Hacksaw Names Interim CEO Ana Bravic Verdir Permanent CEO… Q2 Revenue Up 31%
Hacksaw AB, the parent company of Hacksaw Gaming, has appointed Ana Bravic Verdir, who has served as interim CEO since April, as its permanent Group CEO. Q2 revenue rose 31% to 59.3 million euros, and the adjusted operating margin was 82%.
Key takeaways
- On August 20, Hacksaw AB appointed Ana Bravic Verdir as its permanent Group CEO.
- She had been interim CEO since April and a board member since 2024.
- Q2 revenue grew 31% to EUR 59.3 million, with an adjusted operating margin of 82%.
- The release pace rose from four titles a month to five.
"Interim" dropped after four months
Hacksaw AB, the parent company of Hacksaw Gaming, appointed Ana Bravic Verdier as permanent Group CEO on August 20. She had served as interim CEO since April 2026 and had been a board member since 2024. The appointment took effect upon announcement.
Board chair Patrik Svensk led the hiring process himself. He said both external and internal candidates were considered. The conclusion was the person who had been running the company for four months. Svensk said, “Since April, he has led the group in a clear direction, and the board unanimously believed he was the right person.”
Bravic Verdier said, “Hacksaw operates in a large and growing global market, and after the past few months I think we have only seen the beginning of what this platform can handle.” She will also remain on the board until the next annual general meeting. The rest of the management structure stays the same, and the business continues to operate in Malta and across its markets.
Hacksaw changed CEOs in April this year. The previous Group CEO stepped down, and Bravic Verdir, who was a board member, took over on an interim basis. The Q2 report lists the previous CEO’s severance pay separately as an adjustment item. It is a cost excluded from results, along with listing-related advisory fees. Hacksaw is a recently listed company on Nasdaq Stockholm, so the leadership change sent a notable signal to the market.
The First Report Card from the Interim CEO
On July 21, a month before her formal appointment, Ana Bravic Verdir presented her first results as interim CEO. The numbers were good.
| Q2 (April-June) | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | EUR 59.3 million | EUR 45.4 million | +31% |
| Adjusted operating profit | EUR 48.4 million | EUR 37.1 million | +31% |
| Adjusted operating margin | 82% | 82% | – |
| Net profit | EUR 45.7 million | EUR 32.0 million | +43% |
An 82% operating margin is remarkable for a game provider. Out of every 100 in revenue, 82 remains as operating profit. Hacksaw is a B2B company with both its own game engine and distribution platform, so it can build one game and supply it to hundreds of operators at once. A structure with almost no added cost produces this number.
Five Titles a Month
In Q2, Hacksaw released 17 of its own games. Ana Bravic Verdier raised the release pace from four to five games a month and called it “the new normal.” On the OpenRGS platform, partner studios released 17 more games. Good Times Studio and Aloha Gaming joined, bringing the number of OpenRGS studios to 11.
On the sales side, the company signed 106 contracts during the quarter, 63 of them with new customers. Slovenia and Paraguay were added as new regulated markets, and it now supplies games to more than 40 locally licensed markets. After the quarter ended, it also received supplier approval in Alberta, Canada.
For the first half as a whole, revenue grew 29% to EUR 116.9 million. Revenue for the last 12 months was EUR 224 million. At the April general meeting, the company approved a dividend of EUR 0.40 per share, EUR 116 million in total, which was paid out in May. That is nearly all of the money earned in six months returned to shareholders. It is a dividend that is possible because the company has high margins and needs no major capital investment.
And then the next quarter
This trend turned in Q3. In the preliminary Q3 results announced on October 12, revenue growth fell to 11-12%. The company itself admitted it was “lower than the historical growth rate.” The details are covered separately in our Q3 results article. It is the first test for Bravic Verdier as permanent CEO.
If you want to see Hacksaw games for yourself, you can try them as free demos in the Hacksaw Gaming free slot collection. Many of the Q2 releases are listed there.
Source: Hacksaw AB disclosure · Gaming Intelligence