Kinnevik Results Presentation Deck

Intro Net Asset Value PLATFORMS & MARKETPLACES Our Platform & Marketplaces businesses span online grocer businesses with gross margins in the 30s, to pure marketplaces with gross margins in the 60-70s. Considering differences in financial profile and end markets, we benchmark our investments against bespoke sets of peers. All Plat- form & Marketplaces investments, however, share a larger exposure to consumer-facing e-commerce. This is a particular challenge in the current environment. Our online grocers face perhaps the most strong headwinds, considering the strain on Mathem and Oda coming out of the pandemic with a need to materially adjust its operations and business plans. Our valuation of Instabee is largely flat in the quarter. The company remains focused on integration and unleashing profitability proven in its Nordic operations. Despite an e-commerce market contracting materially, Instabee is growing revenues across its footprint by gaining market share. We benchmark our valuation against a diverse set of businesses spanning last-mile logistics operator InPost (INPST.AS), food delivery marketplace DoorDash (DASH) and e-commerce enabler Shopify (SHOP). In the quarter, we participated with SEK 250m in the provision of a shareholder debt facility. Oda has refocused on its core Norwegian market and shut down operations in Germany and Finland. This decreases burn dramatically but negatively impacts near-term growth. Our valuation takes the full impact of moving to a lower Norway-only revenue outlook, without giving credit for its stronger profitability, causing a write-down in the quarter. Adding to the revision, multiples of peers such as Boozt (BOOZT.ST), HelloFresh (HFG.DE) and Zalando (ZAL.DE) contracted by around 15 percent in the quarter, which flows through our valuation without adjustment. Price competition in Norwegian grocery retail has abated since the end of the first quarter, with notable improvements in growth and gross margins. Jobandtalent is benchmarked against job platforms such as Fiverr (FVRR) and Upwork (UPWK), as well as marketplaces such as Airbnb (ABNB) and Uber (UBER). In the quarter, we have begun transitioning our valuation from top-line to EBITDA multiples. Valuation multiples in our composite peer group were stable in the quarter. Our valuation implies a slight premium to this peer group on a revenue basis and in line on an EBITDA basis. A minor uplift in valuation is muted by liquidation preferences in the quarter. KINNEVIK Interim Report Q2 2023 Portfolio Overview Platforms & Marketplaces Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 12x 9x 6x Sustainability 3x Our Investees ● Mobility & Logtech 88% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 46% 3.5x +3% Equity Value (Q/Q Change) (8)% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple "Revenue Growth (2022)" pro forma Budbee's merger with Instabox Peer Average 26% e-Commerce Enablers 49% 2.6x (3)% +4% Peer Top Quartile 10% 33% 57% 4.7x (3)% +2% Financial Statements Work Marketplaces 17% Unlisted Portfolio Weight (6)% e-Commerce Other Fair Value Change (Q/Q) 20% Travel Marketplaces 30% Goods Marketplaces 33

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