Slides
Page 1
WisdomTree – Q2/26 Results 1 Q2 2026 Results July 31, 2026
Page 2
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 Connect and WisdomTree Prime®, 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 the Ceres and Atlantic House acquisitions, 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 the Ceres and Atlantic House acquisitions, including the risk that the integrations may be more difficult, time-consuming or costly than expected, or that expected benefits (including projected business growth, realization of synergies, or the ability to raise additional capital into the funds of the acquired businesses) 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, 2025. 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 – Q2/26 Results 2
Page 3
Q2 Highlights WisdomTree – Q2/26 Results + AUM and Net Flow Highlights: + Record Global AUM of +$162.9b at June 30, 2026 • U.S.: $99.0 billion (Record) • Europe: $61.1 billion (Record) • Digital: $0.8 billion • Privates: $2.0 billion + Net inflows: Broad and diverse across the U.S. and Europe • Q2: $3.1 billion • YTD: $9.0 billion (13% annualized organic growth rate) + Atlantic House Acquisition (closed May 1, 2026) + Accelerates product innovation (defined outcome and derivative ETF capabilities) + Extends Models and Portfolio Solutions platform into the UK wealth market + Enhances cross-distribution through established UK adviser relationships + Accelerates growth, diversifies revenues and expands revenue yields and margins + Modestly accretive in 2026, with future upside from revenue synergies and scale + Capital Management + Retired $127 million principal convertible notes (2026 and 2029 maturities) + Commenced open market share repurchases • Through today: $29 million; ~1.7 million shares + Updated statistics (as of July 28, 2026): + AUM: $163.8 billion, up ~1% from June 30, 2026, driven by positive market movement and $0.7 billion of net inflows 3 126.1 137.2 144.5 152.6 162.9 163.8 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 July 28th $ billions AUM 3,529 2,241 (283) 5,934 3,062 672 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Through July 28th $ millions Net Flows
Page 4
112.6 125.6 147.4 159.5 177.2 25.9 34.5 41.2 40.6 48.1 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Revenues Adjusted Net Income (non-GAAP) Revenues and Earnings Results Notable Items + YTD June 2026 adjusted operating margin of 41.1% • 900 bps of expansion vs. prior year + Operating revenues: • Q2 vs. Q1 2026: +11% • Q2 vs. Q2 2025: +57% • YTD June 2026 vs. prior year: +53% + Adjusted net income (Q2): $48.1 million; $0.31 per share • Refer to “Non-GAAP Financial Measurements” in the Appendix for additional information Adjusted revenues, income, operating margin, EPS 1 See “Non-GAAP Financial Measurements” 4 Adjusted operating margin (non-GAAP) 1 32.5% 38.3% 41.7% 39.3% 42.6% Adjusted EPS (non-GAAP)1 $0.18 $0.23 $0.29 $0.27 $0.31 Net income/(loss) $24.8 $19.7 $40.0 ($23.1) $44.3 EPS-Diluted $0.17 $0.13 $0.28 ($0.17) $0.28 WisdomTree – Q2/26 Results Operating margin expansion (as adjusted) Adjusted operating margins Six months ended June 30, 2026 June 30, 2025 Change Operating revenues $336,630 $220,703 53% Operating income $131,161 $68,794 90% Add back: Intangible amort. - acquisitions Acquisition-related costs $4,047 $3,051 $0 $1,967 Adjusted operating income $138,259 $70,761 Adjusted operating margin 41.1% 32.1% 900 bps 1
Page 5
