Kahoot! ASA

Investor Presentation • Oct 2, 2020

Make learning awesome

Q3 2020 Trading update - Please see notice to market for all details October 2nd, 2020

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 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 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 21m+

• 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 (in millions)

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 (in millions USD)

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

Kahoot! 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 September 30, 2020	Shares	%
	1 Datum Group	52 130 865	13,0 %
	2 Northzone Ventures Norway AS	48 033 280	12,0 %
	3 AS Real-Forvaltning	30 208 910	7,6 %
	4 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 %
	9 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	5 232 242	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 1, 2020):	NOK 45.80
Average daily trading volume YTD (shares):	862,800
Market Cap total (October 1, 2020):	NOK 18.3bn

Summary

Join the Kahoot! journey

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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

www.kahoot.com/investor

About Kahoot!

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 3 Billion

2020 YTD

4.5 Billion

Expanding commercial offerings in all segments, reaching 360K paid subscriptions

Introduced first embeddable service for publishers

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

To play Kahoot! is to promote Kahoot!

The Kahoot! viral business model generates over 1m new accounts and over 2m 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 100K+ 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 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

EDU Family Publishing & Distribution Introducing 2020

Family Introducing

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

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

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

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

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

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

Publishing & Distribution Introducing

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

Kahoot! publishing & distribution

Engaging audiences globally

6.5 million players across 200+ countries

Viral network effect

We now offer fun and engaging Kahoot! content specially created " to be used with many of our titles.

The Kahoot! platform is ideal for the learning goals of LaunchPacks.

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

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

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

Kahoot! is built into our organizational culture

Team building mode, employee engagement tools "

Make learning awesome

www.kahoot.com/investor