability Teladoc HEALTH Fair Value SEK 167m Kinnevik Stake 11% America's largest holistic virtual- first consumer subscription service, caring for and supporting chronic conditions for women Adjusted EBITDA Margin 14% Q4 2021 10% Q1 2022 8% Financial Statements Q2 2022 Parsley Health 8% Q3 2022 14-15% Q4 2022 Other US Paid Membership (m) 53.6 Q4 2021 54.3 Q1 2022 56.6 Q2 2022 57.8 Q3 2022 57-58 Q4 2022 11#12Intro PLATFORMS & MARKETPLACES The leading online grocery store in Norway, with the ambition to make grocery shopping an effort- less activity Fair Value SEK 940m Kinnevik Stake 28% Net Asset Value Sweden's leading online grocer offering a wide assortment through its state-of-the-art e-commerce platform Fair Value SEK 379m Kinnevik Stake 31% Fair Value SEK 1.7bn Kinnevik Stake 13% Customer centric last-mile logistics platform specialized for e-commerce businesses KINNEVIK Interim Report. Q4 2022 Revenues LTM (NOKm) 2,471 Q3 2021 2,727 Q3 2021 Portfolio Overview 2,484 Q4 2021 Revenues LTM (SEKm) 2,648 Q4 2021 budbee instabox ATSMARI TATOS 2,509 Q1 2022 2,545 Q1 2022 000 000 000 2,642 Q2 2022 2,482 Q2 2022 oda 2,781 Q3 2022 Sustainability 2,494 Q3 2022 Number of Completed Deliveries LTM (m) 2.0 Mathem Q3 2021 2.7 2.0 Q3 2021 Q4 2021 2.3 2.1 Q4 2021 Q1 2022 Number of Completed Deliveries LTM (m) Financial Statements 2.2 Q1 2022 2.3 Q2 2022 2.1 Q2 2022 2.4 Q3 2022 2.2 Q3 2022 Other ther oda a på eten Mathem Mathem LE 12#13Intro PLATFORMS & MARKETPLACES A global leader in online Asian food delivery Fair Value SEK Kinnevik Stake Fair Value SEK Kinnevik Stake Net Asset Value 442m 11% KINNEVIK Travel platform bringing together more than 1,000 transportation providers across multiple modes of transports across Europe 736m 7% 熊猫外卖 HungryPanda Interim Report. Q4 2022 '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 587m 11% jobandtalent VIVINO 55.6 Other Q4 2021 Review your cont 57.1 9:41 Q1 2022 TOUR CURRENT WORK Warehouse operatives Y JONANDTAL ENT Total number of users (m) Tekaloring €16,490 E 7 were €1,824 Clocking e back of your working hours Q2 2022 Shifts Accept and reject yourshits Contract details Review & Down your contracts 58.5 60.3 Q3 2022 62.1 Q4 2022 13#14Intro SOFTWARE Fair Value SEK 3.4bn Kinnevik Stake 14% Net Asset Value Offers smart payment cards to employees while making sure the company remains in full control of spending Fair Value SEK 1.7bn Kinnevik Stake 8% cedar Provides a smarter way for hospitals, health systems and medical groups to manage the patient payment ecosystem KINNEVIK PLEO Interim Report. Q4 2022 Number of customers ('000) 16.3 Q4 2021 18.6 Portfolio Overview Q1 2022 18.6 Fair Value SEK Kinnevik Stake Q2 2022 SURE 20.9 521m 9% Q3 2022 23.3 Leading global insurtech enabling the insurance industry to reach its full potential in an online era Q4 2022 Sustainability Fair Value SEK 445m Kinnevik Stake 5% Hospitality management cloud that empowers hoteliers to improve performance, maximize revenue, and provide superior guest experiences Financial Statements Fair Value SEK Kinnevik Stake 376m 6% MEWS Provides an end-to-end service to support and guide businesses hiring talent globally Other omnipresent 14#15Intro 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 account in the UK Fair Value SEK 832m Kinnevik Stake 21% KINNEVIK Interim Report. Q4 2022 Q4 2021 Portfolio Overview Betterment Assets Under Management (USDbn) 33.9 33.1 Q1 2022 29.8 Q2 2022 28.7 Q3 2022 monese GBP account £1,085.00 Recently paid Auroho Detal Transactions 32.3 Q4 2022 Sys £239.00 8 Card PN View all Sustainability View Attent Good morning Alox Ma 040041 Good Investment orning, Alex Conn Gutterfrands is A Buldout your financial plan monese Financial Statements Sprac 34.750.23 $32013 Net worth Total netwo ta Int performanc Donde Taxt Sex d Scheduled deposits sing 185.3245 5001002 130.0406 38 114 20 Other LUNARⓇ Fintech company enabling con- sumers and businesses handle all their finances on one platform Fair Value SEK Kinnevik Stake 268m 6% AAMU 15#16Intro Net Asset Value EARLY BETS & NEW THEMES Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market NICK'S Swedish-born, global food-tech innovator of healthy and indulgent snacks and ice cream & Superb The first all-in-one Guest Experience Management platform for restaurants KINNEVIK Portfolio Overview Interim Report. Q4 2022 GORDIAN Enables the distribution of flight ancillaries, such as seat selection, luggage, and priority boarding through an API solution ( Safety Wing Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote workforces vay Tech-enabled mobility company that is on track to launch a mobility service with teledriven electric VayCars on European public streets Sustainability Financial Statements joint academy® Swedish digital health company that connects patients with physical therapists to deliver an online evidence-based treat- ment for chronic joint pain Solugen Green chemicals producer providing cheaper, safer chemicals without using fossil fuels H2green steel Producer of green steel aiming to reduce carbon emissions by up to 95 percent compared to traditional steelmaking Other KARMA Restaurant platform enabling table ordering, payment and pick-up, and a sustainable food platform allowing retailers to sell surplus food with a discount Recursion. Biopharma company mapping and navigating biology and chemistry with the goal of bring- ing better medicines to patients faster and at lower cost DIMENSION Kinnevik has committed USD 5m to Di- mension Capital. We believe this first-time fund has unique potential to become a household name in the early stage techbio space. The three founding partners come from renowned US venture funds in deep tech and biotech and have built impressive track records in the space. 16#17Intro OTHER PORTFOLIO Enables mobile and fixed connectivity, telephony, data, TV and streaming Public company Fair Value SEK 11.8bn Kinnevik Stake 20% Net Asset Value The leading fashion and lifestyle retail destination in growth markets Public company, results excl. CIS Fair Value SEK 1.0bn Kinnevik Stake 36% KINNEVIK Interim Report - Q4 2022 Revenue (SEKbn) 7.0 Q4 2021 EMERGING MARKETS 6.7 Portfolio Overview Q1 2022 357 6.8 399 Q2 2022 7.1 Net Merchandise Value LTM (EURbn) 1,055 Q3 2022 TELE2 ..... 