First quarter: 1 January – 31 March

• Total revenue increased by 28% to EUR 57.6 million (45.0). On a constant currency basis, the revenue growth was 37%.
• Adjusted operating profit (EBIT) increased by 27% to EUR 47.4 million (37.3), with a margin of 82% (83). Adjustments comprise IPO-related expenses.
• Profit for the period amounted to EUR 45.5 million (30.1), and fully diluted earnings per share amounted to EUR 0.157 (0.106).
• Cash flow from operating activities amounted to EUR 45.7 million (40.8).

Key events during the first quarter of 2026

• Launch of 12 (9) in-house developed games and of 15 (8) games developed by third party studios on the Hacksaw game development platform.
• Hacksaw obtained an Online Gaming Service Provider licence by Connecticut Department of Consumer Protection.
• Hacksaw entered an agreement to invest in the OpenRGS partner studio Jinx Gaming as a part of Hacksaw Ventures.
• Hacksaw published its Annual Report for 2025.
• Mikael Rahm took office as Group CFO on 1 January 2026.

Key events after the first quarter

• On 27 April 2026, the annual general meeting of Hacksaw AB was held. For more information, please visit: www.hacksawgroup.com.

Summary of results and key figures

* Adjusted primarily for advisory expenses related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability.

CEO’s comments

With a strong start of the year, we delivered revenues of EUR 58 million for Q1 2026 and EUR 210 million over the last twelve months, representing 35 percent growth on a reported basis compared to the twelve-month period ended in Q1 last year and 43 percent growth on a constant currency basis. This entirely organic growth reflects the successful execution of our strategy of product development and increasing monetisation.

The quarter was marked by a high degree of global macroeconomic uncertainty. Despite this backdrop, we have remained resilient and focused, continuing to execute on our strategy and deliver strong operational and financial results.

During the quarter, a total of 27 games were released. Of these, 12 were fully developed in-house and 15 were developed by our partner studios on our OpenRGS platform. This reflects both our strong internal capacity to continuously deliver high-quality content, and the strength and attractiveness of our platform. By the end of the quarter, we had nine studios developing games on our platform, with Foxhound Games having launched its first game in February. By the end of March, our portfolio comprised 320 games.

The daily average number of rounds played in the last twelve months grew by 43 percent compared to the last twelve-month period that ended on 31 March 2025. This demonstrates the strength of our game portfolio, our high release cadence of new games, and our strong distribution network.

We have maintained a high level of commercial execution and signed 79 deals during the quarter, of which 59 new client deals. Some of the most notable include bet365 in Pennsylvania, William Hill in Italy, and Delaware North in West Virginia. This continues to underscore our long runway for growth. On the operational side, we secured an Online Gaming Service Provider licence in Connecticut – an important milestone in our ability to follow our clients across their prioritised markets.

We combined solid revenue growth with high margins. Adjusted operating profit (EBIT) amounted to EUR 47 million, representing a growth in line with revenue growth and a margin of 82 percent.

We continue to see attractive opportunities to use our strong cash generation to invest in early-stage companies within our ecosystem where we can capture significant potential by providing both capital and strategic support to founders. We refer to this initiative as Hacksaw Ventures. We view this as an attractive and long-term capital allocation opportunity, while short-term financial impact from specific investments will be limited in relation to the group. As a part of this, we made an investment in Kitsune Studios in the fourth quarter last year and in Jinx Gaming during the quarter.

Hacksaw’s group strategy remains robust, built on the dual pillars of product innovation and increasing monetisation. We will continue to develop and launch new games, while driving monetisation by expanding our global customer base and attracting new partners.

Q1 marks another strong quarterly result based on both the exceptional execution of our team and the significant market opportunity ahead of us. We enter the second quarter with solid momentum and great confidence.

Christoffer Källberg
Group CEO

Invitation to webcast and telephone conference

The interim report will be presented via webcast and telephone conference on 28 April 2026 at 09:30 (CEST).

Webcast: https://hacksaw.events.inderes.com/q1-report-2026/register

Telephone conference: https://events.inderes.com/hacksaw/q1-report-2026/dial-in

After registration to the telephone conference via the above link, you will be provided with telephone numbers and a conference ID to access the conference.