Kinnevik Results Presentation Deck

OUR PRIVATE PORTFOLIO CONTINUES TO GROW MORE THAN THREE TIMES FASTER THAN ITS PUBLIC MARKET BENCHMARKS ■ ■ ■ Average top-line growth in our private portfolio remains at a >3x faster pace than public benchmarks in 2023 Growth is expected to come down in 2023 relative to doubling year-on-year in 2021 and 2022, primarily due to - ■ ■ I ■ Village MD's merger with Summit Health being a step-change in maturity in our largest private investment Headwinds in e-commerce in general, and in online grocery in particular (as outlined in the previous quarter) H Investees trading in growth for accelerated profitability improvements and longer runways Longer-tenure investees have gone from early-stage start-ups to at- scale later-stage growth companies This in part underpins our multiples remaining flat on average in 2023 to date despite peer multiples expanding by around 10% Rebalancing our portfolio remains a vital tool - the average 2023 growth rate has increased by 10 percentage points through the year-to-date shift in portfolio balance alone Investments in businesses that are effectively pre-revenue - such as Enveda, H2 Green Steel and Solugen - heighten the profile of the portfolio but are (naturally) not included in these figures Growth 2023 Expectations Value-Weighted Growth Rates Private Portfolio (Red), Public Comps (Gray) and Relative Difference in Rate 3.6x 2022 Effect of Village MD & e-Commerce 3.5x 3.1x 2023 months' basis, While valuations have been negatively impacted by downward changes in outlook on a rolling next twelve the underlying actual growth of our private portfolio continues at a healthy level that outpaces peers materially 10 100% 75% 50% 25% KINNEVIK

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