2026 Guidance Update WisdomTree – Q2/26 Results Guidance Update + Interest income guidance reflects allocation of a portion of our interest-earning assets to share repurchases, a more efficient use of capital + Diluted share forecast incorporates the following: • Approximately 1.7 million shares repurchased to date • Incremental shares associated with our convertible notes assuming a stock price approximating recent levels. See Appendix for additional information (conversion prices of ~$19 and ~$21 per share) • Reduction as compared to 156.3 million shares in Q2 reflects the retirement of our 2026 and 2029 convertible notes, which were cash settled. ** All other guidance remains unchanged ** 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 and Atlantic House acquisitions (~$4.1 million year-to-date) 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 YTD June Actual Updated Guidance Previous Guidance Compensation to revenue ratio 27.1% 26-28% Unchanged Gross margin 83.6% 83%-84% Unchanged Discretionary spending (1) $40.8m $83m-$89m Unchanged Third-party distribution $11.2m $20m-$24m Unchanged Interest expense(2) $25.4m $53m Unchanged Interest income $5.8m $8m $10m Adjusted tax rate 24.9% 24%-25% Unchanged Diluted shares - weighted 156.3m (Q2) 152m-155m (Q3/Q4) 154m (Q3/Q4)
Page 6
WisdomTree’s Growth Algorithm WisdomTree – Q2/26 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
Page 7
WisdomTree – Q2/26 Results 7 Through the Cycle, Long-Term EPS Growth Drivers
Page 8
WisdomTree – Q2/26 Results AUM Growth Is Translating into Strong Adjusted EPS Growth Adjusted EPS CAGR from 2022 through 2025 Adjusted EPS growth as AUM nearly doubled since 2022 1H 2026 adjusted EPS, including seasonally weaker 1Q Proven AUM-led operating leverage creates a repeatable path for continued EPS compounding ~50% 3.3x $0.57 Runway 8 $0.26 $0.37 $0.64 $0.86 $0.57 2022 2023 2024 2025 YTD 2026 $0 $20 $40 $60 $80 $100 $120 $140 $160 AUM Adjusted EPS Note: “Refer to “Non-GAAP Financial Measurements” in the Appendix for additional information Adj. Operating Margin 21.4% 26.8% 33.6% 36.5% 41.1%
Page 9
Expect Deepening Client Engagement will Drive Further AUM Growth + In Q2 2026: + WisdomTree delivered record quarter-end AUM of $162.9 billion, up over $18 billion from year-end 2025 + We generated $3.1 billion of quarterly net inflows and, year-to-date, are tracking at an annualized organic growth rate of over 12% + Sixth consecutive quarter of record quarter-ending AUM, including new record quarter-end AUM in the U.S. and in Europe + We closed the Atlantic House acquisition in early May and are focused on leveraging those capabilities to expand our global product suite later this year + 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 9 Source: ir.wisdomtree.com, data as of June 30, 2026 WisdomTree – Q2/26 Results ($10) $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130 $140 $150 $160 $170 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 $ billions Cumulative Flows Cumulative Market Move & Acquisitions
Page 10
Series2 Equity Fixed Income & Currency Commodities Private Assets Other U.S. Equity Int'l Developed Equity Emerging Market Equity Floating Rate Treasury Metals Liquid Alternatives WisdomTree – Q2/26 Results 10 AUM is Balanced & Diversified Data as of June 30, 2026, see ir.wisdomtree.com for greater detail $163 Billion
Page 11
Continue to Accelerate Model AUA Growth in 2026 and Beyond 11 Model Assets Under Advisement (AUA, $ billion) WisdomTree – Q2/26 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 provide a portfolio solution for larger clients with more specific and customized needs – we generated AUA inflows of ~$1.8 billion in 2025 and are tracking ahead of that in 2026 + Custom separately managed accounts (SMAs) in collaboration with Quorus is a nascent business but gaining traction $2.2 $3.1 $3.8 $6.1 $8.9 2022 2023 2024 2025 2026
Page 12
