Hacksaw H1 Revenue EUR 116.9 Million… Operating Margin Holds at 82%
H1 2026 report from Hacksaw AB, the parent of Hacksaw Gaming. Revenue rose 29% to EUR 116.9 million, and the adjusted operating margin held at 82%. We cover 17 new Q2 games, 106 new contracts and a EUR 116 million dividend.
Key takeaways
- H1 revenue was EUR 116.9 million, up 29% from a year earlier. At constant exchange rates, the increase is 35%.
- Adjusted operating profit was EUR 95.9 million, with an operating margin of 82%, the same as a year earlier.
- In Q2 alone, 17 in-house games and 17 OpenRGS partner games were released.
- Of the 106 contracts signed in the quarter, 63 were with new customers. The company is now active in more than 40 markets.
“Continued growth and high margins.” That is the title of Hacksaw’s first-half report released on July 21, and it matched the wording. First-half revenue was €116.9 million, up 29% from a year earlier, and the adjusted operating margin was 82%, the same as last year. Out of every €100 in revenue, €82 stayed as operating profit, and that held for the entire half.
This is also the first report from interim Group CEO Ana Vrabic Verdir. She moved over from the board after the previous CEO stepped down in April, and was appointed permanent CEO in August.
H1 figures
Here is a table summarizing the first half of Hacksaw AB, the parent of Hacksaw Gaming. The Q2-only figures are in the CEO appointment article, so here we look at the cumulative January-June numbers.
| Jan-Jun | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | €116.9 million | EUR 90.4 million | +29% |
| Adjusted operating profit | EUR 95.9 million | EUR 74.4 million | +29% |
| Adjusted operating margin | 82% | 82% | – |
| Net profit | EUR 91.2 million | EUR 62.1 million | +47% |
| Operating cash flow | EUR 88.8 million | EUR 67.6 million | +31% |
Net profit rose 47%, growing much faster than revenue. At constant exchange rates, revenue growth was 35%, meaning a stronger euro trimmed the actual growth rate by about 6 percentage points. Revenue for the last 12 months through June was EUR 224 million.
Vrabic Verdir highlighted this 12-month figure. It is up 31% from the same period a year earlier, and 37% at constant exchange rates. Looking at Q2 alone, revenue grew 31% to EUR 59.3 million, higher than Q1’s EUR 57.6 million. It looked like a staircase climbing a little higher each quarter.
Release pace raised to five games a month
Hacksaw’s growth formula is simple: release many games, and release them fast. In Q2, 17 in-house games came out, compared with 11 in the same quarter a year earlier. Vrabic Verdir raised the release pace from four games a month to five, and called it the “new normal.”
Hacksaw games have a distinct character. They are high volatility with big max wins. Many became known through big wins landing on streamer broadcasts, like Wanted Dead Or a Wild and Le Bandit. With five releases a month, a single hit can lift results significantly.
OpenRGS: earning from other studios’ games too
Hacksaw has another face besides game developer: a game server platform called OpenRGS. Other studios build games on this platform and supply them to casinos through Hacksaw’s distribution network. In Q2, partner studios released 17 games this way, matching the number of in-house games. That makes 34 games shipped from Hacksaw’s platform in a single quarter.
In Q2, Good Times Studio and Aloha Gaming joined, bringing the OpenRGS partner count to 11. Vrabic Verdir wrote in the report that “the RGS platform provides value to our own game development as well as to operators and partner studios.” She credited this platform, along with release speed, as the secret behind the high margin.
106 contracts, three new markets
The operational numbers were big too. 106 contracts were signed in Q2, and 63 of them were with first-time customers. Slovenia and Paraguay newly opened up, and the number of local licensed markets with Hacksaw games passed 40.
After the quarter ended, it also received supplier registration in Alberta, Canada. Alberta opened its online casino market on July 13, and Pragmatic Play and Evolution entered on the same day. News on the market opening is covered in the Alberta article.
Dividend of EUR 116 million
The April annual general meeting approved a dividend of EUR 0.40 per share. The total is EUR 116 million, or 81% of 2025 net profit. The dividend was paid in May. It is a policy of returning most of the money earned to shareholders, and an 82% operating margin makes the numbers work.
Looking only at the first half, nothing seemed to stand in its way. Three months later, things changed. In the preliminary Q3 results released in October, growth fell to 11-12%, and the company cited weak game performance. Placing that article side by side with this one shows just how high a bar the 29% in H1 was.
Source: Hacksaw AB filings · Hacksaw Group