Interim report
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 1 (19) “CONTINUED GROWTH AND HIGH MARGINS” INTERIM REPORT | JANUARY – JUNE 2026 Second quarter: 1 April – 30 June • Total revenue increased by 31% to EUR 59.3 million (45.4). On a constant currency basis, the revenue growth was 33%. • Adjusted operating profit (EBIT) increased by 31% to EUR 48.4 million (37.1), with a margin of 82% (82). Adjustments mainly comprise IPO-related expenses and severance pay to the former Group CEO. • Profit for the period amounted to EUR 45.7 million (32.0), and fully diluted earnings per share amounted to EUR 0.158 (0.111). • Cash flow from operating activities amounted to EUR 43.1 million (26.9). Year to date: 1 January – 30 June • Total revenue increased by 29% to EUR 116.9 million (90.4). On a constant currency basis, the revenue growth was 35%. • Adjusted operating profit (EBIT) increased by 29% to EUR 95.9 million (74.4), with a margin of 82% (82). Adjustments mainly comprise IPO-related expenses and severance pay to the former Group CEO. • Profit for the period amounted to EUR 91.2 million (62.1), and fully diluted earnings per share amounted to EUR 0.315 (0.212). • Cash flow from operating activities amounted to EUR 88.8 million (67.6). Key events during the second quarter of 2026 • Launch of 17 (11) in-house developed games and of 17 (11) games developed by third party studios on the Hacksaw game development platform (OpenRGS). • Good Times Studios and Aloha Gaming joined as partner studios to OpenRGS. • Hacksaw’s games were made available in several new locally licensed jurisdictions, including Slovenia and Paraguay. • Ana Vrabic Verdir, Board member of Hacksaw AB, was appointed Interim Group CEO. • On 27 April 2026, the annual general meeting resolved on a dividend of EUR 0.40 per share, or a total of EUR 116 million, which was paid out in May. Key events after the second quarter • Hacksaw secured a supplier registration in Alberta, Canada, enabling Hacksaw to support licensed operators in the region. Summary of results and key figures * Adjusted primarily for advisory expenses related to the initial public offering and severance pay to the former Group CEO. For more information, please refer to Note 5: Items affecting comparability. LTM Full-year 2026 2025 % 2026 2025 % Jul-Jun 2025 Total revenue 59,294 45,415 31% 116,905 90,373 29% 224,012 197,481 Adjusted operating profit (EBIT)* 48,431 37,101 31% 95,879 74,380 29% 182,911 161,412 Adjusted operating margin (EBIT margin)* 82% 82% 82% 82% 82% 82% Items affecting comparability 752 2,325 786 2,597 2,175 3,986 Profit for the period 45,728 31,986 43% 91,226 62,101 47% 171,960 142,835 Earnings per share before dilution, EUR 0.158 0.111 42% 0.315 0.212 49% 0.599 0.496 Diluted earnings per share, EUR 0.158 0.111 43% 0.315 0.212 49% 0.599 0.496 Cash flow from operating activities 43,106 26,862 60% 88,771 67,623 31% 173,219 152,070 (Amounts in EUR thousands unless otherwise stated) Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 2 (19) CEO’s comments It is both a pleasure and a privilege to present my first report as Interim Group CEO of Hacksaw. Over the last months, I have now had the opportunity to witness firsthand the dedication, talent, and entrepreneurial spirit that drive our success day-to-day, and the value provided by our RGS platform, both to our own game development and to operators and partner studios building on it. Stepping into a management role has given me an even greater appreciation and confidence for these exceptional strengths that we have demonstrated once again with great results in the second quarter. The strong revenue growth from previous quarters continued in Q2. For the 12-month period ending 30 June 2026, our revenue reached EUR 224 million, an increase of 31 percent on a reported basis, and 37 percent on a constant currency basis, compared with the 12-month period ending on 30 June 2025. During the quarter, we have increased our in-house game release cadence from four to five games per month, which reflects our new normalised level. The team’s ability to release 17 games in-house this past quarter is an impressive demonstration of both scale and execution. An additional 17 games were released on the OpenRGS platform by partner studios. During the quarter, we onboarded two new studios: Good Times Studios and Aloha Gaming, which means that we now have eleven studios on the OpenRGS platform. Our commercial team successfully closed 106 deals this quarter. 63 of them represent new clients. In addition, our games were made available through operators in several new locally licensed jurisdictions: Slovenia and Paraguay. Our content is now provided in more than 40 locally licensed markets worldwide. Following the end of the quarter, we secured supplier approval in Alberta, Canada, under the new licensing framework, allowing us to provide our games to licensed operators in the newly regulated jurisdiction. We continue to deliver strong earnings and high margins, with an adjusted EBIT margin of 82 percent, in line with the previous quarter. The solid profitability is explained by a high release cadence of games, in-house and on OpenRGS, as well as successful monetisation on these games. As resolved at the annual general meeting in April, we distributed a dividend to our shareholders of EUR 0.40 per share, or EUR 116 million in total. This represents 81 percent of 2025 earnings. I am very pleased with our achievements in the second quarter. They are powered by a solid release cadence of in- house developed games, a best-in-class OpenRGS platform, strong commercial momentum and a highly dedicated team. We operate in a large, growing, and global market. This makes me comfortable in our ability to continue delivering on our business strategy. Ana Vrabic Verdir, Interim Group CEO
