Kahoot! ASA

Investor Presentation • May 4, 2022

Make learning awesome

Q1 2022 Presentation 4 May 2022

OUR MISSION IS TO MAKE LEARNING AWESOME

OUR VISION IS TO BUILD THE LEADING LEARNING PLATFORM IN THE WORLD

KAHOOT! MAKING LEARNING AWESOME!

Corporate learning and engagement	Classroom engagement and learning	Learning with family and friends	Educator community & marketplace	Digital learning platform for schools and districts
Kahoot! used in 97% of Fortune 500	9m+ teachers on the platform LTM	100m+ games played by families LTM	40m+ participants/ month	60%+ of U.S. K12 schools use Clever

Q1 2022 MARKET ENVIRONMENT

The first quarter came with considerable market uncertainty due to the geopolitical situation as well as the pandemic long-tail. Market sentiment in initial part of the quarter were influenced by some hesitation, shifting to strong momentum in March.

GLOBAL GROWTH

and application of digital learning tools continues to increase at pace, with digital adoption accelerating across industries

SOLID VIRAL GROWTH

of the Kahoot! platform, with an increasingly diverse portfolio of offerings for widening demographics

IMPROVED COMMERCIALIZATION

and conversion to paid, particularly in corporate sector and amongst professional users, indicating increased segment maturity and product-market fit

FURTHER STRONG USAGE OF CLEVER

in the world's largest learning market, U.S., signalling a robust, ongoing demand for digital learning solutions

GLOBAL MARKET TRENDS

COMPANY CULTURE AND EMPLOYEE ENGAGEMENT

gain increasingly vital importance as organizations contend with the realities of dispersed workforces and spikes in staff turnover.

NECESSITY FOR LIFELONG LEARNING GROWS

in the face of an unrelenting demand for up/reskilling. This puts tertiary education on the cusp of significant and delayed transformation.

GAMIFICATION GAINS TRACTION

with its unique potential for effective learning both in the classroom and at home.

GLOBAL CREATOR ECONOMY CONTINUES TO DIVERSIFY

and evolve, continually seeking new tools and platforms to engage audiences and monetize content. KAHOOT! IS UNIQUELY POSITIONED TO CAPTURE A

SIGNIFICANT SHARE OF A FRAGMENTED GLOBAL MARKET

KAHOOT! PLATFORM GROWTH LEVERS

LEAD WITH ENGAGEMENT and distinct software solutions for learning with great user experience

INNOVATIVE SOLUTIONS delivered continuously across user segments and geographies

EXPAND COMMERCIAL OFFERINGS to drive even greater operating leverage

LEVERAGE AND PRODUCTIFY vast platform and ecosystem of users, partners and content

SOLID FREE CASH FLOW supporting growth through organic initiatives and inorganic investments

Leveraging Kahoot!'s strong global engagement brand and platform to capture increasing investment in learning across all segments

KAHOOT! AND CLEVER RISE TO THE TOP 7 OF LEARNPLATFORM'S EDTECH TOP 40

LearnPlatform recognizes Kahoot! and Clever in the EdTech Top40 Mid-Year Report 2021-22 as the 6th and 7th most widely-used education technology solutions by educators and students in U.S K-12, only surpassed by Google services

https://learnplatform.com/report/top40

Rank	Solution Name	Rank Change
	Primary Purpose, Type of Solution	Compared to 2020-2021 report (September-May)
1	Google Docs
	General & Pervasive
2	Google Slides
	General & Pervasive
	YouTube
3	Sites & Resources, Streaming Services
	Google Drive
4	General & Pervasive
	Google Forms
5	Classroom Engagement & Instruction, Classroom Response & Assessment
	Kahoot!
6	Classroom Engagement & Instruction, Classroom Response & Assessment
	Clever
	IT Management, Single Sign-On (SSO)
	Google Classroom
8	Learning Management System (LMS)	2
9	Google Sites
	General & Pervasive
10	Google Sheets
	General & Pervasive

