Hacksaw Gaming (HACK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 31% year-over-year to EUR 59.3 million, with 160 deals closed (63 with new clients), and expansion into new markets including Slovenia, Paraguay, and Alberta, Canada.

• 17 in-house and 17 third-party games were launched, with games now available in over 40 locally licensed markets.

• Alberta registration was secured post-quarter, supporting North American growth.

• All growth remains organic, with a global market share in the low single digits.

• Appointment of Ana Vrabic Verdir as Interim Group CEO.

Financial highlights

• Q2 2026 revenue: EUR 59.3 million, up 31% year-over-year; H1 2026 revenue: EUR 116.9 million, up 29%.

• Adjusted EBIT for Q2: EUR 48.4 million (82% margin), up 31%; net income: EUR 45.7 million, up 43%.

• Free cash flow for Q2 was EUR 40 million, with a 91% LTM conversion rate.

• Cash and cash equivalents at period end: EUR 99.4 million, after a EUR 116 million dividend payout in May.

• Operating cash flow for Q2 was EUR 43.1 million, up 60% year-over-year.

Outlook and guidance

• Long-term ambition is to grow by 30% or more annually, with a normalized release cadence of at least five in-house games per month.

• No specific quarterly guidance; growth may fluctuate quarter to quarter.

• No transformative M&A planned; focus remains on organic growth and opportunistic investments.

• Management confident in continued growth, citing platform strength and expanding market presence.