Kinnevik Results Presentation Deck

Intro Sector Split KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance (2)% One Year Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Note: For more information about the sector split see Note 4 on page 29. TMT Total Portfolio Annualised Total Shareholder Return Net Asset Value KINNEVIK 21% 7% 2% Five Years Fair Value Five Year Annualised IRR per Sector 18% 10 188 17% 3 900 6 139 10 168 2.899 18% Note: The annualised total shareholder return includes reinvested dividends. Interim Report Q1 2022 Ten Years Return 4.0x 3.1x 1.2x 4.2x 1.1x 73% 71% Portfolio Overview 93% Average Holding Period 2.9 Years 3.4 Years 2.7 Years 3.5 Years 3.8 Years 16% Thirty Years 6,376 (5,544) FY 2021 Sustainability 2021 Revenue Growth +145-165% Investment Activity (SEKm) +125-145% +40-60%/ +140-160% +130-150% +30-50% 832 2021 Gross Margin Investments Divestments 5-15% 50-70% 30-40% / 60-80% 7.8% Net Investments 60-80% 50-70% 1,658 Financial Statements 2022 EV/Revenue 4.5-6.5x 1-3x/6-8x (1,015) 8-12x Q1 2022 30-40x Net Cash to Portfolio Value 8-10x 643 Other Composition of Portfolio Value Tele2 42% Emerging Markets 3% 71.4 Value-Based Care 16% Virtual Care 6% Early Bets & New Themes 2% Platforms & Marketplaces 10% NAV Development (SEKbn) (Excluding Zalando) 76.2 75.8 72.4 Consumer Finance 5% 67.9 Software 16% Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 6

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