Bentley Systems, Incorporated · NASDAQ:BSY

Bentley Systems — Q3 2025 Earnings Presentation

59 slides from Bentley Systems's earnings presentation, Nov 5, 2025

Slide 3: Disclaimer
Disclaimer This presentation includes forward-looking statements regarding the future results of operations and financial position, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company,” “we,” “us,” and words of similar import). All such st
Slide 5: 2025 Year in Infrastructure (2025YII) press releases
2025 Year in Infrastructure (2025YII) press releases Bentley’s OpenSite+, the first engineering application leveraging Bentley Systems announced Bentley Infrastructure Cloud Bentley announced the availability of reality modeling services in generative AI for civil site design, is now in limited avai
Slide 8: Revenue breakout by market
Revenue breakout by market 2024 gross revenues, all firms Water / Wastewater Energy Other 5.5% Mining / Metals 11.7% 4.6% 1.5% Emergency response Environmental 12.4% $213 bil revenues by 25.5% General buildings market Power 15.4% 22.9% Transportation Source: AEC Advisors; 2025 State of the AEC indus
Slide 9: Servers over suites: AI spend is rewiring engineering & construction
Servers over suites: AI spend is rewiring engineering & construction Data as of September 17,2025 General office vs data center construction spend (2014 – present)1 $90 $ billions General offices:~36% $80 General offices Since December 2022 Data centers $70 $60 $50 U.S. construction trends signal a
Slide 10: Profit margins vs. organic growth
Profit margins vs. organic growth Medians of all firms; organic growth represents net revenue growth excluding acquisitions EBIBTA / Net revenue Weighted average organic growth 17.2% 16.7% 16.3% 15.0% 15.4% 15.2% 14.8% 14.1% 12.9% 10.2% Profit margins continue to rise while 8.9% 8.6% 8.6% year-over-
Slide 11: Strong real organic growth – GDP+ industry
Strong real organic growth – GDP+ industry Exclude acquisitions, all firms Real weighted average growth 10.2% 8.9% 8.6% 8.6% 3.3% 2.9% 2.9% Weight average organic growth Rate (%) 6.4% 6.9% 5.7% 5.7% U.S. inflation 1 2.5% Real organic growth 3.2% U.S. GDP real growth (YOY) 2.5% 1.3% 1.4% 2022 2023 20
Slide 12: Support function costs since 2019—Margin improvement not due to cost cutting!
Support function costs1 since 2019—Margin improvement not due to cost cutting! Medians, % of net revenue 18.6% 19.5% 17.9% 19.2% 20.8% 21.3% 22.1% 3.6% 4.4% Marketing has come back since COVID, 5.0% 5.2% 5.5% 5.7% 5.9% and is on track to pre-pandemic levels 4.8% 3.8% 4.1% 4.0% 3.8% Real estate costs
Slide 13: AI implementation and budget survey participants
AI implementation and budget survey participants Survey questions authored by corporate partner, Bentley Systems 115 AEC firms, totaling $43 Billion in gross revenue1 By size By Ownership2 Public <$500 mil 2% 14% 18% <$25 mil Private equity 21% Private / $100 - $300 mil 33% 55% employee-owned ESOP /
Slide 14: Artificial Intelligence implementation
Artificial Intelligence implementation Data below shown as a percentage of total number of unique responses Where are you currently implementing AI in a way that actively supports your business (not just testing)? 13.00% 11.50% 5.70% 4.70% Design Construction Asset performance Client-facing automati
Slide 15: Outpacing the competition: the impact of faster AI adoption
Outpacing the competition: the impact of faster AI adoption Data below shown as a percentage of total number of unique responses If your competition advance faster in AI implementation, where are they most likely to surpass you? 27.9% 26.3% 19.6% 12.8% 8.4% 5.0% Project delivery Operational Client e
Slide 16: AI implementation spend and budget
AI implementation spend and budget Data below shown as a percentage of 2024 gross revenue Today Three Years from Now 25th to 75th percentile range 1.64% Median 0.53% 0.71% 0.19% 0.06% 0.35% Source: AEC Advisors; 2025 State of the AEC industry / Full report / October 2025 © 2025 Bentley Systems, Inco
Slide 17: Outpacing the competition: the impact of faster AI adoption
