•
Revenue of $186.5 million with organic revenue growth of 6.2%
•
Record Adjusted EBITDA of $45.4 million, up 17.7% year over year, achieved at a margin of 24.3%
•
Successfully completed our $45.8 million IPO in the US and dual-listing on Nasdaq in January 2026
•
Net Debt of $26.6 million has reverted to a Net Cash position in 2026
•
Completed two acquisitions in 2025, further expanding PPHC's capabilities and geographic reach
WASHINGTON, March 23, 2026 (GLOBE NEWSWIRE) -- Public Policy Holding Company, Inc. ("PPHC," "Company," "Group") (NASDAQ:PPHC), a leading global strategic communications provider offering a comprehensive range of advisory services in the areas of Government Relations, Corporate Communications, and Public Affairs, today reported unaudited financial results for the year ended December 31, 2025 ("FY 2025").
Q4 2025 Financial Highlights
•
Q4 revenue increased 27.8% over the prior period to $49.9 million, with organic growth contributing 5.4%.
•
GAAP Net Loss of $(15.2) million compared to $(6.7) million in Q4 2024.
•
Adjusted EBITDA of $12.4 million, up 27.1% over the prior period, achieved at a 24.9% margin.
•
Adjusted Net Income of $11.3 million was up 66.1%.
•
GAAP Basic and diluted loss per share of $(0.86) compared to $(0.46) in Q4 2024.
•
Adjusted fully diluted EPS of $0.42 was up $0.15 or 58.0%.
FY 2025 Financial Highlights
•
FY revenue increased 24.7% to $186.5 million, with organic growth contributing 6.2%.
•
GAAP Net Loss of $(39.0) million compared to $(24.0) in 2024.
•
Adjusted EBITDA of $45.4 million, up 17.7%, and achieved at a 24.3% margin.
•
Adjusted Net Income of $36.6 million was up 32.1%.
•
GAAP Basic and diluted loss per share of $(2.37) compared to $(2.34) in 2024.
•
Adjusted fully diluted EPS of $1.39 was up $0.27 or 24.7%.
•
GAAP Net Cash Provided by Operations of $24.8 million compared to $16.4 million in 2024.
•
Adjusted Free Cash Flow of $36.9 million (2024: $22.2 million).
•
Final dividend of $0.240 per Common Outstanding Share; total dividend for FY 2025 $0.355 per share.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Incl. M&A expense, Adjusted net income, Adjusted EPS, fully diluted, Organic Revenue Growth, Adjusted Free Cash Flow, are non-GAAP financial measures, as defined and reconciled below.
Stewart Hall, CEO of PPHC, commented:
"The Company's performance in 2025 was strong, with a marked uptick in organic growth supplemented by our well-established M&A program. We have built a diversified platform of high quality businesses that operate across the political spectrum, giving us broad-based resilience and the ability to drive organic revenue growth and achieve attractive margins in a volatile operating landscape.
In 2025, our M&A program continued at pace: we acquired firms that broaden our service offerings and extend our global reach, in line with our strategy. We expect further strategic progress in 2026, supported by a strong and recently enhanced balance sheet following our US IPO.
We continue to operate in a fast-moving and complex policy landscape, meaning our clients - including nearly half of the Fortune 100 - require increasing levels of support and continue to turn to PPHC as partner of choice. The tailwinds driving organic growth are set to continue, positioning us well for the balance of the fiscal year and reinforcing our longer-term outlook."
Operational Highlights
Significant progress in line with the Group's stated growth strategy, with earnings accretive acquisitions providing an enhanced complementary range of services to the Group's international client base:
Organically, the Group recorded 6.2% growth in revenue for FY 2025, year-on-year which represents a step-up from the 2.7% growth in FY 2024, supported by a significant rebound in Corporate Communications and Public Affairs.
Acquired TrailRunner, expanding group-wide capabilities in Corporate Communications and providing cross referral revenue opportunities.
Acquired Pine Cove Capital, LLC (renamed "Pine Cove Strategies"), a Texas-based strategic consulting firm, adding to the Group's state-based government relations capabilities.
Revenue remained highly diversified with the top 10 Group clients representing 9.2% of revenue in 2025 versus 8.7% in 2024; and revenue mix by segment was further diversified with Corporate Communications & Public Affairs segment representing 34.9% in FY 2025 of total revenue (2024: 24.3%).
By segment:
Government Relations Consulting grew at 5.9% for FY 2025, as compared to FY 2024 (3.6% organically compared to FY 2024).
