Kinnevik Results Presentation Deck

Intro Net Asset Value peer group multiple contraction flow through our valuations without adjustment. We also increasingly focus on multiples of expected revenue over the next twelve months ("NTM") to deemphasize the direct weight of importance placed on more longer-term projections. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn are more resilient than that of the average listed peer, and more in line with the stronger constituents of the respective peer group. In the table to the right, we show the average multiple contraction in valuations that are not underpinned by transactions that took place in the current valuation environment, during or shortly after the second quarter of 2022. During the quarter, the average NTM revenue multiple contraction in our unlisted portfolio was 34 percent, around 5 percent- age points more moderate than the average peer. For the first half of 2022 the multiple contraction in our unlisted portfolio was 43 percent, around 12 percentage points more moderate than the average peer. This moderation primarily stems from our Software investments. Here, the peer group's average multiple contraction has been weighed down by the reversal of trends in sectors like e-commerce. This stands in stark contrast to our two largest Software investments, Pleo and TravelPerk, that are enjoying significant tailwinds as pandemic restrictions have eased and corporate travel and expense volumes have begun to rebound materially. This, we believe, warrants a multiple compression more in line with the peer group's more resilient quartile rather than its average compression. LIQUIDATION PREFERENCES Kinnevik's unlisted investee companies adopt different financing struc- tures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business, and typically means that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may KINNEVIK Interim Report Q2 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q1-2022 Q2 Approximations, SEKbn +4.8 L 31.0 Q1 2022 Category Multiple Contraction EV/NTM Revenues, 2022 Q2 and H1 • Value-Based Care • Virtual Care Sustainability • Platforms & Marketplaces • Software • Consumer Finance Revenue Growth Unlisted Portfolio Including Q2 2022 Transactions -8.4 Multiple Contraction -33% Investee Contraction (Weighted Average) -43% -38% -34% -31% -34% -30% Financial Statements +0.5 Net Investments Q2 2022 Peer Contraction (Average) -36% -43% -41% -43% -28% -39% +3.6 Liquidation Preferences & Currencies Other -2.1 Other Investee Contraction (Weighted Average) -45% -61% -51% -42% -38% -43% H1 2022 -40% 29.3 Q2 2022 Peer Contraction (Average) -41% -58% -53% -61% -41% -55% 30

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