Hacksaw Gaming (HACK) investor relations material

Executive summary

• Achieved 53% year-on-year revenue growth in Q2 2025 to €45.4 million, surpassing guidance, with strong organic growth from new game releases and customer expansion.

• IPO on Nasdaq Stockholm in June 2025 was oversubscribed, attracting over 8,000 new shareholders and strong global and Nordic interest.

• Expanded games portfolio to 241 titles, up 40% year-on-year, with 22 new games released in Q2 (11 in-house, 11 third-party).

• Entered Pennsylvania market in July, now present in over 35 licensed jurisdictions.

• Team size increased by 70% year-on-year to 185 employees, supporting business scaling.

Financial highlights

• Q2 revenue reached €45.4 million, up 53% year-on-year and above guidance; H1 revenue at €90.4 million, up 61% year-on-year.

• Adjusted EBIT up 45% year-on-year to €37.1 million in Q2, with an 82% margin; H1 adjusted EBIT at €74.4 million, up 53% year-on-year.

• Net income for Q2 was €32 million; diluted EPS €0.111; H1 profit €62.1 million, EPS €0.212.

• Cash flow from operations in Q2 was €25 million; free cash flow up 29% to €23.3 million; H1 operating cash flow €65.7 million.

• Cash position at quarter-end was €53 million, despite €106 million in dividends paid in H1; no bank or financial debt.

Outlook and guidance

• Long-term targets: annual revenue growth above 30% and adjusted EBIT margin above 80% for more than three years.

• Policy to return at least 75% of net income to shareholders via dividends or buybacks.

• Strategy focuses on product innovation, global monetization, and expansion in regulated markets.

• Ongoing investment in talent and technology to support scalable growth.