Kinnevik Results Presentation Deck

Intro Net Asset Value VIRTUAL CARE Our Virtual Care businesses deliver specialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. Our previous investee company Livongo pioneered the model, and our current investee companies are disrupting the virtual care incumbents such as Teladoc (TDOC) and Amwell (AMWL). Our businesses are selling to employers and insurers and have a high share of recurring revenues, but as healthcare companies they require higher costs for servicing the end-user of their products than business software may do. The appropriate public market benchmark for valuing our virtual care businesses is therefore high-growth SaaS businesses and healthcare technology businesses that share our investments' structurally lower gross margins in the 50-70 percent area. In the second quarter, we acquired USD 100m in shares in Spring Health in the wake of the funding round that was concluded in the previous quarter at a USD 2.5bn post-money valuation. The secondary acquisition was made at a 25 percent discount to the USD 2.5bn valua- tion the round was concluded at, which we hold as the fair intrinsic value of the company. This underlying USD 2.5bn valuation of the business corresponds to last quarter's valuation. As a consequence, the quarter's write-up solely stems from a revaluing effect on our USD 100m investment and a weakening Swedish krona. Spring Health has grown its revenues since our late 2021 investment by more than 4x on an NTM basis and more than 7x on an LTM basis. Meanwhile, during the same period, our NTM revenue multiple has contracted by more than 70 percent. In the quarter, an unchanged underlying valuation of USD 2.5bn causes our NTM revenue multiple to contract by 12 percent, relative to the peer group's contraction of 4 percent. The business is funded to break-even under its current plan and on track to reach cash flow profitability. With our investments during the first half of 2023, we are now the company's second largest shareholder with a 12 percent shareholding - up from 5 percent at the beginning of the year - and the company's share of our private portfolio has expanded from less than 4 percent at the end of 2022 to this quarter's 10 percent. KINNEVIK Interim Report Q2 2023 Portfolio Overview Virtual Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 20x 15x 10x Sustainability 5x Our Investees 240% 50% 8.2x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (10)% +1% Peer Average 10% 26% 63% 5.7x (4)% +2% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 23% 82% 10.9x +3% +6% SaaS Universe Financial Statements 20% 13% +13% Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% 40% 32

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