Kahoot! ASA

Investor Presentation • May 6, 2021

Make learning awesome

Q1 2021 presentation May 6, 2021

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

Why everyone loves Kahoot!

Embraced by 8m 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

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 Q1 2021

• Strong growth on the Kahoot! platform with more than 28m active accounts last twelve months representing 68% YoY growth per Q1 2021
• Continued growth in paid subscriptions, reaching more than 760K in Q1 2021, an increase of 85K paid subscriptions from Q4 2020. The YoY growth in paid subscriptions including acquired units was 277% (560K) per Q1 2021 vs. Q1 2020
• Q1 2021 invoiced revenue YoY growth of 195% to \$19.1m, up from \$6.5m in Q1 2020. The QoQ invoiced revenue growth was 9% in Q1 2021
• Positive cash flow from operations of \$5.4m in Q1 2021, compared to \$1.1m in Q1 2020
• EBITDA for Q1 2021 (not including share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost preparations) was \$3.7m, representing 22.7% adjusted EBITDA margin
• Solid financial cash position of \$254m per Q1 2021. The company has no interest-bearing debt
• In Q1 we completed the acquisition of Whiteboard.fi, the engaging online whiteboard tool for teachers and classrooms. In April we completed the acquisition of Motimate to strengthen Kahoot!'s offerings in employee engagement and corporate learning

277%

YoY growth in paid subscriptions per Q1

195% Q1 YoY growth in invoiced revenue

28% Q1 cash conversion from invoiced revenue

Kahoot! Group accelerating momentum

Invoiced revenue 2)

Kahoot! Group reached more than 760K paid subscriptions in Q1 2021, an increase of 85K from Q4 2020, whereof 44K Kahoot! licenses. The YoY growth including acquisitions, was 277% (approx. 560K) per Q1 2021 vs. Q1 2020. Subscription categories: 255K Work (including 131K active Actimo licenses), 275K School (including 6K Whiteboard), and 230K Home and Study (including 48K DragonBox math curriculum and 130K Drops language learning)

1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including Actimo, Drops and Whiteboard 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, USA and Canada represent approx. 46% of invoiced revenue and Europe approx. 41% in Q1 2021

Kahoot! Platform – continued growth

The user growth on the Kahoot! platform in the last twelve months continued, with more than 28m active accounts (68% YoY growth). Number of hosted games last twelve months was 279m (28% YoY growth) with 1.6bn participants (24% YoY growth) Paid subscriptions on core Kahoot! had YoY growth of 142%

Key financial figures development

	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20	Q4'19	03.19	Q2'19	Q1'19
Invoiced revenue	19.1	17.5	11.6	9.6	6.5	5.3	3.4	2.3	2.0
Invoiced revenue growth QoQ	1.6	5.9	2.0	3.1	1.1	1.9	1.1	0.3	0.3
Invoiced revenue growth QoQ %	વે જેવ	50 %	21 %	49 %	21 %	56 %	48 %	15 %
Revenue and operating income	16.2	12.0	9.2	5.7	4.2	2.8	3.1	1.4	1.2
Net cash flow from operations	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	28 %	40 %	45 %	41 %	17 %	27 %	-17 %	-63 %	-94 %
Cash and cash equivalents	253.6	256.1	72.5	73.4	34.0	40.9	13.4	24.7	26.5
Full time employee equivalents	204	182	127	128	120	110	100	73	62

• 195% Q1 YoY invoiced revenue growth
• Continued QoQ growth in Invoiced revenue and operating revenue
• Strong cash flow from operations representing 397% Q1 YoY growth
• Continued efforts to develop the company, adding product, development and commercial talents

Condensed profit and loss statement

	Q1 2021	Q1 2020	FY 2020
Total revenue and other operating income	16.2	4.2	31.0
Cost of sales	1.3	0.4	3.8
Employee benefit expenses	9.6	2.8	31.6
Other operating expenses	6.4	1.9	11.6
Total operating expenses	17.4	5.1	47.0
EBITDA before adjustments	-1.2	-0.9	-15.9
Share based payment expenses	2.1	0.1	3.1
Social security tax share based payments	1.3	-0.2	14.2
Acquisition transaction and listing cost	1.4	0.0	1.0
EBITDA adjusted	3.7	-1.0	2.3
Adjusted EBITDA margin (%)	22.7 %	-22.6 %	7.5 %

