Kinnevik Results Presentation Deck

Intro SOFTWARE Net Asset Value The leading solution for businesses to book corporate travel online Fair Value SEK 1.9bn Kinnevik Stake 15% How does a travel management company not just survive, but thrive, in a global pandemic? We spoke to Avi Meir, founder and CEO of TravelPerk about how he steered TravelPerk through the covid crisis Avi, what was your first reaction when covid hit the world in March of 2020? In March 2020 we were growing 3x year-on- year. Three weeks later we had a negative revenue day. Negative. Revenue. We needed KINNEVIK Interim Report. Q2 2022 Portfolio Overview Travel Perk to return more money than what we had col- lected that day. Overnight, we had to acknow- ledge that our world had changed completely - we went to war mode. The Leadership Team and I met on a Sun- day afternoon and simply deleted the docu- ment with our yearly goals. We stood up by the whiteboard and wrote down three new priorities: 1) survive, 2) emerge strong, and 3) turn lemons into lemonade. Tell us how you made sure the company survived the crisis We needed to make sure we had enough cash to outlive the crisis. All replaceable or luxury expenses were immediately cut to zero - rent, fruits & coffee, etc. We needed to be brutal and get rid of everything that we could buy or rent again in the future. The one thing that we didn't cut was pe- ople. It took a lot of effort to build our ama- zing team, and I wasn't going to let it all go to waste. People are not interchangeable, each of us is unique. So, we fought hard to save every job we could and avoided layoffs. We had 300 sales representatives and travel agents who had no work to do as no one was traveling in April 2020. We did a very aggressive performance review across the organization covering all roles, which enabled us to cut costs while keeping the best people - even in roles that had no work to do at the time. Sustainability As a side effect is that my team now knows that I did everything in my power to keep Financial Statements their jobs, and that our values are not mere virtue - we stick to them even when things get tough. Imagine how much stronger we are as a team now because of this. In addition to cutting costs by over 40 percent, we also raised a convertible note from existing investors. I didn't negotiate the terms too hard, we needed cash and I wasn't going to be short-sighted and fight for paper valuation at the expense of cash in the bank. Two years on, we now know that TravelPerk not only survived but emerged strong - how did you do it? We always knew that the meetings that mat- ter happen in person, and that people will go back to wanting to connect in real life. So, we decided to not stop selling but kept adding customers as fast as we could, even though no one was traveling. We set up their accounts, did demos, and crossed our fingers that one day they would use the product. I used to tell my team that we're like a real estate company buying buildings to rent in the future. We know that tenants will want to live there, but right now we can't rent the assets. Future revenue was our north star metric (we called it Travel Budget Under Management). In addition to adding customers, we also used the time to double down on our pro- duct. We hired more people in product and engineering and increased our product velo- city. Quiet times have their advantages, and we used it to build for the future. Other As a result of our resolve to emerge strong from the crisis, we have tripled our margins, kept building a great product, added more customers than ever, and increased future revenue. Finally, how did you manage to turn lemons into lemonade? Crisis means opportunity. Once we had en- sured we would survive and emerge strong, we lifted our eyes from the immediate, and looked for these strategic and rare opportuni- ties that the crisis enabled for us. Firstly, crisis means lower valuations and we acquired four great companies at a discount during this period. Secondly, traveling during Covid was really complicated with all local rules and re- gulations, so we built a Travel Restrictions API and sold to third parties. Thirdly, as we saw remote work and increasingly international team as a trend that was likely to last beyond the pandemic, we built an offsite planning tool to enable people to meet in person a few times per year. So where is TravelPerk today? I'm fortunate enough to have a great team and fantastic investors that supported us throughout the crisis. Today, our revenue is 10x compared to before the pandemic, our margins are 3x, the team is stronger than ever, and the product is in a category of its own. 15

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