Kinnevik Results Presentation Deck

Intro Net Asset Value Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appli- cable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performance mea- sures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valua- ble information. Definitions of all APMs used are found below and reconciliations can be found on Kinnevik's corporate website www.kinnevik.com. AVERAGE REMAINING DURATION The value weighted average number of years until maturity for all credit facilities including outstanding bonds DEBT/EQUITY RATIO Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES DIVESTMENTS All divestments in fixed listed and unlisted financial assets EQUITY RATIO Shareholders' equity as a percentage of total assets GROSS CASH Short-term investments, cash and cash equivalents and other interest-bearing receivables KINNEVIK Portfolio Overview Interim Report Q4 2022 GROSS DEBT Interest-bearing liabilities including unpaid investments/divest- ments Sustainability INTERNAL RATE OF RETURN, IRR The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind. INVESTMENTS All investments in fixed listed and unlisted financial assets, in- cluding loans to portfolio companies KINNEVIK MARKET CAPITALIZATION Market value of all outstanding shares in Kinnevik at the end of the period NET ASSET VALUE, NAV Net value of all assets on the balance sheet, equal to the sha- reholders' equity NET ASSET VALUE CHANGE Change in net asset value without adjustment for dividend paid or other transactions with shareholders Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS NET ASSET VALUE PER SHARE, SEK Total net asset value attributable to each share based on the number of shares outstanding at the end of the period NET CASH/(NET DEBT) Gross cash less gross debt Financial Statements Other NET CASH/(NET DEBT) INCLUDING NET LOANS TO INVESTEE COMPANIES Gross cash and net outstanding receivables relating to portfolio companies less gross debt NET CASH TO PORTFOLIO VALUE/(LEVERAGE) Net cash/(debt), excluding net loans to investee companies, as percentage of portfolio value NET INVESTMENTS/(DIVESTMENTS) The net of all investments and divestments in fixed listed and unlisted financial assets NET PROFIT/(LOSS) PER SHARE BEFORE AND AFTER DILUTION, SEK Net profit/(loss) for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution PORTFOLIO VALUE Total book value of fixed financial assets held at fair value th- rough profit or loss TOTAL SHAREHOLDER RETURN, TSR Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate 41

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