Hacksaw Grows Q3 Revenue 12% to €58.1m and Blames Its Game Mix for Slowdown

Hacksaw's full third-quarter report pins the slowdown on a game roadmap the company changed at the start of the year, not on the market. Margins held at 83%, a buyback starts today, and the executive running the games business moves to prediction markets.

• Hacksaw's third-quarter revenue rose 12% to €58.1 million from €52.0 million, in the upper half of the €57.5 million to €58.5 million range it pre-announced on 12 October
• Adjusted EBIT rose 15% to €48.3 million, an 83% margin, and profit for the period rose 18% to €45.7 million
• Group CEO Ana Vrabic Verdir attributed lower revenue per game to a change in game and operator mix and said the long-term targets, which include annual revenue growth above 30%, are unchanged
• Marcus Cordes hands the operational CEO role at Hacksaw Gaming to Philippa Gregory and will build Hacksaw Markets, the B2B prediction markets business launched in October
• The board started a share buyback of up to €20 million on 3 November

Hacksaw's Third Quarter Landed Where It Warned, Below the Second

Hacksaw AB, the Stockholm-listed slots supplier, reported revenue of €58.1 million for July to September, up 12% from €52.0 million at reported and constant currency, according to its interim report for January to September 2026. Revenue was 2.0% below the second quarter's €59.3 million, the only sequential fall in the eight quarters the report tabulates. Growth had been 26% to 31% in each of the three previous quarters, on iGaming Times' arithmetic.

Adjusted EBIT rose 15% to €48.3 million (€42.1 million), a margin of 83% (81%), within the €48 million to €49 million the company had guided for. Profit for the period was €45.7 million (€38.7 million), and cash stood at €148.2 million (€87.8 million) with no interest-bearing debt. Nine-month revenue rose 23% to €175.0 million, or 27% at constant currency.

The CEO Traces the Slowdown to a Roadmap Change

The 12 October update cited "softer market conditions and game performance". The report stresses the second. "At the beginning of this year, we adjusted the development roadmap by changing the game ratio as we broadened our focus across specific markets," Vrabic Verdir wrote. "As that roadmap materialized recently, the resulting game mix did not deliver the level of performance we have experienced historically."

She called it "a temporary headwind", said the roadmap had been rebalanced towards "the game styles and strengths that have historically driven our success", and added that "the current game mix may have an impact on our short-term performance." Average daily rounds rose 19%, the top 10 games produced 52% of gross gaming revenue (45%) and in-house releases rose to 19 from 12, according to the report.

Hacksaw entered Alberta and Buenos Aires City in the quarter, and FanDuel in Connecticut and Bally's Intralot in the UK went live afterwards. Locally licensed markets grew as a share of revenue, the report says, without a regional split. On Brazil, Vrabic Verdir said the government "withdrew the authorization of all licensed operators at the end of September", calling it "a deviation" from the trend. Hacksaw does not disclose Brazilian revenue; Evolution has already closed its Brazilian studio under the ban.

Cordes Moves to Prediction Markets as Gregory Takes the Games Business

In a separate release, Hacksaw said Philippa Gregory, who joined in April 2022 and has sat on group management since January 2025, succeeds Cordes as operational CEO of Hacksaw Gaming, with a handover to 1 December, while Cordes builds Hacksaw Markets. Luke Hammett, Hacksaw Gaming's chief commercial officer, joins group management. "I know this company, I know our people, and I see significant potential ahead," Gregory said.

The buyback of up to €20 million runs for three months from 3 November under the April annual general meeting's authorisation, the company said.

The Explanation Has Moved From the Market to Hacksaw's Own Roadmap

Revenue up 12% on rounds up 19% implies revenue per round roughly 6% lower, on iGaming Times' arithmetic: a mix problem, not a demand problem. A rising top 10 share while releases climbed suggests new titles are not carrying their weight. A self-inflicted cause is more fixable than a soft market, but the short-term warning points to a fourth quarter still affected.

A 30% Target Is Now a Long-Term Statement, Not a 2026 One

Hacksaw's strategy page sets annual revenue growth above 30% and an EBIT margin above 80%. The margin target is met. On iGaming Times' arithmetic, a full year above 30% would need fourth-quarter revenue of about €81.7 million, 41% more than the third quarter. The buyback is the lever Hacksaw controls; growth is what investors must wait for.

Prediction Markets Now Has a Senior Owner, and Few Disclosed Numbers

Moving the head of the core business onto Hacksaw Markets is a statement of priority. The report says the platform was built "within our current cost base", yet capitalised development, which includes it, doubled to €3.2 million. Hacksaw has named no customers or revenue for it, and Gregory inherits a slots business mid-correction.

The margins, cash and buyback show a business that remains highly profitable. The fourth quarter will show whether the game mix can be corrected as quickly as Hacksaw says.