WisdomTree – Q2/26 Results 12 WisdomTree’s Leading Digital Assets Platform Full Stack Tokenization Business + Proprietary token issuance platform on public blockchains + Integrated stablecoin orchestrator, transfer agent, broker-dealer and asset manager + Robust product suite, including tokenized money market fund (WTGXX) with 24/7 trading and settlement + Positioned to continue to win business through combination of functionality and U.S. regulatory positioning + Ability to service U.S. retail through WisdomTree Prime and global businesses through WisdomTree Connect Q2 2026 Highlights + Continued momentum industry-wide in stablecoins, RWA tokenization and onchain finance, even amidst challenging crypto asset market + Building on leadership position in tokenized registered funds + Growth in onboarded WisdomTree Connect users across use cases + Strong pipeline for distribution partnerships, including crypto platforms, fintechs and traditional broker-dealers + R&D and product development, including tokenized ETF SEC filing
Page 13
4 8 13 25 29 41 67 Jan-25 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Digital Asset Metrics as of June 30, 2026 WisdomTree – Q2/26 Results 13 Growth of Tokenized AUM ($ million) Growth in WisdomTree Connect Users Total WisdomTree Tokenized AUM 24x Growth vs. year-end 2024 $761 million Total Active Wallets Holding WisdomTree Tokenized Products 3,777 Total 3rd Party WisdomTree Connect Users 17x Growth vs. year-end 2024 67 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
Page 14
$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 – Q2/26 Results + Tokenized real world assets (RWA) have grown from near zero in 2017 to over $330 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 fund (WTGXX) serving use cases across stablecoin reserves, treasury management and collateral + Platform has expanded to several different blockchains and grown to ~$800 million in assets in 2026 + WisdomTree seeks to expand the adoption of our total tokenized product lineup further including gold, equities, and more 14 Growth of Tokenized Real World Assets vs. ETFs Since First Inception ($ billion) Source: 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)
Page 15
WisdomTree – Q2/26 Results 15 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
Page 16
Ceres Has a Strong Track Record and a Large Farmland Footprint WisdomTree – Q2/26 Results 16 Ceres Partners – Key Highlights: • Founded in 2007 with current AUM of ~$1.99 billion • Focus on U.S. Row Crop & Specialty Crop Farmland • Strong flows in the first half of 2026 with Fund II now launched with a strong pipeline for fundraising ahead • 10.2% 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 June 30, 2026 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
Page 17
WisdomTree – Q2/26 Results 17 Atlantic House Acquisition
Page 18
Key Themes WisdomTree – Q2/26 Results Grow & Diversify Revenue Streams 18 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 + Enhance firm-wide total revenue yield + Generated +72% y/y EPS growth in Q2 vs. Q2 2025 + WisdomTree currently has 36 products with over $1 billion in AUM, up from 27 in Q1 2025, and another 17 funds between $500m and $1 billion + 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 ~$800 million in tokenized assets + Forward thinking in AI deployment + Continue to explore new products or services that accelerate strategic growth + Leverage Atlantic House’s skill set to launch innovative solutions + Began systematic open market repurchases of WT stock in Q2 2026, retiring ~1.7 million shares + Accretive Ceres and Atlantic House acquisitions enhance total revenue yield, expand margins, and accelerate long term EPS growth + WisdomTree leveraged to the four big secular tailwinds in wealth & asset management: ETFs, Models, Tokenization, and now Private Assets
Page 19
WisdomTree – Q2/26 Results Q&A 19
