Make learning awesome

Q2 2021 Presentation August 19 2021

Gamification Lifelong learning

ESG commitments driving focus on education and inclusiveness

New ways to create, share and consume information

Global megatrends and technology is reshaping education

Hybrid teaching and learning

Accelerating demand for workforce upskilling and reskilling

Trends shaping learning and learners

Rising need for soft skills, social- emotional learning K12 and Higher Ed shifting to digital

Short attention spans!

Fun and engaging learning

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

Why everyone loves Kahoot!

Embraced by 9m 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

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

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 distribution model generates millions of new accounts and app downloads every month

Kahoot! Group highlights Q2 2021

Strong growth on the Kahoot! platform with 29m active accounts last twelve months representing 43% YoY growth
Continued growth in paid subscriptions, reaching 933K in Q2 2021, an increase of 173K from Q1 2021 whereof the acquired unit Motimate contributed with 140K. The net organic growth was 33K whereof 21K on the Kahoot! Platform. Kahoot! At School representing the main growth reaching 295K, Kahoot! At Home reaching 234K and Kahoot! At Work reaching 403K. The YoY increase in paid subscriptions, including acquisitions was 663K, representing 246% growth YoY.
Invoiced revenue in Q2 of \$20.6m, up 114% YoY. Invoiced revenue in 1H of \$39.6m, up 147% YoY
ARR (Annual Recurring Revenue) of \$75m, up 200% YoY
Positive adjusted cash flow from operations of \$5.0m in Q2 2021, compared to \$3.9m in Q2 2020
EBITDA for Q2 2021 (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) of \$4.2m, representing 22.6% adjusted EBITDA margin
Solid financial cash position of \$440m per Q2 2021, no interest-bearing debt in the company
Completed the acquisition of Motimate to strengthen Kahoot!'s offerings in employee engagement and corporate learning, and announced the acquisition of Clever

246%

YoY growth in paid subscriptions per Q2

114% Q2 YoY growth in invoiced revenue

24%

Q2 cash conversion from invoiced revenue

Kahoot! Group accelerating momentum

Invoiced revenue 2)

Reached 933K paid subscriptions in Q2 2021, an increase of 173K from Q1 2021, whereof the acquired unit Motimate contributed with 140K. The net organic growth was 33K whereof 21K on the Kahoot! Platform. Kahoot! At School representing the main growth reaching 295K, Kahoot! At Home reaching 234K and Kahoot! At Work reaching 403K. The YoY increase in paid subscriptions, including acquisitions was 663K, representing 246% growth YoY.

1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including new units from the time of acquisition 2) Conversion to paid subscriptions in all segments from customers in more than 150 countries

Kahoot! Group invoiced revenue per region

Kahoot! has paying subscribers in more than 150 countries, whereof Europe represents 48% as the biggest region and expecting USA and Canada to continue the QoQ growth in Q3 with continued positive development in other regions.

Kahoot! Platform – continued growth

The user growth on the Kahoot! platform in the last twelve months continued, with 29m active accounts (43% YoY growth). Number of hosted games last twelve months was 303m (44% YoY growth) with 1.8bn participants (24% YoY growth), and 85% YoY growth on core Kahoot! paid subscriptions.

Key financial figures development

	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20	Q4'19	Q3'19	Q2'19	Q1'19
Invoiced revenue	20.6	19.1	17.5	11.6	9.6	6.5	5.3	3.4	2.3	2.0
Invoiced revenue growth QoQ	1.5	1.6	5.9	2.0	3.1	1.1	1.9	1.1	0.3	0.3
Invoiced revenue growth QoQ %	8%	9%	50 %	21 %	49 %	21 %	56 %	48 %	15 %	20 %
Invoiced revenue growth YoY	11.0	12.6	12.2	8.2	7.3	4.5	3.6	2.5	1.7	1.7
Invoiced revenue growth YoY %	114 %	195 %	230 %	241 %	317%	222 %

Revenue and operating income	18.4	16.2	12.0	9.2	5.6	4.2	2.8	3.1	1.4	1.2
Cost of sales	1.7	1.3	1.4	1.4	0.7	0.4	0.3	0.2	0.2	0.1
Employee benefit expenses ¹⁾	6.5	6.2	5.7	2.4	3.9	2.9	2.5	2.2	1.6	1.8
Other operating expenses ²⁾	6.1	5.0	4.1	2.3	2.3	1.9	1.9	1.4	1.5	1.3
Total cost	14.2	12.5	11.2	6.1	6.8	5.2	4.7	3.8	3.3	3.2

