Kinnevik Ab Class A · OMXSTO:KINV_A

Kinnevik Ab Class A — Q4 2023 Earnings Presentation

22 slides from Kinnevik Ab Class A's earnings presentation, Feb 1, 2024

1. Slide 1: Presentation of Kinnevik's Q4 2023

2. Slide 2: Today's Presenters

   Q4 2023 Today’s Presenters 1 Key Events of the Quarter Georgi Ganev Chief Executive Officer 2 Quarterly Valuation Developments Samuel Sjöström Chief Financial Officer 3 2023 In Review Torun Litzén Director Corporate Communications 4 Entering A New Phase 5 Q&A

3. Slide 3: Key Events of the Quarter

   KEY EVENTS OF THE QUARTER @ KINNEVIK

4. Slide 4: Q4 Closed a Challenging Year of NAV Decline and Portfolio Reshaping

   Q4 CLOSED A CHALLENGING YEAR OF NAV DECLINE AND PORTFOLIO RESHAPING, LAYING A FOUNDATION FOR VALUE CREATION OVER THE COMING YEARS Key Events of The Quarter Q4 2023  NAV of SEK 48.2bn or 171 per share, down (5)% in the quarter Net Asset Value  Private portfolio written down by 11% in the quarter, w

5. Slide 5: Quarterly Valuation Developments

   QUARTERLY VALUATION DEVELOPMENTS

6. Slide 6: Private Portfolio Down 11% Due to FX and Lower Expectations

   PRIVATE PORTFOLIO DOWN 11% DUE TO FX AND AN INTENT TO ENTER 2024 WITH LOWER EXPECTATIONS, LOWER MULTIPLES, AND A STRONGER PORTFOLIO BALANCE Private Company Valuations Drivers & Parameters  Valuation revisions following 2023 trend – weak e-commerce, careful Q4 2023 Value Drivers approach to multiple

7. Slide 7: Expect Software and Virtual Care Businesses to Continue to Grow Share of Portfolio

   EXPECT SOFTWARE AND VIRTUAL CARE BUSINESSES TO CONTINUE TO GROW SHARE OF PORTFOLIO IN 2024 THROUGH STRONG OPERATIONAL PERFORMANCE Our Largest Virtual Care & Software Companies Key Valuation Revisions & Considerations  Our largest companies in our core categories 2023 Full-Year Development virtual c

8. Slide 8: Careful Approach to Value-Based Care Valuations

   CAREFUL APPROACH TO VALUE-BASED CARE VALUATIONS CONSIDERING THE SOON ONE-YEAR ANNIVERSARY OF KEY PEERS BEING TAKEN PRIVATE Maturing Value-Based Care Key Valuation Revisions & Considerations  Taking multiples further below trading range of 2023 Full-Year Development key delisted value-based care pee

9. Slide 9: Continued Sluggish Growth in e-Commerce Expected in 2024

   CONTINUED SLUGGISH GROWTH IN E-COMMERCE EXPECTED IN 2024, VALUATIONS BASED ON CONSERVATIVE FORECASTS, % SHARE OF PORTFOLIO HALVED IN 2023 Challenges & Consolidation in e-Commerce Key Valuation Revisions & Considerations  27% write-down in Q4 ’23 (19% including our 2023 Full-Year Development convert

10. Slide 10: NAV Declined 5% in the Quarter, Ending 2023 with SEK 7.9bn Net Cash

    NAV DECLINED 5% IN THE QUARTER, ENDING 2023 WITH SEK 7.9BN IN NET CASH NAV Development in Q4 2023 ● Private Growth, ● Public Growth, ● Tele2, Net Cash / (Debt) (SEKbn) 50.8 48.2 (3.2) +0.2 (0.1) +0.4 +0.2 7.6 7.9 11.5 11.9 1.2 1.2 31.4 28.2 Q3 2023 Private Recursion GFG Tele2 Change Q4 2024 Growth i