7.5 Sustainability Q4 2022 OFG Adjusted EBITDAaL Margin 34% Q4 2021 GLOBAL FASHION GROUP 37% -5.9% Q1 2022 36% Adjusted EBITDA Margin LTM -5.8% Q2 2022 Financial Statements -3.9% 37% Q3 2022 33% Q4 2022 -4.6% Revenue Generating Units Sweden and the Baltics (m) 9.4 Q4 2021 Other 13.4 9.4 Q1 2022 Active Customers (m) 11.9 9.5 Q2 2022 13.4 9.6 Q3 2022 9.5 Q4 2022 11.9 17#18Intro Net Asset Value The top performing venture capital fund in Honordex Inclusive Index 2022 Kinnevik was recognized as the Top Performing Venture Capital Fund for achievements in equality, diversity and inclusion in Honordex Inclusive Index 2022. Kinnevik was the only company classified as "leader", the highest possible classification, out of the 282 firms scored. KINNEVIK HAS RECEIVED DOUBLE RECOGNITION FOR ITS LEADERSHIP IN SUSTAINABILITY "Kinnevik's greatest asset is and has always been our people. We prioritize diversity and inclusion both within our own team and throughout our portfolio because we believe it's a core lever for value creation. We are proud and humbled by this award, but there's always more work to do and we have an ambitious agenda for the coming years." Georgi Ganev, Kinnevik's CEO KINNEVIK Honordex is a comprehensive scoring tool developed by Equality Group that measures Equality, Diversity and Inclusion performance based on publicly available data. It is based on academic research and industry expertise. Honordex allows organizations to benchmark themselves to peer organizations. It develops meaningful actions to continually improve on social sustainability performance. Portfolio Overview Interim Report Q4 2022 POWERED BY HONORDEX 2022 LEADER An award for industry-leading equality diversity and inclusion afores EQUALITY Sustainability Financial Statements Other Top performer in Lund University's sustainability ranking of Swedish listed companies Kinnevik was ranked one of the top performing companies in Sweden on corporate governance, risk management and climate-related scenario analysis according to an annual ranking performed by Dagens Industri, Aktuell Hållbarhet and Lund University. "It's not in spite of, but because of the many uncertainties facing businesses today, that now is the time to raise the bar in sustainability." Georgi Ganev, Kinnevik's CEO In 2022, for the fifth consecutive year, Lund University conducted a sustainability ranking of Swedish listed companies comprising 131 of the largest listed companies across different sectors. The ranking is done based on companies' publicly available reports and websites, as well as a survey. HÅLLBARA BOLAG 2022 AH Di 18#19Intro FINANCIAL REVIEW Investment (SEKm) Agreena Babylon Carbon Direct II (Fund Partnership) Common / Habyt Dimension Capital (Fund Partnership) Gordian H2 Green Steel Instabee Joint Academy Lunar Mathem Mews Oda Omio Omnipresent Quit Genius Recursion SafetyWing Solugen Town Hall Ventures III (Fund Partnership) Transcarent TravelPerk Other Net Asset Value Investments KINNEVIK Q4 2022 22 286 Interim Report. Q4 2022 11 52 275 1 189 436 471 843 3 2 589 FY 2022 149 286 111 79 52 126 275 115 58 286 343 436 691 32 377 89 843 177 508 93 546 54 5742 Portfolio Overview Teladoc Tele2 Other Divestments Net Investments / (Divestments) Sustainability ● 2 589 - 986 - 6 027 Capital Allocation Framework Our expectations are to: • Invest half of our capital into new investments, and the other half into follow-on investments in our ex- isting portfolio Add up to eight new companies per year ● Continue to evolve our thematic and sectorial focus - 7 043 - 1 301 • Seek to build an adequate level of influence in our companies, rather than specific ownership stakes - 29 • Build and maintain a portfolio across different stages of maturity, with 10-20 companies making up the lion's share of portfolio value Financial Statements Other During the fourth quarter we invested SEK 2.6bn, of which 1.6bn into three new companies - clinical-stage biotechnology com- pany Recursion, hospitality management cloud provider Mews and Swedish producer of green steel H2 Green Steel. We also committed SEK 52m to the life science fund Dimension Capital. Of the SEK 1.0bn invested into the existing portfolio during the quarter, the larger investments were our participations in Oda's funding round and Babylon's private placement. During full-year 2022, we deployed a total of SEK 5.7bn split 2.1bn into follow-on investments, 3.4bn into nine new invest- ments, and 256m into fund partnerships. We released more than SEK 7.0bn primarily from Tele2 and Teladoc during the first half of 2022, meaning we were SEK 1.3bn net divestors during the year. In 2023, we expect to invest around SEK 5bn split roughly 50/50 between new investments and follow-on investments into the existing portfolio. 19#20Intro Net Asset Value CAPITAL STRUCTURE As at 31 December 2022, Kinnevik had a net cash position of SEK 10.4bn, corresponding to 24 percent of portfolio value. This net cash position was mainly made up of SEK 14.0bn in cash and short-term investments, less 3.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months (maturing in 2025, 2026 and 2028). During 2022, Kinnevik received SEK 1.1bn in ordinary divi- dends and 2.4bn in extraordinary dividends from Tele2. KINNEVIK Interim Report. Q4 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 20#21Intro SEK m GROUP FINANCIAL STATEMENTS Change in fair value of financial assets Dividends received Consolidated Income Statement and report concerning Total Comprehensive Income Administration costs Other operating income Other operating expenses Operating profit/loss Net Asset Value Interest income and other financial income Interest expenses and other financial expenses Profit/loss after financial net Tax Net profit/loss for the period Total comprehensive income for the period Net profit/loss per share before dilution, SEK Net profit/loss per share after dilution, SEK Outstanding shares at the end of the period Average number of shares before dilution Average number of shares after dilution KINNEVIK Portfolio Overview Interim Report. Q4 2022 Note 4 5 Q4 2022 -5 437 461 -148 3 0 -5 121 29 7 -5 085 0 -5 085 -5 085 -18.16 -18.16 280 076 174 Sustainability 280 076 174 280 076 174 Q4 2021 -4 062 563 -121 0 -3 616 192 -38 -3 462 -5 -3 467 -3 467 -12.46 -12.46 278 677 265 278 212 165 278 212 165 FY 2022 -22 856 3 538 -371 11 -1 -19 679 346 -186 -19 519 0 -19 519 -19 519 -69.83 -69.83 280 076 174 279 503 330 279 503 330 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 Fourth Quarter The change in fair value of financial assets, including dividends received, amounted to a loss of SEK 4,976m (loss of 3,499) for the fourth quarter of which a loss of SEK 1,651m (loss of 7,526) was related to listed holdings and a loss of SEK 3,325m (profit of 4,027) was related to unlisted holdings. See note 4 and 5 for further details. The higher administration costs are mainly explained by a decrease of value of outstanding long-term options last year and higher investment activity this year. The lower financial net is mainly explained by a large foreign currency profit in USD in Q4 last year. Consolidated Earnings for the Year The change in fair value of financial assets, including dividends received, amounted to a loss of SEK 19,318m (profit of 14,958) for the year of which a loss of SEK 10,876m (loss of 1,640) was related to listed holdings and a loss of SEK 8,442m (profit of 16,598) was related to unlisted holdings. See note 4 and 5 for further details. The higher administration costs are mainly explained by a decrease of value of outstanding long-term options and higher investment activity. The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term invest- ments in Money Market funds and foreign currency differences. 21#22Intro 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 Q4 2022 Portfolio Overview Sustainability Financial Statements Note 5 Q4 2022 461 -72 39 -33 395 -2 568 0 -2 568 0 -2 173 15 974 47 13 848 Other Q4 2021 563 -102 0 -8 453 -1 968 5 549 3 581 -190 2 000 3 1 813 5 847 4 697 10 544 FY 2022 3 538 -337 44 -66 3 179 -5 954 7 335 1 381 -1 210 -1 210 3 350 10 544 -46 13 848 FY 2021 1 689 -321 -55 1 313 -6014 5 799 -215 -190 2 000 91 -44 1 857 2 955 7 589 10 544 22#23Intro 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. Q4 2022 Portfolio Overview Sustainability Financial Statements Note Q4 2022 -2 589 62 -39 -2 -2 568 Other Q4 2021 -2 370 442 -50 10 -1 968 5 294 -3 94 164 5 549 FY 2022 -5742 237 -443 -6 -5 954 7 043 292 7 335 FY 2021 -6 376 442 -90 10 -6 014 5 544 -3 94 164 5 799 23#24Intro 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. Q4 2022 Portfolio Overview Sustainability Financial Statements Other Note 4 31 Dec 2022 43 385 44 3 130 43 562 320 10 738 3 110 14 168 57 730 31 Dec 2021 67 541 46 6 210 67 803 240 6 684 3 860 10 784 78 587 24#25Intro 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. Q4 2022 Portfolio Overview Sustainability Financial Statements Other Note 6 6 31 Dec 2022 52 906 3 509 1 315 57 730 0.07 92% 10 720 10 387 31 Dec 2021 72 391 3511 1210 1 475 78 587 0.07 92% 5 704 5 384 25#26Intro Report of Changes in Equity for the Group SEK m Opening balance 1 January 2021 Profit/Loss for the period Total comprehensive income for the year Transactions with shareholders Effect of employee share saving programme Sale of own shares Distribution in kind") Net Asset Value Cash dividend²) Closing balance 31 December 2021 Profit/Loss for the period Total comprehensive income for the year Transactions with shareholders Effect of employee share saving programme Closing balance 31 December 2022 KINNEVIK Portfolio Overview Interim Report. Q4 2022 Sustainability Share capital 28 28 28 Financial Statements Other contributed capital 8 840 8 840 8 840 Other Retained earnings including net result for the year 102 803 14 777 14 777 36 91 -54 140 -44 63 523 -19 519 -19 519 34 44 038 Total share- holders' equity 111 671 14 777 14 777 36 91 -54 140 -44 72 391 -19 519 -19 519 34 1) In accordance with the resolution at the AGM on April 29, 2021, the distribution of the Zalando shares ,amounting to SEK 54,140m, was effected on June 18, 2021. The value corresponds to the fair value at that time in accordance with IFRIC17. 2) The AGM 2021 resolved in favor of paying cash dividend compensation to the participants in Kinnevik's long term incentive program from 2018. 52 906 26#27Intro Net Asset Value NOTES FOR THE GROUP Note 1 Accounting Principles The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. The Parent Company has prepared its interim report according to the Swedish Annual Accounts Act chapter 9, Interim report. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. The accounting principles are the same as described in the 2021 Annual Report. KINNEVIK Portfolio Overview Interim Report. Q4 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. 27#28Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we 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 Q4 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2022 Kinnevik Unlisted Investee Averages Revenue Growth +50-70% +200-220% +10-20%/ +110-130% +135-155% +20-40% 2022 Gross Margin 5-15% 40-60% 30-40% / 45-60% 50-70% 40-60% Note: Kinnevik unlisted investee averages are weighted by fair value as at 31 December 2022. 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 2,088m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 1,949m. A NEW VALUATION ENVIRONMENT In the fourth quarter of 2022, the development of public comparable valuation multiples for our unlisted investments were fairly dispersed. Valuation levels in value-based care were volatile, driven by a flurry of announced or rumoured transactions in our peer group, and e-commerce multiples rerated materially after having contracted through the first three quarters of 2022. Changing expectations on inflation and interest rates continue to be referenced as a significant driver of valuation multiples, in particular for companies such as ours where cash flow profitability can still be some years out. Heading into 2023, the force increasingly driving changes may be the extent to which a contracting business cycle affects 3.0-4.0x 0.8-1.5x / 4.5-5.5x 8.0-10.0x 10.0-20.0x 4.0-6.0x 2022 Revenue Growth +40% +30% +15% / 30% +30% Flat Other Peer Group Averages 2022 Gross Margin 25% 45% 40% / 55% 75% 45% NTM EV/Revenue 2.5x 1.5x 1.0x/3.0x 5.0x 5.5x the demand for our companies' and their public comparables' products and services. Many of our investees are taking measures to reduce burn, improve profitability, and prolong cash runways. At the expense of these measures, our expectations on our investees revenues in 2023 have come down by around 15 percent compared to our estimates at the end of the previous quarter. On average, the net effect of this trade-off bears a negative short-term impact on our assessed valuations this quarter. The revised expectations means, however, that our assessed valuations are rebased to reflect a more recessionary environment. Investment activity in private venture and growth markets