Public Policy Holding Company (PPHC) Registration filing summary

Company overview and business model

• Operates a portfolio of 12 member companies providing global strategic communications, government relations, corporate communications, public affairs, and compliance services across the US, UK, Europe, Asia, and the Middle East.

• Serves over 1,300 clients, including nearly half of the Fortune 100, with a diversified, retainer-based revenue model and low client concentration risk.

• Growth strategy combines targeted acquisitions and organic expansion, with recent acquisitions in Texas, California, and the UK, and a focus on digital and data capabilities.

• Business is structured into three segments: Government Relations Consulting, Corporate Communications & Public Affairs Consulting, and Compliance and Insights Services.

• Emphasizes cross-company collaboration, scalable infrastructure, and talent retention through equity incentives and a decentralized operating model.

Financial performance and metrics

• Revenue grew at a 28.1% CAGR from 2018 to 2024, reaching $149.6 million in 2024 and $136.7 million for the nine months ended September 30, 2025.

• Adjusted EBITDA was $38.6 million in 2024 (25.8% margin) and $33.0 million for the nine months ended September 30, 2025 (24.1% margin).

• Net loss for 2024 was $24.0 million, primarily due to non-cash share-based accounting charges and acquisition-related expenses.

• Organic revenue growth was 2.7% in 2024 and 6.5% for the nine months ended September 30, 2025.

• Cash flow from operations was $16.4 million in 2024 and $10.0 million for the nine months ended September 30, 2025; net debt increased to $38.5 million as of September 30, 2025.

Use of proceeds and capital allocation

• Net proceeds of approximately $39.6 million (or $47.9 million if the over-allotment is exercised) are intended for working capital, general corporate purposes, and potential future acquisitions.

• No proceeds will be received from shares sold by selling shareholders.

• Dividend policy targets a payout ratio of ~30% of Adjusted Net Income, but the rate was reduced in January 2025 to retain more capital for growth.