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22 October 2025 |
Public Policy Holding Company, Inc.
("PPHC", the "Group" or the "Company")
2025 Q3 Trading Update
23.8% revenue growth drives Group to record EBITDA
Public Policy Holding Company, Inc., a leading global strategic communications provider offering a comprehensive range of advisory services in the areas of Government Relations, Corporate Communications and Public Affairs, announces an unaudited preliminary trading update for the three and nine months ended 30 September 2025 ("the Period" or "Q3").
The Group achieved strong growth across its core service lines amid sustained client demand during the first nine months of 2025 in the US post-election environment. The Period also marked further strategic progress in the integration of TrailRunner International LLC ("TrailRunner International") and the acquisition of Pine Cove Capital LLC, both headquartered in Texas.
Financial Highlights:
• Q3 revenue increased by 23.8% to $48.8 million over the prior period, with organic growth contributing 4.5% and the balance driven by the Group's M&A activity.
• In the first nine months of the financial year, the Group delivered revenue of $136.7 million, up 23.6% over the prior period with organic growth contributing 6.5%.
• Organic growth continues to be supported by increased client demand post-election in the US, particularly in our Compliance & Insights Services as well as Corporate Communications & Public Affairs Consulting, combined with sustained demand for Government Relations Consulting.
• This performance, in conjunction with the Group's strategic M&A execution, drove record Adjusted EBITDA, up 14.8% over the prior period to $11.5 million in Q3 at an Adjusted EBITDA Margin of 23.6% and up 14.4% over the prior period to $33.0 million in the first nine months of the financial year at an Adjusted EBITDA Margin of 24.1%.
• Net Debt of $38.5 million at 30 September 2025 (H1 2025: $42.2 million) reflects the Group's cash generative nature and a prudent leverage ratio, as well as the allocation of capital to fund strategic M&A.
Outlook:
• The Group continues to see strong demand for government relations, public affairs, and regulatory advisory services, with particular strength in both US federal and state-level mandates.
• In addition, there is strong and increasing demand for the Group's corporate communications services following the addition of TrailRunner International, as clients increasingly sought integrated support to manage complex reputational, regulatory, and stakeholder challenges.
• The Group's strategy will continue to be based on a combination of organic growth and disciplined M&A, where the pipeline of opportunities both domestically (i.e. the US) and internationally remains strong.
Stewart Hall, CEO of PPHC, commented:
" The Group's record performance is a testament to the platform we have built at PPHC, the quality of our people, and the value of our expertise in today's business environment. Throughout the year our M&A and organic growth strategies have continued at-pace, making acquisitions and strategic hires that broaden our service offering and extend our global reach. We continue to invest in our Group-wide offerings to address today's fast-moving and complex policy landscape, ensuring we remain well positioned to meet our clients' evolving needs."
Enquiries
| Public Policy Holding Company, Inc. Stewart Hall, CEO Roel Smits, CFO
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+1 (202) 688 0020 |
| Stifel (Nominated Adviser & Joint Broker) Fred Walsh, Brough Ransom, Ben Good
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+44 (0) 20 7710 7600 |
| Canaccord Genuity (Joint Broker) Simon Bridges, Andrew Potts
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+44 (0) 20 7523 8000 |
| Burson Buchanan (Media Enquiries) Chris Lane, Toto Berger, Jesse McNab |
+44 (0) 20 7466 5000
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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 1,300 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.
By segment, organic and reported growth for the three and nine months ended September 30, 2025 and 2024 were as follows:
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($ in thousands) (unaudited) |
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Three months ended September 30, |
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2025 |
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2024 |
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Revenue from acquisitions |
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Organic revenue |
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Total revenue |
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Total revenue |
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Organic Revenue Growth |
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Total Growth |
| Government Relations Consulting |
$463 |
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$27,015 |
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$27,478 |
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$26,286 |
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2.8% |
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4.5% |
| Corporate Communications & Public Affairs Consulting |
7,116 |
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10,905 |
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18,022 |
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10,501 |
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3.9% |
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71.6% |
| Compliance and Insights Services |
- |
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3,287 |
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3,287 |
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2,628 |
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25.1% |
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25.1% |
| Total |
$7,579 |
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$41,207 |
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$48,787 |
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$39,415 |
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4.5% |
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23.8% |
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($ in thousands) (unaudited) |
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Nine months ended September 30, |
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2025 |
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2024 |
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Revenue from acquisitions |
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Organic revenue |
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Total revenue |
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Total revenue |
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Organic Revenue Growth |
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Total Growth |
| Government Relations Consulting |
$1,515 |
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$79,428 |
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$80,943 |
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$76,615 |
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3.7% |
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5.6% |
| Corporate Communications & Public Affairs Consulting |
17,449 |
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28,730 |
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46,178 |
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26,038 |
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10.3% |
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77.3% |
| Compliance and Insights Services |
- |
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9,565 |
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9,565 |
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7,895 |
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21.1% |
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21.1% |
| Total |
$18,964 |
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$117,722 |
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$136,686 |
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$110,549 |
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6.5% |
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23.6% |
Adjusted EBITDA and Margin
Adjusted EBITDA for the three and nine months ended September 30, 2025 increased by 14.8% and 14.4% over the prior period to $11.5 million and $33.0 million, respectively. This represents an Adjusted EBITDA Margin of 23.6% and 24.1% for the three and nine months ended September 30, 2025, respectively, primarily reflecting the weighted outcome of changes in our business mix.
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($ in thousands) (unaudited) |
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Three months ended September 30, |
Nine months ended September 30, |
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2025 |
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2024 |
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% variance |
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2025 |
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2024 |
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% variance |
| Revenue |
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$48,787 |
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$39,415 |
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23.8% |
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$136,686 |
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$110,549 |
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23.6% |
| Adjusted EBITDA |
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$11,510 |
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$10,035 |
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14.8% |
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$32,956 |
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$28,834 |
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14.4% |
| Adjusted EBITDA Margin |
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23.6% |
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25.5% |
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(1.9)pts |
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24.1% |
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26.1% |
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(2.0)pts |
Cash and Debt
As of September 30, 2025, the Group had cash of $11.1 million as compared to $14.5 million at December 31, 2024 and gross debt of $49.6 million at September 30, 2025 as compared to $32.0 million at December 31, 2024, resulting in net debt of $38.5 million at September 30, 2025 as compared to $17.5 million at December 31, 2024. The increase in cash during 2025 was positively impacted by the reduced dividend policy that went into effect in 2025 in order to support funding M&A initiatives for growth. The increase in debt was driven by the additional $24.0 million drawdown under our Bank Credit Facilities in relation to the acquisition of TrailRunner International on April 1, 2025, offset by ongoing repayments enabled by the Group's strong cash generation.
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($ in thousands) |
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September 30, 2025 (Unaudited) |
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June 30, 2025 (Unaudited) |
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December 31, 2024 |
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| Cash and cash equivalents as of end of period |
$11,145 |
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$9,792 |
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$14,536 |
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| Notes payable, long-term, net |
(41,462) |
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(43,921) |
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(26,014) |
| Notes payable, current portion, net |
(8,177) |
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(8,098) |
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(6,031) |
| Total Debt |
$(49,639) |
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$(52,019) |
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$(32,045) |
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| Net debt at period-end |
$(38,495) |
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$(42,226) |
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$(17,509) |
Set forth above are certain preliminary unreviewed and unaudited estimates of our operating results for the three and nine months ended September 30, 2025 compared to our actual operating results for the three and nine months ended September 30, 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.
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