REG - Public Policy Hldg - FY2025 Trading Update

Public Policy HoldingAnnouncement

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RNS Number : 5097P  Public Policy Holding Company, Inc.  20 January 2026

Public Policy Holding Company, Inc.

 ("PPHC", the "Group" or the "Company")

FY2025 Trading Update

Strong end to FY2025 with significant revenue and Adjusted EBITDA growth

Public Policy Holding Company, Inc., a leading global strategic communications
provider offering a comprehensive range of advisory services in the areas of
Government Relations, Public Affairs and Corporate Communications, provides an
unaudited trading update for the year ended 31 December 2025 ("FY2025" or the
"Period"). These numbers are still subject to review by the Group's Auditor.

PPHC delivered strong performance for the year, with FY2025 revenue and
Adjusted EBITDA ahead of consensus market expectations. Organic growth
accelerated across the Group's core service lines and client demand remained
robust. The period also marked further strategic progress in the integration
of TrailRunner International and the acquisition of Pine Cove Strategies, both
headquartered in Texas.

Financial Highlights

 •                          Revenue growth of 24.7% of which 6.2% is attributable to organic growth
 •                          Adjusted EBITDA of $45.5 million achieved at a margin of 24.4%
 •                          Strong year-end cash & cash equivalents of $20.4 million reducing net debt
                            to $26.6 million

Revenue

 •                          Fourth quarter revenue for the three months ended 31 December 2025 increased
                            27.8% YoY to $49.9 million (Q4 FY2024, $39.0 million), and full-year revenue
                            increased 24.7% to $186.5 million (FY2024, $149.6 million). This was driven by
                            a combination of organic growth (accounting for 6.2% for 2025) in addition to
                            growth from the execution of the Group's M&A programme which continued at
                            pace in FY2025 (accounting for 18.5% for 2025).
 •                          Revenue in the three and twelve months ended 31 December 2025 grew organically
                            by 5.4% and 6.2%, respectively. This performance was supported by increased
                            client demand, particularly within our Compliance and Insights Services
                            segment as well as Corporate Communications & Public Affairs, combined
                            with sustained demand for Government Relations Consulting.
 •                          By segment, organic and reported growth in Q4 was as follows:

 

                                                           ($ in thousands)

                                                           (unaudited)
                                                           Three months ended 31 December
                                                           2025                                                                            2024
                                                           Revenue from acquisitions         Organic revenue         Total revenue         Total revenue      Organic Revenue Growth((1))      Total Growth
 Government Relations Consulting                           $781                              $26,771                 $27,552               $25,852                  3.6%                             6.6%
 Corporate Communications & Public Affairs Consulting      7,940                             10,932                  18,872                10,364                   5.5%                              82.1%
 Compliance and Insights Services                          -                                 3,431                   3,431                 2,799                     22.6%                            22.6%
 Total                                                     $8,721                            $41,134                 $49,855               $39,015                  5.4%                              27.8%

 

 •                          By segment, organic and reported growth for FY2025 was as follows:

 

                                                           ($ in thousands)

                                                           (unaudited)
                                                           Twelve months ended 31 December
                                                           2025                                                                            2024
                                                           Revenue from acquisitions         Organic revenue         Total revenue         Total revenue      Organic Revenue Growth((1))      Total Growth
 Government Relations Consulting                           $2,295                            $106,200                $108,495              $102,464                 3.6%                             5.9%
 Corporate Communications & Public Affairs Consulting      25,389                            39,661                  65,050                36,405                   8.9%                               78.7%
 Compliance and Insights Services                          -                                 12,996                  12,996                10,694                    21.5%                             21.5%
 Total                                                     $27,685                           $158,857                $186,541              $149,563                 6.2%                              24.7%

 

Adjusted EBITDA

 •                          Adjusted EBITDA for the three months ended 31 December 2025 increased by 27.9%
                            to $12.5 million (Q4 FY2024, $9.8 million), and Adjusted EBITDA for the twelve
                            months ended 31 December 2025 increased by 17.9% to $45.5 million (FY2024,
                            $38.6 million). This was achieved at a margin of 25.1% and 24.4% for the three
                            and twelve months ended 31 December 2025, respectively, reflecting the
                            weighted outcome of changes in the Group's business mix.

 

 Revenue and Profit          ($ in thousands)

                             (unaudited)
                             Three months ended 31 December                                                          Twelve months ended 31 December
                             2025                        2024                        % variance                      2025                         2024                         % variance
 Revenue                     $49,855                     $39,015                              27.8%                  $186,541                     $149,563                              24.7%
 Adjusted EBITDA             12,500                      9,772                                27.9%                  45,456                       38,563                                17.9%
 Adjusted EBITDA Margin             25.1%                       25.0%                      0.1pts                           24.4%                        25.8%                        (1.4) pts

 

Cash and Debt Balance

 •                          At 31 December 2025, the Group had cash and cash equivalents of $20.4 million
                            ($14.5 million at 31 December 2024) and gross debt of $47.0 million at 31
                            December 2025 ($32.0 million at 31 December 2024), resulting in net debt of
                            $26.6 million at 31 December 2025 ($17.5 million at 31 December 2024). The
                            increase in cash during 2025 was supported by an amended dividend policy
                            implemented in 2025 in order to help support funding M&A initiatives for
                            driving growth. The increase in net debt was driven by the additional facility
                            entered into in relation to the acquisition of TrailRunner International, on 1
                            April 2025, which has been partially offset by ongoing repayments enabled by
                            the Group's cash generation.

