Kinnevik

Quarterly Report • Jul 11, 2022

INTERIM REPORT FIRST HALF OF 2022

NAVIGATING A HIGHLY CHALLENGING MARKET ENVIRONMENT FROM A POSITION OF STRENGTH

Net Asset Value (SEK)

61.1bn

Change in NAV Q/Q (10)%

Change in NAV Y/Y

(20)%

One-Year TSR (52)% Five-Year Annualised TSR

9%

Key Financial Data

SEKm	30 Jun 2022	31 Mar 2022	31 Dec 2021	30 Jun 2021
Net Asset Value	61 140	67 859	72 391	76 178
Net Asset Value per Share, SEK	218.32	243.50	259.86	274.05
Share Price, SEK	164.75	247.05	323.95	344.80
Net Cash / (Debt)	13 592	4 977	5 384	4 320

SEKm	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Net Profit / (Loss)	-6 729	12 489	-11 270	18 561	14 777
Net Profit / (Loss) per Share Pre Dilution, SEK	-24.09	44.95	-40.35	66.80	53.12
Net Profit / (Loss) per Share Post Dilution, SEK	-24.09	44.95	-40.35	66.80	53.12
Change in Fair Value of Financial Assets	-9 701	11 450	-14 290	17 586	13 269
Dividends Received	3 077	1 126	3 077	1 126	1 689
Dividend Paid, In Kind	-	-54 116	-	-54 116	-54 140
Dividend Paid, Cash	-	-44	-	-44	-44
Investments	475	734	2 132	1 740	6 376
Divestments	-6 027	-43	-7 042	-250	-5 544

"With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a negative impact on those of our companies that are less resilient."

Georgi Ganev CEO of Kinnevik

HIGHLIGHTS IN THE QUARTER

Key Events

• We made a follow-on investment in Budbee, valuing the company at SEK 7.3bn, supporting its continued strong organic and profitable growth. We also participated in Mathem's funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation
• We divested 27% of our shareholding in Tele2 for SEK 6.0bn, providing us with additional financial strength at a time of market uncertainty, ensuring we have a net cash runway through 2024, and allowing us flexibility to time our capital deployment
• We published Kinnevik's inaugural Climate Progress Report to follow up on our climate targets for the portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11%, reaching our annual target of 7% by a wide margin

Investment Management Activities

• We invested a more modest SEK 0.5bn during the quarter, reflective of the current funding environment, of which SEK 155m into Mathem and SEK 115m into Budbee
• For the first half of 2022, we invested SEK 2.1bn in aggregate

Financial Position

• NAV of SEK 61.1bn (SEK 218 per share), down SEK 6.7bn or 10% in the quarter and SEK 11.3bn or 16% year-to-date
• Net cash position of SEK 13.6bn, including the proceeds from our Tele2 sell-down and received dividends, corresponding to 28% of portfolio value by quarter-end

Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.

CHIEF EXECUTIVE'S REVIEW

Dear Shareholders, as we close out the first half of 2022, our environment is radically different to where we were one year ago. The aftermath of the covid pandemic with inflationary pressure, challenged supply chains and rising interest rates, exacerbated by the war in Europe, has put strong pressure on the valuations in our pocket of growth equity markets. Whereas we last year highlighted that multiple expansion was supporting our net asset value, we now face a significant reversal of that trend. With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a negative impact on those of our companies that are less resilient.

Kinnevik's Q2 Results

Our Net Asset Value amounted to SEK 61.1bn or SEK 218 per share at the end of the second quarter of 2022, down by SEK 6.7bn or 10 percent from where we ended the first quarter.

The downward valuation trend faced by public growth assets during the first quarter continued without abatement during the second quarter. The pandemic winners are typically facing the most valuation pressure, as evident in the stock market's valuations of companies in sectors such as non-specialized virtual health, e-commerce, and streaming services. We continue to seek to reflect changes in valuation levels of publicly listed peers when valuing our unlisted businesses. On average, we have decreased our valuation of each individual company by around 30 percent this quarter. Due to a handful of transactions undertaken in this valuation environment, significant currency tailwinds, and the effect of customary downside protection provisions in some of our investments, the reported fair value of our unlisted portfolio decreased by a more muted 7 percent. You find a detailed description of the current valuations of our unlisted investments in Note 4.

In May, we divested around a quarter of our shares in Tele2

for a total consideration of SEK 6.0bn which, together with dividends received from Tele2, takes our net cash balance at the end of the second quarter to SEK 13.6bn. The additional financial strength secured at a time of market uncertainty not only ensures that we have a net cash runway through 2024 at our current pace of investment of around SEK 5bn per year. It also provides us with increased flexibility to time our deployment of capital, and ability to act on attractive opportunities as they emerge.

The Importance of the S-Curve

It seems clear that the market downturn will be more longlasting than perhaps expected at the beginning of the year. At Kinnevik, we take comfort in the fact that we have a strong balance sheet and are able to take a more long-term view than most other investors. We are also pleased that many of our largest and most important investments took advantage of the benign market conditions of the past to extend their runways. In aggregate, our companies raised more than SEK 50bn in fresh capital last year, making many of them less vulnerable to the medium-term fundraising market. We estimate that investees corresponding to almost 50 percent of our unlisted fair value have runways extending into 2024 and beyond, and less than 10 percent have cash runway that ends during 2022. With this in mind, we are continuously assessing how the weaker macro outlook could affect each of our companies individually, and refrain from issuing generic and dogmatic advice on how they should value growth versus profitability in the short term. The general ebb of capital will undoubtedly have a more fundamental impact on many of our businesses that have shorter runways, and there will be cases where we opt to realize losses of capital instead of financing businesses that we do not believe have a high risk-adjusted potential to be long-term successful.

What also helps us absorb the impact of deteriorating market conditions are the strides we have made in building a portfolio of a balanced set of companies spread across the typical business S-curve in terms of growth and time to cash flow profitability. This is not only a result of investing at different stages of maturity, but also by financing the growth of many of our younger businesses through consistent followon investments.

At the right-hand side of our portfolio's maturity spectrum, we find e.g. Jobandtalent, the workforce marketplace that matches workers with temporary employment. The company was growing revenues at 130 percent annually while being profitable at an EBITDA level when we invested at the end of last year. Since then, the company has continued to perform strongly and expects to double revenues also in 2022.

At the other end of the curve, we find Omnipresent, a more recent investment in an earlier stage of growth. Omnipresent provides client-focused, tech-enabled business solutions combined with personalized expertise to support hiring people globally in more than 160 countries. When Kinnevik led the round in March of this year, it was on the back of Omnipresent growing revenues by 25x during 2021. While the new market environment clearly has an impact on Omnipresent, it also provides opportunities. Many companies are now even more focused at hiring in different jurisdictions to further optimize their cost base, and with valuations resetting across companies in the venture and growth ecosystem, there is a lot of movement of talent taking place.

We expect Omnipresent to move along the S-curve over time, just as many of our successful investments have done before them. One example of this is Budbee, where we invested early on and have kept investing more capital as the company has progressed along the curve. Since our first investment in 2018, Budbee has grown revenue by over 30x to SEK 835m in 2021, while reaching profitability in their underlying operations. In addition to last mile deliveries directly to the home, Budbee has contracted 5,000 pick-up boxes in its five markets supporting their strong growth. Budbee is an example of how high-quality companies remain able to raise capital at attractive terms even as markets have softened, with the company completing a funding round of SEK 400m during the quarter valuing the company at SEK 7.3bn. To date, our investment in Budbee has generated a return of 4.4x times our aggregate invested capital, and 11x our first investment in 2018.

With our diverse set of companies led by strong founders, we also have great opportunities to draw on the experiences from how some of our portfolio companies have coped with rapidly changing market conditions. One such example is Avi Meir, the founder and CEO of TravelPerk, whose strong leadership and swift actions helped TravelPerk not only survive when the covid pandemic hit, but to thrive as travel returned. Read how he did it on page 15.

Assessing New Investment Opportunities

The current market environment will not only cause some of our companies to fall off their growth trajectory, or to fail completely. It will also cause attractive investment opportunities to emerge both in our existing portfolio and in new companies. Our pipeline remains vibrant, with interesting opportunities in all focus sectors. In the first six months of 2022, we have deployed SEK 2.1bn in total, with a 37/63 percent split between existing and new companies. We see a marked difference in the pace of new funding rounds, and we believe that this market climate benefits our ability to identify, source and pursue long-term attractive investment opportunities. For the full year, we still expect to invest around SEK 5bn, and that this capital is split fairly even between follow-on investments and new investments, and we remain ready and able to deploy even more capital should attractive opportunities arise during the second half of 2022.