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 3 (19) Financial development during the second quarter 1 April – 30 June 2026 Revenue Total revenue for the second quarter amounted to EUR 59.3 million (45.4), an increase of 31% compared to the corresponding period last year. On a constant currency basis, the revenue growth was 33%. The growth continued to be driven by the strength of the back catalogue of games, the launch of new games, and the growth in the customer base. The average daily number of rounds played increased by 15% compared to Q2 2025 and the top 10 games contributed 49% (46) of total gross gaming revenue (GGR). 17 (11) in-house developed games were released. Third party studios released 17 (11) games on the OpenRGS platform. By the end of the period, eleven third party studios had released games on the platform. The total games portfolio comprised 354 (241) released games at the end of the quarter, and the games were available in over 40 locally licensed markets. Revenue by quarter, EUR million GGR per game title Games released by quarter* * During the third quarter 2024, a total of 3 unique games were launched per month. The remaining games launched were alternative versions of existing games. Average daily number of rounds played, last 12 months (indexed) 37 44 45 45 52 55 58 59 0 10 20 30 40 50 60 70 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 13% 28% 8% 51% Game 1 Games 2-5 Games 6-10 Other 10 9 9 11 12 13 12 17 6 9 8 11 15 12 15 17 0 5 10 15 20 25 30 35 40 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Third party studio developed games Hacksaw in-house developed games 181 220 256 292 321 347 367 379 0 50 100 150 200 250 300 350 400 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 4 (19) Operating profit (EBIT) Adjusted operating profit for the quarter amounted to EUR 48.4 million (37.1), an increase of 31% compared to the second quarter of 2025. The adjusted operating margin was 82% (82). Operating profit has been adjusted by EUR 0.8 million (2.3) relating to items affecting comparability (IAC), which mainly comprised expenses related to the initial public offering and severance pay to the former Group CEO (for more information, please refer to Note 5: Items affecting comparability). Operating profit for the quarter, including the IAC, amounted to EUR 47.7 million (34.8). Adjusted operating expenses for the quarter amounted to EUR 10.9 million (8.3). The increase is primarily due to higher personnel expenses from continued investments in new recruitment, mainly within game development and distribution, to ensure that we can capitalise on the large opportunity ahead. Additionally, the increase is due to expenses related to driving the continued growth and development of the business, and higher depreciation and amortisation due to continued investments in capitalised game development and certification expenses. Adjusted operating profit (EBIT) by quarter, EUR million Financial items Financial items amounted to EUR 0.5 million (-0.6) and was mainly related to interest income on short-term investments of cash and cash equivalents. Profit for the period Profit for the period amounted to EUR 45.7 million (32.0). Earnings per share before dilution amounted to EUR 0.158 (0.111), and earnings per share after dilution amounted to EUR 0.158 (0.111). The Group's effective tax rate was 5.1% (6.5). The tax rate reflects the countries in which earnings are generated and may vary between reporting periods. Investments Investments in intangible assets amounted to EUR 3.0 million (1.5) during the quarter and related to the capitalisation of development expenses and certifications of new games, patents and trademarks. Investments in tangible assets amounted to EUR 0.1 million (0.1) during the quarter and mainly related to investments in office equipment. Liquidity and cash flow Cash flow from operating activities before changes in working capital amounted to EUR 42.8 million (32.3) for the quarter. The increase is mainly related to the increase in earnings. During the period, income tax relating to prior year of EUR 5.8 million was paid in Malta. Cash flow from operating activities amounted to EUR 43.1 million (26.9) for the quarter. The change in working capital in the previous year was attributable to several one- off items relating to the dividend payment totalling EUR 4.4 million. Cash flow from investing activities amounted to EUR -3.5 million (-1.7) and included investments in intangible assets related to the development and certification of new games, improvements to the technical platform, and patents and trademarks. Cash flow from financing activities amounted to EUR -116.3 million (-0.0) and mainly related to dividend payments to shareholders. Total cash flow for the quarter amounted to EUR -76.6 million (25.2). Cash and cash equivalents amounted to EUR 99.4 million (53.0) at the end of the period. Financial position The Group’s total assets amounted to EUR 156.9 million (99.5) at the end of the period. Equity amounted to EUR 129.2 million (72.5). The Group has no interest-bearing debt. 33 35 37 37 42 45 47 48 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Adjusted operating profit (EBIT) Adjusted operating margin (EBIT margin)
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 5 (19) Financial development during the first half year 1 January – 30 June 2026 Revenue Total revenue for the year to date amounted to EUR 116.9 million (90.4), an increase of 29% compared to the corresponding period last year. On a constant currency basis, the revenue growth was 35%. For the period, 29 (20) in-house developed games, and 32 (19) third party studio developed games, were released. Operating profit (EBIT) Adjusted operating profit amounted to EUR 95.9 million (74.4), an increase of 29% compared to the corresponding period last year. The adjusted operating margin was 82% (82). Operating profit has been adjusted for EUR 0.8 million (2.6) of IAC, which mainly comprised expenses related to the initial public offering and severance pay to the former Group CEO (for more information, please refer to Note 5: Items affecting comparability). Operating profit for the period including IAC, amounted to EUR 95.1 million (71.8). Adjusted operating expenses amounted to EUR 21.0 million (16.0). Financial items Financial items amounted to EUR 0.9 million (-5.4) and was mainly related to interest income on short-term investments of cash and cash equivalents. Profit for the period Profit for the period amounted to EUR 91.2 million (62.1). Earnings per share before dilution amounted to EUR 0.315 (0.212) and earnings per share after dilution amounted to EUR 0.315 (0.212). The Group's effective tax rate was 5.0% (6.4). The tax rate reflects the countries in