NEW & EXISTING CUSTOMERS MAKING LEARNING AWESOME IN Q1 2022

2022 PRIORITIES

CONTINUE TO IMPROVE COMMERCIAL EFFORTS

while maintaining discipline on cost management, to secure sustainable, profitable growth

DEPLOY GROUP RESOURCES TO CONTINUED INNOVATION

and development of our products and solutions, for all user groups and learning contexts

UNIFY KAHOOT! PLATFORM OFFERINGS

through finalizing the integration of the Motimate and Actimo platforms, as well as developing customized branding for larger organizations

FURTHER SCALE AND DEVELOP KAHOOT! MARKETPLACE

and launch new commercial services to monetize content from premium partners and verified educators

JOINT AMBITIONS FOR THE '22 BACK-TO-SCHOOL SEASON

as well as expansion of Clever offerings into first international markets, and leverage new commercial services to Clever network

FINANCIAL HIGHLIGHTS Q1 2022

KAHOOT! GROUP FINANCIALS Q1 2022

112% YOY GROWTH IN TOTAL REVENUE

78% YOY GROWTH IN INVOICED REVENUE

56% YOY GROWTH IN

ADJUSTED EBITDA

TOTAL REVENUE AND OTHER OPERATING INCOME OF \$34.4M up 112% YoY

ARR (ANNUAL RECURRING REVENUE) OF \$138M, UP 100% YOY

whereof Clever contributed with approx. \$48m from its U.S. ecosystem partners

INVOICED REVENUE (BILLINGS) REACHED \$34.0M

up 78% YoY, including Clever, which contributed \$9.5m in the quarter. Excluding Clever, invoiced revenue in the first quarter grew \$5.5m YoY to \$24.5m, up 29% YoY

ADJUSTED EBITDA OF \$5.7M

(excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost), up 56% YoY

KAHOOT! GROUP FINANCIALS Q1 2022

CONTINUED ORGANIC YOY GROWTH ON THE KAHOOT! PLATFORM

with 29.9m active accounts last twelve months, up 6% YoY

1,170K PAID SUBSCRIPTIONS REACHED

across all services, up 54% YoY, representing an organic increase in the quarter of 60K, whereof 40K on the Kahoot! platform.

Per the end of Q1, Kahoot! at Work reached 515K paid subscriptions, Kahoot! at School reached 395K paid subscriptions and Kahoot! At Home & Study reached 260K paid subscriptions

CASH FLOW FROM OPERATIONS OF \$4.2M

(excluding payment of listing and acquisition cost, and cash effects related to share-based compensation), impacted by Clever billing seasonality

CASH AND CASH EQUIVALENTS TOTALED \$76.9M

as of 31 March 2022, the Group has no interest-bearing debt

6% YOY GROWTH LTM IN ACTIVE ACCOUNTS - KAHOOT! PLATFORM

54%

YOY GROWTH IN PAID SUBSCRIPTIONS

12%

Q1 CASH FLOW MARGIN FROM OPERATIONS OF OPERATING REVENUE

KAHOOT! GROUP GROWTH MOMENTUM

PAID SUBSCRIPTIONS 1)

INVOICED REVENUE Q1 2)

• Reached 1,170K paid subscriptions across all services by the end of Q1 2022, up 54% YoY, representing an organic increase from Q4 2021 of 60K, whereof 40K on the Kahoot! platform
• Per Q1 2022, Kahoot! At Work reached 515K paid subscriptions, Kahoot! At School reached 395K paid subscriptions and Kahoot! At Home & Study reached 260K paid subscriptions
• 1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including new units from the time of acquisition
• 2) Conversion to paid subscriptions in all segments from customers in more than 150 countries, includes \$9.5m from Clever in Q1 2022

KAHOOT! PLATFORM CONTINUED GROWTH

PARTICIPANTS PAID SUBSCRIPTIONS 1) 2)

HOSTED SESSIONS ACTIVE ACCOUNTS 2) 2)

Continued organic user growth on the Kahoot! platform LTM. 29.9 million active accounts, up 1.7 million YoY. 297 million hosted sessions, up 18 million YoY. Approx. 1.9 billion participants (non-unique) globally, up 300 million YoY and 170K YoY growth in core Kahoot! paid subscriptions.

