Kinnevik Results Presentation Deck

Intro . Net Asset Value positive sector tailwinds, our deep and evolving expertise and network, and our willingness to take long-term risk and invest early, has positioned us as one of the leading investors in the US healthcare space. In 2022, we begun crystallizing a fourth focus area by making three investments in climate tech. We have adopted a similar method to what we have leveraged in healthcare - identifying a secular growth trend, beginning to develop deep sector knowledge, and building a network of industry experts and specialist funds. We seek to back companies at the right time in their development, with a proven technology that is on the brink of commercialization. With Solugen, H2 Green Steel and Agreena, we have partnered with three exciting companies in an early commercialization phase. All three are sector leaders with proven technologies, strong potential to deliver venture and growth capital style returns, and are building businesses for a low carbon future. With our permanent capital structure, we are uniquely placed to support and capitalize on their success. KINNEVIK Interim Report. Q4 2022 Portfolio Overview Sustainability 10.4bn Kinnevik's net cash position (SEK) We have a resolute intent to remain disciplined in our capital allocation, focusing on supporting the long-term winners in our portfolio. Financial Statements Other Outlook As we go into 2023, we expect the recessionary environment to continue to weigh on us and our companies. Facing this headwind, we have reset our private valuations to the deve- lopment in public markets, revised our expectations on our investees' performance, and supported the improvements of their financial resilience. In 2023, we expect to invest around SEK 5bn split roughly 50/50 between new investments and follow-on investments in our existing portfolio. We have a resolute intent to remain disciplined in our capital allocation, focusing our capital into the long-term winners in our portfolio. Even if the market environment is likely to remain depres- sed, volatile and unpredictable, we believe it will also create long-term opportunities. Opportunities both for our existing portfolio companies, as well as for making future investments. We thank our shareholders for their support as we head into 2023 with confidence that Kinnevik will emerge stronger on the other side. Georgi Ganev CEO of Kinnevik 5

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