Bentley Systems, Incorporated · NASDAQ:BSY

Bentley Systems — Q3 2026 Earnings Presentation

51 slides from Bentley Systems's earnings presentation, Nov 5, 2026

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: Executive Chair quote on ARR growth and capital allocation
“ The progression throughout 2026 to date of BSY’s year-over-year ARR growth rate to 13%, exceeding our annual outlook range, reflects both the robustness of our focused end markets, and accounts’ confidence in our mutual trajectories for infrastructure AI. Complementing BSY’s stalwart operating exe
Slide 6: Enterprise accounts
Enterprise accounts Project delivery firms Owner-operators >100 accounts >$1M/year >$1M/year >100 accounts $250K-$1M/year $250k-$1M/year >240 accounts >360 accounts $100- $100- $250K/year $250K/year >480 accounts “SMB” >540 accounts <$100K/year <$100K/year More at each enterprise tier-- and spending
Slide 7: Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts
Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts Commercial / Facilities 346 BSY $330M Top Owners in BSY run rate $15.5T © 2026 Bentley Systems, Incorporated. All rights reserved. Net infrastructure assets 7
Slide 9: Top Owners: Public vs. private
Bentley Infrastructure 500 Top Owners (ex-China) Public vs. private Public Privately owned infrastructure assets represent a share 50% larger than publicly owned assets among the Top Owners, excluding China. Private BI 500 % of net assets. © 2026 Bentley Systems, Incorporated. All rights reserved. 9
Slide 10: BSY Enterprise Revenue by government level
BSY Enterprise Revenue * By government level Municipal State / Provincial BSY’s enterprise revenue demonstrates resilience through Federal diversified public/private exposure, with half of Public Works/Utilities revenue coming from the private project-delivery U.S. Federal supply chain supporting CA
Slide 11: Private financing of public works
BSY Enterprise Revenue * Private financing of public works Among public works at all The overriding objective is to Private infrastructure levels of government, the bulk avoid subjecting infrastructure financing is most often of infrastructure spending is investment to the tightening effectuated thr
Slide 12: Top Owners by sector
Bentley Infrastructure 500 Top Owners By sector BSY’s digital-twin opportunity in Commercial / infrastructure operations closely Facilities aligns with the BI500 Top Owners’ distribution of infrastructure asset value by sector Public Works / Utilities, Industrial, Resources Public Works / and Resour
Slide 13: Launch of The Cohesive Companies press release, 2020
Jul 13, 2020 Bentley Systems’ Acceleration Fund Announces Launch of The Cohesive Companies, Advancing Infrastructure Digital Twins to Improve Asset Performance Anchored by the Acquisition of Cohesive Solutions, Leading North American Integrator of IBM’s Maximo EXTON, Pa. – July 13, 2020 – Bentley Sy
Slide 14: Naviam agreement to acquire Cohesive from Bentley
Sep 7, 2026 Naviam Announces Definitive Agreement to Acquire Cohesive from Bentley Systems, Alongside Significant Growth Investment from Norwest LONDON, Sept. 7, 2026 /PRNewswire-PRWeb/ -- Naviam, the world-leading IBM Maximo partner, today announced it has entered into a definitive agreement to acq
Slide 15: Naviam by sector
Naviam By sector Other Commercial / Facilities Industrial Naviam distribution by sector mirrors BSY, led by Public Works / Utilities, then Resources Public works / Resources and Industrial. Utilities © 2026Chart Note: segment Bentley sizing Systems, corresponds Incorporated. to Naviam All rights ARR
Slide 16: Cohesive divestiture takeaways
Cohesive divestiture Takeaways BSY merged Cohesive into Naviam, Strategically, Naviam adds Bentley becoming a significant minority investor in Infrastructure Cloud and our iTwin technology this fast-growing, profitable, recurring- to its Maximo offerings, supported by its revenue business, now a ful
Slide 17: Increasing comprehensiveness across lifecycle
Increasing comprehensiveness across lifecycle… Enterprise systems Modeling engineering applications > SaaS and/or on-premises Asset > desktop > cloud-connected Analytics AssetWise SYNCHRO MicroStation Leapfrog* Performance Central* ProjectWise OpenBridge OpenRoads OpenBuildings OpenSite Simulation e
Slide 18: Increasing comprehensiveness across lifecycle: takeaways
Increasing comprehensiveness across lifecycle… Takeaways BSY’s footprint is still primarily The 346 (ex-China) BSY AI-enabled Asset Analytics is within CAPEX project delivery, accounts among BI500 Top now the BSY portfolio leaving significant potential to Owners use an average of six “keystone”-- po
Slide 21: AI Roadmap for Civil Engineering and State of the Industry report
The AI Roadmap for Application in Civil Engineering (AI RACE) The State of the Industry Report is AEC Advisors annual provides a framework for how civil engineers can responsibly comprehensive analysis on the latest financial performance; adopt artificial intelligence across the infrastructure lifec
Slide 22: Civil engineers as users and enablers of AI
Civil engineers are both users of AI and enablers who build the infrastructure it runs on; ASCE’s positions must hold both roles in balance, with the public interest first. Demand for infrastructure work is outpacing the supply of engineers, so AI is needed to extend the profession’s capacity, not o
Slide 23: AI & the talent shortage
AI & the talent shortage Capability AI is expected to benefit most over the next 18–24 months, % of firms in each size tier 1.9% 3.7% 7.3% 7.8% 9.1% 20.8% 20.4% 17.1% 27.3% 33.3% 8.3% 69.9% 75.6% 70.8% 63.6% 63.0% All firms <$25 mil $25 - $100 mil $100 - $500 mil >$500 mil Workflow automation Knowle
Slide 24: YII Awards 2026: reported use of AI in infrastructure projects
YII Awards 2026 Reported use of AI in infrastructure projects 31% 29% Operate 72% 21% Build Use of AI Use of AI through lifecycle 69% 44% Design Use of AI 28% 6% Plan All finalists All submissions Source: Bentley © 2026 Bentley Systems, Systems, YII AwardsAll2026, Incorporated. rights305 total submi
