Kahoot! ASA

Investor Presentation • Oct 5, 2020

Make learning awesome

Company Presentation for Goldman Sachs Disruptive Technology Symposium October 5th, 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

The Kahoot! journey

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

4.5 Billion

3 Billion

Expanding commercial with 360k paid subscriptions

Launched first platform service

Actimo

130+ employees

Kahoot! today

Scalable cloud platform

Large market opportunity*

Recognized market leader

Viral business model

Active accounts whereof 7m teachers and educators

Paid subscriptions growing 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

Kahoot! accelerating momentum

Active accounts LTM 1) 21m+

School Other

Invoiced revenue 3)

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

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

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

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

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

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

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+

Explore &

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

to life

Study at home

Peer-to-peer study

10.000

Roll out a site licence

100s of millions

Invite members
Invite with a unique shareable link
)7fcc751a60/027a23f3-6719-4713-9e9d-a01202164692	Copy	Delet

7 million

Make lessons interactive

Communication

Company culture

Training & development

A better experience for all learners

Presentations & meetings

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

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

Introducing Language Learning

=

even more awesome

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

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

Make learning awesome

Q3 2020 Trading update October 2nd, 2020

To play Kahoot! is to promote Kahoot!

The Kahoot! viral business model generates over 1m new accounts and over 2m app downloads every month

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 240% to \$11.6m, up from \$3.4m in Q3 2019. The quarter over quarter growth in invoiced revenue was 20% in Q3 2020
• Positive cash flow from operations of approx. \$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 as of 30.09.2020. The company has no interest-bearing debt.
• EBITDA for Q3 2020 is expected to exceed \$1m

•

• 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 is expected to be completed in October 2020

160%

YoY growth in paid subscriptions per Q3

240% Q3 YoY growth in invoiced revenue

45%

Q3 cash conversion from invoiced revenue

Kahoot! accelerating momentum

Active accounts LTM

• 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 unique user accounts 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

Continued growth in accounts and usage

Last twelve months (

The user growth on the Kahoot! platform in the last twelve months continued, with more than 21m active accounts (45% YoY growth). Number of hosted games last twelve months was 224m (10% YoY growth) with 1.3bn participants (19% YoY growth)

Continued growth in paid subscriptions

Kahoot! reached 360K paid subscriptions as of Q3 2020, compared to 270K end of Q2 2020 (33% QoQ growth), and the YoY growth for Q3 was 160%. Subscriptions per category; 105K Work, 180K School and 75K in the Home and Study category (including DragonBox curriculum)

Quarterly invoiced revenue development

Invoiced revenue

Total invoiced revenue in Q3 2020 of \$11.6m representing 240% growth compared to Q3 2019, and 20% quarter over quarter growth vs. Q2 2020

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% of invoiced revenue
• 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

Organic growth ambitions next three years

* Not including Home & Study subscriptions

Shareholders overview

Kahoot! AS has a total of 399.5m common shares and approx. 8,000 shareholders. The shares are listed on Merkur Market on Oslo Stock Exchange with ticker code KAHOOT-ME

	Shareholders per October 2, 2020	Shares	%
1	Datum Group	52 130 865	13,0 %
	2 Northzone Ventures Norway AS	48 033 280	12,0 %
ന	AS Real-Forvaltning	30 208 910	7,6 %
ব	Creandum III LP	27 133 260	6,8 %
5	Microsoft Global Finance	20 820 000	5,2 %
6	Citigroup Global Markets Inc.	13 500 000	3,4 %
7	Versvik Invest AS	12 962 076	3,2 %
8	Newbrott AS	8 256 000	2,1 %
ರಿ	J.P. Morgan Bank Luxembourg S.A.	7 600 000	1,9 %
10	MP Pensjon PK	6 590 184	1,6 %
11	Glitrafjord AS	6 000 000	1,5 %
12	Gamification AS	5 507 777	1,4 %
13	Morgan Stanley & Co. LLC	5 237 242	1,3 %
	14 Verdipapirfondet DNB Norden	5 200 948	1,3 %
15	J.P. Morgan Bank Luxembourg S.A.	5 200 000	1,3 %
16	KAM Holding AS	4 983 013	1,2 %
17	Sanden AS	4 340 000	1,1 %
	18 Verdipapirfondet Norge Selektiv	3 846 829	1,0 %
19	Goldman Sachs & Co. LLC	3 655 425	0,9 %
20	Patrick Marchal AS	3 310 440	0,8 %
	Other	124 979 014	31,3 %
	Total outstanding shares	399 490 263	100,0 %
	Outstanding share options	17 155 725
	Total no. of shares (fully diluted)	416 645 988

Kahoot! share information

	Ticker
Oslo Stock Exchange (Merkur Market):	KAHOOT-ME
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOTME:NO
Number of shares:	399,490,263
Outstanding share options:	17,155,725
Total no. of shares (fully diluted):	416,645,988
Free float:	>95%
Share price (October 2, 2020):	NOK 48.00
Average daily trading volume YTD (shares):	878,000
Market Cap total (October 2, 2020):	NOK 19.2bn

www.kahoot.com/investor