Hacksaw, the Sweden-based online gambling operator, reported solid financial results for the fourth quarter and full fiscal year 2025, with both top-line and adjusted operating profit expanding year-over-year.
For the three months, the company recorded revenues of €55.1 million, marking a 26% increase from the prior year and a 6% rise compared with the prior quarter. On a constant-currency basis, revenue was up 31%. The reported quarterly revenue figure was 3% below the consensus estimate of €56.9 million.
Adjusted EBIT for the quarter rose 28% to €45.0 million, in line with market expectations of €44.8 million. The adjusted EBIT margin for the period was 81.6%.
On a full-year basis, Hacksaw posted fiscal 2025 revenues of €197.5 million, an increase of 44% year-over-year and 48% on a constant-currency basis. That full-year revenue total was slightly under the consensus forecast of €199.3 million.
Adjusted EBIT for 2025 climbed 39% to €161.4 million, matching consensus estimates and producing an adjusted EBIT margin of 81.8% for the year.
Balance-sheet and capital allocation updates accompanied the results. Hacksaw finished the reporting period with €133 million in net cash. The company proposed a €0.40 per-share dividend, which represents an 81% payout ratio. In addition, Hacksaw announced a share buyback mandate equal to 10% of outstanding shares.
Management did not issue specific financial guidance for fiscal 2026. Instead, the company reiterated its longer-term financial targets, which include achieving annual revenue growth in excess of 30% and sustaining adjusted EBIT margins greater than 80%. Hacksaw also confirmed a shareholder-return policy that commits to distributing at least 75% of net profit via dividends and/or share buybacks.
Operational metrics highlighted ongoing content and engagement expansion. Average daily game rounds increased 36% year-over-year in the fourth quarter. During the quarter Hacksaw released 25 new games, bringing its catalog to 293 titles in total - 13 of the new releases developed in-house and 12 sourced from third-party studios. The company also added two third-party studios to its OpenRGS platform in the quarter, increasing the number of integrated third-party studios to eight.
These results show continued revenue and profit expansion alongside aggressive shareholder returns, while the lack of specific near-term guidance leaves future quarter-by-quarter expectations unspecified.