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WisdomTree – Q4/25 Results 1 Q4 2025 Results January 30, 2026
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This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this presentation completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements. In particular, forward-looking statements in this presentation may include statements about: anticipated trends, conditions and investor sentiment in the global markets and ETPs; anticipated levels of inflows into and outflows out of our ETPs; our ability to deliver favorable rates of return to investors; competition in our business; whether we will experience future growth; our ability to develop new products and services and their potential for success; our ability to maintain current vendors or find new vendors to provide services to us at favorable costs; our ability to successfully implement our strategy relating to digital assets and blockchain-enabled financial services, including WisdomTree Prime® and WisdomTree Connect , and achieve its objectives; our ability to successfully operate and expand our business in non-U.S. markets; the effect of laws and regulations that apply to our business; the potential benefits arising from our acquisition of Ceres Partners, LLC, including financial or strategic outcomes; and our ability to successfully implement our strategic goals relating to the acquisition and integrate the acquired business. Our business is subject to many risks and uncertainties, including without limitation: • declining prices of securities, gold and other precious metals and other commodities and changes in interest rates and general market conditions can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors to sell their fund shares and trigger redemptions; • fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but not limited to events such as a pandemic or war, geopolitical conflicts, political events, acts of terrorism and other matters beyond our control, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity or increase the cost of borrowing upon a refinancing; • competitive pressures could reduce revenues and profit margins; • we derive a substantial portion of our revenues from a limited number of products, and as a result, our operating results are particularly exposed to investor sentiment toward investing in the products’ strategies and our ability to maintain the AUM of these products, as well as the performance of these products and market-specific and political and economic risk; • a significant portion of our AUM is held in products with exposure to U.S. and international developed markets and we therefore have exposure to domestic and foreign market conditions and are subject to currency exchange rate risks; • withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and operating margins; • we face increased operational, regulatory, financial and other risks as a result of conducting our business internationally, and as we expand our digital assets product offerings and services beyond our existing ETP business; • many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; and • we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately provide such services could materially affect our operating business and harm WisdomTree ETP investors. Additional risks include those associated with acquisition of Ceres Partners, LLC, including the risk that integration may be more difficult, time-consuming or costly than expected, or that expected benefits (including projected business growth or the ability to raise additional capital into the funds of the acquired business) may not be realized as anticipated. Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent reports filed with or furnished to the SEC. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this presentation. Forward Looking Statements WisdomTree – Q4/25 Results 2
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Q4 Highlights WisdomTree – Q4/25 Results + AUM and Net Flow Highlights: + Record Global AUM of +$144.5b at Dec. 31, 2025 • U.S.: $88.5 billion (Record) • Europe: $53.5 billion (Record) • Digital: $0.8 billion • Privates: $1.9 billion + Net outflows of -$0.3 billion in Q4; +$8.5 billion during 2025 • Cross-regional flows YTD through Dec. 31, 2025: - Europe: $6.4 billion - U.S.: $1.4 billion - Digital: $0.7 billion - Privates: $37 million • 8% annualized organic growth rate • Broad and diverse flows across our global product suite during 2025 - Net inflows into 7 of our 8 major product categories + Ceres acquisition completed + AUM diversification (farmland as an asset class) + Adjacent opportunities in solar, AI data infrastructure and water + Accretive and expands annualized revenue capture and operating margins ~200bps + Updated statistics (as of Jan. 28 th, 2026): + AUM: $160.8 billion, up ~11% from Dec. 31, 2025, driven by positive market movement and +$1.9 billion of net inflows 3 109.8 115.8 126.1 137.2 144.5 160.8 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Jan. 28th $ billions AUM (281) 3,052 3,529 2,240 (283) 1,949 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Through Jan. 28th $ millions Net Flows