has slowed down materially relative to the hectic 2021, and the growth IPO market has effectively closed. This means fewer transactions and less price discovery occurring in private markets that could otherwise aid the cali- bration of our valuations, and that public market comparable companies become the singular valuation benchmark available. As the high-growth and often cash-consuming financial profile that many of our early-stage investee companies exhibit tend to lack public market equivalents, this creates challenges. To corroborate our fair value assessments of our more early-stage businesses, we therefore also assess projections further out in time to confirm that the level of execution risk in each investment provides commensurate returns over this time frame from our assessed fair value as of our measurement date. The correction in valuation levels during 2022 has typically borne a 28#29Intro Net Asset Value less significant impact on profitable or low-burn companies relative to high-burn companies. These parameters, paired together with our com- panies' operational performance, financial strength and reliance on the near-term funding climate, have all been taken into consideration when valuing our unlisted companies. MULTIPLE CONTRACTION We continue to seek to reflect the movements in the valuation multiples of publicly listed peers when valuing our unlisted businesses, typically allowing peer group multiple contraction to flow through our valuations without adjustment. We increasingly focus on multiples of expected revenue over the next twelve months ("NTM") to deemphasize the direct weight of importance placed on more longer-term projections and to enable aggregations and averages that aid the reader of our financial reporting. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies de- monstrating high growth and low cash burn (or profits) 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 priced transactions that took place in the current valuation environment at higher valuations than Kinnevik's immediately preceding interim report (Budbee and Omio in the second quarter, Monese in the third quarter, and VillageMD in the fourth quarter). Excluding these transactions, the average NTM revenue multiple contraction in our unlisted portfolio in the fourth quarter was 7 percent, around 2 percentage points more severe than the average peer. For the 2022 full-year, the multiple contraction in our unlisted portfolio was 55 percent, in line with the average peer (again excluding the aforementioned transactions). 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 KINNEVIK Interim Report Q4 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q3-2022 Q4 Approximations, SEKbn Q3 2022 T 30.6 Category • Value-Based Care • Virtual Care Sustainability • Platforms & Marketplaces • Software • Consumer Finance +2.7 Unlisted Portfolio Including Key Transactions Revenue Growth -4.6 Multiple Changes EV/NTM Revenues, 2022 Q4 & Full-Year (Value-Weighted at the Respective Period's Start) Multiple Contraction Investee Change (Average) -13% +13% -3% -8% -18% -7% Financial Statements -8% +1.5 Net Investments Q4 2022 Peer Change (Average) -18% -10% +14% -14% +7% -5% -0.4 Liquidation Preferences & Currencies Other -1.0 Other Investee Change (Average) -53% -55% -60% -55% -54% -55% FY 2022 -46% 28.8 Q4 2022 Peer Change (Average) -28% -58% -56% -67% -39% -54% 29#30Intro Net Asset Value that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are ap- plicable may result in a disproportionate increase or decrease in the fair 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 3.2bn and was primarily centred to a handful of later-stage companies. The same figure amounted to around SEK 2.7bn at the end of the third quarter, and the difference was negligible at the end of 2021. As such, the incremental effect in the fourth quarter amounts to SEK 0.4bn, due to rounding, and SEK 3.2bn in 2022. This value difference means that if Kinnevik's shareholdings would not enjoy said liquidation preferences, the fair value of the unlisted portfolio would be SEK 3.2bn lower. In other terms, the underlying val- ue of Kinnevik's investments in these companies needs to increase by SEK 3.2bn before the accrual of an on-paper return on investment. This KINNEVIK Interim Report Q4 2022 Portfolio Overview Sustainability notwithstanding, the fair values included in Kinnevik's net asset value statement correspond to the proceeds Kinnevik is entitled to receive in the event of a sale of each investment at the assessed underlying value of each company. AGGREGATE VALUE CHANGES AND DRIVERS On average, the valuation of each of our companies decreased by 18 percent in the fourth quarter of 2022 when excluding VillageMD, and by 54 percent during 2022, when excluding Budbee, Monese, Omio and VillageMD. Including these companies, the average decrease amount- ed to around 17 percent in the fourth quarter and around 42 percent during 2022. Similar to the previous quarter, contracting multiples was the sin- gle-most important driver of the value change in our unlisted portfolio during the quarter. Indicatively, multiple contraction had a negative effect of SEK 4.6bn on our valuations in the quarter. Revenue growth offset some of the impact of compressing valuation levels with an equally indicative positive contribution of around SEK 2.7bn. The Swedish krona strengthened by 6 percent against the dollar in the fourth quarter and weakened by 2 percent against the euro. Per the end of the fourth quarter, the currency exposure of the unlisted portfolio was approximately 60 percent in USD, 23 percent in EUR, and 9 per- cent in NOK and GBP (with the balance in SEK). In aggregate, currency changes contributed to a negative effect on the valuations of our unlist- ed investments of around SEK 0.9bn in the quarter. As outlined above, the incremental positive effect of liquidation preferences in the quarter amounted to SEK 0.4bn. Other effects such as investee cash burn and dilution had a negative SEK 1.0bn impact. OUR INVESTEES RELATIVE TO THEIR VALUATION PEER GROUPS In our interim report for the first quarter of 2022, we rearranged our NAV statement. Our aim with the new categorization is to group our private investments in a more refined way, sorting them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are now providing for each category, is a step forward in terms of transparency of the performance and our