11. Slide 11: 2023 in Review

    2023 IN REVIEW @ KINNEVIK

12. Slide 12: Our 2023 Priorities and Results

    OUR 2023 OUR 2023 PRIORITIES RESULTS SEK 4.9bn invested and 2.3bn inflows Continued disciplined capital allocation from divestments and Tele2 dividends, ending 2023 with SEK 7.9bn in net cash Support and maximize the impact of Growth Portfolio concentration in Spring, TravelPerk, our highest-convict

13. Slide 13: In 2023 We Deployed SEK 2.6bn Net of Exits and Tele2 Dividends

    IN 2023, WE DEPLOYED SEK 2.6BN NET OF EXITS AND TELE2 DIVIDENDS, DRIVING HIGHER PORTFOLIO CONCENTRATION AND CONTINUED GROWTH Capital Allocation 2023 Outflows & Inflows (SEKbn) 5.0 Tele2 Dividends 4.0 Exits 3.0 2.6 2.0 Secondary Acquisitions 1.0 Financing Rounds Accreting in Follow-Ons New Additions

14. Slide 14: Private Portfolio Grew Revenues by >60% in 2023

    PRIVATE PORTFOLIO GREW REVENUES BY >60% IN 2023, WEIGHED DOWN BY WEAKNESS IN CYCLICAL E-COMMERCE AND A MATURING VILLAGEMD Topline Growth 2023 (Dark) & 2024 Expectations (Light) +100% +75% +50% +25% Software & Virtual Care Consumer Finance Private Portfolio Value-Based Care Platforms & Marketplaces W

15. Slide 15: Improvements in Investee Profitability and Runway

    IMPROVEMENTS IN INVESTEE PROFITABILITY AND RUNWAY, BUT IT IS VITAL TO ACKNOWLEDGE GROWTH AND UNIT ECONOMICS AS LONG-TERM VALUE DRIVERS Profitability & Runway Past & Current Estimates of Private Portfolio  Pivot towards profitability during the second half of Change in Cash Runway Estimates 2022, be

16. Slide 16: Portfolio Continues to Become More Concentrated Towards Trusted Performers

    PORTFOLIO CONTINUES TO BECOME MORE CONCENTRATED TOWARDS TRUSTED PERFORMERS WITH LONG-TERM POTENTIAL, AND NEW CLUSTERS ARE EMERGING Portfolio Concentration Key Investees Core Growth Companies Newer Ventures 41% Share of Growth Portfolio 13% Share of Growth Portfolio (up from 30% in 2022) (up from 5%

17. Slide 17: Entering a New Phase

    ENTERING A NEW PHASE @ KINNEVIK

18. Slide 18: We Have Executed on Our Strategy with Forceful Capital Re-allocation

    WE HAVE EXECUTED ON OUR STRATEGY WITH FORCEFUL CAPITAL RE-ALLOCATION WHILE DISTRIBUTING MORE THAN SEK 80BN IN VALUE TO OUR SHAREHOLDERS Net Asset Value Turnover SEKbn 90.6 (74.9) 48.2 +34.0 (6.5) +8.9 (30.6) +26.6 Q4 2017 Spin-Offs Cash Dividend Divestments Investments Strengthened NAV Creation Q4 2

19. Slide 19: Entering a New Phase

    AFTER FIVE YEARS OF RAMPING UP AND ONE YEAR OF TRANSITIONING, IN 2024 WE ARE ENTERING THE NEXT PHASE OF KINNEVIK'S SOON 90-YEAR YOUNG HISTORY ENTERING A NEW PHASE Ramping Up Transition Building 2018-22 2023 2024 & Onward # of Investees Fluctuating Around in Growth Portfolio From 0 to 30+ Current Num

20. Slide 20: 2024 Outlook

    2024 AND ONWARD WILL BE CHARACTERIZED BY PORTFOLIO CONCENTRATION, INVESTEE PERFORMANCE, AND VIBRANT YET DISCIPLINED CAPITAL REALLOCATION 2024 OUTLOOK Continued focus on portfolio concentration Operational performance of our most important investees will be the main driver of NAV development (rather

21. Slide 21: Q&A

    Q&A

22. Slide 22: We Invest for a Reimagined Everyday

Kinnevik — Q4 2023 Earnings Presentation on 6ix