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110.5 108.1 112.6 125.6 147.4 25.3 23.0 25.9 34.5 41.2 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 $ millions Adjusted Revenues Adjusted Net Income (non-GAAP) Revenues and Earnings Results Notable Items + Adjusted revenues up +17.4% and +16.6% vs. Q3 2025 and full year 2024, respectively, due to higher average AUM, higher other revenues and revenues arising from the Ceres acquisition + Q4 other revenues of $12.7 million, up +14.2% due to higher average AUM of certain European listed products + Ceres revenues of $12.0 million (including $7.1 million of performance fees) + Full year adjusted operating margin of 36.5% (290 basis points of margin expansion) + Q4 2025 results impacted by: + Amortization of intangible assets of $1.4m pre-tax (Ceres acquisition), re-measurement of Ceres contingent consideration ($0.7m pre-tax) and other miscellaneous items as noted in Non- GAAP Financial Measurements disclosures Adjusted revenues, income, operating margin, EPS 1 See “Non-GAAP Financial Measurements” 4 Adjusted operating margin (non-GAAP) 1 31.7% 31.6% 32.5% 38.3% 41.7% Adjusted EPS (non-GAAP)1 $0.17 $0.16 $0.18 $0.23 $0.29 Net income $27.3 $24.6 $24.8 $19.7 $40.0 EPS-Diluted $0.18 $0.17 $0.17 $0.13 $0.28 WisdomTree – Q4/25 Results 1 1 Operating margin expansion (as adjusted) Adjusted operating margins 12 months ended Dec. 31, 2025 Dec. 31, 2024 Change Adjusted operating revenues $493,753 $423,431 17% Operating income $174,195 $137,293 27% Add back: Intangible amortization – Ceres Acquisition-related costs Activist campaign expenses $1,434 $4,693 $0 $0 $0 $4,966 Adjusted operating income $180,322 $142,259 Adjusted operating margin 36.5% 33.6% 290 bps 2 2 2024 adjusted operating revenues exclude $4.3m of legal and other related expenses covered by insurance
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2026 Guidance Update WisdomTree – Q4/25 Results Guidance Update + Compensation guidance contemplates new hires, year-end compensation adjustments and variability in incentive compensation • Q1 seasonality: Compensation to revenue ratio estimated to be ~30% + Discretionary spending guidance contemplates additional marketing, investment in sales-related initiatives, higher amortization of capitalized software, Ceres acquisition (~$2m) and other + Gross margin guidance considers current AUM levels and anticipated product launches + Third-party distribution guidance increase driven by higher AUM on platforms + Interest expense guidance contemplates substantial portion (potentially all) of our 2026 Notes ($150m) retired at maturity in June 2026. • 1H 2026: $21m ($10.5m per quarter); 2H 2026: $19m ($9.5m per quarter) + Interest income guidance driven by magnitude of interest earning assets and forecasted interest rates. Assets expected to decline in 2H 2026 following the retirement of our 2026 Notes. + Adjusted tax rate contemplates current distribution of profits among our U.S. and EU/UK businesses + Diluted share forecast of 152m-157m (versus ~145m in 2025) is inclusive of incremental shares associated with convertible notes assuming a stock price approximating recent levels. An illustration is included in the Appendix to assist in quantifying incremental shares associated with the convertible notes going forward. Footnotes 1 Discretionary spending includes marketing, sales, professional fees, occupancy and equipment, depreciation and amortization (ex. Ceres intangible amortization), other. Excludes amortization of intangible assets arising from the Ceres acquisition (~$5.4 million per year over 25 years; $1.4 million in 2025) and acquisition-related costs 2 Excludes imputed interest related to our interest-free financing of preferred stock convertible into 13.1m shares of common stock, repurchased from a subsidiary of the World Gold Council in November 2023 5 Category 2026 Guidance 2025 Actual Comp. to rev. ratio 26-28% 27.9% Discretionary Spending (1) $80m-$86m $70.7m Gross margin 82%-83% 81.9% Third-party distribution $17m-$19m $15.9m Interest expense(2) $40m $28.6m Interest income $8m $11.0m Adjusted tax rate 24% 24.0% Diluted shares - weighted 152m-157m ~145m (full year)
