Hacksaw Interim Report | January – September 2026

STOCKHOLM, SE / ACCESS Newswire / November 3, 2026 / Hacksaw (STO:HACK) – “Broadening the offering with sustained high margins”

Third quarter: 1 July – 30 September

• Total revenue increased by 12% to 58.1 MEUR (52.0), also on a constant currency basis.
• Adjusted operating profit (EBIT) increased by 15% to EUR 48.3 million (42.1), with a margin of 83% (81). Adjustments mainly comprise bonuses relating to a new Long-term Incentive Programme.
• Profit for the period amounted to EUR 45.7 million (38.7), and fully diluted earnings per share amounted to EUR 0.158 (0.134).
• Cash flow from operating activities amounted to EUR 52.2 million (36.7).

Year to date: 1 January – 30 September

• Total revenue increased by 23% to EUR 175.0 million (142.4). On a constant currency basis, the revenue growth was 27%.
• Adjusted operating profit (EBIT) increased by 24% to EUR 144.2 million (116.5) with a margin of 82% (82). Adjustments mainly comprise IPO-related expenses, severance pay to the former Group CEO and bonuses relating to a new Long-term Incentive Programme.
• Profit for the period amounted to EUR 136.9 million (100.8), and fully diluted earnings per share amounted to 0.473 EUR (0.348).
• Cash flow from operating activities amounted to EUR 140.9 million (104.3)

Key events during the third quarter of 2026

• Launch of 19 (12) in-house developed games and 26 (15) games developed by third party studios on the Hacksaw game development platform (OpenRGS).
• Ana Vrabic Verdir, Board member and Interim Group CEO of Hacksaw AB, was appointed Group CEO.
• Launch of a new game vertical with the crash game Moneyplane.
• Zerplaay Games joined as partner studio to OpenRGS.
• Hacksaw’s games were made available in the new locally licensed jurisdictions Alberta, Canada and Buenos Aires City, Argentina.
• On 21 August 2026, an extraordinary general meeting resolved to cancel the incentive programme Key Employee LTIP 2026/2029:1 and replace it with Key Employee LTIP 2026/2029:2

Key events after the third quarter

• Publication of a preliminary financial and operational update for the third quarter of 2026 on 12 October 2026.
• Expanded presence through partnerships with Sazka Hry in the Czech Republic and Bally’s Intralot in the UK, and entered Connecticut with FanDuel.
• Launch of a B2B prediction markets platform, enabling operators to offer prediction markets through Hacksaw’s existing technology infrastructure and distribution network.
• The Board resolved to initiate a share buyback program of up to EUR 20 million, for a maximum duration of three months.

Summary of results and key figures

* Adjusted primarily for advisory expenses related to the initial public offering, severance pay to the former Group CEO and bonuses relating to a new Long-term Incentive Programme. For more information, please refer to Note 5: Items affecting comparability.

CEO’s comments
In the third quarter, Hacksaw continued to deliver strong profitability and cash generation while expanding our customer base, product portfolio, and presence in locally licensed markets. We took important steps beyond our core verticals with the launch of our first crash game and, shortly after the quarter, the announcement of Hacksaw Markets, our new B2B prediction markets platform.

Total revenue for the quarter increased 12 percent year-over-year to EUR 58.1 million. Adjusted EBIT increased 15 percent year-over-year to EUR 48.3 million, while the adjusted EBIT margin rose to 83 percent from 81 percent in the prior-year period. Cash flow from operating activities increased 20 percent year-over-year to EUR 52.2 million, adjusted for one-time items incurred last year. These results reflect the resilience and scalability of our business model, even in a quarter when revenue growth was below our historical pace.

Player engagement remained strong, with game rounds increasing 19 percent year-over-year. Changes in game and operator mix, however, drove lower revenue per game compared with the prior-year period. At the beginning of this year, we adjusted the development roadmap by changing the game ratio as we broadened our focus across specific markets. As that roadmap materialized recently, the resulting game mix did not deliver the level of performance we have experienced historically. We view this as a temporary headwind and we have since adjusted the balance of our roadmap, where we will focus on building on the game styles and strengths that have historically driven our success while continuing to develop content for a broader range of markets. We are confident that our in-house game release cadence can support it. We expect the shift in game mix to normalize over the next months, however, the current game mix may have an impact on our short-term performance.

Product development is a key pillar of our success. During the quarter, our team released 19 in-house games, and 26 games were released on the OpenRGS platform by our partner studios. We also welcomed Zerplaay Studios as a new partner. With a presence in more than 40 locally licensed markets, a distribution network spanning more than 3,000 websites globally and our proven RGS platform, we remain a strong partner to both our customers and OpenRGS studios. Through Hacksaw Ventures, we continue to selectively evaluate partnership opportunities that complement our capabilities and expand our ecosystem.

We took our first step into a new game category with the launch of Moneyplane in September, which we see as a promising addition to our portfolio. Moneyplane is our first crash game, expanding our offering beyond slots, scratch cards and instant-win games.

In October, we announced Hacksaw Markets, our new B2B prediction markets platform, backed by an extension of our Malta Gaming Authority (MGA) B2B Critical Gaming Supply License to include Type 3 Gaming Services. This authorizes us to provide peer-to-peer prediction market services under the MGA framework. We provide technology and infrastructure that enable operators to offer prediction markets within their own brands and customer relationships. By connecting participation across our operator network and turning their combined player base into volume, we can give operators access to broader capacity from day one. Developed by our existing team within our current cost base, Hacksaw Markets represents a significant step in our tech-first approach and demonstrates how we can leverage our technology, distribution and operator relationships where we believe our capabilities provide a clear advantage. Hacksaw Markets opens up exciting opportunities for us and for our customers, both existing and new.

Our commercial momentum also remained strong. The team signed 74 deals during the quarter, including 67 with new clients. 34 new clients went live, among them Sazka in the Czech Republic and Snai in Italy. After the end of the period, Bally’s Intralot also went live in the UK and FanDuel went live in Connecticut.

Our purpose-built compliance capabilities continue to support our expansion into new locally licensed jurisdictions. During the third quarter, we entered Alberta, Canada, and Buenos Aires City, Argentina. Revenue from locally licensed markets continued to grow as a share of our total. In Brazil, the government withdrew the authorization of all licensed operators at the end of September, and the regulated market closed in early October. We view this as a deviation from the broader trend toward locally licensed markets and follow developments closely.

Despite quarter-to-quarter variability, our long-term financial targets remain unchanged. These targets are supported by the growth of the online market, confidence in our ability to gain market share and the new verticals we are establishing, including our B2B prediction markets platform.

We have a clear strategy and path to execution: remaining a technology- and AI-first business, continuing to strengthen our core offering, using our platform to expand into new areas and disrupt the industry. With this foundation, I remain confident in our ability to deliver on our long-term ambitions and create long-term value for our shareholders.

Above all, I would like to thank our fantastic team for their dedication and contribution.

Ana Vrabic Verdir,
Group CEO

Invitation to webcast and telephone conference
The interim report will be presented via webcast and telephone conference today, 3 November 2026 at 09:30 (CET).

Webcast: https://hacksaw.events.inderes.com/q3-report-2026/register
Telephone conference: https://events.inderes.com/hacksaw/q3-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

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, crash games and prediction market infrastructure solutions designed for gaming operators and other qualified businesses. 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).

This information is information that Hacksaw is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-03 07:30 CET.

Attachments
Interim Report Q3 2026

SOURCE: Hacksaw

View the original press release on ACCESS Newswire

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