The Hacksaw 2025 results show the business scaling up while keeping margins largely intact. Activity picked up across both its own games and partner network – see more details:

• Hacksaw – a B2B iGaming supplier for online content that includes includes slots, scratch cards and instant win titles – runs its own platform. The supplier works also with external studios via OpenRGS, allowing partners to distribute third-party content alongside its own.
• Revenue recorded in 2025 was EUR 197.5m (2024: EUR 137.1m the year before). The increase resulted from a steady flow of new releases and wider distribution across operators. Adjusted EBIT rose to EUR 161.4m, marking a 39% increase year-on-year.
• Net profit for the year came in at EUR 142.8m, compared with EUR 109.4m in 2024. Earnings per share reached EUR 0.496 on both a basic and diluted basis.
• Operating cash flow increased to EUR 152.1m, up from EUR 100.7m a year earlier, a result driven by higher earnings and the overall scale of the business.
• The company released 91 new games during the year, with 45 developed internally. The rest came from third-party studios connected through OpenRGS. By the final quarter, eight studios were active on the platform, adding to the overall output.

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