Kahoot! ASA

Investor Presentation • Mar 3, 2021

Make learning awesome

Company Presentation – J.P. Morgan Fireside chat March 3rd 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, 250m games played last 12 months with 1.5bn participating players

2013-17 2018 2019 2020

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

More commercial offerings, 550k paid subscriptions

Launched first platform service

Acquisition of Actimo Enterprise Learning and Drops language learning app

200+ employees

Kahoot! today

Scalable cloud platform

Large market opportunity*

Recognized market leader

Viral business model

Active accounts whereof 7m teachers and educators

Paid subscriptions growing 220% YoY, for professionals, teachers, and personal use**

User generated kahoots, 1.5bn participating players LTM (nonunique)

24m+ 550K+ 100m+ 90-100%

Net dollar retention, above 100% for larger organizations

*Based on estimated EdTech market in 2020 from Goldman Sachs Education Technology Sector trends and market update May 2020 **Including 100K from Drops, acquired November 2020

Kahoot! accelerating momentum

Active accounts LTM 1) 24m

School Other

• Europe
• Asia Pacific
• Latin America and The Caribbean
• Africa, The Middle East, and India

1) Active accounts LTM is defined as unique user accounts hosting a game with one participant or more LTM

• 2) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, not including Actimo. Home subscriptions include 100K Drops subscriptions in Q4 2020
• 3) Conversion to paid subscriptions in all segments from customers in more than 150 countries

Why everyone loves Kahoot!

Embraced by 7m 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

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

Over 10 million families and friends are using Kahoot! at home with over 100 million games played

Free and from \$5 per user per month

Over 200K+ teachers are paying for premium editions to drive learning and engage students

Free and from \$3 per teacher per month

at w or k Over 100K+ businesses breaking down barriers and connecting teams with our professional editions

From \$10 per user per month

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

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 "

New and existing customers are making learning awesome in Q4

Engagement & Communication

Company culture

Training & development

A better experience for all learners

Interactive presentations & meetings

The transition from presenter centric to including everyone within the organization

Introducing

The complete solution for team spirit and company culture, corporate Learning, audience engagement. For all employees, to empower all individuals and teams to create, share and join engaging learning experiences and build organizational knowledge

Kahoot! 360 Spirit

"Always on" Employee Polls

Instant feedback from the whole organization to motivate, enforce information sharing with secure consistent reporting across organization

Kahoot! Academy Collections

See all

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

10m+

are using Kahoot! at home with over 100 million games

Premium subscription for awesome learning for the entire family

& algebra

Language learning for everyone from 8 years and above

played by families Study at home at home Learn math Learn

to read

Engage communities Premium features and content for any occasion

with flashcards, tests and challenging friends

Introducing Language Learning in the Kahoot! app

$\mathbf{K}$

Over

10K

educational institutions have already deployed multiuser Kahoot! teacher licenses

100s of millions

of students

Equip IT admins with increased control, security & compliance

Elevate learning at your entire school or district

at school

Make lessons interactive

Embraced by over 7 million teachers globally

Next level engagement with Bitmoji

Kahoot! ACADEMY

$\mathcal{C}$

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

7m+

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

Marketplace for educators (Launching 2021)

Community & Network

Knowledge

portal

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

Jaye Schaffer · 33K plays

Jaye Schaffer - 33K plays

Jaye Schaffer · 33K plays

Jaye Schaffer · 33K plays

The next-level employee app for remote employees

Fuelled by actionable insights, Actimo intuitively increases productivity and engagement levels in daily communication, tasks, and training.

Over 100K active monthly users

almost every country and territory across the world… Even Antarctica!

Free & premium subscriptions from \$9.99 per month available

Fun and easy

Beautiful, visual learning

Gradually nurtures commitment

Anywhere, anytime swipe-only freedom

Short 5-min sessions

Game-like motivation

Vocab-focused

Self-guided learners & auxiliary tool for instructors

Collaborative, online whiteboard tool for teachers and classrooms!

Live overview and collaboration

Instant formative assessment

Include and engage everyone

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

Free & premium subscription from \$4.99 per month

The Kahoot! ecosystem platform

Company Update

Highlights Q4 2020

• Continued growth on the Kahoot! platform with more than 24m active accounts last twelve months representing 57% year on year growth per Q4 2020
• Strong growth in paid subscriptions, reaching 550K in Q4 2020, an increase of 190K paid subscriptions from Q3 2020 including 100K Drops subscriptions
• Q4 2020 invoiced revenue growth of 230% to \$17.5m, up from \$5.3m in Q4 2019. The quarter over quarter growth in invoiced revenue was 50% in Q4 2020. For the full year \$45.3m, a 247% growth.
• Positive cash flow from operations of approx. \$7m in Q4 2020 representing 40% cash conversion from invoiced revenue, compared to \$1.4m in Q4 2019. For the full year \$17.4m.
• Adjusted EBITDA in Q4 2020 was \$0.8m and \$2.3m for the full year 2020 (adjusted for share-based compensation expenses, related payroll taxes and acquisition-related expenses)
• Solid financial cash position of \$256m per Q4 2020. The company has no interestbearing debt
• Completed the acquisitions in Q4 of Actimo, the employee engagement platform empowering organizations to more efficiently build corporate culture, and Drops, the language learning platform with 42 languages and 25 million users since launch

