Public Policy Holding Company (PPHC) Registration filing summary

Company overview and business model

• Operates a portfolio of 12 specialized firms in government relations, corporate communications, and compliance, serving over 1,400 clients globally, including nearly half of the Fortune 100.

• Business model combines scale and boutique quality by integrating stand-alone firms with collaborative incentives and centralized support functions.

• Expanded through targeted acquisitions, most recently TrailRunner and Pine Cove, to enhance geographic reach and service capabilities in the US, UK, Asia, and the Middle East.

• Revenue is primarily retainer-based, with high client retention and low concentration risk; 613 clients contributed $100,000+ in 2025, with no client over 2.1% of revenue.

• Three reporting segments: Government Relations Consulting, Corporate Communications & Public Affairs Consulting, and Compliance and Insights Services.

Financial performance and metrics

• Revenue grew at a 28.1% CAGR from 2018–2024, reaching $149.6M in 2024 and $186.5M in 2025 (preliminary).

• Adjusted EBITDA was $38.6M in 2024 (25.8% margin) and $45.5M in 2025 (24.4% margin); net loss was $24.0M in 2024 and $23.8M in the first nine months of 2025, primarily due to non-cash share-based charges.

• Organic revenue growth was 2.7% in 2024 and 6.2% in 2025, with the remainder from acquisitions.

• Cash and cash equivalents were $20.4M at year-end 2025, with net debt of $26.6M, reflecting increased borrowing for acquisitions.

• Top 10 clients accounted for 9.2% of revenue in 2025, down from 10.8% in 2023.

Use of proceeds and capital allocation

• Net proceeds of ~$37.1M (up to $44.9M if over-allotment exercised) will fund working capital, general corporate purposes, and potential future acquisitions.

• No specific acquisitions are currently pending or in advanced negotiations.

• Dividend policy targets payout of ~30% of Adjusted Net Income, but is subject to board discretion and may change.