which earnings are generated and may vary between reporting periods. Investments Investments in intangible assets amounted to EUR 5.3 million (3.1) for the period and related to the capitalisation of development expenses and certifications of new games, patents and trademarks. Investments in tangible assets amounted to EUR 0.2 million (0.2) for the period and mainly related to investments in office equipment. Liquidity and cash flow Cash flow from operating activities before changes in working capital amounted to EUR 91.3 million (65.8) for the period. The increase mainly related to the increase in earnings. Cash flow from operating activities amounted to EUR 88.8 million (67.6) for the period. Cash flow from investing activities amounted to EUR -5.9 million (-3.3) and included the investments of intangible assets related to the development and certification of new games, improvements to the technical platform, and patents and trademarks. Cash flow from financing activities amounted to EUR -116.7 million (-106.6) and mainly related to dividend payments to shareholders. Total cash flow for the period amounted to EUR -33.9 million (-42.2). Cash and cash equivalents amounted to EUR 99.4 million (53.0) at the end of the period.
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 6 (19) Other Parent Company Hacksaw AB (Corp. Reg. No. 559133-3793) is the Parent Company of Hacksaw Gaming. The Parent Company, which is domiciled in Stockholm, Sweden, only conducts holding company operations. The gaming operation activities for the Group are domiciled in Malta and are conducted by the wholly owned subsidiary Hacksaw Operations Ltd. Total revenue for the period amounted to EUR 0.3 million (0.1), and total expenses amounted to EUR 3.2 million (4.1). Operating profit (EBIT) amounted to EUR -2.9 million (-4.0), and profit for the period amounted to EUR -2.6 million (-0.2). Financial items for the period amounted to EUR 0.2 million (3.8) and were related to interest income on short-term investments of cash and bank balances. The Parent Company’s cash and bank balances amounted to EUR 28.7 million (4.8) at the end of the period. Equity amounted to EUR 313.3 million (279.3). A dividend of EUR 115.7 million was paid to shareholders during the second quarter of 2026. No significant investments were made in intangible or tangible assets during the period. Change of reporting currency In October 2025, an extraordinary general meeting resolved to change the parent company’s reporting currency from Swedish kronor to euro, effective 1 January 2026. The change was registered with the Swedish Companies Registration Office on 7 January 2026, and the share capital was converted into the new reporting currency, euro, using the European Central Bank exchange rate as of 30 December 2025. The conversion rate amounted to 10.818. The Articles of Association were amended in connection with the change of reporting currency. The share The Parent Company’s shares have been listed on Nasdaq Stockholm since 25 June 2025 and are included in the Large Cap index. The trading symbol for the shares is HACK. The closing share price on 30 June 2026 was SEK 78.0 per share, representing a total market capitalisation of SEK 22,557 million. The company had a total of 16,604 shareholders (8,129) at the end of the period, and the total number of ordinary shares amounted to 289,195,987 (288,915,987). Long-term Incentive Programmes (LTIP) In addition, the Group has four previously outstanding incentive programs, all of which were resolved during 2025, LTIP 2025/2028:1, LTIP 2025/2028:2, LTIP 2025/2030:3 and LTIP 2025/2030:4. During the period, 483 warrants under the incentive programme LTIP 2025/2030:1 and 120 warrants under the incentive programme LTIP 2025/2030:2 were cancelled as a result of the Company’s former Group CEO leaving his position. As a consequence, the respective incentive programmes have been terminated prematurely. Each warrant in the respective series entitled the holder to subscribe for 2,000 new shares in the Company. During the period, a further 40,000 warrants under the incentive programme LTIP 2025/2028:1 were repurchased as a result of participants in the programme leaving the Company. Each warrant in the programme entitled the holder to subscribe for one new share in the Company. Upon full exercise of the warrants, the diluted effect amounts to approximately 0.43 percent. For further information on the incentive programs, refer to Note seven in the Group’s Annual Report for 2025. All programs are valued according to the Black-Scholes option pricing model. Employees As of 30 June 2026, Hacksaw had 308 employees (188), including 304 (185) full-time equivalents. The average number of full-time equivalents was 295 (181) for the period. Risks and uncertainties Hacksaw’s operations are exposed to certain risks that could have a varying impact on its earnings or financial position. Hacksaw has a structured and group-wide process to identify, classify, manage and monitor a number of strategic, operating and external risks. When assessing the Group’s future development, it is important to take into account these risk factors, alongside any opportunities for profit growth. One of the central risk factors in the gaming industry is the continuous development of laws and regulations. Any changes in international regulations and/or industry specific regulations may affect future earnings. The Group monitors and analyses any changes in laws and regulations from a regulatory and technical perspective. For a more detailed description and review of Hacksaw’s identified risk exposure, please see the Group’s Annual Report for 2025, which is available on the company’s website at www.hacksawgroup.com
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 7 (19) Declaration The Board of Directors and the CEO provide their assurance that this interim report provides an accurate overview of the operations, position and earnings of the Company and the Group, and that it also describes the principal risks and sources of uncertainty faced by the Company and its subsidiaries. Stockholm, 21 July 2026 Patrick Svensk Noah Gottdiener Chairman Arian Sparrfelt Frederic Herz Ana Vrabic Verdir Interim Group CEO The interim report has not been reviewed by the Company’s auditors.
