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Hacksaw AB Interim / Quarterly Report 2025
10615_10-k_2026-02-17_8f7f1628-b594-4d23-8fa7-f6bc1e27381d.pdf
Interim / Quarterly Report
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"A YEAR OF STRONG GROWTH AND MAINTAINED HIGH MARGIN"
YEAR-END REPORT | JANUARY – DECEMBER 2025
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
| Oct-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 expenses related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability.
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CEO's comments
As we round off 2025, we look back on a year with high growth and maintained high margin, and in all a very successful year for Hacksaw. We demonstrated strong execution capacity both in the development of new games and in the monetisation of these games, leading to a 44 percent growth in revenue to EUR 197 million, 48 percent adjusted for currency movements. The high growth achieved during all four quarters, all of which is organic, is a result of a combination of a strong performance from or back catalogue of games, successful new game releases, and new deals.
During the year, we released a total of 91 new games. 45 of these come from our inhouse studio, a studio that is currently releasing four new titles per month. The remaining 46 new games were released by our third-party OpenRGS studios. Our OpenRGS platform has continued to attract studios throughout the year. We now have eight studios on the platform, with Pineapple Play and Jinx Gaming added in the fourth quarter.
Our team has delivered strongly in commercialising our game releases and closed over 260 deals during the year. This underscores the large opportunity that we have in the market with both existing and new clients.
We have become further diversified during the year. As we look at gross gaming revenue during the fourth quarter we note that our top ten games represented 43 percent (57), and that our largest client accounts for 13 percent (20). No country represents more than 10 percent of bets placed in the full-year.
Our people remain our key priority for investment. In 2025, we have continued to scale up the team in order to capitalise on the opportunities presented to us and we aim to continue doing so. As we closed the year, our team consisted of 254 employees.
We maintain very strong profitability as a result of high scalability in our operations and stringent cost control, and thus generate strong cash flows. We have communicated a capital policy whereby we intend to return no less than 75 percent of net profit to shareholders through dividends or share buybacks, or a combination of the two. The board proposes to the Annual General Meeting a dividend per
share of EUR 0.40. The board also proposes to the Annual General Meeting to be granted a buy back mandate of up to 10 percent of the share capital.
A major milestone was our listing in June where we had the pleasure of welcoming new shareholders to Hacksaw, while receiving extended trust from our existing shareholders
During 2026, we will continue to execute on our strategy of product innovation and increasing monetisation. We expect the market to continue to grow and we expect that we will continue to gain market share. We have a great team and a very promising product pipeline, and our position in the market suggests a large runway for further growth. Hence, I remain confident that we will continue to deliver high growth and further shareholder value in 2026 and beyond.
Christoffer Källberg Group CEO
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Financial development during the fourth quarter 1 October – 31 December 2025
Revenue
Total revenue for the fourth quarter amounted to EUR 55.1 million (43.7), an increase of 26% compared to the corresponding period last year. The growth continued to be driven by the strength of the back catalogue of games, the launch of new games, and the growth in the customer base. The revenue growth was partly offset by movements in FX exchange rates compared to the corresponding period last year, which had a negative impact on revenues. On a constant currency basis for our top five currencies, the revenue growth was 31%.
The average daily number of rounds played increased by 36% compared to Q4 2024. The continued broadening of the
games portfolio was reflected in the top 10 games contributing 43% (57) of total gross gaming revenue (GGR). 13 (9) in-house developed games were released. Third party studios released 12 (9) games on the OpenRGS platform. By the end of the period, eight third party studios had released games on the platform.
The total games portfolio comprised 293 (203) released games at the end of the quarter, and the games were available in over 35 locally licensed markets.
Revenue by quarter, EUR million
Games released by quarter*
■ Hacksaw in-house developed games
GGR per game title
Average daily number of rounds played (indexed)
* During the second and third quarter 2024, a total of 3 unique games were launched per month. The remaining games launched were alternative versions of existing games.
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Operating profit (EBIT)
Adjusted operating profit for the quarter amounted to EUR 45.0 million (35.0), an increase of 28% compared to the fourth quarter of 2024. The adjusted operating margin was 82% (80).
Operating profit has been adjusted by EUR 0.3 million (0.0) relating to items affecting comparability (IAC), which mainly comprised advisory expenses related to the initial public offering (for more information, please refer to Note 5: Items affecting comparability). Operating profit for the quarter, including the IAC, amounted to EUR 44.7 million (35.0).
Adjusted operating expenses for the quarter amounted to EUR 10.1 million (8.7). The increase is primarily due to higher personnel expenses from continued investments in new recruitment, mainly within game development and distribution, to ensure that we can capitalise on the large opportunity ahead. Additionally, the increase is due to higher cost of services sold from continued scaling of the OpenRGS platform, expenses related to driving the continued growth and development of the business, and higher depreciation and amortisation due to continued investments in capitalised game development expenses.
Adjusted operating profit (EBIT) by quarter, EUR million
Financial items
Financial items amounted to EUR 0.2 million (-0.4) and mainly related to interest income on short-term investments of cash and cash equivalents.
Profit for the period
Profit for the period amounted to EUR 42.0 million (32.9). Earnings per share before dilution amounted to EUR 0.172 (0.113), and earnings per share after dilution amounted to EUR 0.172 (0.112). Earnings per share for all periods have been recalculated to adjust for the share split and the bonus issue. For further information, please refer to The share on page 6.
The Group's effective tax rate was 6.4% (4.9). The tax rate reflects the countries in which earnings are generated and may vary between reporting periods.