Building Sustainable Businesses

In June, we published our first Climate Progress Report to follow-up on the fulfilment of our annual greenhouse gas emissions intensity target for Kinnevik's portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11 percent, thus achieving our annual target of 7 percent.

The current market environment will cause attractive investment opportunities to emerge both in our existing portfolio and in new companies. Our pipeline remains vibrant, with interesting opportunities in all focus sectors.

Climate change is one of the greatest global environmental and economic challenges of our time and we have a unique position to influence our companies to become sustainability leaders and align with a low-carbon future. We are proud of the progress made in our portfolio companies and impressed by their ability to scale rapidly while decreasing greenhouse gas emission intensity.

Concluding Remarks

The current market environment is driving a wedge between companies that rose with the tide during the pandemic era and companies that truly have the potential to be long-term successful irrespective of the macroeconomic environment. This is the case for the venture and growth market in general, and it is the case for us at Kinnevik. We need to be prepared if the pressure on valuations continues, or intensifies further, making fundraising even more difficult.

While we remain humble in the face of the current market environment, we are confident that over the long-term we will come out of this downturn stronger. For two reasons. Firstly, we believe we have been disciplined allocators of capital and have elected to pass on, or scale down, investments at lofty valuations during 2020 and 2021. Secondly, we believe our permanent capital base and our strong financial position gives us the tools we need to capture as much value as possible during a time when other investors' horizons contract. Growth investing is not easy and requires a level of patience and composure that few investors can stomach. It is at these times of difficulties that the advantage and distinction of our long-term perspective is the most valuable. To all our shareholders that continue to place your trust with us, we are confident your endurance will be rewarded.

Georgi Ganev CEO of Kinnevik

KINNEVIK IN SUMMARY

Categories	Fair Value	Return	Average Holding Period	2021 Revenue Growth	2021 Gross Margin	NTM EV/Revenue
• Value-Based Care	7 793	3.3x	2.6 Years	+145-165%	5-15%	3-4x
• Virtual Care	2 764	2.6x	2.9 Years	+125-145%	50-70%	5.5-7.5x
• Platforms & Marketplaces	6 866	1.3x	3.0 Years	+40-60% / +140-160%	30-40% / 60-80%	1.5-2.5x / 5-7x
• Software	9 371	3.8x	3.7 Years	+130-150%	60-80%	10-25x
• Consumer Finance	2 462	1.1x	4.7 Years	+30-50%	50-70%	5-7x
Note: For more information about the categories see Note 4 on pages 29-33.
(52)% One Year	9% Five Years	14% Ten Years	14% Thirty Years		28%	Net Cash to Portfolio Value
Five Year Annualised IRR per Category			Investment Activity (SEKm)	n Investments n Divestments n Net Investments
Value-Based Care		60%	2,132
Virtual Care		61%			475
Platforms & Marketplaces 4% Software		79%
Consumer Finance (1)%
TMT	15%
Total Portfolio	15%			(4,910)
Note: The annualised total shareholder return includes reinvested dividends.				(7,042)		(5,552) (6,027)
				H1 2022		Q2 2022

Q2'21 Q3'21 Q4'21 Q1'22 Q2'22

NET ASSET VALUE GROWTH PORTFOLIO

SEKm	Vintage	Ownership	Value Q2 2022	Released	Invested	Return	Value Q1 2022	Value Q4 2021	Value Q2 2021
Babylon	2016	13%	535	-	847	0.6x	1 992	2 900	4 699
Cityblock	2020	8%	2 959	-	933	3.2x	3 364	4 036	2 076
Transcarent	2022	3%	615	-	546	1.1x	559	-	-
VillageMD	2019	4%	3 684	3 110	986	6.9x	4 273	4 658	7 858
Value-Based Care			7 793	3 110	3 312	3.3x	10 188	11 594	14 633
Parsley Health	2021	11%	165	-	191	0.9x	214	208	197
Quit Genius	2021	12%	320	-	271	1.2x	280	272	-
Spring Health	2021	5%	1 025	-	861	1.2x	932	905	-
Teladoc	2017	2%	1 254	4 363	1 394	4.0x	2 474	4 149	10 653
Virtual Care			2 764	4 363	2 717	2.6x	3 900	5 534	10 850
Budbee	2018	28%	1 970	-	452	4.4x	1 309	1 309	1 259
Common	2020	14%	103	-	295	0.3x	132	163	239
HungryPanda	2020	11%	438	-	424	1.0x	511	573	339
Jobandtalent	2021	5%	1 082	-	1 006	1.1x	1 047	1 040	-
Mathem	2019	31%	854	-	1 374	0.6x	699	1 254	1 671
Oda	2018	21%	1 118	-	711	1.6x	1 499	1 604	1 553
Omio	2018	7%	724	-	597	1.2x	417	427	468
Vivino	2021	11%	577	-	586	1.0x	525	510	632
Platforms & Marketplaces			6 866	-	5 445	1.3x	6 139	6 880	6 161

NET ASSET VALUE GROWTH PORTFOLIO

SEKm	Vintage	Ownership	Value Q2 2022	Released	Invested	Return	Value Q1 2022	Value Q4 2021	Value Q2 2021
Cedar	2018	8%	2 061	-	270	7.6x	2 284	2 525	2 385
Omnipresent	2022	6%	373	-	377	1.0x	368	-	-
Pleo	2018	14%	4 502	-	646	7.0x	5 333	5 884	1 913
Sure	2021	9%	512	-	435	1.2x	466	453	-
TravelPerk	2018	15%	1 923	-	714	2.7x	1 717	1 668	791
Software			9 371	-	2 443	3.8x	10 168	10 530	5 089
Betterment	2016	13%	1 415	-	1 135	1.2x	1 395	1 586	1 090
Lunar	2021	6%	522	-	717	0.7x	800	526	-
Monese	2018	23%	525	-	481	1.1x	519	534	514
Consumer Finance			2 462	-	2 333	1.1x	2 714	2 646	1 604
Early Bets & New Themes			1 437	-	1 912	0.8x	1 601	1 251	701
Global Fashion Group	2010	36%	1 226	-	6 290	0.2x	1 403	3 612	10 228
Other Emerging Markets	2007-13	Mixed	348	56	2 196	0.2x	606	1 019	1 131
Emerging Markets			1 574	56	8 486	0.2x	2 009	4 631	11 359
Other	-	-	50	-	-	-	140	236	196
Total Growth Portfolio			32 316	7 530	26 647	1.5x	36 860	43 302	50 593
whereof Unlisted Assets			29 302	3 166	18 116	1.8x	30 990	32 641	29 712

NET ASSET VALUE LEGACY ASSETS, FINANCIAL POSITION & TOTALITY

SEKm	Vintage	Ownership	Value Q2 2022	Value Q1 2022	Value Q4 2021	Value Q2 2021
Tele2	1993	20%	16 025	26 735	24 240	21 923
Total Portfolio Value			48 341	63 595	67 541	72 516
Gross Cash		-	17 218	8 595	10 549	7 329
Gross Debt		-	-3 626	-3 618	-5 165	-3 009
Net Cash / (Debt)		-	13 592	4 977	5 384	4 320
Other Net Assets / (Liabilities)		-	-793	-713	-534	-658
Total Net Asset Value		-	61 140	67 859	72 391	76 178
Net Asset Value Per Share, SEK		-	218.32	243.50	259.86	274.05
Closing Price, Class B Share, SEK		-	164.75	247.05	323.95	344.80

Note: Other Net Assets / (Liabilities) include the reservation from Q4 2020 regarding a potential capital gains tax liability of SEK 0.8bn relating to the merger between Teladoc and Livongo, based on the rules for accounting for uncertain tax positions in IFRIC 23.

ASSESSMENTS OF FAIR VALUE OF UNLISTED INVESTMENTS

In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in determining the fair value of each of our unlisted investments. Read more in Note 4 on pages 29-33.

MORE

HEALTHCARE

HEALTHCARE

Value-based healthcare provider focused on underserved urban populations with complex care needs

Fair Value SEK 3.0bn Kinnevik Stake 8%

Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employees and their families

Fair Value SEK 1.0bn Kinnevik Stake 5%

America's largest holistic virtualfirst consumer subscription service, caring for and supporting chronic conditions for women

Fair Value SEK 165m Kinnevik Stake 11%

A new and different health and care experience company for employees of self-insured employers and their families

Fair Value SEK 615m Kinnevik Stake 3%

marketplace in the US

Fair Value SEK 103m Kinnevik Stake 14%

PLATFORMS & MARKETPLACES

Q1 2021

Q2 2021

Q3 2021

2 404 2 315 2 471 2 484 2 509

Q4 2021

Q1 2022

Q1 2021

Q2 2021

Q3 2021

1.9 1.8 2.0 2.0 2.1

Q4 2021

Q1 2022

Norway, with the ambition to make grocery shopping an effortless activity

Fair Value SEK 1.1bn Kinnevik Stake 21%

PLATFORMS & MARKETPLACES

A global leader in online Asian food delivery	The world's leading digital temp staffing agency
Fair Value SEK 438m Kinnevik Stake 11%	Fair Value SEK 1.1bn Kinnevik Stake 5%
The largest multi-modal travel	The world's leading	Total number of users (m)
platform in Europe operating in 15 countries	wine app 52.0	58.5 57.1 55.6 53.5

SOFTWARE

The leading solution for businesses to book corporate travel online

Fair Value SEK 1.9bn Kinnevik Stake 15%

How does a travel management company not just survive, but thrive, in a global pandemic?

