Bentley Systems, Incorporated · NASDAQ:BSY
Bentley Systems — Q1 2026 Earnings Presentation
43 slides from Bentley Systems's earnings presentation, May 7, 2026
Slide 1: BSY First Quarter 2026 Results
BSY First Quarter 2026 Results May 7, 2026 1
Slide 2: Agenda
Agenda 01 Perspectives from the Executive Chair 02 Perspectives from the CEO 03 Perspectives from the CFO 04 Q&A 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 4
Slide 5: Bentley Systems: Leading Infrastructure AI
Bentley Systems: Leading Infrastructure AI AI enabled additive Unparalleled BSY strengths growth engines Unmatched market penetration: 40,000+ accounts across the entire infrastructure lifecycle The foundation: Dedicated focus: Software portfolio dedicated exclusively to infrastructure 42 years of t
Slide 6: Enterprise accounts
Enterprise accounts Project delivery firms Owner-operators 45% of our revenue from accounts spending >100 accounts >$1M/year >$1M/year >100 accounts >$1M per year ~2/3 $250K-$1M/year $250k-$1M/year >240 accounts >360 accounts $100- $100- $250K/year $250K/year of our revenue from accounts spending >4
Slide 7: 2025 Top 500 Design Firms: Design Market Shifts Overnight
enr.com April 23, 2025 enr.com August 6, 2025 2025 Top 500 Design Firms: 2025 ENR Top 225 International Design Market Shifts Overnight Design Firms: Global Innovation Demands Grow Rendering by HDR; courtesy of Ardurra Group Rendering courtesy of Dewan Architects + Engineers 7
Slide 8: ENR Top Global Design Firms
ENR Top Global Design Firms ENR Top Global ENR Top Global ENR Top Global Design Firms Design Firms with China Design Firms (ex-China) 639 global design firms 25 China firms 614 global design firms generated generated excluding China generated $280B $68B $212B in design billings in design billings in
Slide 9: ENR Top Global Design Firms
ENR Top Global Design Firms BSY accounts of ENR Top Global Design Firms (ex-China) 470 BSY accounts $414M generated in total ~$2,000 BSY ARR / per million dollars generated in BSY ARR of design billings $198B in design billings Source: ENR Top Global Design Firms 2025 - https://www.enr.com/ 9
Slide 10: ENR Top Global Design Firms
ENR Top Global Design Firms BSY accounts of ENR Top Global BSY accounts of ENR Top Global Design Firms (ex-China) Design Firms (ex-China) using ProjectWise Avg. 4 270 BSY accounts using ProjectWise among BSY’s top 10 products are used by generated $160B each of the 470 BSY accounts in design billing
Slide 11: BSY and Top Design Firms’ aligned incentives for AI transformation
BSY and Top Design Firms’ aligned incentives for AI transformation Design software is a factor of production, not overhead — it enables, captures, and delivers substantive engineering work alongside labor and computing Cutting software spend yields negligible margin improvement — a 20% reduction in
Slide 12: BSY and Top Design Firms’ aligned incentives for AI transformation
BSY and Top Design Firms’ aligned incentives for AI transformation Illustrative Design Firm economics Illustrative design billings net profit — baseline vs. AI-augmented comparison Before AI With AI Design billings: $1,000,000 100 % Design billings: $1,200,000 100 % Design software costs: $10,000 1%
Slide 13: Perspectives from the CEO, Nicholas Cumins
02 Perspectives from the CEO, Nicholas Cumins 13
Slide 14: Delivering AI capabilities across our portfolio
Delivering AI capabilities across our portfolio Bentley Bentley Bentley Open Applications Infrastructure Cloud Asset Analytics AI to optimize designs (e.g., OpenSite+) AI to search data across sources, including AI to automate inspections and structural engineering files (ProjectWise Enterprise Sear
Slide 15: Bentley Asset Analytics
Bentley Asset Analytics Leadership for the next level of scale Bryan Friehauf GM, Bentley Asset Analytics • Proven track record of scaling global enterprise software businesses • Deep domain expertise in infrastructure operations and maintenance • World-class experience with senior leadership roles
Slide 16: Bentley Open Applications
Bentley Open Applications Instrumenting for AI-driven workflows STAAD MCP* server Claude interacting on GitHub with STAAD * Model Context Protocol 16
Slide 17: YoY ARR growth rate
YoY ARR growth rate8 YoY constant currency business performance 14 (%) 13 11.5% 12 11 10 9 8 7 6 5 4 3 2 1 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 - 8 See appendix for KPI and non-GAAP definitions 17
Slide 18: YoY NRR
YoY NRR5 YoY constant currency business performance 1 1 1 (%) 110 109 108 107 106 105 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 104 5 See appendix for KPI and non-GAAP definitions 18
Slide 19: Virtuosity ARR
Virtuosity ARR6 Strong cross sell & upsell and another quarter of 600+ new logos 80 ($ in millions) 70 60 50 40 30 20 10 0 23Q2 25Q3 20Q2 23Q1 23Q3 23Q4 20Q3 20Q4 25Q2 25Q4 22Q3 22Q4 25Q1 26Q1 22Q2 22Q1 24Q2 21Q3 21Q4 24Q1 24Q3 24Q4 21Q1 21Q2 Note: All periods use exchange rates as of March 31, 2026
Slide 20: Tone of business by infrastructure sector