Investments
Investments in intangible assets amounted to EUR 2.1 million (1.0) during the quarter and related to the capitalisation of development expenses, patents and trademarks. Investments in tangible assets amounted to EUR 0.1 million (0.0) during the quarter and mainly related to investments in office equipment.
Liquidity and cash flow
Cash flow from operating activities before changes in working capital amounted to EUR 46.0 million (43.2) for the quarter. The increase is mainly related to the increase in earnings. Income tax paid in the previous year includes the impact from a refund of income tax in Malta.
Cash flow from operating activities amounted to EUR 47.7 million (50.2) for the quarter. Changes in working capital in the previous year were impacted by a VAT refund of EUR 10.8 million.
Cash flow from investing activities amounted to EUR -2.2 million (-1.0) and included investments in intangible assets related to the development of new games, improvements to the technical platform, and patents and trademarks.
Cash flow from financing activities amounted to EUR -0.4 million (-0.2) and were mainly related to the repayment of lease liabilities.
Total cash flow for the quarter amounted to EUR 45.2 million (49.0), where the previous year was influenced by the income tax refund and VAT refund mentioned earlier.
Cash and cash equivalents amounted to EUR 133.2 million (93.8) at the end of the period.
Financial position
The Group's total assets amounted to EUR 179.2 million (134.6) at the end of the period. Equity amounted to EUR 153.6 million (115.0). The Group has no interest-bearing debt.
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Financial development during the year 1 January – 31 December 2025
Revenue
Total revenue amounted to EUR 197.5 million (137.1), an increase of 44% compared to last year. On a constant currency basis for our top five currencies, the revenue growth was 48%. The average daily rounds played increased by 58% compared to the same period last year. The ten best performing games accounted for 44% (52) of GGR. In 2025, 45 (37) in-house developed games, and 46 (24) third party studio developed games, were released.
Operating profit (EBIT)
Adjusted operating profit amounted to EUR 161.4 million (116.1), an increase of 39% compared to the corresponding period last year. The adjusted operating margin was 82% (85).
Operating profit has been adjusted for EUR 4.0 million (1.1) of IAC, which mainly comprised advisory expenses related to the initial public offering (for more information, please refer to Note 5: Items affecting comparability). Operating profit for the year, including IAC, amounted to EUR 157.4 million (115.0).
Adjusted operating expenses amounted to EUR 36.1 million (21.0).
Financial items
Financial items amounted to EUR -5.1 million (0.5). The increase in financial expenses was mainly related to the parent company receiving payment of anticipated dividends in foreign currencies from subsidiaries, which resulted in a realised exchange loss.
Profit for the period
Profit for the period amounted to EUR 142.8 million (109.4). Earnings per share before dilution amounted to EUR 0.496 (0.380) and earnings per share after dilution amounted to EUR 0.496 (0.376). Earnings per share for all periods have been recalculated to adjust for the share split and the bonus issue (for further information, please refer to The share on page 6).
The Group's effective tax rate was 6.3% (5.3). The tax rate reflects the countries in which earnings are generated and may vary between reporting periods.
Investments
Investments in intangible assets amounted to EUR 6.9 million (3.9) for the year and related to the capitalisation of development expenses, patents and trademarks. Investments in tangible assets amounted to EUR 0.4 million (0.1) for the year and mainly related to investments in office equipment.
Liquidity and cash flow
Cash flow from operating activities before changes in working capital amounted to EUR 153.9 million (116.3) for the year. The increase mainly related to the increase in earnings.
Cash flow from operating activities amounted to EUR 152.1 million (100.7) for the year. Cash flow attributable to changes in working capital during the period is influenced by variations in payment patterns and the recognition of accrued income, compared with the corresponding period of the previous year.
Cash flow from investing activities amounted to EUR -7.4 million (-4.1) and included the investments of intangible assets related to the development of new games, improvements to the technical platform, and patents and trademarks.
Cash flow from financing activities amounted to EUR -106.9 million (-46.4) and mainly related to dividend payments to shareholders.
Total cash flow for the period amounted to EUR 37.8 million (50.2).
Cash and cash equivalents amounted to EUR 133.2 million (93.8) at the end of the period.
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Other
Parent Company
Hacksaw AB (Corp. Reg. No. 559133-3793) is the Parent Company of Hacksaw Gaming. The Parent Company, which is domiciled in Stockholm, Sweden, only conducts holding company operations. The gaming operation activities for the Group are domiciled in Malta and are conducted by the wholly owned subsidiary Hacksaw Operations Ltd.
Total revenue for the period amounted to SEK 5.3 million (10.0), and total expenses amounted to SEK 86.0 million (33.9). Operating profit (EBIT) amounted to SEK -80.7 million (-23.9), and profit for the period amounted to SEK 1,551.2 million (1,098.1). Financial items for the period amounted to SEK 1,628.1 million (1,118.2), and the increase mainly related to dividends from subsidiaries. The increase in financial expenses mainly related to the realised currency exchange loss on dividend payments received from subsidiaries in foreign currencies.
The increase in operating expenses compared to last year mainly related to the increase in advisory expenses related to the initial public offering, as well as higher personnel expenses.
The Parent Company's cash and bank balances amounted to SEK 5.2 million (15.8) at the end of the period. Equity amounted to SEK 4,669.5 million (1,099.6) and the change mainly related to the change in minority interests after the company acquired the remaining shares in its Hacksaw Gaming Ltd subsidiary from minority shareholders. For further information, please refer to the section The share below.
No significant investments were made in intangible or tangible assets during the period.
The share
The Parent Company's shares have been listed on Nasdaq Stockholm since 25 June 2025 and are included in the Large Cap index. The trading symbol for the shares is HACK. The closing share price on 31 December 2025 was SEK 63.4 per share, representing a total market capitalisation of SEK 18,347 million.
