Kinnevik Results Presentation Deck

Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's First Quarter Financials Our Net Asset Value amounted to SEK 55.5bn or SEK 198 per share at the end of the first quarter, up by SEK 2.6bn or 5 percent from the end of 2022. The fair value of our unlisted assets increased by SEK 1.1 bn to 29.9bn through a 1 percent write-up and SEK 0.8bn in follow-on investments. The compa- nies within virtual and value-based care contributed positively on the back of continued strong performance and supportive market multiples, whereas some of our more consumer-facing investees experienced some incremental softness in consumer spending causing slight downward revisions on short-term revenue growth and thereby valuations. Comparing the start of the quarter with its end gives the impression of stable and positive public equity markets. Howe- ver, volatility during the quarter was high, with continued stock market turbulence in reaction to macroeconomic indicators exacerbated by instability in the banking system. Broader market indices appreciated by 15-20 percent, but this was to a large extent driven by the large tech giants. The weighted average share price development in our private portfolio's peer universe was more muted at just over 10 percent. KINNEVIK Portfolio Overview Dear Shareholders, in the first quarter, we made headway on our 2023 priorities. We invested signi- ficant capital to accrete ownership in Spring Health and Agreena and financed these investments by exiting our remaining shareholding in Teladoc - ending the quarter with a net cash position remain- ing above SEK 10bn. The market backdrop continued to be volatile, exacerbated by distress in the banking sector, impacting the financial ecosystem our growth companies form part of. The impact on Kinnevik and our investees was limited, but the events serve as an important reminder of the fragility of current markets and the importance of financial resilience in these uncertain times. Interim Report - Q1 2023 Sustainability While growth and venture capital markets remained slow in the first quarter, six of our investees successfully completed funding rounds. Three of them were led by existing investors, and three by new investors. All funding rounds were comple- ted at valuations around or above our assessed underlying valuations in the previous quarter, with a headline valuation difference of almost 50 percent on average. Maximizing the Impact of Our Highest-Conviction Investees We led the most recent funding round in Spring Health with a USD 40m investment and an additional 10m secondary purchase from an early-stage investor, stepping up our com- mitment to one of the brightest shining stars in our portfolio. Spring Health's ambition is to reshape mental healthcare into treatments tailored to each individual using big data and machine learning. The company has shown impressive traction, growing revenue by more than 7x since our first investment in 2021, and is funded to break-even after this round. We are excited to support founders April Koh and Adam Chekroud as they continue to set a new standard in mental healthcare for employers and health plans. Financial Statements Other We took the opportunity to increase our stake in Agreena in their funding round in the quarter, basing our conviction on the company's strong growth and the urgency of investing to combat climate change. Since our initial investment about a year ago, the Agreena team has exceeded our already high expectations in their pursuit to push and support the shift to regenerative agriculture. Soil sequestration was high- lighted in the latest IPCC report as one of the solutions with the highest potential to contribute towards global net zero emissions. Combined with other benefits such as enhanced biodiversity and better water quality, regenerative farming is one of the most powerful levers available today in the fight against climate change. Reallocating Capital Within Healthcare Funding new investments and maintaining an attractive port- folio distribution by reallocating capital is a fundamental part of our strategy. In the quarter, we fully exited our Teladoc investment, the first truly significant full exit from our younger growth portfolio, realizing a >55 percent IRR since our first investment in Livongo six years ago. This gain alone has financed our investments into new healthcare businesses since 2020, including companies such as Cityblock, Spring Health and Recursion, as well as the latest addition to our healthcare portfolio, Enveda. Enveda is a biotechnology company unravelling com- pounds in nature that can be used to discover new drugs. After quarter-end, we invested USD 25m into the business alongside our partner fund Dimension, adding to our emer- ging cluster of life sciences investments. Enveda was founded by Viswa Colluru, a PhD in cellular and molecular biology who is deeply passionate about bringing life changing drugs to 4

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