Kahoot! ASA

Investor Presentation • Jun 3, 2021

Make learning awesome

Handelsbanken Nordic Mid Small Cap Seminar June 3, 2021

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

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 100m user generated Kahoots, 275m games played last 12 months with 1.6bn participating players

The Kahoot! journey

Development of cumulative nonunique players since launch

Launched September 2013

Growth focus on US and K-12

Top 3 tool in US education

50+ employees

Launched first commercial editions with 40k paid subscriptions

Launched mobile apps for iOS and Android

75+ employees

New commercial subscription editions for all segments

Reaching 170k paid subscriptions

Acquisition of Poio and DragonBox

120+ employees

2013-17 2018 2019 2020-21

5 Billion

More commercial offerings, over 750k paid subscriptions

Launched first platform service

Acquisition of Actimo, Drops, Whiteboard.fi and Motimate

250+ employees

Kahoot! Group accelerating momentum

Invoiced revenue 2)

Kahoot! Group reached more than 760K paid subscriptions in Q1 2021, an increase of 85K from Q4 2020, whereof 44K Kahoot! licenses. The YoY growth including acquisitions, was 277% (approx. 560K) per Q1 2021 vs. Q1 2020. Subscription categories: 255K Work (including 131K active Actimo licenses), 275K School (including 6K Whiteboard), and 230K Home and Study (including 48K DragonBox math curriculum and 130K Drops language learning)

1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including Actimo, Drops and Whiteboard from the time of acquisition 2) Conversion to paid subscriptions in all segments from customers in more than 150 countries

Why everyone loves Kahoot!

Embraced by 8m teachers

Kahoot! helps me engage students in class and for homework, and also works great for virtual lessons even when school is closed "

As do millions of teachers globally

Loved by students across the globe

I love Kahoot! It makes learning fun!

As do hundreds of millions of students "

Trusted by parents and families

Kahoot! allows me to engage in playful learning with my family in a social setting

As do millions of families around the world

Integral for corporate culture and learning

Kahoot! breaks down barriers and connects teams

As do hundreds of thousands of organizations in over 150 countries

To play Kahoot! is to promote Kahoot!

The Kahoot! viral distribution model generates millions of new accounts and app downloads every month

Kahoot! used for both personal use and for the entire family for engaged learning and knowledge sharing, inspiring millions of individuals

Free and from \$5 per user per month

M illions of em p loyees p laying Kahoot ! 97% of Fortu ne ⁵⁰⁰ is u sing Kahoot! Ener gizing audience in events of any size

All prices per presenter/host per month

I n t ro d ucin g

Business suite Q 4 2019

Em braced by over 5 m illion teacher s Loved by hu nd red s of m illions of students Em po wering students f rom lear ner s to leader s

Millions of teachers and thousands of educational institutions around the world are using premium editions to drive learning and engage students

Free and from \$3 per teacher per month

All prices per teacher per month

HigherEducation

\$ 5 / \$10 / \$15

at sch ool

All schools (K-12)

\$1 / \$3 / \$6

Premiumeditions

All kinds of organisations are using Kahoot! at work to engage employees, connect teams, ensure training and build team spirit and corporate culture

From \$10 per user per month

at w or k

For professionals \$10 / \$20 / \$ 40

Connecting the global educator community and providing high-quality, verified content, to ensure that every student gets access to awesome learning at school and home

connect marketplace content partners

10m+

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

Premium subscription for awesome learning for the entire family

Learn math

& algebra

Language learning for everyone from 8 years and above

Learn

to read

Language Learning

(Coming soon)

Kahoot! App will read out questions and answers, supporting over 30 languages

Study at home

with flashcards, tests and challenging friends

11:05 4
League Leaderboard
Oslo knowledge 14 games 13 players
Overall	Medals
Christian Winsne 32 @3 3 31 17
2 1 Jorge	32 62 1
r Alex	2 81 6

Global learning unleashed!

The Kahoot! app and live game will soon be available in Japanese, Turkish, Polish and Dutch, in addition to the 7 languages already available: English, Spanish, Portuguese (BR), French, Norwegian, German & Italian

Also launching in Arabic and simplified Chinese second half 2021

releases 30 million app downloads

Latest content

* 1st Language App to offer all 3 African Languages (Swahili, Igbo & Yoruba)

Climate Change

Animal Sounds

African Languages*

120K monthly subscribers studying 40+ languages in over 200 countries

Free for 5 minutes a day & premium subscriptions from \$9.99 per month available

Over

10K

educational institutions have already deployed multiuser Kahoot! teacher licenses

Make lessons interactive

Equip IT admins with increased control, security & compliance

Elevate learning at

your entire school or

district

A collaborative, online whiteboard tool

at school

100s of millions of students

Embraced by over 8 million teachers globally

Next level engagement with Bitmoji

Awesome tools to visualize math and effective number talk sequences, designed for all teachers and educators

Over 800K daily users!