Financial Statements Other assessed valuations of our unlisted assets. The table on page 29 (which includes valuations underpinned by transactions) 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 - including the referencing of SaaS companies in assessing the fair value of our virtual care investments. Please also note that the averages for Kinnevik's unlisted investees are weighted by fair value in the fourth quarter, and provided as indicative ranges since differences between individual companies may be material. For the categories where our companies are growing at considerably higher rates than the peer group average, our valuation multiples are typically at a premium to the peer group's average. This spread is calibrated against e.g. the correlation of growth and profitability to valuation multiples for comparable companies in public markets. The average premium is considerably smaller (or at a discount) when benchmarking our valuations against more richly valued constituents in each relevant peer group, or when looking at expectations further out than the next 12 months. Premiums to the peer group average multiple narrow over time as our companies continue to outpace the growth of its valuation benchmarks, resonating with the level of risk that venture and growth capital investments entail. 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 investments in this category - Cityblock and Village MD - historically been 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 40 percent in 2022 with gross margins of 25 percent, and trade at around 2.5x NTM revenues. Our businesses grow significantly faster albeit with slimmer gross mar- gins, and are valued at around 3.0-4.0x NTM revenues on average. Over the past quarters, several businesses used as benchmarks for our valuations have been subject to takeover offers or speculation thereof, causing significant volatility in valuation multiples. In our valuations, we note these offers' indication of investor appetite in the space but seek to 30#31Intro Net Asset Value triangulate valuations that does not indirectly incorporate bid premiums into the valuations of our investments. To address this volatility we also reference more traditional care businesses such as United Health (UNH) and Humana (HUM) in our calibrations. The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 2,787m, down some 25 percent in the quarter. The NTM revenue multiple has been contracted by around 10 percent in the quarter, relative to the 20 percent contraction in the value-based care peer group and largely flat multiples in the more traditional care provider reference group. This leads Cityblock to being valued at a slight premium to the value-based care peer group average. The company is significantly outpacing its listed value-based care benchmarks on revenue growth while proving sustainable gross margins in its more established cohorts. Cityblock is consolidating its footprint, which impacts revenues negatively in the short term in favor of gross margin improvements in the medium-term. The shift bears a net negative effect on our valuation this quarter. Our write- down in dollar terms is augmented by the strengthening Swedish krona. The fair value of Kinnevik's 2 percent shareholding in VillageMD amounts to SEK 4,606m, up some 9 percent in the quarter. During the fourth quarter of 2022, VillageMD acquired the leading care provider Summit Health, financed with a mix of equity and debt. The equity com- ponent valued the combined company at an approximate 10 percent premium to our fair value in this quarter. In 2023, the combined com- pany is expected to be EBITDA positive and to grow faster than the value-based care peer group on average. Our NTM revenue multiple has contracted by around 10 percent relative to the 20 percent contraction in the value-based care peer group, leading to VillageMD being valued at a somewhat increased premium to the peer average compared to the previous quarter. Our write-up in dollar terms is somewhat muted by the strengthened Swedish krona. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses in part against a peer set of listed telemedicine compa- KINNEVIK Interim Report Q4 2022 Portfolio Overview Sustainability nies, including generalists such as Teladoc (TDOC) and Amwell (AMWL), and more vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in this peer set grew revenues by around 30 percent on average in 2022 with gross margins of 45 percent, and trade at an average 1.5x NTM revenues. Our businesses are growing revenues more than 7x faster with comparable gross margins, and are better positioned for long- term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that our unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 8-10x NTM revenues on average, more in line with SaaS businesses with more similar financial profiles to those of our unlisted virtual health businesses. The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 1,042m. The NTM revenue multiple has been contracted by around 6%, fairly in line with the development for the average of listed telemedicine benchmarks, against which Spring Health is valued at a significant premium on forward-looking multiples. The valuation remains at a slight discount to the NTM revenue multiples of SaaS businesses with similar financial profile to that of Spring Health. The underlying compa- ny valuation is almost back in line with the valuation in the company's funding round in the third quarter of 2021, in which Kinnevik made its first investment in the company. PLATFORMS & MARKETPLACES Our Platforms and Marketplace businesses form the most diverse group of investments in the NAV categorization introduced in 2022. