Hacksaw Gaming
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Hacksaw Gaming (HACK) investor relations material

Hacksaw Gaming Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved 44% year-over-year revenue growth to EUR 197.5 million, driven by organic expansion, successful IPO on Nasdaq Stockholm, and strong performance across all regions.

  • Released 45 in-house and 46 third-party games, expanding the portfolio to 290 live titles and onboarding four new OpenRGS studios.

  • Workforce grew to 254 employees by year-end, supporting scalability and operational expansion.

  • Diversified revenue base: top 10 games contributed 44% of GGR, largest client 13%, and no country over 10% of bets.

  • Expanded into over 35 locally licensed markets and completed major global expansion.

Financial highlights

  • Full-year revenue reached EUR 197.5 million, up 44% year-over-year; Q4 revenue was EUR 55.1 million, up 26% year-over-year.

  • Adjusted EBIT for the year was EUR 161.4 million (82% margin), up 39% year-over-year; Q4 adjusted EBIT was EUR 45 million.

  • Net income for the year was EUR 143 million, with diluted EPS of EUR 0.496.

  • Free cash flow for the year was EUR 145 million, with an 89% conversion rate; operating cash flow was EUR 152.1 million, up 51% year-over-year.

  • Cash and cash equivalents at year-end were EUR 133.2 million, up 30% despite increased dividend payouts.

Outlook and guidance

  • Long-term ambition to grow revenue above 30% annually, supported by product innovation and increased monetization.

  • Expect continued strong release cadence for both in-house and third-party games in 2026, with further market share gains anticipated.

  • Maintain target of EBIT margins above 80%, subject to product mix.

  • Board proposes a dividend of EUR 0.40 per share and a buyback mandate of up to 10% of share capital.

  • Confident in capturing further market share, with less than 5% current share in a growing global slots market.

Quantify future sweepstakes revenue impact
OpenRGS growth impact on future EBIT margin
AI's role in future game development strategy
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Next Hacksaw Gaming earnings date

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Q1 202628 Apr, 2026
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