Net cash flow from operations 3)	5.0	5.4	7.0	5.2	3.9	1.1	1.4	$-0.6$	$-1.5$	$-1.9$
Cash flow from oper. in % of invoiced	24 %	28 %	40 %	45 %	41 %	17%	27%	$-17%$	$-63%$	$-94%$
Cash and cash equivalents	440.5	253.6	256.1	72.5	73.4	34.0	40.9	13.4	24.7	26.5
Employee full time equivalents	244	204	182	127	128	120	110	100	73	62

1) corresponding period Adjusted for share-based compensation expenses and related payroll taxes 2) Adjusted for acquisition-related expenses, and listing cost preparations 3) Adjusted for cash out flow for expenses related to acquisitions

114% Q2 YoY invoiced revenue growth
\$23.6m YoY increase in invoiced revenue for the first half 2021
Continued QoQ growth in invoiced revenue and operating revenue
Scalable business model with increased leverage; Infrastructure cost for both free and paid users included in our current cost base
Continued strong net cash flow from operations, up more than 100% YoY per 1H 2021
Trailing 12-month invoiced revenue of \$68.8m vs. total cost of \$44.1m for the

Condensed profit and loss statement

	Q ₂ 2021	Q ₂ 2020	H ₁ 2021	H ₁ 2020	FY 2020
Total revenue and other operating income	18.4	5.6	34.6	9.8	31.0
Cost of sales	1.7	0.7	3.1	1.1	3.8
Employee benefit expenses	1.0	5.4	10.7	8.3	31.6
Other operating expenses	7.7	2.3	14.0	4.1	11.6
Total operating expenses	10.4	8.4	27.8	13.5	47.0
EBITDA before adjustments	8.0	$-2.8$	6.8	$-3.7$	$-15.9$
Share based payment expenses	1.8	0.4	3.9	0.5	3.1
Social security tax share based payments	$-7.3$	1.2	$-5.9$	1.0	14.2
Acquisition transaction and listing cost	$1.6\,$	0.0	3.0	0.0	1.0
EBITDA adjusted	4.2	$-1.2$	7.8	$-2.2$	2.3
Adjusted EBITDA margin (%)	22.6 %	$-22.0%$	22.7 %	$-22.2%$	7.5%

Continued strong Q2 YoY revenue growth of 230%, an increase of \$12.8m to \$18.4m
Employee benefit expenses of \$1.0m in Q2 2021 compared to \$5.4m in Q2 2020. The low Q2 2021 cost is due to \$5.5m reversed provision for social security taxes on vested share options, which give an operational cost base on Employee benefit expenses of \$6.5m in Q2.
Q2 EBITDA improved by \$10.8m YoY
Q2 EBITDA adjusted for share-based compensation expenses and related payroll taxes, acquisition-related expenses and listing cost improved by \$5.2m YoY
Adjusted EBITDA margin of 22.6% for Q2 2021

Condensed balance sheet

	30.06.2021	30.06.2020	31.12.2020
Goodwill	99.7	18.1	77.7
Intangible assets	45.8	7.3	34.4
Property, plant and equipment	0.4	0.3	0.4
Right-of-use assets	2.7	2.5	3.2
Total non-current assets	148.6	28.3	115.7
Trade receivables	5.1	0.6	2.7
Other current assets	5.4	1.3	3.3
Cash and cash equivalents	440.5	73.4	256.1
Total current assets	451.0	75.2	262.1
Total assets	599.6	103.5	377.8
Total equity	505.4	73.8	288.4
Lease liabilities	1.9	2.1	2.3
Deferred tax liability	8.0	1.2	5.8
Other non-current liabilities	13.1	0.0	15.4
Total non-current liabilities	23.0	3.2	23.6
Lease liabilities	0.9	0.5	1.0
Trade payables	3.1	0.8	1.8
Contract liabilities (deferred revenue)	33.5	11.8	27.9
Other current liabilities	33.7	13.4	35.1
Total current liabilities	71.2	26.5	65.8
Total equity and liabilities	599.6	103.5	377.8

