Hacksaw FY2026 Q1 Earnings Release

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 1 (18)

“A STRONG START TO THE YEAR WITH SOLID GROWTH AND HIGH MARGINS ”
INTERIM REPORT | JANUARY – MARCH 202 6
First quarter: 1 January – 31 March
• Total revenue increased by 2 8% to EUR 5 7.6 million
(45.0 ). On a constant currency basis, the revenue growth
was 37%.
• Adjusted operating profit (EBIT) increased by 2 7% to
EUR 47.4 million ( 37.3), with a margin of 82% ( 83).
Adjustments comprise IPO -related expenses.
• Profit for the period amounted to EUR 4 5.5 million (30.1 ),
and fully diluted earnings per share amounted to
EUR 0.1 57 (0.106).
• Cash flow from operating activities amounted to
EUR 4 5.7 million ( 40.8 ).

Key events during the f irst quarter of 202 6
• Launch of 12 (9) in -house developed games and of 15 (8) games developed by third party studios on the Hacksaw game
development platform.
• Hacksaw obtained an Online Gaming Service Provider licence by Connecticut Department of Consumer Protection .
• Hacksaw entered an agreement to invest in the OpenRGS partner studio Jinx Gaming as a part of Hacksaw Ventures.
• Hacksaw published its Annual Report for 2025.
• Mikael Rahm took office as Group CFO on 1 January 2026.

Key events after the f irst quarter
• On 27 April 2026, the annual general meeting of Hacksaw AB was held. For more information, please visit:
www.hacksawgroup.com .
Summary of results and key figures

* Adjusted primarily for advisory expenses related to the initial public offering. For more information, please refer to Note 5: Items affecting comparability. LTM Full-year
2026 2025 % Apr-Mar 2025
Total revenue 57,610 44,958 28% 210,133 197,481
Adjusted operating profit (EBIT)* 47,448 37,279 27% 171,581 161,412
Adjusted operating margin (EBIT margin)* 82% 83% 82% 82%
Items affecting comparability 34 272 3,748 3,986
Profit for the period 45,498 30,115 51% 158,218 142,835
Earnings per share before dilution, EUR 0.157 0.106 49% 0.548 0.496
Diluted earnings per share, EUR 0.157 0.106 49% 0.548 0.496
Cash flow from operating activities 45,665 40,761 12% 156,975 152,070
(Amounts in EUR thousands unless otherwise stated)
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 2 (18)

CEO’s comments
With a strong start of the year, we delivered revenues of
EUR 58 million for Q1 2026 and EUR 210 million over the
last twelve months, representing 35 percent growth on a
reported basis compared to the twelve -month period
ended in Q1 last year and 43 percent growth on a constant
currency basis. This entirely organic growth reflects the
successful execution of our strategy of product
development and increasing monetisation .
The quarter was marked by a high degree of global
macroeconomic uncertainty. Despite this backdrop, we
have remained resilient and focused, continuing to execute
on our strategy and deliver strong operational and financial
results.
During the quarter, a total of 27 games were released. Of
these, 12 were fully developed in -house and 15 were
developed by our partner studios on our OpenRGS
platform. This reflects both our strong internal capacity to
continuously deliver high -quality content, and the strength
and attractiveness of our platform. By the end of the
quarter, we had nine studios developing games on our
platform, with Foxhound Games having launched its first
game in February. By the end of March, our portfolio
comprised 320 gam es.
The daily average number of rounds played in the last
twelve months grew by 43 percent compared to the last
twelve -month period that ended on 31 March 2025 . This
demonstrates the strength of our game portfolio, our high
release cadence of new games, and our strong distribution
network.
We have maintained a high level of commercial execution
and signed 79 deals during the quarter , of which 59 new
client deals . Some of the most notable include bet365 in
Pennsylvania, William Hill in Italy, and Delaware North in
West Virginia. This continues to underscore our long
runway for growth. On the operational side, we secured an
Online Gaming Service Provider licence in Connecticut – an
important milestone in our ability to follow our clients
across their prioritised markets.
We combine d solid revenue growth with high margins .
Adjusted operating profit (EBIT) amounted to EUR 47
million, representing a growth in line with revenue growth
and a margin of 82 percent.
We continue to see attractive opportunities to use our
strong cash generation to invest in early -stage companies
within our ecosystem where we can capture significant
potential by providing both capital and strategic support to
founders. We refer to this initiative as Ha cksaw Ventures.
We view this as an attractive and long -term capital
allocation opportunity, while short -term financial impact
from specific investments will be limited in relation to the
group. As a part of this, we made an investment in Kit sune
Studios in the fourth quarter last year and in Jinx Gaming
during the quarter.
Hacksaw’s group strategy remains robust, built on the dual
pillars of product innovation and increasing monetisation.
We will continue to develop and launch new games, while
driving monetisation by expanding our global customer
base and attracting new part ners.
Q1 marks another strong quarterly result based on both
the exceptional execution of our team and the significant
market opportunity ahead of us. We enter the second
quarter with solid momentum and great confidence.