1) Paid subscriptions is defined as total number of users on paid subscription on the core Kahoot! platform (not including acquired units) per the end of the period 2) Active accounts, hosted sessions and participating players (non-unique) on the Kahoot! platform last twelve months

FULL YEAR 2022 OUTLOOK

The Kahoot! Group reiterates the ambition to exceed \$190m in invoiced revenues for 2022, with recognized revenues exceeding \$155m and adjusted cash flow from operations of approx. 35% of recognized revenue

	Reported Q1 2022	Guidance Q2 2022	Reported FY 2021	Guidance FY 2022
Recognized revenue YoY growth	\$34.4m 112%	\$35-36m 90-96%	\$91.3m 211%	\$155-165m 70-81%
Invoiced revenue (billings) YoY growth	\$34.0m 78%	>\$36m 75%	\$107.2m 137%	\$190-200m 77-87%
Gross margin 2)	95%		92%
Adjusted EBITDA margin 3)	17 %		21%
Capex	\$0.4m	~\$0.5m	\$0.6m	~\$2.0m
Adjusted cash flow from operations 3)	\$4.2m		\$31.3m	~\$55m

1) Clever's invoicing seasonality in 2021 was approx ⅓ in the first half and ⅔ in the second half of the year. For 2022 the invoicing growth will be driven by the billing cycle for "back to school" season in the second half of the year 2) Gross margin only reflects direct third-party sales and distribution cost

3) Not including share-based payment expenses and related payroll taxes for the Group's share option program, and acquisition-related expenses and listing cost

• The Kahoot! Group's annual revenue cycle is influenced by natural seasonality and market dynamics of key business areas, with the main driver being the back-to-school season for Kahoot! and for Clever in the second half of the year
• Expected invoiced revenue split of approx. 40/60 in H1 and H2, in line with previous years
• For the second quarter 2022, invoiced revenue is expected to exceed \$36m, representing approx. 75% YoY growth, including effect of Clever seasonality 1) and with solid cash flow from operations

KAHOOT! GROUP AMBITION 2022-2025

~\$500m

INVOICED REVENUE (in millions USD)

TO EXCEED \$500M IN INVOICED REVENUES IN 2025

representing approx. 40% annual invoiced revenue growth, whereof approx. 1/3 from Kahoot! at Work, 1/3 from Kahoot! at School including Clever, and 1/3 from Kahoot! at Home & Study including Kahoot! Academy Marketplace

APPROX. 40% CASH CONVERSION OF INVOICED REVENUE IN 2025

The operational cost base2) is over the period expected to be converged to approx. 60% of invoiced revenue which indicates approx. 40% cash conversion of invoiced revenue in 2025

The financial ambitions outlined do not depend on any material acquisitions in the period

As previously communicated the Company is exploring the opportunity for a secondary listing. After concluding its initial assessment, the Company has decided that it will continue to explore preparations for a potential secondary listing in the U.S. The Company will update the market in line with applicable regulatory requirements

1) Reported invoiced revenue was \$107m and included invoiced revenue from Clever for the four-month period from September till December 2021

2) The operational cost base does not include depreciation and amortization, and is adjusted for special operating items. Special operating items are material expenses and other material transactions of either a non-recurring nature or special in nature compared to ordinary operational expenses and include adjustments for share based compensation expenses and related payroll taxes, acquisition-related expenses, and listing cost preparations.