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WisdomTree’s Growth Algorithm WisdomTree – Q4/25 Results Ongoing inflow momentum as AUM is levered to attractive investment themes 6 Add ‘stickier’ inflows from expanding and deepening managed model relationships Early mover into tokenization + unique private assets footprint charts a course for accelerated long-term growth Tap into scale benefits as AUM and revenue growth expands operating margins
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Expect Deepening Client Engagement will Drive Further AUM Growth in 2025 + In 2025: + WisdomTree expanded ETP & Tokenized AUM by $33 billion or ~30% on the back of both net inflows and positive market move + Added nearly $1.9 billion of private assets exposure with the Ceres acquisition that closed in early October + Record AUM and strong organic growth in each of the U.S., Europe, and Digital Assets business lines + Year-to-date net inflows of over $8.5 billion, an ~8% pace of organic growth + Year-to-date net inflows in 7 of our 8 major ETP & Tokenized product categories as well as in private assets, showcasing the breadth of success across our product lineup + Client engagement remains strong and we continue to focus on the building blocks of future organic flows: + Increasing the number of clients using WisdomTree products + Expanding the average number of WisdomTree products held per WisdomTree client + We remain focused on deepening mind- and wallet-share to fuel continued AUM expansion 7 Source: www.ir.wisdomtree.com, data as of December 31, 2025 WisdomTree – Q4/25 Results ($10) $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130 $140 $150 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ billions Cumulative Flows Cumulative Market Move & Acquisitions
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Equity Fixed Income & Currency Commodities Private Assets Other U.S. Equity International Developed Market Equity Emerging Market Equity Floating Rate Treasury Metals WisdomTree – Q4/25 Results 8 AUM is Balanced & Diversified Data as of 12/31/2025, see ir.wisdomtree.com for greater detail $145 Billion
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$2.2 $3.1 $3.8 $6.1 2022 2023 2024 2025 Continue to Accelerate Model AUA Growth in 2026 and Beyond 9 Model Assets Under Advisement (AUA, $ billion) WisdomTree – Q4/25 Results + Portfolio Solutions models distribution strategy is twofold… + Grow the number of advisors using WisdomTree model portfolios and continue at our large distribution partners + Leverage our customized model approach to pursue the registered investment advisor (RIA) and independent broker- dealer (IBD) partners where WisdomTree can manage a majority of each firm’s assets + …with a simple and attractive organic growth strategy as we are focused on: + Growing the number of advisors using our model products + Growing the number of accounts per advisor + Growing the assets per account + Custom models were a focus in 2025 with ~$1.8 billion in AUA flows and will continue to be a priority in 2026 as they provide a portfolio solution for larger clients with more specific and customized needs + Custom separately managed accounts (SMAs) in collaboration with our partner Quorus is also a focus area in 2026
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WisdomTree – Q4/25 Results Illustrative annual AUM and revenue growth algorithm over the long run Illustrative margin outlook from scaling AUM and revenues 10 Through the Cycle, Organic Growth Accelerates Scale and Expands Operating Margins 5%-10% 5%-10% 10%-20% Organic growth Market return AUM and revenue growth 36.5% 50%+ Material margin improvement 2025 adjusted operating margin Incremental margins greater than 50% +290 basis points vs. 2024
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The WisdomTree Digital Assets Platform WisdomTree – Q4/25 Results 11 Both Applications Built on WisdomTree’s Proprietary Tokenization Platform Direct to Retail Direct to Business WisdomTree Prime + Target Audience: U.S. Retail Investors + Delivery: Mobile App + Wallet Custody: WisdomTree managed wallets (custodial to customer) + Initial Offerings: + Digital Funds (Equity, Fixed Income, Models, Money Market Fund) + Gold + Bitcoin / Ether + Stablecoin on/offramps + Onchain transfers of tokenized funds + Targeting early adopter onchain community WisdomTree Connect + Target Audience: B2B & B2B2C, Institutions + Available to global institutional investors and platforms + Delivery: Web Portal, APIs, Onchain via On Receipt orders + Wallet Custody: Non-Custodial (customer manages wallet) or third- party custodial wallet + Supported across 8 public blockchains + 15 tokenized funds, including money market fund (WTGXX), private credit, equity, and fixed income + Powers workflows across stablecoin reserve management, onchain treasury management, collateral, and onchain investing + Current Capabilities: + Token Mint / Burn + Token Controls + Identity Credentials (tagging customer’s wallets) + Stablecoin conversion service + Potential Future Capabilities: + Transfer Agency Services to 3rd Parties + Additional onchain capabilities + Identity Services
