March 24, 2026 • Insight

PPHC Announces Unaudited Q4 and 2025 Earnings

Yesterday, PPHC published its results for the first time as a Nasdaq-listed company. You can read the full release and watch the Earnings Call recording over at the investor section of our website.

Public Policy Holding Company, Inc. Announces Full Year 2025 Financial Results

Revenue Growth Driving Group to Record EBITDA                

  • Revenue of $186.5 million with organic revenue growth of 6.2%
  • Record Adjusted EBITDA of $45.4 million, up 17.7% year over year, achieved at a margin of 24.3%
  • Successfully completed our $45.8 million IPO in the US and dual-listing on Nasdaq in January 2026
  • Net Debt of $26.6 million has reverted to a Net Cash position in 2026
  • Completed two acquisitions in 2025, further expanding PPHC’s capabilities and geographic reach

Washington, DC – March 23, 2026 – Public Policy Holding Company, Inc. (“PPHC,” “Company,” “Group”) (Nasdaq: PPHC and AIM: PPHC.L), a leading global strategic communications provider offering a comprehensive range of advisory services in the areas of Government Relations, Corporate Communications, and Public Affairs, today reported unaudited financial results for the year ended December 31, 2025 (“FY 2025”).

Q4 2025 Financial Highlights

  • Q4 revenue increased 27.8% over the prior period to $49.9 million, with organic growth contributing 5.4%.
  • GAAP Net Loss of $(15.2) million compared to $(6.7) million in Q4 2024.
  • Adjusted EBITDA of $12.4 million, up 27.1% over the prior period, achieved at a 24.9% margin.
  • Adjusted Net Income of $11.3 million was up 66.1%.
    • GAAP Basic and diluted loss per share of $(0.86) compared to $(0.46) in Q4 2024.
  • Adjusted fully diluted EPS of $0.42 was up $0.15 or 58.0%.

FY 2025 Financial Highlights

  • FY revenue increased 24.7% to $186.5 million, with organic growth contributing 6.2%.
    • GAAP Net Loss of $(39.0) million compared to $(24.0) in 2024.
    • Adjusted EBITDA of $45.4 million, up 17.7%, and achieved at a 24.3% margin.
    • Adjusted Net Income of $36.6 million was up 32.1%.
    • GAAP Basic and diluted loss per share of $(2.37) compared to $(2.34) in 2024.
    • Adjusted fully diluted EPS of $1.39 was up $0.27 or 24.7%.
      • GAAP Net Cash Provided by Operations of $24.8 million compared to $16.4 million in 2024.
    • Adjusted Free Cash Flow of $36.9 million (2024: $22.2 million).
    • Final dividend of $0.240 per Common Outstanding Share; total dividend for FY 2025 $0.355 per share.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Incl. M&A expense, Adjusted net income, Adjusted EPS, fully diluted, Organic Revenue Growth, Adjusted Free Cash Flow, are non-GAAP financial measures, as defined and reconciled below.

Stewart Hall, CEO of PPHC, commented:

“The Company’s performance in 2025 was strong, with a marked uptick in organic growth supplemented by our well-established M&A program. We have built a diversified platform of high quality businesses that operate across the political spectrum, giving us broad-based resilience and the ability to drive organic revenue growth and achieve attractive margins in a volatile operating landscape.

In 2025, our M&A program continued at pace: we acquired firms that broaden our service offerings and extend our global reach, in line with our strategy. We expect further strategic progress in 2026, supported by a strong and recently enhanced balance sheet following our US IPO.

We continue to operate in a fast-moving and complex policy landscape, meaning our clients – including nearly half of the Fortune 100 – require increasing levels of support and continue to turn to PPHC as partner of choice. The tailwinds driving organic growth are set to continue, positioning us well for the balance of the fiscal year and reinforcing our longer-term outlook. “