Page 20
WisdomTree – Q2/26 Results Appendix 20
Page 21
Balance Sheet and AUM Update WisdomTree – Q2/26 Results Quarterly ETP AUM Change 21 Balance Sheet 3.1 3.1 4.1 162.9 152.6 ($ billions) June 30, Dec. 31, 2026 2025 Assets Cash and financial instruments $332.5 $418.8 Investments 28.6 29.1 Accounts receivable 74.8 64.5 Deferred tax asset, net 0.0 9.8 Fixed assets, net 0.6 0.4 Goodwill and intangibles 1,188.4 977.6 Other assets 20.3 12.7 Total assets $1,645.2 $1,512.9 Liabilities Fund management and administration $26.1 $29.4 Compensation and benefits 39.1 52.4 Accounts payable and other liabilities 42.4 32.8 Income taxes payable 0.0 2.3 Deferred tax liabilities, net 10.7 0.0 Payable to GBH 14.4 13.9 Convertible notes 1,075.5 953.8 Contingent consideration 15.8 11.8 Lease liabilities 2.7 2.8 Total liabilities 1,226.7 1,099.2 Stockholders' equity 418.5 413.7 Total liabilities and stockholders' equity $1,645.2 $1,512.9 ($ millions)
Page 22
Convertible Notes – Illustrative Impact on Quarterly Diluted Shares WisdomTree – Q2/26 Results Incremental shares issuable when conversion spread is positive are included in diluted EPS computation. Illustrative computation shown below assuming a $21.00 average stock price: (1) Represents principal divided by conversion price 22 Issued 2024 Issued 2025 Issued 2026 $18M Notes $475M Notes $604M Notes (2029 Maturity) (2030 Maturity) (2031 Maturity) Conversion Spread WT Avg Price in Qtr $21.00 $21.00 $21.00 − Conversion Price $11.82 $19.15 $21.58 Conversion spread: $9.18 $1.85 $0.00 Potential Shares Conversion spread: $9.18 $1.85 $0.00 × Underlying shares (1): 1,531,303 24,804,178 27,977,294 Subtotal - Dilutive $: 14,057,360 45,887,728 - ÷ WT Avg Price in Qtr $21.00 $21.00 $21.00 Dilutive Share Impact - Current Qtr 669,398 2,185,130 -
Page 23
Consolidated Financial Results WisdomTree – Q2/26 Results 23 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Revenues Advisory fees 99,549$ 103,241$ 114,485$ 122,712$ 134,880$ 146,300$ Management fees -- -- -- 4,908 5,231 5,369 Performance fees -- -- -- 7,105 2,955 5,964 Other revenues 8,533 9,380 11,131 12,709 16,404 19,527 Total revenues 108,082 112,621 125,616 147,434 159,470 177,160 Expenses Compensation and benefits 33,788 32,827 33,791 37,273 47,517 43,718 Fund management and administration 20,714 21,252 22,353 24,830 24,880 30,229 Marketing and advertising 4,813 5,330 4,788 5,613 5,392 6,041 Sales and business development 4,137 4,232 3,943 4,045 4,197 4,938 Professional and consulting fees 2,782 3,177 3,505 3,596 3,308 4,098 Occ., communications and equipment 1,482 1,559 1,601 1,892 1,935 2,229 Depreciation and amortization 540 580 615 2,043 2,096 3,415 Third-party distribution fees 3,112 4,083 3,977 4,772 5,795 5,401 Acquisition-related costs -- 1,967 2,409 317 1,933 1,118 Other 2,552 2,982 2,980 3,306 3,067 4,162 Total expenses 73,920 77,989 79,962 87,687 100,120 105,349 Operating Income 34,162 34,632 45,654 59,747 59,350 71,811 Interest Expense (5,441) (5,490) (8,466) (11,023) (11,023) (14,852) Interest Income 1,897 2,090 4,015 2,965 2,592 3,203 Loss on extinguishment of convertible notes -- -- (13,011) (833) (62,302) (6,623) Remeasurement of contingent consideration -- -- -- (710) (2,562) (1,360) Other (losses)/gains (250) 638 1,325 317 (637) 6,368 Income/(loss) before taxes 30,368 31,870 29,517 50,463 (14,582) 58,547 Income tax expense 5,739 7,093 9,816 10,437 8,549 14,263 Net Income/(loss) 24,629$ 24,777$ 19,701$ 40,026$ (23,131)$ 44,284$ As adjusted (non-GAAP) Total revenues 108,082$ 112,621$ 125,616$ 147,434$ 159,470$ 177,160$ Total operating expenses 73,920$ 76,022$ 77,553$ 85,936$ 96,752$ 101,619$ Operating income 34,162$ 36,599$ 48,063$ 61,498$ 62,718$ 75,541$ Income before income taxes 30,947$ 33,798$ 45,318$ 53,840$ 54,654$ 63,354$ Income tax expense 7,933$ 7,935$ 10,842$ 12,605$ 14,061$ 15,274$ Net income 23,014$ 25,863$ 34,476$ 41,235$ 40,593$ 48,080$ Earnings per share - diluted 0.16$ 0.18$ 0.23$ 0.29$ 0.27$ 0.31$ Weighted average common shares - diluted 146,545 146,640 150,675 143,314 152,372 156,276
