Slide 1: BSY second quarter 2026 results
BSY second quarter 2026 results August 6, 2026 © 2026 Bentley Systems, Incorporated. All rights reserved. 1
Slide 2: Agenda
Agenda 01 Perspectives from the Executive Chair 02 Perspectives from the CEO 03 Perspectives from the CFO 04 Q&A © 2026 Bentley Systems, Incorporated. All rights reserved. 2
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 4: Perspectives from the Executive Chair, Greg Bentley
01 Perspectives from the Executive Chair, Greg Bentley © 2026 Bentley Systems, Incorporated. All rights reserved. 4
Slide 5: Bentley's AI solutions for infrastructure
Bentley’s AI solutions for infrastructure We are developing AI capabilities across our product portfolio – as well as instrumenting our applications to support our accounts’ AI-driven workflows. Bentley Infrastructure Cloud AI to harness an account's project and asset data across the infrastructure
Slide 6: Growth initiative #1 - E365 | Enterprise accounts
Growth initiative #1 - E365 | Enterprise accounts Accretion in enterprise accounts Project delivery firms Owner-operators E365 as % total ARR6 2025 – 46% 2024 – 45% 2023 – 41% 2022 – 35% >100 accounts >$1M/year >$1M/year >100 accounts 2021 – 29% E365 Prospects 2020 – 25% >240 accounts $250K-$1M/year
Slide 7: ENR Top Global Design Firms (ex-China)
ENR Top Global Design Firms (ex-China) 470 $414M firms in BSY ARR $198B design billings © 2026 Bentley Systems, Incorporated. All rights reserved. 7
Slide 8: Enterprise accounts BSY ARR breakout
Enterprise accounts BSY ARR breakout Project delivery firms Owner-operators >100 accounts >$1M/year >$1M/year >100 accounts $250K-$1M/year $250k-$1M/year >240 accounts >360 accounts $100-$250K/year $100-$250K/year >480 accounts <$100K/year >540 accounts “SMB” <$100K/year © 2026 Bentley Systems, Inco
Slide 9: Bentley Infrastructure 500 Top Owners ranking
Bentley Infrastructure 500 Top Owners(BI500) ranking Infrastructure Value* Headquarters Rank Owner (millions USD) Country 1 UNITED STATES GOVERNMENT 566,300 United States 2 SAUDI ARAMCO 398,485 Saudi Arabia 3 EXXONMOBIL 294,318 United States 4 NATIONAL HIGHWAYS (ENGLAND) 253,030 United Kingdom 5 AMA
Slide 10: Bentley Infrastructure Top Owners: Owner-Operator Markets
Bentley Infrastructure 500 Top Owners (BI500) Owner-Operator Markets BI500 Top Owners net assets Bentley Infrastructure 500 Top Owners manage $21 Trillion in net assets globally (excluding Russia). © 2026 Bentley Systems, Incorporated. All rights reserved. 10
Slide 11: Bentley Infrastructure Top Owners by sector
Bentley Infrastructure 500 Top Owners By sector Commercial / Facilities Resources Public Works / Utilities 500 Industrial Top Owners $21T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 11
Slide 12: Bentley Infrastructure Top Owners by region
Bentley Infrastructure 500 Top Owners By region APAC Americas 500 EMEA Top Owners $21T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 12
Slide 13: Owner-Operator Markets: market share
Bentley Infrastructure 500 Top Owners (BI500) Owner-Operator Markets BI500 Top Owners Market Share net assets (ex-China): Bentley Infrastructure 500 Bentley accounts manage Top Owners manage $21 over 80% of net assets Trillion in net assets globally (excluding Russia). Bentley accounts manage 90% of
Slide 14: Bentley Infrastructure Top Owners by region (China)
Bentley Infrastructure 500 Top Owners By region (China) APAC Americas 43 EMEA China Top Owners $1.8T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 14
Slide 15: Top Owners (ex-China) BSY accounts
Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts Commercial / Facilities 346 BSY Top Owners $15.5T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 15
Slide 16: Owner-Operator Markets: adoption of Bentley Infrastructure Cloud
Bentley Infrastructure 500 Top Owners (BI500) Owner-Operator Markets BI500 Top Owners Market share Adoption of Bentley net assets (ex-China): Infrastructure Cloud Bentley Infrastructure 500 Bentley accounts manage 153 ex-China Top Top Owners manage $21 over 80% of net assets Owners already adopted T
Slide 17: Top Owners (ex-China) BSY accounts: Infrastructure Cloud
Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts Commercial / Facilities 153 BSY Bentley Top Owners Infrastructure Cloud $8.4T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 17
Slide 18: Top Owners (ex-China) BSY accounts
Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts 346 Top Owner accounts (ex-China) representing $15.5T of net infrastructure assets • spend annually over $330MM in run rate with BSY • averaging about $1 million/year for those not in the Commercial / Facilities sector • or on average $21
Slide 19: Top Owners (ex-China) BSY accounts run rate
Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts Commercial / Facilities ~$21 run rate per million dollars of the net infrastructure assets 346 BSY $330M Top Owners in BSY run rate $15.5T © 2026 Bentley Systems, Incorporated. All rights reserved. net infrastructure assets 19
Slide 20: LTM free cash flow
LTM free cash flow 14 600 14.7% $Millions 500 CAGR FCF14 400 300 200 $498M 100 0 22Q2 23Q2 24Q2 25Q2 26Q2 FCF14 26Q2 LTM FCF14 14 See appendix © 2026 for KPIIncorporated. Bentley Systems, and non-GAAP definitions All rights reserved. 20
Slide 21: LTM free cash flow less operating stock-based compensation
LTM free cash flow less operating stock-based compensation15 600 $Millions 500 400 300 200 100 0 22Q2 23Q2 24Q2 25Q2 26Q2 FCF less operating SBC15 Operating SBC 15 See appendix © 2026 for KPI Incorporated. Bentley Systems, and non-GAAP definitions All rights reserved. 21
Slide 22: LTM free cash flow less operating stock-based compensation
LTM free cash flow less operating stock-based compensation15 600 16.7% $Millions 500 CAGR FCF less operating SBC15 400 300 $426M 200 100 0 22Q2 23Q2 24Q2 25Q2 26Q2 26Q2 LTM FCF less FCF less operating SBC15 operating SBC15 15 See appendix © 2026 for KPI Incorporated. Bentley Systems, and non-GAAP de
Slide 23: Share Repurchases
Share Repurchases 100 60 $Millions 90 50 80 70 40 3.1M 60 50 30 40 20 30 shares repurchased during 26Q2 QTD at average price of 20 10 10 $31.72 0 0 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Repurchase expenditure $ Average price © 2026 Bentley Systems, Inco
Slide 24: Fully-diluted share count
Fully-diluted share count 350 -1.0% Millions 300 250 CAGR 200 150 319M 100 50 0 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q2 diluted weighted Fully-diluted share count Convertibles average shares © 2026 Bentley Systems, Incorporated. All rights reserved.
Slide 25: Perspectives from the CEO, Nicholas Cumins
02 Perspectives from the CEO, Nicholas Cumins © 2026 Bentley Systems, Incorporated. All rights reserved. 25
Slide 26: Infrastructure AI initiative
Infrastructure AI initiative YII 2025 - Amsterdam © 2026 Bentley Systems, Incorporated. All rights reserved. 26
Slide 27: Better together
Better together Bentley Open Applications Your AI assistant of choice MCP • Deterministic engines • Probabilistic engines • De facto standards • Natural language processing • Integrated across infrastructure value chains • High-level reasoning • Perform modeling, analysis, simulation • Break problem
Slide 28: Here and now
Here and now MCP servers available now MCP servers coming soon STAAD OpenSite+ RAM SACS Bentley Open Applications MicroStation PLS-GRID ADINA OpenFlows PLS-POLE PLS-TOWER OpenRoads OpenRail Bentley Infrastructure Cloud ProjectWise AssetWise Technology Platform Seequent EVO iTwin IoT Cesium ion And m
Slide 29: The art of the possible
The art of the possible © 2026 Bentley Systems, Incorporated. All rights reserved. 29
Slide 30: YoY ARR growth rate
YoY ARR growth rate 8 12% YoY constant currency business performance 14 (%) 13 14% 12% 12 12% YoY ARR8 11 10 10% 9 8 8% 7 6% 6 5 4% 4 2% 3 2 0% 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 1 - ©See 8 appendix 2026 f
Slide 31: YoY net retention rate
YoY net retention rate 5 109% YoY constant currency business performance 14 (%) 13 111% 12% 12 110% YoY NRR5 11 10 109% 9 8 108% 7 107% 6 5 106% 4 105% 3 2 104% 1 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 - ©See
Slide 32: Tone of business by infrastructure sector
Tone of business by infrastructure sector Resources fastest growing sector Commercial / Facilities Industrial Public Works / Resources Utilities Note: Chart segment sizing corresponds to underlying % of 26Q2 Sector-attributable ARR6 ©See 6 appendix 2026 for KPI and Bentley Systems, non-GAAP Incorpor
Slide 33: Tone of business by geographic region
Tone of business by geographic region Strong growth across all 3 regions Americas EMEA Asia Pacific Strong U.S. growth supported by Strong renewals at major Strong growth led by Australia’s double-digit account backlogs accounts across the region. performance bounce-back, and robust public and priva
Slide 34: Bentley's electric grid offering
Bentley’s electric grid offering PLS Substation+ OpenUtilities SPIDA Talon Design and analysis of 3D physical design, GIS-integrated design, Structural loading AI-powered drone overhead transmission modeling, and layout of work order mgmt., and analysis and joint-use imagery and analytics and distri
Slide 35: Power Line Systems Select success stories
Power Line Systems Select success stories Exo Inc. Toth & Associates Grid tower stabilization solution prevents Transmission line project restores power to catastrophic power outage 1,500 people 18 days ahead of schedule Exo leverages digital twin technology to remediate Toth & Associates, an engine
