Kinnevik Results Presentation Deck

Intro Net Asset Value PLATFORMS & MARKETPLACES Our Platform & Marketplaces businesses span online grocer businesses such as Mathem and Oda with gross margins in the 30s, to pure mar- ketplaces like Jobandtalent and Omio with gross margins in the 60-70s. Considering not only the difference in financial profile, but also the underlying differences in our businesses' end markets, we benchmark each of our Platform & Marketplaces investments against more bespoke sets of public market peers. All our Platform & Marketplaces investments, however, share a larger exposure - direct or indirect - to consumer-facing e-commerce. This is a particular challenge in the current macroeconomic environment. Instabee - the combination of Budbee and Instabox - grew pro forma revenues by more than 50 percent in 2022. Growth is expected to be lower in 2023, with a weaker e-commerce market and the company focusing on integration and unleashing EBITDA profitability. We have revised our expectations on near-term growth incrementally from the previous quarter, which is what drives the not immaterial write-down in this quarter. As the company eventually refocuses on market expansion, potentially underpinned by cyclical tailwinds, growth rates are expected to increase. We benchmark our valuation of Instabee against a diverse peer set encompassing businesses such as last-mile logistics operator InPost (INPST.AS), food delivery marketplace DoorDash (DASH) and e- Commerce enabler Shopify (SHOP). At Oda, the NTM revenue multiple of key e-commerce peers such as Boozt (BOOZT.ST), HelloFresh (HFG.DE) and Zalando (ZAL.DE) expanded in low single-digit percentages, and the multiple we apply in valuing Oda expanded at a similar magnitude. Ongoing price competition in Norwegian grocery retail and a considerable depreciation of the Nor- wegian krona more than offset this slight multiple expansion, causing a write-down in the quarter. The valuation of Jobandtalent is benchmarked primarily against human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), as well as marketplaces such as Airbnb (ABNB) and Uber (UBER), which saw multiple expansion of around 10-15 percent on average in the quarter. Our underlying valuation change is muted by liquidation preferences that causes an unchanged fair value in euro terms. KINNEVIK Interim Report Q1 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 86% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 41% 3.3x +1% Peer Average Equity Value (Q/Q Change) (12)% "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 10% 25% • e-Commerce Enablers 52% 2.5x +3% +9% Peer Top Quartile 32% 59% 4.7x +13% +19% Financial Statements 20% • Work Marketplaces 18% (10)% Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% e-Commerce • Travel Marketplaces • Goods Marketplaces 40% 32

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