Christoffer Källberg
Group CEO

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 3 (18)

Financial development during the f irst quarter
1 January – 31 March 202 6
Revenue
Total revenue for the f irst quarter amounted to EUR 5 7.6
million (4 5.0 ), an increase of 2 8% compared to the
corresponding period last year. On a constant currency basis,
the revenue growth was 37%. 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 revenue growth was partly offset by movements in FX
exchange rates compared to the corresponding period last
year, which had a negative impact on revenues.
The average daily number of rounds played increased by 27%
compared to the first quarter of 202 5. The continued
broadening of the games portfolio was reflected in the top 10
games contributing 43% ( 50) of total gross gaming revenue
(GGR). 12 (9) in -house developed games were released. Third
party studios released 1 5 (8) games on the OpenRGS
platform . By the end of the period, nine third party studios
had released games on the platform.
The total games portfolio comprised 320 (236) released
games at the end of the quarter, and the games were
available in over 35 locally licensed markets.

Revenue by quarter, EUR million

GGR per game title

Games released by quarter*

* During the second and 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)

30 37 44 45 45 52 55 58
0
10
20
30
40
50
60
70
Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 10%
22%
11%
57%
Game 1
Games 2-5
Games 6-10
Other 10 10 9 9 11 12 13 12
5 6 9 8
11
15 12 15
0
5
10
15
20
25
30
Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Third party studio developed games
Hacksaw in-house developed games 148 181 220 256 292 321 347 367
0
50
100
150
200
250
300
350
400
Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 4 (18)

Operating profit (EBIT)
Adjusted operating profit for the quarter amounted to
EUR 47.4 million (3 7.3 ), an increase of 2 7% compared to the
first quarter of 202 5. The adjusted operating margin was 82%
(83).
Operating profit has been adjusted by EUR 0. 0 million ( 0.3)
relating to items affecting comparability (IAC), which mainly
comprised expenses related to the initial public offering (for
more information, please refer to Note 5: Items affecting
comparability). Operating profit for the quarter, including the
IAC, amounted to EUR 4 7.4 million ( 37.0).
Adjusted operating expenses for the quarter amounted to
EUR 10. 2 million ( 7.7). 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 , partly offset by higher capitalisation of
game development expenses . Additionally, the increase is
due to higher cost of services sold from continued scaling of
the OpenRGS platform, expenses related to driv ing the
continued growth and development of the business, and
higher depreciation and amortisation due to continued
investments in capitalised game development expenses.
Adjusted operating profit (EBIT) by quarter,
EUR million

Financial items
Financial items amounted to EUR 0. 4 million ( -4.9 ) and 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 4 5.5 million (3 0.1 ).
Earnings per share before dilution amounted to EUR 0.1 57
(0.1 06), and earnings per share after dilution amounted to
EUR 0.1 57 (0.106).
The Group’s effective tax rate was 4.9 % ( 6.3). 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 2. 4 million
(1.6) during the quarter and related to the capitalisation of
development expenses, 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 4 8.6 million (33.5 ) for the quarter.
The increase is mainly related to the increase in earnings.
Cash flow from operating activities amounted to
EUR 45.7 million ( 40.8 ) for the quarter. Change in working
capital was negatively affected by an increase in operating
receivables of EUR 3.5 million . The positive change in working
capital in the previous year was attributable to several one –
off items relating to the dividend payment totaling 11.1
million.
Cash flow from investing activities amounted to
EUR -2.4 million (-1.6) and included investments in intangible
assets related to the development of new games,
improvements to the technical platform, and patents and
trademarks.
Cash flow from financing activities amounted to
EUR -0.4 million ( -106.5 ) and were mainly related to the
repayment of lease liabilities. The change in previous year is
mainly related to dividends to shareholders.
Total cash flow for the quarter amounted to EUR 42.8 million
(-67.4 ).
Cash and cash equivalents amounted to EUR 1 76.0 million
(26.4 ) at the end of the period.
Financial position
The Group’s total assets amounted to EUR 226.9 million
(70.8 ) at the end of the period. Equity amounted to EUR
199.1 million ( 40.4). The Group has no interest -bearing debt .

