Public Policy Holding Co., Inc. · LSE:PPHC
Public Policy — Q3 2026 Earnings Presentation
34 slides from Public Policy's earnings presentation, Nov 9, 2026
Slide 1: PPHC Q3 2026 Results
PPHC Q3 2026 Results N o v e m b e r 9 , 20 2 6
Slide 2: Forward-Looking Statements
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 as “anticipa
Slide 3: Today's Presenters
3 Stewart Hall Chief Executive Officer ◢ Co-founder of Federalist Group LLC, which was acquired by Ogilvy (WPP) ◢ Co-founder of CRS, which was merged to form PPHC ◢ M.A. and Ph.D. in Government from the University of Virginia Roel Smits Chief Financial Officer ◢ Former CFO Americas of Kantar ◢ Bring
Slide 4: Q3 2026: Continued Momentum
4Q3 2026: Continued Momentum Above presentation contains non-GAAP measures. For a reconciliation to the nearest comparable GAAP measure refer to the Financia l Appendix. Q3 2026 Key Metrics Recent Highlights REVENUE GROWTH $55.2M +13.2% YoY 9M 2026: $157.5M and +4.7% organic PROFITABILITY $0.2M Adju
Slide 5: Every election resets the landscape, whoever wins
5 Every election resets the landscape, whoever wins WHAT CHANGED ON NOVEMBER 3 88+ new members of the House and Senate 73+ House and 15+ Senate; final count pending uncalled races 21 new governors 18 open seats plus 3 incumbents who lost 6,139 state legislators elected In 46 states, 83% of all legis
Slide 6: A decade of consecutive annual growth and compounding value creation
6 2014 2014 Founding firms CRS and FTP, combined under PPHC banner 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2018 Acquisitions/merge r of Blue Engine + JDA Frontline 2019 Acquisition of O’Neill & Associates, Boston 2020 Acquisition of Alpine Group 2021 IPO on LSE AIM (Dec21) 2022 Acquis
Slide 7: Financial Summary
PPHC Financial Summary
Slide 8: Continuing strong track record of growth and profitability
8 Continuing strong track record of growth and profitability Financial Performance 9M 2026 ◢ Revenue $157.5m; growth 15.2%, of which 4.7% organic ◢ Adjusted EBITDA $36.2m, margin 23.0%, aligning with guidance (margin below 25% due to IPO costs and business mix) ◢ Highly recurring revenue model dr
Slide 9: Financial Highlights
9 Financial Highlights ($ in millions, except percentages and per share) Three months ended September 30, Nine months ended September 30, 2026 2025 Change $ Change % 2026 2025 Change $ Change % Revenue $ 55.2 $ 48.8 $ 6.4 13.2 % $157.5 $136.7 $ 20.8 15.2 % GAAP net income (loss) $ 0.2 $ (7.4) $ 7.7
Slide 10: Organic Revenue Growth by Segment
10Organic Revenue Growth by Segment Organic growth by segment in 9M 2026: ◢ Overall organic growth steady at 4 to 5% level ◢ Government Relations (GR) strong: 8% in Q3; 7% across 9M ◢ Corporate Communications and Public Affairs (CCPA) down in light of typical bi- annual election cycle (strong comp i
Slide 11: Margin Performance - Q3
11Margin Performance - Q3 Vs prior year Q3 margin decreased by 0.4 pt because: 1. Blended Segment Margin 40.1%, up 1.6 pt ◢ Government Relations (GR) strong at 48.3%, up 6.3 pts ◢ Corporate Communications and Public Affairs (CCPA) declining to 25.5%, down 4.9 pts ◢ Compliance and Insights Service
Slide 12: Margin Performance - 9M
12Margin Performance - 9M Vs prior year 9M margin decreased by 1.1 pts because: 1. Blended Segment Margin 39.5%, up 0.2 pt ◢ Government Relations (GR) strong at 47.2%, up 3.0 pts ◢ Corporate Communications and Public Affairs (CCPA) declining to 25.1%, down 2.5 pts ◢ Compliance and Insights Servic
Slide 13: P&L results Q3 2026 and 9M 2026
13 P&L results Q3 2026 and 9M 2026 ◢ P&L growing at top and bottom line ◢ Adjusted EBITDA margin strong at 23.0%. Below target of 25% impacted by faster growth in lower margin segment Corp Comms & PA in combination with incremental public company costs following 2026 U.S. IPO ◢ Interest charges decr
Slide 14: Cash flow 9M 2026
14 Cash flow 9M 2026 ◢ (non-GAAP) Adjusted Free Cash Flow $14.6m, reflecting strong cash generation despite higher working capital investment. FCF generation typically strongest in H2 ◢ Acquisition payments $41.3m (2026 WPI, Tancredi, & TAP acquisitions, earnout payments MultiState and TrailRunner),
Slide 15: Balance Sheet - Supports Growth Strategy
15 Balance Sheet - Supports Growth Strategy ($ in millions) September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025 Cash and cash equivalents as of end of period $ 18.4 $ 36.9 $ 20.4 $ 11.1 Notes payable, long-term, net (30.5) (32.3) (37.9) (41.5) Notes payable, current portion, net (9
Slide 16: Share-based charge lapses December 2026
