Slide 1: Fourth quarter and full year 2025 results and 2026 financial outlook
BSY fourth quarter and full year 2025 results and 2026 financial outlook February 26, 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: Perspectives from the Executive Chair
Perspectives from the Executive Chair ⁃ BSY’s (financial) fundamentals © 2026 Bentley Systems, Incorporated. All rights reserved. 5
Slide 6: ARR growth rate
ARR growth rate8 Y/Y constant currency, business performance (%) 14 12 10 8 6 4 2 - 2022 2023 2024 2025 ARR6 excluding ARR6 onboarded with (only) platform acquisitions Onboarded with programmatic acquisitions U.S. inflation rate © 6-82026 Bentley Systems, See appendix for KPIIncorporated. and non-GA
Slide 7: AOI less SBC
AOI less SBC9 600 $ Millions 500 28.6% 400 27.5% AOI less SBC9 300 26.4% CAGR of 16.2% 24.9% 200 % Margin for 100 AOI less SBC9 0 2022 2023 2024 2025 AOI less SBC9 Stock-based comp ("SBC") expense © 2026 9See Bentley Systems, appendix Incorporated. for KPI and non-GAAP Alldefinitions rights reserved
Slide 8: Free cash flow
FREE cash flow13 600 $ Millions 500 35% % 400 Margin for FREE cash flow13 300 200 100 0 2022 2023 2024 2025 Free cash flow13 © 2026 13See Bentley Systems, appendix Incorporated. for KPI and non-GAAP All rights reserved. definitions 8
Slide 9: Truly free cash flow
TRULY free cash flow13 600 $ Millions 500 30% % 400 Margin for FCF13 less SBC 300 200 100 0 2022 2023 2024 2025 FCF13 less SBC Stock-based compensation © 2026 13See Bentley Systems, appendix Incorporated. for KPI and non-GAAP All rights reserved. definitions 9
Slide 10: Fully-diluted share count
Fully-diluted share count 350 Millions 300 250 200 150 100 50 0 2022 2023 2024 2025 2025 2025PF Proforma Total Diluted Diluted Share Count 2026 convertibles 2027 convertibles © 2026 Weighted Notes: Bentley Systems, averageIncorporated. All rights diluted full-year reserved. share count as reported i
Slide 11: Net debt leverage
Net debt leverage 5 4 3 2 1 0 2022 2023 2024 2025 Net debt leveraged Notes: YTD net debt leverage including convertible notes as reported in the 10-K dNet debt leverage is net senior debt plus $1,253M of convertible notes divided by LTM adjusted EBITDA11 © 2026 11See Bentley Systems, appendix Incorp
Slide 12: Perspectives from the Executive Chair
Perspectives from the Executive Chair ⁃ BSY’s (financial) fundamentals ⁃ Infrastructure engineering’s (industry) fundamentals © 2026 Bentley Systems, Incorporated. All rights reserved. 12
Slide 13: Increasing comprehensiveness across lifecycle
Increasing comprehensiveness across lifecycle… Performance Delivery Modeling Simulation Note: Chart segment sizing corresponds to underlying % of 25Q3 ARR6 © 2026 6See Bentley Systems, appendix Incorporated. for KPI and non-GAAP Alldefinitions rights reserved. 13
Slide 14: Infrastructure Engineering's Industry Fundamentals
Infrastructure Engineering’s Institutional impediments (Industry) Intrinsic immersion Fundamentals © 2026 Bentley Systems, Incorporated. All rights reserved. 14
Slide 15: Intrinsic immersion
Intrinsic immersion Bentley Infrastructure Cloud Gaussian Splats via Cesium ion Microstation, Cesium Substation+ Multi-User Data source Data source Data source DPR Construction DPR Construction DPR Construction OpenBridge Designer, OpenBridge Modeler, OpenRoads Bentley Infrastructure Cloud, iTwin Ca
Slide 16: Infrastructure Engineering's Industry Fundamentals
Institutional impediments Infrastructure Engineering’s Intrinsic immersion (Industry) IP importance Fundamentals Incentive implications © 2026 Bentley Systems, Incorporated. All rights reserved. 16
Slide 17: Perspectives from the Executive Chair
Perspectives from the Executive Chair ⁃ BSY’s (financial) fundamentals ⁃ Infrastructure engineering’s (industry) fundamentals ⁃ Optimized infrastructure engineering! ⁃ AI-agent-automated A(P)I consumption © 2026 Bentley Systems, Incorporated. All rights reserved. 17
Slide 18: Bentley Systems consumption
Attended Consumption… Bentley Systems CONSUMPTION + A(P)I consumption + Asset Consumption © 2026 Bentley Systems, Incorporated. All rights reserved. 18
Slide 19: Perspectives from the Executive Chair
Perspectives from the Executive Chair ⁃ BSY’s (financial) fundamentals ⁃ Infrastructure engineering’s (industry) fundamentals ⁃ Optimized infrastructure engineering! ⁃ AI-agent-automated A(P)I consumption ⁃ Asset Analytics! ⁃ Asset consumption © 2026 Bentley Systems, Incorporated. All rights reserve
