Public Policy Holding Co., Inc. · LSE:PPHC
Public Policy — Q1 2026 Earnings Presentation
52 slides from Public Policy's earnings presentation, May 12, 2026
Slide 1: 2026 Q1 Results
PPHC 2026 Q1 Results May 12, 2026
Slide 2: Disclosures
2 Disclosures 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: Disclosures
Disclosures 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 as
Slide 4: Disclosures (continued)
4 Disclosures (continued) 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
Slide 5: Presentation Team
5 Presentation Team Stewart Hall Roel Smits Thomas Gensemer Chief Executive Officer Chief Financial Officer Chief Strategy Officer Co-founder of Federalist Group LLC, which was CFO Americas of Kantar Former CEO and Managing Partner of Blue State acquired by Ogilvy (WPP) Digital (sold to WPP 20
Slide 6: Key Highlights: Q1 2026
6 Key Highlights: Q1 2026
Slide 7: Q1 2026: A Strong Start
7 Q1 2026: A Strong Start Above presentation contains non-GAAP measures. For a reconciliation to the nearest comparable GAAP measure refer to the Financial Appendix.
Slide 8: Financial Summary
8 Financial Summary
Slide 9: Continuing strong track record of growth and profitability
9 Continuing strong track record of growth and profitability Consolidated Revenue and Growth Financial Performance $ in millions ▪ Revenue $50.1m (in ’22 - ’25 CAGR: 20% 25% 14% 28% 11% traditionally lighter Q1); 24% 10% growth 27.5%, of which 5.1% organic ▪ Adjusted EBITDA $11m, margin 22.3% ▪ H
Slide 10: Highlights Q1 2026
10 Highlights Q1 2026 (and variances from Q1 2025) Revenue Adjusted EBITDA Margin Adjusted Net Income Margin $50.1m $11.2m 22.3% $7.4m 14.7% Up 27.5% from $39.3m Up 30% from $8.6m Up 0.4pts from 21.9% Up 100% from $3.7m Up 5.3pts from 9.3% Organic growth +5%, with GR +5%, Strong profit conversion So
Slide 11: Organic Revenue Growth by Segment
Organic Revenue Growth by Segment 11 Total Organic growth by segment in 2026 Q1: • Government Relations (GR) strong at 5% • Corporate Communications and Public Affairs (CCPA) By Segment solid at 3% GR CCPA CIS • Compliance and Insights Services (CIS): continuing very strong streak at 11% 2023 2024 2
Slide 12: Key KPIs by Segment
12 Key KPIs by Segment ($ in millions) Three months ended March 31, Change % 2026 2025 Change $ Change % Organic Comments 2026Q1 Government Relations Revenue $ 28.4 $ 26.2 $ 2.2 8.4 % 5.2 % % of Revenue 56.6 % 66.6 % (10.0)pts GR (57% of our business) highly profitable Segment Adjusted pre-bonus EBI
Slide 13: P&L results Q1 2026
13 P&L results Q1 2026 Track record of profitable growth Commentary Income Statements P&L growing at top and bottom line ($ in millions, except percentages and per share amounts) 2026Q1 2025Q1 Change % Change ($) Adjusted EBITDA margin strong at 22.3% . Below target of 25% impacted by faster Rev
Slide 14: Cash flow Q1 2026
14 Cash flow Q1 2026 Track record of strong operational cash flow Commentary Non-GAAP Cash Flow Statement Three months ended March 31, (non-GAAP) Adjusted Free Cash Flow $(10.3)m, reflecting typical lower cash ($ in millions, except percentages) 2026 2025 Change % Change ($) generation Q1 due to b
Slide 15: Balance Sheet - supports Growth Strategy
15 Balance Sheet - supports Growth Strategy Bank Debt December 31, ($ in millions) March 31, 2026 2025 March 31, 2025 Net Debt reduced to almost zero by March 2026. Total Debt $44.6 $47.0 $54.2 For M&A purposes, we could increase leverage up to 1.5-2.0x EBITDA, giving us $70-$90 million of room