We spoke to Avi Meir, founder and CEO of TravelPerk about how he steered TravelPerk through the covid crisis

Avi, what was your first reaction when covid hit the world in March of 2020?

In March 2020 we were growing 3x year-onyear. Three weeks later we had a negative revenue day. Negative. Revenue. We needed

to return more money than what we had col-

lected that day. Overnight, we had to acknowledge that our world had changed completely – we went to war mode.

The Leadership Team and I met on a Sunday afternoon and simply deleted the document with our yearly goals. We stood up by the whiteboard and wrote down three new priorities: 1) survive, 2) emerge strong, and 3) turn lemons into lemonade.

Tell us how you made sure the company survived the crisis

We needed to make sure we had enough cash to outlive the crisis. All replaceable or luxury expenses were immediately cut to zero - rent, fruits & coffee, etc. We needed to be brutal and get rid of everything that we could buy or rent again in the future.

The one thing that we didn't cut was people. It took a lot of effort to build our amazing team, and I wasn't going to let it all go to waste. People are not interchangeable, each of us is unique. So, we fought hard to save every job we could and avoided layoffs.

We had 300 sales representatives and travel agents who had no work to do as no one was traveling in April 2020. We did a very aggressive performance review across the organization covering all roles, which enabled us to cut costs while keeping the best people - even in roles that had no work to do at the time.

As a side effect is that my team now knows that I did everything in my power to keep their jobs, and that our values are not mere virtue - we stick to them even when things get tough. Imagine how much stronger we are as a team now because of this.

In addition to cutting costs by over 40 percent, we also raised a convertible note from existing investors. I didn't negotiate the terms too hard, we needed cash and I wasn't going to be short-sighted and fight for paper valuation at the expense of cash in the bank.

Two years on, we now know that TravelPerk not only survived but emerged strong – how did you do it?

We always knew that the meetings that matter happen in person, and that people will go back to wanting to connect in real life. So, we decided to not stop selling but kept adding customers as fast as we could, even though no one was traveling. We set up their accounts, did demos, and crossed our fingers that one day they would use the product.

I used to tell my team that we're like a real estate company buying buildings to rent in the future. We know that tenants will want to live there, but right now we can't rent the assets. Future revenue was our north star metric (we called it Travel Budget Under Management).

In addition to adding customers, we also used the time to double down on our product. We hired more people in product and engineering and increased our product velocity. Quiet times have their advantages, and we used it to build for the future.

As a result of our resolve to emerge strong from the crisis, we have tripled our margins, kept building a great product, added more customers than ever, and increased future revenue.

Finally, how did you manage to turn lemons into lemonade?

Crisis means opportunity. Once we had ensured we would survive and emerge strong, we lifted our eyes from the immediate, and looked for these strategic and rare opportunities that the crisis enabled for us. Firstly, crisis means lower valuations and we acquired four great companies at a discount during this period. Secondly, traveling during Covid was really complicated with all local rules and regulations, so we built a Travel Restrictions API and sold to third parties. Thirdly, as we saw remote work and increasingly international team as a trend that was likely to last beyond the pandemic, we built an offsite planning tool to enable people to meet in person a few times per year.

So where is TravelPerk today?

I'm fortunate enough to have a great team and fantastic investors that supported us throughout the crisis. Today, our revenue is 10x compared to before the pandemic, our margins are 3x, the team is stronger than ever, and the product is in a category of its own.

CONSUMER FINANCE

US based smart money manager offering investing and retirement solutions	Assets Under Management (USDbn) 33.9 33.1 31.8 31.7 31.3	Customers ('000) 763 751 713 693 677	Financial technology company that lets consumers and busines ses handle everything money in one place
Fair Value SEK 1.4bn Kinnevik Stake 13%	Q2 Q3 Q4 Q1 Ma 20 20 20 20 y 2 02 21 21 21 22 2	Q2 Q3 Q4 Q1 Ma 20 20 20 20 y 2 02 21 21 21 21 2	Fair Value SEK 522m Kinnevik Stake 6%
The first fully mobile current ac count in the UK Fair Value SEK 525m Kinnevik Stake 23%	Signed-Up Customers (m) 4.3 4.1 3.9 3.7 3.6 Q2 Q3 Q4 Q1 Ma 20 20 20 20 y 2 02 21 21 21 22 2

EARLY BETS & NEW THEMES

Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market	Swedish digital health company that connects patients with phy sical therapists to deliver an on line evidence-based treatment for chronic joint pain	Sustainable food platform allowing retailers to sell both surplus food with a discount and food from their regular menu with the goal of preven ting food waste	Swedish-born, global food-tech innovator of healthy and indulgent snacks and ice cream
Offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote workforces	A leading plant-based meal kit provider	The first all-in-one Guest Expe rience Management platform for restaurants	A Berlin-based tech-enabled mobility company that is on track to launch a mobility service with teledriven electric VayCars on European public streets

OTHER PORTFOLIO

EMERGING MARKETS

KINNEVIK HAS PUBLISHED ITS INAGURAL CLIMATE PROGRESS REPORT

"Climate change is one of the greatest global environmental and economic challenges of our time and we have a unique position to influence our companies to become sustainability leaders and to align with a lowcarbon future. I am proud of the progress made in our portfolio companies and impressed by their ability to scale rapidly while decreasing greenhouse gas emission intensity. With this report we also want to increase transparency towards Kinnevik's stakeholders and drive the development in our sector with regards to emission disclosure and target follow-up."

Georgi Ganev, CEO of Kinnevik

Between 2020 and 2021, the emissionsreporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11%, thus achieving our annual target of 7%

11% 50%

Our long-term target is a 50% reduction in greenhouse gas emission intensity in Kinnevik's portfolio by 2030 compared to 2020

Highlights from the Climate Progress Report 2021

• Kinnevik set two climate targets in May 2020, a net zero target for our operations excluding the portfolio and a target to achieve 50% reduction in greenhouse gas emission intensity in Kinnevik's portfolio by 2030 compared to 2020. In 2021, the portfolio climate target was integrated into our Sustainability-Linked Financing Framework and translated into an annual reduction target, namely, to achieve a reduction in greenhouse gas emissions intensity in the portfolio by 7% annually, until 2030
• The objective of our inaugural Climate Progress Report is to follow-up on the fulfilment of Kinnevik's annual intensity reduction target and report on the performance against the Climate Sustainability Performance Target of our outstanding Sustainability Linked Bonds
• Between 2020 and 2021, the six companies in Kinnevik's portfolio reporting emissions have on aggregate and on a value-weighted basis, decreased their emissions intensity by 11%, thus achieving our target for 2021
• In addition to the main objective to follow-up on our climate target for the portfolio, the Climate Progress Report also includes an overview of the total emissions from Kinnevik's portfolio. The overview includes the actual carbon dioxide equivalents of our emissions-reporting companies as well as an estimate of the scope 1 and 2 emissions from our largest non-reporting portfolio companies

The full Climate Progress Report 2021 is available on www.kinnevik.com.

FINANCIAL REVIEW

Investee (SEKm)	Q2	H1 2022
Agreena	-	127
Budbee	115	115
Common	-	68
Joint Academy	-	57
Lunar	-	211
Mathem	155	155
Omio	31	32
Omnipresent	-	377
Quit Genius	12	12
SafetyWing	-	177
Town Hall Ventures III	-	93
Transcarent	-	546
TravelPerk	36	36
Other	126	127
Investments	475	2 132
Teladoc	-	-986
Tele2	-6 027	-6 027
Other	-	-29
Divestments	-6 027	-7 042
Net Investments / (Divestments)	- 5 552	-4 910

Capital Allocation Framework

Over 2019-23, Kinnevik is aiming to systematically invest its capital under a capital allocation framework which entails:

• Investing one-third of our capital into first round investments, and two-thirds of our capital into followon investments in the high-performing companies of our growth portfolio, on average per year.
• Adding one or two international, later-stage companies, and one or two Nordic earlier-stage companies on average per year.
• Distributing our capital evenly across our focus sectors.
• Aiming to accrete 15-25 percent ownership stakes.
• Targeting a portfolio of 30 companies, with a more even distribution of value across investments and sectors, as well as levels of risk and stages of maturity.

