Kinnevik Results Presentation Deck

Intro FINANCIAL REVIEW CAPITAL REALLOCATION IN THE QUARTER Investment (SEKm) Agreena Lunar Oda Parsley Health Spring Health Superb Other Investments Teladoc Divestments Net Asset Value Net Investments / (Divestments) KINNEVIK Q1 2023 119 Interim Report Q1 2023 23 24 104 523 19 3 814 - 1 020 - 1 020 During the quarter we invested SEK 0.8bn into our existing investees. We led a funding round in Spring Health with a USD 40m investment and an additional 10m secondary purchase from an early-stage investor - accreting our ownership from 5 to 7 percent. We also took the opportunity to increase our stake in Agreena by investing SEK 119m in the company's latest funding round, corresponding to around 150 percent of our pro rata share. These two investments serve as examples of our ability to cap- ture opportunities to deploy capital into our highest-conviction investees during a period of uncertainty and balanced valuations. These investments were more than financed by us exiting our remaining Teladoc stake, releasing more than SEK 1bn in the quarter. This last selldown marks an end to a six-year investment, - 206 Portfolio Overview Sustainability starting with our 2017 investment into Livongo, generating an IRR exceeding 55 percent. In 2023, we expect to invest around SEK 5bn split roughly 50/50 between new investments and follow-on investments into the existing portfolio. This expectation is primarily sensitive to two factors - our ability to deploy as much capital as we would like into our existing high-conviction businesses, and our ability to source attractive new opportunities in the current market environment. CAPITAL STRUCTURE As at 31 March 2023, Kinnevik had a net cash position of SEK 10.5bn (23 percent of Portfolio Value). This net cash posi- tion was mainly made up of SEK 14.0bn in cash and short-term investments, less 3.5bn in senior unsecured bonds with a re- maining tenor exceeding 12 months (maturing in 2025, 2026 and 2028). During 2023, we expect to receive SEK 0.9bn in ordinary dividends from Tele2. CAPITAL ALLOCATION FRAMEWORK Our expectations over the medium-term are to: Invest half of our capital into new investments, and the other half into follow-on investments in our existing portfolio • Add up to eight new companies per year Continue to evolve our thematic and sectorial focus ● • Seek to build an adequate level of influence in our compa- nies, rather than specific ownership stakes Build and maintain a portfolio across different stages of ma- turity, with 10-20 companies making up the lion's share of portfolio value Financial Statements Other FINANCIAL TARGETS Attractive Returns Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15 percent over the business cycle. Low Leverage Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10 percent of portfolio value. Shareholder Remuneration Policy Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends. 19

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