Kahoot! ASA

Investor Presentation • Jun 8, 2020

Make learning awesome

Company presentation June 2020

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

About Kahoot!

Growth ambition New initiatives

Summary

Kahoot!

Founded in 2012, Kahoot! started delivering a quizbased game to ensure attention, create engagement and provide knowledge in classrooms

Scalable technology platform based on research conducted by Kahoot! co-founder Morten Versvik at NTNU together with Professor Alf Inge Wang

User centric, data-driven and iterative approach to product development and innovation

• Build awesome free services
• Improve based on feedback from millions of users
• Extend with premium subscriptions

User-generated content with over 100m kahoots created by our user and content partners so far, over 50m available in a user friendly searchable database

The Kahoot! journey Development of cumulative players

2013-2017

Launched in September 2013

Growth focus on US and K-12 education segment

Developed a global recognizable brand on a scalable platform

Top 3 tool in US education

50+ employees

2018

Launched first commercial editions for the business and school segments, reaching 40K paid subscriptions

Launched mobile apps for iOS and Android

2016

2015 2017

1 Billion

2013 2014 2018 2019 2020

75+ employees

2019

Commercial subscription editions available for all segments, reaching 100K paid subscriptions

Acquisition of Poio learn to read and DragonBox learn math

120+ employees, offices in 6 countries

2 Billion

4.5 Billion

3 Billion

2020 YTD

Expanding commercial offerings in all segments, reaching 200K paid subscriptions

Introduced first embeddable service for publishers

125+ employees, increased investments in R&D and organization development

Why everyone loves Kahoot!

Embraced by 6m+ 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 over 6 million 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! Subscriptions and apps

Over 100K+ teachers are paying for premium editions to drive learning and engage students

from

\$3

per user per month

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

100K+ businesses breaking down barriers and connecting teams with our professional editions

Kahoot! today

Scalable cloud platform

Large market opportunity*

Recognized market leader

Viral business model

Active accounts whereof 6m+ teachers and educators

Paid subscriptions growing 100%+ YoY, including teachers and professionals

User generated kahoots with over 1bn participating players LTM

19m+ 260K 100m+ 90-100%

Net dollar retention, above 100% for larger organizations

NOTE: Based Q2 forecast on active accounts and paid subscriptions *Based on estimated EdTech market in 2020 from Goldman Sachs Education Technology Sector trends and market update May 2020

About Kahoot!

Growth ambition

New initiatives

Summary

Kahoot! – the growth has only just begun

Commercial launch 2018

• 10m+ active accounts beginning of 2018
• Free usage, no commercial subscriptions previously offered
• Launched first commercial offerings for the business and school segments
• Initial low price subscription offered (from \$1/month for teachers and \$10/month for businesses)
• \$1.7m invoiced revenue in Q4 2018

10 quarters

Status Q2 2020

• 19m active accounts end of Q2 2020
• Commercial subscription editions available in all segments
• Expanding product offering in all segments to build a platform company
  • ARPU increasing through upgrade driven by extended product offerings
• \$9m invoiced revenue Q2 2020

Kahoot! accelerating momentum

• Strong organic growth in active accounts 1) with no external marketing cost

Paid subscriptions

• Increased conversion rate of active accounts to paid subscriptions 2)

Invoiced revenue

• Conversion to paid subscriptions and extended product offering in all segments from customers in more than 150 countries

1) Active accounts LTM is defined as a unique user account hosting a game with one participant or more the last twelve months

2) Paid subscriptions is defined as total number of users on paid subscription per the end of the period

Kahoot! ambitions next three years

* Not including home subscriptions

*Including DragonBox School

About Kahoot! Growth ambition

New initiatives

Summary

New Initiatives

Why companies use Kahoot!

