Kinnevik Results Presentation Deck

BUDBEE IS THE ONLY MATERIAL WRITE-UP IN Q2, WITH OUR LARGER INVESTMENTS OTHERWISE BEING SUBJECTED TO MULTIPLE CONTRACTION IN LINE WITH PEERS budbee PLEO VillageMD CITYBLOCK - ■ ■ ■ I ■ ■ ■ I ■ I Q2 2022 Valuations of Unlisted Assets Key Reassessments Valuation increase of >40% in line with where the company raised SEK 400m in the quarter, led by a SEK 200m investment from a small (c. 2.5%) existing shareholder At an approximate 50% premium to key peer InPost on an NTM basis, courtesy of considerably (around 4x) stronger growth and proven underlying profitability at group level NTM revenue multiple contracting by around 35% in Q2 and by almost 45% YTD, in line with peers when under-indexing movements in constituents with considerable exposure to pandemic-fueled sectors such as e-commerce and communication At a premium to peers considering considerably (around 4x) higher growth, but normalizes over the coming 12 months in relation to the valuations of the peer group's best-in-class companies Valuation is >20% below the WBA transaction that closed in Q4 2021 in SEK terms, and >30% below in USD terms YTD NTM revenue multiple compression of almost 50%, 5pp deeper than the average peer At a premium to the peer average on an NTM multiple basis, but increasingly in line or at a deeper discount to the more richly valued constituents of the peer group already on a 2023 revenue basis, as the company is outgrowing peers by >2x Valuation is down >25% YTD in SEK terms and down >35% in USD terms YTD NTM revenue multiple compression of >50%, almost 10pp deeper than the average peer At a slightly higher premium to the peer average on an NTM multiple basis than VillageMD, but similar pattern of catching up to the peer group already on a 2023 revenue basis, as also Cityblock is outgrowing peers by 2x 10 KINNEVIK

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