Kinnevik Results Presentation Deck

Intro 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 Q3 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2021 Kinnevik Unlisted Investee Averages Revenue Growth +105-125% +215-235% +40-60% / +140-160% +130-150% +30-50% Note: Kinnevik unlisted investee averages are weighted by fair value. 2021 Gross Margin 5-15% 35-55% 30-40% / 60-80% 60-80% 50-70% Financial Statements NTM EV/Revenue Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,042m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,053m. A NEW VALUATION ENVIRONMENT In the third quarter of 2022, the downward valuation pressures faced by public growth assets during the first half-year eased significantly in intensity in most sectors. On average, peer multiples were largely stable. Value-based care saw a significant rerating driven in part by a number of transactions in the sector, and e-commerce multiples continued to contract on the back of revised outlooks. Changing expectations on in- flation 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 is typically still some years out. Going forward, the external force increasingly driving changes may be the extent to which 3.0-4.5× 1.0-2.0x/4.5-5.5x 8.0-10.0x 10.0-20.0x 5.0-7.0x 2021 Revenue Growth +55% +80% +40% / 45% +35% +40% Other Peer Group Averages 2021 Gross Margin 25% 45% 40% / 80% 80% 55% NTM EV/Revenue 3.0x 2.0x 1.0x/3.0x 5.0x 5.0x a contracting business cycle affects the demand for our companies' and their public comparables' products and services. Investment activity in private venture and growth markets has slowed down relative to the hectic 2021, and the growth IPO market has effec- tively closed. This is leading to fewer transactions and less price discovery occurring in private markets that could otherwise aid the calibration of our valuations. Even so, we see clear signs of private markets reconciling with the material derating in public markets. The correction in valuation levels is bearing a less significant impact on market leaders relative to its followers, and on profitable or low-burn companies relative to high- burn companies. These parameters, paired together with our companies' operational performance, financial strength and reliance on the near-term funding climate, have all been taken into consideration when valuing our unlisted companies. Growth remains a distinct influence on valuation multiples in public markets, and we seek to reflect a corresponding differential when valuing our companies in relation to slower-growing public peers. However, we are increasingly focused on cash flow margins in a more direct way when assessing the appropriate valuation level to reflect patterns we are observing in public markets, and this typically drives a narrowing of the gap in valuation levels between our businesses and their more mature public benchmarks. 29

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