Kahoot! ASA

Investor Presentation • Jan 12, 2021

Make learning awesome

Goldman Sachs Technology and Internet Conference 2021 – January 12th 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

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

Actimo Drops

200+ employees

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

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! 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

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
• Positive cash flow from operations of approx. \$7m in Q4 2020 representing 40% cash conversion from invoiced revenue, compared to \$1.2m in Q4 2019
• EBITDA for Q4 2020 expected to exceed \$1m (not including stock-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

Kahoot! accelerating momentum

Active accounts LTM 1)

Invoiced revenue 3)

• 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

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 as early as in Q1 2021

Kahoot! ambitions next three years

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

Over 100 million games have been played by families and friends around the globe

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

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

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

10m+

at home

Engage communities

Study at home

Introducing Language Learning in Kahoot! app

10K

at school

Make lessons interactive

Next level engagement with Bitmoji

Communication

Company culture

Training & development

A better experience for all learners

Interactive presentations & meetings

2021 Edition: The Next Generation tool for Corporate Culture and Learning...

30m+

Kahoot! Publisher Premium subscription for publishers and content creators

Partnering with leading publishers and organizations

Marketplace content partners

Community & networking Premium learning content for students in the classroom and at home

7m+

educators & teachers

Marketplace for educators (Launching 2021)

Mandy H just added a new lesson to her profile: Math 8 Pre-Algebra Refresher. Learn More

10 million

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

Aimee Copple

Premium learning content

Knowledge portal

The next-level employee app for remote employees

Used in over 200 countries

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

Language Learning

Summary

Join the Kahoot! journey

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Stay up to date, visit kahoot.com/news

Kahoot! shareholder overview

Kahoot! AS has a total of 446.1m registered common shares and more than 15,000 shareholders. The shares are listed on Oslo Stock Exchange (Euronext Growth) with ticker code KAHOT

	Shareholders per Jan 11, 2021	Shares (m)	%
	1 SoftBank	60,0	13,5 %
2	Datum Group	52,1	11,7 %
3	Glitrafjord	39,2	8.8%
4	The Bank of New York Mellon	20,8	4.7%
5	Creandum III LP	20,0	4,5 %
	6 Citigroup Global Markets Inc.	13,5	3,0%
	7 Versvik Invest AS	13,0	2,9%
8	Northzone Ventures Norway AS	12,0	2,7%
9	Newbrott AS	7,6	1,7%
	10 State Street Bank and Trust Comp	7,0	1,6%
11	Goldman Sachs & Co. LLC	5,5	1,2%
	12 MP Pensjon PK	5,4	1,2%
13	Gamification AS	5,3	1,2%
	14 Sanden AS	4,3	1,0%
15	Morgan Stanley & Co. LLC	4,0	0,9%
	16 Verdipapirfondet DNB Norden	3,9	0.9%
	17 Nordnet Bank AB	3,8	0,9%
	18 J.P. Morgan Bank Luxembourg S.A.	3,6	0,8%
	19 J.P. Morgan Bank Luxembourg S.A.	3,4	0,8%
20	Adrian AS	3,2	0,7%
	Other	158,4	35,5 %
	Total outstanding shares	446,1	100,0 %
	Outstanding share options	20,1
	Total no. of shares (fully diluted)	466,2

Oslo Stock Exch. (Euronext Growth):	KAHOT
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOT:NO
Number of registered shares:	446,091,967
Outstanding share options:	20,081,975
Total no. of shares (fully diluted):	466,173,942
Free float:	~90%
Share price (Jan 11, 2021):	NOK 117.60
Avg. daily trading volume YTD (shares):	3,550,000
Market Cap total (Jan 11, 2021):	NOK 52.5bn

www.kahoot.com/investor