Enhanced functionality and increased value for the organisation

The transition from presenter centric to including everyone within the organization

High level feature roadmap 2020

Introducing

EDU Family Publishing & Distribution

Family Introducing

A collection of services and apps valuable for families and personal use

10m+

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

Kahoot! Family subscription

Through the Kahoot! app I am able to study at my own pace, to gain a deeper " understanding of topics

Engaging deeper learning with flashcards, tests and challenging friends

I am able to access premium content from "top brands

A library of content made by educators, learners and professional content providers

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

Engage children of all ages with our "learners to leaders" pedagogy

Learn through play Engage communities

Kahoot! lets me bring an element of fun and engagement to social events "

Premium features and content for any occasion

Family subscription

Main features

• Kahoot! App Plus with advanced question types
• Access to premium content from partners
• Extended self study mode
• Access to over 80 million high-quality images
• Poio Learn to Read app
• DragonBox Learn Math apps
• DragonBox Learn Chess app

From \$6

per month for up to 5 family members

Available from Q3 2020 (back to school)

EDU

Kahoot! EDU enables admins and school leaders to structure and enhance the way Kahoot! is used inside their schools, districts or higher-ed institutions. It also introduces premium licenses for students.

Over 10,000 educational institutions have already deployed multiuser Kahoot! teacher licenses

Kahoot! EDU - An enhanced Kahoot! experience for the entire school, not only the classroom

Engage students

Give students more ways to create kahoots for assignments and to study with their peers

Empower teachers

Provide educators the full teaching toolkit that includes interactive lessons and advanced assessment

Equip IT admins

Offer IT admins greater control over who and how Kahoot! is used, and enable tech integrations

Elevate school leaders

Lift up school leaders with tools to foster a positive learning environment and to conduct professional development

EDU

Main features

• Extended admin controls
• Advanced assessment
• Deployment tools
• Private team space for teachers and groups
• Advanced kahoot creation mode for students
• Interactive lessons
• School branding

From

\$12

per month per educator

Available from Q3 2020 (back to school)

Introducing

6 million+

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

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

Community & network

A knowledge platform for millions of engaged educators

Educators can share content and build communities based on topic, location or interests

Global content network connecting brands, educators and learners

Marketplace

A marketplace for educators and brands

The one place to reach a global educator community

'One-stop-shop' for knowledge

for any learner

Premium content on any topic, in any language, from verified educators and premium partners

Brand -new Knowledge portal

knowledge platform Built on top of the Kahoot! community of millions of engaged educators and learners, with the goal of making learning awesome! Built on top of Kahoot!'s user base of millions of engaged educators and learners, with the goal of making learning awesome!

Community and networking Community and networking

Communities based around personalised, verified, educational content sharing. Communities built around verified, educational content based on topic, location or interests

Marketplace for educators

Verified educators and premium partners can offer their content, build communities and brands

Premium, verified content Premium, verified content

From educators, publishers, brands or partners to learners all over the globe; at home, at work or in school From educators, publishers, brands, or partners to learners all over the globe; at home, at work, or in school

Access to Kahoot! Academy for all teachers

Verified educator profile on Kahoot! Academy from

per month per user*

Available early release June 2020

Available during Q3 2020 (back to school)

*included in all Kahoot! Premium+ subscriptions for school and higher education

Publishing & Distribution Introducing

Enables publishers to embed the Kahoot! services on their own websites and distribution channels to promote their content and brands

players in thousands of games created by our content 30m+ players enjoying kahoots created by our partners

Kahoot! publishing & distribution

Engaging audiences globally

We invite you to test your knowledge about the world, and ignite your spirit of " exploration, using Kahoot!

6.5 million players across 200+ countries

Viral network effect

Kahoot! content specially created " to be used with many of our titles. The Kahoot! platform is ideal for the learning goals of LaunchPacks.

We now offer fun and engaging

Added value and greater extension via embeddable games

Flexibility across use cases

Kick off this Digital Citizenship Week by giving your students the space to voice their perspectives on topics important to them. Check out our fun new #DigCitWeek kahoots. "

Perfect for group discussions and stand-alone lessons

Distribution & connection

Calling all teachers! We're excited to share that Disney Youth Programs has teamed up with Kahoot!, so you can bring our " lessons into your classroom!