During the second quarter, reflective of the current funding environment, we invested a more modest SEK 0.5bn. Among the largest investments were a follow-on investment of SEK 115m in Budbee as part of a SEK 400m funding round that valued the company at SEK 7.3bn. We also participated with SEK 155m in Mathem's SEK 500m funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation.

In May, we divested around a quarter of our shares in Tele2 for a total consideration of SEK 6.0bn which, together with dividends received from Tele2, takes our net cash balance at the end of the second quarter to SEK 13.6bn. The additional financial strength secured at a time of market uncertainty ensures that we have a net cash runway through 2024 at our current pace of investment.

In the first six months of 2022, we have deployed SEK 2.1bn in total, with a 37/63 percent split between existing and new companies. For the full year, we still expect to invest around SEK 5bn, and that this capital is split fairly even between follow-on investments and new investments, and we remain ready and able to deploy even more capital should attractive opportunities arise during the second half of 2022.

CAPITAL STRUCTURE

As at 30 June 2022, Kinnevik had a net cash position of SEK 13.6bn, corresponding to 28 percent of portfolio value. This net cash position was mainly made up of SEK 17.2bn in cash and short-term investments, less SEK 3.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months and 0.1bn in debt for unpaid investments.

FINANCIAL TARGETS

Attractive Returns

Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15 percent over the business cycle.

Low Leverage

Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10 percent of portfolio value.

Shareholder Remuneration Policy

Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends.

GROUP FINANCIAL STATEMENTS

Consolidated Income Statement and report concerning Total Comprehensive Income

SEK m	Note	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Change in fair value of financial assets	4	-9 701	11 450	-14 290	17 586	13 269
Dividends received	5	3 077	1 126	3 077	1 126	1 689
Administration costs		-84	-76	-142	-145	-319
Other operating income		3	1	5	4	10
Other operating expenses		-1	-3	-1	-3	-3
Operating profit/loss		-6 706	12 498	-11 351	18 568	14 646
Interest income and other financial income		88	0	247	35	210
Interest expenses and other financial expenses		-111	-9	-166	-42	-74
Profit/loss after financial net		-6 729	12 489	-11 270	18 561	14 782
Tax		0	0	0	0	-5
Net profit/loss for the period		-6 729	12 489	-11 270	18 561	14 777
Total comprehensive income for the period		-6 729	12 489	-11 270	18 561	14 777
Net profit/loss per share before dilution, SEK		-24.09	44.95	-40.35	66.80	53.12
Net profit/loss per share after dilution, SEK		-24.09	44.95	-40.35	66.80	53.12
Outstanding shares at the end of the period		280 042 974	277 967 964	280 042 974	277 967 964	278 677 265
Average number of shares before dilution		279 360 120	277 871 501	279 311 820	277 839 346	278 177 851
Average number of shares after dilution		279 360 120	277 871 501	279 311 820	277 839 346	278 177 851

Consolidated Earnings for the Second Quarter

The change in fair value of financial assets including dividends received amounted to a loss of SEK 6,624m (profit of 12,576) for the second quarter of which a loss of SEK 4,461m (profit of 8,753) was related to listed holdings and a loss of SEK 2,163m (profit of 3,823) was related to unlisted holdings. See note 4 and 5 for further details.

The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term investments in Money Market funds.

Consolidated Earnings for the First Six Months of the Year

The change in fair value of financial assets including dividends received amounted to a loss of SEK 11,213m (profit of 18,712) for the first six months of the year of which a loss of SEK 5,771m (profit of 8,312) was related to listed holdings and a loss of SEK 5,442m (profit of 10,399) was related to unlisted holdings. See note 4 and 5 for further details.

The increased financial net is mainly attributable to revaluation of SWAP agreements partly offset by decreased value of short term investments in Money Market funds.

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Consolidated Statement of Cash Flow

SEK m	Note	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Dividends received	5	3 077	563	3 077	563	1 689
Cash flow from operating costs		-56	-51	-179	-154	-321
Interest, received		-	-	-	-	-
Interest, paid		-3	-16	-31	-44	-55
Cash flow from operations		3 018	496	2 867	365	1 313
Investments in financial assets		-474	-805	-2 474	-1 780	-6 014
Sale of shares and other securities		6 043	43	7 334	250	5 799
Cash flow from investing activities		5 569	-762	4 860	-1 530	-215
Repayment of loan		-	-	-1 210	-	-190
Borrowing		-	-	-	-	2 000
Sale of treasury shares		-	88	-	88	91
Dividend paid to equity holders of the Parent company		-	-44	-	-44	-44
Cash flow from financing activities		0	44	-1 210	44	1 857
Cash flow for the period		8 587	-222	6 517	-1 121	2 955
Short term investments and cash, opening balance		8 441	6 690	10 544	7 589	7 589
Revaluation of short term investments		-61	0	-94	0	0
Short term investments and cash, closing balance		16 967	6 468	16 967	6 468	10 544

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Supplementary Cash Flow Information

SEK m	Note	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Investments in financial assets	4	-475	-734	-2 132	-1 740	-6 376
Investments not paid		4	42	97	43	442
Prior period investments, paid in current period		-3	-113	-437	-83	-90
Exchange differences on investments not paid		0	-	-2	-	10
Cash flow from investments in financial assets		-474	-805	-2 474	-1 780	-6 014
Sale of shares and other securities		6 027	43	7 042	250	5 544
Divestments with no cash flow		-	-	-	-	-3
Paid on divestments earlier periods		16	-	292	-	94
Exchange differences pertaining to divestments		-	-	-	-	164
Cash flow from sale of shares and other securities		6 043	43	7 334	250	5 799

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Condensed Consolidated Balance Sheet

SEK m	Note	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Fixed assets
Financial assets held at fair value through profit or loss	4	48 341	72 516	67 541
Tangible fixed assets		47	47	46
Right of use asset		3	10	6
Other fixed assets		133	216	210
Total fixed assets		48 524	72 789	67 803
Current assets
Other current assets		298	891	240
Short-term investments		13 690	3 884	6 684
Cash and cash equivalents		3 277	2 584	3 860
Total current assets		17 265	7 359	10 784
TOTAL ASSETS		65 789	80 148	78 587

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Condensed Consolidated Balance Sheet

SEK m	Note	30 Jun 2022	30 Jun 2021	31 Dec 2021
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity attributable to equityholders of the Parent Company		61 140	76 178	72 391
Interest bearing liabilities, long term		3 513	1 523	3 511
Interest bearing liabilities, short term		-	1 400	1 210
Non-interest bearing liabilities		1 136	1 047	1 475
TOTAL EQUITY AND LIABILITIES		65 789	80 148	78 587

KEY RATIOS

Debt/equity ratio		0.06	0.04	0.07
Equity ratio		93%	95%	92%
Net interest-bearing assets/ (liabilities)	6	13 663	4 450	5 704
Net cash/Net debt, for the Group	6	13 592	4 320	5 384

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Condensed Report of Changes in Equity for the Group

SEK m	H1 2022	H1 2021	FY 2021
Opening balance	72 391	111 671	111 671
Profit/loss for the period	-11 270	18 561	14 777
Total comprehensive income for the period	-11 270	18 561	14 777
Transactions with shareholders
Effect of employee share saving programme	19	18	36
Sale of own shares	-	88	91
Dividend in kind	-	-54 116	-54 140
Cash dividend	-	-44	-44
Closing balance for the period	61 140	76 178	72 391

NOTES FOR THE GROUP

Note 1 Accounting Principles

The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report.

The accounting principles are the same as described in the 2021 Annual Report.

Note 2 Risk Management

Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Directors. Kinnevik has a model for risk management that aims to identify, control and reduce risks. The output of the model is reported to Audit & Sustainability Committee and Board of Directors on a regular basis. Kinnevik is mainly exposed to financial risks in respect of:

• Valuation risk, in relation to negative changes in the value of the portfolio
• Liquidity and financing risk, in relation to increased cost of financing, and difficulties in refinancing maturing loans and facilities, ultimately leading to payment obligations not being met
• Foreign exchange rate risk, in relation to transaction and translation currency exposure
• Interest rate risk, having an adverse impact on financing costs

For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 17 for the Group in the 2021 Annual Report.

Note 3 Related Party Transactions

Related party transactions for the period are of the same character as the transactions described in the 2021 Annual Report.

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 apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are suitable and relevant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference for our valuations. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples, with 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 the funding environment.

