Public Policy Holding Co., Inc. · LSE:PPHC
Public Policy — Q2 2026 Earnings Presentation
34 slides from Public Policy's earnings presentation, Aug 10, 2026
Slide 1: 2026 Second Quarter Results
2026 Second Quarter Results AUGUST 10, 2026
Slide 2: Disclosures
Disclosures 2 Forward-Looking Statements This Presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties. Forward-looking statements are often identified by words such
Slide 3: Today’s Presenters
Today’s Presenters 3 Stewart Hall Roel Smits Thomas Gensemer Chief Executive Officer Chief Financial Officer Chief Strategy Officer Co-founder of Federalist Group LLC, which was Former CFO Americas of Kantar Former CEO and Managing Partner of Blue State acquired by Ogilvy (WPP) Brings vast M
Slide 4: Q2 2026: Continued Momentum
Q2 2026: Continued Momentum 4 REVENUE GROWTH PROFITABILITY PER SHARE GAAP diluted EPS $52.1M +7.3% YoY $(3.7)M $(0.19) Q2 2026 Organic revenue growth Adjusted EBITDA Adjusted diluted EPS Key Metrics +3.9% $12.3M $0.34 Adj. EBITDA margin 23.5% $50.1M and +5.1% organic in Q1 2026 22.3% in Q1 2026 $0.2
Slide 5: How PPHC is Positioned for Increasing AI Adoption
5 How PPHC is Positioned for Increasing AI Adoption Structure Demand Operating Leverage No pyramid of junior hours for AI to Retained across the full AI stack: frontier model Virtually none of our revenue depends on compress developers, chip designers, hyperscalers, and data- reselling the hours AI
Slide 6: PPHC: Financial Summary
PPHC: Financial Summary
Slide 7: Updated Outlook & Guidance Following Two Acquisitions
7 Updated Outlook & Guidance Following Two Acquisitions The Company is enhancing its guidance to the markets as follows: Long-Term Growth 2026 Financial Guidance Expectation of average annual organic revenue growth Reported Revenue Previous guidance ~5% Average Organic Growth $213M–$216M May 12, 202
Slide 8: Continuing strong track record of growth and profitability
8 Continuing strong track record of growth and profitability C o ns o l id a t ed R ev en u e a n d G r ow t h Financial Performance H1 2026 $ in millions ’22 - ’25 CAGR: 20% 25% 24% 16% Revenue $102.3m; growth 11% 24% 10% 16.3%, of which 4.4% organic Adjusted EBITDA $23.4m, margin 22.9%, ali
Slide 9: Financial Highlights
9 Financial Highlights ($ in millions, except percentages Comments on H1 and per share) Three months ended June 30, Six months ended June 30, 2026 2025 Change $ Change % 2026 2025 Change $ Change % Revenue growth of ~16%, of which organic ~+4%, with GR ~+6%, Corporate Comms & Public Affairs ~-1%,
Slide 10: Organic Revenue Growth by Segment
Organic Revenue Growth by Segment 10 Corporate Government Communications & Public Compliance and Total Relations Consulting Affairs Consulting Insights Services (CIS) Organic growth by segment in (GR) (CCPA) H1 2026: Overall organic growth steady at ~4 - 5% level Government Relations (GR) strong
Slide 11: Margin Performance – Q2
Margin Performance – Q2 11 VS prior year, Q2 margin decreased by 2.9pt because: 1. Blended Segment Margin 39.5%, down 0.6pt • Government Relations (GR) strong at 47.8%, up 1.1 pts • Corporate Communications and Public Affairs (CCPA) declining to 23.5%, down 4.1 pts • Compliance and Insights Services
Slide 12: P&L results H1 2026
12 P&L results H1 2026 Track record of profitable growth Commentary H1 2026 Income Statements Three months ended June 30 Six months ended June 30 P&L growing at top and bottom line ($ in millions, except percentages and per share 2026 2025 Change Change 2026 2025 Change Change amounts) ($) % ($) %
Slide 13: Cash flow H1 2026
13 Cash flow H1 2026 Track record of strong operational cash flow Commentary Non-GAAP Cash Flow Statement Six months ended June 30, (non-GAAP) Adjusted Free Cash Flow $4.1m, reflecting lower cash generation ($ in millions, except percentages) 2026 2025 Change ($) Change % due to bonus payments in
Slide 14: Balance Sheet - Supports Growth Strategy
14 Balance Sheet - Supports Growth Strategy Bank Debt Net Debt reduced to $5.2 million December 31, ($ in millions) June 30, 2026 June 30, 2025 2025 For M&A purposes, we could increase leverage up to 1.5-2.0x EBITDA, giving us Total Debt $42.2 $47.0 $52.0 approximately $60 million of additional
Slide 15: Disappearing from our P&L as of 2027: Share Based Accounting Charge
Disappearing from our P&L as of 2027: Share Based Accounting Charge Across 2022–2026, PPHC ran roughly $30 million per year through its P&L to cover share-vesting arrangements linked to the 2021 London IPO for stock held by internal shareholders — a non-cash, non-dilutive expense that lapses entirel
Slide 16: Strategy and M&A
16 Strategy and M&A
Slide 17: Our operating companies have highly-complementary specializations and reach
