“CONTINUED GROWTH AND HIGH MARGINS”
Second quarter: 1 April – 30 June
- Total revenue increased by 31% to EUR 59.3 million (45.4). On a constant currency basis, the revenue growth was 33%.
- Adjusted operating profit (EBIT) increased by 31% to EUR 48.4 million (37.1), with a margin of 82% (82). Adjustments mainly comprise IPO-related expenses and severance pay to the former Group CEO.
- Profit for the period amounted to EUR 45.7 million (32.0), and fully diluted earnings per share amounted to EUR 0.158 (0.111).
- Cash flow from operating activities amounted to EUR 43.1 million (26.9).
Year to date: 1 January – 30 June
- Total revenue increased by 29% to EUR 116.9 million (90.4). On a constant currency basis, the revenue growth was 35%.
- Adjusted operating profit (EBIT) increased by 29% to EUR 95.9 million (74.4), with a margin of 82% (82). Adjustments mainly comprise IPO-related expenses and severance pay to the former Group CEO.
- Profit for the period amounted to EUR 91.2 million (62.1), and fully diluted earnings per share amounted to EUR 0.315 (0.212).
- Cash flow from operating activities amounted to EUR 88.8 million (67.6).
Key events during the second quarter of 2026
- Launch of 17 (11) in-house developed games and of 17 (11) games developed by third party studios on the Hacksaw game development platform (OpenRGS).
- Good Times Studios and Aloha Gaming joined as partner studios to OpenRGS.
- Hacksaw’s games were made available in several new locally licensed jurisdictions, including Slovenia and Paraguay.
- Ana Vrabic Verdir, Board member of Hacksaw AB, was appointed Interim Group CEO.
- On 27 April 2026, the annual general meeting resolved on a dividend of EUR 0.40 per share, or a total of EUR 116 million, which was paid out in May.
Key events after the second quarter
- Hacksaw secured a supplier registration in Alberta, Canada, enabling Hacksaw to support licensed operators in the region.
Summary of results and key figures
| (Amounts in EUR thousands unless otherwise stated) | Apr-Jun | Jan-Jun | LTM | Full-year | |||||
| 2026 | 2025 | % | 2026 | 2025 | % | Jul-Jun | 2025 | ||
| Total revenue | 59,294 | 45,415 | 31% | 116,905 | 90,373 | 29% | 224,012 | 197,481 | |
| Adjusted operating profit (EBIT)* | 48,431 | 37,101 | 31% | 95,879 | 74,380 | 29% | 182,911 | 161,412 | |
| Adjusted operating margin (EBIT margin)* | 82% | 82% | 82% | 82% | 82% | 82% | |||
| Items affecting comparability | 752 | 2,325 | 786 | 2,597 | 2,175 | 3,986 | |||
| Profit for the period | 45,728 | 31,986 | 43% | 91,226 | 62,101 | 47% | 171,960 | 142,835 | |
| Earnings per share before dilution, EUR | 0.158 | 0.111 | 42% | 0.315 | 0.212 | 49% | 0.599 | 0.496 | |
| Diluted earnings per share, EUR | 0.158 | 0.111 | 43% | 0.315 | 0.212 | 49% | 0.599 | 0.496 | |
| Cash flow from operating activities | 43,106 | 26,862 | 60% | 88,771 | 67,623 | 31% | 173,219 | 152,070 | |
* Adjusted primarily for advisory expenses related to the initial public offering and severance pay to the former Group CEO. For more information, please refer to Note 5: Items affecting comparability.
CEO’s comments
It is both a pleasure and a privilege to present my first report as Interim Group CEO of Hacksaw. Over the last months, I have now had the opportunity to witness firsthand the dedication, talent, and entrepreneurial spirit that drive our success day-to-day, and the value provided by our RGS platform, both to our own game development and to operators and partner studios building on it. Stepping into a management role has given me an even greater appreciation and confidence for these exceptional strengths that we have demonstrated once again with great results in the second quarter.
The strong revenue growth from previous quarters continued in Q2. For the 12-month period ending 30 June 2026, our revenue reached EUR 224 million, an increase of 31 percent on a reported basis, and 37 percent on a constant currency basis, compared with the 12-month period ending on 30 June 2025.
During the quarter, we have increased our in-house game release cadence from four to five games per month, which reflects our new normalised level. The team’s ability to release 17 games in-house this past quarter is an impressive demonstration of both scale and execution. An additional 17 games were released on the OpenRGS platform by partner studios. During the quarter, we onboarded two new studios: Good Times Studios and Aloha Gaming, which means that we now have eleven studios on the OpenRGS platform.
Our commercial team successfully closed 106 deals this quarter. 63 of them represent new clients. In addition, our games were made available through operators in several new locally licensed jurisdictions: Slovenia and Paraguay. Our content is now provided in more than 40 locally licensed markets worldwide. Following the end of the quarter, we secured supplier approval in Alberta, Canada, under the new licensing framework, allowing us to provide our games to licensed operators in the newly regulated jurisdiction.
We continue to deliver strong earnings and high margins, with an adjusted EBIT margin of 82 percent, in line with the previous quarter. The solid profitability is explained by a high release cadence of games, in-house and on OpenRGS, as well as successful monetisation on these games.
As resolved at the annual general meeting in April, we distributed a dividend to our shareholders of EUR 0.40 per share, or EUR 116 million in total. This represents 81 percent of 2025 earnings.
I am very pleased with our achievements in the second quarter. They are powered by a solid release cadence of in-house developed games, a best-in-class OpenRGS platform, strong commercial momentum and a highly dedicated team. We operate in a large, growing, and global market. This makes me comfortable in our ability to continue delivering on our business strategy.
Ana Vrabic Verdir,
Interim Group CEO
Invitation to webcast and telephone conference
The interim report will be presented via webcast and telephone conference on 21 July 2026 at 09:30 (CET).
Webcast: https://hacksaw.events.inderes.com/q2-report-2026/register
Telephone conference: https://events.inderes.com/hacksaw/q2-report-2026/dial-in
After registration to the telephone conference via the above link, you will be provided with telephone numbers and a conference ID to access the conference.
For more information, please contact:
Mikael Rahm, Group CFO
E-mail: ir@hacksawgroup.com
This information is information that Hacksaw is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-21 07:30 CEST.
About Hacksaw
Hacksaw AB (publ) is a B2B technology platform and game development company. The scalable and modular platform, built on a modern code base, enables rapid development and distribution of games. Games developed by Hacksaw comprise digital slots, scratch cards, and instant win games. We operate across the whole B2B iGaming value chain, from game development to distribution and our customers comprise some of the largest private and state-owned iGaming operators in the industry. Hacksaw’s shares are listed on Nasdaq Stockholm (HACK).