The increase in goodwill and intangible assets In the first half 2021 is due to the acquisition of Whiteboard and Motimate
Strong cash position of \$440m per the end of Q2 2021
Deferred revenue reached \$33.5m per the end of Q2 2021, compared to \$11.8m per the end of Q2 2020, an increase of \$21.7m
Solid balance sheet with no interest-bearing debt and equity ratio of 84%

Cash flow statement

	Q ₂ 2021	Q2 2020	H ₁ 2021	H ₁ 2020	FY 2020
Net cash flow from operating activities	3.4	3.9	8.9	5.0	17.4
Net cash flow from investing activities	$-12.0$	0.0	$-19.5$	$-0.1$	$-34.4$
Net cash flow from financing activities	195.6	32.7	195.4	31.5	231.1
Net change in cash and cash equivalents	187.0	36.6	184.8	36.4	214.1

Cash and cash equivalents at begin. of period	253.6	34.0	256.1	40.9	40.9
Effects of exchange rate changes on cash	$-0.1$	2.8	$-0.4$	$-3.9$	1.2
Cash and cash equivalents at end of period	440.5	73.4	440.5	73.4	256.1
Adjusted cash flow from operating activities ¹⁾	5.0	3.9	10.4	5.0	17.4

1) Adjusted for cash out flow for expenses related to acquisitions

Continued strong cash flow from operations1) exceeding \$10m for the first half of 2021
Cash flow from investing activities in H1 2021 was -\$19.5 million mainly due to the acquisitions of Whiteboard and Motimate, including payment of earn-out considerations for the Actimo and Drops acquisitions.

Forward looking statement

	Kahoot! FY 2018	Kahoot! FY 2019	Kahoot! FY 2020	Kahoot! FY 2021	Clever FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$90-100m	\$44m
Paid subscriptions*	46K	170K	675K	1.1m

For the full year 2021, the Kahoot! Group reiterates the ambition to reach \$90-100 million in invoiced revenues with continued solid positive cash flow from operations and to reach 1.1 million paid subscriptions. For the third quarter 2021, the Kahoot! Group expects invoiced revenue of \$22 million, representing approx. 90% YoY growth, and to reach 1 million paid subscriptions.
Financial effects from the announced Clever acquisition are not included in the forward looking statement. Forward looking statement reflecting Clever will be presented following the closing of the transaction.
The Company will explore the opportunity for a secondary listing, with timing of the listing being subject inter alia to the closing of the Clever transaction.

*Including acquired units

*Kahoot! Group ambitions will be updated to include Clever after closing of the transaction

1) Not including Home & Study subscriptions

2) Not including ARR from future acquisitions

Summary

Join the Kahoot! journey

Parent

kahoot.com/school kahoot.com/study kahoot.com/work kahoot.com/investor kahoot.com/home

Stay up to date, visit kahoot.com/news

Kahoot! shareholder overview

Kahoot! ASA has a total of 472.7m common shares and more than 37,000 shareholders. The shares are listed on Oslo Stock Exchange with ticker code KAHOT

	Shareholders per August 16, 2021	Shares (m)	%
1	SoftBank	82.3	17.4 %
2	Glitrafjord	41.2	8.7%
3	Datum Group	40.1	8.5%
4	State Street Bank and Trust Comp	20.3	4.3%
5	Creandum III LP	20.0	4.2%
6	Citigroup Global Markets Inc.	13.5	2.9%
7	The Bank of New York Mellon	12.8	2.7%
	8 Versvik Invest AS	12.6	2.7%
9	State Street Bank and Trust Comp	8.7	1.8%
10	Newbrott AS	7.6	1.6%
11	Nordnet Bank AB	6.2	1.3%
	12 UBS AG	6.0	1.3%
13	Euroclear Bank S.A./N.V.	5.6	1.2%
	14 MP Pensjon PK	5.4	1.1%
15	Gamification AS	5.2	1.1%
	16 J.P. Morgan Bank Luxembourg S.A.	5.1	1.1%
17	The Bank of New York Mellon SA/NV	4.7	1.0%
18	Sanden AS	4.5	0.9%
	19 Pershing LLC	3.7	0.8%
20	J.P. Morgan Bank Luxembourg S.A.	3.7	0.8%
	Other	163.4	34.6 %
	Total outstanding shares	472.7	100.0 $%$
	Outstanding share options	21.5
	Total no. of shares (fully diluted)	494.2

Oslo Stock Exchange:	KAHOT
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOT.OL
Bloomberg:	KAHOOT:NO
Number of common shares:	472,689,510
Outstanding share options:	21,545,850
Total no. of shares (fully diluted):	494,235,360
Share price (August 17, 2021):	NOK 37.20
Avg. daily trading volume YTD (shares):	2,905,000
Market Cap total (August 17, 2021):	NOK 17.6bn

Company Overview

Attention, engagement and knowledge sharing

Empower self-study and challenge your friends!