Page 24
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 Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share. We disclose adjusted 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. Also excluded are remeasurement gains on British pounds held to complete the Atlantic House acquisition. We exclude 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. • Remeasurement of contingent consideration arising from the Ceres acquisition: 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 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. We exclude changes in fair value of contingent consideration when calculating our non-GAAP financial measurements as these items are not core to our operating business. • Other items: Losses related to convertible notes transactions, amortization of intangible assets changes in deferred tax asset valuation allowance, acquisition-related costs, imputed interest on our payable to Gold Bullion Holdings (Jersey) Limited (“GBH”), gains and losses recognized on our investments and other items recognized in prior years are excluded when calculating our non-GAAP financial measurements. • 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 – Q2/26 Results 24
Page 25
Non-GAAP Reconciliation to GAAP Results WisdomTree – Q2/26 Results 25 Three Months Ended ($ in thousands) June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Unaudited 2026 2026 2025 2025 2025 Adjusted Total Operating Expenses Total operating expenses 105,349$ 100,120$ 87,687$ 79,962$ 77,989$ Deduct: Amortization of intangible assets from the Ceres and Atlantic House acquisitions (2,612) (1,435) (1,434) -- -- Deduct: Acquisition-related costs (1,118) (1,933) (317) (2,409) (1,967) Adjusted operating expenses 101,619$ 96,752$ 85,936$ 77,553$ 76,022$ Three Months Ended ($ in thousands) June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Unaudited 2026 2026 2025 2025 2025 Adjusted Effective Income Tax Rate Income/(loss) before income taxes 58,547$ (14,582)$ 50,463$ 29,517$ 31,870$ Add back: Losses related to convertible notes transactions 6,623 62,302 833 13,011 -- Deduct: Foreign currency remeasurement gains on British pounds held to complete the Atlantic House acquisition (4,370) -- -- -- -- (Deduct)/add back: (Gains)/losses on financial instruments owned (2,831) 882 10 (1,070) (1,284) Add back: Amortization of intangible assets arising from the Ceres and Atlantic House acquisitions 2,612 1,435 1,434 -- -- Add back: Increase in fair value of contingent consideration 1,360 2,562 710 -- -- Add back: Acquisition-related costs 1,118 1,933 317 2,409 1,967 Add back: Imputed interest on payable to GBH 242 236 377 481 467 Add back/(deduct): Foreign currency remeasurement losses/(gains) on U.S. dollar balances 68 (566) (205) -- 1,383 (Deduct)/add back: (Gains)/losses recognized on our investments (15) 452 (99) 970 (605) Adjusted income before income taxes 63,354$ 54,654$ 53,840$ 45,318$ 33,798$ Income tax expense 14,263$ 8,549$ 10,437$ 9,816$ 7,093$ Add back/(deduct): Decrease/(increase) in deferred tax asset valuation allowance on capital losses 1,615 (151) 1,237 24 459 Deduct: Tax expense on foreign currency remeasurement gains on British pounds held to complete the Atlantic House acquisition (1,093) -- -- -- -- (Deduct)/add back: Tax (expense)/benefit arising from losses/(gains) on financial instruments owned (688) 214 2 (260) (312) Add back: Tax benefit of intangible asset