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Digital Asset Metrics as of Year-End 2025 WisdomTree – Q4/25 Results 12 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 4 29 Jan-25 Dec-25 Growth of Tokenized AUM ($ million) Growth in WisdomTree Connect Users Total WisdomTree Tokenized AUM 25x Growth vs. year-end 2024 $770 million Total Active Wallets Holding WisdomTree Tokenized Products 3,500 Total 3rd Party WisdomTree Connect Users 7x Growth vs. year-end 2024 29
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$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 # Years Since First Product Launch Total ETF AUM ($B) YTD Tokenized Real World Assets Incl. Stablecoins ($B) A Secular Shift Toward Tokenization is Underway and WisdomTree is a Leader WisdomTree – Q4/25 Results + Tokenized real world assets (RWA) has grown from near zero in 2017 to over $320 billion in AUM today (mostly stablecoins) + Current estimates call for stablecoin growth to nearly $4 trillion by 2030 + Early growth curve of tokenized RWA exceeds the early ETF adoption in the 1990s + WisdomTree’s tokenized money market and floating rate treasury funds are well- suited for yield generating safe havens + WisdomTree Connect has expanded to several different blockchains and grown to $770 million in assets in 2025 + WisdomTree seeks to expand the adoption of our total tokenized product lineup further including gold, equities, and more 13 Growth of Tokenized Real World Assets vs. ETFs Since First Inception ($ billion) Source: Artemis Analytics and RWA.xyz Note: the dotted line in the above graphic represents YTD levels and will change in subsequent presentations as 2025 develops $0 $100 $200 $300 $400 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total ETF AUM ($B) Tokenized Real World Assets Incl. Stablecoins ($B)
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WisdomTree – Q4/25 Results 14 Farmland Offers Significant Risk-Adjusted Returns and Diversification Benefits Note: Rowcrop Farmland data is from the NCREIF Commodity Cropland Index; return, risk, and correlation analysis is for the 20 -year period ending 2025 Historically Strong Returns with Low Volatility Strong Income Generation, Targeting Unlevered Rent Yield of 4%-5% Negatively Correlated with Other Asset Classes Positive Correlation with Inflation Offers Investors Protection 1 2 3 4 Rowcrop Farmland Correlation vs. Various Factors 20-Year Risk/Return Analysis of Various Asset Classes -40% -30% -20% -10% 0% 10% 20% 30% 40% Equities Gold Bonds REITs Inflation Equities REITs GoldRowcrop Farmland Timber Bonds 0% 4% 8% 12% 16% 0% 5% 10% 15% 20% 25% Average Annual Returns Standard Deviation of Annual Returns
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Ceres Has a Strong Track Record and a Large Farmland Footprint WisdomTree – Q4/25 Results 15 Ceres Partners – Key Highlights: • Founded in 2007 with current AUM of ~$1.9 billion • Focus on U.S. Row Crop & Specialty Crop Farmland • Generated ~8% annualized pace of net inflows in Q4 2025 • 10.3% net return since inception • Potential Future Return Accelerators • Tactical overlay of solar lease options that boost rents 3x-5x, when and where it makes sense • Though infrequent & low probability, potential conversion to Artificial Intelligence (AI) data infrastructure offers 10x potential • Water rights initiatives in strategic parts of the U.S. Note: Trailing return data is as of December 31, 2025 for both Ceres Farms and the NCREIF Commodity Cropland Index. Since inception dates back to Ceres Farms fund inception at the end of 2007 Ceres’ Trailing Total Returns Outperforms the Index 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception Ceres Farms Return, Gross Ceres Farms Return, Net of Fees NCREIF Index