 

                                                ($ in thousands)
                                                31 December 2025 (unaudited)        30 September 2025 (unaudited)        31 December 2024

 Cash and cash equivalents as of end of period  $20,436                             $11,145                              $14,536

 Notes payable, long-term, net                  (38,774)                            (41,462)                             (26,014)
 Notes payable, current portion, net            (8,215)                             (8,177)                              (6,031)
 Total Debt                                     $(46,989)                           $(49,639)                            $(32,045)

 Net debt at period-end                         $(26,552)                           $(38,495)                            $(17,509)

 

Market and Trading Environment

 •                          The Group continues to experience strong demand across its Government
                            Relations, Public Affairs and Compliance & Insight services, driven by
                            elevated political complexity at both the US federal and state levels. An
                            evolving regulatory landscape and heightened corporate sensitivity to public
                            and governmental engagement continues to underpin demand, as government action
                            increasingly represents both a material risk and a critical opportunity for
                            businesses across sectors.
 •                          Demand for the Group's corporate communications capabilities has increased
                            following the acquisition and integration of TrailRunner International.
                            Clients are increasingly seeking integrated advisory support to navigate the
                            intersection of reputational risk, regulatory developments, litigation, and
                            stakeholder communications amid heightened investor scrutiny and a more
                            volatile political and operating environment.
 •                          Management expects these structural tailwinds to remain in place as clients
                            seek experienced advisers to manage risk, protect value and engage effectively
                            with policymakers and stakeholders.
 •                          The Group's strategy remains focused on a combination of organic growth and
                            disciplined, earnings-accretive acquisitions that expand capabilities, extend
                            geographic reach, and enhance collaboration across the platform, creating
                            increased opportunities to deliver integrated solutions for clients and drive
                            long-term value for shareholders.

Stewart Hall, CEO of PPHC, commented:

"The strong full year and Q4 performance of the Group continues to reflect the
fundamental strength of the PPHC platform and the ongoing demand for our
services. Policy, reputation and stakeholder communications are increasingly
converged, with clients seeking integrated strategies that align policy
advocacy with corporate narrative and stakeholder management. These tailwinds
have continued to drive our organic revenue performance.

"The acquisitions completed in recent years are all making meaningful
contributions to our growth profile. We have acquired firms that continue to
broaden our service offering and extend our global reach, meaning we continue
to improve our client offering in what remains a fast-moving and complex
policy landscape."

 

Set forth above are certain preliminary unaudited estimates of our operating
results for the three and twelve months ended December 31, 2025 compared to
our actual operating results for the three and twelve months ended December
31, 2024. These preliminary estimates are based on currently available
information and are subject to completion of our financial closing procedures.
Such procedures are not yet complete and, as a result, our final results upon
completion of our closing procedures may differ from the preliminary
estimates. The preliminary financial data included above has been prepared by,
and is the responsibility of, our management. Our independent auditors have
not audited, reviewed, or performed any procedures with respect to this
preliminary financial data or the accounting treatment thereof. Accordingly,
our independent auditors express no opinion or any other form of assurance
with respect thereto. These preliminary operating results are not a
comprehensive statement of our financial results, and should not be viewed as
a substitute for consolidated financial statements prepared in accordance with
accounting principles generally accepted in the United States. Accordingly,
undue reliance should not be placed on these preliminary estimates.

This announcement contains inside information under the UK Market Abuse
Regulation. The person responsible for arranging for the release of this
announcement on behalf of the Company is Roel Smits, CFO.

 

Enquiries

 Public Policy Holding Company, Inc.                            +1 (202) 688 0020

 Stewart Hall, CEO

 Roel Smits, CFO
 Stifel (Nominated Adviser & Joint Broker)                      +44 (0) 20 7710 7600

 Fred Walsh, Brough Ransom, Ben Good, Daniel Dearden Williams
 Canaccord Genuity (Joint Broker)                               +44 (0) 20 7523 8000

 Simon Bridges, Andrew Potts
 Burson Buchanan (Media Enquiries)                              +44 (0) 20 7466 5000 pphc@buchanan.uk.com (mailto:pphc@buchanan.uk.com)

 Chris Lane, Toto Berger, Jesse McNab

 

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
organisations, 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 (http://www.pphcompany.com) .

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