Public Policy Holding Co., Inc. · LSE:PPHC
Public Policy — Investor Presentation (August 2026)
49 slides from Public Policy's investor presentation, August 2026
Slide 1: PPHC Investor Presentation
PPHC Investor Presentation AUGUST 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: PPHC Investment Thesis
3 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 reve
Slide 4: $20B+ Estimated Strategic Communication TAM
4 Dynamics in the market for strategic communications that led us to start PPHC in 2014 Government’s Growing Influence on Corporate Success Regulatory and policy risk has surged as one of the most widely named challenges facing THE SPEND THESE DYNAMICS DRIVE business leaders, underscoring how govern
Slide 5: PPHC – a leader in the global strategic communications market
5 PPHC – a leader in the global strategic communications market Operates a complementary portfolio of strategic communications advisory firms with foundational strength in bipartisan government relations ~500 ~50% ~$20B+ Servicing ~1,500 clients across industries, including approx. half of the F
Slide 6: A decade of consecutive annual growth and compounding value creation
6 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 $135 11 24 $109 $99 3 4 $102 3 1H26A $77 7 $56 11 $34 $26 1 $21 3 1 20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 201
Slide 7: Our operating companies have highly-complementary specializations and reach
7 Our operating companies have highly-complementary specializations and reach
Slide 8: We operate in three segments
We operate in three segments 8 2025 revenue of $186.5M across three complementary segments Government Corporate Comm. & Compliance & Relations Public Affairs Insights Services Business Key services delivered Federal & state lobbying, Strategic comms, PR, crisis Regulatory compliance grassroots, coal
Slide 9: Strategic Objectives
9 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 Gov
Slide 10: Impressive M&A track record since UK IPO in 2021
Impressive M&A track record since UK IPO in 2021 10 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 11: Acquisitions structured to drive bottom line growth in risk-controlled way
Acquisitions structured to drive bottom line growth in risk-controlled way 11 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 12: Highly diversified, growing client base with mitigated concentration risk
12 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 13: How PPHC is Positioned for Increasing AI Adoption
13 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 14: Financial Summary
4 PPHC Financial Summary
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: A repeatable value-creation algorithm
16 A repeatable value-creation algorithm MANAGEMENT TARGETS DURABLE ORGANIC GROWTH + DISCIPLINED M&A + HIGH, RESILIENT MARGINS + CASH CONVERSION ~5% + 10 - 20% ~25% >60% = Positive Adj. Average total annual organic Annual revenue contribution Adjusted EBITDA margin Adjusted EBITDA converted EPS grow
Slide 17: Capital allocation: a disciplined, repeatable framework
17 Capital allocation: a disciplined, repeatable framework Key Principles ADJ. FREE CASH FLOW GENERATED, ’22–’25 Capital-light by design Capex <1% of revenue; enterprise value lives in brands, talent, $101M and relationships, not fixed assets M&A leverage ceiling: 1–2x EBITDA Cumulative FY2022–FY202
Slide 18: How we generate and deploy cash
18 How we generate and deploy cash FY2022 FY2023 FY2024 FY2025 1H 2026 HOW WE GENERATED CASH Revenue growth +9.6% +24.1% +10.8% +24.7% +16.3% Adj. EBITDA margin 29.0% 26.2% 25.8% 24.3% 22.9%* Adj. free cash flow ($M) 20.7 21.4 22.2 36.9 4.1** % FCF conversion 67% 58% 63% 82% 18% HOW WE DEPLOYED CASH
Slide 19: Q2 2026: Continued Momentum
Q2 2026: Continued Momentum 19 REVENUE GROWTH PROFITABILITY PER SHARE GAAP diluted EPS $52.1M +7.3% YoY $(3.7)M $(0.19) Q2 2026 Organic revenue Adjusted EBITDA Adjusted diluted EPS Key Metrics growth +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.