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Omio with gross margins almost twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation level is around 1x NTM reve- nues for lower-margin e-commerce peers that on average typically grew around 15 percent in 2022, and around 3x NTM revenues on average for higher margin marketplace peers that on average grew by around 30 percent in 2022. Our lower-margin Platforms & Marketplaces companies are in general valued at discounts to their respective peer group aver- Financial Statements Other ages, reflective of peers' higher level of profitability not being offset by commensurately higher growth rates. Our higher margin companies are generally valued in line with or at narrow premiums to their respective peer group average, reflective of our companies' ability to grow materially faster than peers while at similar or higher levels of profitability. The fair value of Kinnevik's 13 percent shareholding in Instabee amounts to SEK 1,736m, down 28 percent in the quarter. The set of peers used to benchmark Instabee consists of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). We mark Instabee at a narrow and decreasing premium in relation to the peer group's more richly valued constituents, such as InPost, warranted by Instabee's materially higher growth rate solidified by the company's profitability and stronger outlook. We have reassessed our estimations of the company's near-term topline outlook in the current economic climate, which is the main driver behind this quarter's downward valuation revision. The fair value of Kinnevik's 31 percent shareholding and other interests in Mathem amounts to SEK 379m, flat in the quarter when adjusting for our in-quarter investment. The valuation is based on revenue multiples of a composite peer group of inventory holding e-commerce retailers and meal kit businesses such as Zalando (ZAL.DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The assessed valuation implies a mul- tiple of 0.5x the company's revenues during the last twelve months as at 30 September 2022 (as disclosed on p. 12 but pro forma the acquisition of Mat.se), but naturally takes the forward outlook into account. On an NTM revenue multiple basis, the valuation is at a >30 percent discount to the key peers referenced above. The fair value of Kinnevik's 28 percent shareholding in Oda amounts to SEK 940m, down around 25 percent in the quarter when excluding our SEK 471m investment in the quarter. The valuation is based on revenue multiples of the same composite peer group used in valuing Mathem. The assessed valuation slightly below where the company raised new financing during the fourth quarter of 2022. The decrease in fair value is driven primarily by a contracting revenue multiple, calibrated against the recent financing round, and an enlarged incentive program. The assessed valuation implies a multiple of around 0.8x the company's revenues 31#32Intro Net Asset Value during the last twelve months as at 30 September 2022 (as disclosed on p. 12). On a NTM basis, the multiple is at a >30 percent discount to the aforementioned key peers. The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 587m, effectively flat in the quarter save for currency headwinds. 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 reflects a relatively material, slightly increased, 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 1,123m, a few percent above last quarter due to cur- rency tailwinds. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also drawn to marketplaces such as Airbnb (ABNB) and Uber (UBER). The peer group's average NTM revenue multiple decreased by around 5 percent in the quarter, and the company remains valued at a premium to the peer group, albeit a decreasing one, considering its significantly stronger revenue growth relative to the peer group constituents while maintaining comparable margins and profitability. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, causing an ef- fectively unchanged fair value in spite of reflecting considerable multiple contraction in the peer group over the last few quarters. SOFTWARE Our Software businesses are typically benchmarked against both high- growth SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in our peer sets typically grew revenue at around 30 percent in 2022 with gross margins of 75 percent, compared to our businesses which typically are growing almost five times faster with somewhat lower gross margins. KINNEVIK Interim Report Q4 2022 Portfolio Overview Sustainability The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 1,662m, down around 18 percent in the quarter. The valuation reflects a somewhat lower growth outlook as the company strengthens its profitability, as well as the peer group's average NTM revenue multi- ple contracting by around 7 percent in the quarter. The Swedish krona's appreciation against the dollar puts further pressure on our fair value. The company is valued in line with the richest valued companies in its peer group, corresponding to a material premium to the peer group average to reflect Cedar's stronger growth rate. In relation to this average, the valuation normalizes materially twelve months out, courtesy of the company's strong outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 3,352m, down around 10 percent from last quarter's valuation. The valuation reflects revenue and gross profit multiple contraction of around 15-20 percent in the quarter, in line with many of the constituents of the peer group. 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 with improved profitability and a strong financial position. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,964m, effectively flat in terms of underlying valuation in the quarter but decreasing 7 percent, mainly due to currency effects. The assessed valuation is fairly in line with where the company raised new financing in late December 2021, and where smaller secondary transactions took place during the second and third quarters, in which Kinnevik participated. The resilience of the carrying value of our TravelPerk investment reflects the company's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate 40 percent decline in the NTM revenue multiple during the full year 2022. CONSUMER FINANCE Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer subscription businesses such as Match Group Financial Statements Other (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set saw flat revenues in 2022 with gross margins of around 45 percent. Our investments in the sector are growing by around 20-40 percent with comparable gross margins. The fair value of Kinnevik's 13 percent shareholding in Betterment amounts to SEK 1,438m. The peer group's average NTM revenue multiple expanded around 10 percent in the quarter, but we apply a discount to the peer group in valuing Betterment in consideration of the current volatility in financial markets bearing a more adverse impact on Better- ment than on more transactional asset management models. Per the end of November, the company's assets under management amount- ed to around USD 33.0bn. While the revenue mix is becoming