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Full-Year Revenue Climbs 44% as Margins Hold Firm
Stockholm-listed Hacksaw closed 2025 with total revenue of €197.5 million, up from €137.1 million the prior year. On a constant currency basis across the company’s top five currencies, growth reached 48%. Adjusted operating profit (EBIT) for the full year rose 39% to €161.4 million, with a margin of 82%, compared to 85% in 2024. Adjustments primarily reflect advisory costs tied to Hacksaw’s initial public offering on Nasdaq Stockholm.
Net profit for the year reached €142.8 million, up from €109.4 million in 2024. Diluted earnings per share rose to €0.496, compared to €0.376 the previous year. Cash flow from operating activities came in at €152.1 million, a 51% increase from €100.7 million in 2024.
Q4 2025: Revenue Up 26%, EBIT Margin Widens to 82%
For the fourth quarter, covering 1 October to 31 December 2025, Hacksaw reported total revenue of €55.1 million, a 26% increase from €43.7 million in Q4 2024. On a constant currency basis, quarterly growth reached 31%.
Adjusted EBIT for the quarter increased 28% to €45.0 million, with a margin of 82%, up from 80% in the same period a year earlier. Net profit for the quarter was €42.0 million, compared to €32.9 million in Q4 2024. Diluted earnings per share came to €0.172, a 53% year-on-year increase. Cash flow from operating activities totalled €47.7 million, compared to €50.2 million in Q4 2024.
Q4 Key Events: Canadian Market Entry and Leadership Change
During the quarter, Hacksaw received approval as a gaming service provider in Alberta, Canada, marking a further step in its North American regulated market expansion. The company launched 13 in-house developed games and 12 games developed by third-party studios on the Hacksaw game development platform during the period, compared to nine in-house and nine third-party titles in Q4 2024.
Mikael Rahm was appointed as the new Group CFO effective 1 January 2026, succeeding Per Alnefelt.
Board Proposes Dividend and Share Buyback Mandate
Following the close of the fourth quarter, Hacksaw’s Board of Directors proposed a dividend of €0.40 per share to the Annual General Meeting. The Board also proposed a mandate to repurchase up to 10% of the company’s outstanding share capital.
Source: Hacksaw