220%

YoY growth in paid subscriptions per Q4

230% Q4 YoY growth in invoiced revenue

40% Q4 cash conversion

from invoiced

revenue

Key financial figures development

	Q4'20	Q3'20	Q2'20	Q1'20	Q4'19	Q3'19	Q2'19	Q1'19
Invoiced revenue	17,5	11,6	9,6	6,4	5,3	3,4	2,3	2,0
Invoiced revenue growth QoQ	5,9	2,0	3,2	1,1	1,9	1,1	0,3	0,3
Invoiced revenue arowth QoQ %	50 %	21 %	49 %	21 %	56%	48 %	15 %
Operating revenue	12,0	9,2	5,7	4,1	2,8	3,1	1,4	1,2
Net cash flow from operations	7,0	5,2	3,9	1,1	1,4	$-0,6$	$-1,5$	$-1,9$
Cash flow from oper. in % of invoiced	40 %	45 %	41 %	17%	27 %	$-17%$	-63 %	$-94%$
Cash and cash equivalents	256,1	72,5	73,4	34,0	40,9	13,4	24,7	26,5
Full time employee equivalents	182	127	128	120	110	100	73	62

Main comments:

• Continued strong QoQ growth in Invoiced revenue and Operating revenue
• Cash flow from operations exceeding 40% of invoiced revenue for three consecutive quarters
• Continued efforts to develop the company, adding product, development and commercial talents
• 40+ employees added through acquisitions in Q4 2020

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 Q4 2020

Forward looking statement

	Actual FY 2018	Actual FY 2019	Actual FY 2020	Guidance FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$90-100m
Paid subscriptions	46K	170K	550K	1m

• In 2021, Kahoot! will continue to expand with new free and premium tools and functionality for interactive presentations for school and work, corporate training, language learning, Academy Marketplace and additional content offerings from publishing partner, to make learning even more awesome for all users
• For the full year 2021, the Kahoot! Group's ambition is to reach \$90-100m in invoiced revenues with continued solid positive cash flow from operations and one million paid subscriptions
• The company is preparing for a main listing at Oslo Stock Exchange which could be completed as early as in Q1 2021. In addition, the company will explore the opportunity for a secondary listing during 2021

Kahoot! ambitions next three years

1) Not including Home & Study subscriptions 2) Not including ARR from future acquisitions

Summary

Join the Kahoot! journey

Parent

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

Stay up to date, visit kahoot.com/news

Kahoot! shareholder overview

Kahoot! ASA has a total of 446.2m registered common shares and more than 20,000 shareholders. The shares are listed on Oslo Stock Exchange (Euronext Growth) with ticker code KAHOT

	Shareholders per March 1, 2021	Shares (m)	%
	1 SoftBank	71,0	15,99
2	Datum Group	52,1	11,7,9
3	Glitrafjord	40,2	9,09
	4 The Bank of New York Mellon	20,8	4,7,9
	5 Creandum III LP	20,0	4,5°
	6 Citigroup Global Markets Inc.	13,5	3,0.9
	7 Versvik Invest AS	13,0	2,9.9
8	Newbrott AS	7,6	1,7.9
	9 Gamification AS	5,2	1,29
10	Nordnet Bank AB	5,2	1,29
	11 MP Pensjon PK	5,1	1,29
	12 Sanden AS	4,3	1,0.9
	13 J.P. Morgan Securities Plc	4,2	0,9,9
	14 Goldman Sachs & Co. LLC	4,0	0,9,9
	15 Brown Brothers Harriman & Co.	3,6	0,8,9
	16 Verdipapirfondet DNB Norden	3,5	0,8,9
	17 The Bank of New York Mellon SA/NV	3,3	0,7,9
	18 Adrian AS	3,2	0,7,9
	19 Morgan Stanley & Co. LLC	3,1	0,7,9
	20 The Bank of New York Mellon SA/NV	3,1	0.79
	Other	160,1	35,99
	Total outstanding shares	446,2	100,0
	Outstanding share options	20,1
	Total no. of shares (fully diluted)	466,3

Oslo Stock Exch. (Euronext Growth):	KAHOT
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOT:NO
Number of registered shares:	446,213,585
Outstanding share options:	20,081,975
Total no. of shares (fully diluted):	466,295,560
Free float:	~95%
Share price (March 1, 2021):	NOK 107.00
Avg. daily trading volume YTD (shares):	2,459,000
Market Cap total (March 1, 2021):	NOK 47.7bn

www.kahoot.com/investor