Kahoot! ASA

Report Publication Announcement • Apr 21, 2022

Kahoot! ASA - Annual Report for 2021

Kahoot! ASA - Annual Report for 2021

Kahoot! ASA - Annual Report for 2021

Oslo, Norway, April 21, 2022 - The Board of Directors of Kahoot! ASA (“Kahoot!” or the “Company”) has approved Kahoot!’s Annual Report for 2021.

Please find attached the Annual Report 2021 for Kahoot!, including reporting on corporate governance and complete annual accounts with notes. The report can also be accessed on the Company’s website www.kahoot.com and is also available in the European Single Electronic Format (ESEF). Furthermore, Kahoot! publishes its remuneration report on leading personnel in compliance with section 6-16b of the Norwegian Public Limited Liability Companies Act and Kahoot!’s Stakeholder Impact Report which complies with the reporting obligations of section 3-3c of the Norwegian Accounting Act and chapter 4 of the Gender Equality and Discriminatory Act.

2021 Annual Accounts

The audited 2021 annual accounts are in line with the annual financial information presented in the fourth quarter report on 17 February 2022, with one change in the accounting treatment of the Clever acquisition consideration.

As part of the PCAOB audit scope under preparations for a potential US listing, and a revised interpretation of IFRS3 – Business Combinations, paragraph B55(a) and associated IFRIC (IFRS Interpretation Committee) agenda decision, a portion of the deferred consideration for the Clever acquisition, relating to the prior equity scheme in Clever, shall be treated as a post business combination expense regardless of the unconditional obligation to settle the consideration liability. The accounting effect reduces the Clever acquisition consideration by $14.9 million (approx. 3% of the total consideration for Clever) on 1 September 2021 (“Closing”) with corresponding reduction of the liability. The unconditional obligation to settle the $14.9 million acquisition consideration represents an off-balance sheet liability as of Closing. The off-balance sheet liability is expensed as share-based payment over time, whereof $5.0 million for 2021, $7.5 million for 2022 and $2.4 million for later periods.

The total consideration payable for the Clever acquisition remains unchanged. The revised accounting treatment does not have an impact on Kahoot!’s cash position, 2022 business outlook, or adjusted operational cash flow.

The first quarter 2022 report is scheduled for release on 4 May 2022.

For more information, please see kahoot.com/investor or contact:

Eilert Hanoa, CEO

Phone: +47 928 32 905

Email: eilerth@kahoot.com

Ken Østreng, CFO

Phone: +47 911 51 686

Email: keno@kahoot.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

About Kahoot!

Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and host learning sessions that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In 2021, 300 million sessions have been hosted on the Kahoot! platform by 30+ million active accounts, with 2 billion participants (non-unique) in more than 200 countries and regions. The Kahoot! Group includes Clever, the leading US K-12 EdTech learning platform, together with the learning apps DragonBox, Poio, Drops, Actimo, Motimate, and Whiteboard.fi. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Kahoot! is listed on the Oslo Stock Exchange under the ticker KAHOT. Let’s play!