Kinnevik Results Presentation Deck

Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we adhere to IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines. Valuation methods primarily center around revenue, GMV, and profit multiples, with due consideration to differences in size, growth, profitability and cost of equity capital. We also consider the strength of a company's financial position, cash runway, and its funding environment. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. The valuation process is led by Kinnevik's CFO, independently from the investment team. Accuracy and reliability of financial information is ensured through continuous contacts with investee management teams and regular reviews of their financial and operational reporting. The valuations are approved by the CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports. When establishing the fair value of other financial instruments, methods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for inter- est payments is assumed to provide a good approximation of fair value. Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed per the below: Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. KINNEVIK Interim Report Q1 2023 Portfolio Overview Largest Unlisted Investments Cityblock Village MD Spring Health Oda Instabee Jobandtalent Cedar Pleo TravelPerk Betterment Monese Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Early Bets & New Themes Total Unlisted Portfolio Sustainability Ownership 8% 2% 7% 27% 13% 5% 8% 14% 15% 13% 21% % Weight of Unlisted Assets 10% 17% 6% 3% 5% 4% 6% 11% 7% 5% 2% 30% 8% 18% 28% 8% 9% 100% Financial Statements Fair Value SEKM 3 098 5112 1 792 772 1 484 1 138 1 690 3 309 1 965 1 431 583 8 832 2 523 5 357 8 318 2 303 2 583 29 916 Change, Q/Q +11% +11% +15% (20)% (15)% +1% +2% (1)% +0% (0)% (30)% +10% +13% (10)% (0)% (10)% +4% +1% Other Change, YTD +11% +11% +15% (20)% (15)% +1% +2% (1)% +0% (0)% (30)% +10% +13% (10)% (0)% (10)% +4% +1% Change, Y/Y (8)% +20% +23% (65)% +4% +9% (26)% (38)% +11% +3% +12% +8% +18% (26)% (22)% (18)% (13)% (12)% 27

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