The valuation process is led 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. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The valuations are approved by Kinnevik's CFO and 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 interest payments and premiums 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 in the levels stated below:

		Kinnevik Unlisted Investee Averages		Peer Group Averages
Category	2021 Revenue Growth	2021 Gross Margin	NTM EV/Revenue	2021 Revenue Growth	2021 Gross Margin	NTM EV/Revenue
• Value-Based Care	+105-125%	5-15%	3.0-4.5x	+55%	25%	2.0x
• Virtual Care	+215-235%	35-55%	8.0-12.0x	+80%	45%	1.5x
• Platforms & Marketplaces	+40-60% / +140-160%	30-40% / 60-80%	1.5-2.5x / 5.0-7.0x	+40% / 45%	40% / 80%	1.0x / 4.0x
• Software	+130-150%	60-80%	10.0-25.0x	+35%	80%	5.0x
• Consumer Finance	+30-50%	50-70%	5.0-7.0x	+40%	55%	5.5x

Note: Kinnevik unlisted investee averages are weighted by fair value.

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 significant input from data that is not observable in the market.

For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,016m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,025m.

A NEW VALUATION ENVIRONMENT

In the second quarter of 2022, the downward valuation pressures faced by public growth assets during the first quarter continued without abatement. Concurrently, many companies also faced sidewinds from speculation around post-pandemic consumer behaviour, as evident in the stock market's valuations of companies in sectors such as non-specialized virtual health, e-commerce, and streaming services. Changing expectations of inflation and interest rates continue to be a significant driver of valuation multiples, in particular for companies such as ours where cash flow profitability is typically still some years out. Going forward, another external force driving changes in valuations may be to what extent the business cycle contracts and the economic activity in our key markets decline, affecting demand for our companies' products and services.

Investment activity in private venture and growth markets has slowed down relative to the hectic 2021, and the IPO market has effectively closed. This is leading to fewer transactions and less price discovery occurring in private markets during the first half of 2022 that could otherwise aid the calibration of our valuation models. Even so, we see clear signs of private markets reconciling with the material derating in public markets and that this correction is bearing a more significant impact on later-stage companies relative to earlier-stage companies. Still, companies regarded as leading businesses in their respective sector or business area are typically facing fewer and less intense challenges when raising capital relative to the median business, and this differential has widened during the first half of 2022. These parameters, paired together with our companies' operational performance, financial strength and reliance on the near-term funding climate, have been taken into consideration when valuing our unlisted companies. Growth remains a distinct influence on valuation multiples in public markets, and we seek to reflect a corresponding differential when valuing our companies in relation to slower-growing public peers.

MULTIPLE CONTRACTION

We continue to seek to reflect the quarter-end valuation levels of publicly listed peers when valuing our unlisted businesses, typically allowing peer group multiple contraction flow through our valuations without adjustment. We also increasingly focus on multiples of expected revenue over the next twelve months ("NTM") to deemphasize the direct weight of importance placed on more longer-term projections. A focus on NTM forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn are more resilient than that of the average listed peer, and more in line with the stronger constituents of the respective peer group.

In the table to the right, we show the average multiple contraction in valuations that are not underpinned by transactions that took place in the current valuation environment, during or shortly after the second quarter of 2022. During the quarter, the average NTM revenue multiple contraction in our unlisted portfolio was 34 percent, around 5 percentage points more moderate than the average peer. For the first half of 2022 the multiple contraction in our unlisted portfolio was 43 percent, around 12 percentage points more moderate than the average peer. This moderation primarily stems from our Software investments. Here, the peer group's average multiple contraction has been weighed down by the reversal of trends in sectors like e-commerce. This stands in stark contrast to our two largest Software investments, Pleo and TravelPerk, that are enjoying significant tailwinds as pandemic restrictions have eased and corporate travel and expense volumes have begun to rebound materially. This, we believe, warrants a multiple compression more in line with the peer group's more resilient quartile rather than its average compression.

LIQUIDATION PREFERENCES

Kinnevik's unlisted investee companies adopt different financing structures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business, and typically means that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering. In general, these liquidation preferences have the result that Kinnevik recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate. Due to liquidation preferences, the allocation of proceeds between shareholders in a liquidity event may

Value Drivers in the Unlisted Portfolio

2022 Q1 - 2022 Q2 Approximations, SEKbn

Multiple Contraction

EV/NTM Revenues, 2022 Q2 and H1

	Q2 2022			H1 2022
Category	Investee Contraction (Weighted Average)	Peer Contraction (Average)	Investee Contraction (Weighted Average)	Peer Contraction (Average)
• Value-Based Care	-33%	-36%	-45%	-41%
• Virtual Care	-43%	-43%	-61%	-58%
• Platforms & Marketplaces	-38%	-41%	-51%	-53%
• Software	-34%	-43%	-42%	-61%
• Consumer Finance	-31%	-28%	-38%	-41%
Unlisted Portfolio	-34%	-39%	-43%	-55%
Including Q2 2022 Transactions	-30%		-40%

become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are applicable may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding. Liquidation preferences may also entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially. An unlisted investee company's transition into a publicly listed company may also affect the value of Kinnevik's shareholding due to the dismantling or triggering of such provisions.

Liquidation preferences, as described above, naturally become more relevant during a market drawdown such as the one we are experiencing during 2022. The majority of our investments carry these types of downside protection provisions, and the effect of these provisions become the most pronounced in companies where we have only invested in the latest financing round. In these investments, the fair value of our investment may remain unchanged in spite of material downwards adjustments to the underlying valuation of each relevant company. At the end of the quarter, the aggregate fair value impact from liquidation preferences amounted to approximately SEK 2.4bn and was primarily centred to a handful of new investments made in 2021 and early 2022. The same figure amounted to around SEK 0.5bn in the previous quarter, and the difference was negligible at the end of 2021. As such, the incremental effect in the second quarter amounts to SEK 1.9bn, and SEK 2.4bn in the first half of 2022.

This value difference means that if Kinnevik's shareholdings would not enjoy said liquidation preferences, the fair value of the unlisted portfolio would be SEK 2.4bn lower. In other terms, the underlying value of Kinnevik's investments in these companies needs to increase by SEK 2.4bn, or around 40 percent on average, before the accrual of an on-paper return on investment. This notwithstanding, the fair values included in Kinnevik's net asset value statement correspond to the proceeds Kinnevik is entitled to receive in the event of a sale of each investment at the assessed underlying value of each company.

AGGREGATE VALUE CHANGES AND DRIVERS

On average, the valuation of each of our companies decreased by more than 20 percent in the second quarter of 2022, and by more than 30 percent during the first half of 2022. Excluding the companies where our valuations are underpinned by transactions that took place during or shortly after the second quarter, the average decrease exceeded 30 percent in the second quarter and amounted to almost 50 percent in the first half of 2022.

Similar to the previous quarter, the continued material derating in public growth equities used as valuation benchmarks for our private businesses was the single-most important driver of the downwards value change in our unlisted portfolio during the quarter. Indicatively, multiple contraction had a materially negative effect of SEK 8.4bn on our valuations in the quarter. Excluding the valuations that are underpinned by armslength transactions in the quarter and thereby concluded in the current valuation environment, the effect of multiple contraction was closer to SEK 9bn. Revenue growth offset some of the impact of compressing valuation levels with a positive contribution of around SEK 4.8bn.

The Swedish krona weakened materially in the second quarter, in particular against the dollar, in aggregate contributing to a positive effect on the valuations of our unlisted investments of around SEK 1.7bn. As outlined above, the incremental positive effect of liquidation preferences in the quarter amounted to SEK 1.9bn. The aggregate positive effect from these two factors of SEK 3.6bn is what bridges the material downward reassessments of the underlying valuations of our unlisted portfolio to the more modest 7 percent write-down outlined in our net asset value statement. For the first half year, the positive effect of currency movements amounted to SEK 2.2bn and that of liquidation preferences (in constant currencies) amounted to SEK 2.2bn, or SEK 4.4bn in total.

OUR INVESTEES RELATIVE TO THEIR VALUATION PEER GROUPS

In our interim report for the first quarter of 2022, we rearranged our NAV statement. Our aim with the new categorization is to group our private investments in a more refined way, sorting them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are now providing for each category, is a step forward in terms of transparency of the performance and our assessed valuations of our unlisted assets. The table on page 29 outlining these financial metrics for our new NAV categories 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 and provided as indicative ranges. For the categories where our companies are growing at materially higher rates than the peer group average, our valuation multiples are typically at a premium to the peer group's average. This spread is calibrated by valuations ascribed our businesses in arms-length transactions and by the correlation between growth and valuation multiples in public markets. The average premium is considerably smaller when benchmarking our valuations against more richly valued constituents in each relevant peer group. Premiums to the peer group average multiple narrow over time as our companies continue to outpace the growth of its valuation benchmarks. When relating our assessed valuations to financial metrics a year further out than the next twelve months, virtually all of our valuations are within the ranges of their respective peer group.