KAHOOT! GROUP STRATEGIC PRIORITIES

CREATE AWESOME EXPERIENCES

for every user, customer and partner across all our products and offerings

2

1

ENABLE THE CREATOR ECONOMY

by connecting the Kahoot! ecosystem of partners, learners and educators through marketplace functionality

3

SCALABLE DEVELOPMENT

in all parts of the Kahoot! operating model

4

STRONG ORGANIC GROWTH

across all customer groups and products fueled by the viral user growth on the Kahoot! platform

KAHOOT! GROUP INVESTMENT HIGHLIGHTS

JOIN THE KAHOOT! JOURNEY

STUDENT kahoot.com/study

PARENT kahoot.com/home PROFESSIONAL kahoot.com/work

INVESTOR kahoot.com/investor

Stay up to date, visit kahoot.com/news

Q1 Financials Appendix

KEY FINANCIAL FIGURES DEVELOPMENT

	Q1 22	Q4'21	Q3.21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Invoiced revenue	34.0	39.7	27.8	20.6	19.1	17.5	11.6	9.6	6.5
Invoiced revenue growth YoY	14.9	22.2	16.2	11.0	12.6	12.2	8.2	7.3	4.5
Invoiced revenue growth YoY %	78 %	126 %	139 %	114 %	195 %	230 %	241 %	317 %	222 %
Invoiced revenue growth QoQ	-5.7	11.9	7.2	1.5	1.6	5.9	2.0	3.1	1.1
Invoiced revenue growth QoQ %	35 %	35 %	35 %	8 %	ರಿ ೫	50 %	21 %	49 %	21 %
ARR	138	133	124	75	ਦਰ	60	32	25	18
Revenue and operating income	34.4	33.0	23.7	18.4	16.2	11.3	9.0	5.2	3.8
Cost of sales 2	1.8	2.6	1.3	1.7	1.3	1.3	1.4	0.7	0.4
Employee benefit expenses "	15.6	13.9	8.7	6.5	6.2	5.7	3.2	2.5	2.9
Other operating expenses 3	11.3	11.1	7.6	6.1	5.0	4.1	2.3	2.3	1.9
Total operating cost	28.7	27.6	17.7	14.2	12.5	11.2	6.9	5.4	5.2
Adjusted EBITDA	5.7	ਵ 'ਤੇ	6.0	4.2	3.7	0.1	2.2	-0.3	-1.3
Adjusted EBITDA margin	17 %	17 %	25 %	23 %	23 %	1 %	24 %	-5 %	-35 %
Net cash flow from operations *	4.2	13.4	7.4	5.0	5.4	7.0	5.2	3.9	1.1
Cash flow from oper. in % of revenue	12 %	41 %	31 %	27 %	34 %	62 %	58 %	76 %	28 %
Cash and cash equivalents	77	108	206	440	254	256	73	73	34
Employee full time equivalents	430	422	415	244	204	182	127	128	120

COMMENTS:

• Continued strong quarterly YoY invoiced revenue growth
• Recurring revenue business model growing ARR to \$138m by the end of Q1 2022 whereof Clever contributed with \$48m
• Scalable business model with increased leverage; Infrastructure cost for both free and paid users included in existing cost base
• Continued YoY growth for adjusted EBITDA, Q1 up 56% YoY
• Continued solid net cash flow from operations 4)

1) Cost of sales only include direct third-party sales and distribution cost

• 2) Not including calculated share-based payment expenses and related payroll taxes for the Group's share option program
• 3) Not including acquisition-related expenses and listing cost

4) Adjusted for cash outflow for acquisition and listing cost, and cash effects related to share based payment