more diversified, Betterment's revenues are still primarily derived from fees on assets under management and therefore remain in part correlated with the development of the US and global stock market. At the current valuation level, the carrying value of our investment is positively affected by liquidation preferences, causing an unchanged fair value in USD terms and an decreasing fair value in SEK terms due to currency headwinds. The fair value of Kinnevik's 21 percent shareholding in Monese amounts to SEK 832m, virtually flat in the quarter. The valuation is at a not imma- terial discount to the valuation where the company raised new capital at during the third quarter, stemming from the terms at which this capital was raised from a strategic investor. The peer group's average NTM revenue multiple expanded by around 4 percent in the quarter. Our valuation means valuing the company at an approximate 10 percent premium to its peer group of financial services and consumer subscription companies. 32#33Intro CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEK M) Alliance Data Babylon Global Fashion Group Recursion Teladoc Tele2 Zalando Total Listed Holdings Babylon Betterment Bread Cedar Cityblock HungryPanda Instabee Jobandtalent Lunar Mathem Mews Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Interim Report Q4 2022 Q4 2022 - 256 42 - 229 - 130 - 1 539 - 2112 - 94 - 361 - 907 6 - 679 25 - 196 4 9 - 10 - 176 - 48 4 Portfolio Overview Q4 2021 - 1 892 - 4 098 -1 977 - 122 - 8 089 - 16 1 85 - 294 106 - 3 35 6 - 209 21 38 - 45 FY 2022 - 2 862 - 2 607 - 229 - 2 255 - 6 460 - 14 414 - 148 - 863 - 1 249 - 131 312 83 - 544 - 1 218 9 298 - 1 355 277 1 FY 2021 28 - 1892 - 4 075 -5974 3 790 4 795 - 3 329 2224 546 1 1953 2642 160 540 35 20 - 210 70 484 - 17 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 Village MD Pleo Cityblock Total Effect Q4 2022 -20% - 12 3611 2 706 2237 8 554 - 2 191 - 367 - 39 - 68 - 34 - 41 - 156 374 - 38 - 87 - 353 - 3 252 SENSITIVITY ANALYSIS OF OUR THREE LARGEST UNLISTED ASSETS Fair Value (SEKm) Change in Multiple - 74 - 5 437 -10% 4 109 3 029 2516 Other 9 654 - 1 091 Q4 2021 7 3 705 10 30 16 640 117 - 95 - 119 - 59 3 976 51 - 4 062 4 027 Actual - 3 325 - 8 442 16 577 whereof unrealized gains/losses for assets in Level 3 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. 4 606 FY 2022 3 352 2 787 10 745 - 41 - 2 532 30 137 68 79 242 - 52 77 - 694 - 1 031 - 8 247 - 195 22 856 +10% FY 2021 5 104 3 675 3 054 11 833 1 088 17 4 983 13 44 18 996 2 926 -76 - 79 - 788 16 502 96 13 269 +20% 5 601 3 998 3 321 12 920 2 175 33#34Intro FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Recursion Teladoc Tele2 Total Listed Holdings Betterment Cedar Cityblock HungryPanda Instabee Jobandtalent Lunar Mathem Mews Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Class A shares Interim Report. Q4 2022 Class B shares 4 617 340 79 093 454 7 653 061 3 683 668 20 733 965 116 879 154 Portfolio Overview Capital/ Votes % 18.6/18.6 36.0/36.0 4.0/4.0 2.3/2.3 19.9/36.3 13/13 8/8 8/8 11/11 13/13 5/5 6/6 31/31 5/5 21/21 28/28 7/7 6/6 31 Dec 2022 324 1 005 614 907 11 752 14 603 1 438 1 662 2 787 442 1 736 1 123 268 379 445 832 940 736 376 31 Dec 2021 2 900 3 612 4 149 24 240 34 901 1 586 2 525 4 036 573 1 309 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 Other Capital/ Votes % 11/11 14/14 15/15 5/5 9/9 3/3 15/15 2/2 11/11 31 Dec 2022 167 3 352 391 1 042 521 625 1964 4 606 587 2 351 28 770 12 43 385 31 Dec 2021 208 5 884 272 905 453 1 668 4 658 510 1 414 1 019 32 405 236 67 541 34#35Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Babylon Recursion Total Listed Assets Babylon Betterment Cityblock HungryPanda Instabee Jobandtalent Lunar Mathem Mews Monese Oda Omio Omnipresent Parsley Health Pleo Quit Genius Net Asset Value KINNEVIK Interim Report. Q4 2022 Q4 2022 286 843 1 130 189 436 471 Portfolio Overview Q4 2021 223 113 1 006 227 FY 2022 286 843 1 130 115 286 343 436 691 32 377 89 FY 2021 43 70 553 113 1 006 506 149 35 33 6 191 494 259 Sustainability Spring Health Sure 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 Q4 2022 362 1 1 459 2 589 30 648 1 459 - 3 325 28 782 Other Q4 2021 226 573 1 2 370 2370 34 150 2 370 -3114 - 4792 4 027 32 641 FY 2022 546 54 1 631 12 4612 5 742 32 641 4612 - 29 - 8 442 28 782 FY 2021 861 435 292 586 741 4 6 376 6 376 17 602 6.376 - 3 144 - 4792 16 598 32 641 35#36Intro Note 5 Dividends Received SEK m Tele2 Total dividends received Of which ordinary cash dividends Net Asset Value KINNEVIK Q4 Q4 FY FY 2022 2021 2022 2021 461 461 461 563 563 563 Interim Report. Q4 2022 3 538 3 538 1 099 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 10,720m and Kinnevik was in a net cash position of SEK 10,387m as at 31 December 2022. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 31 December 2022 where of SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 2-6 years. During the first quarter, SEK 1,210m in outstanding corporate bonds fell due for payment and the Group's available liquidity, includ- ing short term investments and available unutilized credit facilities, totalled SEK 19,264m as at 31 December 2022 (SEK 15,869m as at 31 December 2021). 1 689 1 689 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 Sustainability Interest Bearing Short Term Liabilities Corporate bonds Total Total Interest Bearing Liabilities Net interest bearing assets (+)/ liabilities (-) Debt, unpaid investments/divestments/divi- dends receivables Net Interest Bearing Assets Net Cash/(Net Debt) for the Group 31 Dec 2022 225 10 738 3 110 286 129 14 488 3 500 -12 21 3 509 3 509 10 979 -259 10 720 10 387 31 Dec 2021 137 6 684 3 860 5 210 10 896 3 500 -16 27 3511 1210 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 286m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreement. As at 31 De- cember 2022, the average interest rate for outstanding senior un- secured bonds amounted to 1.3 percent and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 2.2 years. The carrying amount of the liabilities is a reasonable approxi- mation of fair value as they bear variable interest rates. 