Kinnevik Results Presentation Deck

Intro Net Asset Value SOFTWARE Our Software businesses are benchmarked against three sets of peers. First, high-growth SaaS companies whose growth profile comes closest to resembling those of our investees. Constituents can differ over time but typically include companies such as Snowflake (SNOW), CrowdStrike (CS), SentinelOne (S), and Datadog (DDOG). Second, companies with a high share of revenue from transactional or usage-based activities rather than strictly recurring streams - and therefore with gross margins similar to many of our investees. These include Shopify (SHOP), Bill.com (BILL), and Twilio (TWLO). Finally, we consider vertical-specific peers. These include Veeva (VEEV) and Doximity (DOCS) for Cedar, and Toast (TOST) for Mews. Growth remains a key driver of multiple levels, and our businesses are valued at or below what is suggested by the correlation between growth and multiples in the public market SaaS universe. Our assessed valuation multiples are also adjusted in consideration of differences in current and expected future gross margins (and thereby also long-term profitability potential), financial strength (length of runway), and the percentage share of recurring revenues (versus more transaction-based revenue). At the end of 2022, Cedar was engaging with 22 million patients on an annualized basis, representing a 120 percent increase since the beginning of 2021. In the quarter, we have contracted our multiple more drastically than the peer group to better reflect differences in gross margin profile vis-à-vis the peer set. This contraction is almost offset by continued strong financial performance. Pleo doubled its revenues in 2022, and has recalibrated its organization to improve profitability and prolong cash runway. 2023 has started strong, with above-plan growth in recurring subscription revenues and a stabilizing client spend after a tumultuous decline in 2022. Our revenue multiple is unchanged in the quarter despite peers trading up by 20 percent. TravelPerk benefits from an ongoing recovery in corporate travel spend and favourable comparables in early 2022 that remained impac- ted by the pandemic. As a result, the company is growing revenue at a significantly higher pace than its public benchmarks. Our valuation is largely unchanged in the quarter due primarily to indications from an extension of the company's most recent funding round at a level in line with our valuation. Our valuation multiples contract by 10 percent in spite of peers trading up by 20 percent. KINNEVIK Interim Report Q2 2023 Portfolio Overview Software Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 20x 15x 10x Sustainability 5x Our Investees 145% 56% 12.7x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (3)% +1% Peer Average 10% 27% 73% 6.6x +6% +5% Peer Top Quartile "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple 34% 78% 11.5x +15% +20% SaaS Universe Financial Statements 20% 27% +4% Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 30% 40% 34

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