Interim CEO Ana Vrabic Verdir Outlines Strong Financial Performance, Expanded Game Releases, and New Market Entries
Hacksaw delivered a strong second quarter, with revenue climbing 31% year-on-year to €59.3 million between April and June. On a constant currency basis, growth reached 33%. Profit for the period hit €45.7 million, while operating profit rose 31% to €48.4 million, maintaining an adjusted EBIT margin of 82%.
Financial Performance and Cash Generation
Beyond revenue gains, Hacksaw reported strong cash generation and liquidity. Cash flow from operating activities reached €43.1 million, compared to €26.9 million in the same quarter of the previous year. Free cash flow conversion stood at 91% on a rolling 12-month basis, while capital expenditure hit €3.5 million (6% of revenue).
The company closed the quarter with €99 million in cash and cash equivalents and no interest-bearing debt. In April, shareholders approved a dividend of €0.40 per share totaling €116 million, which was distributed in May.
Financial Metrics Summary
The table below outlines the core financial results for the quarter:
| Financial Metric | Q2 2026 Result | Year-on-Year Comparison / Notes |
| Quarterly Revenue | €59.3 million | Up 31% reported (33% constant currency). |
| Operating Profit | €48.4 million | Up 31% year-on-year. |
| Period Profit | €45.7 million | Supported by strong margins. |
| Operating Cash Flow | €43.1 million | Increased from €26.9 million in Q2 2025. |
| Adjusted EBIT Margin | 82% | Remained consistent with previous quarters. |
Game Releases, OpenRGS Expansion, and Market Footprint
During the second quarter, Hacksaw accelerated its release cadence by launching 17 in-house titles alongside 17 partner studio games through its OpenRGS platform. Since 2023, third-party developers have published 108 games via OpenRGS.
Average daily game rounds increased by 15%, with the company’s ten largest games generating 49% of gross gaming revenue compared to 46% last year. Furthermore, Good Times Studios and Aloha Gaming joined the platform, bringing the total number of partner studios to eleven.
Commercially, Hacksaw closed 106 deals during the quarter, including 63 new clients. Its games also expanded into regulated markets such as Slovenia and Paraguay, followed by a supplier registration in Alberta, Canada after the quarter closed.
Presenting her first report as interim CEO, Ana Vrabic Verdir stated:
“The strong revenue growth from previous quarters continued in Q2. For the 12-month period ending 30 June 2026, our revenue reached EUR 224 million, an increase of 31 percent on a reported basis, and 37 percent on a constant currency basis, compared with the 12-month period ending on 30 June 2025.”
