HACKSAW YEAR-END REPORT | JANUARY – DECEMBER 2025
“A YEAR OF STRONG GROWTH AND MAINTAINED HIGH MARGIN”
Fourth quarter: 1 October – 31 December
- Total revenue increased by 26% to EUR 55.1 million (43.7). On a constant currency basis for our top 5 currencies, the revenue growth was 31%.
- Adjusted operating profit (EBIT) increased by 28% to EUR 45.0 million (35.0), with a margin of 82% (80). Adjustments mainly comprise IPO-related advisory expenses.
- Profit for the period amounted to EUR 42.0 million (32.9), and fully diluted earnings per share amounted to EUR 0.172 (0.112).
- Cash flow from operating activities amounted to EUR 47.7 million (50.2).
Full year: 1 January – 31 December
- Total revenue increased by 44% to EUR 197.5 million (137.1). On a constant currency basis for our top 5 currencies, the revenue growth was 48%.
- Adjusted operating profit (EBIT) increased by 39% to EUR 161.4 million (116.1), with a margin of 82% (85). Adjustments mainly comprise IPO-related advisory expenses.
- Profit for the year amounted to EUR 142.8 million (109.4), and fully diluted earnings per share amounted to EUR 0.496 (0.376).
- Cash flow from operating activities amounted to EUR 152.1 million (100.7).
Key events during the fourth quarter of 2025
- Hacksaw was approved as a gaming service provider in Alberta, Canada.
- Launch of 13 (9) in-house developed games and of 12 (9) games developed by third party studios on the Hacksaw game development platform.
- Mikael Rahm was appointed new Group CFO as from 1 January 2026, succeeding Per Alnefelt.
Key events after the fourth quarter
- The Board of Directors proposes to the Annual General Meeting a dividend per share of EUR 0.40.
- The Board of Directors also proposes to the Annual General Meeting to be granted a buy back mandate of up to 10% of Hacksaw's outstanding share capital.
Summary of results and key figures
| (Amounts in EUR thousands unless otherwise stated) | Okt-Dec | Jan-Dec | ||||
| 2025 | 2024 | % | 2025 | 2024 | % | |
| Total revenue | 55,096 | 43,729 | 26% | 197,481 | 137,098 | 44% |
| Adjusted operating profit (EBIT)* | 44,951 | 35,031 | 28% | 161,412 | 116,113 | 39% |
| Adjusted operating margin (EBIT margin)* | 82% | 80% | 82% | 85% | ||
| Items affecting comparability | 282 | 43 | 3,986 | 1,144 | ||
| Profit for the period | 42,047 | 32,927 | 28% | 142,835 | 109,357 | 31% |
| Earnings per share before dilution, EUR | 0.172 | 0.113 | 52% | 0.496 | 0.380 | 31% |
| Diluted earnings per share, EUR | 0.172 | 0.112 | 53% | 0.496 | 0.376 | 32% |
| Cash flow from operating activities | 47,740 | 50,184 | -5% | 152,070 | 100,653 | 51% |
*Adjusted primarily for advisory costs related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability.
Invitation to webcast and telephone conference
The interim report will be presented via webcast and telephone conference on 17 February 2026 at 09:30 (CET).
Webcast: https://hacksaw.events.inderes.com/q4-report-2025/register
Telephone conference: https://conference.inderes.com/teleconference/?id=5006632
After registration to the telephone conference via the above link, you will be provided with telephone numbers and a conference ID to access the conference.