Kinnevik Results Presentation Deck

Intro Net Asset Value established cohorts. Thanks to continued strong underlying performance the write-down becomes more muted than these 35 percent, and the valuation also benefits materially from the weakening Swedish krona. Looking an additional six months out, on a 2023 revenue multiple basis, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group. The fair value of Kinnevik's 4 percent shareholding in Village MD amounts to SEK 3,684m, down some 14 percent from last quarter's level, which in turn was 11 percent below the SEK fair value underpinned by the transaction with Walgreens Boots Alliance during the fourth quarter of 2021. As for Cityblock, the NTM revenue multiple is compressed in line with the peer group average of 35 percent, and VillageMD remains valued at an unchanged premium to this average NTM revenue multiple. Also similar to Cityblock, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group on a 2023 revenue basis, and benefits materially from a weakening Swedish krona. The premium to the peer group average on an NTM revenue basis is reflective of the company's structural advantage and stronger growth trajectory stemming from the unique partnership with Walgreens Boots Alliance. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses against a peer set of listed telemedicine companies, both generalists such as Teladoc (TDOC) and Amwell (AMWL), but also more vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in the peer set grew revenues by around 80 percent on average in 2021 with gross margins of 40-50 percent. In 2022, the average expected peer growth rate is closer to 35 percent, and the peer group trades at an average 1.5x NTM revenues. Our businesses are growing revenues at a materially higher rate with comparable gross margins, and are better positioned for long-term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that our KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 8-12x NTM revenues on average, more in line with SaaS benchmarks with similar financial profiles to those of our unlisted virtual health businesses. The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 1,025m. The carrying value remains in line with the cap- ital we invested into the company when it raised capital during the third quarter of 2021, but appreciates due to the weakening Swedish krona. The underlying valuation of the company has been adjusted downwards to reflect the approximate 40 percent compression of the listed peer group's average NTM revenue multiple in the quarter, but due to liquida- tion preferences the fair value of our shareholding remains unchanged in dollar terms. Also after this downwards adjustment, the valuation remains at a significant but unchanged premium to the forward-looking multiples of a peer group of telemedicine operators, justified by Spring Health's materially higher growth rate. In relation to the NTM revenue multiples of SaaS businesses with a similar financial profile as Spring Health's, our valuation is at a double-digit discount. PLATFORMS & MARKETPLACES Our Platforms and Marketplace businesses form the most diverse group of investments in the NAV categorization introduced last quarter. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Jobandtalent with gross margins more than twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation level is around 1x NTM revenues for lower-margin e-commerce peers and around 4x NTM revenues on average for higher margin marketplace peers. Average peer growth rates were typically around 40-45 percent in 2021 in both ends of the margin spectrum. Our Platforms & Marketplaces companies are in general valued in line with, or at narrow premiums to, their respective peer group average. This is reflective of their later stage of maturity, but also of the valuation levels that these businesses have raised capital relative to how their listed peer groups were valued at the time of these transactions. The fair value of Kinnevik's 28 percent shareholding in Budbee amounts Financial Statements Other to SEK 1,970m, up 40 percent excluding our SEK 115m investment in the quarter. The valuation is in line with where Budbee raised capital in the second quarter and is based on NTM revenue multiples inferred from a set of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). Budbee's NTM revenue multiple is at a material premium to the peer group average, a peer group which saw significant variance in this quarter's development of valuation multiples - spanning 0 to 70 percent contraction. In relation to the peer group's more richly valued constituents, such as InPost, our valuation is at a significantly more narrow premium. These premiums are reflective of Budbee's materially higher growth rate solidified by the company's proven underlying EBITDA profitability. The fair value of Kinnevik's 31 percent shareholding in Mathem amounts to SEK 854m, which is 40 percent below the valuation at the end of 2021, but in line with last quarter's valuation and the valuation at which Mathem raised new equity capital in the quarter. The valuation is based on revenue multiples of a composite peer group of inventory hold- ing e-commerce retailers and meal kit businesses such as Zalando (ZAL. DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The peer group's average NTM revenue multiple contracted by almost 50 percent in the quarter, with the bulk of this contraction occurring ahead of Mathem raising its funding round in mid-May. The assessed valuation implies a multiple of 1x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12 but pro forma the acquisition of Mat.se), but naturally takes the forward outlook into account. The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 1,118m, down 25 percent in the quarter. The valuation is based on revenue multiples of the same composite peer group used in valuing Mathem. The decrease in fair value is due to Oda's growth not fully offset- ting the material peer multiple contraction in the quarter. The assessed valuation implies a multiple of around 2x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12), at a significant premium to the peer group, and clearly takes the forward outlook into account. The multiple declines to a level more in line with key peers looking further out into the future, as Oda is expected to grow 32