Public Policy Holding Co., Inc. · LSE:PPHC
Public Policy — H1 2025 Earnings Presentation
39 slides from Public Policy's earnings presentation, September 2025
Slide 1: PPHC H1 2025 Results
PPHC H1 2025 Results September 2025
Slide 2: Disclaimer
Disclaimer 2 This Presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under t
Slide 3: Presentation Team
3 Presentation Team Stewart Hall Roel Smits Thomas Gensemer Chief Executive Officer Chief Financial Officer Chief Strategy Officer Co-founder of Federalist Group LLC, which CFO Americas of Kantar Former CEO and Managing Partner of Blue was acquired by Ogilvy (WPP) State Digital (sold to WPP 2012) Br
Slide 4: PPHC Overview
4 4 Click PPHC to Overview edit Master Texts Style
Slide 5: 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 6: We aim to be the preeminent provider of strategic communications
We aim to be the preeminent provider of 6 strategic communications around the world Our firms 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 uniquely co
Slide 7: PPHC – a leader in the global strategic communications market
7 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 $150M $39M ~$20B+ Currently servicing ~1,300 clients across industries, including over a quarte
Slide 8: 10 years after our founding, our story is just getting started
8 10 years after our founding, our story is just getting started Our foundation Current The future (2014 - 2021) (post-IPO to today) (2025+) Primary focus on US Federal Broadened reach to include US State Continue to drive increased organic government relations (“lobbying”) and and international off
Slide 9: A decade of successful growth and value creation
9 A decade of successful growth and value creation $ in millions $150 Prior Year Revenue + Organic Growth 11 $135 Growth from M&A1 24 $109 $99 $77 17 139 $56 106 111 11 96 $34 83 $26 $21 60 45 33 20 24 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2014 2015 2016 2017 2018 2019 2020 202
Slide 10: Our operating companies have highly-complementary specializations and reach
10 Our operating companies have highly-complementary specializations and reach Corporate Communications and Public Affairs PINE COVE STRATEGIES Federal and International State Government Relations, Government Relations Compliance and Insights
Slide 11: Well-positioned in an attractive and growing $20B+ market
11 Well-positioned in an attractive and growing $20B+ market ($ in billions) $5.6 $20.6 $8.4 $2.2 $4.4 US Federal Lobbying US State Lobbying Global Corporate Global Public Affairs Estimated Strategic Communications Communications TAM Highly Attractive $6.6B Core Market In addition to this quantified
Slide 12: We focus on our clients' toughest challenges and most important audiences
12 We focus on our clients’ toughest challenges and most important audiences Stakeholders – increasingly interconnected across medium and geographies Political Investors Other Elite Politicians & Staff Regulators Targeted Voters Journalists Allies & NGOs & Analysts Audiences Policymaker Interface Go
Slide 13: Segment Overview & Competitive Landscape
13 Segment Overview & Competitive Landscape H1’25 Relative Size Segment Overview Government Relations Economic Character: High profit, 100% retained Competitors: 7% 32% 61% Public Affairs & Corporate Communications Economic Character: Good profit, ~65% retained vs ~35% project Competitors: Governmen
Slide 14: PPHC outranks all federal lobbying firms
14 PPHC outranks all federal lobbying firms Government Relations & Policy Advocacy Lobbying Firm 2024 Fed Lobbying Rev ($M) Why We Win PPHC Consolidated (pro forma) $70.1 Brownstein Hyatt Farber Schrek 67.8 Unmatched policy expertise across U.S. federal Akin Gump Strauss Hauer & Feld 56.6 and state
Slide 15: Blue chip client base including nearly half of Fortune 100
15 Blue chip client base including nearly half of Fortune 100 2024 PPHC Revenues by Federal, State & International Corporate Communications & industry Lobbying Public Affairs Pharma 15.0 Healthcare 14.2 Technology 13.7 Energy 13.3 Finance 13.1 Business Services 6.9 Other Issue Advocacy 8.4 Transport
Slide 16: Highly diversified, growing client base with mitigated concentration risk
Highly diversified, growing client base with mitigated 16 concentration risk Client Count as of Year-end Our number of clients >1,200 ~90% Customer Analysis 503 Revenues from retainer-based <250 137 engagements 134 31 2018 2019 2020 2021 2022 2023 2024 Total Clients spending >$100k / year Clients sp
Slide 17: Our member companies achieve clear benefits from joining the PPHC platform
Our member companies achieve clear benefits from joining the PPHC 17 platform Enhanced revenue generation through cross-referral network Structured referrals across 11 specialized companies creates new business opportunities through conflict-free client sharing and integrated service delivery to For
Slide 18: Built for continuity, powered by a deep bench of proven policy leaders
18 Built for continuity, powered by a deep bench of proven policy leaders Salim Ala meddin Michelle Baker Sen. John Breaux Barry Brown Cindy Brown Brendan Buck Mike Burns George P. Bush Vanessa Cajna Joe Crosby La uren DiGeronimo John Doherty Jay Driscoll Jenny Dudikoff Jeff Forbes Trevor Francis Th
Slide 19: Growth Strategy
19 Click Growthto edit Strategy Master Texts Style