• Q1 2021 total revenue of \$16.2m, an increase of \$12.0m from Q1 2020 representing 284% YoY growth
• Employee benefit expenses excluding share-based payments and related social security taxes amounted to \$6.2 million in Q1 2021. The increase from Q1 2020 is mainly due to increased number of employees including effect of acquired companies
• EBITDA adjusted for share-based compensation expenses and related payroll taxes, acquisitionrelated expenses and listing cost preparations was \$3.7m for Q1 2021, compared to -\$1.0m for Q1 2020
• Adjusted EBITDA margin of 22.7% for Q1 2021

Condensed balance sheet

	31.03.2021 31.03.2020		31.12.2020
Goodwill	82.3	16.8	77.7
Intangible assets	35.5	7.2	34.4
Property, plant and equipment	0.4	0.3	0.4
Right-of-use assets	3.0	2.5	3.2
Total non-current assets	121.1	26.7	115.7
Trade receivables	3.7	1.3	2.7
Other current assets	3.2	1.1	3.3
Cash and cash equivalents	253.6	34.0	256.1
Total current assets	260.5	36.4	262.1
Total assets	381.6	63.1	377.8
Total equity	287.6	46.1	288.4
Lease liabilities	2.1	2.0	2.3
Deferred tax liability	6.1	1.1	5.8
Other non-current liabilities	10.1	0.0	15.4
Total non-current liabilities	18.3	3.1	23.6
Lease liabilities	1.0	0.5	1.0
Trade payables	2.3	1.0	1.8
Contract liabilities (deferred revenue)	30.7	7.6	27.9
Other current liabilities	41.9	4.7	35.1
Total current liabilities	75.8	13.9	65.8
Total equity and liabilities	381.6	63.1	377.8

• The increase in goodwill and intangible assets In Q1 2021 is due to the acquisition of Whiteboard
• Strong cash position of \$254m per 31 March 2021
• Deferred revenue reached \$30.7m per the end of Q1 2021, compared to \$7.6m per the end of Q1 2020, an increase of \$23.0m
• Solid balance sheet with no interest-bearing debt and equity ratio of 75%

Cash flow statement

	Q1 2021	Q1 2020	FY 2020
Net cash flow from operating activities	5.4	1.1	17.4
Net cash flow from investing activities	-7.5	-0.1	-34.4
Net cash flow from financing activities	-0.2	-1.2	231.1
Net change in cash and cash equivalents	-2.3	-0.2	214.1
Cash and cash equivalents at begin. of period	256.1	40.9	40.9
Effects of exchange rate changes on cash	-0.2	-6.7	1.2
Cash and cash equivalents at end of period	253.6	34.0	256.1

• Strong development in cash flow from operations, improved with \$4.3m in Q1 2021 compared to Q1 2020
• Cash flow from investing activities in Q1 2021 was -\$7.5 million mainly due to the acquisition of Whiteboard and payment of earn-out consideration for the Drops acquisition

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

• For the first half year 2021, the Kahoot! Group expects invoiced revenues to exceed \$40m
• For the full year 2021, the Kahoot! Group reiterate the ambition to reach \$90-100m in invoiced revenues with continued solid positive cash flow from operations and one million paid subscriptions
• The company will continue to explore non-organic growth initiatives
• In addition, the company will explore the opportunity for a secondary listing during 2021

Kahoot! ambitions next three years

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

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

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

All prices per presenter/host per month

I n t r o d u c i n g

Business suite Q 4 2 0 1 9

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

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

a t s c h o o l

All schools (K- 12 )

\$ 1 / \$ 3 / \$ 6 P remium edit ions

All prices per teacher per month

Higher Education

\$ 5 / \$ 1 0 / \$ 1 5

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

a t w o r k

For p ro fe ssio nals

\$ 1 0 / \$ 2 0 / \$ 4 ⁰

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

10m+

are using Kahoot! at home with over 100 million games

Premium subscription for awesome learning for the entire family

& algebra

Language learning for everyone from 8 years and above

played by families Study at home at home Learn math Learn

to read

Engage communities Premium features and content for any occasion

with flashcards, tests and challenging friends

Introducing

Language Learning

The Kahoot! app will read out questions and answers for self-study, supporting over 30 languages.

