Public Policy Holding Co Inc 2025年度报告

2025 Annual Report and2026 Notice of Annual Meetingand Proxy Statement Offices in Washington, DC | Boston | N. California | Texas | New York | Nashville |Abu Dhabi | Dubai | London | Shanghai PPHC at a Glance 450+ Employees 12 Member companieswithoffices in 4 countries State Government Relations,Compliance and Insights Clients Corporate Communicationsand Public Affairs Federal and InternationalGovernment Relations Our Mission To be the preeminent global strategic communications providerby uniting a diverse group of leading specialists around theworld for the collective success of our clients, employees, andshareholders. What We Do PPHC is a family of premier advisory firms offering acomprehensive range of advisory services in the areas ofGovernment Relations, Corporate Communications, and PublicAffairs. Our Companies Combined, our member companies work with c.1,400 corporatebrands, institutions, and coalitions across all industry sectors.PPHC offers the breadth, depth and geographic reach unlikeanyone else in the industry. We are an entrepreneuriallyled platform designed to offer clients bipartisan expertise,breakthrough research and industry-defining communications. PPHC Values TransparencyWe communicate openly, freely, and with clarity. Objectivity We make unbiased and fair decisions in all aspects of ourbusiness operations. Fiscal Responsibility We operate under the premise that a fair return is due for allstakeholders. Integrity Ethics and legal compliance are at the forefront of our practicesand procedures. Excellence We must flawlessly advocate on behalf of our clients to supportthe achievement of their business objectives. 2025 Highlights Continued M&A TrailRunner Internationaland Pine Cove Strategies Recognition Two firms recognized by PRNews as Agency Elite Top120 firms Our three federal lobbyingfirms maintained spots in thetop 25LDA revenue rankings1 Strong earnings quality with ~86% of revenue retention ~1.4KClients across group 613Clients spending $100K or more(vs 503 in 2024) 176Clients spending $250K or more(vs 137 in 2024) Revenue$186.5mUp 25%from 2024 Adjusted EBITDA $45.4mUp 18%from 2024 Adjusted Net Income $36.6mUp 32%from 2024 Adjusted fully diluted EPS $1.39Up 25%from 2024 Adjusted Free Cash Flow of $36.9m(2024: $22.2 million) Full Year Dividend of $0.355Interim Payment of $0.115 paid inOctober 2025, with final paymentof $0.240 payable in May 2026 UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from toCommission file number 001-43077 Public Policy Holding Company, Inc. (Exact name of registrant as specified in its charter)_________________________ Delaware (State or other jurisdiction ofincorporation or organization) (202) 688-0020Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesoNox Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Table of Contents Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesoNox Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or