Kinnevik Results Presentation Deck

CLOSING 2022 Value-weighted revenue growth of 100% in 2022, outpacing public benchmarks by around 3x >50% multiple contraction in the unlisted portfolio, in line with public market magnitudes 15% cuts on 2023 growth outlook in favor of materially extended runways, with almost 40% of our private portfolio being profitable or funded to break-even Carrying value of unlisted portfolio down 23% in 2022, due to underlying write-downs of >50% on average Bulk of favorable effects from liquidation preferences limited to a handful, primarily later-stage investments ENTERING 2023 Expecting our investees to continue outpace public benchmarks on top-line growth materially Portfolio still valued in line with public market levels looking beyond NTM Expectations reflect a highly uncertain and recessionary economy, with less reliance on the fundraising environment Theoretical "downround overhang" should already be fairly materialized Potential inertia on future write-ups limited to the same handful of investments In 2022 we have sought to accurately reflect the public market drawdown on private venture and growth capital businesses We head into 2023 with rebased valuation multiples, revised investee expectations, and eventually a return of priced transactions 11 KINNEVIK

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