Kinnevik Results Presentation Deck

OUR CAPITAL ALLOCATION EXPECTATIONS REMAIN UNCHANGED, WITH KEY ALLOCATION RISKS RELATING TO MISSED UPSIDE OPPORTUNITIES ■ Capital Reallocation 2023 Expectations Our 2023 expectations remain unchanged - around SEK 5bn in total investments split 50/50 between new investments and follow-on investments in the existing portfolio Our assessments of investee runways also remain largely unchanged, with the key development being extensions of runways through funding rounds in the quarter ■ Around 6% of our private investees by value have runway not lasting longer than to end of 2023 (from 10% in Q4 2022) Of our currently forecasted follow-on investments, around 70% of capital is expected to be deployed into high-conviction businesses where we are either instigating transactions or willingly accreting ownership (as in Spring Health) Two main factors could affect our expectations - 1. an inability to deploy as much capital as we would like into our existing high-conviction businesses (pushing the SEK 5bn and the % share of follow- on investments downward) 2. not finding enough attractive opportunities to invest in new businesses due to companies not coming to market (pushing the SEK 5bn and the % share of new investments downward) Type of Follow-On Investment Approximations, Current Forecast 30% Pre-Empting or Instigating Transactions in High-Conviction Businesses 40% Above Pro Rata Participation in Planned Rounds in High-Conviction Businesses 20% Pro Rata Participation in Planned Rounds in Emerging Businesses 10% Minimized Participation in Planned Rounds in Struggling or Low-Conviction Businesses We remain focused on making the most of the current environment through maximizing the impact of our highest-conviction investments and capturing opportunities that arise during a period of more risk-averse sentiment 12 KINNEVIK

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