Corporate Communications & Public Affairs Consulting increased by 78.7% for the FY 2025, as compared to FY 2024 (8.9% organically compared to FY 2024).
Compliance and Insights Services continued its strong growth at 21.5% for the FY 2025, as compared to FY 2024 (reported and organic) as a result of high renewal rates, price increases, and new clients wins, all together reflective of a unique and high value-added offering.
The Group grew its client base to approximately 1,400 (2024: 1,200), with representations of approximately half of the Fortune 100 in addition to many more via trade associations; this is evidence that our retention rates remain high.
PPHC ended FY 2025 with 613 clients spending more than $100,000 (2024: 503 clients) and 176 spending more than $250,000 (2024: 137 clients).
Financial Outlook
Roel Smits, CFO of PPHC, commented:
"With the completion of our recent capital raise and US IPO, PPHC enters the next phase of growth from a position of strength. Our balance sheet flexibility allows us to pursue earnings-accretive acquisitions while our strong cashflow allows us to continue investing in organic growth initiatives. Momentum from Q4 has set us up well for a good start to 2026.
In general, PPHC expects to continue growing revenue at an average organic rate of approximately 5%, and this will be supplemented by acquisitions. We generally anticipate Adjusted EBITDA to come in at a margin around 25%, although in 2026 we will experience the impact from assuming US public company costs and certain technology investments.
Our focus continues to be on driving client retention rates, new business generation, and the continued cross-selling of services across the member companies to support organic growth prospects. Clients are increasingly seeking integrated support to manage complex reputational, regulatory, and stakeholder challenges.
The market for Strategic Communications services in key geographies remains fragmented. Management continues to view the Group as a natural consolidator, and the pipeline of acquisition opportunities under development in the U.S., U.K., and mainland Europe remains robust. The Group is actively seeking to expand its portfolio of member companies internationally with strategically and financially attractive opportunities while adding complementary specializations."
Conference Call Webcast Information
PPHC management will host a conference call to discuss the Company's financial results today at 4:30 p.m. Eastern Time. The call will be led by Stewart Hall, Chief Executive Officer, Roel Smits, Chief Financial Officer, and Thomas Gensemer, Chief Strategy Officer.
Date: Monday, March 23, 2026
Time: 4:30 p.m. Eastern Time
Webcast: Participants may access the conference call via live webcast at https://edge.media-server.com/mmc/p/hqweq9hx/.
Dial-in: To participate via telephone, please register in advance and receive a unique PIN at https://register-conf.media-server.com/register/BI23772b4493ce4ac6b83992079c865d5f
A replay of the webcast of the conference call will be available on the Investor Relations section of the Company's website at investors.pphcompany.com.
About PPHC
Incorporated in 2014, PPHC is a global government relations, public affairs and strategic communications group providing clients with a fully integrated and comprehensive range of services including government and public relations, research, and digital advocacy campaigns. Engaged by approximately 1,400 clients, including companies, trade associations and non-governmental organizations the Group is active in all major sectors of the economy, including healthcare and pharmaceuticals, financial services, energy, technology, telecoms and transportation. PPHC's services support clients to enhance and defend their reputations, advance policy goals, manage regulatory risk, and engage with federal and state-level policy makers, stakeholders, media, and the public.
For more information, see www.pphcompany.com
Operational Review
Introduction
The Group made significant progress in 2025, combining organic growth with two strategically important, earnings-accretive acquisitions. The integration of our Q2 2025 acquisition of TrailRunner International significantly enhances our global corporate communications capabilities, while the addition of our Q3 2025 acquisition of Pine Cove Strategies further strengthens our Government Relations presence in the State of Texas, together advancing our mission to deliver strategic communications services at greater scale, breadth, and sophistication.
As of December 31, 2025, the Group had approximately 1,400 clients. Every year approximately 77% of these clients renew their relationship with the Group, leading to revenue retention of approximately 86%, demonstrating the strength of the Group's services, client relationships, and the quality of our earnings.
A key focus of the Group remains on retained clients with greater annual spending above certain thresholds. PPHC ended FY 2025 with 613 clients spending more than $100,000 (2024: 503 clients) and 176 spending more than $250,000 (2024: 137 clients). This increase was supported by a variety of factors, including increasing cross-company client development, PPHC's internal referral awards system, and compensation programs that are based on Group-wide performance. In January 2025, we were pleased to appoint John Green as Chief Client Officer, a new role underscoring PPHC's commitment to maximizing cross-firm collaboration.
In FY 2025, the Group directly represented close to half of the Fortune 100, in addition to many more via their trade associations that the Group serves.
