Hacksaw Gaming (HACK) Q4 2025 earnings summary

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.