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 50-60 percent area. In the first quarter, we led a USD 71m funding round in Spring Health with a 40m investment at a 2.5bn post-money valuation. The balance of the round was funded by other existing investors, and we also invested an additional USD 10m into secondary equity. Raising capital from existing investors allowed Spring Health to remain focused on continuing to deliver on expectations rather than on catering to an unacquainted investor's diligence requests, and allowed us to accrete ownership in one of our strongest-performing businesses in our portfolio at a balanced valuation. The fair value of our aggregate investment largely corresponds to the valuation that the company was ascribed in the funding round. Spring Health has grown its revenues since our late 2021 investment by more than 4x on an NTM basis and 7x on an LTM basis. Meanwhile, during the same period our NTM revenue multiple has contracted by almost 70 percent. Through the recent funding round, we believe the business is funded to break-even and on track to reach cash flow profitability in 2024. One of our more early-stage virtual care businesses Parsley Health also raised new capital in the quarter in a funding round led by 7wire Ventures - a US healthcare investment firm founded by the founders of Livongo. We participated in the round with a USD 10m investment, and our assessed fair value is at a slight discount to the valuation that the funding round was concluded at. KINNEVIK Interim Report Q1 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: 16x 12x 8x Sustainability 4x Our Investees 221% 48% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 9.6x +9% +25% 10% Peer Average 26% 63% 6.0x +11% +20% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 23% 20% 82% 10.6x +3% +5% • SaaS Universe Financial Statements 8% +13% 30% • Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) A 40% 50% 31

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