Global learning unleashed!

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

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

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 8 million teachers globally

Next level engagement with Bitmoji

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

Over 800K daily users!

400% user growth the last 6 months reaching more than 7 million unique monthly users

8m+

monthly players enjoying kahoots created by our partners

Kahoot! Publisher Premium subscription for publishers and content creators

Premium learning content for students in the classroom and at home

Marketplace

Partnering with leading publishers and organizations

8m+

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

Marketplace for educators (Launching 2021)

9:41
	Amusing Algebra
Kahoot list	Courses	Community
Algebra is everywhere
0 127 likes [ 16 comments @ 327 views
Course information
This training course gives you a brief introduction to the algebra basic understanding.

Kahoot! Academy connect Community & Network

Embraced by over 20 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

Kahoot! at work - for all 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

Team building mode, employee engagement tools "

Q1: New and existing customers are making learning awesome

Engagement & Communication

Company culture

97% of the Fortune 500 are Kahoot!'ing at work

Interactive

meetings

presentations &

Training & development

A better experience for all learners

Start your kahoot session directly from within your PowerPoint presentation!

to Kahoot! 360 for work and professionals

The transition from presenter centric to including everyone within the organization

Introducing

The enterprise engagement toolbox

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

Over 130K monthly active users

The Employee Engagement platform for remote employees

Employee Engagement

Helping more than 220 premium brands reaching 300K+ employees in 80 countries

Selected new and recurring customers in Q1

Over 120K monthly active users

Learning made fun, easy and rewarding for everyone

Over 230 companies & organizations in over 35 countries are already happily Motimating away

Employee Engagement

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, 275m games played last 12 months with 1.6bn 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 750k paid subscriptions

Launched first platform service

Acquisition of Actimo, Drops, Whiteboard.fi and Motimate

250+ employees

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 447.7m registered common shares and more than 28,000 shareholders. The shares are listed on Oslo Stock Exchange with ticker code KAHOT

	Shareholders per May 4, 2021	Shares (m)	0/0
1	SoftBank	71.0	15.9 9
2	Datum Group	52.1	11.6 9
3	Glitrafjord	40.2	9.0 %
বা	The Bank of New York Mellon	20.8	479
5	Creandum III LP	20.0	4.5 9
	6 Citigroup Global Markets Inc.	13.5	3.0 %
1	Versvik Invest AS	13.0	299
	8 State Street Bank and Trust Comp	10.7	24 9
ு	Newbrott AS	7.6	1.7 °
10	State Street Bank and Trust Comp	6.3	1.4 %
11	Gamification AS	52	1.2 °
12	MP Pensjon PK	5.1	1.1 9
13	Nordnet Bank AB	4 8	1.1 9
14	Sanden AS	4 3	1.0 %
	15 The Bank of New York Mellon SA/NV	3.5	0.8 9
16	Adrian AS	32	0.7 °
	17 The Bank of New York Mellon SA/NV	3.1	0.7 °
18	J.P. Morgan Bank Luxembourg S.A.	3.0	0.7 9
19	J.P. Morgan Bank Luxembourg S.A.	29	0.6 9
20	Skøien AS	2.8	0.6 9
	Other	154 6	34.5 9
	Total outstanding shares	447.7	100.0 9
	Outstanding share options	20.0
	Total no. of shares (fully diluted)	467.7

Oslo Stock Exchange:	KAHOT
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOT.OL
Bloomberg:	KAHOOT:NO
Number of registered shares:	447,689,510
Outstanding share options:	20,047,850
Total no. of shares (fully diluted):	467,737,360
Share price (May 4, 2021):	NOK 76.85
Avg. daily trading volume YTD (shares):	2,192,000
Market Cap total (May 4, 2021):	NOK 34.4bn

www.kahoot.com/investor