Slide 1: Full Year 2025 Results
Full Year 2025 Results BELYSSE itC = modulyss| CC ercedition «= BENTLEY
Slide 2: Disclaimer
Disclaimer In considering any performance information contained herein, you should bear in mind that past or projected performance is not necessarily indicative of future results, and there can be no assurance that any entity referenced herein will achieve comparable results or that illustrative ret
Slide 3: Introduction
Introduction 1. Full Year 2025 Financial Summary 2. Financial Review 3. Beyond Update 4. Conclusion 5. Q&A James Neuling Andy Rogiest Chief Executive Officer Chief Financial Officer 3
Slide 4: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary (7.1)% (9.3)% organic • FY 2025 Consolidated Revenue of €254.2m YoY Revenue • Revenue growth by division: growth • US (7.0)% (2.2)% (consolidated) • Europe (12.2)% FX impact (15.7)% (19.0)% organic • FY 2025 Consolidated Adjusted EBITDA of €34.4m YoY Adj. EBITDA • US
Slide 5: Financial Review
Financial Review
Slide 6: Group Revenue
Full Year 2025 Group Revenue • FY25 consolidated Group Revenue was €254.2m. €m • In US, Revenue of €143.7m was 7% lower than prior year. The decline was volume driven and due to unfavourable USD translation, and was partially offset by increased average selling prices. • In Europe, Revenue decreased
Slide 7: Group Adjusted EBITDA
Full Year 2025 Group Adjusted EBITDA Adj. EBITDA Margin (%) • FY25 Adjusted EBITDA was €34.4m and Adjusted EBITDA margin was 13.5%. 15.1% 13.5% • US Adjusted EBITDA was €29.9m in FY25 with €m improved Adjusted EBITDA margin of 20.8%. At constant exchange rate, the Adjusted EBITDA was 2.3% lower than
Slide 8: Cash Flow
Full Year 2025 Cash Flow • Cash at the end of 2025 was at €34.5m. • The Adjusted EBITDA of €34.4m and €7.1m decrease in Trade Working Capital (TWC) was partly offset by unfavorable changes in Other Working Capital (OWC) €4.6m • During the year, €3.1m of Net Income Tax was paid, €10.0m on Capital Exp
Slide 9: Leverage Stands at 4.2x
Leverage1 stands at 4.2x, excluding IFRS 16 lease liabilities Reported Adjusted EBITDA (€m) • Net Debt at the end of the period was €128.6m (including €19.6m related to IFRS16 lease liabilities • Net Leverage increased to 4,2x versus 3,1x at the end of 2024. • Total available liquidity (including he
Slide 10: BEYOND Update
BEYOND update
Slide 11: Sustainability through Innovation
Sustainability through Innovation • Total scope 1 and 2 CO2 emissions per m² produced of 0.9 kg, a 23% decrease versus the 2018 baseline, increasing the share of certified recycled content from 33,4% in 2024 to 36.4% in 2025. We launched several initiatives, including technical modifications to redu
Slide 12: Lean Program Savings
Our Lean program delivered €1.7m savings in 2025. Savings since the start in 2022 are 16% above target. As a reminder: objective of this Lean program is to deliver €8m cumulative savings over a 8.0 4-year period (2022 – 2025). 1.7 FY25 results amount to €1.7m P&L savings, against a target of €1.5m.
Slide 13: Agility
Agility o We are continuously working to further improve our delivery performance and service level to our customers, at the same time managing our end-to-end inventory: o Our Fast Track quick-ship program at Bentley, designed for maximum flexibility and expedited delivery to the client, covers a wi
Slide 14: Conclusion
Conclusion 14 • FY25 Consolidated Revenue was €254.2m and Adjusted EBITDA was to €34.4m, resulting in an Adjusted EBITDA margin of 13.5%. • Bentley Mills, our US division, realized for the full year 2025 a Revenue of €143.7m. The decline was volume driven and due to unfavourable USD translation, whi
Slide 15: Q&A Session
Q&A Session Next Scheduled Event Q1 2026 trading update April 2026