Kinnevik Results Presentation Deck

Intro Net Asset Value In assessing our valuations per end of Q1 2022, we are not taking into consideration private markets potentially lagging behind public markets, but seek to wholly reflect the end of March valuation levels of publicly listed peers when valuing our younger, faster-growing unlisted businesses. In reflecting the public market correction, we believe this impacts later stage companies more adversely than earlier stage companies. We also see clear indications of the public market contraction bearing less effect on companies regarded as leading businesses in their respective sector or business area. The best performing businesses typically, but not always, overlap with the companies that have raised the most equity financing and therefore have the strongest balance sheets and longest runways. This makes them less dependent on the near-term funding climate, and provides for more robust valuations. In our valuations, we take all these parameters into consideration. The material derating in public growth equities used as benchmarks for our private businesses was the singlemost driver of the downwards value change in our unlisted portfolio during the quarter. Illustratively, multiple contraction had a materially negative effect of SEK 8.5bn on our valuations in the quarter. Revenue growth offset slightly more than half of the impact of compressing valuation levels with a positive contribution of around SEK 5bn. In this quarter we are rearranging our NAV statement. Our aim is to categorize our private investments in a more refined way, grouping them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are providing for each category, is a leap forward in terms of transparency of the performance and our assessed valuations of our unlisted assets. The table on the previous page outlining the metrics for our new categories of investments and their peer groups should be read together with the qualitative commentary provided on the following pages. Please also note that the averages for Kinnevik's unlisted investees are weighted by fair value. VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on, and are paid on the basis of, patient health outcomes. These companies KINNEVIK Interim Report Q1 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2021 Q4-2022 Q1 Approximations, SEKbn 32.6 Sustainability Q4 2021 +5.3 Revenue Growth (8.5) Multiple Contraction are benchmarked against a peer set of businesses in various ways de- livering or driving a shift towards value-based care, such as Oak Street Health (OSH), Agilon Health (AGL), and Signify Health (SGFY). On average, the companies in the peer set grew revenue by 55 percent in 2021 with gross margins of 25 percent, and trade at around 3x 2022 revenues. Our businesses are growing twice as fast with slightly slimmer gross margins, and are valued at around 5.5-7.5x 2022 revenues on average. The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 3,364m, down some 17 percent in the quarter. The forward-looking multiple has been compressed by almost twice as much as the peer group average to accelerate into a normalization of the valuation level. Thanks to continued strong underlying performance, the write-down becomes more muted. The valuation remains at a premium to most - but not all - peers on a 2023 revenue multiple basis. The fair value of Kinnevik's 4 percent shareholding in VillageMD amounts to SEK 4,273m, down some 8 percent in the quarter from a level corresponding to the valuation Village MD was ascribed in the transaction with Walgreens Boots Alliance during the fourth quarter of 2021. As a result, the forward-looking multiple contracts well in excess of the peer group average and the premium to peers contracts materially Financial Statements +1.6 Net Investments Other (0.0) Other 31.0 Q1 2022 to a point where VillageMD is valued in line with the top performers in its peer group on a 2023 revenue basis. This is reflective of the company's structural advantage and stronger growth trajectory stemming from the unique partnership with Walgreens Boots Alliance. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses against a peer set of listed telemedicine companies, both generalists such as Teladoc (TDOC) and Amwell (AMWL), but also vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in the peer set grew revenues by around 80 percent on average in 2021 with gross margins of 40-50 percent. In 2022, the average expected peer growth rate is closer to 20-30 percent, and the peer group trades at an average 3.5x 2022 revenues. Our businesses are growing revenues at a materially higher rate with comparable gross margins, and are better positioned for long-term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that 30

View entire presentation