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 8 (19) Condensed consolidated income statement Condensed consolidated statement of other comprehensive income LTM Full-year (Amounts in EUR thousands) Note 2026 2025 2026 2025 Jul-Jun 2025 Net sales 59,203 45,384 116,721 90,328 223,761 197,368 Other operating income 92 31 184 45 251 112 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 Own work capitalised 1,577 890 2,941 1,663 5,382 4,104 Cost of services sold -2,486 -2,931 -5,153 -5,314 -11,518 -11,679 Other external costs 3,5 -2,650 -3,756 -4,948 -5,910 -10,614 -11,575 Personnel expenses -6,560 -3,750 -11,761 -6,863 -20,979 -16,080 Depreciations -1,478 -1,080 -2,802 -2,042 -5,352 -4,592 Other operating expenses -17 -13 -89 -125 -196 -232 Operating profit (EBIT) 47,679 34,776 95,093 71,783 180,736 157,426 Profit from financial items Financial income 602 169 1,237 685 1,824 1,272 Financial costs -104 -744 -354 -6,128 -564 -6,338 Net financial items 498 -575 883 -5,443 1,260 -5,066 Results from participations in associated companies -4 - 41 - 41 - Profit before tax 48,173 34,201 96,017 66,340 182,037 152,360 Income tax -2,446 -2,215 -4,791 -4,238 -10,077 -9,525 Profit for the period 45,728 31,986 91,226 62,101 171,960 142,835 Profit for the period attributable to: Parent company shareholders 45,728 28,332 91,226 52,907 171,960 133,641 Non-controlling interests - 3,654 - 9,195 - 9,195 Total 45,728 31,986 91,226 62,101 171,960 142,835 Earnings per share, EUR Basic 0.158 0.111 0.315 0.212 0.599 0.496 Diluted 0.158 0.111 0.315 0.212 0.599 0.496 Apr-Jun Jan-Jun LTM Full-year (Amounts in EUR thousands) Note 2026 2025 2026 2025 Jul-Jun 2025 Profit for the period 45,728 31,986 91,226 62,101 171,960 142,835 Items that may be reclassified to profit or loss: Exchange differences on translation of subsidiaries for the period -9 159 -4 1,779 16 1,799 Other comprehensive income for the period after tax -9 159 -4 1,779 16 1,799 Comprehensive income for the period 45,719 32,145 91,222 63,881 171,976 144,634 Comprehensive income attributable to: Parent company shareholders 45,719 28,496 91,222 54,696 171,976 135,450 Non-controlling interests - 3,649 - 9,185 - 9,185 Total 45,719 32,145 91,222 63,881 171,976 144,634 Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 9 (19) Condensed consolidated balance sheet (Amounts in EUR thousands) 31 Dec ASSETS Note 2026 2025 2025 Non-current asset Intangible assets 13,407 7,845 9,853 Property, plant and equipment 605 350 498 Right-of-use assets 3,467 2,879 3,096 Participations in associated companies 426 - - Other financial assets 214 88 189 Deferred tax assets 572 -10 4 Total non-current assets 18,691 11,153 13,640 Current assets Trade receivables 13,489 14,265 10,082 Other receivables 1,152 1,467 499 Prepaid expenses and accrued income 24,167 19,565 21,829 Cash and cash equivalents 99,413 53,035 133,180 Total current assets 138,221 88,332 165,590 TOTAL ASSETS 156,912 99,486 179,230 30 Jun 31 Dec EQUITY AND LIABILITIES 2026 2025 2025 Equity Share capital 67 67 68 Other paid-in capital 283,669 283,325 283,669 Translation reserves 1,442 1,426 1,446 Retained earnings and profit for the period -156,002 -212,284 -131,550 Equity attributable to parent company shareholders 129,176 72,534 153,633 Non-controlling interests - - - Total equity 129,176 72,534 153,633 Non-current liabilities Deferred tax liabilities 101 67 88 Lease liabilities 1,183 1,337 932 Provisions 30 237 551 Other long-term liabilities 329 397 449 Total non-current liabilities 1,642 2,039 2,020 Current liabilities Current tax liabilities 13,525 9,982 14,640 Trade payables 1,607 934 1,962 Lease liabilities 1,874 1,260 1,751 Other liabilities 4,447 9,289 2,325 Accrued expenses and deferred income 4,641 3,448 2,899 Total current liabilities 26,094 24,913 23,577 TOTAL EQUITY AND LIABILITIES 156,912 99,486 179,230 30 Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 10 (19) Condensed consolidated statement of changes in equity (Amounts in EUR thousands) Share capital Other paid-in capital Translation reserves Retained earnings and profit for the period Total equity attributable to shareholders of the Parent Company Non- controlling interests Total Equity Opening balance 2025-01-01 24 7,664 -363 89,100 96,425 18,554 114,979 Profit for the period - - - 133,641 133,641 9,195 142,835 Other comprehensive income - - 1,809 - 1,809 -10 1,799 Comprehensive income for the period - - 1,809 133,641 135,450 9,185 144,634 Transactions with owners New share issue* 10 275,661 - -265,252 10,419 -10,419 - Dividends paid - - - -89,006 -89,006 -17,320 -106,326 New issue of shares following exercise of warrants 1 344 - - 345 - 345 Bonus issue 33 - - -33 - - - Total transactions with shareholders 44 276,005 - -354,291 -78,242 -27,739 -105,981 Closing balance 2025-12-31 68 283,669 1,446 -131,550 153,633 - 153,633 (Amounts in EUR thousands) Share capital Other paid-in capital Translation reserves Retained earnings and profit for the period Total equity attributable to shareholders of the Parent Company Non- controlling interests Total Equity Opening balance 2025-01-01 24 7,664 -363 89,100 96,425 18,554 114,979 Profit for the period - - - 52,907 52,907 9,195 62,101 Other comprehensive income - - 1,789 - 1,789 -10 1,779 Comprehensive income for the period - - 1,789 52,907 54,696 