36#37Intro 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. Q4 2022 Sustainability Financial Statements Q4 2022 -119 1 -118 -2 112 -14 538 38 -16 730 26 -16 704 -16 704 -16 704 Other Q4 2021 -120 -120 -519 7 600 26 6 987 177 7 164 7164 7164 FY 2022 -331 5 -326 -2 083 -14 492 217 -16 684 26 -16 658 -16 658 -16 658 FY 2021 -310 2 -308 -442 9 346 21 8 617 177 8 794 8 794 8794 37#38Intro Condensed Parent Company Balance Sheet SEK m ASSETS Tangible fixed assets Equipment Shares and participation in Group companies Shares and participation in associated companies and other companies Receiviables from Group companies Other long-term receivables Total fixed assets Current assets Short term receivables Other prepaid expenses Short term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report. Q4 2022 Portfolio Overview Sustainability Financial Statements Other 31 Dec 2022 4 32 748 4 449 6 154 129 43 484 331 11 10 738 2961 14 041 57 525 31 Dec 2021 4 87 593 6 561 27 756 210 122 124 216 15 6 684 3 546 10 461 132 585 38#39Intro 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. Q4 2022 Sustainability Financial Statements Other 31 Dec 2022 6 896 46 862 53 758 16 16 3 487 3 487 185 79 264 57 525 31 Dec 2021 6 896 63 487 70 383 19 19 3 484 3 484 1 210 The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 18,829m (15,556) per 31 December 2022. The Parent Company's interest bearing external liabilities amounted to SEK 3,487m (4,694) on the same date. Net investments in tangible fixed assets amounted to SEK Om (1) during the period. 57 398 91 58 699 132 585 39#40Intro Distribution by Share Class per 31 December 2022 SEK m Net Asset Value Outstanding Class A shares, 10 votes each Outstanding Class B shares, 1 vote each Outstanding Class G shares LTIP 2018, 1 vote each Outstanding Class G shares LTIP 2019, 1 vote each Outstanding Class C-D shares LTIP 2020, 1 vote each Outstanding Class C-D shares LTIP 2021, 1 vote each Outstanding Class C-D shares LTIP 2022, 1 vote each Class B shares in custody Class C-D shares LTIP 2022, in custody Registered number of shares KINNEVIK Portfolio Overview The total number of votes for outstanding shares amounted at 31 December 2022 to 583 875 062 excluding 78,073 shares in own custody. Sustainability Interim Report. Q4 2022 Financial Statements Other Number of shares 33 755 432 242 683 725 297 258 379 312 992 337 833 600 1 134 510 133 77 940 Number of votes 337 554 320 242 683 725 297 258 379 312 992 337 833 600 1 134 510 133 77 940 280 154 247 583 953 135 Par value (SEK 000s) 3 376 24 268 30 38 99 83 113 0 8 During April, 264,532 Class B shares were issued to cover dividend compensation related to Kinnevik's long term incentive programs. In addition, and similar to LTIP 2021, a new issue of 1,212,450 reclassifiable, subordinated, incentive shares, divided into two classes, to the participants in Kinnevik's long-term share incentive plan resolved on by the AGM on 9 May 2022 were registered by the Swedish Companies Registration Office (Sw. Bolagsverket) during June 2022. During July. 265,742 incentive shares from LTIP 2019 were converted to Class B shares. 28 015 40#41Intro Net Asset Value Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appli- cable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performance mea- sures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valua- ble information. Definitions of all APMs used are found below and reconciliations can be found on Kinnevik's corporate website www.kinnevik.com. AVERAGE REMAINING DURATION The value weighted average number of years until maturity for all credit facilities including outstanding bonds DEBT/EQUITY RATIO Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES DIVESTMENTS All divestments in fixed listed and unlisted financial assets EQUITY RATIO Shareholders' equity as a percentage of total assets GROSS CASH Short-term investments, cash and cash equivalents and other interest-bearing receivables KINNEVIK Portfolio Overview Interim Report Q4 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 41#42Intro Net Asset Value OTHER INFORMATION KINNEVIK'S ANNUAL GENERAL MEETING 2023 The Annual General Meeting will be held on 8 May 2023 in Stockholm. Shareholders wishing to have matters considered at the Annual General Meeting should submit their proposals in writing to [email protected] or to The Company Secretary, Kinnevik AB, Box 2094, SE-103 13 Stockholm, Sweden, at least seven weeks before the Annual General Meeting, in order for the proposal to be included in the notice to the meeting. Further details on how and when to register will be published in advance of the meeting. NOMINATION COMMITTEE AHEAD OF THE 2023 ANNUAL GENERAL MEETING The 2022 Annual General Meeting resolved, in accordance with the Nomination Committee's proposal, that the new Nomination Committee ahead of the 2023 Annual General Meeting shall consist of five members including the Chairman of the Board, James Anderson, and to elect as members of the Committee Anders Oscarsson, nominated by AMF, Hugo Stenbeck, nomi- nated by Alces Maximus LLC, Marie Klingspor, and Lawrence Burns, nominated by Baillie Gifford. Further, the 2022 Annual General Meeting resolved, in accordance with the Nomination Committee's proposal, to elect Anders Oscarsson as Chairman of the Nomination Committee. Information about the work of the Nomination Committee can be found on Kinnevik's website at www.kinnevik.com. KINNEVIK Portfolio Overview Interim Report. Q4 2022 Sustainability DATES FOR 2023 FINANCIAL REPORTS Kinnevik's Annual Report 2022 will be published on Kinnevik's website on 6 April 2023. 20 April 11 July 18 October Interim Report for January-March Interim Report for January-June Interim Report for January-September REVIEW REPORT Introduction We have reviewed the interim report for Kinnevik AB for the pe- riod 1 January - 31 December 2022. The Board of Directors and the Chief Executive Officer 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 the International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion ex- pressed based on an audit. Financial Statements Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared 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 2 February 2023 KPMG AB Other Mårten Asplund Authorized Public Accountant, Principal Johanna Hagström Jerkeryd Authorized Public Accountant 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 2 February 2023. For further information, visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected] Kinnevik's ambition is to be Europe's leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast- changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINVA and KINV B. 42#43KINNEVIK For further information visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]