The company had a total of 10,704 shareholders (69) at the end of the period, and the total number of ordinary shares amounted to 289,195,987 (244,712,000).
Share split
On 13 May 2025, The Board of Directors decided to implement a share split whereby each existing share was divided into 2,000 new shares. The new shares were registered with SCRO on 20 May 2025. In connection with the share split, a bonus issue was carried out and increased the share capital by SEK 244,712. The bonus issue was implemented by transferring SEK 367,068 from unrestricted equity to share capital. No new shares were issued in connection with the bonus issue.
The total number of ordinary shares before the share split amounted to 122,356, and the total numbers of ordinary shares after the share split amounted to 244,712,000.
Minority change
On 10 June 2025, the company acquired the outstanding shares in the Hacksaw Gaming Ltd subsidiary from minority shareholders. The company issued a promissory note as compensation for acquiring the remaining shares in Hacksaw Gaming Ltd, which was shortly thereafter offset against a new share issue. Following the acquisition, Hacksaw Gaming Ltd became a wholly owned subsidiary of Hacksaw AB. The subscription price for the share issue was approximately SEK 68 per share, and was determined by taking into account the value of the relationship between Hacksaw AB and Hacksaw Gaming Ltd. The transaction was based on a fair value assessment for the respective shares. Following the new share issue, the total number of ordinary shares amounted to 288,915,987.
From an accounting perspective, the share-swap qualifies as a transaction within the controlling influence, since Hacksaw AB already has a controlling influence in Hacksaw Gaming Ltd. The transaction is therefore recognised directly against equity and no new goodwill, or any other intangible assets, will be recognised as a result. For more information about the changes in equity, please refer to the Condensed consolidated statement of changes in equity on page 11.
Warrants
Following the listing on Nasdaq Stockholm on 25 June 2025, an acceleration clause was triggered that allowed holders of warrant series 2023/2026 to exercise their warrants earlier. The exercise period changed from 21 February 2026 – 20 March 2026 to 26 June 2025 – 10 August 2025. As a result of the share split, the subscription price was recalculated from SEK 27,060 per share to SEK 13.53 per share. A total of 280,000 newly issued shares in the company were subscribed for within the framework of the program, raising EUR 0.3 million for Hacksaw. Following the new share issue, the total number of ordinary shares amounted to 289,195,987.
Long-term Incentive Programmes (LTIP)
On 27 October 2025, the Board of Directors resolved to implement two incentive programmes by issuing warrants under series 2025/2030:3 and 2025/2030:4 to one senior executive. Under series 2025/2030:3, 318,556 warrants were subscribed for, and, under series 2025/2030:4, 60,558 warrants were subscribed for. Both programs were valued according to the Black-Scholes option pricing model. Each warrant entitles the holder to subscribe for one new share in the company. The subscription price in series 2025/2030:3 is SEK 133.24 and in series 2025/2030:4 SEK 199.86. The subscription period for shares runs from 1 January 2030 to 31 March 2030.
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On 25 March 2025, the annual general meeting of shareholders resolved to implement two incentive programmes by issuing warrants under series 2025/2028:1 and 2025/2028:2 to selected employees, key individuals, and senior executives. A total of 902,000 subscription warrants were issued under the programmes and valued according to the Black-Scholes option pricing model. Each warrant entitles the holder to subscribe for one new share in the company. As a result of the share split, the subscription price was recalculated from EUR 22,226 to EUR 11.11. The subscription period for shares runs from 1 April 2028 to 31 May 2028.
On 29 January 2025, the Board of Directors resolved to implement two incentive programmes by issuing warrants under series 2025/2030:1 and 2025/2030:2 to the Group CEO. Under series 2025/2030:1, 483 warrants were subscribed for, and, under series 2025/2030:2, 120 warrants were subscribed for. These are also valued using the Black-Scholes option pricing model. Each warrant under series 2025/2030:1 entitles the holder to subscribe for 2,000 new shares in the company. As a result of the share split, the subscription price was recalculated from EUR 17,043.2 to EUR 8.52. Each warrant under series 2025/2030:2 entitles the holder to subscribe for 2,000 new shares in the company. As a result of the share split, the subscription price was recalculated from EUR 42,608 to EUR 21.30. The subscription period for shares under the programmes runs from 1 January 2030 to 31 March 2030.
Employees
As of 31 December 2025, Hacksaw had 254 employees (141), including 251 (139) full-time equivalents. The average number of full-time equivalents was 198 (117) in the year.
Tax audit
During the quarter, the Swedish Tax Agency informed that the ongoing tax audit was closed without any impact to Hacksaw.
Risks and uncertainties
Hacksaw's operations are exposed to certain risks that could have a varying impact on its earnings or financial position. Hacksaw has a structured and group-wide process to identify, classify, manage and monitor a number of strategic, operating and external risks. When assessing the Group's future development, it is important to take into account these risk factors, alongside any opportunities for profit growth.
One of the central risk factors in the gaming industry is the continuous development of laws and regulations. Any changes in international regulations and/or industry specific regulations may affect future earnings. The Group monitors and analyses any changes in laws and regulations from a regulatory and technical perspective.
For a more detailed description and review of Hacksaw's identified risk exposure, please see the Group's Annual Report for 2024, which is available on the company's website at www.hacksawgroup.com
Proposal for dividend to shareholders
The Board of Directors proposes to the Annual General Meeting an ordinary dividend of EUR 0.40 per share. The proposed dividend for 2025 amounts to EUR 115.7 million (106.3), based on the number of shares outstanding at yearend.
