€58M Revenue. €48M-€49M Adjusted EBIT. 83% Margin – Can Hacksaw CEO Ana Vrabic Verdir Reignite Growth in Q3 2026?
Hacksaw AB has issued a preliminary financial and operational update for the third quarter of 2026, covering the three months to 30 September, and the figures point in two directions at once. The listed B2B games supplier expects total revenue of approximately EUR 57.5m to 58.5m, up around 11 to 12 percent on the same quarter last year, alongside an adjusted operating profit it puts at roughly EUR 48m to 49m.
What stands out is not the growth itself but its pace. The company says revenue growth in the quarter came in below its historical rate, while profitability moved the other way, with the adjusted EBIT margin climbing to about 83 percent. The update lands a few weeks ahead of Hacksaw’s full interim report.
What Hacksaw’s Preliminary Q3 2026 Numbers Show
For the quarter, Hacksaw expects total revenue of approximately EUR 57.5m to 58.5m, against EUR 52.0m in Q3 2025, an increase of roughly 11 to 12 percent. Adjusted operating profit (EBIT) is expected at approximately EUR 48m to 49m, up from EUR 42.1m a year earlier, which the company describes as an increase of approximately 14 to 16 percent compared with the corresponding period. The adjusted operating margin is put at around 83 percent, compared with 81 percent in Q3 2025. All figures are preliminary.
Why Growth Moderated for the B2B iGaming Supplier
Hacksaw is candid that the quarter was slower than its recent run. It states that total revenue growth in the third quarter was below the Group’s historical growth pace, reflecting softer market conditions and game performance that was lower than during its recently reported periods. The company frames this as part of operating in the content business, where performance will vary across periods, and says its long-term financial targets remain unchanged.
How Rising Margins Shape the Hacksaw Earnings Picture
The contrast between cooling revenue growth and a higher margin is the detail operators and investors are likely to focus on. An adjusted EBIT margin of around 83 percent, up from 81 percent, means the business converted more of its revenue into profit even in a quarter it describes as more moderate. That points to the operating leverage in a scalable content model, though the company does not break down which specific factors drove the margin improvement in this preliminary update.
What Hacksaw Is Building Across the iGaming Value Chain
Beyond the numbers, Hacksaw set out where it is investing. The Group says its focus remains on the quality of its game production, giving players more ways to engage with its games and broadening the portfolio’s appeal. It is expanding through new and existing OpenRGS partnerships, is in dialogue with potential Hacksaw Venture partners aimed at diversifying its offering, and is exploring new verticals, including a crash game launched towards the end of the quarter. Hacksaw’s portfolio spans digital slots, scratch cards, crash games and instant win games, and its shares are listed on Nasdaq Stockholm under the ticker HACK.
Commenting on the quarter, Group CEO Ana Vrabic Verdir said:
“Growth in the third quarter of 2026 was more moderate than during our recent history. At the same time, we continue to expand our customer base through new signings and focus on extending our reach into additional markets with our existing customers. Our commercial momentum remains strong, and our development team is well positioned to continue delivering the quality content we are known for. We look forward to discussing the quarter in more detail in connection with our interim report that is expected to be published on 3 November 2026.”
What Does This Mean for B2B iGaming Operators?
For operators who license Hacksaw’s content, the update reads as a supplier holding firm on profitability while being honest that demand softened in the period. A moderation in growth at a major content studio is worth watching as a signal of wider market conditions, but Hacksaw’s unchanged long-term targets and continued partnership activity suggest no change in direction. The clearer test comes on 3 November, when the full interim report should show whether this quarter was a pause or the start of a slower phase.
Source: Hacksaw AB