Financial Review
Certain monetary amounts, percentages and other figures included elsewhere in this earnings release have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
Adjusted Profit & Loss Statement
(Amounts in millions, except per share data)
Three months ended December 31,
Years Ended December 31,
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Revenue
$49.9
$39.0
$10.8
27.8%
$186.5
$149.6
$36.9
24.7%
GAAP Net loss
$(15.2
)
$(6.7
)
$(8.6
)
128.3%
$(39.0
)
$(24.0
)
$(15.0
)
62.8%
Adjusted EBITDA
$12.4
$9.8
$2.7
27.1%
$45.4
$38.6
$6.8
17.7%
Adjusted EBITDA margin
24.9%
25.0%
(0.1)pts
24.3%
25.8%
(1.5)pts
M&A expense
$(0.4
)
$(0.8
)
$0.3
(44.7)%
$(0.8
)
$(2.4
)
$1.6
(65.6)%
Adjusted EBITDA incl M&A expense
$12.0
$9.0
$3.0
33.4%
$44.5
$36.1
$8.4
23.3%
Depreciation
$—
$—
$—
27.1%
$(0.2
)
$(0.1
)
$(0.1
)
73.5%
Adjusted EBIT
$11.9
$9.0
$3.0
33.4%
$44.4
$36.0
$8.4
23.3%
Interest
$(0.9
)
$(0.5
)
$(0.4
)
80.4%
$(3.3
)
$(1.7
)
$(1.6
)
92.8%
Adjusted EBT
$11.0
$8.4
$2.6
30.5%
$41.0
$34.3
$6.7
19.5%
Taxes
$0.3
$(1.7
)
$1.9
(115.9)%
$(4.4
)
$(6.5
)
$2.1
(32.1)%
Effective tax rate
(2.4)%
19.6%
(21.9)pts
10.7%
19.1%
(8.4)pts
Adjusted Net Income
$11.3
$6.8
$4.5
66.1%
$36.6
$27.7
$8.9
32.1%
Adjusted Net Income margin
22.6%
17.4%
5.2pts
19.6%
18.5%
1.1pts
GAAP basic and diluted loss per share
(0.86
)
(0.46
)
(0.40
)
86.6%
(2.37
)
(2.34
)
(0.03
)
1.4%
Adjusted EPS ($) (basic)
0.45
0.28
0.17
58.5%
1.48
1.17
0.31
26.4%
Adjusted EPS ($) (fully diluted)
0.42
0.27
0.15
58.0%
1.39
1.11
0.27
24.7%
Dividend paid, per share
0.221
0.262
(0.041
)
(15.6)%
0.344
0.702
(0.358
)
(51.0)%
Bridge from Adjusted to Reported Results
(Amounts in millions)
Three months ended December 31,
Years Ended December 31,
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Adjusted Net Income
$11.3
$6.8
$4.5
66.1%
$36.6
$27.7
$8.9
32.1%
Share-based accounting charge
7.4
8.0
(0.6
)
(7.0)%
29.6
31.8
(2.2
)
(6.8)%
M&A: Post-combination comp
8.5
2.9
5.7
198.5%
21.3
11.6
9.7
83.4%
M&A: bargain purchase
(2.0
)
—
(2.0
)
—
(2.0
)
(2.5
)
0.4
(17.1)%
M&A: change in contingent consideration
0.2
0.1
0.1
39.5%
5.1
1.9
3.2
169.5%
Long Term Incentive Program charges
2.5
1.2
1.3
105.2%
7.1
4.2
2.9
70.3%
Amortization intangibles
1.5
1.3
0.1
11.5%
6.0
4.7
1.4
29.4%
Loss on impairment of intangible assets
$2.9
$—
$2.9
—
$2.9
$—
$2.9
—
Loss on impairment of goodwill
$6.2
$—
$6.2
—
$6.2
$—
$6.2
—
Other income, net
$(0.6
)
$—
$(0.6
)
—
$(0.6
)
$—
$(0.6
)
—
Net Income (Reported)
$(15.2
)
$(6.7
)
$(8.6
)
128.3%
$(39.0
)
$(24.0
)
$(15.0
)
62.8%
Management reviews the progress and performance of its business on the basis of the Adjusted Net Income shown above. The items excluded from the Adjusted Net Income above, while included in our GAAP results, have been shown in the Bridge above. These excluded items do not have a cash impact nor do they reflect ongoing performance of the underlying business. Please refer to the section ‘basis of preparation' for a discussion of each of the non-cash items excluded from Adjusted Net Income.