400% user growth the last 6 months reaching more than 7 million unique monthly users

Free & premium subscription from \$4.99 per month

Live collaboration Instant formative assessment Engage everyone!

8m+

monthly players enjoying kahoots created by our partners

Kahoot! Publisher Premium subscription for publishers and content creators

Premium learning content for students in the classroom and at home

Marketplace

Partnering with leading publishers and organizations

8m+

educators & teachers, and hundreds of millions of students across the world use Kahoot! to make learning awesome

Marketplace for educators (Launching 2021)

High quality, verified content

Kahoot! Academy connect Let's educators grow their own community to share knowledge

Embraced by over 20 million

players monthly

If teachers didn't try new things, our students wouldn't get the best from us. "

Aimee Copple

Premium learning content

By verified educators and publishers to engage students

Kahoot! at work - for all organizations

Corporate learning Team collaboration

With Kahoot! I can measure product knowledge

Courses, analytics, learner resources

Kahoot! is a powerful tool for breaking down barriers and connecting the team

Integrations, collaboration tools

Audience engagement

Interactive presentations, audience interaction features

Company culture

Kahoot! is built into our organizational culture

Team building mode, employee engagement tools "

Q1: New and existing customers are making learning awesome

Engagement & Communication

Company culture

Training & development

A better experience for all learners

The transition from presenter centric to including everyone within the organization

Introducing

The enterprise engagement toolbox

Introducing

The complete solution for Employee Engagement

For all employees, to empower all individuals and teams to create, share and join engaging learning experiences and build organizational knowledge, including team spirit and company culture, corporate Learning, audience engagement!

Main features

• Build team spirit by creating and hosting session to everyone in the organisation and amongst peers
• Complete training courses individually or as teams
• New team building experiences for live sessions and self-paced training
• Ability for mandatory training and polls with full reporting including identity management
• Enhanced cross-organization aggregated reporting
• Proprietary company content library with access to 3rd party content from partners and consultants

From

per employee per month

For larger organization Kahoot! 360 Spirit Premium available from \$9 per employee per month

Full launch and general availability in Q2 2021

Over 130K monthly active users

The Employee Engagement platform for remote employees

Employee Engagement

Helping more than 220 premium brands reaching 300K+ employees in 80 countries

Selected new and recurring customers in Q1

Over 120K monthly active users

Employee Engagement

Learning made fun, easy and rewarding for everyone

Over 230 companies & organizations in over 35 countries are already happily Motimating away

Kahoot! will acquire Clever, a leading US K-12 EdTech learning platform

Disclaimer: Clever acquisition

You've probably seen the announcement that Kahoot! will acquire Clever. Please note that until the transaction closes, we remain separate and independent companies.

However, we are excited for this opportunity to tell you more about Clever, and why we are so excited about what the future may bring.

Make a world of digital learning instantly available

A Digital Classroom to Love

Founded in 2012 by CPO Dan Carroll, a former educator and CEO, Tyler Besmony and CTO Rafael Garcia, who saw from experience that the edtech boom was creating immense usability challenges for K-12 students, teachers, parents, and developers

The Clever platform was initially invented to give students & teachers single sign-on to all of their edtech resources – and has become the most popular learning platform for U.S. K-12 students

Today, Clever has 175+ employees (40% Prod/Eng), and are based in San Francisco, CA and Durham, NC

At \$44M in expected billed revenue 2021, Clever is just scratching the surface of monetization, and is uniquely positioned to win the biggest opportunities in education today

*Kahoot! Group ambitions will be updated to include Clever after closing of the transaction

1) Not including Home & Study subscriptions

2) Not including ARR from future acquisitions

Summary

Company Update

Kahoot! Group highlights Q1 2021

• Strong growth on the Kahoot! platform with more than 28m active accounts last twelve months representing 68% YoY growth per Q1 2021
• Continued growth in paid subscriptions, reaching more than 760K in Q1 2021, an increase of 85K paid subscriptions from Q4 2020. The YoY growth in paid subscriptions including acquired units was 277% (560K) per Q1 2021 vs. Q1 2020
• Q1 2021 invoiced revenue YoY growth of 195% to \$19.1m, up from \$6.5m in Q1 2020. The QoQ invoiced revenue growth was 9% in Q1 2021
• Positive cash flow from operations of \$5.4m in Q1 2021, compared to \$1.1m in Q1 2020
• EBITDA for Q1 2021 (not including share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost preparations) was \$3.7m, representing 22.7% adjusted EBITDA margin
• Solid financial cash position of \$254m per Q1 2021. The company has no interest-bearing debt
• In Q1 we completed the acquisition of Whiteboard.fi, the engaging online whiteboard tool for teachers and classrooms. In April we completed the acquisition of Motimate to strengthen Kahoot!'s offerings in employee engagement and corporate learning