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. Our larger investments in this category – Cityblock and VillageMD – are benchmarked against a peer set of businesses in various ways delivering 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 2x NTM revenues. Our businesses grew twice as fast with slightly slimmer gross margins and are valued at around 3-4.5x NTM revenues on average.

The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 2,959m, down some 12 percent in the quarter. The NTM revenue multiple has been compressed in line with the peer group average of around 35 percent, and remains at an unchanged premium to this average considering Cityblock's revenue growth significantly outpacing the listed benchmarks while proving sustainable gross margins in its more established cohorts. Thanks to continued strong underlying performance the write-down becomes more muted than these 35 percent, and the valuation also benefits materially from the weakening Swedish krona. Looking an additional six months out, on a 2023 revenue multiple basis, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group.

The fair value of Kinnevik's 4 percent shareholding in VillageMD amounts to SEK 3,684m, down some 14 percent from last quarter's level, which in turn was 11 percent below the SEK fair value underpinned by the transaction with Walgreens Boots Alliance during the fourth quarter of 2021. As for Cityblock, the NTM revenue multiple is compressed in line with the peer group average of 35 percent, and VillageMD remains valued at an unchanged premium to this average NTM revenue multiple. Also similar to Cityblock, the valuation is increasingly in line or at a deeper discount to the more richly valued constituents of the peer group on a 2023 revenue basis, and benefits materially from a weakening Swedish krona. The premium to the peer group average on an NTM revenue basis 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 specialized care services through virtual channels, and leverage technology such as AI 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 more 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 35 percent, and the peer group trades at an average 1.5x NTM 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 our unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 8-12x NTM revenues on average, more in line with SaaS benchmarks with similar financial profiles to those of our unlisted virtual health businesses.

The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 1,025m. The carrying value remains in line with the capital we invested into the company when it raised capital during the third quarter of 2021, but appreciates due to the weakening Swedish krona. The underlying valuation of the company has been adjusted downwards to reflect the approximate 40 percent compression of the listed peer group's average NTM revenue multiple in the quarter, but due to liquidation preferences the fair value of our shareholding remains unchanged in dollar terms. Also after this downwards adjustment, the valuation remains at a significant but unchanged premium to the forward-looking multiples of a peer group of telemedicine operators, justified by Spring Health's materially higher growth rate. In relation to the NTM revenue multiples of SaaS businesses with a similar financial profile as Spring Health's, our valuation is at a double-digit discount.

PLATFORMS & MARKETPLACES

Our Platforms and Marketplace businesses form the most diverse group of investments in the NAV categorization introduced last quarter. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Jobandtalent with gross margins more than twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation level is around 1x NTM revenues for lower-margin e-commerce peers and around 4x NTM revenues on average for higher margin marketplace peers. Average peer growth rates were typically around 40-45 percent in 2021 in both ends of the margin spectrum. Our Platforms & Marketplaces companies are in general valued in line with, or at narrow premiums to, their respective peer group average. This is reflective of their later stage of maturity, but also of the valuation levels that these businesses have raised capital relative to how their listed peer groups were valued at the time of these transactions.

The fair value of Kinnevik's 28 percent shareholding in Budbee amounts

to SEK 1,970m, up 40 percent excluding our SEK 115m investment in the quarter. The valuation is in line with where Budbee raised capital in the second quarter and is based on NTM revenue multiples inferred from a set of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). Budbee's NTM revenue multiple is at a material premium to the peer group average, a peer group which saw significant variance in this quarter's development of valuation multiples – spanning 0 to 70 percent contraction. In relation to the peer group's more richly valued constituents, such as InPost, our valuation is at a significantly more narrow premium. These premiums are reflective of Budbee's materially higher growth rate solidified by the company's proven underlying EBITDA profitability.

The fair value of Kinnevik's 31 percent shareholding in Mathem amounts to SEK 854m, which is 40 percent below the valuation at the end of 2021, but in line with last quarter's valuation and the valuation at which Mathem raised new equity capital in the quarter. The valuation is based on revenue multiples of a composite peer group of inventory holding e-commerce retailers and meal kit businesses such as Zalando (ZAL. DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The peer group's average NTM revenue multiple contracted by almost 50 percent in the quarter, with the bulk of this contraction occurring ahead of Mathem raising its funding round in mid-May. The assessed valuation implies a multiple of 1x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12 but pro forma the acquisition of Mat.se), but naturally takes the forward outlook into account.

The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 1,118m, down 25 percent in the quarter. The valuation is based on revenue multiples of the same composite peer group used in valuing Mathem. The decrease in fair value is due to Oda's growth not fully offsetting the material peer multiple contraction in the quarter. The assessed valuation implies a multiple of around 2x the company's revenues during the last twelve months as at 31 March 2022 (as disclosed on p. 12), at a significant premium to the peer group, and clearly takes the forward outlook into account. The multiple declines to a level more in line with key peers looking further out into the future, as Oda is expected to grow at a significantly higher rate fuelled by its geographical expansion. The valuation also reflects the exceptional operational efficiency of the company's proprietary fulfilment solution.

The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 577m, effectively flat in the quarter save for currency tailwinds. The valuation is mainly based on forward-looking GMV multiples of a peer group of global online marketplaces with high user engagement such as Etsy (ETSY). Our assessed value of the company as a whole is written down in line with the trading of the peer group in the quarter, which has seen its average forward-looking GMV multiple contract by around 35 percent. The valuation remains at an unchanged and relatively material discount to the peer group's average multiple. As our holding benefits from downside protection from the preferential terms of our investment in the company's latest equity fundraise, the fair value of our investment remains largely unchanged.

The fair value of Kinnevik's 5 percent shareholding in Jobandtalent amounts to SEK 1,082m, effectively flat in the quarter. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also drawn to B2B marketplaces. The peer group's average NTM revenue multiple contracted by around 40 percent in the second quarter, with the company's revenue growth muting the impact of a contracting multiple somewhat. The company remains valued at an unchanged premium to the peer group considering its significantly stronger revenue growth relative to the peer group constituents while maintaining comparable margins. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, supporting an effectively unchanged fair value.

SOFTWARE

Our Software businesses are typically benchmarked against a peer set of SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and of more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in the peer set typically grew revenue at around 35 percent in 2021 and have gross margins of 80 percent, compared to our businesses which typically are growing more than four times faster with almost comparable gross margins.

The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,061m, down around 10 percent in the quarter. The valuation reflects an unchanged premium to the peer group's average NTM revenue multiple, which has contracted by around 30 percent in the quarter. Our fair value is supported upwards by continued strong revenue growth and the Swedish krona's depreciation against the dollar. The company is valued in line with the richest valued companies in its peer group, corresponding to a material premium to the peer group average to reflect Cedar's considerably stronger growth rate. In relation to this average, the valuation normalizes materially twelve months out, courtesy of the company's strong outlook.

The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 4,502m, down around 16 percent from last quarter's valuation, which in turn was 10 percent below where the company raised new financing at in the fourth quarter of 2021. The write-down reflects a largely unchanged premium to the peer group's more resilient quartile on an NTM revenue basis, which has contracted by around 40 percent in the quarter. Due to Pleo's significantly higher pace of growth than the peer group average, the write-down becomes more muted. The valuation still implies a significant premium to the peer group on an NTM basis, but normalizes over the coming 12 months in relation to the best-in-class companies in the peer group as Pleo is expected to grow at a significantly faster pace.

The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,923m, effectively flat in dollar terms in the quarter but gaining 10 percent from a weakening Swedish krona. The assessed valuation is fairly in line with where the company raised new financing in late December 2021, and where smaller secondary transactions took place during the quarter, in which Kinnevik participated. The resilience of the carrying value of our TravelPerk investment reflects the company's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate 30 percent decline in the NTM revenue multiple during the first half of 2022.

CONSUMER FINANCE

Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer-facing subscription businesses such as Match Group (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set grew revenue by 40 percent in 2021 with gross margins above 50 percent, largely in line with our investments in the sector.

The fair value of Kinnevik's 13 percent shareholding in Betterment amounts to SEK 1,415m, effectively flat in the quarter in SEK terms. The peer group's average NTM revenue multiple contracted by nearly 30 percent in the second quarter and we continue to value Betterment at an unchanged approximate 10 percent premium to the peer group average in consideration of the company's stronger growth trajectory. Per the end of May, the company's assets under management amounted to around USD 32bn. While the revenue mix is becoming more diversified, Betterment's revenues are still primarily derived from fees on these assets under management and therefore remain in part correlated with the development of the US and global stock market. To reflect the drawdown in equity markets, our revenue outlook has been adjusted downwards by double-digit percentages relative to last quarter's forecast. At the current valuation level, the carrying value of our investment is positively affected by liquidation preferences, causing a more muted change in fair value relative to our underlying valuation of the business.