Choose game mode!

Over 100m user generated kahoots available, with more than 1.8bn participating players last 12 months

Making learning awesome!

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

Available in Japanese, Turkish, Polish, Dutch,English, Spanish, Portuguese (BR), French, Norwegian, German & Italian

Distribute and play kahoots directly from the Microsoft Teams App

Text to speech in 37 languages - for selfstudy and language learning

Choose between over 80m images from

Personalize your kahoots with

Global learning unleashed!

The Kahoot! app and live game just launched in Japanese, Turkish, Polish and Dutch, in addition to the 7 languages already available: English, Spanish, Portuguese (BR), French, Norwegian, German & Italian

Also launching in Arabic and simplified Chinese second half 2021

Kahoot! App in 11 languages

Community for teachers and content partners

Student Study Leagues

Enhancing the Kahoot! learning experience

Selected new product and feature releases last 12 months

Enhancing the enterprise employee experience

mode with text to speech

Language learning With Drops and the Kahoot! App Study

Kahoot! used for both personal use and for the entire family for engaged learning and knowledge sharing, inspiring millions of individuals

Free and from \$5 per user per month

Millions of teachers and thousands of educational institutions around the world are using premium editions to drive learning and engage students

Free and from \$3 per teacher per month

All kinds of organisations are using Kahoot! at work to engage employees, connect teams, ensure training and build team spirit and corporate culture

From \$10 per user per month

at w or k

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

connect marketplace content partners

Over

10K

educational institutions have already deployed multiuser Kahoot! teacher licenses

Make lessons interactive

Equip IT admins with increased control, security & compliance

Elevate learning at

your entire school or

district

A collaborative, online whiteboard tool

at school

100s of millions of students

Embraced by over 9 million teachers globally

Next level engagement with Bitmoji

Awesome tools to visualize math and effective number talk sequences, designed for all teachers and educators

Why institutions upgrade to Kahoot! EDU

Provides powerful interactive teaching toolkit

All question types
Teachers Students ● Rich media (images, GIFs, audio, video)

Offers expanded student support

Expanded study tools
All kahoot creator features (Fall '21)

Scalable across teams, departments and faculties

SSO and integrations
IT Admins School & district ● School kahoot library

leaders

Creates school spirit and measures learning impact

Student-level assessment (Fall '21)
Large school branded games (2000 players)

Coming to Kahoot! EDU this fall

Classes

Lessons

Create or import class rosters. Share and assign kahoots to students

Combine kahoots with activities and content to enhance learning

Student creation

Deepen learning and skill development through creation and presentation

Student assessment

Follow individual student learning progress over time to assess or take attendance

Kahoot! EDU for K-12

➔ Attractive pricing options for getting started, predictable and site usage
➔ Centralized administration including SSO, user management and billing options

10m+

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

Premium subscription for awesome learning for the entire family

Learn math

& algebra

Language learning for everyone from 8 years and above

at home

Language Learning

Kahoot! App reads out questions and answers for all users,now supporting 30+ languages

Study at home

with flashcards, tests and challenging friends

$11:05 +$	副金
League Leaderboard ⊗
Oslo knowledge ² 14 games ² 13 players
Overall $\vee$	Medals $\vert \mathbf{v} \vert$
Christian Winsne @ 2 @ 3 @ 1
Jorge $\overline{2}$	828281
Alex	201

Kahoot! Kids: Fun learning experience for kids age 2-7

A safe and customized user experience, with world class read aloud technology.

Soon available in Arabic and simplified Chinese, in addition to the 11 languages already on the Kahoot! app

Enhanced learning experience with premium IP

Available on Amazon Appstore

Apple Schoolwork features make teaching with Kahoot! even more awesome

Engage with Kahoot! directly in Microsoft Teams and Powerpoint

Accelerated growth through the Kahoot! partner ecosystem

Extending the Kahoot! experience with Google Classroom

Premium content partners

9m+

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

Marketplace coming soon

High quality, verified content

Kahoot! Academy connect Let's educators grow their own community to share knowledge

portal

Embraced by over 25 million

players monthly

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

Aimee Copple

Premium learning content

By verified educators and publishers to engage students

Jayden Massey
Kahoot

marketplace

Premium, high quality, ready-to-use content to make learning awesome at school, at home and at work!