Outpacing the competition: the impact of faster AI adoption Data below shown as a percentage of total number of unique responses If your competition advance faster in AI implementation, where are they most likely to surpass you? 27.9% 26.3% 19.6% 12.8% 8.4% 5.0% Project delivery Operational Client e
Slide 18: The Impact of Artificial Intelligence on the Built Environment
WHITEPAPER THE IMPACT OF ARTIFICIAL INTELLIGENCE ON THE BUILT ENVIRONMENT SURVEY RESULTS Pinsent Masons, Bentley Systems, Mott MacDonald, and Turner & Townsend https://infrastructurepolicyadvancement.com/ fb-whitepaper-ai-globalsurvey-findings/ © 2025 Bentley Systems, Incorporated. All rights reserv
Slide 19: Impact of AI on current business model
Impact of AI on current business model Not at all It’s a major consideration and 3% Why this matters we are taking active steps to adapt our business model 24% Revenue mix will change from hours and variations toward value-priced, for significant future data-enabled services (e.g., disruption 33% To
Slide 20: Bentley Systems Consumption
Attended Consumption… Bentley Systems + A(P)I consumption CONSUMPTION + Asset Consumption = Advancing consumption! © 2025 Bentley Systems, Incorporated. All rights reserved. 20
Slide 26: Artificial Intelligence Implementation
Artificial Intelligence Implementation Data below shown as a percentage of total number of unique responses Where are you currently implementing AI in a way that actively supports your business (not just testing)? Design automation Construction planning or monitoring Asset performance and maintenanc
Slide 28: Bentley Infrastructure Cloud
Bentley Infrastructure Cloud Design Build Operate Maintain ProjectWise AssetWise ⁃ Connected data environment across projects and assets Connect 65 ⁃ Collaboration capabilities for infrastructure teams and organizations ⁃ Unified experience for infrastructure professionals ⁃ New entry point to Bentl
Slide 31: Aquawolf, SABESP, GeoStuXer, SIDRI
Aquawolf SABESP GeoStuXer SIDRI From fire zones Companhia de Seismic rehabilitation of Innovating the to storms Saneamento Básico creeping ground offshore wind lifecycle do Estado de São Paulo reduced water improvement in outage complaints design efficiency reduced reduction in modeling time 3 micro
Slide 33: Bentley Systems Advances Infrastructure AI with New Applications and Industry Collaboration
Bentley Systems Advances Infrastructure AI with New Applications and Industry Collaboration Company shares its vision for trustworthy AI to shape the future of infrastructure Press Release Bentley’s OpenSite+, the first engineering application leveraging generative AI for civil site design, October
Slide 38: Primary concerns of adopting artificial intelligence
Primary concerns of adopting artificial intelligence % of respondents within each category Security and data privacy risks dominate as the primary concerns across all firms adopting AI All firms 45.7% 19.0% 17.1% 10.5% 7.6% Ethical concerns or bias Legal or regulatory We are not concerned Impact on
Slide 40: YoY ARR growth
YoY ARR growth 8 Q3 consistent with our expectation given unfavorable Cesium comparison YoY constant currency business performance (%) 14 13 12 2025 Outlook 10.5%-12.5% 11 10 9 As reported 8 Ex-China 7 6 5 4 3 2 1 - 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1
Slide 41: YoY LTM recurring revenues dollar-based net retention rate (NRR)
YoY LTM recurring revenues dollar-based net retention rate5 (NRR) YoY constant currency business performance 111% 110% 109% 108% 107% 106% 105% 104% 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 Footnote 5: See appendix for KP
Slide 42: ARR by account size
ARR6 by account size Solid E365 and SMB contribution E365 and SMB as % of ARR6 E365 SMB E365 Prospects Note: Chart segment sizing corresponds to underlying % of 25Q3 ARR6 Footnote 6: See appendix for KPI and non-GAAP definitions © 2025 Bentley Systems, Incorporated. All rights reserved. 42
Slide 43: Virtuosity ARR
6 Virtuosity ARR Fifteenth consecutive quarter of at least 600 new logos 80 ($ in millions) 70 60 50 40 30 20 10 0 23Q1 23Q2 23Q3 23Q4 20Q2 20Q3 20Q4 25Q1 25Q2 25Q3 22Q1 22Q2 22Q3 22Q4 21Q1 21Q2 21Q3 21Q4 24Q1 24Q2 24Q3 24Q4 Note: All periods use exchange rates as of September 30, 2025. Data at spot
