Kinnevik Results Presentation Deck

Intro Net Asset Value and weaker consumer purchasing power placed significant pressure on the companies' financials. In the case of Oda, the company also deployed significant capital in expanding into Germany and Finland, decisions that now have been reversed. With circumstances expected to remain difficult, we do not expect a quick turnaround in Oda nor Mathem. While the decision to close markets such as in the case of Oda will have negative implications on short term growth, we support our companies in pruning their operations and focusing on efficiency in the current market conditions. By taking tough decisions now, not only do we lower the dowside risk in our portfolio, but we ensure that our companies are better set for long-term profitable growth and value creation. Tracking Ahead of Our Portfolio Climate Target The urgency of the climate crisis is evident and the expecta- tions on companies from customers, employees, investors and regulators are increasing rapidly. In June, we published our climate progress report, following up on the fulfilment of our portfolio climate target. In 2022, the year-over-year decrease in our portfolio's emissions intensity was 14 percent. Since 2020, our base year, the average annual decrease in emissions intensity was 12 percent. This means we are tracking ahead of our target to reduce our portfolio's emissions intensity by 50 percent by 2030. KINNEVIK Interim Report - Q2 2023 Portfolio Overview Sustainability 8.8bn Kinnevik's net cash position (SEK) The follow-on investments in Spring Health and others during the first half of 2023 are great examples of the prospects that a more stagnant market provides, and of the power of our competitive advantage as a permanent capital investor. Financial Statements Other Concluding Remarks While our environment shows signs of becoming more construc- tive, it continues to be highly challenging with limited fundraising activity, smaller aggregate movements in the valuations of our private portfolio, and changes in plans and expectations. Under these circumstances, our portfolio continues to grow revenues and improve profitability at a fast pace, and we are instigating and uncovering opportunities to deploy more capital into our highest-conviction businesses at balanced valuations. The follow-on investments in Spring Health and others during the first half of 2023 are great examples of the prospects that a more stagnant market provides, and of the power of our competitive advantages as a permanent capital investor. With our successes in creating and executing on these follow-on opportunities during the first half of 2023, we expect the percentage share of investments into the ex- isting portfolio to be closer to two-thirds of our aggregate 2023 investments rather than the 50/50 split set out at the beginning of the year. I would like to thank our shareholders for their continued support as we make use of the current market environment to rebalance our trajectory for the years to come. We look forward to continuing the execution of our priorities through the second half of the year and beyond. Georgi Ganev CEO of Kinnevik 5

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