New and existing customers are making learning awesome

Engagement & Communication

Company culture

Training & development

A better experience for all learners

The transition from presenter centric to including everyone within the organization

Introducing

The complete solution for Employee Engagement

For all employees, to empower all individuals and teams to create, share and join engaging learning experiences and build organizational knowledge, including team spirit and company culture, corporate Learning, audience engagement!

Main features

Build team spirit by creating and hosting session to everyone in the organisation and amongst peers
Complete training courses individually or as teams
New team building experiences for live sessions and self-paced training
Ability for mandatory training and polls with full reporting including identity management
Enhanced cross-organization aggregated reporting
Proprietary company content library with access to 3rd party content from partners and consultants

From

per employee per month

For larger organization Kahoot! 360 Spirit Premium available from \$9 per employee per month

Full launch and general availability in Q2 2021

releases 30+ million app downloads

Latest content

* 1st Language App to offer all 3 African Languages (Swahili, Igbo & Yoruba)

Climate Change

Animal Sounds

African Languages*

Free for 5 minutes a day & premium subscriptions from \$9.99 per month available

Millions of awesome teachers and students are using Whiteboard monthly!

Online whiteboard tool!

Free & premium subscription from \$4.99 per month

Live collaboration Instant formative assessment Engage everyone!

Over 130K monthly active users

The Employee Engagement platform for remote employees

Employee Engagement

Helping more than 230 premium brands reaching 300K+ employees in 80 countries

Selected new and recurring customers in Q2

Over 160K monthly active users

Learning made fun, easy and rewarding for everyone

Over 280 companies & organizations in over 35 countries are already happily Motimating away

Employee Engagement

Even better teacher tools!

Fun math and language learning at School

Student

Elevate learning at schools and districts

Kahoot! Kids

Tailored Kahoot! experience for 2-7 year olds

Next generation engagement for Google Meet, Microsoft Teams and Zoom

Launching 2021!

Marketplace

A new way for teachers and professionals to share and sell content

+

Network, share, engage!

Global expansion! Kahoot! app in Arabic and simplified Chinese

More releases to be announced…

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, 300m games played last 12 months with 1.8bn participating players

The Kahoot! journey

Development of cumulative nonunique players since launch

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

2013-17 2018 2019 2020-21

5 Billion

More commercial offerings, over 930k paid subscriptions

Launched first platform service

Acquisition of Actimo, Drops, Whiteboard.fi, Motimate and Clever (pending completion)

250 employees

Clever Update

Disclaimer: Please note that the transaction has not been completed

Completion of the transaction

With a focus on expanding our presence and offerings, in the second quarter we also announced the acquisition of Clever, Inc, the most used digital learning platform in U.S. K-12 (kindergarten to 12th grade) schools.
Completion of the Clever transaction is pending satisfaction of regulatory approval by The Committee on Foreign Investment in the United States ("CFIUS") and completion of the transaction is expected in the second half of the third quarter 2021.

Kahoot! will acquire Clever, a leading US K-12 EdTech learning platform

A Digital Classroom to Love

Founded in 2012 by CPO Dan Carroll, a former educator and CEO, Tyler Bosmeny and CTO Rafael Garcia, who saw from experience that the edtech boom was creating immense usability challenges for K-12 students, teachers, parents, and developers

The Clever platform was initially invented to give students & teachers single sign-on to all of their edtech resources – and has become the most popular learning platform for U.S. K-12 students

Today, Clever has 175+ employees (40% Prod/Eng), and are based in San Francisco, CA and Durham, NC

At \$44M in expected billed revenue 2021, Clever is just scratching the surface of monetization, and is uniquely positioned to win the biggest opportunities in education today

Clever Fall Updates

Released new experience for parents, Clever Messaging
Released first paid-to-schools offering, Clever IDM
New commercial partnership with Google Classroom just released to schools
Clever tracking meaningfully ahead of annual plan, just passed \$40M USD in ARR

Clever Parents

Clever has released a new messaging experience to bring parents onto the platform.

For the first time, parents can download the Clever app onto their Android and iOS devices and stay in touch with teachers while on-the-go!

AI Terminal

Kahoot! ASA

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