Baird entities disclose 1% Westport Fuel Systems (WPRT) stake in 13G/A filing

Rhea-AI Filing Summary

Westport Fuel Systems Inc. received an updated ownership report from Baird-affiliated entities. Robert W. Baird & Co. Incorporated, Baird Financial Corporation, and Baird Financial Group, Inc. report beneficial ownership of 177,282 common shares, equal to 1.0% of the class.

They indicate shared voting and dispositive power over these shares and certify the holdings are maintained in the ordinary course of business, not to change or influence control of Westport Fuel Systems. The ownership percentage is based on 17,282,934 common shares outstanding as of December 31, 2024 as reported by the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

WESTPORT FUEL SYSTEMS INC.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

960908507

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 960908507

1

Names of Reporting Persons

Robert W. Baird & Co. Inc

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 177,282.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 177,282.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

177,282.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

IA, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) reflect Common Shares ("Shares") that Robert W. Baird & Co. Incorporated ("RWB") may be deemed to beneficially own within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"), by virtue of the investment discretion or voting authority granted to it by its clients over such Shares.

SCHEDULE 13G

CUSIP No. 960908507

1

Names of Reporting Persons

BAIRD FINANCIAL CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 177,282.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 177,282.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

177,282.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated.

SCHEDULE 13G

CUSIP No. 960908507

1

Names of Reporting Persons

Baird Financial Group, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WISCONSIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 177,282.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 177,282.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

177,282.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WESTPORT FUEL SYSTEMS INC.
(b)	Address of issuer's principal executive offices: 1691 WEST 75TH AVENUE, VANCOUVER, BRITISH COLUMBIA, CANADA, V6P 6P2.
Item 2.
(a)	Name of person filing: (1) Robert W. Baird & Co. Incorporated ("RWB") (2) Baird Financial Corporation ("BFC") (3) Baird Financial Group, Inc. ("BFG")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of RWB, BFC and BFG is: 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202
(c)	Citizenship: RWB, BFC and BFG are Wisconsin corporations.
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 960908507
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Item (9) on the foregoing cover pages. This Schedule includes those securities beneficially owned by, or deemed beneficially owned by, RWB, BFC, and BFG (collectively, "Baird Reporting Units") that have been aggregated together in accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release") for purposes of filing this Schedule. This Schedule does not include securities, if any, beneficially owned by, or deemed beneficially owned by, RWB, BFC or BFG or their respective subsidiaries or affiliates that has been disaggregated from that of the Baird Reporting Units in accordance with the Release. In accordance with Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this Schedule shall not be construed as an admission that a Reporting Person is, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Schedule.
(b)	Percent of class: See the responses to Item (11) on the foregoing cover pages. The percentage was calculated based upon 17,282,934 Shares of Common Shares outstanding at December 31, 2024 as reported by the Issuer in its Annual Report on Form 40-F for the year ended December 31, 2024.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item (5) on the foregoing cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Item (6) on the foregoing cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item (7) on the foregoing cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item (8) on the foregoing cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See the response to Item 3 above. RWB is owned directly by BFC. BFC is, in turn, owned by BFG, which is the ultimate parent company of RWB.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Robert W. Baird & Co. Inc

Signature:	Paul L. Schultz
Name/Title:	Secretary & General Counsel
Date:	02/06/2026

BAIRD FINANCIAL CORP

Signature:	Paul L. Schultz
Name/Title:	Secretary
Date:	02/06/2026

Baird Financial Group, Inc.

Signature:	Paul L. Schultz
Name/Title:	Secretary
Date:	02/06/2026

FAQ

What stake in Westport Fuel Systems (WPRT) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 177,282 common shares of Westport Fuel Systems Inc., representing 1.0% of the outstanding common shares. The percentage is based on 17,282,934 shares outstanding as of December 31, 2024, per the issuer.

Who are the reporting persons in the Westport Fuel Systems (WPRT) Schedule 13G/A?

The reporting persons are Robert W. Baird & Co. Incorporated, Baird Financial Corporation, and Baird Financial Group, Inc., all Wisconsin corporations with a principal business address at 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, acting as related Baird reporting units.

What voting and dispositive powers are reported over WPRT shares in this filing?

The reporting persons disclose 0 sole voting and dispositive power and 177,282 shares of shared voting and shared dispositive power. These shares are held under investment discretion or voting authority granted by clients, consistent with Rule 13d-3 under the Exchange Act.

Why did Baird file this amended Schedule 13G/A for Westport Fuel Systems (WPRT)?

The amendment reflects current beneficial ownership information as of the event date December 31, 2025. The filing aggregates securities deemed beneficially owned by the Baird reporting units and confirms that holdings are in the ordinary course of business, not to influence control of the issuer.

How is the ownership percentage in Westport Fuel Systems (WPRT) calculated in this filing?

The 1.0% ownership figure is calculated using 17,282,934 common shares outstanding as of December 31, 2024. That share count comes from Westport Fuel Systems Inc.’s Annual Report on Form 40-F for the year ended December 31, 2024, as referenced in the filing.

Do the Baird entities claim control intent over Westport Fuel Systems (WPRT) in this Schedule 13G/A?

No. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired or held to change or influence control of Westport Fuel Systems, nor in connection with any control-related transaction.