26 33 35 37 37 42 45 47
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5
10
15
20
25
30
35
40
45
50
Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Adjusted operating profit (EBIT)
Adjusted operating margin (EBIT margin)

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 5 (18)

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 0.1 million
(0.0 ), and total expenses amounted to EUR 1.2 million (1.0 ).
Operating profit (EBIT) amounted to EUR -1.1 million ( -1.0 ),
and profit for the period amounted to EUR -1.1 million (-6.4).
Financial items for the period amounted to EUR 0.0 million
(-5.4).
Financial expenses last year are mainly related to the realised
currency exchange loss on dividend payments received from
subsidiaries in foreign currencies.
The Parent Company’s cash and bank balances amounted to
EUR 0.5 million ( 10.7 ) at the end of the period. Equity
amounted to EUR 430.5 million (2.8 ) and the change is partly
related to the change in minority interests after the company
acquired the remaining shares in its Hacksaw Gaming Ltd
subsidiary from minority shareholders. The change is also
related to dividend payments to shareholders paid in the first
quarter in 2025 , where as no dividend has yet been paid to
shareholders in 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 31 March 202 6 was SEK 59.5 per share,
representing a total market capitalisation of SEK 17,204
million.
The company had a total of 14,572 shareholders ( 80) at the
end of the period, and the total number of ordinary shares
amounted to 289,195,987 (244 ,712,000).
Long -term Incentive Programmes (LTIP)
The Group has six outstanding incentive programs, all of
which were resolved during 2025 , LTIP 2025/2028:1, LTIP
2025/2028:2, LTIP 2025/2030:1, LTIP 2025:2030:2, LTIP
2025/2030:3 and LTIP 2025/2030:4 . Upon full exercise of the
warrants, the dil uted effect amounts to approximately 0.85
percent. For further information on the incentive programs,
refer to Note seven in the Group’s Annual Report for 2025.
All programs are valued a ccording to the Black -Scholes option
pricing model.
Employees
As of 31 March 202 6, Hacksaw had 2 78 employees (1 70),
including 2 75 (166) full -time equivalents. The average
number of full -time equivalents was 266 (156) in the year.
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 externa l 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 chan ges 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 202 5, which is available on the company’s website
at www.hacksawgroup.com

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 6 (18)

This report was submitted in Stockholm on 28 April 202 6.

Christoffer Källberg
Group CEO

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 7 (18)

Condensed consolidated income statement

Condensed consolidated statement of other
comprehensive income
LTM Full-year
(Amounts in EUR thousands) Note 2026 2025 Apr-Mar 2025
Net sales 57,518 44,943 209,943 197,368
Other operating income 92 15 190 112
Total revenue 57,610 44,958 210,133 197,481
Own work capitalised 1,365 773 4,695 4,104
Cost of services sold -2,666 -2,383 -11,962 -11,679
Other external costs 3,5 -2,298 -2,154 -11,719 -11,575
Personnel expenses -5,201 -3,113 -18,168 -16,080
Depreciations -1,325 -962 -4,955 -4,592
Other operating expenses -71 -112 -192 -232
Operating profit (EBIT) 47,414 37,007 167,833 157,426
Profit from financial items
Financial income 635 516 1,392 1,272
Financial costs -250 -5,384 -1,204 -6,338
Net financial items 385 -4,868 188 -5,066
Results from participations in associated companies 45 – 45 –
Profit before tax 47,844 32,139 168,065 152,360
Income tax -2,346 -2,023 -9,847 -9,525
Profit for the period 45,498 30,115 158,218 142,835
Profit for the period attributable to:
Parent company shareholders 45,498 24,575 154,564 133,641
Non-controlling interests – 5,540 3,654 9,195
Total 45,498 30,115 158,218 142,835
Earnings per share, EUR
Basic 0.157 0.106 0.548 0.496
Diluted 0.157 0.106 0.548 0.496
Jan-Mar LTM Full-year
(Amounts in EUR thousands) Note 2026 2025 Apr-Mar 2025
Profit for the period 45,498 30,115 158,218 142,835
Items that may be reclassified to profit or loss:
Exchange differences on translation of subsidiaries for the period 5 1,620 184 1,799
Other comprehensive income for the period after tax 5 1,620 184 1,799
Comprehensive income for the period 45,503 31,735 158,402 144,634
Comprehensive income attributable to:
Parent company shareholders 45,503 26,200 154,753 135,450
Non-controlling interests – 5,535 3,649 9,185
Total 45,503 31,735 158,402 144,634
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 8 (18)