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Key Themes WisdomTree – Q4/25 Results Grow & Diversify Revenue Streams 16 Disciplined Execution Strategic Innovation Proactive Capital Deployment + Grow the number of WisdomTree clients and deepen engagement + Expand models and portfolio solutions footprint + Continue to grow revenues outside of asset-based fees, including Ceres performance fees and index licensing fees + Generated +71% y/y EPS growth in Q4 and +34% y/y EPS growth in 2025 + WisdomTree currently has 34 products with over $1 billion in AUM, up from 25 at year-end 2024 + Further incorporate artificial intelligence (AI) into everyday workflows + Tap into benefits of scale to drive margin expansion + Leader in secular shift toward tokenization – both for direct to retail and institutional users with over $735 million in tokenized asset flows in 2025 + Forward thinking in AI deployment + Continue to explore new products or services that accelerate strategic growth + Enhance total revenue yield + Accretive Ceres acquisition accelerates long term growth and now levers WisdomTree’s growth to another secular tailwind in wealth & asset management (ETFs, Models, Tokenization, and now Private Assets) + Maintain a proactive stance toward capital management in the future
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WisdomTree – Q4/25 Results Q&A 17
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WisdomTree – Q4/25 Results Appendix 18
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Balance Sheet and AUM Update WisdomTree – Q4/25 Results Quarterly ETP AUM Change 19 Balance Sheet (1) Includes financial instruments owned (0.3) 5.8 1.8 144.5 137.2 ($ billions) Dec.. 31, Dec. 31, 2025 2024 Assets Cash and financial instruments (1) $418.8 $266.6 Investments 29.1 8.9 Accounts receivable 64.5 44.9 Deferred tax asset, net 9.8 11.7 Fixed assets, net 0.4 0.3 Goodwill and intangibles 977.6 692.7 Other assets 12.7 8.4 Total assets $1,512.9 $1,033.5 Liabilities Fund management and administration $29.4 $31.1 Compensation and benefits 52.4 39.7 Accounts payable and other liabilities 32.8 22.1 Income taxes payable 2.3 0.7 Payable to GBH 13.9 27.0 Convertible notes 953.8 512.0 Contingent consideration 11.8 0.0 Lease liabilities 2.8 0.9 Total liabilities 1,099.2 633.5 Preferred stock 0.0 0.0 Stockholders' equity 413.7 400.0 Total liabilities and stockholders' equity $1,512.9 $1,033.5 ($ millions)
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Convertible Notes – Illustrative Impact on Quarterly Diluted Shares WisdomTree – Q4/25 Results Incremental shares issuable when conversion spread is positive are included in diluted EPS computation. Illustrative computation shown below assuming a $16.00 average stock price: (1) Represents principal divided by conversion price 20 Issued 2021 Issued 2024 Issued 2025 $150M Notes $345M Notes $475M Notes (2026 Maturity) (2029 Maturity) (2030 Maturity) Conversion Spread WT Avg Price in Qtr $16.00 $16.00 $16.00 − Conversion Price $11.04 $11.82 $19.15 Conversion spread: $4.96 $4.18 $0.00 Potential Shares Conversion spread: $4.96 $4.18 $0.00 × Underlying shares (1): 13,586,957 29,187,817 24,804,178 Subtotal - Dilutive $: 67,391,304 122,005,076 - ÷ WT Avg Price in Qtr $16.00 $16.00 $16.00 Dilutive Share Impact - Current Qtr 4,211,957 7,625,317 -
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Consolidated Financial Results WisdomTree – Q4/25 Results 21 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues Advisory fees 92,501$ 98,938$ 101,659$ 102,264$ 99,549$ 103,241$ 114,485$ 122,712$ Management fees -- -- -- -- -- -- -- 4,908 Performance fees -- -- -- -- -- -- -- 7,105 Other revenues 4,337 8,096 11,509 8,433 8,533 9,380 11,131 12,709 Total revenues 96,838 107,034 113,168 110,697 108,082 112,621 125,616 147,434 Expenses Compensation and benefits 31,054 30,790 29,405 30,032 33,788 32,827 33,791 37,273 Fund management and administration 19,962 20,139 21,004 22,858 20,714 21,252 22,353 24,830 Marketing and advertising 4,408 5,110 4,897 6,117 4,813 5,330 4,788 5,613 Sales and business development 3,611 3,640 3,465 4,101 4,137 4,232 3,943 4,045 Professional and consulting fees 3,630 6,594 6,315 4,559 2,782 3,177 3,505 3,596 Occ., communications and equipment 1,210 1,314 1,397 1,423 1,482 1,559 1,601 1,892 Depreciation and amortization 383 418 447 504 540 580 615 2,043 Third-party distribution fees 2,307 2,687 2,983 3,161 3,112 4,083 3,977 4,772 Acquisition-related costs -- -- -- -- -- 1,967 2,409 317 Other 2,323 2,831 2,463 2,902 2,552 2,982 2,980 3,306 Total expenses 68,888 73,523 72,376 75,657 73,920 77,989 79,962 87,687 Operating Income 27,950 33,511 40,792 35,040 34,162 34,632 45,654 59,747 Interest Expense (4,128) (4,140) (5,027) (5,616) (5,441) (5,490) (8,466) (11,023) Interest Income 1,398 1,438 1,795 2,147 1,897 2,090 4,015 2,965 Loss on extinguishment of convertible notes -- -- (30,632) -- -- -- (13,011) (833) Remeasurement of contingent consideration -- -- -- -- -- -- -- (710) Other (losses)/gains 2,592 (1,283) (3,062) 2,627 (250) 638 1,325 317 Income