Hacksaw Says Q3 Growth Slowed Due to Weak Game Performance

Hacksaw has told investors that its revenue growth slowed during the third quarter of 2026 and fell below the group's historical pace, in a preliminary update published on October 11.

For the three months to September 30, the game developer expects revenue of about €57.5 million to €58.5 million, up roughly 11% to 12% from €52.0 million a year earlier. It blamed softer market conditions and games that performed worse than in recent reported periods.

Profit grew faster than sales. Hacksaw expects adjusted EBIT of about €48 million to €49 million, up 14% to 16% from €42.1 million, with the adjusted margin rising to around 83% from 81%. On these numbers, the problem is the pace of revenue growth, not profitability.

Gaps in the update

Hacksaw did not say which games underperformed or which markets softened. It also gave no growth rate for the third quarter of 2025, so the size of the slowdown against its own history cannot be measured from the update.

The company said results in a content business vary between periods and that its long-term financial targets are unchanged, though it did not restate them.

Where Hacksaw is looking for growth

Group CEO Ana Vrabic Verdir said growth "was more moderate than during our recent history," and pointed to new customer signings and existing customers moving into more markets. "Our commercial momentum remains strong," she said.

Hacksaw is widening its portfolio through new and existing OpenRGS partnerships, is in talks with potential Hacksaw Venture partners and is exploring new verticals. It launched a crash game near the end of the quarter.

The figures are preliminary. Hacksaw expects to publish its interim report on November 3.