amortization arising from the Ceres and Atlantic House acquisitions 643 348 348 -- -- Add back: Tax benefit arising from increase in fair value of contingent consideration 330 622 172 -- -- Add back: Tax windfalls upon vesting of stock-based compensation awards 66 4,421 -- 76 4 Add back: Tax benefit on imputed interest 59 57 92 117 113 Add back: Tax benefit arising from convertible notes transactions 51 22 328 248 -- Add back/(deduct): Tax benefit/(expense) on foreign currency remeasurement losses/(gains) on U.S. dollar balances 32 (131) (64) -- 247 (Deduct)/add back: Tax (expense)/benefit on (gains)/losses on investments (4) 110 (24) 236 (147) Add back: Tax benefit on acquisition-related costs -- -- 77 585 478 Adjusted income tax expense 15,274$ 14,061$ 12,605$ 10,842$ 7,935$ Adjusted effective income tax rate 24.1% 25.7% 23.4% 23.9% 23.5% Three Months Ended ($ in thousands) June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Unaudited 2026 2026 2025 2025 2025 Adjusted net income and diluted earnings per share: Net income/(loss), as reported 44,284$ (23,131)$ 40,026$ 19,701$ 24,777$ Add back: Losses related to convertible notes transactions, net of income taxes 6,572 62,280 505 12,763 -- Deduct: Foreign currency remeasurement gains on British pounds held to complete the Atlantic House acquisition, net of income taxes (3,277) -- -- -- -- (Deduct)/add back: (Gains)/losses on financial instruments owned, net of income taxes (2,143) 668 8 (810) (972) Add back: Amortization of intangible assets arising from the Ceres and Atlantic House acquisitions, net of income taxes 1,969 1,087 1,086 -- -- (Deduct)/add back: (Decrease)/increase in deferred tax asset valuation allowance on capital losses (1,615) 151 (1,237) (24) (459) Add back: Acquisition-related costs, net of income taxes 1,118 1,933 240 1,824 1,489 Add back: Increase in fair value of contingent consideration, net of income taxes 1,030 1,940 538 -- -- Add back: Imputed interest on payable to GBH, net of income taxes 183 179 285 364 354 Deduct: Tax windfalls upon vesting of stock-based compensation awards (66) (4,421) -- (76) (4) Add back/(deduct): Foreign currency remeasurement losses/(gains) on U.S. dollar balances, net of income taxes 36 (435) (141) -- 1,136 (Deduct)/add back: (Gains)/losses recognized on our investments, net of income taxes (11) 342 (75) 734 (458) Adjusted net income 48,080$ 40,593$ 41,235$ 34,476$ 25,863$ Weighted average common share - diluted 156,276 152,372 143,314 150,675 146,640 Adjusted earnings per share - diluted $0.31 $0.27 $0.29 $0.23 $0.18 Three Months Ended ($ in thousands) June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Unaudited 2026 2026 2025 2025 2025 G ross Margin and G ross Margin Percentage Operating Revenues 177,160$ 159,470$ 147,434$ 125,616$ 112,621$ Deduct: Fund management and administration (30,229) (24,880) (24,830) (22,353) (21,252) Gross margin 146,931$ 134,590$ 122,604$ 103,263$ 91,369$ Gross margin percentage 82.9% 84.4% 83.2% 82.2% 81.1% Three Months Ended ($ in thousands) June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Unaudited 2026 2026 2025 2025 2025 Adjusted Operating Income and Operating Income Margin Operating revenues, as adjusted 177,160$ 159,470$ 147,434$ 125,616$ 112,621$ Operating income 71,811$ 59,350$ 59,747$ 45,654$ 34,632$ Add back: Amortization of intangible assets from the Ceres and Atlantic House acquisitions 2,612 1,435 1,434 -- -- Add back: Acquistion-related costs 1,118 1,933 317 2,409 1,967 Adjusted operating income 75,541$ 62,718$ 61,498$ 48,063$ 36,599$ Adjusted operating income margin 42.6% 39.3% 41.7% 38.3% 32.5%
Page 26
