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Kahoot! ASA

Investor Presentation Apr 2, 2020

3641_rns_2020-04-02_3b738897-6e77-4884-8b4a-2ce7450c5f33.pdf

Investor Presentation

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Make learning awesome

Trading update - Please see notice to market for all details April 2nd 2020

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 last twelve months
  • Good growth in paid seats, reaching 184K in Q1 2020, increased with 32K seats from Q4 2019 and reaching a total of 202K including DragonBox School
  • Q1 2020 Invoiced revenue growth of 220% to \$6.4m, up from \$2.0m in Q1 2019 (as reported)
  • Positive cash flow from operations of \$0.7m in Q1 2020, compared to \$1.1m in Q4 2019
  • Solid financial cash position with cash and cash equivalents of NOK 357m (\$34m) as of 31.03.2020 and no interest-bearing debt

The company maintains the guidance of invoice growth rate in 2020 of 100-150% growth from proforma 2019 level, with invoiced revenue in Q2 2020 to be slightly higher than Q1 2020 and improved positive cash flow from operations

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

Paid seat per quarter (in thousands)

Kahoot! reached 184K paid seats as of Q1 2020, compared to 152K 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

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

Shareholders overview

Kahoot! AS has a total of 129.4m common shares and approx. 3,200 shareholders. The shares are listed on Merkur Market on Oslo

Shareholder Shares %
1 Datum Group 17376955 13.4%
$\mathcal{L}$ NORTHZONE VENTURES NORWAY AS 15 577 760 12,0%
3 CREANDUM III LP 11044420 8,5%
4 AS REAL-FORVALTNING/K! invest AS 9390740 7,3%
5 MICROSOFT GLOBAL FINANCE 6940000 5,4%
6. KAM HOLDING AS 4779020 3,7%
7 VERSVIK INVEST AS 4620692 3,6%
8 Citigroup Global Markets Inc. 4500000 3,5%
9 NEWBROTT AS 3052000 2,4%
10 VERDIPAPIRFONDET NORGE SELEKTIV 2687979 2.1%
11 MP PENSJON PK 2328306 1,8%
12 GLITRAFJORD AS 2000000 1,5%
13 GAMIFICATION AS 1866600 1,4%
14 Brown Brothers Harriman & Co. 1689994 1.3%
15 NORDA ASA 1451386 1.1%
16 SANDEN AS 1424000 1,1%
17 VERDIPAPIRFONDET DNB NORDEN 1305183 1,0%
18 J.P. Morgan Bank Luxembourg S.A. 1300000 1,0%
19 J.P. Morgan Bank Luxembourg S.A. 1269617 1,0%
20 PATRICK MARCHAL AS 1103480 0,9%
Other 33 651 364 26,0%
Total outstading shares 129 359 496 100,0%
Employee option pool 8230000
Total no. of shares (fully diluted) 137 589 496

About Kahoot!

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

Founded in 2013, Kahoot! started by delivering a quiz based game to ensure attention, create engagement and provide knowledge in classrooms

Kahoot! is a globally recognized learning brand, from kindergarten to Wall Street

In the last 12 months, 218 million games were played with 1.3 billion participating players in over 200 countries

Kahoot! has commercial subscription editions available for all segments with a free basic version for personal use and teachers

Viral growth, currently adding millions of new accounts and more than 110K net new paid seats annually

The goal is to become the leading global learning platform, extending current offerings and accelerating organic growth

The Kahoot! learning ecosystem

Embraced by teachers

Make learning awesome! 6m+ active teachers globally

Engaging learning experience 800m participating students LTM

Trusted by parents

Playful learning in a social setting 100m games played LTM

Valued by organizations

Engaging corporate learning 20m participating employees

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 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 Embraced by over 6 million teachers Loved by hundreds of millions of students Empowering students from learners to leaders

free access to Kahoot! Premium for all schools affected by COVID-19!

All prices per teacher per month All prices per teacher per month All prices per teacher per month

Millions share memorable moments! Practice at home Helping children learn to read Creating excitement for algebra and geometry

at home

Premium editions

Learning apps

\$5-25 From \$3/month

Family subscription

Introducing

(summer 2020)

Family subscription per family per month

Kahoot Study -The new self-study mode

Kahoot Study, a self-study mode, perfect for engaging individual study and study groups in different locations

Convert any of the millions of available kahoots to flashcards and enable students to better study any topic

Launch in Q2

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 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 Millions of employees playing Kahoot! 97% of the Fortune 500 is using Kahoot! Energizing audience in events of any size

at w or k at work

Premium editions

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

\$10 / \$20 / \$ 40

I n t ro d u cin g I n t ro d ucin g Introducing

Business suite Q 4 2019 Business suite

Q 4 2019 \$10 / \$20 / \$40 For teams & organizations

All prices per presenter/host per month All prices per presenter/host per month

New and existing customers are making learning awesome

The Kahoot! learning platform 2020-2021

Kahoot! Overview

Scalable cloud platform

Large market opportunity*

Recognized market leader

Participating players LTM

Net new paid seats in 2019

Active teachers on the platform

1.3bn +110K 6m+ 90-100%

Net dollar retention

* Based on estimated EdTech market in 2020 from Goldman Sachs Education Technology Sector trends and market update August 2019

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