Hacksaw Gaming’s shares dropped 25% today following their Q3 trading update, which indicated a slowdown in growth for the supplier.

The adjusted operating profit (EBIT) for Q3 is expected to be approximately EUR 48 to 49 million (Q3 2025: EUR 42.1 million), with an adjusted operating margin (EBIT margin) of approximately 83 percent (Q3 2025: 81 percent), which corresponds to an increase of approximately 14 to 16 percent compared to the corresponding period in 2025.

The total revenue growth in the Q3 was below the Group’s historical growth pace. The revenue growth moderated during the period, reflecting softer market conditions and game performance that was lower than during Hacksaw’s recently reported periods.

The nature of being in the content business means that Hacksaw’s performance will vary over different periods. However, the Group’s long-term financial targets remain unchanged.

Hacksaw’s focus remains on the quality of its game production, providing players with more opportunities to engage with Hacksaw’s games, and broadening the appeal of the Group’s portfolio.

Hacksaw is also expanding the portfolio through new and existing OpenRGS partnerships and is in dialogue with potential Hacksaw Venture partners, with the aim of supporting those that represent an opportunity to further diversify the Group’s offering.

Hacksaw is also exploring new verticals, including a recently launched crash game towards the end of the Q3.