before taxes 27,812 29,526 3,866 34,198 30,368 31,870 29,517 50,463 Income tax expense 5,701 7,767 8,351 6,890 5,739 7,093 9,816 10,437 Net Income 22,111$ 21,759$ (4,485)$ 27,308$ 24,629$ 24,777$ 19,701$ 40,026$ As adjusted (non-GAAP) Total revenues 96,385$ 107,034$ 109,507$ 110,505$ 108,082$ 112,621$ 125,616$ 147,434$ Total operating expenses 67,740$ 69,252$ 68,715$ 75,465$ 73,920$ 76,022$ 77,553$ 85,936$ Operating income 27,950$ 37,782$ 40,792$ 35,040$ 34,162$ 36,599$ 48,063$ 61,498$ Income before income taxes 26,987$ 36,083$ 37,187$ 33,033$ 30,947$ 33,798$ 45,318$ 53,840$ Income tax expense 6,731$ 9,008$ 9,049$ 7,753$ 7,933$ 7,935$ 10,842$ 12,605$ Net income 20,254$ 27,075$ 28,768$ 25,280$ 23,014$ 25,863$ 34,476$ 41,235$ Earnings per share - diluted 0.12$ 0.16$ 0.18$ 0.17$ 0.16$ 0.18$ 0.23$ 0.29$ Weighted average common shares - diluted 165,268 166,359 156,745 147,612 146,545 146,640 150,675 143,314
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In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are they superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this presentation include: • Adjusted Revenues, Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share. We disclose adjusted revenues, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non- GAAP financial measurements exclude the following: • Gains or losses on financial instruments owned: We account for our financial instruments owned as trading securities which requires these instruments to be measured at fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as the gains and losses introduce earnings volatility and are not core to our operating business. • Foreign currency remeasurement gains and losses on U.S. dollars held by foreign subsidiaries: GAAP requires account balancesto be remeasured into an entity’s functional currency, with resulting gains and losses reported in net income. Foreign subsidiaries holding U.S. dollars remeasure these balances into their functional currencies and recognize the gains and losses. Beginning in the second quarter of 2025, we began excluding remeasurement effects from our non-GAAP financial measures, as they introduce earnings volatility, are not core to our operations, and arise from balances denominated in our reporting currency. • Tax windfalls and shortfalls upon vesting of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce earnings volatility and are not core to our operating business. • Amortization of intangible assets and remeasurement of contingent consideration arising from our acquisition of Ceres Partners, LLC: On October 1, 2025, we completed the Ceres Acquisition for aggregate consideration consisting of (i) $275 million in cash payable at closing, subject to customary post-closing adjustments and (ii) contingent consideration of up to $225 million, payable in 2030, contingent upon Ceres Partners, LLC achieving a compound annual growth rate (“CAGR”) in revenues of 12% to 22% during the measurement period of January 1, 2025 through December 31, 2029. GAAP requires contingent consideration to be re-measured each reporting period with changes in fair value reported in net income. In addition, a portion of the consideration totaling $143.5 million was allocated to intangible assets, which is amortized over 25 years. We exclude changes in fair value of contingent consideration and amortization of intangible assets arising from the Ceres Acquisition when calculating our non-GAAP financial measurements as these items are not core to our operating business. • Other itemsChanges in deferred tax asset valuation allowance, loss on extinguishment of convertible notes, acquisition-related costs, imputed interest on our payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) and gains and losses recognized on our investments are excluded when calculating our non-GAAP financial measurements. We also offset revenues and related expenses pertaining to legal and other related expenses covered by insurance as the gross presentation required under GAAP serves to overstate our revenues and expenses in the ordinary course of business. • Adjusted Effective Income Tax Rate. We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non- recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded. • Gross Margin and Gross Margin Percentage. We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total adjusted operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total adjusted operating revenues. Non-GAAP Financial Measurements WisdomTree – Q4/25 Results 22