The payout is proposed to be made in EUR in one instalment on 12 May 2026. The proposed record date for the dividend is 5 May 2026. The Hacksaw share will trade ex-dividend on 4 May 2026.
The board also proposes to the Annual General Meeting to be granted a buy back mandate of up to 10%.
Annual General Meeting 2026
The Annual General Meeting of Hacksaw AB (publ) will take place on 27 April 2026, in Stockholm. Notice will be published no later than four weeks before the Annual General Meeting.
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This report was submitted in Stockholm on 17 February 2025. Christoffer Källberg Group CEO
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Condensed consolidated income statement
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (Amounts in EUR thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| Net sales | 55,034 | 43,334 | 197,368 | 136,664 | |
| Other operating income | 62 | 395 | 112 | 434 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| Own work capitalised | 1,487 | 738 | 4,104 | 2,480 | |
| Cost of services sold | -2,854 | -2,570 | -11,679 | -6,056 | |
| Other external costs | 3,5 | -2,452 | -1,944 | -11,575 | -5,709 |
| Personnel expenses | -5,157 | -4,069 | -16,080 | -10,122 | |
| Depreciations | -1,391 | -866 | -4,592 | -2,656 | |
| Other operating expenses | -59 | -31 | -232 | -64 | |
| Operating profit (EBIT) | 44,670 | 34,988 | 157,426 | 114,969 | |
| Profit from financial items | |||||
| Financial income | 338 | 1,278 | 1,272 | 2,355 | |
| Financial costs | -107 | -1,630 | -6,338 | -1,854 | |
| Net financial items | 231 | -352 | -5,066 | 502 | |
| Results from participations in associated companies* | 11 | - | - | - | |
| Profit before tax | 44,912 | 34,636 | 152,360 | 115,471 | |
| Income tax | -2,865 | -1,710 | -9,525 | -6,114 | |
| Profit for the period | 42,047 | 32,927 | 142,835 | 109,357 | |
| Profit for the period attributable to: | |||||
| Parent company shareholders | 42,047 | 27,631 | 133,641 | 92,267 | |
| Non-controlling interests | - | 5,295 | 9,195 | 17,090 | |
| Total | 42,047 | 32,927 | 142,835 | 109,357 | |
| Earnings per share, EUR | |||||
| Basic | 0.172 | 0.113 | 0.496 | 0.380 | |
| Diluted | 0.172 | 0.112 | 0.496 | 0.376 | |
* Results from participations in associated companies have been adjusted to 0 in the fourth quarter as the participation cannot amount to a negative value when the associated company reports losses amounting to more than the carrying amount.
Condensed consolidated statement of other comprehensive income
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (Amounts in EUR thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | 42,047 | 32,927 | 142,835 | 109,357 | |
| Items that may be reclassified to profit or loss: | |||||
| Exchange differences on translation of subsidiaries for the period | 21 | 356 | 1,794 | -752 | |
| Other comprehensive income for the period after tax | 21 | 356 | 1,794 | -752 | |
| Comprehensive income for the period | 42,068 | 33,283 | 144,630 | 108,605 | |
| Comprehensive income attributable to: | |||||
| Parent company shareholders | 42,068 | 27,981 | 135,445 | 91,628 | |
| Non-controlling interests | - | 5,302 | 9,185 | 16,978 | |
| Total | 42,068 | 33,283 | 144,630 | 108,605 |
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Condensed consolidated balance sheet
| (Amounts in EUR thousands) | 31 Dec | |
|---|---|---|
| ASSETS Note |
2025 | 2024 |
| Non-current asset | ||
| Intangible assets | 9,853 | 6,125 |
| Property, plant and equipment | 498 | 186 |
| Right-of-use assets | 3,096 | 3,186 |
| Participations in associated companies* | - | - |
| Other financial assets | 189 | 69 |
| Deferred tax assets | 4 | 17 |
| Total non-current assets | 13,640 | 9,583 |
| Current assets | ||
| Trade receivables | 10,082 | 11,986 |
| Other receivables | 499 | 2,162 |
| Prepaid expenses and accrued income | 21,829 | 17,112 |
| Cash and cash equivalents | 133,180 | 93,763 |
| Total current assets | 165,590 | 125,022 |
| TOTAL ASSETS | 179,230 | 134,606 |
| 31 Dec | ||
| EQUITY AND LIABILITIES | 2025 | 2024 |
| Equity | ||
| Share capital | 68 | 24 |
| Other paid-in capital | 283,669 | 7,664 |
| Translation reserves | 1,446 | -363 |
| Retained earnings and profit for the period | -131,550 | 89,100 |
| Equity attributable to parent company shareholders | 153,633 | 96,425 |
| Non-controlling interests Total equity |
- 153,633 |
18,554 114,979 |
| Non-current liabilities | ||
| Deferred tax liabilities | 88 | 82 |
| Lease liabilities | 932 | 1,691 |
| Provisions | 551 | 227 |
| Other long-term liabilities | 449 | - |
| Total non-current liabilities | 2,020 | 2,001 |
| Current liabilities | ||
| Current tax liabilities | 14,640 | 8,798 |
| Trade payables | 1,962 | 1,421 |
| Lease liabilities | 1,751 | 1,220 |
| Other liabilities | 2,325 | 4,093 |
| Accrued expenses and deferred income | 2,899 | 2,094 |
| Total current liabilities | 23,577 | 17,626 |
* Participations in associated companies have been adjusted to 0 in the fourth quarter as the participation cannot amount to a negative value when the associated company reports losses amounting to more than the carrying amount.