Slide 20: Building scale through client service and talent expansion
20 Building scale through client service and talent expansion Growth through M&A Client Expansion & Monetization Service Expansion Expand geographic reach & Integration Talent-Led Growth Increase client Add new capabilities and service lines penetration and retention Cross-sell services from S
Slide 21: Successful history of growing share of client wallet across industries
21 Successful history of growing share of client wallet across industries Case Study: Multi-phase advocacy campaign Case Study: Long-term client in the tax policy space in the technology space Multi-year relationship with service expansion from two to four member Multi-year relationship that grew fr
Slide 22: Impressive M&A track record since IPO
22 Impressive M&A track record since IPO PINE COVE STRATEGIES October 2022 March 2023 May 2024 June 2024 April 2025 August 2025 Gov’t Relations & Gov’t Relations and Public Affairs and Corporate Corporate Gov’t Relations and Public associated services in Strategic Communications Communications Energ
Slide 23: Active M&A pipeline, expanding geographies and capabilities
23 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 24: Financial Summary
24 Financial Summary
Slide 25: Attractive financial profile with strong track record of growth and profitability
Attractive financial profile with strong track record of growth 25 and profitability Co ns o li d at ed Reven u e an d G r owt h $ in millions 24% ’22 - ’24 CAGR: 17% 11% 8% Financial Performance 24% ▪ Highly reoccurring revenue $150 $135 model drives durable financial 10% 11 4 profile and forward e
Slide 26: Steady cash flows generated from operations
26 Steady cash flows generated from operations Cash Flow (1) Capitalization Supports Growth Strategy H1 H1 ($ in millions) 2024 2023 ($ in millions) June 30, 2025 ’25 ’24 GAAP net cash provided by $0.4 $0.1 $16.4 $10.2 Total Debt $52.2 operating activities Adjusted Free Cash Flow $11.7 $5.8 $22.2 $2
Slide 27: H1 2025 Financial Results
27 H1 2025 Financial Results
Slide 28: By Segment
28 By Segment All segments showing strong growth, both reported and organic, particularly Corporate Comms & Public Affairs rebounding from soft H1 2024 Government Corporate H1 2025 Compliance & Relations Comm. & Public Total Insights Services Affairs Revenue $53.5m $28.2m $6.3m $87.9m % of Total 61%
Slide 29: Highlights H1 2025
29 Highlights H1 2025 (and variances from H1 2024) Revenue Adjusted EBITDA Margin Adjusted Net Income Margin $87.9m $21.4m 24.4% $15.6m 17.7% Up 24% from $71.1m Up 14% from $18.8m Down 2.0pt from 26.4% Up 20% from $13.0m Down 0.5pt from 18.2% Organic growth +8%, with GR Strong profit conversion Clos
Slide 30: P&L results H1 2025
30 P&L results H1 2025 Track record of profitable growth Commentary Income Statements P&L growing at top and bottom line ($ in thousands, except percentages) H1 2025 H1 2024 Change % Change ($) Revenue $87,899 $71,134 24% 16,765 Adjusted EBITDA margin strong at 24.4% just below 25%. Impacted Adjuste
Slide 31: Cash flow H1 2025
31 Cash flow H1 2025 Track record of strong operational cash flow Commentary Non-GAAP Cash Flow Statement (non-GAAP) Adjusted Free Cash Flow increasing by 100% to $11.6m, ($ in thousands, except percentages) H1 2025 H1 2024 Change % Change ($) while reflecting typical lower cash generation H1 due to
Slide 32: Conclusion
32 Conclusion
Slide 33: We aim to be the preeminent provider of strategic communications
We aim to be the preeminent provider of 33 strategic communications around the world Our firms operate in the high-end, high-margin Strategic Communications High Level of Stability space with offerings of Corporate Communications, Lobbying and Public Affairs ✓ Steadily growing market PPHC uniquely c
Slide 34: Appendix
34 Appendix
Slide 35: Acquisitions structured to drive bottom line growth in risk-controlled way
Acquisitions structured to drive bottom line growth in risk-controlled way 35 and increase internal share ownership Typical acquisition structure: Benefits of deploying earnouts and payments in shares Upfront Payment in combination with multiple earnout payments over longer Risk mitigation, because
Slide 36: Adjusted EBITDA Bridge
36 Adjusted EBITDA Bridge ($ in thousands, ex cept percentages) S ix months ended J une 30, Y ear ended December 31, 2025 2024 2024 2023 2022 Net loss ($16,346) ($10,581) ($23,957) ($14,244) ($15,009) Net loss margin (19%) (15%) (16%) (11%) (14%) Adjustments: Interest income ($62) (98) (177) (18) (1
Slide 37: Adjusted Free Cash Flow Bridge
37 Adjusted Free Cash Flow Bridge ($ in thousands, ex cept percentages) S ix months ended J une 30, Y ear ended December 31, 2025 2024 2024 2023 Net cash prov ided by operating activ ities $449 $141 $16,402 $10,234 P repaid post-combination expense 10,306 4,440 4,640 9,504 Change in other liability
Slide 38: Adjusted EPS Bridge
38 Adjusted EPS Bridge ($ in thousands, ex cept percentages) S ix months ended J une 30, 2025 2024 Adjusted Net Income $15,551 $12,971 S hare-based accounting charge 14,838 15,194 M&A: P ost-combination comp 8,776 5,121 M&A: B argain purchase - (2,464) M&A: C hange in contingent consideration 2,676
Slide 39: PPHC
PPHC
Public Policy Holding Company, Inc. (PPHC) — H1 2025 Earnings Presentation on 6ix