17 Our operating companies have highly-complementary specializations and reach
Slide 18: Impressive M&A track record since UK IPO in 2021
Impressive M&A track record since UK IPO in 2021 18 Oct 2022 May 2024 May 2025 April July2026 2026 August 2026 Public Affairs and Corporate Corporate Gov’t Relations & Strategic Communications in Public Affairs and Communications Public Affairs in Communications in Texas, NY, & policy research in Fl
Slide 19: A decade of consecutive annual growth and compounding value creation
19 A decade of consecutive annual growth and compounding value creation $213-216 $187 $ in millions 28 Prior Year Revenue + Organic Growth $150 Growth from M&A1 11 $135 24 $109 $99 3 4 $102 3 1H26A $77 7 $56 11 $34 $21 $26 1 3 1 20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 20
Slide 20: Conclusion
20 PPHC: Conclusion
Slide 21: PPHC Investment Thesis
21 PPHC Investment Thesis Our member companies operate in the high-end, high-margin Strategic 14 Member Companies Communications space in the areas of Government Relations, Corporate 1,500+ Clients Communications, and Public Affairs ~50% of Fortune 100 as Clients Durable, embedded revenue ~2% of rev
Slide 22: PPHC: Financial Appendix
22 PPHC: Financial Appendix
Slide 23: Disclosures
Disclosures 23 Non-GAAP Financial Measures Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. These financial and operating metrics include Adjusted EBITDA, Adjusted
Slide 24: Disclosures
Disclosures 24 Non-GAAP Financial Measures We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net loss before depreciation, interest income, interest expense, income tax expense, mergers and acquisitions (“M&A”) expenses, long-term incentive program charges, share-base
Slide 25: Detailed GAAP P&L
25 Detailed GAAP P&L Income Statements Three months ended June 30, Six months ended June 30, ($ in millions, except percentages) 2026 2025 % Variance $ Variance 2026 2025 % Variance $ Variance Revenue $ 52.1 $ 48.6 7.3 % $ 3.6 $ 102.3 $ 87.9 16.3 % $ 14.4 Operating expenses: Staff cost - direct 25.6
Slide 26: Adjusted EBITDA Bridge
26 Adjusted EBITDA Bridge ($ in millions, except percentages) Three months ended June 30, Six months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 2024 2023 GAAP Net Loss ($3.7) ($5.7) ($15.2) ($16.3) ($39.0) ($24.0) ($14.2) GAAP Net loss margin (7%) (12%) (15%) (19%) (21%) (16%) (
Slide 27: Organic Growth by Segment
27 Organic Growth by Segment ($ in millions, except percentages) Three months ended June 30, 2026 2025 Revenue from Organic Revenue acquisitions Organic revenue Total revenue Total revenue Growth Total Growth Government Relations Consulting $ 1.0 $ 29.3 $30.4 $ 27.3 7.4 % 11.2 % (3.2) Corporate Comm
Slide 28: Revenue by Geography
28 Revenue by Geography ($ in millions, except percentages) Three months ended June 30, 2026 2025 $ change % change United States $ 48.1 $ 46.3 $ 1.8 4.0 % International 4.0 2.3 1.7 74.8 % Revenue by geographic market $ 52.1 $ 48.6 $ 3.6 7.3 % ($ in millions, except percentages) Six Months ended Jun
Slide 29: Key KPIs by Segment
29 Key KPIs by Segment $ in millions Three months ended June 30, Six months ended June 30, Change % Change % 2026 2025 Change $ Change % Organic 2026 2025 Change $ Change % Organic Government Relations Revenue $ 30.4 $ 27.3 $ 3.1 11.2% 7.4 % $ 58.7 $ 53.5 $ 5.3 9.8 % 6.3 % % of Revenue 58.2 % 56.2 %
Slide 30: Earnout Obligations
30 Earnout Obligations ($ in millions) Remainder of 2026 2027 2028 2029 2030 2031 Total Expected earnout payments in Cash $ 0.9 $ 4.9 $ 23.0 $ 3.1 $ 2.7 $ 0.6 $ 35.3 Expected earnout payments in PPHC stock — 2.0 23.0 1.5 2.7 0.4 29.6 Expected earnout payments - total $ 0.9 $ 6.9 $ 46.0 $ 4.6 $ 5.5 $
Slide 31: Adjusted Free Cash Flow Bridge
31 Adjusted Free Cash Flow Bridge ($ in millions, except percentages) Six Months ended June 30, Year ended December 31, 2026 2025 2025 2024 2023 Net cash provided by (used in) operating activities (GAAP) (9.1) (0.3) 24.8 $16.4 $10.2 Prepaid post-combination expense 9.6 10.3 10.5 4.6 9.5 Change in ot
Slide 32: Adjusted EPS Bridge
32 Adjusted EPS Bridge ($ in millions, except percentages, shares, and per share) Three months ended June 30, Six Months ended June 30, 2026 2025 2026 2025 Adjusted Net Income $10.6 $11.9 $17.9 $15.6 Share-based accounting charge (7.4) (7.4) (14.6) (14.8) M&A: Post-combination comp (4.2) (5.3) (7.0)
Slide 33: Information per Share
33 Information per Share Share count in thousands Three months ended June 30, 2026 2025 Share count % Change / $ Change # weighted avg shares - GAAP - basic and fully diluted 24,951 17,183 7,768 45.2% # weighted avg shares - Legally outstanding - basic 29,434 24,588 4,846 19.7% # weighted avg shares
Slide 34: PPHC
PPHC:
Public Policy Holding Company — Q2 2026 Earnings Presentation on 6ix