Kinnevik Results Presentation Deck

Intro Net Asset Value MULTIPLE CONTRACTION We continue to seek to reflect the quarter-end valuation levels 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. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn 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 transactions that took place during the third quarter of 2022 (Budbee and Monese). During the quarter, the average NTM revenue multiple contraction in our unlisted portfolio was 10 percent, around 23 percentage points more severe than the average peer. For 2022 year-to-date the multiple contraction in our unlisted portfolio was 48 percent, around 3 percentage points more severe than the average peer. 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 that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are ap- plicable may result in a disproportionate increase or decrease in the fair KINNEVIK Interim Report Q3 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2022 Q2-2022 Q3 Approximations, SEKbn I 29.3 Q2 2022 Category • Value-Based Care • Virtual Care Multiple Changes EV/NTM Revenues, 2022 Q3 and Jan-Sep 2022 • Platforms & Marketplaces • Software Sustainability • Consumer Finance +3.7 Revenue Growth Unlisted Portfolio Including Q3 2022 Transactions -4.5 Multiple Contraction Investee Change (Weighted Average) +7% -10% -23% -16% -9% -10% -4% Financial Statements +1.0 Net Investments Q3 2022 Peer Change (Average) +52% +11% -7% -4% -5% +13% +1.9 Liquidation Preferences & Currencies Other -0.8 Other Investee Change (Weighted Average) -45% -61% -48% Jan-Sep 2022 -50% -44% -48% -42% 30.6 Q3 2022 Peer Change (Average) -8% -53% -65% -65% -44% -45% 30

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