Make learning awesome

Q4 2020 Trading update - Please see notice to market for additional details January 5th, 2021

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

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

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

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)

Paid subscriptions 2)

2019 Home School Work

2020

550K+

Invoiced revenue 3)

USA and Canada

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

2018

2019

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

Continued growth in accounts and usage

Last twelve months (in millions)

The user growth on the Kahoot! platform in the last twelve months continued, with more than 24m active accounts (57% YoY growth). Number of hosted games last twelve months was 250m (19% YoY growth) with 1.5bn participants (26% YoY growth)

Continued growth in paid subscriptions

Kahoot! reached 550K paid subscriptions as of Q4 2020, an increase of 190K from Q3 2020 whereof Drops accounted for 100K. The year-on-year growth in paid subscriptions was 220% (approx. 380K) per Q4 2020. Subscriptions per category; 120K Work 1), 230K School and 200K in the Home and Study category (including DragonBox curriculum and Drops)

1) Not including Actimo

Quarterly invoiced revenue development

Invoiced revenue (in millions USD)

Total invoiced revenue in Q4 2020 of \$17.5m representing 230% growth compared to Q4 2019, and 50% quarter over quarter growth vs. Q3 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 as early as in Q1 2021

Kahoot! ambitions next three years

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

Kahoot! shareholder overview

Kahoot! AS has a total of 446.1m registered common shares and more than 13,000 shareholders. The shares are listed on Oslo Stock Exchange (Euronext Growth) with ticker code KAHOT

	Shareholders per Dec 31, 2020	Shares (m)	0%
	1 Goldman Sachs International	60.0	13,5 %
2	Datum Group	52.1	11.7 %
3	Glitrafford	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 %
1	Versvik Invest AS	13.0	2.9 %
	8 Northzone Ventures Norway AS	12.0	2.7 %
த	Newbrott AS	7.6	1.7 %
	10 State Street Bank and Trust Comp	7.0	1.6 %
11	Goldman Sachs & Co. LLC	5.9	1.3 %
12	MP Pensjon PK	5.7	1.3 %
	13 Morgan Stanley & Co. LLC	5.5	1.2 %
14	Gamification AS	5.3	1.2 %
15	Sanden AS	4.3	1.0 %
	16 Verdipapirfondet DNB Norden	4.0	0.9 %
	17 J.P. Morgan Bank Luxembourg S.A.	3.6	0.8 %
	18 J.P. Morgan Bank Luxembourg S.A.	3,4	0.8 %
19	Adrian AS	3,2	0.7 %
20	Verdipapirfondet DNB Grønt Norden	3,1	0,7 %
	Other	156,8	35,2 %
	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 (Dec 31, 2020):	NOK 95.20
Avg. daily trading volume 2020 (shares):	1,166,000
Market Cap total (Dec 31, 2020):	NOK 42.5bn

Summary

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About Kahoot!

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

To play Kahoot! is to promote Kahoot!

The Kahoot! viral distribution model generates millions of new accounts and app downloads every month

All prices per teacher per month

HigherEducation

\$ 5 / \$10 / \$15

at sch ool

All schools (K-12)

\$1 / \$3 / \$6

Premiumeditions

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

Free and from \$5 per user per month

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

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

Free and from \$3 per teacher per month

I n t ro d ucin g

Business suite Q 4 2019

All prices per presenter/host per month

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

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

From \$10 per user per month

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

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+

are using Kahoot! at home with over 100 million games

Premium subscription for awesome learning for the entire family

Study at home

study with study leagues

Introducing Language Learning

Over 10K

educational institutions have already deployed multiuser Kahoot!

Engage

students

Elevate learning at your entire school or district with Kahoot! EDU

engagement with Bitmoji

& =

an even more awesome student learner experience

Engagement & Communication

Company culture

Training & development

A better experience for all learners

Presentations & meetings

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

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

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

Community & networking Community & Network

Embraced by over 10 million players monthly

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

Aimee Copple

Knowledge portal

Premium verified content

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.