Public Policy Holding Company (PPHC) Investor presentation summary

Investment thesis and market positioning

• Operates in high-margin strategic communications, focusing on government relations, corporate communications, and compliance & insights.

• Retainer-based revenue model with minimal client concentration and high renewal rates; ~90% of revenue is retainer-based and 80-85% annual client retention.

• Platform structure enables conflict management, cross-selling, and operational efficiencies across 14 member companies serving 1,500+ clients, including ~50% of the Fortune 100.

• Bipartisan, multibrand approach attracts founder-led firms and aligns employee ownership with long-term value creation; ~60% of shares are employee-held.

• Large, fragmented $20B+ addressable market with consistent organic growth and disciplined, earnout-structured acquisitions.

Financial performance and growth

• Achieved a 20% revenue CAGR from 2022-2025, with 10 consecutive years of organic growth and a proven M&A track record.

• H1 2026 revenue reached $102.3M (+16.3% YoY), with organic growth at 4.4%; adjusted EBITDA was $23.4M (22.9% margin).

• FY2026 guidance raised to $213M-$216M revenue and $48.5M-$50.5M adjusted EBITDA (22.5-23.5% margin).

• High cash conversion: 81% FCF-to-EBITDA in FY2025, with $101M cumulative adjusted FCF generated from 2022-2025.

• Share-based accounting charge (~$30M/year) lapses after December 2026, improving future net income.

Segment performance and client base

• Three segments: Government Relations (58% of FY25 revenue), Corporate Communications & Public Affairs (35%), Compliance & Insights (7%).

• Government Relations and Compliance & Insights segments deliver 100% subscription-like revenue and double-digit growth on compliance wins.

• Highly diversified client base with less than 2% of revenue from the largest client and less than 10% from the top 10 clients.

• Blue-chip clients across finance, technology, healthcare, energy, and more; nearly half of Fortune 100 are clients.