Kinnevik Results Presentation Deck

Intro Net Asset Value SOFTWARE Our Software businesses are typically benchmarked against broad SaaS benchmarks, with a particular focus on high-growth SaaS businesses such as Snowflake (SNOW) and Datadog (DDOG), more transactional software businesses like Shopify (SHOP), and - for Cedar - more healthcare focused businesses like Veeva Systems (VEEV) and Doximity (DOCS). Growth remains a key driver of multiple levels, and our software businesses are valued at or below what is suggested by the correlation between growth and revenue multiples in the broader public market SaaS universe. Our assessed valuation multiples are also adjusted in consideration of differences in 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 begin- ning of 2021 (and an indicator of even higher revenue growth during the same period). In late 2022, the company raised additional capital from a strategic investor at the same valuation the company raised funds at in early 2021. Our valuation is at a 40 percent discount to the implied valuation of this investment, considering its small scale. In the quarter, we have raised our forward-looking expectations on Cedar's financial per- formance on the back of strong traction during late 2022 and early 2023. Pleo launched its offering in 8 new countries during 2022, added more than 12,000 new clients, and doubled its revenues. During the year, the company also recalibrated its organization to improve its profitability and prolong its cash runway. 2023 has started strong, with above-plan growth in recurring subscription revenues and a stabilizing client spend after a tumultuous 2022. TravelPerk closed 2022 with revenue growth of 13x compared to 2019, and with more than USD 100m in Annual Recurring Revenue. Growth last year was explosive, benefiting from a sharp rebound in travel and continued strong acquisition of new clients. In 2023, the company naturally faces significantly tougher year-on-year comparable figures, but is still expected to grow at a significantly higher pace than its public market benchmarks. KINNEVIK Interim Report Q1 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: 16x 12x 8x Sustainability 4x Our Investees 142% 55% 13.1x EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End (7)% 10% (1)% Peer Average 27% 74% 6.3x +12% +20% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple Peer Top Quartile 33% 78% 10.0x 20% +4% +23% • SaaS Universe Financial Statements 28% Flat 30% • Healthcare Technology Other Unlisted Portfolio Weight Fair Value Change (Q/Q) A 40% 50% 33

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