Slide 16: Outlook & Guidance
16 Outlook & Guidance The Company is enhancing its guidance to the markets as follows: • In general, PPHC expects to continue growing revenue at an average organic rate of approximately 5%, and this will be supplemented by acquisitions. For 2026, we anticipate reported revenue in the range between $
Slide 17: PPHC Overview
17 PPHC Overview
Slide 18: Building scale through talent expansion, geography, and specialization
Building scale through talent expansion, geography, and specialization 18 GO) meitomen _| Sy) Expanding Service Offers Land & Expand Key Clients A Cross-sell services from _4 Growth through key hires and added expertise within our firms _4 Equitize next-generation leaders to drive retention and crea
Slide 19: We aim to be the preeminent provider of strategic communications around the world
We aim to be the preeminent provider of 19 strategic communications around the world Our member companies operate in the high-end, high-margin Strategic Communications High Level of Stability space with offerings of Corporate Communications, Lobbying and Public Affairs • Steadily growing market PPHC
Slide 20: Financial Appendix
20 Financial Appendix
Slide 21: Detailed GAAP P&L
21 Detailed GAAP P&L Income Statements Three months ended March 31, ($ in millions, except percentages) 2026 2025 % Variance $ Variance Revenue $ 50.1 $ 39.3 27.5 % $ 10.8 Operating expenses: Staff cost - direct 25.4 20.1 26.4 % 5.3 Share-based accounting charge - direct 6.6 6.7 (2.3)% (0.2) Long te
Slide 22: Adjusted EBITDA Bridge
22 Adjusted EBITDA Bridge ($ in millions, except percentages) Three months ended March 31, Year ended December 31, 2026 2025 2025 2024 2023 GAAP Net Loss ($11.5) ($10.6) ($39.0) ($24.0) ($14.2) GAAP Net loss margin (23%) (27%) (21%) (16%) (11%) Adjustments: Interest income — — (0.1) (0.2) — Interest
Slide 23: Organic Growth by Segment
23 Organic Growth by Segment ($ in millions, except percentages) Three months ended March 31, 2026 2025 Revenue from Organic Revenue acquisitions Organic revenue Total revenue Total revenue Growth Total Growth Government Relations Consulting $ 0.8 $ 27.5 $ 28.4 $ 26.2 5.2 % 8.4 % Corporate Communica
Slide 24: Revenue by Geography
24 Revenue by Geography ($ in millions, except percentages) Three months ended March 31, 2026 2025 $ change % change United States $ 47.4 $ 37.7 $ 9.6 25.6 % International 2.8 1.6 1.2 72.4 % Revenue by geographic market $ 50.1 $ 39.3 $ 10.8 27.5 %
Slide 25: Earnout Obligations
25 Earnout Obligations ($ in millions) Remainder of 2026 2027 2028 2029 2030 Total Expected earnout payments in Cash $ 11.8 $ 4.9 $ 23.0 $ 1.4 $ 4.1 $ 45.2 Expected earnout payments in PPHC stock 4.6 1.7 23.0 0.8 4.1 34.3 Expected earnout payments - total $ 16.4 $ 6.6 $ 46.0 $ 2.2 $ 8.2 $ 79.5 Maxim
Slide 26: Adjusted Free Cash Flow Bridge
26 Adjusted Free Cash Flow Bridge ($ in millions, except percentages) Three months ended March 31, Year ended December 31, 2026 2025 2025 2024 2023 Net cash provided by (used in) operating activities (GAAP) (11.7) (8.6) 24.8 $16.4 $10.2 Prepaid post-combination expense 1.9 10.1 10.5 4.6 9.5 Change i
Slide 27: Adjusted EPS Bridge
27 Adjusted EPS Bridge ($ in millions, except percentages, shares, and per share) Three months ended March 31, 2026 2025 Adjusted Net Income $7.4 $3.7 Share-based accounting charge 7.3 7.4 M&A: Post-combination comp 2.8 3.4 M&A: Bargain purchase (0.1) — M&A: Change in contingent consideration 6.3 1.
