SEGMENT REPORTING

The Company determined that its business is conducted across three reportable segments as of December 31, 2025 as follows: Government Relations Consulting, Corporate Communications & Public Affairs Consulting and Compliance and Insights Services.

•Government Relations Consulting services (which is also commonly referred to as “lobbying”) include advocacy, strategic guidance, political intelligence and issue monitoring at the US federal and state levels and in the United Kingdom through our offices in London;

•Corporate Communications & Public Affairs Consulting services include policy communications, crisis communications, financial communications and investor relations, litigation support, community relations, social and digital media, public opinion research, branding and messaging, and relationship marketing, across the United States and internationally through our offices in London, Shanghai, Abu Dhabi, and Dubai; and

•Compliance and Insights Services include lobbying compliance services and legislative tracking.

The Chief Operating Decision Maker ("CODM"), being its Chief Executive Officer, is not regularly provided assets on a segment basis since it is not used to allocate resources and assess performance for each of the segments; therefore, total segment assets have not been disclosed. In addition, for the years ended December 31, 2025 and 2024, revenues in each of the three segments were primarily attributable the United States operations as there were no other countries from which the Company derived segment revenues that exceeded 10% of that segment.

The following tables present segment information by revenues, significant expenses consisting of staff costs and non-staff costs by segment and Adjusted Pre-Bonus EBITDA by segment, and a reconciliation to the consolidated net loss before income taxes for each of the years ended December 31, 2025 and 2024.

For the years ended months ended December 31, 2024, the segment information has been recast to conform to the 2025 segment information.


	Year Ended December 31, 2025
	Government Relations Consulting		Corporate Communications & Public Affairs Consulting		Compliance and Insights Services		Total
Revenue	$	108,495	$	65,050	$	12,996	$	186,541
Costs and expenses:
Staff costs by segment	50,175		37,377		5,124		92,676
Non-staff costs by segment	9,780		8,863		761		19,404
Segment Adjusted Pre-Bonus EBITDA	$	48,540	$	18,810	$	7,111	74,461
Reconciliation to net loss before income taxes:
Unallocated bonuses							(16,716)
Unallocated corporate level expenses							(13,181)
Depreciation							(192)
Share-based accounting charge							(29,626)
Post-combination compensation charges							(21,271)
Long term incentive program charges							(7,086)
Change in contingent consideration							(5,147)
Loss on impairment of intangible assets	(1,850)		(1,040)		—		(2,890)
Loss on impairment of goodwill	(4,760)		(1,459)		—		(6,219)
Amortization of intangibles							(6,046)
Loss from operations							(33,913)
Gain on bargain purchase							2,043
Interest, net							(3,321)
Other income, net							589
Net loss before income taxes							(34,602)
Income tax expense							4,399
Net loss after income taxes							$	(39,001)


	Year Ended December 31, 2024
	Government Relations Consulting		Corporate Communications & Public Affairs Consulting		Compliance and Insights Services		Total
Revenue	$	102,464	$	36,405	$	10,694	$	149,563
Costs and expenses:
Staff costs by segment	47,342		23,419		4,893		75,654
Non-staff costs by segment	8,173		5,203		702		14,078
Segment Adjusted Pre-Bonus EBITDA	$	46,949	$	7,783	$	5,099	59,831
Reconciliation to net loss before income taxes:
Unallocated bonuses							(10,375)
Unallocated corporate level expenses							(13,327)
Depreciation							(136)
Share-based accounting charge							(31,804)
Post-combination compensation charges							(11,599)
Long term incentive program charges							(4,162)
Change in contingent consideration							(1,910)
Amortization of intangibles							(4,671)
Loss from operations							(18,153)
Gain on bargain purchase							2,464
Interest, net							(1,723)
Net loss before income taxes							(17,412)
Income tax expense							6,545
Net loss after income taxes							$	(23,957)

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Public Policy Holding Company, Inc. Segments Disclosure

About Segments Disclosures

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