Hacksaw Delivers Robust Q4 Growth and Initiates Share Buyback Program

Hacksaw closed out 2025 with a solid fourth quarter, reporting a 31% increase in revenue on a constant currency basis, reaching €55.1 million. While this figure slightly missed the consensus estimate of €56.9 million, it still marked a significant 26% year-over-year increase, alongside a 6% rise compared to the previous quarter.

The profitability picture was equally compelling. Adjusted EBIT climbed 28% year-over-year to €45.0 million, perfectly matching market expectations and delivering a remarkable margin of 81.6%. This level of operational efficiency underpins Hacksaw's growing footprint in the online gambling sector.

For the full fiscal year, total revenues reached €197.5 million, a 44% increase from 2024, marginally below the forecast of €199.3 million. Adjusted EBIT advanced 39%, settling at €161.4 million with an impressive margin just shy of 82%. These results reinforce Hacksaw's rapid expansion and capacity to maintain profitability even as it scales.

Liquidity remains strong, as Hacksaw ended 2025 with €133 million in net cash. The company proposed a dividend payout of €0.40 per share, translating to an 81% payout ratio, a notably generous return of capital to shareholders. Alongside this, Hackshaw greenlit a 10% share buyback mandate, signaling confidence in its valuation and long-term strategy.

Although the outlook for fiscal 2026 was kept under wraps, Hacksaw reiterated its ambitious targets to sustain annual revenue growth above 30% and to preserve adjusted EBIT margins north of 80%. The company's commitment to returning a minimum of 75% of net profits to shareholders through dividends and buybacks remained intact.

Activity on the product front was brisk, with average daily game rounds surging 36% compared to the prior year. The quarter saw the launch of 25 new games, expanding Hacksaw's portfolio to 293 titles, including contributions from both internal teams and third-party providers.

The OpenRGS platform, a key distribution channel, broadened its ecosystem by onboarding two additional third-party studios in Q4, lifting the total partner count to eight. This expansion supports the company's ongoing content diversification and market reach efforts.

Hacksaw's results reflect continued momentum in a competitive arena, blending strong top-line growth with operational discipline. The share repurchase program adds an interesting twist, suggesting management sees value in tightening the stock. With these developments, the firm remains one to watch as it navigates the shifting currents of online gambling.