Kinnevik Results Presentation Deck

Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's 2022 Financials Our Net Asset Value amounted to SEK 52.9bn or 189 per share at the end of 2022, down by SEK 19.5bn or 27 percent compared to one year ago and down SEK 5.1 bn or 9 percent during the fourth quarter. The development during the quarter was driven by a 10 percent write-down of the carrying value of our unlisted investments, reflecting continued pressure in valuation levels of comparable public market growth compa- nies and a more cautious and uncertain outlook. Dear Shareholders, 2022 was a dramatic year dominated by the war in Ukraine causing massive hu- man suffering and geopolitical tension, and exacerbating global financial instability. Inflation and in- creasing interest rates have led to a steep decline in investor risk appetite after two years of abun- dance. This has particularly affected valuations of growth companies, and had a significant negative impact on Kinnevik's net asset value in 2022. With measures taken to improve profitability and pro- long runways, our companies are entering 2023 with more resilient financial plans. This combined with our own solid financial position, long-term view, and active ownership approach, enables us to remain firmly focused on the continued execution of our strategy. A More Resilient Portfolio During late 2020 and through 2021, valuations of high growth companies skyrocketed. Our private growth companies pro- duced significant returns during these two years and raised large amounts of capital to finance expansive growth plans. In 2022, the price of growth capital has rebased materially, leading to write-downs in our private portfolio of around 50 percent. Beneath this material swing, however, we have seen great underlying operational progress across the portfolio. Our companies grew revenues by around 100 percent on average in both 2021 and 2022, quadrupling in scale. KINNEVIK Portfolio Overview Interim Report. Q4 2022 Sustainability To bring our companies' plans in line with the current cost of capital, they have now dialled down their growth ambitions as appropriate to reach profitability or at least extend their runway. With these measures, our portfolio is entering 2023 not only with valuations that reflect current market multiples but also with more cautious business plans. Almost 40 percent of our private portfolio is invested in companies that are profitable or have runways that enable them to reach profitability under their current business plans. Around 30 percent is invested in companies with runways extending beyond the end of 2024, and around 10 percent of the value of our private portfolio sits in investees whose runways end in 2023. This is a material improvement in the average runway profile of the private part of our Net Asset Value and is a consequence of three factors. A handful of our companies have managed to raise new capital during late 2022, profita- bility has improved across our portfolio, and we have written down our financially frail companies more forcefully than our companies with a robust path to profitability. The nature of early-stage investing is that a small number Financial Statements Other of investments deliver the lion's share of returns. During 2023, we expect this pattern to become more distinct. We will continue to focus on maximizing the potential and impact from our businesses where our conviction has grown, while remaining disciplined in pruning other parts of the portfolio. Evolving Our Portfolio Using a Proven Method During the last five years, Kinnevik has been on a transfor- mational journey. We ended 2022 with almost 70 percent of our portfolio being invested in private growth companies and a SEK 10.4bn net cash position, compared to 10 percent and a SEK 1.1bn net debt position at the end of 2017. This transformation is the result of value creation and capital real- location. Despite this year's write-downs and the considerable amount of capital we have deployed during 2021-22, the portfolio we started building in 2018 has generated an IRR of around 30 percent since inception. This, together with the substantial capital reallocated within our Growth Portfolio, are clear proof-points that our strategy works. Building sector expertise allows us to go beyond the consensus in picking the category-defining companies of the future and is key to our long-term success. Through the years, we have built a prowess, a portfolio, and a track record in three areas - healthcare, software, and marketplaces. And in each area, we have added companies in a balanced way across various stages of growth and maturity. Sector exper- tise does not stand in contrast to change. The healthcare portfolio is a good example of how investment theses and focus areas have evolved and will continue to do so. We built our portfolio first in virtual care, then moved into value- based care and specialty care, and most recently invested into drug discovery through Recursion. The combination of 4

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