Non-GAAP Reconciliation to GAAP Results (continued) WisdomTree – Q2/26 Results 26 Six Months Years Ending ($ in thousands) June 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Unaudited 2026 2025 2024 2023 2022 Adjusted net income and diluted earnings per share: Net income, as reported 21,153$ 109,133$ 66,693$ 102,546$ 50,684$ Add back: Losses related to convertible notes transactions, net of income taxes 68,852 13,268 29,410 9,623 -- Deduct: Tax windfalls upon vesting of stock-based compensation awards (4,487) (2,163) (764) (176) (541) Deduct: Foreign currency remeasurement gains on British pounds held to complete the Atlantic House acquisition, net of income taxes (3,277) -- -- -- -- Add back: Amortization of intangible assets arising from the Ceres and Atlantic House acquisitions, net of income taxes 3,056 1,086 -- -- -- Add back: Acquisition-related costs, net of income taxes 3,051 3,553 -- -- -- Add back: Increase in fair value of contingent consideration, net of income taxes 2,970 538 -- -- -- (Deduct)/add back: (Gains)/losses on financial instruments owned, net of income taxes (1,475) (1,441) (3,671) 392 12,505 (Deduct)/add back: (Decrease)/increase in deferred tax asset valuation allowance on capital losses (1,464) (1,690) (903) 2,113 4,729 (Deduct)/add back: Foreign currency remeasurement (gains)/losses on U.S. dollar balances, net of income taxes (399) 995 -- -- -- Add back: Imputed interest on payable to GBH, net of income taxes 362 1,347 1,996 224 -- Add back/(deduct): Losses/(gains) recognized on our investments, net of income taxes 331 (38) 858 607 290 Add back: Civil money penalty in connection with SEC ESG Settlement -- -- 4,000 -- -- Add back: Expenses incurred in response to an activist campaign, net of income taxes -- -- 3,760 4,452 3,376 Deduct: Gain on revaluation/termination of deferred consideration -- -- -- (61,953) (27,765) Add back: Impairments, net of income taxes -- -- -- 6,013 -- Deduct: Gain recognized from the sale of Canadian ETF business, including remeasurement of contingent consideration -- -- -- (1,477) -- Add back: Litigation expenses associated with certain provisions of Stockholder Rights Agreement, net of income taxes -- -- -- 367 -- Deduct: Decrease in deferred tax valuation allowance on net operating losses of a European subsidiary -- -- -- -- (1,609) Adjusted net income 88,673$ 124,588$ 101,379$ 62,731$ 41,669$ Weighted average common share - diluted 154,386 144,939 158,844 170,413 158,914 Adjusted earnings per share - diluted $0.57 $0.86 $0.64 $0.37 $0.26 Six Months Years Ending ($ in thousands) June 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Unaudited 2026 2025 2024 2023 2022 Adjusted Operating Income and Operating Income Margin Operating revenues 336,630$ 493,753$ 427,737$ 349,035$ 301,345$ Less: Legal expenses covered by insurance -- -- (4,306) -- -- Operating revenues, as adjusted 336,630$ 493,753$ 423,431$ 349,035$ 301,345$ Operating income 131,161$ 174,195$ 137,293$ 87,492$ 60,085$ Add back: Amortization of intangible assets from the Ceres and Atlantic House acquisitions 4,047 1,435 -- -- -- Add back: Acquistion-related costs 3,051 4,693 -- -- -- Add back: Expenses incurred in connection with an activist campaign -- -- 4,996 5,880 4,459 Operating income, as adjusted 138,259$ 180,323$ 142,289$ 93,372$ 64,544$ Adjusted operating income margin 41.1% 36.5% 33.6% 26.8% 21.4%
Page 27