Tone of business by infrastructure sector Resources bolstered by improving mining fundamentals Commercial/Facilities Industrial Public Works/Utilities Resources Resources Note: Chart segment sizing corresponds to underlying % of 26Q1 Sector-attributable ARR6 6 See appendix for KPI and non-GAAP defin
Slide 21: Tone of business by geographic region
Tone of business by geographic region EMEA fastest growing region despite Middle East conflict Americas EMEA Asia Pacific Solid growth supported by Fastest growing region in Solid growth led by India stable public funding in the quarter, overcoming once again. transportation, electric grid, localize
Slide 22: Resources
Resources Second largest and fastest growing sector in 26Q1 Commercial/Facilities Industrial Public Works/Utilities Resources Resources Note: Chart segment sizing corresponds to underlying % of 26Q1 Sector-attributable ARR6 6 See appendix for KPI and non-GAAP definitions 22
Slide 23: Seequent
Seequent Understanding the underground th modeling and anal Ear ysis tatistics and geos Flo y olog ws Ge im ula tio n Mining Energy s Geophysic chnical Environment Geote Civil Da ta ma na gem ent a nd collaboration 23
Slide 24: Seequent Mining
Seequent Mining 9/10 of the world’s largest mining companies use Seequent software 24
Slide 25: Seequent Energy
Seequent Energy Seequent is used in more than 60% of the world's high-temperature geothermal electricity generation Image Credit: Flux Energy Solutions 25
Slide 26: Fervo Energy
Fervo Energy Cape Station Beaver County, Utah, USA Award Category Subsurface modeling and analysis Located in Beaver County, Utah, in close proximity to existing transmission lines and high-quality sources of geological data, Cape Station is expected to be the world's largest next-generation geother
Slide 27: Seequent Environment
Seequent Environment Groundwater supplies: ~50% of global domestic water and >40% of irrigation water 27
Slide 28: Bentley global events
Bentley global events Bentley Year in Infrastructure Bentley User Conference Singapore Toronto October 6-7, 2026 April 12 – 16, 2027 28
Slide 29: Perspectives from the CFO, Werner Andre
03 Perspectives from the CFO, Werner Andre 29
Slide 30: Revenue performance
Revenue performance First quarter Full year (As presented at our 25Q4 Results call) $ in millions - Constant currency1 $ in millions $1,685 - $1,715 $1,502 79 46 $424 +14.5% (CC +11.9%) +29.9% (CC +25.8%) $371 23 9 -16.1% (CC -18.0%) 17 11 1,685 1,377 392 +14.7% (CC +12.2%) 342 25Q1 26Q1 2025 2026 F
Slide 31: 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% $1,441 $1,273 +13.3% (CC 11.5%) 98% 98% 98% 99% 99% 99% 99% LTM 25Q1 LTM 26Q1 2021 2022 2023 2024 2025 25Q4 2
Slide 32: Recurring revenue performance
Recurring revenue performance ARR growth7,8 ARR6 $ in millions - Constant currency1, YoY $1,495 million at 27% 26% 26% 15% 03/31/2026 spot rates 13% 13% 23% 13% Business performance8 Seequent Impact from the onboarding of platform acquisitions 21Q2 to 22Q1 and Power Line 15% Systems 14% 14% 2.5% 22Q
Slide 33: Profitability performance
Profitability performance GAAP operating income AOI less operating SBC10 $ in millions $ in millions 33.2% AOI less operating 34.6% SBC margin11 AOI less operating SBC margin11 $141 $126 $115 $128 +10% +10% 25Q1 26Q1 25Q1 26Q1 10-11 See appendix for KPI and non-GAAP definitions 33
Slide 34: Liquidity and capital structure
Liquidity and capital structure Operating and Free cash flows14 $ in millions 26Q1 credit metrics $ in millions First quarter Last twelve months $512 Cash $ 105 $450 $436 $492 Senior debta $ 543 +14% +13% Net senior debtb $ 438 Net senior debt leveragec 0.8x $219 $193 $216 $188 Available revolver cr
Slide 35: 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 36: Appendix
Appendix 36
Slide 37: 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 38: 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 39: Constant currency
Constant currency1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency Three months ended March 31, 2026 Three months ended March 31, 2025 Impact of foreign Constant Impact of foreign Constant Actual Actual exchange at 2025 ra
Slide 40: AOI less Operating SBC
AOI less Operating SBC 10 Reconciliations of operating income to AOI less Operating SBC10 Three months ended March 31 $ in thousands 2026 2025 Operating income $ 126,260 $ 219,415 Amortization of purchased intangibles 12,057 11,444 Deferred compensation plan (1,074) (1,246) Acquisition expenses 3,68
Slide 41: Adjusted EBITDA
Adjusted EBITDA 11 Reconciliation of cash flows from operating activities to Adjusted EBITDA13 Last twelve months Last twelve months 26Q1 $ in millions $ in millions $541 $478 +13% Cash flows from operating activities $ 512,457 Cash interest 13,061 Cash taxes 57,719 Cash deferred compensation plan d
Slide 42: Free Cash Flow
Free Cash Flow 14 Reconciliation of cash flows from operating activities to free cash flow Three months ended Last Twelve Months March 31 March 31 $ in thousands 2026 2025 2026 2025 Cash flows from operating activities $ 193,408 $ 219,415 $ 512,457 $ 449,738 Purchases of property and equipment and i
Slide 43: Bentley
Bentley’