TOTAL EQUITY AND LIABILITIES 179,230 134,606
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Condensed consolidated statement of changes in equity
| (Amounts in EUR thousands) | Share capital |
Other paid-in capital |
Translation reserves |
Retained earnings and profit for the period |
Total equity attributable to shareholders of the Parent Company |
Non controlling interests |
Total Equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2024-01-01 | 24 | 7,571 | 394 | 42,236 | 50,225 | 2,147 | 52,371 |
| Profit for the period | - | - | - | 92,267 | 92,267 | 17,090 | 109,357 |
| Other comprehensive income | - | - | -757 | - | -757 | 5 | -752 |
| Comprehensive income for the period | - | - | -757 | 92,267 | 91,510 | 17,095 | 108,605 |
| Transactions with owners | |||||||
| New share issue | - | 93 | - | - | 93 | - | 93 |
| Dividends paid | - | - | - | -45,652 | -45,652 | -261 | -45,913 |
| Warrants | - | - | - | 71 | 71 | - | 71 |
| Transactions with owners* | - | - | - | 178 | 178 | -178 | - |
| Adjustment of opening balance* | - | - | - | - | - | -249 | -249 |
| Total transactions with shareholders | - | 93 | - | -45,403 | -45,310 | -688 | -45,998 |
| Closing balance 2024-12-31 | 24 | 7,664 | -363 | 89,100 | 96,425 | 18,554 | 114,979 |
| *Adjustment of opening balance, change within equity due to change of ownership | Other | Retained earnings and profit |
Total equity attributable to shareholders of |
Non | |||
| Share | paid-in | Translation | for the | the Parent | controlling | Total | |
| (Amounts in EUR thousands) | capital | capital | reserves | period | Company | interests | Equity |
| Opening balance 2025-01-01 | 24 | 7,664 | -363 | 89,100 | 96,425 | 18,554 | 114,979 |
| Profit for the period | - | - | - | 133,641 | 133,641 | 9,195 | 142,835 |
| Other comprehensive income | - | - | 1,809 | - | 1,809 | -10 | 1,799 |
| Comprehensive income for the period | - | - | 1,809 | 133,641 | 135,450 | 9,185 | 144,634 |
| Transactions with owners | |||||||
| New share issue* | 10 | 275,661 | - | -265,252 | 10,419 | -10,419 | - |
| Dividends paid | - | - | - | -89,006 | -89,006 | -17,320 | -106,326 |
| New issue of shares following exercise | |||||||
| of warrants | 1 | 344 | - | - | 345 | - | 345 |
| Bonus issue | 33 | ||||||
| Total transactions with shareholders | 44 | - 276,005 |
- | -33 -354,291 |
- -78,242 |
- -27,739 |
- -105,981 |
Closing balance 2025-12-31 68 283,669 1,446 -131,550 153,633 - 153,633
*New share issue for share swap in case of minority change
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Condensed consolidated statement of cash flows
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (Amounts in EUR thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| Operating activities | |||||
| Profit before tax | 44,912 | 34,636 | 152,360 | 115,471 | |
| Of which interest received | 330 | 222 | 1,041 | 890 | |
| Of which interest paid | -44 | -19 | -159 | -83 | |
| Adjustment for depreciation | 1,391 | 866 | 4,592 | 2,656 | |
| Adjustment for non-cash items | -135 | -122 | 804 | -716 | |
| 46,168 | 35,380 | 157,756 | 117,412 | ||
| Income tax paid | -216 | 7,775 | -3,808 | -1,083 | |
| Cash flow from operating activities before changes in working capital | 45,952 | 43,155 | 153,948 | 116,329 | |
| Cash flow from changes in working capital | |||||
| Changes in operating receivables | 2,374 | 8,155 | -1,225 | -20,034 | |
| Changes in operating liabilities | -586 | -1,126 | -653 | 4,359 | |
| Cash flow from operating activities | 47,740 | 50,184 | 152,070 | 100,653 | |
| Investing activities* | |||||
| Acquisition of property, plant and equipment | -82 | -21 | -406 | -134 | |
| Acquisition of intangible assets | -2,147 | -997 | -6,856 | -3,939 | |
| Decrease in financial assets | 38 | 35 | -122 | -4 | |
| Cash flow from investing activities | -2,191 | -983 | -7,383 | -4,077 | |
| Financing activities | |||||
| New share issue | - | - | 344 | 93 | |
| Paid-in premiums for warrants | 45 | 7 | 440 | 71 | |
| Dividends paid | - | - | -106,326 | -45,913 | |
| Repayment of lease liabilities | -417 | -229 | -1,391 | -648 | |
| Cash flow from financing activities | -372 | -222 | -106,933 | -46,397 | |
| Cash flow for the period | 45,176 | 48,980 | 37,754 | 50,180 | |
| Cash and cash equivalents at the beginning of the year | 87,787 | 44,013 | 93,763 | 43,755 | |
| Exchange rate difference in cash and cash equivalents | 217 | 771 | 1,662 | -171 | |
| Cash and cash equivalents at the end of the period | 133,180 | 93,763 | 133,180 | 93,763 |
*The acquisition of the remaining shares from the minority shareholders was issued through a promissory note, which was shortly thereafter offset against a new share issue. The transaction had no impact on cash flow.