Establish relationships with hardto-reach audiences

Publishing & Distribution

Main features

• Option to embed kahoots on publisher websites
• Viral distribution and advertising feature
• Partner profile on Kahoot! Academy
• Lead generation through premium partner Brand Pages
• Real-time gameplay analytics
• Access to over 80 million high-quality images

From \$500

per month per brand

Early release Summer 2020

"The complete solution for Corporate Learning, audience engagement, team collaboration and company culture"

Introducing

For all employees, to empower all individuals and teams to create, share and join engaging learning experiences and build organizational knowledge

" " For sales people it's the competition that makes it even more exciting: they're very competitive and everyone wants to get to the podium!

" " We had a standing ovation from people trying to participate in our annual risk management event"

" "With Kahoot!, not only is my audience more engaged by being able to participate, I am also able to reinforce important content

Manager

Employee / Learner

Trainer / HR Professional

"

"

" Kahoot! has become an important tool for continuous learning in our organization

" Game-based learning is an easy way to assess learners' retention. The trainer instantly knows what learners understand and what needs more clarification, helping us improve "

the learning for everyone

" Kahoot! offers Sky a unique insights platform, that is both flexible and adaptable to changes in the business strategy and environment.

Kahoot! 360 for 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

Team building mode, employee engagement tools "

Main features

• Full range of Kahoot! Premium features
• Truly Interactive Presentations across the organization
• Tools for design and manage courses
• Enhanced cross-organization reporting (compliance)
• Team building game mode
• Extensions for discussions and brainstorm meetings
• Organization-wide learning repository for all employees

For individual license per month

Volume licensing available for teams and large organizations from \$10 per month

Available from June 2020

About Kahoot! Growth ambition New initiatives

Summary

Summary

• A globally recognized brand across sectors and segments
  • 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

Teacher Student Professional Investor

Stay up to date, visit kahoot.com/news

Thank you!

Appendix: Financial update from the Q1 2020 presentation

Kahoot! and the Covid-19 impact

We are continuously adjusting and optimizing our business operations in the new, unprecedented realities, while ensuring the health and safety of our employees

Free access to Kahoot! Premium for all teachers and schools affected by Covid-19

+100K +30K

New total signups of Kahoot! accounts per day during peak days

Strong growth in the platform usage and new paid seats

Net new paid seats in April 2020, exceeding 230K paid seats

Strong growth in usage for home study and remote work

5X

Usage growth of Kahoot! YoY for home study and assignments (challenges)

Highlights Q1 2020

• Strong usage growth on the Kahoot! platform with 25% growth in active accounts, 19% growth in hosted games and 23% growth in participating players in the last twelve months
• Good growth in paid seats, reaching 184K in Q1 2020, increased by 32K seats from Q4 2019 and reaching a total of 202K including DragonBox School
• Q1 2020 invoiced revenue growth of more than 220% to \$6.4m, up from \$2.0m in Q1 2019
• Positive cash flow from operations of \$0.9m in Q1 2020, compared to -\$1.9m in Q1 2019
• Solid financial cash position with cash and cash equivalents of NOK 357m (\$34m) as of 31.03.2020 and no interest-bearing debt
• Launched several new features and editions for all three main segments (at Work, at School and at Home), contributing to the growth of both free and paid users in the quarter. The main focus has been delivering an improved experience when using Kahoot! with video conferencing tools and for teachers performing student assessments

Paid seats (+125K LTM)

+220% Growth in invoiced

revenue YoY

+10%

Cash conversion from invoiced revenue

Continued growth in accounts and usage

Last twelve months (in millions)

The user growth on the platform last twelve months continued, reaching 1.3bn participating players (23% YoY growth), 218m games played (19% growth YoY) hosted by 16.8m active accounts (25% YoY growth)

Continued growth in paid seats

Work School

Paid seats per quarter (in thousands)

Kahoot! reached 184K paid seats as of Q1 2020, compared to 153K at end of Q4 2019, where of 93K in the Business segment and 91K in the School segment

Note: Including 18K DragonBox School licenses, The Kahoot! Group reached 202K paying users in Q1 2020

Invoiced revenue (in millions USD)

Total invoiced revenue in Q1 2020 of \$6.4m including \$6.0m from Kahoot! subscriptions and \$0.4m from DragonBox and Poio. The organic quarter-over-quarter growth was 21% in Q1 2020 vs Q4 2019

