Hacksaw Reports Q3 Revenue Growth Below Its Historical Pace

Hacksaw AB said total revenue for the three-month period ended September 30, 2026 is expected to reach approximately EUR 57.5 million to EUR 58.5 million, with adjusted operating profit expected at approximately EUR 48 million to EUR 49 million, in a preliminary financial and operational update published at 00:50 CEST on October 12, 2026.

The expected revenue compares with EUR 52.0 million in the third quarter of 2025, an increase of approximately 11 to 12 percent year over year, the company said. The expected adjusted operating profit (EBIT) compares with EUR 42.1 million in the corresponding period of 2025, an increase of approximately 14 to 16 percent, with an adjusted EBIT margin of approximately 83 percent for the quarter, against 81 percent a year earlier.

Growth Pace and Long-Term Targets

Hacksaw said total revenue growth in the third quarter was below the Group’s historical growth pace. Revenue growth moderated during the period, reflecting softer market conditions and game performance that was lower than during the company’s recently reported periods, according to the update. Hacksaw added that the nature of being in the content business means its performance will vary over different periods.

The Group’s long-term financial targets remain unchanged, the company said. On its published strategy page, Hacksaw sets a revenue target of above 30 percent annual growth, an EBIT margin above 80 percent, and a capital allocation policy that returns more than 75 percent of net profit to shareholders through dividends and/or share buy-backs.

That strategy consists of four main components, according to the company: product innovation, which includes launching new games and continuing development of its RGS platform; increased commercialisation, covering upselling to existing customers, attracting new customers and accelerating the roll-out of OpenRGS to external game developers; enhanced global presence, focused on capitalizing on newly regulated markets and positioning for growth where local licensing requirements are expected to be introduced; and increased scope, through expansion into adjacent areas and further scalability of the business model. Hacksaw says it has historically grown with healthy profitability and aims to further strengthen its market position in the global iGaming market.

Operational Update

Hacksaw said its focus remains on the quality of its game production, on providing players with more opportunities to engage with its games, and on broadening the appeal of the Group’s portfolio. The company is expanding the portfolio through new and existing OpenRGS partnerships and is in dialogue with potential Hacksaw Venture partners, with the aim of supporting those that represent an opportunity to further diversify the Group’s offering, the update said. Hacksaw is also exploring new verticals, including a crash game launched towards the end of the third quarter.

Hacksaw describes itself as a premium supplier of slots, scratchcards and instant win games to the online gaming industry. According to its investor relations page, the company has more than 350 games provided through more than 3,000 operator brands across more than 40 locally licensed markets, and it states net sales of EUR 224 million for the last twelve months to the second quarter of 2026.

“Growth in the third quarter of 2026 was more moderate than during our recent history,” said Ana Vrabic Verdir, Group CEO at Hacksaw AB. “At the same time, we continue to expand our customer base through new signings and focus on extending our reach into additional markets with our existing customers. Our commercial momentum remains strong, and our development team is well positioned to continue delivering the quality content we are known for.”

Verdir said the company looks forward to discussing the quarter in more detail in connection with its interim report. The interim report for the third quarter of 2026 is expected to be published on November 3, 2026, a date also listed in the company’s financial calendar. Mikael Rahm, Group CFO, is the named contact for the update.