9,185 63,881 Transactions with owners New share issue* 10 275,661 - -265,252 10,419 -10,419 - Dividends paid - - - -89,006 -89,006 -17,320 -106,326 Bonus issue 33 - - -33 - - - Total transactions with shareholders 43 275,661 - -354,291 -78,587 -27,739 -106,326 Closing balance 2025-06-30 67 283,325 1,426 -212,284 72,534 - 72,534 (Amounts in EUR thousands) Share capital Other paid-in capital Translation reserves Retained earnings and profit for the period Total equity attributable to shareholders of the Parent Company Non- controlling interests Total Equity Opening balance 2026-01-01 68 283,669 1,446 -131,550 153,633 - 153,633 Profit for the period - - - 91,226 91,226 - 91,226 Other comprehensive income - - -4 - -4 - -4 Comprehensive income for the period - - -4 91,226 91,222 - 91,222 Transactions with owners Dividends paid - - - -115,679 -115,679 - -115,679 Adjustment of opening balance* -1 - - - -1 - -1 Total transactions with shareholders -1 - - -115,679 -115,680 - -115,680 Closing balance 2026-06-30 67 283,669 1,442 -156,002 129,176 - 129,176 *Currency exchange difference in connection with the parent company's change of reporting currency to EUR *New share issue for share swap in case of minority change *New share issue for share swap in case of minority change
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 11 (19) Condensed consolidated statement of cash flows *The change for the period was related to repayments of paid-in premiums for warrants to the former Group CEO and employees leaving the Company. Full-year (Amounts in EUR thousands) Note 2026 2025 2026 2025 2025 Operating activities Profit before tax 48,173 34,201 96,017 66,340 152,360 Of which interest received 497 39 1,096 532 1,041 Of which interest paid -46 -38 -82 -79 -159 Adjustment for depreciation 1,478 1,080 2,802 2,042 4,592 Adjustment for non-cash items -797 148 -882 612 804 48,854 35,429 97,938 68,994 157,756 Income tax paid -6,089 -3,110 -6,605 -3,180 -3,808 Cash flow from operating activities before changes in working capital 42,765 32,319 91,333 65,814 153,948 Cash flow from changes in working capital Changes in operating receivables -2,487 -1,538 -6,113 -4,131 -1,225 Changes in operating liabilities 2,828 -3,920 3,552 5,940 -653 Cash flow from operating activities 43,106 26,862 88,771 67,623 152,070 Investing activities Acquisition of property, plant and equipment -126 -140 -195 -203 -406 Acquisition of intangible assets -2,963 -1,502 -5,339 -3,079 -6,856 Decrease in financial assets -414 -20 -414 -20 -122 Cash flow from investing activities -3,503 -1,662 -5,947 -3,302 -7,383 Financing activities New share issue - - - -0 344 Paid-in premiums for warrants* -121 290 -121 398 440 Dividends paid -115,678 0 -115,678 -106,326 -106,326 Repayment of lease liabilities -452 -331 -888 -643 -1,391 Cash flow from financing activities -116,252 -41 -116,688 -106,570 -106,933 Cash flow for the period -76,649 25,158 -33,864 -42,249 37,754 Cash and cash equivalents at the beginning of the year 176,035 26,424 133,180 93,763 93,763 Exchange rate difference in cash and cash equivalents 27 1,453 97 1,522 1,662 Cash and cash equivalents at the end of the period 99,413 53,035 99,413 53,035 133,180 Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 12 (19) Condensed parent company income statement* *Profit for the period is consistent with comprehensive income of the Parent Company . Change of reporting currency from Swedish kronor to euro as of 1 January 2026. Comparative figures for 2025 have been restate d. **Refers to dividends from Group companies . LTM Full-year (Amounts in EUR thousands) Note 2026 2025 2026 2025 Jul-Jun 2025 Other operating income 27 - 44 - 50 6 Other operating income, Group companies 116 104 238 142 583 487 Total revenue 144 104 282 142 633 493 Operating profit Other external costs 5 -633 -2,737 -1,261 -3,285 -4,138 -6,162 Personnel expenses -1,226 -339 -1,818 -738 -2,756 -1,677 Other operating expenses -3 -2 -10 -2 -17 -9 Other operating expenses, Group companies -25 -29 -56 -51 -110 -105 Operating profit (EBIT) -1,743 -3,002 -2,862 -3,933 -6,389 -7,460 Profit from financial items Profit from interests in Group companies** - 9,178 - 9,178 146,836 156,014 Interest and similar income 264 88 270 93 380 203 Financial income, Group companies - - - - 1 1 Financial expense, Group companies - -32 - -33 -5 -38 Interest and similar expenses -26 -167 -40 -5,475 -245 -5,681 Profit from financial items 238 9,067 230 3,763 146,967 150,500 Appropriations Group contribution received - - - - 351 351 Total appropriations - - - - 351 351 Profit before tax -1,505 6,065 -2,632 -170 140,929 143,391 Income tax - - - - - - Profit for the period -1,505 6,065 -2,632 -170 140,929 143,391 Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 13 (19) Condensed parent company balance sheet *Change of reporting currency from Swedish kronor to euro as of 1 January 2026. Comparative figures for 2025 have been restate d. (Amounts in EUR thousands) 31 Dec ASSETS Note 2026 2025 2025 Non-current asset Shares in group companies 285,050 276,395 285,045 Total non-current assets 285,050 276,395 285,045 Current assets Receivables from Group companies 343 5,494 146,009 Other receivables 149 634 142 Current tax asset 88 50 55 Prepaid expenses and accrued income 885 68 1,174 Cash and bank balances 28,696 