Public Policy Holding Co. Posts 24.7% Revenue Rise to $186.5M, Record $45.4M EBITDA
Public Policy Holding Company reported FY 2025 revenue of $186.5 million, up 24.7% year-over-year, with organic growth of 6.2%, driving record Adjusted EBITDA of $45.4 million at a 24.3% margin. The company completed a $45.8 million US IPO, reverted to net cash, and closed two strategic acquisitions last year.
1. Full-Year 2025 Financial Results
In FY 2025, revenue rose 24.7% to $186.5 million with organic growth of 6.2%. GAAP net loss widened to $39.0 million, while adjusted EBITDA climbed 17.7% to $45.4 million for a 24.3% margin and adjusted net income increased 32.1% to $36.6 million.
2. Q4 2025 Performance
Q4 revenue jumped 27.8% to $49.9 million with organic growth at 5.4%. Adjusted EBITDA grew 27.1% to $12.4 million for a 24.9% margin, adjusted EPS rose 58.0% to $0.42, even as GAAP loss per share widened to $0.86.
3. IPO and Acquisitions
The company completed a $45.8 million US IPO and Nasdaq dual listing, shifted from $26.6 million net debt to net cash, and acquired TrailRunner and Pine Cove Strategies to expand corporate communications and state government relations capabilities.
4. Outlook and Dividend
A final dividend of $0.240 per share brings total FY 2025 dividends to $0.355. Management expects around 5% average organic revenue growth, a 25% adjusted EBITDA margin, and continued M&A-driven expansion in 2026.