<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Wed Apr 15 21:00:50 UTC 2026 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <loc xlink:type="locator" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum" xlink:href="pubm-20260529.xsd#pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum_lbl0" xml:lang="en-US">Maximum agreed-upon price for the exchange of the underlying asset relating to the share-based payment award.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMaximum_lbl0"/>
    <loc xlink:type="locator" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum" xlink:href="pubm-20260529.xsd#pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price Minimum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum_lbl0" xml:lang="en-US">Minimum agreed-upon price for the exchange of the underlying asset relating to the share-based payment award.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePriceMinimum_lbl0"/>
    <loc xlink:type="locator" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum" xlink:href="pubm-20260529.xsd#pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum_lbl0" xml:lang="en-US">Maximum expected term of award under share-based payment arrangement, in &apos;PnYnMnDTnHnMnS&apos; format, for example, &apos;P1Y5M13D&apos; represents reported fact of one year, five months, and thirteen days.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMaximum_lbl0"/>
    <loc xlink:type="locator" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum" xlink:href="pubm-20260529.xsd#pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term Minimum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum_lbl0" xml:lang="en-US">Minimum expected term of award under share-based payment arrangement, in &apos;PnYnMnDTnHnMnS&apos; format, for example, &apos;P1Y5M13D&apos; represents reported fact of one year, five months, and thirteen days.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum" xlink:to="pubm_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermMinimum_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum</label>
<!-- [WMV6][rNEtnJxVMxO938eHLzd5HtThVvfRN5wRfyrtHgpidP9qKeJ3u8rAN22AnmJ7RTA6Du+B1OrWe7rpXqMiV0cQHsRlqCs/k13A/BFjwW/37N4hbd71fgWXX0GbxBIFRChDcEJ/z8StGYeZmXVQT2Nqj8LRCRgTttujH2J7R0Nbvw3uyhK14dlMVwNNkjNaFJ6ZzQHij5dIe4LZfc7YE84UuqbnhoMaGXXaSplecXmZkal9vI3qp2aRWyweyorYyMojr/punEf2/tJAOCCwMO129NPoD6CNMsRbo3SEZwaGjNkMFsov/klVmlWSpZgwFk1MlDZUQixNmMh/GCNjP4/PKHt8sfn16EhYxBpt5WJ8nUgpGFu12HI=] CSR-->
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl"/>
  </labelLink>
</linkbase>
