Trieda TBitmap podporuje viacero formátov, preto konverzia bude jednoduchá.

procedure WmfToBmp(const AWMFFile,ABMPFile:string);
var
  MetaFile:TMetafile;
  Bmp:TBitmap;
begin  
  Metafile:=TMetaFile.create;
  Bmp:=TBitmap.create;
  MetaFile.LoadFromFile(AWMFFile);
  with Bmp do  
  begin  
   Height:=Metafile.Height;  
   Width:=Metafile.Width;
   Canvas.Draw(0,0,MetaFile);  
   SaveToFile(ABMPFile);
   Free;  
  end;
  MetaFile.Free;
end;