Reconciliation of US GAAP to Non-GAAP results – Q2 2026 WisdomTree – Q2/26 Results 27 Fx Gains Intangible Remeasure QTD June Loss on GBP Held Gain on Amortization DTA Val. Contingent Acquisition Imputed Windfall Tax Fx Remeasure Gain on US GAAP Extinguish AH Acquisition Securities Acquisitions Allowance Consideration Costs Interest Benefits USD Inv. Non-GAAP Revenues Advisory fees 146,300$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 146,300$ Management fees 5,369 - - - - - - - - - - - 5,369 Performance fees 5,964 - - - - - - - - - - - 5,964 Other revenue 19,527 - - - - - - - - - - - 19,527 Total revenues 177,160 - - - - - - - - - - - 177,160 Expenses Compensation and benefits 43,718 - - - - - - - - - - - 43,718 Fund management and admin 30,229 - - - - - - - - - - - 30,229 Marketing and advertising 6,041 - - - - - - - - - - - 6,041 Sales and business development 4,938 - - - - - - - - - - - 4,938 Contractual gold payments -- - - - - - - - - - - - -- Professional and consulting fees 4,098 - - - - - - - - - - - 4,098 Occ., commun. and equip. 2,229 - - - - - - - - - - - 2,229 Depreciation and amort. 3,415 - - - (2,612) - - - - - - - 803 Third-party distribution fees 5,401 - - - - - - - - - - - 5,401 Acquisition-related costs 1,118 - - - - - (1,118) - - - - -- Other 4,162 - - - - - - - - - - - 4,162 Total expenses 105,349 - - - (2,612) - - (1,118) - - - - 101,619 Operating Income 71,811 - - - 2,612 - - 1,118 - - - - 75,541 Interest Expense (14,852) - - - - - - - 242 - - - (14,610) Interest Income 3,203 - - - - - - - - - - - 3,203 Loss on extinguishment - convertible notes (6,623) 6,623 - - - - - - - - - - -- Remeasurement of contingent consideration (1,360) - - - - - 1,360 - - - - - -- Other gains/(losses) 6,368 - (4,370) (2,831) - - - - - - 68 (15) (780) Income before taxes 58,547 6,623 (4,370) (2,831) 2,612 - 1,360 1,118 242 - 68 (15) 63,354 Income tax expense 14,263 51 (1,093) (688) 643 1,615 330 - 59 66 32 (4) 15,274 Net income 44,284$ 6,572$ (3,277)$ (2,143)$ 1,969$ (1,615)$ 1,030$ 1,118$ 183$ (66)$ 36$ (11)$ 48,080$ Diluted Shares: 156,276 0.31$
Page 28
Reconciliation of US GAAP to Non-GAAP results – YTD June 2026 WisdomTree – Q2/26 Results 28 Fx Gains Intangible Remeasure YTD June Loss on Windfall Tax GBP Held Amortization Acquisition Contingent Gain on DTA Val. Fx Remeasure Imputed Loss on US GAAP Extinguish Benefits AH Acquisition Acquisitions Costs Consideration Securities Allowance USD Interest Inv. Non-GAAP Revenues Advisory fees 281,180$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 281,180$ Management fees 10,600 - - - - - - - - - - - 10,600 Performance fees 8,919 - - - - - - - - - - - 8,919 Other revenue 35,931 - - - - - - - - - - - 35,931 Total revenues 336,630 - - - - - - - - - - - 336,630 Expenses Compensation and benefits 91,235 - - - - - - - - - - - 91,235 Fund management and admin 55,109 - - - - - - - - - - - 55,109 Marketing and advertising 11,433 - - - - - - - - - - - 11,433 Sales and business development 9,135 - - - - - - - - - - - 9,135 Contractual gold payments -- - - - - - - - - - - - -- Professional and consulting fees 7,406 - - - - - - - - - - - 7,406 Occ., commun. and equip. 4,164 - - - - - - - - - - - 4,164 Depreciation and amort. 5,511 - - - (4,047) - - - - - - - 1,464 Third-party distribution fees 11,196 - - - - - - - - - - - 11,196 Acquisition-related costs 3,051 - - - - (3,051) - - - - - -- Other 7,229 - - - - - - - - - - - 7,229 Total expenses 205,469 - - - (4,047) (3,051) - - - - - - 198,371 Operating Income 131,161 - - - 4,047 3,051 - - - - - - 138,259 Interest Expense (25,875) - - - - - - - - - 478 - (25,397) Interest Income 5,795 - - - - - - - - - - - 5,795 Loss on extinguishment - convertible notes (68,925) 68,925 - - - - - - - - - - -- Remeasurement of contingent consideration (3,922) - - - - - 3,922 - - - - - -- Other gains/(losses) 5,731 - - (4,370) - - - (1,949) - (498) - 437 (649) Income before taxes 43,965 68,925 - (4,370) 4,047 3,051 3,922 (1,949) - (498) 478 437 118,008 Income tax expense 22,812 73 4,487 (1,093) 991 - 952 (474) 1,464 (99) 116 106 29,335 Net income 21,153$ 68,852$ (4,487)$ (3,277)$ 3,056$ 3,051$ 2,970$ (1,475)$ (1,464)$ (399)$ 362$ 331$ 88,673$ Diluted Shares: 154,386 0.57$
Page 29
Thank you.