Hacksaw grew revenue by 12% to EUR 58.1m in the third quarter of 2026, up from EUR 52.0m a year earlier, while its adjusted operating profit (EBIT) rose 15% to EUR 48.3m. The adjusted EBIT margin widened to 83% from 81%.

The Stockholm-listed studio said growth was below its historical pace. Game rounds were up 19% year on year, but changes in game and operator mix reduced revenue per game.

Q3 2026 in numbers

  • Revenue: EUR 58.1m, up 12% (also 12% at constant currency).
  • Adjusted EBIT: EUR 48.3m, up 15%, with an 83% margin.
  • Profit for the period: EUR 45.7m (EUR 38.7m).
  • Operating cash flow: EUR 52.2m (EUR 36.7m).
  • Nine months: revenue up 23% to EUR 175.0m (27% at constant currency), adjusted EBIT up 24% to EUR 144.2m.

Why the game mix matters

In her comments, Group CEO Ana Vrabic Verdir said the studio had changed its game ratio at the start of the year to broaden its focus across specific markets, and the resulting mix did not perform as well as its titles historically have. She said:

“These results reflect the resilience and scalability of our business model, even in a quarter when revenue growth was below our historical pace.”

“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.”

Hacksaw expects the mix to normalise over the coming months but warned it may affect short-term performance.

Launches, markets and the buyback

  • The studio released 19 in-house games in the quarter, while partner studios released 26 games on its OpenRGS platform.
  • It launched its first crash game, Moneyplane, and went live in Alberta and Buenos Aires City.
  • After the quarter it signed with Sazka Hry in the Czech Republic and Bally’s Intralot in the UK, and entered Connecticut with FanDuel.
  • It also launched Hacksaw Markets, a B2B prediction markets platform for operators.
  • The board approved a share buyback of up to EUR 20m over three months, running from 3 November 2026.

The full figures are in Hacksaw’s interim report for January to September 2026 (PDF).