{12}------------------------------------------------
Condensed parent company income statement*
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (Amounts in SEK thousands) | Note | 2025 | 2024 | 2025 | 2024 |
| Other operating income | 57 | 4,372 | 65 | 4,372 | |
| Other operating income, Group companies | 2,989 | 434 | 5,268 | 5,625 | |
| Total revenue | 3,046 | 4,806 | 5,333 | 9,998 | |
| Operating profit | |||||
| Other external costs | 5 | -12,421 | -3,296 | -66,659 | -18,111 |
| Personnel expenses | -4,886 | -9,570 | -18,137 | -15,156 | |
| Other operating expenses | 302 | -2 | -100 | -6 | |
| Other operating expenses, Group companies | -301 | -310 | -1,140 | -664 | |
| Operating profit (EBIT) | -14,259 | -8,372 | -80,703 | -23,939 | |
| Profit from financial items | |||||
| Profit from interests in Group companies** | 1,585,460 | 1,098,707 | 1,687,759 | 1,114,933 | |
| Interest and similar income | 253 | 12,119 | 2,200 | 22,979 | |
| Financial income, Group companies | 11 | - | 11 | - | |
| Financial expense, Group companies | -42 | -857 | -411 | -2,050 | |
| Interest and similar expenses | -418 | -17,251 | -61,455 | -17,634 | |
| Profit from financial items | 1,585,264 | 1,092,718 | 1,628,104 | 1,118,228 | |
| Appropriations | |||||
| Group contribution received | 3,800 | 3,800 | 3,800 | 3,800 | |
| Total appropriations | 3,800 | 3,800 | 3,800 | 3,800 | |
| Profit before tax | 1,574,804 | 1,088,146 | 1,551,201 | 1,098,088 | |
| Income tax | - | -73 | - | -73 | |
| Profit for the period | 1,574,804 | 1,088,073 | 1,551,201 | 1,098,015 |
*Profit for the period is consistent with comprehensive income of the Parent Company
**Refers to dividends from Group companies
{13}------------------------------------------------
Condensed parent company balance sheet
| (Amounts in SEK thousands) | 31 Dec | ||
|---|---|---|---|
| ASSETS | Note | 2025 | 2024 |
| Non-current asset | |||
| Interests in Group companies* | 3,083,615 | 65,905 | |
| Total non-current assets | 3,083,615 | 65,905 | |
| Current assets | |||
| Receivables from Group companies | 1,579,529 | 1,025,737 | |
| Other receivables | 1,536 | 1,417 | |
| Current tax asset | 598 | 258 | |
| Prepaid expenses and accrued income | 12,696 | 703 | |
| Cash and bank balances | 5,166 | 15,807 | |
| Total current assets | 1,599,526 | 1,043,922 | |
| TOTAL ASSETS | 4,683,141 | 1,109,827 |
| 31 Dec | |||
|---|---|---|---|
| EQUITY AND LIABILITIES | 2025 | 2024 | |
| Equity | |||
| Restricted equity | |||
| Share capital | 723 | 245 | |
| Total restricted equity | 723 | 245 | |
| Unrestricted equity | |||
| Share premium reserve | 3,089,056 | 70,448 | |
| Retained earnings | 28,556 | -69,091 | |
| Profit for the period | 1,551,201 | 1,098,015 | |
| Total unrestricted equity | 4,668,812 | 1,099,371 | |
| Total equity | 4,669,535 | 1,099,616 | |
| Non-current liabilities | |||
| Other long-term liabilities | 4,856 | - | |
| Total non-current liabilities | 4,856 | - | |
| Current liabilities | |||
| Liabilities to Group companies | 654 | 313 | |
| Trade payables | 2,777 | 1,212 | |
| Current tax liabilities | 429 | 151 | |
| Other current liabilities | 686 | 7,328 | |
| Accrued expenses and deferred income | 4,203 | 1,206 | |
| Total current liabilities | 8,750 | 10,210 | |
| TOTAL EQUITY AND LIABILITIES | 4,683,141 | 1,109,827 |
*Acquisition of shares related to the minority change. For further information, please refer to the section Minority change in the section The share.
{14}------------------------------------------------
Notes to the financial statement
Note 1. Accounting principles
This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and applicable rules in the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9, Interim Report, of the Annual Accounts Act. The accounting principles applied for the Group and the Parent Company are consistent with the accounting principles used in the preparation of the most recent annual report.
Amounts are expressed in thousands of Euro (EUR) unless otherwise indicated. Amounts or figures in parentheses indicate comparative figures for the corresponding period of last year.
Future change of accounting principles
No changed or new standards or interpretation that have come into force have affected the Group's financial reports.
New and amended standards not yet applied by the Group
IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual periods beginning on or after 1 January 2027 and has not yet been adopted by the EU. IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduce new requirements aimed at achieving greater comparability in the reporting of results for similar entities and providing users with more relevant information and transparency.
The new standard IFRS 18 introduces requirements in three areas to enhance comparability, transparency, and usefulness of financial statements. This includes new structures in the Group's statement of profit or loss with two new subtotals ("Operating profit" and "Profit before financing and income taxes"), expanded guidance on presentation and note disclosures, and disclosure requirements for key performance measures used in external communication (Managementdefined Performance Measures, MPMs). The implementation also affects other standards, including IAS 7 Statement of Cash Flows, IAS 34 Interim Financial Reporting, and IAS 33 Earnings per Share.
Hacksaw has initiated a preliminary assessment of the effects of IFRS 18 and will continue to evaluate its impact during 2026. The adoption of IFRS 18 will require changes to the structure of the Group's statement of profit or loss, as well as assessments regarding the presentation of items in the financial statements and disclosures in the notes. The presentation of the statement of cash flows will also be affected by the implementation of IFRS 18. Furthermore, the adoption of IFRS 18 will require the identification of Management-defined Performance Measures (MPMs) relevant to the Group and the preparation of related disclosures in the notes.
Other amendments are not expected to have any material impact on the financial statements of the Group or the parent company in the period of initial application. None of the new or amended standards have been early adopted by the Group.