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 entirely on December 16, 2026, once the underlying charge finishes amortizi
Slide 17: Reaffirming Guidance
17 Above presentation contains non-GAAP measures. For a reconciliation to the nearest comparable GAAP measure refer to the Financial Appendix. Reaffirming Guidance Long-Term Growth The Company is reaffirming its guidance to the markets as follows: 2026 Financial Guidance ~5% Average Organic Growth +
Slide 18: Strategy and M&A
18 Strategy and M&A
Slide 19: Extending our policy core into high-stakes communications
19 Extending our policy core into high-stakes communications OUR CORE Policy and political communications: our origin and our competitive advantage Building complementary capabilities where reputation, legal positioning and regulatory exposure collide TRAILRUNNER GROUP Joined 2025 (Dallas HQ) Office
Slide 20: Conclusion
20 PPHC Conclusion
Slide 21: PPHC Investment Thesis
21 PPHC Investment Thesis Capital-light, high-margin economics High margins and strong free cash flow conversion on minimal capital investment, with a healthy balance sheet Durable, embedded revenue Retainer-based relationships across our three segments — Government Relations, Corporate Communicatio
Slide 22: Financial Appendix
22 Financial Appendix
Slide 23: Non-GAAP Financial Measures
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 EBITDA margi
Slide 24: Non-GAAP Financial Measures
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-based accounting
Slide 25: Detailed GAAP P&L Income Statements
25 Detailed GAAP P&L Income Statements Three months ended September 30, Nine months ended September 30, ($ in millions, except percentages) 2026 2025 % Variance $ Variance 2026 2025 % Variance $ Variance Revenue $ 55.2 $ 48.8 13.2 % $ 6.4 $ 157.5 $ 136.7 15.2 % $ 20.8 Operating expenses: Staff cost
Slide 26: Adjusted EBITDA Bridge
26 Adjusted EBITDA Bridge ($ in millions, except percentages) Three months ended September 30, Nine months ended September 30, Year ended December 31, 2026 2025 2026 2025 2025 2024 2023 GAAP Net Loss $0.2 ($7.4) ($15.0) ($23.8) ($39.0) ($24.0) ($14.2) GAAP Net loss margin —% (15%) (10%) (17%) (21%)
Slide 27: Organic Growth by Segment
27 Organic Growth by Segment ($ in millions, except percentages) Nine months ended September 30, 2026 2025 Revenue from acquisitions Organic revenue Total revenue Total revenue Organic Revenue Growth Total Growth Government Relations Consulting $ 4.3 $ 86.4 $ 90.6 $ 80.9 6.7 % 12.0 % Corporate Commu
Slide 28: Revenue by Geography
28 Revenue by Geography ($ in millions, except percentages) Nine months ended September 30, 2026 2025 $ change % change United States $ 145.6 $ 130.3 $ 15.3 11.7 % International 11.8 6.3 5.5 86.5 % Revenue by geographic market $ 157.5 $ 136.7 $ 20.8 15.2 % ($ in millions, except percentages) Three m
Slide 29: Key KPIs by Segment
29 Key KPIs by Segment $ in millions Three months ended September 30, Nine months ended September 30, 2026 2025 Change $ Change % Change % Organic 2026 2025 Change $ Change % Change % Organic Government Relations Revenue $ 31.9 $ 27.5 $ 4.4 16.1% 7.5 % $ 90.6 $ 80.9 $ 9.7 12.0 % 6.7 % % of Revenue 5
Slide 30: Earnout Obligations
30 Earnout Obligations ($ in millions) Remainder of 2026 2027 2028 2029 2030 2031 Total Expected earnout payments in Cash $ 0.6 $ 5.0 $ 25.2 $ 3.5 $ 2.9 $ 6.7 $ 43.8 Expected earnout payments in PPHC stock — 2.0 24.5 2.2 2.9 4.8 36.4 Expected earnout payments - total $ 0.6 $ 7.0 $ 49.7 $ 5.7 $ 5.7 $
Slide 31: Adjusted Free Cash Flow Bridge
31 Adjusted Free Cash Flow Bridge ($ in millions, except percentages) Nine months ended September 30, Year ended December 31, 2026 2025 2025 2024 2023 Net cash provided by (used in) operating activities (GAAP) (16.5) 10.0 24.8 $16.4 $10.2 Prepaid post-combination expense 27.5 10.3 10.5 4.6 9.5 Chang
Slide 32: Adjusted EPS Bridge
32 Adjusted EPS Bridge ($ in millions, except percentages, shares, and per share) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Adjusted Net Income $10.7 $9.8 $28.6 $25.3 Share-based accounting charge (7.2) (7.4) (21.9) (22.2) M&A: Post-combination comp (6.7) (
Slide 33: Information per Share
33 Information per Share Share count in thousands Nine months ended September 30, 2026 2025 Share count / $ Change % Change # of shares period end - GAAP - basic and fully diluted 25,460 17,524 7,937 45.3 % # of shares period end - Legally outstanding - basic 30,396 25,135 5,262 20.9 % # of shares p
Slide 34: PPHC
PPHC:
Public Policy Holding Company — Q3 2026 Earnings Presentation on 6ix