Condensed consolidated balance sheet

(Amounts in EUR thousands) 31 Dec
ASSETS Note 2026 2025 2025
Non-current asset
Intangible assets 11,207 7,034 9,853
Property, plant and equipment 529 236 498
Right-of-use assets 2,644 3,279 3,096
Participations in associated companies 45 – –
Other financial assets 189 69 189
Deferred tax assets 35 4 4
Total non-current assets 14,648 10,622 13,640
Current assets
Trade receivables 11,585 15,353 10,082
Other receivables 803 821 499
Prepaid expenses and accrued income 23,828 17,566 21,829
Cash and cash equivalents 176,035 26,424 133,180
Total current assets 212,251 60,164 165,590
TOTAL ASSETS 226,900 70,786 179,230
31 Mar 31 Dec
EQUITY AND LIABILITIES 2026 2025 2025
Equity
Share capital 67 24 68
Other paid-in capital 283,669 7,664 283,669
Translation reserves 1,451 1,262 1,446
Retained earnings and profit for the period -86,051 24,669 -131,550
Equity attributable to parent company shareholders 199,136 33,619 153,633
Non-controlling interests – 6,770 –
Total equity 199,136 40,389 153,633
Non-current liabilities
Deferred tax liabilities 119 81 88
Lease liabilities 508 1,684 932
Provisions 500 240 551
Other long-term liabilities 448 113 449
Total non-current liabilities 1,576 2,117 2,020
Current liabilities
Current tax liabilities 16,531 10,793 14,640
Trade payables 2,153 260 1,962
Lease liabilities 1,720 1,307 1,751
Other liabilities 3,046 12,323 2,325
Accrued expenses and deferred income 2,737 3,597 2,899
Total current liabilities 26,188 28,280 23,577
TOTAL EQUITY AND LIABILITIES 226,900 70,786 179,230
31 Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 9 (18)

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 – – – 24,575 24,575 5,540 30,115
Other comprehensive income – – 1,625 – 1,625 -5 1,620
Comprehensive income for the period – – 1,625 24,575 26,200 5,535 31,735
Transactions with owners
Dividends paid – – – -89,006 -89,006 -17,320 -106,326
Total transactions with shareholders – – – -89,006 -89,006 -17,320 -106,326
Closing balance 2025-03-31 24 7,664 1,262 24,669 33,619 6,770 40,389
(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 – – – 45,498 45,498 – 45,498
Other comprehensive income – – 5 – 5 – 5
Comprehensive income for the period – – 5 45,498 45,503 – 45,503
Transactions with owners
Adjustment of opening balance* -1 – – – -1 – -1
Total transactions with shareholders -1 – – – -1 – -1
Closing balance 2026-03-31 67 283,669 1,451 -86,051 199,136 – 199,136
*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

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 10 (18)