Slide 28: Information per Share
28 Information per Share Share count in thousands Three months ended March 31, Share count 2026 2025 / $ Change % Change # of shares period end - GAAP - basic and fully diluted 24,706 16,969 7,738 45.6 % # of shares period end - Legally outstanding - basic 28,929 23,954 4,975 20.8 % # of shares peri
Slide 29: PPHC Overview Appendix
29 PPHC Overview Appendix
Slide 30: Our mission
Our mission To be the preeminent global strategic communications provider by uniting a diverse group of leading specialists around the world for the collective success of our clients, employees, and shareholders Dynamics in the market for strategic communication that led us to start PPHC in 2014 Gov
Slide 31: PPHC – a leader in the global strategic communications market
31 PPHC – a leader in the global strategic communications market Operates a complementary portfolio of strategic communications advisory firms with foundational strength in bi-partisan government relations $186.5M $45.4M ~$20B+ Serviced ~1,400 clients across industries, including nearly half of
Slide 32: Our member companies achieve clear benefits from joining the PPHC platform
32 Our member companies achieve clear benefits from joining the PPHC platform Enhanced revenue generation through cross-referral network Structured referrals across 12 specialized companies create new business opportunities through conflict-free client sharing and integrated service delivery to Fort
Slide 33: A decade of successful growth and value creation
33 A decade of successful growth and value creation $ in millions Prior Year Revenue + Organic Growth Growth from M&A1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Founding firms Acquisition of JDA Acquisition of Capitol Acqu
Slide 34: Above presentation contains non-GAAP measures
34 Above presentation contains non-GAAP measures. For a reconciliation to the nearest comparable GAAP measure refer to the Financial Appendix.
Slide 35: 2026 Offers Healthy Tailwinds for All Business Areas
35 2026 Offers Healthy Tailwinds for All Business Areas US Federal: 4 The return of Congressional action: both chambers face deadlines on government funding measures, farm bill, and fierce debates in healthcare, energy, and Al policies 4 Energized White House/Trump administration: Executive initiati
Slide 36: 12 years after our founding, our story is just getting started
36 12 years after our founding, our story is just getting started Our foundation Current The future 2014 - 2021 (UK IPO) 2022-2025 (UK IPO to U.S. IPO) 2026+ (post-U.S. IPO) Primary focus on U.S. Federal government Broadened reach to include U.S. State and Continue to drive increased organic g
Slide 37: Our operating companies have highly-complementary specializations and reach
Our operating companies have highly-complementary specializations and reach 37 Corporate Communications and Public Affairs ee06eo £ TrailRunner eeceeo WY ie : Pagefield CRS ALPINE GROUP Concordant State Government Relations, Compliance and Insights
Slide 38: Built for continuity, powered by a deep bench of proven policy leaders
Built for continuity, powered by a deep bench of proven policy leaders 9 A 2 mA 2S Ay ‘Salim Alameddin: Michelle Baker ‘Sen. John Breaux Barry Brown: Cindy Brown Laura Price ‘Mike Burns George P. Bush Vanessa Cajna Joe Crosby Lauren DiGeronimo John Doherty Jay Driscoll Jenny Oudikoff Jeff Forbes: ee
Slide 39: We focus on our clients' toughest challenges and most important audiences
39 We focus on our clients’ toughest challenges and most important audiences Stakeholders – increasingly interconnected across medium and geographies Political Investors Politicians & Staff Regulators Targeted Voters Journalists Other Elite Audiences Allies & NGOs & Analysts Policymaker Interface Go
Slide 40: PPHC - three companies in top 25 federal lobbying firms
40 PPHC - three companies in top 25 federal lobbying firms Government Relations & Policy Advocacy Lobbying Firm 2025 Fed Lobbying Rev ($M) Why We Win Ballard Partners $88.1 Brownstein Hyatt et al 73.8 Unmatched policy expertise across U.S. federal and state BGR Group 71.5 landscapes Akin Gump et a
