HACKSAW YEAR-END REPORT | JANUARY – DECEMBER 2025

HACKRegulatory press release17.02.2026, 07.30

Download the release

“A YEAR OF STRONG GROWTH AND MAINTAINED HIGH MARGIN”

Fourth quarter: 1 October – 31 December

Total revenue increased by 26% to EUR 55.1 million (43.7). On a constant currency basis for our top 5 currencies, the revenue growth was 31%.
Adjusted operating profit (EBIT) increased by 28% to EUR 45.0 million (35.0), with a margin of 82% (80). Adjustments mainly comprise IPO-related advisory expenses.
Profit for the period amounted to EUR 42.0 million (32.9), and fully diluted earnings per share amounted to EUR 0.172 (0.112).
Cash flow from operating activities amounted to EUR 47.7 million (50.2).

Full year: 1 January – 31 December

Total revenue increased by 44% to EUR 197.5 million (137.1). On a constant currency basis for our top 5 currencies, the revenue growth was 48%.
Adjusted operating profit (EBIT) increased by 39% to EUR 161.4 million (116.1), with a margin of 82% (85). Adjustments mainly comprise IPO-related advisory expenses.
Profit for the year amounted to EUR 142.8 million (109.4), and fully diluted earnings per share amounted to EUR 0.496 (0.376).
Cash flow from operating activities amounted to EUR 152.1 million (100.7).

Key events during the fourth quarter of 2025

Hacksaw was approved as a gaming service provider in Alberta, Canada.
Launch of 13 (9) in-house developed games and of 12 (9) games developed by third party studios on the Hacksaw game development platform.
Mikael Rahm was appointed new Group CFO as from 1 January 2026, succeeding Per Alnefelt.

Key events after the fourth quarter

The Board of Directors proposes to the Annual General Meeting a dividend per share of EUR 0.40.
The Board of Directors also proposes to the Annual General Meeting to be granted a buy back mandate of up to 10% of Hacksaw's outstanding share capital.

Summary of results and key figures

(Amounts in EUR thousands unless otherwise stated)	Okt-Dec			Jan-Dec
(Amounts in EUR thousands unless otherwise stated)	2025	2024	%	2025	2024	%
Total revenue	55,096	43,729	26%	197,481	137,098	44%
Adjusted operating profit (EBIT)*	44,951	35,031	28%	161,412	116,113	39%
Adjusted operating margin (EBIT margin)*	82%	80%		82%	85%
Items affecting comparability	282	43		3,986	1,144
Profit for the period	42,047	32,927	28%	142,835	109,357	31%
Earnings per share before dilution, EUR	0.172	0.113	52%	0.496	0.380	31%
Diluted earnings per share, EUR	0.172	0.112	53%	0.496	0.376	32%
Cash flow from operating activities	47,740	50,184	-5%	152,070	100,653	51%

*Adjusted primarily for advisory costs related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability.

Invitation to webcast and telephone conference

The interim report will be presented via webcast and telephone conference on 17 February 2026 at 09:30 (CET).

Webcast: https://hacksaw.events.inderes.com/q4-report-2025/register

Telephone conference: https://conference.inderes.com/teleconference/?id=5006632

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.

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).