CONDENSED PROFIT AND LOSS STATEMENT

	Q1 2022	Q1 2021	FY 2021
Total revenue and other operating income	34.4	16.2	91.3
Cost of sales 2	1.8	1.3	7.0
Employee benefit expenses -	15.6	6.2	35.2
Other operating expenses 3	11.3	5.0	29.7
Total operating expenses	28.7	12.5	72.0
Adjusted EBITDA	5.7	3.7	19.3
Adjusted EBITDA margin	17%	23 %	21 %
Share based compensation expenses	5.6	2.1	15.5
Payroll tax share based compensation	(3.1)	1.3	(7.6)
Acquisition transaction and listing cost	0.2	1.4	6.6
Reported EBITDA	3.0	(1.2)	4.7

1) Cost of sales are direct third-party sales and distribution cost

2) Calculated share-based payment expenses and related payroll taxes for the Group's share option

program are not included

3) Acquisition-related expenses and listing cost are not included

4) Includes Clever from 1 September 2021

COMMENTS:

• Continued strong YoY revenue growth in Q1 of 112%, up \$18.2m to \$34.4m
• Operational payroll and related benefit expenses ² were \$15.6m in Q1, up \$9.4m YoY impacted by consolidation effect of acquired companies
• Total operating expenses 2,3 of \$28.7m in Q1, up \$16.2m YoY, impacted by consolidation effect of acquired companies. The QoQ increase was approx \$1m.
• Adjusted EBITDA for Q1 of \$5.7m, up 56% YoY
• Reported EBITDA for Q1 of \$3.0m, up \$4.7m YoY

CONDENSED BALANCE SHEET

	31.03.2022	31.12.2021
Goodwill	493.9	494.4
Intangible assets	169.6	173.3
Property, plant and equipment	0.8	0.6
Right-of-use assets	3.7	2.9
Total non-current assets	667.9	671.3
Trade receivables	11.6	11.8
Other current assets	5.1	5.3
Cash and cash equivalents	76.9	107.8
Total current assets	93.6	124.8
Total assets	761.5	796.1
Total equity	592.4	581.5
Lease liabilities	2.7	2.0
Deferred tax liability	45.7	46.3
Other non-current liabilities	14.9	40.6
Total non-current liabilities	63.3	88.9
Lease liabilities	1.2	1.0
Trade payables	4.7	5.4
Contract liabilities (deferred revenue)	58.7	60.8
Other current liabilities	41.2	58.6
Total current liabilities	105.8	125.7
Total equity and liabilities	761.5	796.1

COMMENTS:

• Total assets decreased in Q1 by \$34.6m to \$761.5m, primarily attributable to consideration payments for prior years acquisitions
• The decrease in non-current assets in Q1 is attributable to regular amortization of intangible assets deriving from acquisitions
• Total liabilities decreased during the first quarter 2022 by \$45.5 million to \$169.1 million. whereof deferred tax liability represents \$45.7 million, contract liabilities (deferred revenue) \$58.7 million. Deferred and contingent consideration for acquisitions amounts to \$41.1 million (whereof \$12.2 million are non-current) to be settled in combination of approx. 22% shares and 78% cash.
• The Group has no interest-bearing debt and equity ratio of 78% per 31 March 2022

CASH FLOW STATEMENT

	Q1 2022	Q1 2021	FY 2021
Net cash flow from operating activities	3.6	5.4	20.9
Net cash flow from investing activities	(33.6)	(7.5)	(364.9)
Net cash flow from financing activities	(0.3)	(0.2)	195.5
Net change in cash and cash equivalents	(30.3)	(2.3)	(148.5)
Cash and cash equivalents at begin. of period	107.8	256.1	256.1
Effects of exchange rate changes on cash	(0.6)	(0.2)	0.2
Cash and cash equivalents at end of period	76.9	253.6	107.8
Adjusted cash flow from operating activities 1	4.2	5.4	31.3

1) Adjusted for cash outflow related to share based payment, acquisition and listing cost

COMMENTS:

• Adjusted cash flow from operations for Q1 of \$4.2m
• Cash flow from investing activities of -\$33.6m in the first quarter 2022 mainly due to payment for deferred and contingent consideration for prior years acquisitions

Company overview

Viral growth

Free and paid subscription for individuals, teachers and students with premium offerings for schools and organizations

Community & Brand

Lifelong learning platform with global footprint in home, schools and corporations

User generated content

100 million kahoots created by users and premium content partners easily accessible

Innovation

Easy to use and engaging user experience for all use cases being continuously improved – live and on demand

Engagement & Communication

Connect with every employee, strengthen company culture, and improve corporate learning outcomes in a hybrid workplace!