The fair value of Kinnevik's 6 percent shareholding in Lunar amounts to SEK 522m, down 35 percent in the quarter and from the valuation applied in a secondary transaction in the company during the first quarter. The peer group's average NTM revenue multiple contracted by around 25 percent in the quarter, and this contraction is reflected in our valuation. The valuation remains at a premium to peers on an NTM revenue multiple basis, but is within the peer group spread on a 2023 revenue basis due to the company's continued stronger growth rate relative to the peer group.

CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEK M)

	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Alliance Data	-	-	-	28	28
Babylon	-1 457	-	-2 365	-	- 1 892
Global Fashion Group	- 177	1 161	-2 386	2 540	- 4 075
Teladoc	-1 221	-1 215	-1 909	-1 648	- 5 974
Tele2	-4 683	- 150	-2 188	1 473	3 790
Zalando	-	7 831	-	4 795	4 795
Total Listed Holdings	-7 538	7 627	-8 848	7 186	- 3 329
Babylon	-	1 976	-	2 131	2 224
Betterment	20	82	- 171	120	546
Bread	-	-	-	-	1
Budbee	546	311	546	490	540
Cedar	- 223	- 46	- 464	1 813	1 953
Cityblock	- 405	- 40	-1 077	981	2 642
Common	- 29	- 6	- 128	24	- 52
HungryPanda	- 73	- 4	- 135	39	160
Jobandtalent	35	-	42	-	35
Lunar	- 278	-	- 215	-	20
Mathem	1	32	- 555	207	- 210
Monese	6	53	- 9	50	70
Oda	- 381	- 57	- 486	433	484
Omio	276	5	265	27	- 17
Omnipresent	5	-	- 4	-	-
Parsley Health	- 49	6	- 43	6	17

	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Pleo	- 831	1 252	-1 382	1 279	4 983
Quit Genius	28	-	36	-	13
Spring Health	93	-	120	-	44
Sure	46	-	59	-	18
Transcarent	56	-	69	-	-
TravelPerk	171	- 8	220	345	996
VillageMD	- 589	578	- 974	3 016	2 926
Vivino	52	- 9	67	46	- 76
Early Bets & New Ventures	- 291	- 3	- 395	13	- 27
Emerging Markets & Other	-258	- 174	- 671	- 678	- 788
Total Unlisted Holdings	-2 073	3 949	-5 285	10 343	16 502
Other Contractual Rights	- 90	- 126	- 157	56	96
Total	-9 701	11 450	-14 290	17 586	13 269
whereof unrealized gains/losses for as sets in Level 3	-2 163	3 805	-5 442	10 378	16 577

Change in unrealized gains or losses for assets in Level 3 for the period are recognised in the Income Statement as change in fair value of financial assets.

SENSITIVITY ANALYSIS OF OUR THREE LARGEST UNLISTED ASSETS

Fair Value (SEKm) Change in Multiple	-20%	-10%	Actual	+10%	+20%
Pleo	3 678	4 090	4 502	4 913	5 325
VillageMD	3 004	3 344	3 684	4 025	4 365
Cityblock	2 413	2 689	2 959	3 229	3 499
Total	9 095	10 123	11 145	12 167	13 189
Effect	-2 050	-1 022	-	1 022	2 044

FAIR VALUE OF FINANCIAL ASSETS (SEKM)

	Class A shares	Class B shares	Capital/ Votes %	30 Jun 2022	30 Jun 2021	31 Dec 2021
Babylon	54 942 568	-	13.3/3.6	535	-	2 900
Global Fashion Group	79 093 454	-	36.0/36.0	1 226	10 228	3 612
Teladoc	3 683 668	-	2.3/2.3	1 254	10 653	4 149
Tele2		20 733 965 116 879 154	20.0/36.3	16 025	21 923	24 240
Total Listed Holdings				19 040	42 804	34 901
Babylon			-	-	4 699	-
Betterment			13/13	1 415	1 090	1 586
Budbee			28/28	1 970	1 259	1 309
Cedar			8/8	2 061	2 385	2 525
Cityblock			8/8	2 959	2 076	4 036
Common			14/14	103	239	163
HungryPanda			11/11	438	339	573
Jobandtalent			5/5	1 082	-	1 040
Lunar			6/6	522	-	526
Mathem			31/31	854	1 671	1 254
Monese			23/23	525	514	534
Oda			21/21	1 118	1 553	1 604
Omio			7/7	724	468	427
Omnipresent			6/6	373	-	-

	Class A shares	Class AB shares	Capital/ Votes %	30 Jun 2022	30 Jun 2021	31 Dec 2021
Parsley Health			11/11	165	197	208
Pleo			14/14	4 502	1 913	5 884
Quit Genius			12/12	320	-	272
Spring Health			5/5	1 025	-	905
Sure			9/9	512	-	453
Transcarent			3/3	615	-	-
TravelPerk			15/15	1 923	791	1 668
VillageMD			4/4	3 684	7 858	4 658
Vivino			11/11	577	632	510
Early Bets & New Themes				1 437	701	1 251
Emerging Markets & Other				348	1 131	1 019
Total Unlisted Holdings				29 252	29 516	32 405
Other Contractual Rights				50	196	236
Total				48 341	72 516	67 541

INVESTMENTS IN FINANCIAL ASSETS (SEKM)

	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Total Listed Assets	-	-	-	-	-
Babylon	-	43	-	43	43
Betterment	-	-	-	-	70
Budbee	115	-	115	-	-
Cityblock	-	-	-	255	553
Common	-	-	68	42	42
HungryPanda	-	-	-	-	113
Jobandtalent	-	-	-	-	1 006
Lunar	-	-	211	-	506
Mathem	155	149	155	149	149
Monese	-	34	-	35	35
Oda	-	-	-	33	33
Omio	31	1	32	2	6
Omnipresent	-	-	377	-	-
Parsley Health	-	191	-	191	191
Pleo	-	227	-	227	494
Quit Genius	12	-	12	-	259
Spring Health	-	-	-	-	861
Sure	-	-	-	-	435

	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Transcarent	-	-	546	-	-
TravelPerk	36	-	36	66	292
Vivino	-	-	-	586	586
Early Bets & New Themes	126	90	581	109	699
Emerging Markets & Other	-	-	-	3	4
Total Unlisted Holdings	475	734	2 132	1 740	6 376
Total	475	734	2 132	1 740	6 376

Changes in unlisted assets (level 3)

Opening balance	30 990	25 173	32 641	17 602	17 602
Investments	475	734	2 132	1 740	6 376
Disposals / Exit proceeds	-	- 19	- 29	- 30	-3 144
Reclassification	-	-	-	-	-4 792
Change in fair value	-2 163	3 823	-5 442	10 399	16 598
Closing balance	29 302	29 712	29 302	29 712	32 641

Note 5 Dividends Received

SEK m	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Tele2	3 077	1 126	3 077		1 126 1 689
Total dividends received	3 077	1 126	3 077		1 126 1 689
Of which ordinary cash dividends	638	563	638		563 1 126

Note 6 Interest Bearing Assets and Liabilities

The net interest bearing assets amounted to SEK 13,766m and Kinnevik was in a net cash position of SEK 13,592m as at 30 June 2022. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 30 June 2022 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 3-7 years.

During the first quarter, SEK 1,210m in outstanding corporate bonds fell due for payment and the Group's available liquidity, including short term investments and available unutilized credit facilities, totalled SEK 22.349m as at 30 June 2022 (SEK 15,869m as at 31 December 2021).

SEK m	30 Jun 2022	30Jun 2021	31 Dec 2021
Interest Bearing Assets
Loans to investee companies	71	130	137
Short term investments	13 690	3 884	6 684
Cash and cash equivalents	3 277	2 584	3 860
Revaluation of Swap	251	-	5
Other interest bearing assets	131	212	210
Total	17 420	6 810	10 896

Interest Bearing Long Term Liabilities

27	37	27
-14	-14	-16
3 500	1 500	3 500

Interest Bearing Short Term Liabilities

Corporate bonds	-	1 400	1 210
Total	-	1 400	1 210
Total Interest Bearing Liabilities	3 513	2 923	4 721
Net interest bearing assets (+) / liabilities (-)	13 907	3 887	6 175
Debt, unpaid investments/divest ments/dividends receivables	-141	563	-471
Net Interest Bearing Assets	13 766	4 450	5 704
Net Cash/(Net Debt) for the Group	13 592	4 320	5 384

Kinnevik currently has no bank loans outstanding, and its bank facilities when drawn carry variable interest rates. Debt capital market financing consist of commercial paper and senior unsecured bonds. Commercial paper is issued with a maximum tenor of 12 months under Kinnevik's SEK 5bn commercial paper program, and senior unsecured bonds are issued with a minimum tenor of 12 months under Kinnevik's SEK 6bn medium term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a positive market value of SEK 251m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreement. As at 30 June 2022, the average interest rate for outstanding senior unsecured bonds amounted to 1.3 percent and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 2.7 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates.