Please note that, during Q2 2025, the Company redefined its Underlying EBITDA definition to be Adjusted EBITDA. Adjusted EBITDA excludes expenses related to M&A transactions (which includes M&A related advisory fees, debt origination, and transaction taxes) as follows:
(Amounts in millions)
Three months ended December 31,
Years ended December 31,
Old Definition
New Definition
2025
2024
2025
2024
Underlying EBITDA
EBITDA including M&A
$12.0
$9.0
$44.5
$36.1
Remove: M&A Expenses
M&A Expenses
0.4
0.8
0.8
2.4
Adjusted EBITDA
EBITDA excluding M&A
$12.4
$9.8
$45.3
$38.6
M&A expenses were $0.8 million for the year ended December 31, 2025, down from $2.4 million in 2024, with 2024 reflecting a substantial investment in M&A expenses driven by the first international acquisition performed by PPHC as well as debt acquisition charges. For its acquisitions in 2025, the Company utilized less external resources and was able to build off the international platform created in 2024.
Revenue
($ in millions, except percentages)
Three months ended December 31,
2025
2024
Revenue from acquisitions
Organic revenue
Total revenue
Total revenue
Organic Revenue Growth(1)
Total Growth
Government Relations Consulting
$0.8
$26.8
$27.6
$25.9
3.6
%
6.6
%
Corporate Communications & Public Affairs Consulting
7.9
10.9
18.9
10.4
5.5
%
82.1
%
Compliance and Insights Services
—
3.4
3.4
2.8
22.6
%
22.6
%
Total
$8.7
$41.1
$49.9
$39.0
5.4
%
27.8
%
($ in millions, except percentages)
Years ended December 31,
2025
2024
Revenue from acquisitions
Organic revenue
Total revenue
Total revenue
Organic Revenue Growth(1)
Total Growth
Government Relations Consulting
$2.3
$106.2
$108.5
$102.5
3.6
%
5.9
%
Corporate Communications & Public Affairs Consulting
25.4
39.7
65.1
36.4
8.9
%
78.7
%
Compliance and Insights Services
—
13.0
13.0
10.7
21.5
%
21.5
%
Total
$27.7
$158.9
$186.5
$149.6
6.2
%
24.7
%
($ in millions, except percentages)
Three months ended December 31,
Years ended December 31,
2025
2024
$ change
% change
2025
2024
$ change
% change
United States
$47.3
$37.3
$10.0
26.8
%
$177.6
$145.5
$32.1
22.1
%
International
2.5
1.7
0.8
49.6
%
8.9
4.1
4.8
117.1
%
Revenue by geographic market
$49.9
$39.0
$10.8
27.8
%
$186.5
$149.6
$36.9
24.7
%
The Group's total revenue for the three and twelve months ended December 31, 2025 increased by 27.8% and 24.7% to $49.9 million and $186.5 million, respectively, as compared to $39.0 million and $149.6 million reported for the same periods in 2024. The organic growth rate was 5.4% and 6.2% as compared to the same periods in 2024, demonstrating the stability of the Group's core business operations, the dedication of our management teams across our member companies, and the critical importance of our work to our clients, with the remainder of growth driven by the successful integration of Lucas Public Affairs, Pagefield Communications (acquisitions completed in Q2 2024) which are now meaningfully contributing to the Group's financial performance, TrailRunner International (completed in Q2 2025), and Pine Cove Strategies (completed in Q3 2025).
Organic growth of 5.4% and 6.2% for the three and twelve months ended December 31, 2025, respectively, was the outcome of continued organic growth in Government Relations at 3.6% and 3.6%, Corporate Communications & Public Affairs at 5.5% and 8.9% and Compliance and Insights Services at 22.6% and 21.5%.
During the three and twelve months ended December 31, 2025, 55.3% and 58.1%, respectively, of the Group's revenues stemmed from Government Relations as compared to the same periods in 2024 of 66.3% and 68.5%, 37.9% and 34.9% came from Corporate Communications & Public Affairs as compared to the same periods in 2024 of 26.6% and 24.3%, and 6.9% and 7.0% from Compliance and Insights Services as compared to the same periods in 2024 of 7.2%.
The Group's revenue realized outside of the US was $2.5 million, or 5.1%, and $8.9 million, or 4.8%, for the three and twelve months ended December 31, 2025, respectively, as compared to $1.7 million, or 4.4%, and $4.1 million, or 2.7%, for the three and twelve months ended December 31, 2024, respectively.
Profit
Long-term Profit
(dollars in millions)
FY