Condensed consolidated statement of cash flows

Full-year
(Amounts in EUR thousands) Note 2026 2025 2025
Operating activities
Profit before tax 47,844 32,139 152,360
Of which interest received 599 493 1,041
Of which interest paid -36 -40 -159
Adjustment for depreciation 1,325 962 4,592
Adjustment for non-cash items -85 464 804
49,083 33,565 157,756
Income tax paid -516 -70 -3,808
Cash flow from operating activities before changes in working capital 48,568 33,495 153,948
Cash flow from changes in working capital
Changes in operating receivables -3,626 -2,594 -1,225
Changes in operating liabilities 723 9,859 -653
Cash flow from operating activities 45,665 40,761 152,070
Investing activities
Acquisition of property, plant and equipment -69 -63 -406
Acquisition of intangible assets -2,375 -1,577 -6,856
Decrease in financial assets – – -122
Cash flow from investing activities -2,444 -1,640 -7,383
Financing activities
New share issue – – 344
Paid-in premiums for warrants – 109 440
Dividends paid – -106,326 -106,326
Repayment of lease liabilities -436 -312 -1,391
Cash flow from financing activities -436 -106,529 -106,933
Cash flow for the period 42,785 -67,408 37,754
Cash and cash equivalents at the beginning of the year 133,180 93,763 93,763
Exchange rate difference in cash and cash equivalents 70 69 1,662
Cash and cash equivalents at the end of the period 176,035 26,424 133,180
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 11 (18)

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 Apr-Mar 2025
Other operating income 16 – 22 6
Other operating income, Group companies 122 40 569 487
Total revenue 138 40 591 493
Operating profit
Other external costs 5 -628 -563 -6,227 -6,162
Personnel expenses -592 -410 -1,858 -1,677
Other operating expenses -7 – -16 -9
Other operating expenses, Group companies -31 -23 -113 -105
Operating profit (EBIT) -1,119 -956 -7,623 -7,460
Profit from financial items
Profit from interests in Group companies** – – 156,014 156,014
Interest and similar income 6 6 203 203
Financial income, Group companies – – 1 1
Financial expense, Group companies – -1 -37 -38
Interest and similar expenses -14 -5,454 -241 -5,681
Profit from financial items -8 -5,449 155,941 150,500
Appropriations
Group contribution received – – 351 351
Total appropriations – – 351 351
Profit before tax -1,127 -6,406 148,670 143,391
Income tax – – – –
Profit for the period -1,127 -6,406 148,670 143,391
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 12 (18)

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 285,045 6,075 285,045
Total non-current assets 285,045 6,075 285,045
Current assets
Receivables from Group companies 145,001 396 146,009
Other receivables 130 72 142
Current tax asset 70 34 55
Prepaid expenses and accrued income 1,085 45 1,174
Cash and bank balances 461 10,692 478
Total current assets 146,746 11,240 147,858
TOTAL ASSETS 431,791 17,315 432,903
31 Dec
EQUITY AND LIABILITIES 2026 2025 2025
Equity
Restricted equity
Share capital 67 23 67
Total restricted equity 67 23 67
Unrestricted equity
Share premium reserve 285,548 6,493 285,548
Retained earnings 146,030 2,666 2,640
Profit for the period -1,127 -6,406 143,391
Total unrestricted equity 430,452 2,754 431,578
Total equity 430,518 2,777 431,645
Non-current liabilities
Other long-term liabilities 448 113 449
Total non-current liabilities 448 113 449
Current liabilities
Liabilities to Group companies 8 4,140 60
Trade payables 229 139 257
Current tax liabilities 51 25 40
Other current liabilities 201 9,816 63
Accrued expenses and deferred income 336 306 389
Total current liabilities 824 14,426 809
TOTAL EQUITY AND LIABILITIES 431,791 17,315 432,903
31 Mar
31 Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 13 (18)

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 Rep ort, 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 a nd 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 requi rements 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 profi t” 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 impleme ntation
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 iden tification 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 rela tionship with its subsidiaries. It is the
company’s opinion that all transactions with related parties
have been conducted on market terms.
During the first three months in 202 6, an employee in a
senior position has performed services related to financial
consulting from the company Camilleri Galea LTD with a value
of EUR 1 9.3 thousand. The transactions have been conducted
on market terms.
For the same period in 202 5 the amounts were
EUR 27.9 thousand from the company Camilleri Galea 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.

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 (Amounts in EUR thousands) 2026 2025 2026 2025
Associated companies – – 115.0 –
Sales of
services and
other income
Purchases of
services and
other expense (Amounts in EUR thousands)
31
Mar
2026
31
Mar
2025
31
Mar
2026
31
Mar
2025
Associated companies – – 31.9 –
Receivables Payables

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 14 (18)

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 ma terial 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 advis ors 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 externa l 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. 0 million ( 0.3) for the period, which mainly refers to expenses and initial public
offering expenses.