Automated invoiced revenue per region

Kahoot! has paying subscribers from automated sales in more than 150 countries,

USA and Canada represent approx. 46% of revenue (Europe approx. 37%) in Q1 2020

Key business model projections

Key financial figures development

Financial figures presented in \$millions

	Q1-20	Q4-19	Q3-19	Q2-19	Q1-19
Invoiced revenue	6 4 ,	5 3 ,	3 4 ,	2 3 ,	2 0 ,
Q/Q Invoiced growth revenue	1 1 ,	9 1 ,	1 1 ,	0 3 ,	0 3 ,
Recognized revenue	4 5 ,	4 0 ,	2 2 ,	1 4 ,	1 2 ,
Total operating expenses	-5 4 ,	-5 1 ,	-3 9 ,	-3 4 ,	-3 3 ,
EBITDA	-1 0 ,	-1 2 ,	-1 7 ,	-2 0 ,	-2 2 ,
cash flow from operations Net	0 9 ,	2 1 ,	-0 6 ,	-1 5 ,	9 -1 ,
Cash and cash equivalents	34 0 ,	40 9 ,	13 4 ,	24 7 ,	26 5 ,
Full time employee equivalents	120	110	100	73	62

• Invoiced and recognized revenue continue to grow quarter over quarter
• Lower growth in total operating expenses combined with strong cash collection of invoiced revenue drive positive cash flow from operations
• EBITDA continues to improve quarter over quarter
• Solid cash position and cash flow from operations
• Continued efforts to develop the company, adding product and commercial talents

Kahoot! customer growth goals 2022

The goal to reach a customer base value exceeding \$100m in 2022 is based on the following assumptions:

Shareholders overview

Kahoot! AS has a total of 129.4m common shares and more than 3,000 shareholders. The shares are listed on Merkur Market on Oslo

	Shareholder	Shares	%
1	DATUM GROUP	17,376,955	13.4 %
2	NORTHZONE VENTURES NORWAY AS	15,577,760	12.0 %
ന	CREANDUM III LP	11,044,420	8.5 %
বা	AS REAL-FORVALTNING	9,975,740	7.7 %
ഗ	MICROSOFT GLOBAL FINANCE	6,940,000	5.4 %
6	KAM HOLDING AS	4,779,020	3.7 %
/	VERSVIK INVEST AS	4,320,692	3.3 %
୦୦	CITIGROUP GLOBAL MARKETS INC.	4,500,000	3.5 %
g	NEWBROTT AS	2,752,000	2.1 %
10	MP PENSJON PK	2,328,306	1.8 %
11	GLITRAFJORD AS	2,000,000	1.5 %
12	VERDIPAPIRFONDET NORGE SELEKTIV	1,952,188	1.5 %
13	GAMIFICATION AS	1,866,600	1.4 %
14	BROWN BROTHERS HARRIMAN & CO.	1,761,233	1.4 %
15	J.P. MORGAN BANK LUXEMBOURG S.A.	1,500,000	1.2 %
16	NORDA ASA	1,451,386	1.1 %
17	SANDEN AS	1,424,000	1.1 %
18	VERDIPAPIRFONDET DNB NORDEN	1,305,183	1.0 %
19	PATRICK MARCHAL AS	1,103,480	0.9 %
20	EKHOLDT HUYNH AS	1,103,480	0.9 %
	Other	34,297,053	26.5 %
	Total outstanding shares	129,359,496	100.0 %
	Employee option pool	8,230,000
	Total no. of shares (fully diluted)	137,589,496

Kahoot! share information

	Ticker
Oslo Stock Exchange (Merkur Market):	KAHOOT-ME
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOTME:NO
Number of shares:	129,359,496
Employee option pool:	8,230,000
Total no. of shares (fully diluted):	137,589,496
Free float:	>95%
Share price (June 5, 2020):	NOK 99.00
Average daily trading volume YTD (shares):	224,500
Market Cap total (June 5, 2020)	NOK 12.8bn

Make learning awesome

www.kahoot.com/investor