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Non-GAAP Reconciliation to GAAP Results WisdomTree – Q4/25 Results 23 ($ in thousands) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Unaudited 2025 2025 2025 2025 2024 Adjusted net income and diluted earnings per share: Net income, as reported 40,026$ 19,701$ 24,777$ 24,629$ 27,308$ (Deduct)/add back: (Decrease)/increase in deferred tax asset valuation allowance on financial instruments owned (1,237) (24) (459) 30 (428) Add back: Amortization of intangible assets arising from the Ceres Acquisition, net of income taxes 1,086 -- -- -- -- Add back: Increase in fair value of contingent consideration, net of income taxes 538 -- -- -- -- Add back: Loss on extinguishment of convertible notes, net of income taxes 505 12,763 -- -- (718) Add back: Imputed interest on payable to GBH, net of income taxes 285 364 354 344 451 Add back: Acquisition-related costs, net of income taxes 240 1,824 1,489 -- -- (Deduct)/add back: Foreign currency remeasurement (gains)/losses on U.S. dollar balances, net of income taxes (141) -- 1,136 -- -- (Deduct)/add back: (Gains)/losses recognized on our investments, net of income taxes (75) 734 (458) (239) 389 Add back/(deduct): Losses/(gains) on financial instruments owned, net of income taxes 8 (810) (972) 333 (1,722) Deduct: Tax windfalls upon vesting of stock-based compensation awards -- (76) (4) (2,083) -- Adjusted net income 41,235$ 34,476$ 25,863$ 23,014$ 25,280$ Weighted average common share - diluted 143,314 150,675 146,640 146,545 147,612 Adjusted earnings per share - diluted $0.29 $0.23 $0.18 $0.16 $0.17 Three Months Ended ($ in thousands) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Unaudited 2025 2025 2025 2025 2024 G ross Margin and G ross Margin Percentage Operating Revenues 147,434$ 125,616$ 112,621$ 108,082$ 110,697$ Deduct: Legal and other related expenses covered by insurance -- -- -- -- (192) Operating revenues, as adjusted 147,434$ 125,616$ 112,621$ 108,082$ 110,505$ Deduct: Fund management and administration (24,830) (22,353) (21,252) (20,714) (22,858) Gross margin 122,604$ 103,263$ 91,369$ 87,368$ 87,647$ Gross margin percentage 83.2% 82.2% 81.1% 80.8% 79.3% Three Months Ended ($ in thousands) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Unaudited 2025 2025 2025 2025 2024 Adjusted Operating Income and Operating Income Margin Operating Revenues 147,434$ 125,616$ 112,621$ 108,082$ 110,697$ Deduct: Legal and other related expenses covered by insurance -- -- -- -- (192) Operating revenues, as adjusted 147,434$ 125,616$ 112,621$ 108,082$ 110,505$ Operating income 59,747$ 45,654$ 34,632$ 34,162$ 35,040$ Add back: Amortization of intangible assets from the Ceres acquisition 1,434 -- -- -- -- Add back: Acquistion-related costs 317 2,409 1,967 -- -- Adjusted operating income 61,498$ 48,063$ 36,599$ 34,162$ 35,040$ Adjusted operating income margin 41.7% 38.3% 32.5% 31.6% 31.7% Three Months Ended ($ in thousands) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Unaudited 2025 2025 2025 2025 2024 Adjusted Total Operating Expenses Total operating expenses 87,687$ 79,962$ 77,989$ 73,920$ 75,657$ Deduct: Amortization of intangible assets from the Ceres acquisition (1,434) -- -- -- -- Deduct: Acquisition-related costs (317) (2,409) (1,967) -- -- Deduct: Legal and other related expenses covered by insurance -- -- -- -- (192) Adjusted operating expenses 85,936$ 77,553$ 76,022$ 73,920$ 75,465$ Three Months Ended ($ in thousands) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Unaudited 2025 2025 2025 2025 2024 Adjusted Effective Income Tax Rate Income before income taxes 50,463$ 29,517$ 31,870$ 30,368$ 34,198$ Add back: Amortization of intangible assets arising from the Ceres Acquisition 1,434 -- -- -- -- Add back: Loss on extinguishment of convertible notes 833 13,011 -- -- -- Add back: Increase in fair value of contingent consideration 710 -- -- -- -- Add back: Imputed interest on payable to GBH 377 481 467 455 596 Add back: Acquisition-related costs 317 2,409 1,967 -- -- (Deduct)/add back: Foreign currency remeasurement (gains)/losses on U.S. dollar balances (205) -- 1,383 -- -- (Deduct)/add back: (Gains)/losses recognized on investments (99) 970 (605) (316) 514 Add back/(deduct): Losses/(gains) on financial instruments owned 10 (1,070) (1,284) 440 (2,275) Adjusted income before income taxes 53,840$ 45,318$ 33,798$ 30,947$ 33,033$ Income tax expense 10,437$ 9,816$ 7,093$ 5,739$ 6,890$ Add back/(deduct): Decrease/(increase) in deferred tax asset valuation allowance on financial instruments owned 1,237 24 459 (30) 428 Add back: Tax benefit of intangible asset amortization arising from the Ceres acquisition 348 -- -- -- -- Add back: Tax benefit arising from extinguishment of convertible notes 328 248 -- -- 718 Add back: Tax benefit arising from increase in fair