Note 6. Significant events after the end of the quarter
On 27 April 2026, the annual general meeting of Hacksaw AB was held . For more information, please visit:
www.hacksawgroup.com .
LTM Full-year
(Amounts in EUR thousands) 2026 2025 Apr-Mar 2025
Initial public offering costs 34 272 3,748 3,986
Total 34 272 3,748 3,986
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 15 (18)

Consolidated key financia ls
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
substitu te 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

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
2024 2024 2024 2025 2025 2025 2025 2026
Total revenue 29,738 37,333 43,729 44,958 45,415 52,011 55,096 57,610
Adjusted EBITDA 26,238 33,260 35,897 38,241 38,181 43,240 46,342 48,773
Adjusted EBITDA margin 88% 89% 82% 85% 84% 83% 84% 85%
Adjusted operating profit (EBIT) 25,638 32,617 35,031 37,279 37,101 42,081 44,951 47,448
Adjusted operating margin (EBIT margin) 86% 87% 80% 83% 82% 81% 82% 82%
Profit for the period 23,326 30,426 32,927 30,115 31,986 38,687 42,047 45,498
Profit margin 78% 82% 75% 67% 70% 74% 76% 79%
Cash flow from operating activities 19,217 15,740 50,151 40,761 24,964 36,708 47,740 45,665
Earnings per share before dilution, EUR 0.081 0.107 0.113 0.106 0.110 0.134 0.145 0.157
Diluted earnings per share, EUR 0.079 0.106 0.112 0.106 0.110 0.134 0.145 0.157
(Amounts in EUR thousands unless
otherwise stated) LTM Full-year
2026 2025 Apr-Mar 2025
Average number of shares before dilution 289,195,987 244,712,000 294,061,443 269,386,722
Average number of shares after dilution 289,195,987 244,807,583 294,138,339 269,472,961
Number of shares issued at end of period 289,195,987 244,712,000 289,195,987 289,195,987
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 16 (18)

Reconciliation of selected key financials not defined in accordance with IFRS

LTM Full-year
(Amounts in EUR thousands) 2026 2025 Apr-Mar 2025
EBITDA and EBITDA margin
Profit before tax 47,844 32,139 168,065 152,360
Net financial items -430 4,868 -232 5,066
Depreciations 1,325 962 4,955 4,592
EBITDA 48,739 37,969 172,788 162,018
Total revenue 57,610 44,958 210,133 197,481
EBITDA margin 85% 84% 82% 82%
Adjusted EBITDA and adjusted EBITDA margin
EBITDA 48,739 37,969 172,788 162,018
Items affecting comparability 34 272 3,748 3,986
Adjusted EBITDA 48,773 38,241 176,536 166,004
Total revenue 57,610 44,958 210,133 197,481
Adjusted EBITDA margin 85% 85% 84% 84%
Operating profit (EBIT) and operating margin (EBIT margin)
Profit before tax 47,844 32,139 168,065 152,360
Net financial items -430 4,868 -232 5,066
Operating profit (EBIT) 47,414 37,007 167,833 157,426
Total revenue 57,610 44,958 210,133 197,481
Operating margin (EBIT margin) 82% 82% 80% 80%
Adjusted operating profit (EBIT) and adjusted operating margin (EBIT
margin)
Operating profit 47,414 37,007 167,833 157,426
Items affecting comparability 34 272 3,748 3,986
Adjusted operating profit (EBIT) 47,448 37,279 171,581 161,412
Total revenue 57,610 44,958 210,133 197,481
Adjusted operating margin (EBIT margin) 82% 83% 82% 82%
Profit margin
Profit for the period 45,498 30,115 158,218 142,835
Total revenue 57,610 44,958 210,133 197,481
Profit margin 79% 67% 75% 72%
Jan-Mar

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 17 (18)

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.

HACKSAW AB (PUBL) | INTERIM REPORT Q1 202 6 18 (18)

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. The
information was submitted for publication, through the agency of the contact person set out below, at 07:30 CE ST on
28 April 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 28 April 2026 at 09:30 (CE ST).
Webcast:
https://hacksaw.events.inderes.com/q1 -report -2026/register
Telephone conference:
https://events.inderes.com/hacksaw/q1 -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 second quarter: 21 July 2026
Interim report for the third quarter: 3 November 2026