Slides
Page 1
1 INTEGRITY | RELIABILITY | RESULTS Investor Relations Presentation Westwood Holdings Group westwoodgroup.com
Page 2
Westwood Overview 2 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S
Page 3
3 INTEGRITY | RELIABILITY | RESULTS Westwood and Westwood Management are the trade names for Westwood Holdings Group, Inc. (“WHG”), which together with its wholly owned subsidiaries, Westwood Management Corp. (“WMC”), Westwood Advisors, LLC (“WA”), Westwood Trust (“WT”), Salient Advisors, LP (“SA”) and its affiliate Broadmark Asset Management, LLC (“Broadmark”), provides investment and portfolio management services to individuals, investment companies, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, state and municipal government entities, pooled investment vehicles, and sovereign wealth funds. WMC, WA, SA and Broadmark are SEC registered investment advisors. Registration as an investment advisor does not imply any level of skill or training. WT is a Texas chartered Trust company overseen by the Texas Department of Banking. Westwood does not offer legal or tax advice. Please contact your attorney and or tax professional for advice regarding your specific situation. As of March 5, 2025. The ownership figure includes shares held directly or indirectly by employees and directors, including interests held through partnerships and trusts. The reported ownership percentage has been rounded for presentation purposes. Core Investment Approach Employee Ownership Structure Employees and directors own equity, totaling ~33%2 Investment Capabilities Equity Energy & Real Assets Tactical Asset Allocation Customized Solutions Investment Vehicles Separate Private Funds Accounts Mutual Funds Collective Investment Trusts Advisor SMA and Exchange – Traded Model Delivery Funds (ETFs) High Conviction Quality Bias Team Driven Risk Aware Westwood | Investing for the Future Investment Management Trust & Wealth 1December 31, 2025 firm wide AUM consisted of AUM of $16.5 billion and AUA of $0.9 billion. 2As of March 3, 2025 The ownership figure includes shares held directly or indirectly by employees and directors, including interests held through partnerships and trusts. The reported ownership percentage has been rounded for presentation purposes. 3As of December 31, 2025 FOUNDED: 1983 AUM1: $17.4 Billion EMPLOYEES3: 148 PUBLIC: NYSE: WHG SIGNATORY: | | Firm Overview Westwood Holdings Group is a boutique asset management firm that offers a diverse array of actively-managed and outcome-oriented investment strategies along with white-glove trust and wealth services to institutional, intermediary and private wealth clients. Based in Texas, with an additional office in Chicago, Westwood is publicly traded on the New York Stock Exchange (NYSE: WHG).
Page 4
R E S U L T S Equity Tactical Asset Allocation Wealth Westwood | High-Conviction, Multi-Asset Solutions Institutional Separate Accounts Mutual Funds Other Pooled Vehicles SMA / Models Private Funds U.S. Value WEBs Defined Volatility Income Opportunity Multi-Asset Income Tactical Absolute Return Alternative Income Enhanced Balanced® Select Equity Investment Grade Fixed Income 4 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Credit Opportunities Customized Solutions Energy & Real Assets Energy Infrastructure & MLP Real Estate Income Managed Investment Solutions Thematic Innovation & Growth Real Assets Energy Secondaries
Page 5
5 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Westwood | Product and Channel Diversification 47% Equity 12% Tactical Asset Allocation 25% Wealth Strategy Breakdown Assets by Account Type 50% Institutional Separate Accounts & Other Managed Accounts 26% Wealth Management 24% Westwood Mutual Funds & ETFs 2% Taft-Hartley 41% Public Funds 33% Sub-Advisory 18% Corporate 6% Foundations/ Endowments Institutional Client Type Percentages in the Strategy Breakdown and Assets by Account Type charts are based upon firm-wide assets under management as of December 31, 2025. Percentages in the Institutional Client Type chart are based upon the assets under management of Westwood Management Corp only, less assets managed for private individuals, managed accounts and collective investment trusts. 16% Energy & Real Assets
Page 6
6 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Westwood | Culture and Commitment to Diversity 40% of our employees are women 50% of our corporate board members are women In 2025, ~42% of our new team members came from diverse backgrounds Values-based ESG AUM of $835 million as of 12.31.25 Westwood supported more than 50 charities through our corporate giving programs in 2025 43 Celebrating 43 years as a female-founded company in 2025
Page 7
7 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Wealth Management | Ecosystem Private Bank Services* Financial Planning Investment Management Alternative Investments (PE) Estate Planning & Trust Services *Vista Bank
Page 8
Financial Highlights 8 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S
Page 9
9 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Financial | Highlights 4Q 2025 Highlights $27.1M Revenues $1.9M Income $17.4B Assets Under Management1 -$0.8B Net Flows 1 December 31, 2025 AUM consisted of AUM of $16.5 B and AUA of $0.9 B.