Note 2. Financial instruments
All of the Group's financial assets and liabilities are carried at amortised cost in the consolidated financial statement. The Group has no financial instruments that are carried at fair value. There are thus no differences between the carrying amount and the fair value of the Group's financial instruments.
Note 3. Related party transactions
The following are considered to be related parties; the members of the company's Board of Directors, the Group's senior executives, as well as the close family members of those groups of people. The Parent Company is considered to have a related party relationship with its subsidiaries. It is the company's opinion that all transactions with related parties have been conducted on market terms.
During the first nine months in 2025, an employee in a senior position has performed services related to financial consulting from the company CG Services LTD with a value of EUR 10.8 thousand and from the company Camilleri Galea LTD with a value of EUR 96.4 thousand. Group CFO Per Alnefelt has during the period performed services related to financial consulting from the company Solvijks Management AB with a value of EUR 359.1 thousand. The transactions have been conducted on market terms.
For the same period in 2024 the amounts were EUR 84.1 thousand from the company Camilleri Galea and EUR 10.4 thousand from the company CG Services.
Incentive program
Under the terms of the incentive programs, LTIP 2025/2028:1 and 2025/2028:2, adopted by the AGM on 25 March 2025, 902 000 warrants have been subscribed for by selected employees, key personnel and senior executives within Hacksaw during May 2025. Of these, three related parties in senior positions subscribed for a total of 60 000 warrants, and one Board member subscribed for 20 000 warrants.
During January 2025, two new warrant holder agreements were issued to newly appointed Group CEO Christoffer Källberg, under series 2025/2030:1 with 483 warrants and series 2025/2030:2 with 120 warrants.
All programs are issued on market terms.
{15}------------------------------------------------
Transactions with associated companies
Hacksaw also has transactions with related parties that are associated companies. The transactions arise in the ordinary course of business and are based on commercial terms and market prices.
| Sale service other in |
es and | Purcha service other ex |
es and | |
|---|---|---|---|---|
| (Amounts in EUR thousands) | 2025 | 2024 | 2025 | 2024 |
| Associated companies | - | - | 249 | - |
| Receiv | ables | Paya | bles | |
| Dec | Dec | Dec | Dec | |
| (Amounts in EUR thousands) | 2025 | 2024 | 2025 | 2024 |
| Associated companies | - | - | - | - |
Note 4. Estimates and Assumptions
Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are deemed to be reasonable in the present circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that
involve a major risk of material adjustments in the reported values of assets and liabilities during the next financial year are outlined below.
Income tax
Hacksaw's business, including intra-Group transactions, is conducted in accordance with the Group's interpretations of the applicable laws, tax treaties and other tax provisions in each country's jurisdictions. The Group uses external independent tax advisors to make judgements about the current tax situation, but there is still a risk of negative tax consequences if a tax authority in an individual country decides on a legislative amendment concerning the tax in question.
The determination of provisions for income tax requires significant judgements and estimates, as the final tax is uncertain for many transactions and estimates. The Group recognises tax amounts that are considered to be regular in consultation with external tax advisors. The amounts recognised may differ from the actual outcome for both direct and indirect taxes. This is mainly due to the fact that the tax authorities in the jurisdictions in which the Group operates may make more restrictive interpretations of the regulations than those made by the Group.
Note 5. Items affecting comparability
Items affecting comparability amounted to EUR 0.2 million (0.0) for the period, which mainly refers to advisory expenses and initial public offering expenses.
| Oct-De | ec | Jan-Dec | ||
|---|---|---|---|---|
| (Amounts in EUR thousands) | 2025 | 2024 | 2025 | 2024 |
| Initial public offering costs | 282 | 22 | 3,986 | 846 |
| Advisory costs | - | 21 | - | 297 |
| Total | 282 | 43 | 3,986 | 1,144 |
Note 6. Significant events after the end of the 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.
{16}------------------------------------------------
Consolidated key financials
The Group presents certain financial measures in the interim report that are not defined under IFRS. The company believes that these measures provide valuable supplemental information to investors and the company's management as they permit the evaluation of the company's financial performance and position. Since not all companies calculate financial measurements in the same way, they are not
comparable to those used by other companies. These financial measurements should therefore not be seen as a substitute for measures that are defined in accordance with IFRS. Below are the measurements not defined in accordance with IFRS, unless otherwise stated, and the reconciliation of those.
Consolidated key financials by quarter
| (Amounts in EUR thousands unless otherwise stated) |
Jan-Mar 2024 |
Apr-Jun 2024 |
Jul-Sep 2024 |
Oct-Dec 2024 |
Jan-Mar 2025 |
Apr-Jun 2025 |
Jul-Sep 2025 |
Oct-Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total revenue | 26,317 | 29,738 | 37,333 | 43,729 | 44,958 | 45,415 | 52,011 | 55,096 |
| Adjusted EBITDA | 23,372 | 26,238 | 33,260 | 35,897 | 38,241 | 38,181 | 43,240 | 46,342 |
| Adjusted EBITDA margin | 89% | 88% | 89% | 82% | 85% | 84% | 83% | 84% |
| Adjusted operating profit (EBIT) | 22,826 | 25,638 | 32,617 | 35,031 | 37,279 | 37,101 | 42,081 | 44,951 |
| Adjusted operating margin (EBIT margin) | 87% | 86% | 87% | 80% | 83% | 82% | 81% | 82% |
| Profit for the period | 22,679 | 23,326 | 30,426 | 32,927 | 30,115 | 31,986 | 38,687 | 42,047 |
| Profit margin | 86% | 78% | 82% | 75% | 67% | 70% | 74% | 76% |
| Cash flow from operating activities | 15,512 | 19,217 | 15,740 | 50,151 | 40,761 | 24,964 | 36,708 | 47,740 |
| Earnings per share before dilution, EUR | 0.080 | 0.081 | 0.107 | 0.113 | 0.102 | 0.110 | 0.134 | 0.172 |
| Diluted earnings per share, EUR | 0.078 | 0.079 | 0.106 | 0.112 | 0.101 | 0.110 | 0.134 | 0.172 |
Summary of the number of shares
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Average number of shares before dilution¹ | 244,589,644 | 241,034,042 | 269,386,722 | 243,084,000 |
| Average number of shares after dilution¹ | 244,589,644 | 242,028,683 | 269,472,961 | 243,453,589 |
| Number of shares issued at end of period | 289,195,987 | 244,712,000 | 289,195,987 | 244,712,000 |
1The average number of shares for all periods has been recalculated to adjust for the share split and the bonus issue. For further information, please refer to The share on page 6.
