Kinnevik Results Presentation Deck

Intro Net Asset Value CONSUMER FINANCE Our Consumer Finance businesses are benchmarked against different but in part overlapping public market benchmarks, reflecting their dif- ferences and similarities in business models. Betterment is primarily benchmarked against digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), as well as the broader public SaaS company universe considering the recurring revenue cha- racteristics of its fee-based AUM model. AUM was almost flat in 2022, despite the Nasdaq being down more than 30 percent and the S&P 500 being down almost 20 percent. Facing this considerable headwind, Bet- terment still grew revenues in double digit percentages in 2022 through an improved customer offering and a more diversified business model than historically has been the case. Growth is expected to pick up materially in 2023, but remains sensitive to movements in the broader stock market. Lunar is benchmarked against a mix of the aforementioned digital wealth managers, and consumer subscription businesses such as Netflix (NFLX) and Match Group (MTCH) considering the similarities in business model (albeit with very different offerings and underlying consumer markets). In 2022, the company grew its customer base by more than 25 percent. During the first quarter, Lunar raised EUR 35m in new financing from existing investors. Kinnevik participated with slightly less than our pro rata share of the round, and our fair value is more than 40 percent below the valuation implied by this funding round. Monese is benchmarked against similar peer groups as Lunar, but with references drawn to software licensing businesses such as Cisco (CSCO) and Oracle (ORCL) with respect to its B2B revenue streams. In this quarter, we are writing down our Monese investment by a magnitude that sets our valuation back to the levels prevailing during the first half of 2022, reflecting higher than expected investment in its B2B offering. The continued relative growth of the company's B2B offering also warrants a slightly increased multiple considering the more attractive margin structure of this business line relative to the consumer offering. KINNEVIK Interim Report Q1 2023 Portfolio Overview Consumer Finance Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 12x 9x 6x 3x Sustainability Our Investees 5% 25% 47% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 5.5x +6% (6)% Peer Average 10% 2% • Digital Wealth Managers 66% 6.0x "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple +4% 1% Peer Top Quartile (2)% 74% 9.1x +7% +9% 15% Financial Statements • Subscription Businesses 8% (10)% 20% Unlisted Portfolio Weight Other Fair Value Change (Q/Q) • Software Licensing 25% • High-Growth SaaS 30% 35% 34

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