Slide 25: AYESA Engineering: Porto Metro 3.0
Bridges and tunnels AYESA Engineering Porto Metro 3.0: Optimizing tunnel design at scale Bentley software: Cesium, Leapfrog, OpenTunnel, PLAXIS 30% 4,500 lower design cost cubic meters of concrete avoided Images © credit: Systems, 2026 Bentley AYESA Engineering Incorporated. All rights reserved. 25
Slide 26: Here and now
Here and now Bentley Open Applications Bentley or 3rd party AI assistant 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 27: Human-AI Boundary Matrix
Human-AI Boundary Matrix This matrix makes the “what must remain human” lens practical. Engineers in each area of practice are invited to develop a practice-specific version. Human Assistive: AI recommends; Agentic: AI executes within limits; Autonomous: AI runs bounded functions; core function the
Slide 28: AI & the billing model
AI & the billing model Expected shift in billing over the next 3 to 5 years, % of firms in each size tier 3.7% 18.2% 16.7% 34.2% 44.4% 20.8% 45.5% 19.5% 25.9% 18.2% 62.5% 46.3% 25.9% 18.2% <$25 mil $25 - $100 mil $100 - $500 mil >$500 mil Significant shift Slight shift Unsure / under evaluation No c
Slide 29: Bentley's AI solutions for infrastructure
Bentley’s AI solutions for infrastructure Bentley Infrastructure Cloud AI to harness an account's project and asset data across the infrastructure lifecycle Bentley Open Applications Bentley Asset Analytics AI to create and optimize designs Project delivery Infrastructure Asset performance AI to gen
Slide 30: YoY ARR growth rate
YoY ARR growth rate 8 26Q3 YoY ARR growth8 13% YoY constant currency business performance 13% 14% 12% 10% 8% 6% 4% 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 26Q3 © 2026 Bentley Systems, Incorporated. All ri
Slide 31: YoY Net Revenue Retention rate
YoY Net Revenue Retention rate 5 26Q3 NRR5 110% YoY constant currency business performance 110% 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 26Q1 26Q2 26Q3 © 2026 Bentley Systems, Incor
Slide 32: Tone of business by infrastructure sector
Tone of business by infrastructure sector Resources remains our fastest growing sector Commercial / Facilities Industrial Public Works / Resources Utilities , © 2026Chart Note: segment Bentley sizing Systems, corresponds Incorporated. to underlying All rights reserved. % of 26Q3 Sector-attributable
Slide 33: Tone of business by geographic region
Tone of business by geographic region Strong growth led by Asia Pacific and Americas Americas EMEA Asia Pacific Accelerated growth across the Solid regional performance, Fastest-growing region overall, region, underpinned by robust anchored by strong renewal with broad-based momentum project backlog
Slide 35: Eliis: seismic interpretation
Eliis Seismic interpretation 3D PaleoScan model of the Groningen Field illustrating attic oil accumulations and key geological structures 3D view from PaleoScan showcasing recent 3D seismic interpretation in PaleoScan using advancements in seismic interpretation relative geological time to enhance s
Slide 38: Revenue performance
Revenue performance Third quarter September year-to-date $ in millions - Constant currency1 $ in millions - Constant currency1 $1,256 +13.2% (CC +12.3%) 67 +15.2% (CC +13.8%) $1,110 31 -1.6% (CC -2.5%) 58 $422 +12.2% (CC +12.7%) 32 +8.4% (CC +8.8%) $376 22 13 20 +15.7% (CC +16.1%) 11 1,158 +13.5% (C
Slide 39: 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% 110% $1,528 $1,350 +13.2% (CC 12.0%) 98% 98% 98% 99% 99% 99% 99% 99% LTM 25Q3 LTM 26Q3 2021 2022 2023 2024 20
Slide 40: Recurring revenue performance: ARR growth
Recurring revenue performance ARR growth 7,8 ARR6 $ in millions - Constant currency1, YoY $1,583 million at 09/30/2026 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% 22
Slide 41: Profitability performance
Profitability performance GAAP operating income AOI less operating SBC10 $ in millions $ in millions 31.2% 30.7% AOI less operating AOI less operating SBC margin11 $337 SBC margin11 $392 $284 $341 +19% +15% 32.1% AOI less operating 28.1% SBC margin11 AOI less operating SBC margin11 $135 $123 $106 +2
Slide 42: Liquidity and capital structure
Liquidity and capital structure Operating and Free cash flows14 26Q3 credit metrics $ in millions $ in millions Third quarter Year-to-date Last twelve months Cash $ 151 +8% Senior debta $ 590 +6% -6% -8% $479 $516 $460 $489 Net senior debtb $ 439 $397 -6% $374 $384 $353 Net senior debt leveragec 0.7
Slide 43: Full year 2026 financial outlook (updated)
Full year 2026 financial outlook (updated) ARR growth outlook raised; revenue reflects the Cohesive divestiture; profit and cash flow outlook maintained Prior outlook Updated outlook Change ARR growth, ex-Cohesive 10.5% – 12.5% 12.5% – 13.5% +150bps at midpoint; organic momentum, M&A ARR growth, rep
Slide 45: 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 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: Constant currency
Constant currency1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency1 Three months ended September 30, 2026 Three months ended September 30, 2025 Impact of foreign Constant Impact of foreign Constant Actual Actual $ in thous
Slide 48: AOI less Operating SBC
AOI less Operating SBC 10 Reconciliations of operating income to AOI less Operating SBC10 Three months ended September 30 Nine months ended September 30 $ in thousands 2026 2025 2026 2025 Operating income $ 122,623 $ 84,497 $ 337,491 $ 284,1 1 1 Amortization of purchased intangibles 9,789 11,339 33,
Slide 49: Adjusted EBITDA
Adjusted EBITDA 13 Reconciliation of cash flows from operating activities to Adjusted EBITDA13 Last twelve months Last twelve months 26Q3 $ in millions $ in thousands $586 Cash flows from operating activities $ 515,943 $505 Cash interest 27,431 +16% Cash taxes 61,321 Cash deferred compensation plan
Slide 50: 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 Third quarter Year-to-date Last twelve months September 30 September 30 September 30 $ in thousands 2026 2025 2026 2025 2026 2