277%

YoY growth in paid subscriptions per Q1

195% Q1 YoY growth in invoiced revenue

28% Q1 cash conversion

from invoiced revenue

Kahoot! Platform – continued growth

The user growth on the Kahoot! platform in the last twelve months continued, with more than 28m active accounts (68% YoY growth). Number of hosted games last twelve months was 279m (28% YoY growth) with 1.6bn participants (24% YoY growth) Paid subscriptions on core Kahoot! had YoY growth of 142%

Key financial figures development

	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20	Q4'19	03.19	Q2'19	Q1'19
Invoiced revenue	19.1	17.5	11.6	9.6	6.5	5.3	3.4	2.3	2.0
Invoiced revenue growth QoQ	1.6	5.9	2.0	3.1	1.1	1.9	1.1	0.3	0.3
Invoiced revenue growth QoQ %	વે જેવ	50 %	21 %	49 %	21 %	56 %	48 %	15 %
Revenue and operating income	16.2	12.0	9.2	5.7	4.2	2.8	3.1	1.4	1.2
Net cash flow from operations	5.4	7.0	5.2	3.9	1.1	1.4	-0.6	-1.5	-1.9
Cash flow from oper. in % of invoiced	28 %	40 %	45 %	41 %	17 %	27 %	-17 %	-63 %	-94 %
Cash and cash equivalents	253.6	256.1	72.5	73.4	34.0	40.9	13.4	24.7	26.5
Full time employee equivalents	204	182	127	128	120	110	100	73	62

Main comments:

• 195% Q1 YoY invoiced revenue growth
• Continued QoQ growth in Invoiced revenue and operating revenue
• Strong cash flow from operations representing 397% Q1 YoY growth
• Continued efforts to develop the company, adding product, development and commercial talents

Kahoot! Group invoiced revenue per region

Kahoot! has paying subscribers in more than 150 countries, USA and Canada represent approx. 46% of invoiced revenue and Europe approx. 41% in Q1 2021

Forward looking statement

	Kahoot! FY 2018	Kahoot! FY 2019	Kahoot! FY 2020	Kahoot! FY 2021	Clever FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$90-100m	\$44m
Paid subscriptions	46K	170K	550K	1m

• For the first half year 2021, the Kahoot! Group expects invoiced revenues to exceed \$40m
• For the full year 2021, the Kahoot! Group reiterate the ambition to reach \$90-100m in invoiced revenues (excluding the announced Clever acquisition) with continued solid positive cash flow from operations and one million paid subscriptions
• The company will continue to explore non-organic growth initiatives
• In addition, the company will explore the opportunity for a secondary listing during 2021

Kahoot! shareholder overview

Kahoot! ASA has a total of 472.7m common shares and more than 32,000 shareholders. The shares are listed on Oslo Stock Exchange with ticker code KAHOT

	Shareholders per June 2, 2021	Shares (m)	%
1	SoftBank	75,0	15,9 %
2	Datum Group	52.1	11.0 %
3	Glitrafjord	40.2	8.5 %
র্বা	Creandum III LP	20.0	4,2 %
5	The Bank of New York Mellon	17.0	3.6 %
	6 State Street Bank and Trust Comp	14.8	3.1 %
	7 Citigroup Global Markets Inc.	13.5	2.9 %
8	Versvik Invest AS	13,0	2.7 %
ਰੇ	Newbrott AS	7.6	1.6 %
	10 State Street Bank and Trust Comp	7,3	1,5 %
11	MP Pensjon PK	5.4	1.1 %
12	Nordnet Bank AB	5.3	1.1 %
13	Gamification AS	5.2	1.1 %
14	Sanden AS	4,5	0.9 %
	15 The Bank of New York Mellon SA/NV	4,2	0.9 %
16	J.P. Morgan Bank Luxembourg S.A.	3,2	0,7 %
17	Adrian AS	3.2	0,7 %
	18 J.P. Morgan Bank Luxembourg S.A.	2,9	0,6 %
19	Verdipapirfondet DNB Norden	2.9	0.6 %
20	Kvantia AS	2,7	0,6 %
	Other	172,6	36.5 %
	Total outstanding shares	472,7	100,0 %
	Outstanding share options	20,5
	Total no. of shares (fully diluted)	493,2

Oslo Stock Exchange:	KAHOT
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOT.OL
Bloomberg:	KAHOOT:NO
Number of common shares:	472,689,510
Outstanding share options:	20,547,850
Total no. of shares (fully diluted):	493,237,360
Share price (June 2, 2021):	NOK 68.55
Avg. daily trading volume YTD (shares):	2,937,000
Market Cap total (June 2, 2021):	NOK 32.4bn

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