{17}------------------------------------------------
Reconciliation of selected key financials not defined in accordance with IFRS
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| (Amounts in EUR thousands) | 2025 | 2024 | 2025 | 2024 | |
| EBITDA and EBITDA margin | |||||
| Profit before tax | 44,912 | 34,636 | 152,360 | 115,471 | |
| Net financial items | -231 | 352 | 5,066 | -502 | |
| Depreciations | 1,391 | 866 | 4,592 | 2,656 | |
| EBITDA | 46,060 | 35,854 | 162,018 | 117,626 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| EBITDA margin | 84% | 82% | 82% | 86% | |
| Adjusted EBITDA and adjusted EBITDA margin | |||||
| EBITDA | 46,060 | 35,854 | 162,018 | 117,626 | |
| Items affecting comparability | 282 | 43 | 3,986 | 1,144 | |
| Adjusted EBITDA | 46,342 | 35,897 | 166,004 | 118,769 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| Adjusted EBITDA margin | 84% | 82% | 84% | 87% | |
| Operating profit (EBIT) and operating margin (EBIT margin) Profit before tax Net financial items |
44,912 | 34,636 | 152,360 | 115,471 | |
| -231 | 352 | 5,066 | -502 | ||
| Operating profit (EBIT) | 44,670 | 34,988 | 157,426 | 114,969 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| Operating margin (EBIT margin) Adjusted operating profit (EBIT) and adjusted operating margin (EBIT margin) |
81% | 80% | 80% | 84% | |
| Operating profit | 44,670 | 34,988 | 157,426 | 114,969 | |
| Items affecting comparability | 282 | 43 | 3,986 | 1,144 | |
| Adjusted operating profit (EBIT) | 44,951 | 35,031 | 161,412 | 116,113 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| Adjusted operating margin (EBIT margin) | 82% | 80% | 82% | 85% | |
| Profit margin | |||||
| Profit for the period | 42,047 | 32,927 | 142,835 | 109,357 | |
| Total revenue | 55,096 | 43,729 | 197,481 | 137,098 | |
| Profit margin | 76% | 75% | 72% | 80% |
{18}------------------------------------------------
Definitions
| Key ratios | Definition | Purpose |
|---|---|---|
| Revenue growth | Operating revenue for the period divided by operating revenue in the same period last year. | Key financial used by management to monitor the Group's revenue growth. |
| EBITDA | Operating profit (EBIT) less depreciation and amortisation. | Shows the underlying development of the business, which is valuable in indicating the underlying cash-generating capacity of the business. Key financial used by management to monitor earning trends and gives management information about the organisation's efficiency and profitability. |
| EBITDA margin | Operating profit (EBIT) less depreciation and amortisation in relation to operating revenue. | |
| Adjusted EBITDA | Operating profit (EBIT) less depreciation and amortisation excluding items affecting comparability. | The adjusted measurements provide a better understanding of the performance of the business. |
| Adjusted EBITDA margin | Operating profit (EBIT) less depreciation and amortisation excluding items affecting comparability in relation to operating revenue. | |
| Operating profit (EBIT) | Profit before tax excluding net financial items. | Provides management with information about the organisation's efficiency and profitability. |
| Operating margin | Operating profit (EBIT) in relation to operating revenue. | |
| Adjusted operating profit (EBIT) | Profit before tax excluding net financial items and items affecting comparability. | The adjusted measurements provide a better understanding of the performance of the business over time. |
| Adjusted operating margin | Operating profit (EBIT) excluding items affecting comparability in relation to operating revenue. | |
| Earnings per share before dilution | Profit for the period attributable to equity holders divided by the average number of shares outstanding. | Key ratio used by management to monitor the earnings trend in the Group. |
| Diluted earnings per share | Profit for the period attributable to equity holders divided by the average number of shares outstanding after dilution. | |
| Items affecting comparability (IAC) | Items affecting comparability include non- recurring items, such as strategic consulting, IPO related expenses and significant impacts on the company's financial results that affect the comparability across periods. |
Separation of items that interfere with comparability between periods provides a better understanding of the company's financial performance. |
{19}------------------------------------------------
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).
About this report
Forward-looking statements
Some statements in this report are forward looking, and the actual outcomes could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcomes.
Language
In the event of inconsistency or discrepancy between the English and the Swedish version of this publication, the Swedish version shall prevail.
Totals and rounding
Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise.
This information is information that Hacksaw AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CET on 17 February 2026.
Further information
For further information, please contact:
Mikael Rahm
Group CFO [email protected]
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.
Financial calendar
Annual General Meeting: 27 April 2026 Interim report for the first quarter: 28 April 2026 Interim report for the second quarter: 21 July 2026 Interim report for the third quarter: 3 November 2026