Kinnevik Results Presentation Deck

UNDER CERTAIN CIRCUMSTANCES WE REFLECT PRIVATE MARKET INERTIA RELATIVE TO PUBLIC MARKETS BY MUTING UPWARDS AND DOWNWARDS PEER MOVEMENTS ■ H ■ I We seek to reflect the development of public markets, all the while being mindful of the fact that investors take different approaches to valuing more established publicly listed businesses relative to high- growth private businesses ■ ■ Peer Sets Premiums & Discounts ■ Therefore, movements in peer multiples may at times be muted by increasing/decreasing the discount applied on the average peer multiple when valuing our investees, leading to our valuation levels developing more slowly around the underlying trend ■ Public markets make sense out of billions of signals every second and distill bits of information and emotion into a direction Note: Private markets take longer to reflect a new reality because private ownership changes hand less often and between fewer parties Hence, private markets tend to lag behind public markets Material changes in discounts to average peer multiples are due to equally material idiosyncrasies, either at our investees (typically transactions) or in constituents of smaller peer groups Changes can also be informed by amendments of the peer group - The flurry of listings of value-based care peers caused us to systematically decrease an excessively conservative discount over a number of quarters We seek to reflect significant movements such as in Q1 2020 and Q1 2022 - more quickly and directly Similarly, the IPO of InPost a key peer for Budbee gave a stronger reflection of public market valuations of last-mile delivery and led to our valuation implicitly being at an excessively conservative discount that we sought to narrow over time +80% +70% +60% +50% +40% +30% +20% +10% (10)% (20)% (30)% (40)% (50)% Peer Multiple Changes vs Discount Adjustments % Change in Peers (Y-Axis) vs %-Point Change in Discount (X-Axis) Discounting harder when peers expand Discounting harder when peers contract (30)pp (20)pp (10)pp Scatter chart shows actual data for a limited set of more late-stage businesses on an LTM revenue basis (which is not necessarily the applied valuation method) +10pp +20pp 8 +30pp Discounting less when peers expand Discounting less when peers contract +40pp +50pp KINNEVIK

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