Slide 41: Blue chip client base including nearly half of Fortune 100
41 Blue chip client base including nearly half of Fortune 100 2025 PPHC Revenues by industry Long-standing relationships with clients in key regulated end-markets Total $186.5M
Slide 42: Highly diversified, growing client base with mitigated concentration risk
42 Highly diversified, growing client base with mitigated concentration risk Client Count as of Year-end Our number of clients >1,400 ~90% Customer Analysis Revenues from retainer-based <250 engagements Client Revenues as % Total Revenue for the Year Ended 80-85% Annual Analysis Customer client rete
Slide 43: Well-positioned in an attractive and growing $20B+ market
Well-positioned in an attractive and growing $20B+ market ® (Sin bitions) $5.6 $20.6 $8.4 r---- $2.2 US Federal Lobbying US State Lobbying Global Corporate Global Public Affairs Estimated Strategic Communications Communications TAM Hi ighly Attractive $6.6B Core Market In addition to this quantified
Slide 44: Building the Platform
Building the Platform 44 Deploying Capital and M&A Al Investments People and Employee Ownership Disciplined, long-term deployment of IPO capital through complementary acquisitions that deepen our platform and extend global reach. Investing in tools that make our practitioners sharper and faster - en
Slide 45: Acquisitions structured to drive bottom line growth in risk-controlled way
Acquisitions structured to drive bottom line growth in risk-controlled way 45 and increase internal share ownership Typical acquisition structure: Benefits of deploying earnouts and payments in shares Upfront Payment in combination with multiple earnout payments over longer period Risk mitigatio
Slide 46: Active M&A pipeline, expanding geographies and capabilities
46 Active M&A pipeline, expanding geographies and capabilities Ample scope for growth through M&A 50+ opportunities under consideration at any point in time Multiple M&A opportunities under consideration/review, which would expand geographies and capabilities Typically, earnout transactions, whe
Slide 47: Impressive M&A track record since UK IPO in 2021
47 Impressive M&A track record since UK IPO in 2021 PINE COVE STRATEGIES October 2022 March 2023 May 2024 June 2024 April 2025 August 2025 Gov’t Relations & Public Gov’t Relations and Public Affairs and Corporate Corporate Gov’t Relations and Affairs in California associated services in all Strategi
Slide 48: Trusted partner offering comprehensive suite of services across three categories
48 Trusted partner offering comprehensive suite of services across three categories Corporate Communications & Public Affairs Compliance and Insights Services Government Relations Technology supported subscription products in support of Government Relations: Expertise-driven engagement with official
Slide 49: Advancing industrial decarbonization
Advancing industrial decarbonization: CRS helps secure up to $25m for domestic manufacturing client through the IRA 49 Challenge A large domestic manufacturer had not been active in pursuing federal grants or engaging with federal opportunities to advance its sustainability goals, and they needed fu
Slide 50: Elevating corporate water stewardship in California
Elevating corporate water stewardship in California Challenge Recognizing growing enthusiasm for greater coordination among California's largest corporations, Lucas Public Affairs (LPA), in collaboration with the Pacific Institute, the World Environment Center and Ecolab, launched the California Wat
Slide 51: Challenge
Challenge Amidst a UK-wide building safety c: nd an in ed focus on leasehold reform i tehall, three of the UK's largest professional freeholders nee voices hear by the Ament. Solution Results 4 After initial campaign successes and recognition 4 The RFA has quickly received recognition as a key trade
Slide 52: PPHC
PPHC
Public Policy Holding Company — Q1 2026 Earnings Presentation on 6ix