82% EBIT Margin, 31% Revenue Growth: Ana Vrabic Verdir and Mikael Rahm Lead Another Strong Quarter at Hacksaw
The Stockholm-listed, Malta-operated slot studio delivered its first full quarter under a new CEO with no sign of the growth slowing.
Hacksaw AB reported second-quarter revenue of EUR 59.3 million, up 31% year on year, while holding an adjusted operating margin of 82%. It was the first interim report presented by Interim Group CEO Ana Vrabic Verdir, and the numbers told a simple story. The B2B game supplier is still scaling fast, and it is still keeping almost all of it.
Hacksaw Q2 2026 Revenue Growth Beats the Back Catalogue Ceiling
Most studios hit a wall once their old games stop earning. Hacksaw hasn’t reached it yet.
Revenue climbed to EUR 59.3 million from EUR 45.4 million a year earlier, a 33% rise on a constant currency basis. Adjusted EBIT reached EUR 48.4 million, also up 31%. Profit for the quarter came in at EUR 45.7 million, with diluted earnings per share of EUR 0.158 against EUR 0.111 last year. On a rolling twelve-month basis, revenue now sits at EUR 224 million.
The engine behind this is release cadence. The company lifted its in-house output from four to five games a month, calling that its new normal, and shipped 17 in-house titles in the quarter alongside 17 more from partner studios on its OpenRGS platform. The total portfolio now stands at 354 released games. Average daily rounds played rose 15% on Q2 2025.
Why the 82% EBIT Margin Is the Real Hacksaw Story
Revenue growth gets the headline. The margin is what should hold an operator’s attention.
An 82% adjusted operating margin, flat against the prior quarter, is rare in any software business and almost unheard of at this scale in iGaming supply. It comes from a content model where a game, once built and certified, keeps earning across dozens of markets at negligible marginal cost. The top 10 titles still drove 49% of gross gaming revenue, so concentration risk exists, but the catalogue depth is now cushioning it.
OpenRGS Platform Expansion and New Licensed Markets
The platform play matters more than any single game. Good Times Studios and Aloha Gaming joined OpenRGS in the quarter, bringing the number of third-party studios to eleven. Hacksaw’s commercial team closed 106 deals, 63 of them new clients.
Content went live in Slovenia and Paraguay, pushing the footprint past 40 locally licensed markets. After quarter-end, the company secured supplier registration in Alberta, Canada, opening a freshly regulated jurisdiction. For operators, more licensed markets means fewer compliance gaps when sourcing Hacksaw titles.
Leadership Change and the Dividend Question
Verdir’s appointment followed the departure of the former Group CEO, whose exit carried severance costs and cancelled warrants noted in the report. A leadership transition mid-scale is never risk-free, and the interim label leaves succession open.
Shareholders received a EUR 0.40 per share dividend, EUR 116 million in total, representing 81% of 2025 earnings. That is a generous payout for a company still investing heavily in recruitment and game development.
Future Outlook for Hacksaw Over the Next 6 to 12 Months
Watch three things. First, whether Alberta is followed by further North American registrations, particularly Ontario and US states. Second, whether OpenRGS studio count keeps climbing, since third-party output is becoming a real second revenue leg. Third, the permanence of the CEO seat. Q3 results land on 3 November 2026, and the market will want to see the five-a-month cadence hold. On current form, it likely will.
Source: Hacksaw AB
