Kahoot! ASA

Investor Presentation • Nov 24, 2020

Make learning awesome

Company Presentation November 24th, 2020

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

100m user generated Kahoots, over 200m games played last 12 months with over 1.3bn 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

Expanding commercial with 360k paid subscriptions

Launched first platform service

Actimo

130+ 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

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 business model generates over 1m new accounts and over 2m 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 approx. 160% YoY, including teachers and professionals

User generated kahoots with over 1bn participating players LTM

21m+ 360K+ 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

Highlights Q3 2020

• Continued growth on the Kahoot! platform with more than 21 million active accounts last twelve months representing 45% year on year growth per Q3 2020
• Strong growth in paid subscriptions, reaching 360K in Q3 2020, an increase of 90K paid subscriptions from Q2 2020
• Q3 2020 invoiced revenue growth of 241% to \$11.6m, up from \$3.4m in Q3 2019. The quarter over quarter growth in invoiced revenue was 21% in Q3 2020
• Positive cash flow from operations of \$5.2m in Q3 2020 representing 45% cash conversion from invoiced revenue, compared to -\$0.6m in Q3 2019
• Solid financial cash position with cash and cash equivalents of \$72m per Q3 2020. The company has no interest-bearing debt.
• EBITDA for Q3 2020 was \$1.0m compared to -\$1.7m for Q3 2019
• Announced the acquisition of Actimo, an employee engagement platform that empowers organizations to more efficiently build corporate culture with better communication, training and interaction with the workforce. The transaction was completed October 5, 2020

160%

YoY growth in paid subscriptions per Q3

241% Q3 YoY growth in invoiced revenue

45%

Q3 cash conversion from invoiced revenue

Kahoot! accelerating momentum

Active accounts LTM 1)

Paid subscriptions 2)

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 3) Conversion to paid subscriptions in all segments from customers in more than 150 countries

Invoiced revenue 3)

Africa, The Middle East, and India

New and existing customers are making learning awesome

RENAULT	DISCOVER	Dräger	WNIVERSITY OF MARYLAND	REMINGTON COLLEGE	Cartier	verizon V
APL JOHNS HOPKINS APPLIED PHYSICS LABORATORY	NC STATE UNIVERSITY	日上 La Source. Institut et Haute Ecole de la Santé	EN Insperity	UCF Unionville-Chadds Ford	WIDTO	Southern Company
J.P.Morgan	遊 GOV.UK	SKY			ThermoFisher SCIENTIFIC
GLENBROOK 225	EN SCHOOLS	Nestle	accenture	EVERETT	sappi	Dominion Energy®
	EY	WILEY	P/P Investments	Nicrosoft	POLICE XXX	A AEROSPACE
		Rentokil	W ROTTERDAN UNIVERSITY PPLIED SCIENCI	MERZ Pharma	STARTEK	47

Invoiced revenue per region

Kahoot! has paying subscribers in more than 150 countries, USA and Canada represent approx. 49% of invoiced revenue and Europe approx. 35% in Q3 2020

Forward looking statement

	Actual FY 2018	Actual FY 2019	Actual Q1-Q3 2020	Guidance FY 2020
Invoiced revenue	\$3.5m	\$13m	\$27.7m	\$41-42m
Paid subscriptions	46K	170K	360K+	400K+
Active accounts LTM	12m	16m	21m+	22m+

• In Q4, the Kahoot! Group expects invoiced revenue to reach \$14m, a 20% quarter on quarter growth, where Actimo will contribute with approx. 10%
• For the full year 2020, the Kahoot! Group expects invoiced revenue to reach \$41-42m (including contribution from Actimo in Q4), a 220% growth year on year
• Continued solid cash flow from operations in the fourth quarter 2020
• Paid subscriptions (not including Actimo) are expected to exceed 400K by the end of 2020 and active accounts are expected to exceed 22m
• The company is preparing for a main listing at Oslo Stock Exchange in Q1 2021

Kahoot! ambitions next three years

* Not including Home & Study subscriptions

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

Over 180K+ teachers are paying for premium editions to drive learning and engage students

at w or k 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+

Explore &

at home learn Bringing math to life Learn through play 100s of millions Learn to read

Study at home

Peer-to-peer study

Introducing Language Learning

10.000

Engage students

Roll out a site licence

100s of millions

Invite members
Invite with a unique shareable link
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7 million

Make lessons interactive

=

even more awesome

Communication

Company culture

at work

Training & development

A better experience for all learners

Presentations & meetings

The Next Generation tool for Corporate Culture and Learning...