Slide 36: Power Line Systems User conference
Power Line Systems User conference © 2026 Bentley Systems, Incorporated. All rights reserved. 36
Slide 37: Power Line Systems MCP servers
Power Line Systems MCP servers PLS-GRID Anthropic Claude MCP © 2026 Bentley Systems, Incorporated. All rights reserved. 37
Slide 38: Perspectives from the CFO, Werner Andre
03 Perspectives from the CFO, Werner Andre © 2026 Bentley Systems, Incorporated. All rights reserved. 38
Slide 39: Revenue performance
Revenue performance Second quarter June YTD $ in millions - Constant currency1 $ in millions - Constant currency1 $835 +13.6% (CC +12.1%) 45 +18.8% (CC +16.5%) $735 19 -10.6% (CC -12.2%) $411 +12.8% (CC +12.2%) 38 21 $364 22 +9.4% (CC +8.7%) 10 -4.8% (CC -6.0%) 20 10 771 +14.1% (CC +12.6%) 379 +13.6
Slide 40: Recurring revenue performance
Recurring revenue performance LTM recurring revenues3 LTM recurring revenue retention $ in millions - Constant currency1 $ in millions - Constant currency1 109% 110% 109% 110% 109% 109% 109% $1,486 $1,309 +13.5% (CC 11.8%) 98% 98% 98% 99% 99% 99% 99% LTM 25Q2 LTM 26Q2 2021 2022 2023 2024 2025 26Q1 2
Slide 41: Recurring revenue performance: ARR growth
Recurring revenue performance ARR growth7,8 ARR6 $ in millions - Constant currency1, YoY $1,536 million at 06/30/2026 spot rates 27% 26% 26% Business performance8 15% 13% 13% Impact from the onboarding of platform acquisitions 23% 13% Seequent 21Q2 to 22Q1 and Power Line 15% Systems 14% 14% 2.5% 22Q
Slide 42: Profitability performance
Profitability performance GAAP operating income AOI less operating SBC10 $ in millions $ in millions 30.8% AOI less operating 32.0% SBC margin11 AOI less operating SBC margin11 $257 $235 +9% $215 $200 +8% 28.3% 29.3% AOI less operating AOI less operating SBC margin11 SBC margin11 $116 $107 +9% $84 $
Slide 43: Liquidity and capital structure
Liquidity and capital structure Operating and Free cash flows14 26Q2 credit metrics $ in millions $ in millions Second quarter Year-to-date Last twelve months Cash $ 147 +17% +15% Senior debta $ 646 -6% -8% $523 $498 Net senior debtb $ 499 $448 $434 Net senior debt leveragec 0.9x +18% +12% $281 $265
Slide 44: Full year 2026 financial outlook
Full year 2026 financial outlook Financial metrics Outlook Total Revenues $1,685 million to $1,715 milliona (+11% to 13% in constant currency) Subscriptions Revenues +11% to 13% in constant currency Perpetual Licenses Revenues Approximately flat in constant currency Services Revenues +15% to 20% in
Slide 45: Appendix
Appendix © 2026 Bentley Systems, Incorporated. All rights reserved. 45
Slide 46: KPI and non-GAAP definitions
This presentation includes certain KPIs and non-GAAP financial measures, which are defined herein. Reconciliations of KPI and non-GAAP non-GAAP financial measures to their most directly comparable GAAP financial measures are included in our Form 8-K (Quarterly Earnings Release) announcing our quarte
Slide 47: KPI and non-GAAP definitions
This presentation includes certain KPIs and non-GAAP financial measures, which are defined herein. Reconciliations of KPI and non-GAAP non-GAAP financial measures to their most directly comparable GAAP financial measures are included in our Form 8-K (Quarterly Earnings Release) announcing our quarte
Slide 48: Constant currency
Constant currency1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency1 Three months ended June 30, 2026 Three months ended June 30, 2025 Impact of foreign Constant Impact of foreign Constant Actual Actual exchange at 2025 rat
Slide 49: AOI less Operating SBC
AOI less Operating SBC 10 Reconciliations of operating income to AOI less Operating SBC10 Three months ended June 30 Six months ended June 30 $ in thousands 2026 2025 2026 2025 Operating income $ 88,608 $ 84,430 $ 214,868 $ 199,614 Amortization of purchased intangibles 11,554 11,405 23,611 22,849 De
Slide 50: Adjusted EBITDA
Adjusted EBITDA 13 Reconciliation of cash flows from operating activities to Adjusted EBITDA13 Last twelve months Last twelve months 26Q2 $ in millions $ in thousands $555 $485 Cash flows from operating activities $ 522,885 +14% Cash interest 19,840 Cash taxes 57,580 Cash deferred compensation plan
Slide 51: Free Cash Flow and Free Cash Flow less Operating SBC
Free Cash Flow and Free Cash Flow less Operating SBC 14 15 Reconciliation of cash flows from operating activities to free cash flow14 and free cash flow less operating SBC15 Second quarter Year-to-date Last twelve months June 30 June 30 June 30 $ in thousands 2026 2025 2026 2025 2026 2025 Cash flows
Slide 52: © 2026 Bentley Systems, Incorporated. All rights reserved.
© 2026 Bentley Systems, Incorporated. All rights reserved. 52