PARENT COMPANY FINANCIAL STATEMENTS

Condensed Parent Company Income Statement

SEK m	Q2 2022	Q2 2021	H1 2022	H1 2021	FY 2021
Administration costs	-86	-57	-140	-114	-310
Other operating income	3	2	3	2	2
Operating profit/loss	-83	-55	-137	-112	-308
Profit/Loss from financial assets, associated companies and other	-	2	29	77	-442
Profit from financial assets, subsidiaries	4	1175	46	1745	9 346
Financial net	25	-18	124	-3	21
Profit/loss after financial items	-54	1 104	62	1 707	8 617
Group contribution	-	-	-	-	177
Profit/loss before tax	-54	1 104	62	1 707	8 794
Taxes	-	-	-	-	-
Net profit/loss for the period	-54	1 104	62	1 707	8 794
Total comprehensive income for the period	-54	1 104	62	1 707	8 794

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Condensed Parent Company Balance Sheet

SEK m	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Tangible fixed assets
Equipment	4	4	4
Shares and participation in Group companies	43 815	89 101	87 593
Shares and participation in associated companies and other companies	6 562	0	6 561
Receivables from Group companies	6 631	17 391	27 756
Other long-term receivables	130	212	210
Total fixed assets	57 142	106 708	122 124
Current assets
Short term receivables	259	211	216
Short term investments	13 690	3 884	6 684
Other prepaid expenses	23	17	15
Cash and cash equivalents	3 009	2 302	3 546
Total current assets	16 981	6 414	10 461
TOTAL ASSETS	74 123	113 122	132 585

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Condensed Parent Company Balance Sheet

SEK m	30 Jun 2022	30 Jun 2021	31 Dec 2021
SHAREHOLDERS´ EQUITY AND LIABILITIES
Shareholders´ equity
Restricted equity	6 896	6 895	6 896
Unrestricted equity	63 567	56 378	63 487
Total shareholders´ equity	70 463	63 273	70 383
Provisions
Provisions for pensions and other	19	19	19
Total Provisions	19	19	19
Long-term liabilities
External interest-bearing loans	3 486	1 487	3 484
Total long term liabilities	3 486	1 487	3 484
Short-term liabilities
External interest-bearing loan	-	1 400	1 210
Liabilities to Group companies	83	46 902	57 398
Other Liabilities	72	41	91
Total Short -term liabilities	155	48 343	58 699
TOTAL SHAREHOLDERS´ EQUIITY AND LIABILITIES	74 123	113 122	132 585

The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 21.829m (12,804) per 30 June 2022. The Parent Company's interest bearing external liabilities amounted to SEK 3,486m (2,887) on the same date. Investments in tangible fixed assets amounted to SEK 1m (1) during the period.

Intro	Net Asset Value	Portfolio Overview	Sustainability	Financial Statements	Other

Distribution by Share Class per 30 June 2022

SEK m	Number of shares	Number of votes	Par value (SEK 000s)
Outstanding Class A shares, 10 votes each	33 755 432	337 554 320	3 376
Outstanding Class B shares, 1 vote each	242 417 983	242 417 983	24 242
Outstanding Class G shares LTIP 2018, 1 vote each	297 258	297 258	30
Outstanding Class D-G shares LTIP 2019, 1 vote each	645 054	645 054	65
Outstanding Class C-D shares LTIP 2020, 1 vote each	992 337	992 337	99
Outstanding Class C-D shares LTIP 2021, 1 vote each	833 600	833 600	83
Outstanding Class C-D shares LTIP 2022, 1 vote each	1 101 310	1 101 310	110
Class B shares in custody	133	133	0
Class C-D shares LTIP 2021, 1 vote each, in custody	19 950	19 950	2
Class C-D shares LTIP 2022, 1 vote each, in custody	111 140	111 140	11
Registered number of shares	280 174 197	583 973 085	28 017

The total number of votes for outstanding shares amounted at 30 June 2022 to 583 841 862 excluding 131,223 shares in own custody.

During April, 264,532 Class B shares were issued to cover dividend compensation related to Kinnevik's long term incentive programs. In addition, and similar to LTIP 2021, a new issue of 1,212,450 reclassifiable, subordinated, incentive shares, divided into two classes, to the participants in Kinnevik's long-term share incentive plan resolved on by the AGM on 9 May 2022 were registered by the Swedish Companies Registration Office (Sw. Bolagsverket) during June 2022.

SIGNATURES OF THE BOARD OF DIRECTORS AND THE CEO

The Board of Directors and the Chief Executive Officer certify that this undersigned six month interim report provides a true and fair overview of the Parent Company and Group's operations, financial position and performance for the period, and describes the material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, 11 July 2022

James Anderson Chairman of the Board Susanna Campbell Member of the Board Harald Mix Member of the Board

Cecilia Qvist Member of the Board Charlotte Strömberg Member of the Board Georgi Ganev Chief Executive Officer

REVIEW REPORT

KINNEVIK AB (PUBL) CORPORATE IDENTITY NUMBER 556047-9742

INTRODUCTION

We have reviewed the condensed interim financial information (interim report) of Kinnevik AB (publ) as of 30 June 2022 and the six-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

SCOPE OF REVIEW

We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and ac- counting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Stockholm 11 July 2022 KPMG AB

Mårten Asplund

Authorized Public Accountant Principal

Johanna Hagström Jerkeryd Authorized Public Accountant

DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES

Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS.

APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found below. Reconciliations of a selection of APMs can be found on Kinnevik's corporate website www.kinnevik.com.

AVERAGE REMAINING DURATION

The value weighted average number of years until maturity for all credit facilities including outstanding bonds

DEBT/EQUITY RATIO

Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity

DIVESTMENTS

All divestments in fixed listed and unlisted financial assets

EQUITY RATIO Shareholders' equity as a percentage of total assets

GROSS CASH

Short-term investments, cash and cash equivalents and other interest-bearing receivables

GROSS DEBT

Interest-bearing liabilities including unpaid investments/divestments

INTERNAL RATE OF RETURN, IRR

The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind

INVESTMENTS

All investments in fixed listed and unlisted financial assets, including loans to portfolio companies

KINNEVIK MARKET CAPITALIZATION

Market value of all outstanding shares in Kinnevik at the end of the period

NET ASSET VALUE, NAV

Net value of all assets on the balance sheet, equal to the shareholders' equity

NET ASSET VALUE CHANGE

Change in net asset value without adjustment for dividend paid or other transactions with shareholders

NET ASSET VALUE PER SHARE, SEK

Total net asset value attributable to each share based on the number of shares outstanding at the end of the period

NET CASH/(NET DEBT) Gross cash less gross debt

NET CASH/(NET DEBT) INCLUDING NET LOANS TO INVESTEE COMPANIES

Gross cash and net outstanding receivables relating to portfolio companies less gross debt

NET CASH TO PORTFOLIO VALUE/(LEVERAGE)

Net cash/(debt), excluding net loans to investee companies, as percentage of portfolio value

NET INVESTMENTS/(DIVESTMENTS)

The net of all investments and divestments in fixed listed and unlisted financial assets

NET PROFIT/(LOSS) PER SHARE BEFORE AND AFTER DILUTION, SEK

Net profit/(loss) for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution

PORTFOLIO VALUE

Total book value of fixed financial assets held at fair value through profit or loss

TOTAL SHAREHOLDER RETURN, TSR

Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate

Note: Net profit/loss per share before and after dilution is also a measurement defined by IFRS

OTHER INFORMATION

FINANCIAL REPORTS

Dates for 2022 reporting:

19 October Interim Report January-September

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 11 July 2022.

For further information, visit www.kinnevik.com or contact:

Torun Litzén Director Investor Relations

Phone +46 (0)70 762 00 50 Email press@kinnevik.com

INFORMATION FOR US SHAREHOLDERS REGARDING 2021 PFIC STATUS

This statement is provided for shareholders who are United States persons for the purpose of the United States Internal Revenue Code.

Information on Kinnevik's status as a passive foreign investment company ("PFIC") for US federal income tax purposes for the taxable year ending 31 December 2021 is available on Kinnevik's website at www.kinnevik.com under the heading "Tax Information" (which can be found under the section "Investors"). You should contact your tax advisers regarding the consequences of owning shares in a PFIC.

Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fastchanging consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.

For further information visit www.kinnevik.com or contact:

Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email press@kinnevik.com