Kinnevik Results Presentation Deck

Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q2 Results Our Net Asset Value amounted to SEK 61.1 bn or SEK 218 per share at the end of the second quarter of 2022, down by SEK 6.7bn or 10 percent from where we ended the first quarter. The downward valuation trend faced by public growth assets during the first quarter continued without abatement during the second quarter. The pandemic winners are typi- cally facing the most valuation pressure, as evident in the stock market's valuations of companies in sectors such as non-specialized virtual health, e-commerce, and streaming services. We continue to seek to reflect changes in valuation levels of publicly listed peers when valuing our unlisted bu- sinesses. On average, we have decreased our valuation of each individual company by around 30 percent this quarter. Due to a handful of transactions undertaken in this valuation environment, significant currency tailwinds, and the effect of customary downside protection provisions in some of our investments, the reported fair value of our unlisted portfolio decreased by a more muted 7 percent. You find a detailed description of the current valuations of our unlisted invest- ments in Note 4. In May, we divested around a quarter of our shares in Tele2 KINNEVIK Portfolio Overview Dear Shareholders, as we close out the first half of 2022, our environment is radically different to where we were one year ago. The aftermath of the covid pandemic with inflationary pressure, challenged supply chains and rising interest rates, exacerbated by the war in Europe, has put strong pressure on the valuations in our pocket of growth equity markets. Whereas we last year highlighted that multiple expansion was supporting our net asset value, we now face a significant reversal of that trend. With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a negative impact on those of our companies that are less resilient. Interim Report - Q2 2022 Sustainability for a total consideration of SEK 6.0bn which, together with dividends received from Tele2, takes our net cash balance at the end of the second quarter to SEK 13.6bn. The additional financial strength secured at a time of market uncertainty not only ensures that we have a net cash runway through 2024 at our current pace of investment of around SEK 5bn per year. It also provides us with increased flexibility to time our deployment of capital, and ability to act on attractive opportunities as they emerge. The Importance of the S-Curve It seems clear that the market downturn will be more long- lasting than perhaps expected at the beginning of the year. At Kinnevik, we take comfort in the fact that we have a strong balance sheet and are able to take a more long-term view than most other investors. We are also pleased that many of our largest and most important investments took advantage of the benign market conditions of the past to extend their runways. In aggregate, our companies raised more than SEK 50bn in fresh capital last year, making many of them less vulnerable to the medium-term fundraising market. We estimate that investees corresponding to almost 50 percent Financial Statements Other of our unlisted fair value have runways extending into 2024 and beyond, and less than 10 percent have cash runway that ends during 2022. With this in mind, we are continuously assessing how the weaker macro outlook could affect each of our companies individually, and refrain from issuing generic and dogmatic advice on how they should value growth versus profitability in the short term. The general ebb of capital will undoubtedly have a more fundamental impact on many of our businesses that have shorter runways, and there will be cases where we opt to realize losses of capital instead of financing businesses that we do not believe have a high risk-adjusted potential to be long-term successful. What also helps us absorb the impact of deteriorating market conditions are the strides we have made in building a portfolio of a balanced set of companies spread across the typical business S-curve in terms of growth and time to cash flow profitability. This is not only a result of investing at different stages of maturity, but also by financing the growth of many of our younger businesses through consistent follow- on investments. At the right-hand side of our portfolio's maturity spectrum, we find e.g. Jobandtalent, the workforce marketplace that matches workers with temporary employment. The company was growing revenues at 130 percent annually while being profitable at an EBITDA level when we invested at the end of last year. Since then, the company has continued to perform strongly and expects to double revenues also in 2022. At the other end of the curve, we find Omnipresent, a more recent investment in an earlier stage of growth. Omnipresent provides client-focused, tech-enabled business solutions combined with personalized expertise to support hiring people globally in more than 160 countries. When Kinnevik led the round in March of this year, it was on the back of Omnipresent growing revenues by 25x during 2021. While the new market environment clearly has an impact on Omnipresent, it also provides opportunities. Many companies 4

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