4,846 478 Total current assets 30,161 11,092 147,858 TOTAL ASSETS 315,211 287,487 432,903 31 Dec EQUITY AND LIABILITIES 2026 2025 2025 Equity Restricted equity Share capital 67 65 67 Total restricted equity 67 65 67 Unrestricted equity Share premium reserve 285,548 276,793 285,548 Retained earnings 30,352 2,562 2,640 Profit for the period -2,632 -170 143,391 Total unrestricted equity 313,268 279,185 431,578 Total equity 313,335 279,250 431,645 Non-current liabilities Other long-term liabilities 329 397 449 Total non-current liabilities 329 397 449 Current liabilities Liabilities to Group companies - 36 60 Trade payables 280 475 257 Current tax liabilities 62 32 40 Other current liabilities 834 6,828 63 Accrued expenses and deferred income 371 469 389 Total current liabilities 1,547 7,840 809 TOTAL EQUITY AND LIABILITIES 315,211 287,487 432,903 30 Jun 30 Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 14 (19) Notes to the financial statement Note 1. Accounting principles This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and applicable rules in the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9, Interim Report, of the Annual Accounts Act. The accounting principles applied for the Group and the Parent Company are consistent with the accounting principles used in the preparation of the most recent annual report. Amounts are expressed in thousands of Euro (EUR) unless otherwise indicated. Amounts or figures in parentheses indicate comparative figures for the corresponding period of last year. Change of reporting currency in the parent company As a result of the parent company changing its reporting currency to euro (EUR) as of 1 January 2026, future financing will primarily be denominated in euro. Consequently, the assessment of the parent company’s functional currency has been revised to EUR and has been applied prospectively from 1 January 2026. Future change of accounting principles No changed or new standards or interpretation that have come into force have affected the Group’s financial reports. New and amended standards not yet applied by the Group IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual periods beginning on or after 1 January 2027 and has not yet been adopted by the EU. IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduce new requirements aimed at achieving greater comparability in the reporting of results for similar entities and providing users with more relevant information and transparency. The new standard IFRS 18 introduces requirements in three areas to enhance comparability, transparency, and usefulness of financial statements. This includes new structures in the Group’s statement of profit or loss with two new subtotals (“Operating profit” and “Profit before financing and income taxes”), expanded guidance on presentation and note disclosures, and disclosure requirements for key performance measures used in external communication (Management- defined Performance Measures, MPMs). The implementation also affects other standards, including IAS 7 Statement of Cash Flows, IAS 34 Interim Financial Reporting, and IAS 33 Earnings per Share. Hacksaw has initiated a preliminary assessment of the effects of IFRS 18 and will continue to evaluate its impact during 2026. The adoption of IFRS 18 will require changes to the structure of the Group’s statement of profit or loss, as well as assessments regarding the presentation of items in the financial statements and disclosures in the notes. The presentation of the statement of cash flows will also be affected by the implementation of IFRS 18. Furthermore, the adoption of IFRS 18 will require the identification of Management-defined Performance Measures (MPMs) relevant to the Group and the preparation of related disclosures in the notes. Other amendments are not expected to have any material impact on the financial statements of the Group or the parent company in the period of initial application. None of the new or amended standards have been early adopted by the Group. Note 2. Financial instruments All of the Group’s financial assets and liabilities are carried at amortised cost in the consolidated financial statement. The Group has no financial instruments that are carried at fair value. There are thus no differences between the carrying amount and the fair value of the Group's financial instruments. Note 3. Related party transactions The following are considered to be related parties; the members of the company’s Board of Directors, the Group’s senior executives, as well as the close family members of those groups of people. The Parent Company is considered to have a related party relationship with its subsidiaries. It is the company’s opinion that all transactions with related parties have been conducted on market terms. During the first six months in 2026, an employee in a senior position has performed services related to financial consulting from the company Camilleri Galea LTD with a value of EUR 35.6 thousand. The transactions have been conducted on market terms. For the same period in 2025 the amounts were EUR 49.4 thousand from the company Camilleri Galea LTD and 3.1 from the company CG Services LTD. Transactions with associated companies Hacksaw also has transactions with related parties that are associated companies. The transactions arise in the ordinary course of business and are based on commercial terms and market prices. (Amounts in EUR thousands) 2026 2025 2026 2025 Associated companies - - 226.3 - Sales of services and other income Purchases of services and other expense (Amounts in EUR thousands) 30 Jun 2026 30 Jun 2025 30 Jun 2026 30 Jun 2025 Associated companies - - 57.7 - Receivables Payables