value of contingent consideration 172 -- -- -- -- Add back: Tax benefit on imputed interest 92 117 113 111 145 Add back: Tax benefit on acquisition-related costs 77 585 478 -- -- Add back: Tax benefit on foreign currency remeasurement losses on U.S. dollar balances (64) -- 247 -- -- Add back/(deduct): Tax benefit/(expense) on gains and losses on investments (24) 236 (147) (77) 125 (Deduct)/add back: Tax (expense)/benefit arising from losses/(gains) on financial instruments owned 2 (260) (312) 107 (553) Add back: Tax windfalls upon vesting of stock-based compensation awards -- 76 4 2,083 -- Adjusted income tax expense 12,605$ 10,842$ 7,935$ 7,933$ 7,753$ Adjusted effective income tax rate 23.4% 23.9% 23.5% 25.6% 23.5%
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Reconciliation of US GAAP to Non-GAAP results – Q4 2025 WisdomTree – Q4/25 Results 24 Intangible Remeasure QTD Dec Amortization Loss on Contingent Imputed Acquisition Fx Remeasure Gain on Loss on DTA Val. US GAAP Ceres Extinguish Consideration Interest Costs USD Inv. Securities Allowance Non-GAAP Revenues Advisory fees 122,712$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 122,712$ Base fees 4,908 - - - - - - - - - 4,908 Performance fees 7,105 - - - - - - - - - 7,105 Other revenue 12,709 - - - - - - - - - 12,709 Total revenues 147,434 - - - - - - - - - 147,434 Expenses Compensation and benefits 37,273 - - - - - - - - - 37,273 Fund management and admin 24,830 - - - - - - - - - 24,830 Marketing and advertising 5,613 - - - - - - - - - 5,613 Sales and business development 4,045 - - - - - - - - - 4,045 Contractual gold payments -- - - - - - - - - - -- Professional and consulting fees 3,596 - - - - - - - - - 3,596 Occ., commun. and equip. 1,892 - - - - - - - - - 1,892 Depreciation and amort. 2,043 (1,434) - - - - - - - - 609 Third-party distribution fees 4,772 - - - - - - - - - 4,772 Acquisition-related costs 317 - - - (317) Other 3,306 - - - - - - - - - 3,306 Total expenses 87,687 (1,434) - - - (317) - - - - 85,936 Operating Income 59,747 1,434 - - - 317 - - - - 61,498 Interest Expense (11,023) - - - 377 - - - - - (10,646) Interest Income 2,965 - - - - - - - - - 2,965 Loss on extinguishment - convertible notes (833) - 833 - - - - - - - -- Remeasurement of contingent consideration (710) - - 710 - - - - - - -- Other gains/(losses) 317 - - - - - (205) (99) 10 - 23 Income before taxes 50,463 1,434 833 710 377 317 (205) (99) 10 - 53,840 Income tax expense 10,437 348 328 172 92 77 (64) (24) 2 1,237 12,605 Net income 40,026$ 1,086$ 505$ 538$ 285$ 240$ (141)$ (75)$ 8$ (1,237)$ 41,235$ Diluted Shares: 143,314 0.29$
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Reconciliation of US GAAP to Non-GAAP results – YTD Dec. 2025 WisdomTree – Q4/25 Results 25 Intangible Remeasure YTD Dec. Loss on Amortization Contingent Imputed Acquisition Fx Remeasure Gain on Gain on DTA Val. Stock US GAAP Extinguish Ceres Consideration Interest Costs USD Inv. Securities Allowance Windfalls Non-GAAP Revenues Advisory fees 439,987$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 439,987$ Base fees 4,908 - - - - - - - - - - 4,908 Performance fees 7,105 - - - - - - - - - - 7,105 Other revenue 41,753 - - - - - - - - - - 41,753 Total revenues 493,753 - - - - - - - - - - 493,753 Expenses Compensation and benefits 137,679 - - - - - - - - - - 137,679 Fund management and admin 89,149 - - - - - - - - - - 89,149 Marketing and advertising 20,544 - - - - - - - - - - 20,544 Sales and business development 16,357 - - - - - - - - - - 16,357 Professional and consulting fees 13,060 - - - - - - - - - - 13,060 Occ., commun. and equip. 6,534 - - - - - - - - - - 6,534 Depreciation and amort. 3,778 - (1,434) - - - - - - - - 2,344 Third-party distribution fees 15,944 - - - - - - - - - - 15,944 Acquisition-related costs 4,693 - - - - (4,693) - - - - - -- Other 11,820 - - - - - - - - - - 11,820 Total expenses 319,558 - (1,434) - - (4,693) - - - - - 313,431 Operating Income 174,195 - 1,434 - - 4,693 - - - - - 180,322 Interest Expense (30,420) - - - 1,780 - - - - - - (28,640) Interest Income 10,967 - - - - - - - - - - 10,967 Loss on extinguishment - convertible notes (13,844) 13,844 - - - - - - - - - -- Remeasurement of contingent consideration (710) - - 710 - - - - - - - -- Other gains/(losses) 2,030 - - - - - 1,178 (50) (1,904) - - 1,254 Income before taxes 142,218 13,844 1,434 710 1,780 4,693 1,178 (50) (1,904) - - 163,903 Income tax expense 33,085 576 348 172 433 1,140 183 (12) (463) 1,690 2,163 39,315 Net income 109,133$ 13,268$ 1,086$ 538$ 1,347$ 3,553$ 995$ (38)$ (1,441)$ (1,690)$ (2,163)$ 124,588$ Diluted Shares: 144,939 EPS: 0.86$
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Thank you.