unicef^® for every child

NATIONAL

National Institutes of Health

NEP

Assessment

English

INICET

POWER

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KOMP players enjoying kahoots created by our partners

Partnering with

Cambridge and organizations

leading publishers

TIME^®

OXFORD UNIVERSITY PRESS

7m+

educators & teachers

Marketplace for educators

Community & networking Community & Network

6 million

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

Aimee Copple

Knowledge portal

Premium verified content

Kahoot! ACADEMY

11 C. Poplar

tion

See collection

mmon Sense Education

UNTE

A marketplace connecting the global educator community and providing high-quality, verified content, from educators and premium partners. Accessible for educators, teachers, students and individuals to ensure awesome learning.

Social & Emotional Learning

see collection

see collection $E$ moti Peekapak Social Emotional Learning See collection Empatico SEL Trivia see collection

Diversity & Inclusion see collection

intonemether

Alone sether

Public Service campaigns

See collection

Alonelogiether

History

ther

ATEL

Linda Hochstetler - Science &

See collection

Math and Baseball trivia see collection

Maria José G

See coll

Kahoot! DROPS

Make language learning awesome!

ha

Hiragan "alphabet" 3

64% ELECT

Other Language Apps

Tedious and hard

Monotonous, text-heavy learning

Assumes immediate, all-in dedication

Mobility-restricting keyboard reliance

Requires long periods of attention

Lesson-weary burnout

Grammar-focused

Self-guided learners only

Fun and easy

DROPS

\$4

$\sum$

Beautiful, visual learning

Anywhere, anytime swipe-only freedom

Short 5-min sessions*

Game-like motivation

Vocab-focused* abc

Self-guided learners &

auxiliary tool for instructors

* Note: While Drops appears disarmingly simple in its design, it is built upon a strong pedagogical foundation evidenced-based learning methodologies such as vocabulary acquisition, visual mnemonics, and spaced repetition.

is in over 250 countries

US

Drops: Free and subscription offerings

Summary

Join the Kahoot! journey

Parent

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

Teacher Student Professional Investor

Stay up to date, visit kahoot.com/news

Shareholders overview

Kahoot! AS has a total of 445.2m common shares and more than 10,000 shareholders. The shares are listed on Merkur Market on Oslo Stock Exchange with ticker code

KAHOOT-ME

	Shareholders per November 23, 2020	Shares	₩
	1 Datum Group	52 130 865	11,7%
2.	Northzone Ventures Norway AS	48 033 280	10,8%
	3 Goldman Sachs International	42 996 101	9,7 %
	4 AS Real-Forvaltning/Glitrafjord	36 708 910	8,2%
	5 Creandum III LP	23 550 832	5,3%
6.	Microsoft Global Finance	20 820 000	4,7%
	7 Citigroup Global Markets Inc.	13 500 000	3,0%
	8 Versvik Invest AS	12 962 076	2,9%
	9 Newbrott AS	7 606 000	1,7 %
	10 State Street Bank and Trust Comp	7 203 317	1,6 %
	11 MP Pensjon PK	5991435	1,3%
	12 J.P. Morgan Bank Luxembourg S.A.	5763867	1,3%
	13 Morgan Stanley & Co. LLC	5 438 994	1,2%
	14 Gamification AS	5 3 5 7 7 7 7 7	1,2 %
	15 Verdipapirfondet DNB Norden	4681614	1,1 %
	16 Goldman Sachs & Co. LLC	4572331	1,0 %
	17 Sanden AS	4 340 000	1,0%
	18 J.P. Morgan Bank Luxembourg S.A.	4 124 923	0,9%
	19 Adrian AS	3 156 750	0.7%
	20 Verdipapirfondet DNB Grønt Norden	3 145 432	0.7%
	Other	133 148 294	29,9 %
	Total outstanding shares	445 232 798	100,0%
	Outstanding share options	17 515 153
	Total no. of shares (fully diluted)	462 747 951

Kahoot! share information

	Ticker
Oslo Stock Exchange (Merkur Market):	KAHOOT-ME
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOTME:NO
Number of shares:	445,232,798
Outstanding share options:	17,515,153
Total no. of shares (fully diluted):	462,747,951
Free float:	>95%
Share price (November 23, 2020):	NOK 60.00
Average daily trading volume YTD (shares):	930,500
Market Cap total (November 23, 2020)	NOK 26.7bn

www.kahoot.com/investor