Slide 20: Updated Outlook & Guidance Following Two Acquisitions
20 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, 20
Slide 21: Continuing strong track record of growth and profitability
21 Continuing strong track record of growth and profitability Consolidated Revenue and Growth 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 $23.4m, margin 22.9%, aligning with guidan
Slide 22: Financial Highlights
22 Financial Highlights ($ 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 23: Organic Revenue Growth by Segment
Organic Revenue Growth by Segment 23 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 24: Margin Performance – Q2
Margin Performance – Q2 24 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 25: P&L results H1 2026
25 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 26: Cash flow H1 2026
26 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 27: Balance Sheet - Supports Growth Strategy
27 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 28: PPHC Overview Appendix
28 PPHC Overview Appendix
Slide 29: Our member companies achieve clear benefits from joining the PPHC platform
29 Our member companies achieve clear benefits from joining the PPHC platform Enhanced revenue generation through cross-referral network Structured referrals across 14 specialized companies create new business opportunities through conflict-free client sharing and integrated service delivery to Fort
Slide 30: 12 years after our founding, our story is just getting started
30 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 31: Trusted partner offering comprehensive suite of services across three categories
31 Trusted partner offering comprehensive suite of services across three categories Government Relations Corporate Communications & Compliance and Public Affairs Insights Services $108.5M 58.2% of FY25 total $65.1M 34.9% of FY25 total $13.0M 7.0% of FY25 total Expertise-driven engagement with offici
Slide 32: Blue chip client base including nearly half of Fortune 100
32 Blue chip client base including nearly half of Fortune 100 H1 2026 PPHC Revenues by industry (in millions) Long-standing relationships with clients in key regulated end-markets Total $102.3m
Slide 33: Building scale through client service and talent expansion
33 Building scale through client service and talent expansion Growth through M&A Client Expansion & Monetization Service Expansion Expanding geographic & Integration reach Talent-Led Growth Increasing client penetration and retention Adding new capabilities and service lines Cross-sell services
Slide 34: PPHC - three companies in top 25 federal lobbying firms
34 PPHC - three companies in top 25 federal lobbying firms Government Relations & Policy Advocacy Lobbying Firm 2025 Fed Lobbying Rev ($M) Why We Win Ballard Partners $88.1 Brownstein Hyatt et al 73.8 Premier policy expertise across U.S. federal and state BGR Group 71.5 landscapes Akin Gump et al
Slide 35: Active M&A pipeline, expanding geographies and capabilities
35 Active M&A pipeline, expanding geographies and capabilities Ample scope for growth through M&A 50+ opportunities under consideration at any point in time Multiple M&A opportunities under consideration/review, which would expand geographies and capabilities Typically, earnout transactions, whe
Slide 36: Seven Letter + CRS deliver a national moment for the Medal of Honor Museum
One platform, two firms in concert: Seven Letter + CRS deliver a national moment for the Medal of Honor Museum Challenge Turn a three-year construction project into a national institution: build awareness, visitation, and donor support for the new National Medal of Honor Museum — honoring the fewer
Slide 37: Financial Appendix
37 PPHC Financial Appendix
Slide 38: Disclosures
Disclosures 38 Non-GAAP Financial Measures Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. These financial and operating metrics include Adjusted EBITDA, Adjusted
Slide 39: Disclosures
Disclosures 39 Non-GAAP Financial Measures We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net loss before depreciation, interest income, interest expense, income tax expense, mergers and acquisitions (“M&A”) expenses, long-term incentive program charges, share-base
Slide 40: Detailed GAAP P&L
40 Detailed GAAP P&L Income Statements Three months ended June 30, Six months ended June 30, ($ 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 41: Adjusted EBITDA Bridge
41 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) ($14.2) GAAP Net loss margin (7%) (12%) (15%) (19%) (21%) (16%) (
Slide 42: Organic Growth by Segment
42 Organic Growth by Segment ($ 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 43: Revenue by Geography
43 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 44: Key KPIs by Segment
44 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 45: Earnout Obligations
45 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 46: Adjusted Free Cash Flow Bridge
46 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 $10.2 Prepaid post-combination expense 9.6 10.3 10.5 4.6 9.5 Change in ot
Slide 47: Adjusted EPS Bridge
47 Adjusted EPS Bridge ($ 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 48: Information per Share
48 Information per Share Share count in thousands Three months ended June 30, Share count 2026 2025 / $ 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 49: PPHC
PPHC:
Public Policy Holding Company, Inc. (PPHC) — Investor Presentation (August 2026) on 6ix