Kinnevik Results Presentation Deck

Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q3 Results Our Net Asset Value amounted to SEK 58.0bn or SEK 207 per share at the end of the third quarter of 2022, down by SEK 3.2bn or 5 percent from where we ended the second quarter and 20 percent below where we ended 2021. The fair value of our unlisted assets was written up by SEK 0.3bn or 1 percent in the quarter but would have been down by SEK 1.2bn without the continued currency tailwinds. On aggregate, multiples were largely stable. Write-downs were focused on our online grocers Mathem and Oda where the public market peers continued to face material multiple contraction. In addition, in the case of Mathem, top-line headwinds caused further pressure on the valuation. Write-ups were centered around our value-based care holdings VillageMD and Cityblock where public market peers moved in the opposite direction. Transaction-supported valuations and strong operational performance also provided a positive impact in Budbee and Monese. Our balance sheet remains solid, with a net cash position of SEK 12.5 bn at the end of the quarter providing gross runway well into late 2024 at a maintained investment momentum. With SEK 3.2bn invested year-to-date and several ongoing investment processes, we believe we are likely to deploy slightly more than our SEK 5bn target. KINNEVIK Portfolio Overview Dear Shareholders, geopolitical and macroeconomic unrest continues to provide a challenging market backdrop for investors. For Kinnevik, the pressure on market multiples has had a negative impact on valuations and the fundraising environment is clearly more demanding than last year. However, our pipeline remains strong, albeit with deal flow coming at a slower pace. In this environment, our strong financial position and the strides we have taken in building out a broad, significant and balanced growth portfolio allow us not only to double down in the existing portfolio, but also to explore new and adjacent themes and sectors. In addition, we are looking for opportunities for consolidation, such as the proposed combination of Budbee and Instabox. Interim Report. Q3 2022 Sustainability Strong Growth in Value-Based Care Our value-based care assets VillageMD and Cityblock conti- nue to execute on their growth path. VillageMD now operates well over 300 clinics in the US, both co-located with Walgreens and standalone. The company is growing strongly, and re- cently expanded in Massachusetts and Nevada. Cityblock also continued expanding substantially coming out of COVID and recently expanded into Indiana with a partnership with MDWise, the second largest managed Medicaid organization in Indiana. Cityblock also launched a rebrand which highlights the key components of its success, making healthcare more human-centered and equitable for underserved communities. Babylon has faced a tough journey in the market since going public last year. Last week, the company announced the intention to divest a network of physicians providing physical care in California to focus on its core business mo- del through further investment in its digital-first contracts. In addition, the company is raising USD 80m in new funding in a private placement where Kinnevik will invest USD 26m, approximately three times our pro-rata. The company expects to be funded to break-even, a focus which we fully support. Financial Statements Other Market Environment Drives Consolidation With capital scarcer and more demanding now than in the more recent past, companies are looking to strengthen their growth and earnings profile through consolidation. In Septem- ber, Budbee and Instabox announced their plans to join forces in the new combined company Instabee. The combination, which is subject to approval from the Swedish Competition Authority, would create a sector leader in consumer-centric and sustainable last-mile delivery services for European e- commerce. For Kinnevik, the transaction serves as a true testament of our unique ability to invest early and back our companies consistently through their growth journey. We first invested in Budbee in 2018 and since then the company has grown its revenues by 10x. Meanwhile, we have generated a 14x return on our initial investment and supported the growth journey by investing at or above pro-rata in every funding round since then, with an aggregate 5x return on investment to date. Investing to Combat Climate Change Our strong financial position and the strides we have made in building out a broad, significant and balanced growth port- folio allow us to explore themes and sectors adjacent to our current ones. One such area is climate tech, as climate change remains the largest and most pressing challenge facing the global economy. Reaching the 1.5-degree target stipulated in the Paris agreement will require massive investments and changes across industries. Kinnevik has always been a backer of challengers, investing in disruptive companies that can significantly upend their sectors, making us well placed to serve as an attractive partner to companies in this space. During the quarter, we made our first larger investment into the climate tech area with a USD 50m investment into Solugen. The global chemicals industry is a USD 6 trillion market, responsible for 6 percent of global carbon emis- 4

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