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 15 (19) Note 4. Estimates and Assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are deemed to be reasonable in the present circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that involve a major risk of material adjustments in the reported values of assets and liabilities during the next financial year are outlined below. Income tax Hacksaw’s business, including intra-Group transactions, is conducted in accordance with the Group’s interpretations of the applicable laws, tax treaties and other tax provisions in each country’s jurisdictions. The Group uses external independent tax advisors to make judgements about the current tax situation, but there is still a risk of negative tax consequences if a tax authority in an individual country decides on a legislative amendment concerning the tax in question. The determination of provisions for income tax requires significant judgements and estimates, as the final tax is uncertain for many transactions and estimates. The Group recognises tax amounts that are considered to be regular in consultation with external tax advisors. The amounts recognised may differ from the actual outcome for both direct and indirect taxes. This is mainly due to the fact that the tax authorities in the jurisdictions in which the Group operates may make more restrictive interpretations of the regulations than those made by the Group. Note 5. Items affecting comparability Items affecting comparability amounted to EUR 0.8 million (2.3) for the period, which mainly refers to expenses and initial public offering expenses and severance pay to the former Group CEO. Note 6. Significant events after the end of the quarter Hacksaw secured a supplier registration in Alberta, Canada, enabling Hacksaw to support licensed operators in the region. LTM Full-year (Amounts in EUR thousands) 2026 2025 2026 2025 Jul-Jun 2025 Initial public offering costs 34 2,325 68 2,597 1,457 3,986 Severance pay 718 - 718 - 718 - Total 752 2,325 786 2,597 2,175 3,986 Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 16 (19) Consolidated key financials The Group presents certain financial measures in the interim report that are not defined under IFRS. The company believes that these measures provide valuable supplemental information to investors and the company’s management as they permit the evaluation of the company’s financial performance and position. Since not all companies calculate financial measurements in the same way, they are not comparable to those used by other companies. These financial measurements should therefore not be seen as a substitute for measures that are defined in accordance with IFRS. Below are the measurements not defined in accordance with IFRS, unless otherwise stated, and the reconciliation of those. Consolidated key financials by quarter Summary of the number of shares Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun 2024 2024 2025 2025 2025 2025 2026 2026 Total revenue 37,333 43,729 44,958 45,415 52,011 55,096 57,610 59,294 Adjusted EBITDA 33,260 35,897 38,241 38,181 43,240 46,342 48,773 49,909 Adjusted EBITDA margin 89% 82% 85% 84% 83% 84% 85% 84% Adjusted operating profit (EBIT) 32,617 35,031 37,279 37,101 42,081 44,951 47,448 48,431 Adjusted operating margin (EBIT margin) 87% 80% 83% 82% 81% 82% 82% 82% Profit for the period 30,426 32,927 30,115 31,986 38,687 42,047 45,498 45,728 Profit margin 82% 75% 67% 70% 74% 76% 79% 77% Cash flow from operating activities 15,740 50,151 40,761 26,862 36,708 47,740 45,665 43,106 Earnings per share before dilution, EUR 0.107 0.113 0.106 0.111 0.134 0.145 0.157 0.158 Diluted earnings per share, EUR 0.106 0.112 0.106 0.111 0.134 0.145 0.157 0.158 (Amounts in EUR thousands unless otherwise stated) LTM Full-year 2026 2025 2026 2025 Jul-Jun 2025 Average number of shares before dilution 289,195,987 254,304,806 289,195,987 249,595,604 308,987,104 269,386,722 Average number of shares after dilution 289,195,987 254,800,408 289,195,987 250,091,206 308,577,742 269,472,961 Number of shares issued at end of period 289,195,987 288,915,987 289,195,987 288,915,987 289,195,987 289,195,987 Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 17 (19) Reconciliation of selected key financials not defined in accordance with IFRS LTM Full-year (Amounts in EUR thousands) 2026 2025 2026 2025 Jul-Jun 2025 EBITDA and EBITDA margin Profit before tax 48,173 34,201 96,017 66,340 182,037 152,360 Net financial items -498 575 -883 5,443 -1,260 5,066 Results from participations in associated companies 4 - -41 - -41 - Depreciations 1,478 1,080 2,802 2,042 5,352 4,592 EBITDA 49,157 35,856 97,896 73,825 186,089 162,018 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 EBITDA margin 83% 79% 84% 82% 83% 82% Adjusted EBITDA and adjusted EBITDA margin EBITDA 49,157 35,856 97,896 73,825 186,089 162,018 Items affecting comparability 752 2,325 786 2,597 2,175 3,986 Adjusted EBITDA 49,909 38,181 