Hacksaw grows 31% despite investor jitters

• Hacksaw Gaming’s revenue rises 31% to €59.3 million in Q2 2026, with adjusted EBIT of €48.4 million and an 82% margin.
• The supplier releases 17 in-house games and 17 OpenRGS titles during the quarter, both up from 11 a year earlier.
• Hacksaw shares fall after the announcement, with investors weighing a narrow EPS miss and FX headwinds.

Hacksaw Gaming posted Q2 2026 revenue of €59.3 million, up 31% year-over-year, with adjusted EBIT of €48.4 million and an 82% margin.

The Sweden-based B2B slot supplier published the results today on 21 July 2026, crediting accelerating game releases and new market entries, even as its shares fell following the announcement.

Growth stays organic

Revenue reached €59.3 million for the quarter, or 33% growth on a constant-currency basis. On a last-twelve-months view, revenue climbed to €224 million, up 31% year-over-year. All growth remained organic, with no acquisitions contributing.

Adjusted operating profit came in at €48.4 million, matching the prior year’s 82% margin. Net income increased 43% to €45.7 million.

The result follows a strong first quarter, when Hacksaw beat Q1 estimates with €57.6 million in revenue, and caps a run that saw the supplier grow to €197 million across the whole of 2025.

Content output climbs

Hacksaw released 17 in-house games during Q2 2026, matching its Q1 output and up from 11 a year earlier. A further 17 titles launched through its third-party platform, OpenRGS, also up from 11.

Two new studios, Good Times Studios and Aloha Gaming, joined OpenRGS during the quarter, bringing the total to 11 active partners. Since its 2023 launch, the platform has released 108 games from partner studios, an ecosystem Hacksaw has continued to back through its Hacksaw Ventures investment arm.

Ana Vrabic Verdir, Interim Group CEO at Hacksaw, said:

“The team’s ability to release 17 games in-house this past quarter is an impressive demonstration of both scale and execution.”

The commercial team closed 106 new deals during the quarter, 63 of them with entirely new clients, out of 160 total including renewals and expansions.

Markets keep expanding

Hacksaw’s games launched in several newly licensed jurisdictions during Q2 2026, including Slovenia and Paraguay, taking its footprint past 40 locally licensed markets.

After the quarter closed, the supplier secured registration in Alberta, Canada, joining the wave of operators and suppliers entering the province’s newly launched market.

The company held €99.4 million in cash at quarter-end with no interest-bearing debt, after paying a €116 million dividend in May. Free cash flow reached €40 million, a 91% conversion rate on a last-twelve-months basis.

Investors focus on the miss

Despite the operational strength, Hacksaw shares fell after the announcement, with investors weighing a narrow EPS miss and FX headwinds against the underlying growth. The stock traded roughly 14% below its 52-week high, according to Investing.com.

The reaction follows a leadership change earlier in 2026, when the board removed then-Group CEO Christoffer Källberg and named board member Vrabic Verdir as interim chief executive.

Management reiterated its ambition to grow revenue by 30% or more annually, without issuing specific quarterly guidance.

With a debt-free balance sheet and a release cadence it now treats as normalised at five in-house games a month, Hacksaw signalled confidence in sustaining its pace as OpenRGS scales and new regulated markets open.