Bentley Systems — Q3 2026 Earnings Presentation on 6ix

Bentley Systems — Q3 2026 Earnings Presentation

Slide 1: BSY third quarter 2026 results

Slide 2: Agenda

Slide 3: Disclaimer

Slide 4: Perspectives from the Executive Chair, Greg Bentley

Slide 5: Executive Chair quote on ARR growth and capital allocation

Slide 6: Enterprise accounts

Slide 7: Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts

Slide 8: Top infrastructure owners link

Slide 9: Top Owners: Public vs. private

Slide 10: BSY Enterprise Revenue by government level

Slide 11: Private financing of public works

Slide 12: Top Owners by sector

Slide 13: Launch of The Cohesive Companies press release, 2020

Slide 14: Naviam agreement to acquire Cohesive from Bentley

Slide 15: Naviam by sector

Slide 16: Cohesive divestiture takeaways

Slide 17: Increasing comprehensiveness across lifecycle

Slide 18: Increasing comprehensiveness across lifecycle: takeaways

Slide 19: Perspectives from the CEO, Nicholas Cumins

Slide 20: YII Awards 2026

Slide 21: AI Roadmap for Civil Engineering and State of the Industry report

Slide 22: Civil engineers as users and enablers of AI

Slide 23: AI & the talent shortage

Slide 24: YII Awards 2026: reported use of AI in infrastructure projects

Slide 25: AYESA Engineering: Porto Metro 3.0

Slide 26: Here and now

Slide 27: Human-AI Boundary Matrix

Slide 28: AI & the billing model

Slide 29: Bentley's AI solutions for infrastructure

Slide 30: YoY ARR growth rate

Slide 31: YoY Net Revenue Retention rate

Slide 32: Tone of business by infrastructure sector

Slide 33: Tone of business by geographic region

Slide 34: Seequent

Slide 35: Eliis: seismic interpretation

Slide 36: Seequent markets: Oil & Gas, Mining, New Energy, Civil

Slide 37: Perspectives from the CFO, Werner Andre

Slide 38: Revenue performance

Slide 39: Recurring revenue performance

Slide 40: Recurring revenue performance: ARR growth

Slide 41: Profitability performance

Slide 42: Liquidity and capital structure

Slide 43: Full year 2026 financial outlook (updated)

Slide 44: Appendix

Slide 45: KPI and non-GAAP definitions

Slide 46: KPI and non-GAAP definitions

Slide 47: Constant currency

Slide 48: AOI less Operating SBC

Slide 49: Adjusted EBITDA

Slide 50: Free Cash Flow and Free Cash Flow less Operating SBC

Slide 51: © 2026 Bentley Systems, Incorporated. All rights reserved.