Slide 20: Increasing comprehensiveness across lifecycle
Increasing comprehensiveness across lifecycle… Asset Analytics Performance Delivery Modeling Simulation © 2026Chart Note: Bentley Systems, segment Incorporated. sizing All rights corresponds reserved. % of the revenue of last twelve months ending December 31, 2025 to underlying 20
Slide 21: OpenTower iQ
OpenTower iQ © 2026 Bentley Systems, Incorporated. All rights reserved. 21
Slide 22: Hawaii Department of Transportation creates safer roads
Hawaii Department of Transportation creates safer roads with Bentley Systems’ asset analytics solution January 7, 2026 Bentley’s Blyncsy solution uses AI to help the Hawaii Department of Transportation spot roadway damage faster, prioritize repairs, and keep drivers safe Bentley Systems announced it
Slide 23: Alabama Department of Transportation enhances budgeting
Alabama Department of Transportation enhances performance-based budgeting with Bentley Systems’ AI-powered Blyncsy solution February 5, 2026 ALDOT leverages Blyncsy to improve statewide asset surveys and strengthen data-driven maintenance planning Bentley Systems announced the Alabama Department of
Slide 24: Bentley Systems acquires Talon Aerolytics and Pointivo Technology
Bentley Systems acquires Talon Aerolytics, and Pointivo Technology, for asset analytics leadership January 5, 2026 Deals closed in December add significant scale for Asset Analytics Bentley Systems announced the acquisitions of Talon Aerolytics and the technology and technical expertise of Pointivo.
Slide 25: © 2026 Bentley Systems, Incorporated. All rights reserved.
© 2026 Bentley Systems, Incorporated. All rights reserved. 25
Slide 26: Automated pole load analysis powered by AI
Automated pole load analysis powered by AI © 2026 Bentley Systems, Incorporated. All rights reserved. 26
Slide 27: Perspectives from the CEO, Nicholas Cumins
Agenda 02 Perspectives from the CEO, Nicholas Cumins © 2026 Bentley Systems, Incorporated. All rights reserved. 27
Slide 28: Bentley Systems product portfolio
Bentley Systems product portfolio Bentley Infrastructure Cloud Connecting data and people across the lifecycle Bentley Open Applications Bentley Asset Analytics Creating and optimizing engineering designs Project Delivery Asset Performance Optimizing asset reliability and resilience Seequent ® Model
Slide 29: Comprehensive approach to Infrastructure AI
Comprehensive approach to Infrastructure AI Leverage AI to… Contribute to AI… ⁃ Automate interaction with applications Bentley Open Applications ⁃ Automate time-consuming design tasks ⁃ Engineering validation and optimization ⁃ Optimize entire designs ⁃ Detect features of existing assets in Bentley
Slide 30: Bentley's commitment to data stewardship in the age of AI
Bentley’s commitment to data stewardship in the age of AI Patrick Noctor, Bentley global data protection officer October 14, 2025 Artificial intelligence (AI) is transforming the way infrastructure is designed, built, and operated—and software from Bentley Systems is at the forefront of this change.
Slide 31: High-level advocacy efforts for Infrastructure AI
High-level advocacy efforts for Infrastructure AI © 2026 Bentley Systems, Incorporated. All rights reserved. 31
Slide 32: YoY ARR growth rate
YoY ARR growth rate8 YoY constant currency business performance 14 (%) 13 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 © 2026 8See Bentley Systems, appendix Incorporated. for KPI and non-GAAP Alld
Slide 33: YoY LTM recurring revenues dollar-based net retention rate
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 © 2026 5See Bentley Systems, ap
Slide 34: Virtuosity ARR
Virtuosity ARR 6 Sixteenth consecutive quarter of at least 600 new logos 80 ($ in millions) 70 60 50 40 30 20 10 0 23Q1 23Q2 23Q3 23Q4 25Q3 25Q4 20Q2 20Q3 20Q4 22Q1 22Q2 22Q3 25Q1 25Q2 22Q4 21Q1 21Q2 21Q3 21Q4 24Q1 24Q2 24Q3 24Q4 Note: All periods use exchange rates as of December 31, 2025. Data at
Slide 35: Tone of business by infrastructure sector
Tone of business by infrastructure sector Consistent trends with Resources fastest-growing, followed by Public Works/Utilities Commercial/Facilities Industrial Public Works/Utilities 25Q4 ARR6 Resources Resources Note: Chart segment sizing corresponds to underlying % of 25Q4 Sector-attributable ARR6
Slide 36: Tone of business by geographic region