Training & development

Employee engagement app

Interactive

meetings

Fun and easy learning

Learning & engagement

Selected new and existing business customers making learning awesome in Q1 2022

10K educational institutions have already deployed multiuser Kahoot! teacher licenses

Over

courses

Maximize student engagement by designing full class, interactive sessions

Elevate learning at your entire school or district

Making learning fun, engaging, and impactful at school!

Choose the perfect game mode Play live or assign a challenge!

Equip IT admins with increased control, security & compliance

at school

Bring math to life!

Online whiteboard tool

Embraced by over 9 million

teachers globally, engaging 100s of millions of students

Selected new and existing schools, campuses, universities and districts making learning awesome in Q1 2022

10m+

are using Kahoot! at home with over 100 million games played by families

100 million games

A safe and fun learning experience for kids age 2-7

played by families

…with over

Just launched!

Premium subscription for awesome learning for the entire family

Learn at home, with study peers or on the go

Kids Teens Students Family & friends

at home

Exploration sparks curiosity

Learn to read, learn math & algebra - apps

Social study for higher-ed students

Just launched!

Language learning made easy.

Global learning unleashed!

The Kahoot! app and live game just launched in Arabic and Simplified and Traditional Chinese, in addition to the 11 languages already available: Japanese, Turkish, Polish, Dutch, English, Spanish, Portuguese (BR), French, Norwegian, German & Italian!

Go from zero to hero with the new Kahoot! Multiplication app by DragonBox

Purchase alone or as a part of the Kahoot! Family+ learning apps

Communities

Lets creators grow their community, share their knowledge and join the global creator economy

Knowledge portal

Premium learning content embraced by 40m+ monthly players

Verified content creators

New!

Subscription to access a comprehensive library of premium content

Buy and sell full sessions and courses!

Enhanced learning experience with premium IP

Premium content partners

Allowing verified creators, subject matter experts and content partners to share their knowledge, offer their content for sale and join the global creator economy

… and for anyone to access

Unique, global, community based marketplace

KAHOOT! MAIN GROWTH INITIATIVES 2022

			marketplace
A complete offering for professional development and learning with an organization-wide license plan	Elevated learning with complete site licenses for schools, districts and campuses	A premium subscription for the entire family, study-peers and friends	Leveraging our global user base and partner ecosystem in order to offer a commercial marketplace for verified content creators	The leading digital learning platform for US K-12 teachers, and a community for students, families and educators

Kahoot!

Kahoot! started 2012 as a quiz-based game to ensure attention, create engagement and provide knowledge in classrooms

Global recognized brand with a viral distribution model based on scalable technology platform

User centric, data-driven and iterative approach to product development and innovation

Since launch, hosted hundreds of millions of learning sessions with over 7 billion participants (non-unique) in more than 200 countries and regions.

The Kahoot! journey

Development of cumulative nonunique players since launch

2013-18 2019 2020 2021

Launched September 2013

Top 3 tool in US education

Launched first commercial editions in 2018 with 40k paid subscriptions

75+ employees

New commercial subscription editions for all segments

Reaching 170k paid subscriptions

Acquisition of Poio and DragonBox

120+ employees

More commercial offerings and over 550k paid subscriptions

Launched first platform service

Acquisition of Actimo and Drops

200+ employees

6 Billion

7 Billion

More features and over 1.1M paid subscriptions

Available in over 11 languages

Acquisition of Whiteboard.fi, Motimate and Clever

500+ employees and contractors

www.kahoot.com/investor