98,682 76,422 188,264 166,004 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 Adjusted EBITDA margin 84% 84% 84% 85% 84% 84% Operating profit (EBIT) and operating margin (EBIT margin) Profit before tax 48,173 34,201 96,017 66,340 182,037 152,360 Net financial items -498 575 -883 5,443 -1,260 5,066 Results from participations in associated companies 4 - -41 - -41 - Operating profit (EBIT) 47,679 34,776 95,093 71,783 180,736 157,426 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 Operating margin (EBIT margin) 80% 77% 81% 79% 81% 80% Adjusted operating profit (EBIT) and adjusted operating margin (EBIT margin) Operating profit 47,679 34,776 95,093 71,783 180,736 157,426 Items affecting comparability 752 2,325 786 2,597 2,175 3,986 Adjusted operating profit (EBIT) 48,431 37,101 95,879 74,380 182,911 161,412 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 Adjusted operating margin (EBIT margin) 82% 82% 82% 82% 82% 82% Profit margin Profit for the period 45,728 31,986 91,226 62,101 171,960 142,835 Total revenue 59,294 45,415 116,905 90,373 224,012 197,481 Profit margin 77% 70% 78% 69% 77% 72% Apr-Jun Jan-Jun
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 18 (19) Definitions Key ratios Definition Purpose Revenue growth Operating revenue for the period divided by operating revenue in the same period last year. Key financial used by management to monitor the Group’s revenue growth. EBITDA Operating profit (EBIT) less depreciation and amortisation. Shows the underlying development of the business, which is valuable in indicating the underlying cash-generating capacity of the business. Key financial used by management to monitor earning trends and gives management information about the organisation’s efficiency and profitability. EBITDA margin Operating profit (EBIT) less depreciation and amortisation in relation to operating revenue. Adjusted EBITDA Operating profit (EBIT) less depreciation and amortisation excluding items affecting comparability. The adjusted measurements provide a better understanding of the performance of the business. Adjusted EBITDA margin Operating profit (EBIT) less depreciation and amortisation excluding items affecting comparability in relation to operating revenue. Operating profit (EBIT) Profit before tax excluding net financial items. Provides management with information about the organisation’s efficiency and profitability. Operating margin Operating profit (EBIT) in relation to operating revenue. Adjusted operating profit (EBIT) Profit before tax excluding net financial items and items affecting comparability. The adjusted measurements provide a better understanding of the performance of the business over time. Adjusted operating margin Operating profit (EBIT) excluding items affecting comparability in relation to operating revenue. Earnings per share before dilution Profit for the period attributable to equity holders divided by the average number of shares outstanding. Key ratio used by management to monitor the earnings trend in the Group. Diluted earnings per share Profit for the period attributable to equity holders divided by the average number of shares outstanding after dilution. Items affecting comparability (IAC) Items affecting comparability include non- recurring items, such as strategic consulting, IPO related expenses and significant impacts on the company’s financial results that affect the comparability across periods. Separation of items that interfere with comparability between periods provides a better understanding of the company’s financial performance.
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HACKSAW AB (PUBL) | INTERIM REPORT Q2 2026 19 (19) About Hacksaw Hacksaw AB (publ) is a B2B technology platform and game development company. The scalable and modular platform, built on a modern code base, enables rapid development and distribution of games. Games developed by Hacksaw comprise digital slots, scratch cards, and instant win games. We operate across the whole B2B iGaming value chain, from game development to distribution and our customers comprise some of the largest private and state-owned iGaming operators in the industry. Hacksaw’s shares are listed on Nasdaq Stockholm (HACK). About this report Forward-looking statements Some statements in this report are forward looking, and the actual outcomes could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcomes. Language In the event of inconsistency or discrepancy between the English and the Swedish version of this publication, the Swedish version shall prevail. Totals and rounding Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise. This information is information that Hacksaw AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CET on 21 July 2026. Further information For further information, please contact: Mikael Rahm Group CFO IR@hacksawgroup.com Invitation to webcast and telephone conference The interim report will be presented via webcast and telephone conference on 21 July 2026 at 09:30 (CET). Webcast: https://hacksaw.events.inderes.com/q2-report- 2026/register Telephone conference: https://events.inderes.com/hacksaw/q2-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. Financial calendar Interim report for the third quarter: 3 November 2026 Interim report for the fourth quarter: 16 February 2027