Tone of business by geographic region Broad-based strength continues across Americas and EMEA Americas EMEA ASIA PACIFIC Strong growth underpinned by stable Exceptional growth in Middle East, Solid growth in India; long-term public funding for infrastructure, investment shifting towards our core out
Slide 37: Perspectives from the CFO, Werner Andre
Agenda 03 Perspectives from the CFO, Werner Andre © 2026 Bentley Systems, Incorporated. All rights reserved. 37
Slide 38: Revenue performance
Revenue performance Fourth quarter Full year $ in millions - Constant currency1 $ in millions - Constant currency1 $1,502 +11% (CC +10%) 79 -6% (CC -7%) $1,353 46 0% (CC 0%) 84 46 $392 +12% (CC +10%) $350 21 +4% (CC +2%) 14 0% (CC -2%) 20 14 1,377 +13% (CC +12%) 1,223 357 +13% (CC +11%) 316 24Q4 25Q
Slide 39: Recurring revenue performance
Recurring revenue performance LTM recurring revenues3 LTM recurring revenue retention $ in millions - Constant currency1 $ in millions - Constant currency1 , YoY 110% 109% 110% 110% 109% 109% 109% 107% 109% $1,391 $1,238 +12% (CC +12%) 98% 98% 98% 98% 99% 99% 99% 99% 99% LTM 24Q4 LTM 25Q4 2020 2021
Slide 40: Recurring revenue performance
Recurring revenue performance ARR growth7,8 ARR6: $1,462 million at 12/31/2025 spot rates $ in millions - Constant currency1 , YoY 27% 26% 26% 15% 13% 13% 23% 13% Seequent 21Q2 to 22Q1 and Power Line 15% 14% 14% Systems 2.5% 22Q1 to 22Q4 2.5% 2.5% 13% 13% 12.5% 13% 13% 12.5% 12.5% 12.5% 12% 11.5% 11
Slide 41: Profitability performance
Profitability performance GAAP operating income AOI less SBC9 $ in millions $ in millions 28.6% AOI less SBC margin10 27.5% AOI less $430 SBC margin10 $372 +16% $363 $302 +20% 24.1% 21.5% AOI less AOI less SBC margin10 SBC margin10 $94 $79 $75 $61 +26% +28% 24Q4 25Q4 24Q4 YTD 25Q4 YTD 24Q4 25Q4 24Q4
Slide 42: Liquidity and capital structure
Liquidity and capital structure Operating and Free cash flows13 25Q4 credit metrics $ in millions $ in millions Fourth quarter Year-to-date Cash $ 1 23 Senior debta $ — $538 $520 Net senior debtb $ (1 23 ) $435 $421 Net senior debt leveragec 0.0x +24% +24% Available revolver credit capacity $ 1,300
Slide 43: 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 44: Appendix
Appendix © 2026 Bentley Systems, Incorporated. All rights reserved. 44
Slide 45: 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 46: KPI and non-GAAP definitions
KPI and non-GAAP definitions 7. ARR growth rate. Our constant currency ARR growth rate is the growth rate of ARR measured on a constant currency basis. In reporting period-over-period ARR growth rates in constant currency, we calculate constant currency growth rates by translating current and prior
Slide 47: AOI less SBC and AOI less Operating SBC
AOI less SBC9 and AOI less Operating SBC15 2025 by quarter reconciliations of operating income to AOI less SBC and operating income to AOI less Operating SBC Current Definition $ in thousands 25Q1 25Q2 25Q3 25Q4 Operating income $ 115,184 $ 84,430 $ 84,497 $ 78,510 Amortization of purchased intangib
Slide 48: AOI less SBC and AOI less Operating SBC
AOI less SBC9 and AOI less Operating SBC15 Full year reconciliations of operating income to AOI less SBC9 and operating income to AOI less Operating SBC15 Current Definition $ in thousands 2025 2024 2023 Operating income $ 362,621 $ 302,150 $ 230,542 Amortization of purchased intangibles 45,658 46,6
Slide 49: Adjusted EBITDA
Adjusted EBITDA 11 Reconciliation of cash flows from operating activities to Adjusted EBITDA11 Last twelve months Last twelve months 25Q4 $ in millions $ in thousands $526 $465 +13% Cash flows from operating activities $ 538,464 Cash interest 7,846 Cash taxes 59,095 Cash deferred compensation plan d
Slide 50: Constant currency
Constant currency1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency Three months ended December 31, 2025 Three months ended December 31, 2024 Impact of foreign Constant Impact of foreign Constant Actual Actual exchange at 2
Slide 51: Free Cash Flow
Free Cash Flow13 Reconciliation of cash flows from operating activities to free cash flow Fourth quarter Year-to-date December 31 December 31 $ in thousands 2025 2024 2025 2024 Cash flows from operating activities $ 141,588 $ 81,632 $ 538,464 $ 435,292 Purchases of property and equipment and investm
Slide 52: © 2026 Bentley Systems, Incorporated. All rights reserved.
© 2026 Bentley Systems, Incorporated. All rights reserved. 52