Kahoot! ASA

Investor Presentation • Jan 11, 2022

Make learning awesome

Q4 2021 Trading update supporting slides Please see notice to market for additional details January 11th, 2022

Our mission is to make learning awesome

Our vision is to build the leading learning platform in the world

Kahoot! Group financials Q4 2021

• Strong organic growth on the Kahoot! platform with 30.9m active accounts last twelve months, up 25%
• Reached 1.1m paid subscriptions across all services, up 64% YoY, representing an organic increase from the third quarter of 95K, whereof 60K on the Kahoot! platform. Per the end of Q4, Kahoot! At Work reached 490K paid subscriptions, Kahoot! At School reached 365K paid subscriptions and Kahoot! At Home & Study reached 255K paid subscriptions
• Invoiced revenue (billings) reached \$39.7m in the fourth quarter, up 126% YoY, including Clever, which contributed \$12.8m in the quarter. Excluding Clever, invoiced revenue in the fourth quarter grew \$9.3m YoY to \$26.9m, up 53%. For the full year 2021 invoiced revenue grew \$61.9m YoY to \$107.2m (including \$18.5m from Clever for September-December), up 137%
• ARR (Annual Recurring Revenue) of \$133 million, up 122% YoY, whereof Clever contributed with approx. \$47 million from its U.S. ecosystem partners
• Cash flow from operations (excluding payment of listing and acquisition cost, and cash effects related to share-based compensation) exceeded \$13m million, up 86% YoY, with positive contribution from Clever, and approximately \$31 million for the full year, up 78% YoY
• Cash and cash equivalents as of 31 December 2021, exceeded \$107 million the Group has no interest-bearing debt

64%

YoY growth in paid subscriptions per Q4

126% Q4 YoY growth in invoiced revenue

30%+

Q4 cash conversion of invoiced revenue

Kahoot! Group accelerating momentum

Q4'18 Q4'19 Q4'20 Q4'21 Home & Study School Work 1.1m+ Q4'18 Q4'19 Q4'20 Q4'21 USA and Canada Europe Asia Pacific Latin America and The Caribbean Africa, The Middle East, and India 46K Paid subscriptions 1) \$1.7m \$39.7m Invoiced revenue Q4 2) \$5.3m \$17.5m 171K 675K

• Reached more than 1.1m paid subscriptions across all services by the end of 2021, up 64% YoY, representing an organic increase from Q3 2021 of 95K, whereof 60K on the Kahoot! platform
• At the end of 2021, Kahoot! At Work reached 490K paid subscriptions, Kahoot! At School reached 365K paid subscriptions and Kahoot! At Home & Study reached 255K 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

Kahoot! platform – continued growth

Continued organic user growth on the Kahoot! platform in 2021. 30.9 million active accounts, up 6 million YoY. 310 million hosted sessions, up 60 million YoY. Approx. 2.0 billion participants (non-unique) globally, up 500 million YoY and 172K 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 2021 status

	FY 2018	FY 2019	FY 2020	FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$107m+
Paid subscriptions*	46K	170K	675K	1.1m

• For the full year 2021, the Kahoot! Group exceeded \$107 million in invoiced revenue up from \$45 million in 2020, with continued solid positive cash flow from operations, and reached 1.1 million paid subscriptions. The contribution from Clever included in the full year 2021 invoiced revenue was \$18.5 million for the four-month period from September till December 2021. Clever reached \$49 million in invoiced revenue for the full year 2021, representing more than 30% YoY growth
• For the fourth quarter 2021, the Kahoot Group invoiced revenue reached \$39.7 million with \$26.9 million from the Kahoot! Group (excluding Clever) and \$12.8 million from Clever, with continued solid positive cash flow from operations
• As previously communicated the Company is exploring the opportunity for a secondary listing, and expecting to conclude the assessment before the end of Q1 2022

Kahoot! Group ambition 2022

• For 2022, the current ambition for the Kahoot! Group including Clever is \$190-200 million in invoiced revenue
• The operational cost base2) is expected to represent approx. 70% of invoiced revenue which indicates approx. 30% cash conversion of invoiced revenue
• Kahoot! Group long term ambitions will be disclosed with the Q4 2021 report

1) Includes 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

A globally recognized brand across sectors and segments

A scalable cloud platform supported by a viral business model

Experienced organization with growth track record from the industry

Clear path to profitable growth with positive cash flow from operations

Continuously improving all services for all segments and user groups

Solid funding for strategic partnerships and non-organic growth

Join the Kahoot! journey

Parent

kahoot.com/school kahoot.com/study kahoot.com/work kahoot.com/investor kahoot.com/home

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About Kahoot!

To play Kahoot! is to promote Kahoot!

distribution model generates millions of new accounts and app downloads every month

Kahoot! platform is ad-free, and has no ad spending

Kahoot! platform growth levers

Lead with engagement and distinct software solutions for learning with great user experience

Expand commercial offerings to drive even greater operating leverage

Continuously deliver innovative solutions

across user segments and geographies

Leverage and productify vast platform and ecosystem of users, partners and content

Solid free cash flow to support 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! making learning awesome

Engagement & Communication

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

engagement

engagement app

learning

Interactive presentations & meetings

Company culture

Training & development

Selected new and existing business customers making learning awesome in Q4 2021

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

Over

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!

at school

Bring math to life!

Online whiteboard tool

Equip IT admins with increased control, security & compliance

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

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 Q4 2021

10m+

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

100 million games

played by families

…with over

Just launched!

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

Premium subscription

Kids Teens Students Family & friends

Learn at home, with study peers or on the go

at home

Exploration sparks curiosity

Learn to read, learn math & algebra - apps

for awesome learning for the entire family

Social study for higher-ed students

Language learning made easy.

+

Who says studying can't be fun? Social study for higher-ed students

Kahoot! Kids: Fun learning experience for kids age 2-7

A safe and customized user experience, with world class read aloud technology

Available in 11 languages, Arabic and simplified Chinese coming soon!

Verified content creators

New!

First subscription for premium content on Marketplace

Marketplace Coming soon

Buy and sell ready-to-use, high quality learning content!

Enhanced learning experience with premium IP

Kahoot! Communities

Let's educators grow their own community to share knowledge

Knowledge portal

Premium learning content embraced by 40m+ monthly players

Premium content partners

marketplace

Supporting passionate educators, creators, subject matter experts and publishing partners in commercialising premium learning content and connecting with millions in Kahoot!'s global learning community at school, at work and at home

: First premium content subscription service launched in Q4

Kahoot! main growth initiatives 2022

Complete offering for professional development and learning with organization-wide license plan

Elevated learning with complete site licenses for schools, districts and campuses

Premium subscription for the entire family, study-peers and friends

Leveraging global user base and partner ecosystem to offer commercial marketplace for verified content creators

The leading digital learning platform for U.S K-12, 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

Over 200m user generated Kahoots, 300m games played last 12 months with 2bn participating players

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

Make learning awesome

www.kahoot.com/investor