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Interim Report Q3 2025
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“A QUARTER OF STRONG SEQUENTIAL GROWTH”
Third quarter: 1 July – 30 September
- Total revenue increased by 39% to EUR 52.0 million (37.3).
- Adjusted operating profit (EBIT) increased by 29% to EUR 42.1 million (32.6), with a margin of 81% (87). Adjustments mainly comprise IPO-related advisory costs.
- Profit for the period amounted to EUR 38.7 million (30.4), and fully diluted earnings per share amounted to EUR 0.134 (0.106).
- Cash flow from operating activities amounted to EUR 36.7 million (15.7).
Year to date: 1 January – 30 September
- Total revenue increased by 52% to EUR 142.4 million (93.4).
- Adjusted operating profit (EBIT) increased by 44% to EUR 116.5 million (81.1), with a margin of 82% (87). Adjustment mainly comprises IPO-related advisory costs.
- Profit for the period amounted to EUR 100.8 million (76.4), and fully diluted earnings per share amounted to EUR 0.348 (0.267).
- Cash flow from operating activities amounted to EUR 104.3 million (50.5).
Key events during the third quarter of 2025
- Hacksaw’s games were made available in the locally licensed iGaming market Pennsylvania in July, thereby being available in over 35 locally licensed markets.
- Launch of 12 (10) in-house developed games.
- Launch of 15 (6) games developed by third party studios on the Hacksaw game development platform.
- 50% year on year increase in average daily number of rounds played on Hacksaw’s portfolio of games.
Key events after the third quarter
- The number of shares and votes in Hacksaw increased to 289,195,987, following the subscription of shares through exercise of warrants under Hacksaw’s warrant program for employees.
- Hacksaw has been approved as a gaming service provider in Alberta, Canada.
Summary of results and key figures
| (Amounts in EUR thousands unless otherwise stated) | Jul-Sep | Jan-Sep | LTM | Full-year | ||||||
| 2025 | 2024 | % | 2025 | 2024 | % | Oct-Sep | 2024 | % | ||
| Total revenue | 52,011 | 37,333 | 39% | 142,384 | 93,369 | 52% | 186,113 | 137,098 | 36% | |
| Adjusted operating profit (EBIT)* | 42,081 | 32,617 | 29% | 116,461 | 81,082 | 44% | 151,492 | 116,113 | 30% | |
| Adjusted operating margin (EBIT margin)* | 81% | 87% | 82% | 87% | 81% | 85% | ||||
| Items affecting comparability | 1,108 | 299 | 3,704 | 1,101 | 3,747 | 1,144 | ||||
| Profit for the period | 38,687 | 30,426 | 27% | 100,788 | 76,430 | 32% | 133,715 | 109,357 | 22% | |
| Earnings per share before dilution, EUR | 0.134 | 0.107 | 25% | 0.349 | 0.268 | 30% | 0.460 | 0.380 | 21% | |
| Diluted earnings per share, EUR | 0.134 | 0.106 | 26% | 0.348 | 0.267 | 30% | 0.458 | 0.376 | 22% | |
| Cash flow from operating activities | 36,708 | 15,740 | 133% | 104,331 | 50,469 | 107% | 154,515 | 100,653 | 54% | |
*Adjusted primarily for advisory costs related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability.
Invitation to webcast and telephone conference
The interim report will be presented via webcast and telephone conference on 4 November 2025 at 09:30 (CET).
Webcast: https://hacksaw.events.inderes.com/q3-report-2025/register
Telephone conference: https://conference.financialhearings.com/teleconference/?id=5002388
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.