Kinnevik Results Presentation Deck

Intro Net Asset Value less significant impact on profitable or low-burn companies relative to high-burn companies. These parameters, paired together with our com- panies' operational performance, financial strength and reliance on the near-term funding climate, have all been taken into consideration when valuing our unlisted companies. MULTIPLE CONTRACTION We continue to seek to reflect the movements in the valuation multiples of publicly listed peers when valuing our unlisted businesses, typically allowing peer group multiple contraction to flow through our valuations without adjustment. We 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 and to enable aggregations and averages that aid the reader of our financial reporting. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies de- monstrating high growth and low cash burn (or profits) 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 priced transactions that took place in the current valuation environment at higher valuations than Kinnevik's immediately preceding interim report (Budbee and Omio in the second quarter, Monese in the third quarter, and VillageMD in the fourth quarter). Excluding these transactions, the average NTM revenue multiple contraction in our unlisted portfolio in the fourth quarter was 7 percent, around 2 percentage points more severe than the average peer. For the 2022 full-year, the multiple contraction in our unlisted portfolio was 55 percent, in line with the average peer (again excluding the aforementioned transactions). 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 KINNEVIK Interim Report Q4 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q3-2022 Q4 Approximations, SEKbn Q3 2022 T 30.6 Category • Value-Based Care • Virtual Care Sustainability • Platforms & Marketplaces • Software • Consumer Finance +2.7 Unlisted Portfolio Including Key Transactions Revenue Growth -4.6 Multiple Changes EV/NTM Revenues, 2022 Q4 & Full-Year (Value-Weighted at the Respective Period's Start) Multiple Contraction Investee Change (Average) -13% +13% -3% -8% -18% -7% Financial Statements -8% +1.5 Net Investments Q4 2022 Peer Change (Average) -18% -10% +14% -14% +7% -5% -0.4 Liquidation Preferences & Currencies Other -1.0 Other Investee Change (Average) -53% -55% -60% -55% -54% -55% FY 2022 -46% 28.8 Q4 2022 Peer Change (Average) -28% -58% -56% -67% -39% -54% 29

View entire presentation