Slide 44: Tone of business by infrastructure sector
Tone of business by infrastructure sector Resources fastest growing sector followed by Public works/Utilities Commercial/Facilities Industrial Public Works/Utilities 25Q3 ARR6 Resources Resources Note: Chart segment sizing corresponds to underlying % of 25Q3 Sector-attributable ARR6 Footnote 6: See
Slide 45: Tone of business by geographic region
Tone of business by geographic region APAC had a really strong quarter followed by the Americas and EMEA Americas EMEA ASIA PACIFIC Favorable macro backdrop despite Middle East main growth driver India and Southeast Asia were ongoing uncertainty, though less so, again, followed by Europe and then st
Slide 47: Revenue performance
Revenue performance Third quarter September year-to-date $ in millions - CC constant currency1 $ in millions - CC constant currency1 $1,110 +11% (CC +10%) $1,003 58 -9% (CC -9%) 32 +1% (CC +1%) 64 32 $376 +12% (CC +11%) $335 20 -2% (CC -3%) 11 -3% (CC -4%) 21 11 1,020 +12% (CC +12%) 908 344 +14% (CC
Slide 48: Recurring revenue performance
Recurring revenue performance LTM recurring revenues3 LTM recurring revenue retention $ in millions - CC constant currency1 $ in millions - CC constant currency1 , YoY 110% 109% 110% 110% 109% 109% 107% 109% $1,350 $1,195 +13% (CC +13%) 98% 98% 98% 98% 99% 99% 99% 99% LTM 24Q3 LTM 25Q3 2020 2021 202
Slide 49: Recurring revenue performance
Recurring revenue performance ARR growth7,8 ARR6: $1,405 million at 09/30/2025 spot rates $ in millions - CC constant currency1 , YoY 27% Business performance8 26% 26% Impact from the onboarding of platform acquisitions 23% 12% 13% 13% 15% Seequent 21Q2 to 22Q1 and 13% 15% Power Line 14% 14% Systems
Slide 50: Profitability performance
Profitability performance GAAP operating income AOI less SBC9 $ in millions $ in millions 30.2% AOI less SBC margin10 29.6% AOI less SBC margin10 $335 $297 +13% $284 $241 +18% 27.7% 26.7% AOI less AOI less SBC margin10 SBC margin10 $104 $90 $84 $69 +16% +23% 24Q3 25Q3 24Q3 YTD 25Q3 YTD 24Q3 25Q3 24Q
Slide 51: Liquidity and capital structure
Liquidity and capital structure Operating and Free cash flows13 25Q3 credit metrics $ in millions $ in millions Third quarter Year-to-date Last twelve months $479 $397 $384 $441 $426 $460 Cash $ 165 $354 $345 +9% +8% Senior debta $ — +12% +11% Net senior debtb $ (165) $116 $111 $86 $84 Net senior de
Slide 52: Full year 2025 financial outlook
Full year 2025 financial outlook Financial metrics Outlook Total Revenues $1,461 million to $1,490 milliona or $1,481 million to $1,510 million in constant currency Subscriptions Revenues +10.5% to 12.5% in constant currency Perpetual Licenses Revenues Approximately flat in constant currency Service
Slide 54: KPI and non-GAAP definitions
KPI and non-GAAP definitions This presentation includes certain KPIs and non-GAAP financial measures, which are defined herein. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are included in our Form 8-K (Quarterly Earnings Release) announcin
Slide 55: KPI and non-GAAP definitions
KPI and non-GAAP definitions 6. Annualized Recurring Revenues (“ARR”). Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenues as of the last day of the reporting period, and the annualized value of the last three months of recognized reven
Slide 56: Adjusted EBITDA
Adjusted EBITDA 11 Reconciliation of cash flows from operations to Adjusted EBITDA11 Last twelve months Last twelve months 25Q3 $ in millions $ in thousands $505 $466 Cash flow from operations $ 478,508 +8% Cash interest 10,916 Cash taxes 58,530 Cash deferred compensation plan distributions 3,766 Ca
Slide 57: Constant currency
Constant currency 1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency Three months ended September 30, 2025 Three months ended September 30, 2024 $ in thousands Impact of foreign Constant Impact of foreign Constant Actual Ac
Slide 58: Free Cash Flow
Free Cash Flow 13 Reconciliation of cash flows from operations to free cash flow Third quarter Year-to-date Last twelve months $ in thousands September 30 September 30 September 30 2025 2024 2025 2024 2025 2024 Cash flows from operations $ 116,376 $ 86,105 $ 396,876 $ 353,660 $ 478,508 $ 440,713 Pur

