Hacksaw Gaming (HACK) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 12% YoY to €58.1m; adjusted EBIT increased 15% to €48.3m, with an 83% margin.

• Player rounds grew 19%, but game and operator mix lowered revenue per round and moderated growth.

• LTM revenue was €230m, up 24% YoY or 28% adjusted for FX; LTM EBIT was €188m at an 82% margin.

Financial highlights

• Net income was €45.7m versus €38.7m; fully diluted EPS was €0.158 versus €0.134.

• Operating cash flow was €52.2m, up 42% reported and 20% excluding prior-year dividend-related items; free cash flow rose 40%, or 18% adjusted.

• Q3 revenue growth was 12% on a constant-currency basis, with no net FX impact.

Outlook and guidance

• Long-term targets remain annual revenue growth above 30% and adjusted EBIT margin above 80%; these are long-term goals, not a single-year forecast.

• Roadmap balance shifted toward proven game styles while retaining content for underrepresented markets; management expects game mix to normalize over coming months.

• No current-quarter trading outlook was offered, citing short-term volatility and player-dependent game outcomes.