Hacksaw Posts 31% Revenue Jump and 82% Margin in Q2 2026, While CEO Search Drags On

Key Points

• Hacksaw grew Q2 revenue 31% to €59.3m, with adjusted operating profit rising equally and the 82% EBIT margin holding steady for the full half-year.
• The supplier released 34 games in Q2 across in-house and OpenRGS channels, signed 106 commercial deals including 63 with new clients, and entered Slovenia, Paraguay, and, post-quarter, Alberta.
• Interim CEO Ana Vrabic Verdir presented her first results report after the board removed founder Christoffer Källberg on 30 April 2026; a permanent replacement is still being sought.

Revenue Growth Holds Firm as Hacksaw Crosses €224m on a Rolling Basis

The results for the Q2 period of Hacksaw were reported on 21 July 2026 in such a way that competitors have been forced to take notice. In total, €59.3 million revenue was generated in the quarter ending 30 June, which represents a 31% increase in the year-on-year revenue of €45.4 million. This was boosted by constant currency growth at 33%.

Strip it back to the rolling twelve months, and the picture sharpens further. Hacksaw’s revenue for the year through June reached €224m, versus €197.5m for the comparable period in 2025, with a 37% constant-currency gain when stripped of foreign exchange drag. Each and every one of those growth points was organic, with nothing happening through acquisitions. For the full six months, revenue totaled €116.9m, up from €90.4m during the previous year, a 29% rise which equates to 35% in constant currency.

Margins Stay Locked at 82% as Cash Generation Accelerates

Numbers at this growth rate can sometimes mask cost creep eating into profitability. Not here. Adjusted operating profit rose 31% to €48.4m in Q2, with the adjusted EBIT margin sitting at 82%, precisely where it stood a year ago and in the prior quarter. For the half-year, adjusted operating profit reached €95.9m, the margin again unchanged at 82%.

Quarterly profit for the period climbed 43% to €45.7m. Operating cash flow reached €43.1m in Q2, up sharply from €26.9m a year earlier, and half-year cash from operations totalled €88.8m against €67.6m in the equivalent 2025 period.

Ana Vrabic Verdir, delivering her first results statement as Interim Group CEO, did not complicate the narrative: “We continue to deliver strong earnings and high margins, with an adjusted EBIT margin of 82%, in line with the previous quarter. The solid profitability is explained by a high release cadence of games, in-house and on OpenRGS, as well as successful monetisation on these games.”

The company paid a €116m dividend in May, resolved at the 27 April annual general meeting at €0.40 per share, representing 81% of 2025 earnings. Cash on hand at June’s end stood at €99.4m with zero interest-bearing debt.

34 Games, 106 Deals, and a Catalogue Now at 354 Titles

Where the margin story is reassuring, the operating detail behind it is what sets Hacksaw apart from slower-moving peers. The supplier released 17 internally developed titles during Q2, up from 11 in the same quarter a year ago, reflecting a cadence increase from four to five in-house games per month, described in the company’s own report as “our new normalised level.” Partner studios delivered a further 17 titles through OpenRGS, matching the in-house count exactly.

Two new studios, Good Times Studios and Aloha Gaming, joined the OpenRGS platform during the quarter, bringing the total to eleven partner studios. The full catalogue reached 354 released titles by the end of June, against 241 a year earlier, a 47% catalogue expansion in twelve months.

Player behaviour continues to spread across the range. Hacksaw’s ten largest games generated 49% of gross gaming revenue, compared to 46% in Q2 2025; just over half of all activity is now coming from titles outside the leading ten. Average daily game rounds increased 15% year-on-year.

On the commercial side, the team closed 106 agreements in Q2. Sixty-three of those were with new clients. Content went live in Slovenia and Paraguay during the quarter, and Hacksaw’s titles are now available in more than 40 locally licensed markets globally. Personnel stood at 308 at the end of June, up from 188, with Q2 personnel expenses rising 75% to €6.6m as hiring continued across development and distribution.

Board Removed Founding CEO in April, Interim Leader Takes the Wheel

The financials are clean. The leadership situation is not. Hacksaw’s board removed Group CEO Christoffer Källberg on 30 April 2026, effective immediately, just days after the company published strong Q1 results showing roughly 28% year-on-year revenue growth. Board member and M&A lawyer Ana Vrabic Verdir was appointed interim chief, with an external search for a permanent CEO now underway.

The official language from the board cited a “careful and thorough review” of current leadership and described the move as aligning with strategic direction, while explicitly stating that strategy itself remains unchanged. Källberg was thanked for his contribution, including through the company’s IPO.

Board chairman Patrick Svensk addressed the timing publicly, stressing there were “no weird things, no craziness” driving the decision and framing it as a search for a “somewhat different profile” of CEO suited to Hacksaw’s next phase. On why Källberg left immediately rather than serving a handover period, Svensk was direct: once a CEO knows they are departing, “you don’t get 110%,” so it is cleaner to act. Vrabic Verdir is no longer considered independent of management during her interim tenure, and the remuneration committee was reshuffled accordingly.

Betano Launch in Buenos Aires and Alberta Registration Extend the Map

After the quarter’s close, two geographic moves underlined the pace of expansion. Hacksaw launched through Betano in Buenos Aires City on 14 July, with Betano holding local exclusivity for the first month. The development did not appear among the official report’s listed post-quarter events, but it confirmed the supplier’s entry into Argentina’s regulated Buenos Aires market.

Separately, Hacksaw registered as a supplier in Alberta, Canada, which opened its competitive iGaming market on 13 July 2026, extending the country’s regulated model beyond Ontario. Alberta’s launch marks Canada’s second provincially regulated online gaming market, and Hacksaw moved quickly to secure its position ahead of the framework going live.

Expert Analysis

Hacksaw’s Q2 2026 report is one of the cleaner quarterly prints in the B2B supplier space this year. An 82% adjusted EBIT margin that has held flat across every quarter on record, combined with a 33% constant-currency revenue gain and a cash position of €99.4m carrying no debt after paying out €116m in dividends, does not leave much room for criticism on the numbers alone.

The more interesting question is structural. Hacksaw’s ten largest games generated 49% of GGR, meaning the broader catalogue is pulling more weight than before; that shift, if it continues, reduces concentration risk and makes the growth story more defensible. A catalogue that grew from 241 to 354 titles in twelve months, fuelled by a studio network that is itself expanding, gives the distribution engine more raw material than most competitors can match.

Leadership uncertainty is the one variable the market cannot price cleanly. Vrabic Verdir’s appointment reads less like a stopgap and more like a deliberate choice, given her background in M&A and corporate transactions, at a point when the board has framed Hacksaw’s next phase as requiring a different leadership profile. Whether the permanent appointment leans into deal-making or opts for a steadier operational operator will say something significant about where the board actually plans to take the company. Until that appointment is announced, the supplier carries both its strongest financial track record and its most uncertain governance position simultaneously.