Bentley Systems — Q3 2025 Earnings Presentation on 6ix

Bentley Systems — Q3 2025 Earnings Presentation

Slide 1: Bentley Systems Third Quarter 2025 Results

Slide 2: Agenda

Slide 3: Disclaimer

Slide 4: Perspectives from the Executive Chair, Greg Bentley

Slide 5: 2025 Year in Infrastructure (2025YII) press releases

Slide 6: yii.bentley.com/projects/

Slide 7: © 2025 Bentley Systems, Incorporated. All rights reserved.

Slide 8: Revenue breakout by market

Slide 9: Servers over suites: AI spend is rewiring engineering & construction

Slide 10: Profit margins vs. organic growth

Slide 11: Strong real organic growth – GDP+ industry

Slide 12: Support function costs since 2019—Margin improvement not due to cost cutting!

Slide 13: AI implementation and budget survey participants

Slide 14: Artificial Intelligence implementation

Slide 15: Outpacing the competition: the impact of faster AI adoption

Slide 16: AI implementation spend and budget

Slide 17: Outpacing the competition: the impact of faster AI adoption

Slide 18: The Impact of Artificial Intelligence on the Built Environment

Slide 19: Impact of AI on current business model

Slide 20: Bentley Systems Consumption

Slide 21: Perspectives from the CEO, Nicholas Cumins

Slide 22: October 15–16 | Amsterdam, Netherlands

Slide 23: Cesium and Google Geo data in MicroStation 2025

Slide 24: © 2025 Bentley Systems, Incorporated. All rights reserved.

Slide 25: © 2025 Bentley Systems, Incorporated. All rights reserved.

Slide 26: Artificial Intelligence Implementation

Slide 27: Context for infrastructure AI

Slide 28: Bentley Infrastructure Cloud

Slide 29: Context for infrastructure AI

Slide 30: Hyundai Engineering

Slide 31: Aquawolf, SABESP, GeoStuXer, SIDRI

Slide 32: infrastructure.ai

Slide 33: Bentley Systems Advances Infrastructure AI with New Applications and Industry Collaboration

Slide 34: OpenSite+ Substation+ SYNCHRO+

Slide 35: OpenRoads

Slide 36: ProjectWise

Slide 37: © 2025 Bentley Systems, Incorporated. All rights reserved.

Slide 38: Primary concerns of adopting artificial intelligence

Slide 39: yii.bentley.com/

Slide 40: YoY ARR growth

Slide 41: YoY LTM recurring revenues dollar-based net retention rate (NRR)

Slide 42: ARR by account size

Slide 43: Virtuosity ARR

Slide 44: Tone of business by infrastructure sector

Slide 45: Tone of business by geographic region

Slide 46: Perspectives from the CFO, Werner Andre

Slide 47: Revenue performance

Slide 48: Recurring revenue performance

Slide 49: Recurring revenue performance

Slide 50: Profitability performance

Slide 51: Liquidity and capital structure

Slide 52: Full year 2025 financial outlook

Slide 53: Appendix

Slide 54: KPI and non-GAAP definitions

Slide 55: KPI and non-GAAP definitions

Slide 56: Adjusted EBITDA

Slide 57: Constant currency

Slide 58: Free Cash Flow

Slide 59: © 2025 Bentley Systems, Incorporated. All rights reserved.