Page 10
Appendix 10 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S
Page 11
11 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S To determine if an ETF is an appropriate investment for you, carefully consider the ETF’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the ETF’s prospectus, which may be obtained by downloading at westwoodetfs.com or calling 800.944.0755. Please read the prospectus carefully before investing. To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by downloading at westwoodetfs.com or calling 800.944.0755. Please read the prospectus carefully before investing. The Westwood Funds ® are distributed by Ultimus Fund Distributors, LLC., which is not affiliated with the Adviser. The Westwood ETFs are distributed by Northern Lights Distributors, LLC., which is not affiliated with the Adviser. Mutual fund and ETF investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its stated objective, which can be found in the prospectus, or that of the strategy. Westwood Funds and ETFs Fund Name Symbol Quality Value Fund WHGLX Quality MidCap Fund WWMCX Quality SMidCap Fund WHGMX Quality SmallCap Fund WHGSX Quality AllCap Fund WQAIX Income Opportunity Fund WHGIX Multi-Asset Income Fund WHGHX Alternative Income Fund WMNIX MLP & Energy Infrastructure Fund SMLPX Real Estate Income Fund KIFYX Tactical Growth Fund FTGWX Tactical Plus Fund SBTIX Enhanced Midstream Income ETF MDST Enhanced Energy Income ETF WEEI LBRTY Global Equity ETF BFRE Enhanced Income Opportunity ETF YLDW Mutual Fund and ETF | Disclaimer
Page 12
12 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S We are providing a performance measure that we refer to as Economic Earnings. Both our management and Board of Directors review Economic Earnings to evaluate our ongoing performance, allocate resources and determine our dividend policy. We also believe that this performance measure is useful for management and investors when evaluating our underlying operating and financial performance and our available resources. We do not advocate that investors consider these non-GAAP measures without also considering financial information prepared in accordance with GAAP. We define Economic Earnings as income attributable to Westwood Holdings Group, Inc. plus non-cash equity-based compensation expense, amortization of intangible assets and deferred taxes related to goodwill. Although depreciation on fixed assets is a non-cash expense, we do not add it back when calculating Economic Earnings because depreciation charges represent an allocation of the decline in the value of the related assets that will ultimately require replacement. Although gains and losses from changes in the fair value of contingent consideration are non-cash, we do not add or subtract those back when calculating Economic Earnings because gains and losses on changes in the fair value of contingent consideration are considered regular following an acquisition. In addition, we do not adjust Economic Earnings for tax deductions related to restricted stock expense or amortization of intangible assets. The following table provides a reconciliation of net loss to Economic Earnings for the three months ended December 31, 2025 ($ thousands): Reconciliation of Income Attributable to Westwood Holdings Group, Inc. to Economic Earnings December 31, 2025 Income attributable to Westwood Holdings Group, Inc. 1,863 Stock-based compensation expense 1,223 Intangible amortization 802 Tax benefit from goodwill amortization 136 Tax impact of adjustments to GAAP income (748) Economic Earnings 3,276
Page 13
13 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Westwood | Forward-Looking Statements Statements in this presentation that are not purely historical facts, including, without limitation, statements about our expected future financial position, preliminary estimates, results of operations or cash flows, as well as other statements including, without limitation, words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “could,” “goal,” “may,” “target,” “designed,” “on track,” “comfortable with,” “optimistic” and other similar expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of som e events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, those set forth below: • the composition and market value of our AUM; • our ability to maintain our fee structure in light of competitive fee pressures; • risks associated with actions of activist stockholders; • distributions to our common stockholders have included and may in the future include a return of capital; • inclusion of foreign company investments in our AUM; • regulations adversely affecting the financial services industry; • our ability to maintain effective cyber security; • litigation risks; • our ability to develop and market new investment strategies successfully; • our reputation and our relationships with current and potential customers; • our ability to attract and retain qualified personnel; • our ability to perform operational tasks; • our ability to select and oversee third-party vendors; • our dependence on the operations and funds of our subsidiaries; • our ability to maintain effective information systems; • our ability to prevent misuse of assets and information in the possession of our employees and third-party vendors, which could damage our reputation and result in costly litigation and liability for our clients and us; • our stock is thinly traded and may be subject to volatility; • competition in the investment management industry; • our ability to avoid termination of client agreements and the related investment redemptions; • the significant concentration of our revenues in a small number of customers; • we have made and may continue to make business combinations as a part of our business strategy, which may present certain risks and uncertainties; • our relationships with investment consulting firms; • our ability to identify and execute on our strategic initiatives; • our ability to declare and pay dividends; • our ability to fund future capital requirements on favorable terms; • our ability to properly address conflicts of interest; • our ability to maintain adequate insurance coverage; and • our ability to maintain an effective system of internal controls. Additional factors that could cause our actual results to differ materially from our expectations are discussed under the section entitled “Risk Factors” in our Form 10-K for the year ended Dec. 31, 2025 which with our other filings can be viewed at www.sec.gov. You should not unduly rely on these forward-looking statements. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this investor presentation or to reflect the occurrence of unanticipated events or otherwise.
Page 14
WESTWOOD HOLDINGS GROUP, INC. 200 Crescent Court, Suite 1200, Dallas, Texas 75201 T. 214.756.6900 westwoodgroup.com