Hacksaw Gaming Q2 2026: Revenue Up 31% to €59.3m, Interim CEO in Place

By Jack Whitfield, Slots Analyst
Published 21 July 2026

Hacksaw Gaming, the slot and scratch card studio listed on Nasdaq Stockholm, published its interim report for January to June 2026 on 21 July. Second-quarter revenue rose 31% to €59.3 million from €45.4 million a year earlier, or 33% in constant currency. It was the first report signed by interim Group CEO Ana Vrabic Verdir, a member of the Hacksaw AB board.

Hacksaw titles are widely listed in the game lobbies of offshore casinos that accept Australians, and the studio is one of the faster-growing suppliers of high-volatility slots. Our Hacksaw Gaming provider page covers its catalogue and game maths.

Key figures

Second quarter (April–June 2026), with the prior-year quarter in brackets:

Revenue: €59.3m (€45.4m), up 31%.
Adjusted EBIT: €48.4m (€37.1m), a margin of 82%.
Profit: €45.7m (€32.0m).
Operating cash flow: €43.1m (€26.9m).

For the first half, revenue reached €116.9 million (€90.4 million), up 29%, with adjusted EBIT of €95.9 million and profit of €91.2 million. On a trailing 12-month basis to 30 June, revenue was €224.0 million and adjusted EBIT €182.9 million, against full-year 2025 revenue of €197.5 million.

The company said the adjustments to EBIT mainly cover costs linked to its 2025 stock market listing and severance paid to the former Group CEO. The report does not set out the reasons for the leadership change.

More games, more partner studios

Hacksaw launched 17 in-house games in the quarter, up from 11 a year earlier, and lifted its in-house release rate from four to five games a month. A further 17 titles from third-party studios went live through its OpenRGS remote game server, also up from 11.

Two studios, Good Times Studios and Aloha Gaming, joined OpenRGS during the quarter, bringing the number of partner studios on the platform to 11. The commercial team closed 106 deals, 63 of them with new clients.

New markets

Hacksaw content went live in Slovenia and Paraguay during the quarter, and the company now supplies more than 40 locally licensed markets. After the period ended, it secured supplier registration in Alberta, Canada, under the province’s new licensing framework.

Shareholders approved a dividend of €0.40 per share at the 27 April 2026 annual general meeting, a total of €116 million paid in May, which the CEO said equals 81% of 2025 earnings.

Why it matters for Australian players

Australia is not one of Hacksaw’s licensed markets: online casino games are prohibited for Australian-licensed operators under the Interactive Gambling Act 2001, so Australians encounter Hacksaw games through offshore sites. Those sites may run a game at a different return-to-player setting from the one in the studio’s marketing, so it is worth checking the RTP shown in the game’s own information panel. Our guide to pokies RTP explains why the configured version matters, and pokies volatility covers the high-variance maths that Hacksaw titles are known for.

A faster release schedule also means more new titles appearing in casino lobbies each month, often with bonus buy features. Our bonus buy guide sets out the cost of buying features compared with triggering them in base play.

Hacksaw’s third-quarter report is scheduled for 3 November 2026.

Sources

Header photo: Electronic stock board in Yaesu, Tokyo 2007 by nappa, licensed CC BY 2.0.