Slide 1: Bentley Systems First Quarter 2025 Results
Bentley Systems First Quarter 2025 Results May 7, 2025 © 2025 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 Appendix © 2025 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 © 2025 Bentley Systems, Incorporated. All rights reserved. 4
Slide 5: BSY's More Resilient Business Mix
BSY’s More Resilient Business Mix --- within infrastructure sectors --- across the infrastructure lifecycle --- of commercial models --- of account scale --- by geography © 2025 Bentley Systems, Incorporated. All rights reserved. 5
Slide 6: https://investors.bentley.com/
https://investors.bentley.com/ © 2025 Bentley Systems, Incorporated. All rights reserved. 6
Slide 7: ARR by end markets (infrastructure sectors)
ARR6 by end markets (infrastructure sectors) THE infrastructure engineering software company COMMERCIAL/ FACILITIES GRIDS INDUSTRIAL ROADS AND GEOPROFESSIONAL BRIDGES RESOURCES We believe we are the market leader RAIL AND TRANSIT WATER AND MUNICIPAL WASTE Notes: Chart segment sizing corresponds to u
Slide 8: ARR by infrastructure sectors
ARR6 by infrastructure sectors 2025 Q1 2019 Y/E COMMERCIAL/ FACILITIES GRIDS INDUSTRIAL GRIDS COMMERCIAL/ FACILITIES INDUSTRIAL ROADS ROADS GEOPROFESSIONAL AND GEOPROFESSIONAL AND BRIDGES BRIDGES RESOURCES RESOURCES WATER RAIL AND AND TRANSIT WASTE MUNICIPAL RAIL AND TRANSIT WATER AND MUNICIPAL WAST
Slide 9: ARR by infrastructure sectors
ARR6 by infrastructure sectors 2025 Q1 2019 Y/E COMMERCIAL/ FACILITIES GRIDS INDUSTRIAL GRIDS COMMERCIAL/ FACILITIES INDUSTRIAL ROADS GEOPROFESSIONAL ROADS AND GEOPROFESSIONAL AND BRIDGES BRIDGES RESOURCES RESOURCES WATER RAIL AND AND TRANSIT WASTE MUNICIPAL RAIL AND TRANSIT WATER AND MUNICIPAL WAST
Slide 10: ARR by infrastructure sectors
ARR6 by infrastructure sectors 2025 Q1 2019 Y/E COMMERCIAL/ FACILITIES GRIDS INDUSTRIAL GRIDS COMMERCIAL/ FACILITIES INDUSTRIAL ROADS GEOPROFESSIONAL ROADS AND GEOPROFESSIONAL AND BRIDGES BRIDGES RESOURCES RESOURCES WATER RAIL AND AND TRANSIT WASTE MUNICIPAL RAIL AND TRANSIT WATER AND MUNICIPAL WAST
Slide 11: ARR by infrastructure sectors
ARR6 by infrastructure sectors 2025 Q1 2019 Y/E COMMERCIAL/ FACILITIES GRIDS INDUSTRIAL GRIDS COMMERCIAL/ FACILITIES INDUSTRIAL ROADS GEOPROFESSIONAL ROADS AND GEOPROFESSIONAL AND BRIDGES BRIDGES RESOURCES RESOURCES WATER RAIL AND AND TRANSIT WASTE MUNICIPAL RAIL AND TRANSIT WATER AND MUNICIPAL WAST
Slide 12: Increasing comprehensiveness across lifecycle
Increasing comprehensiveness across lifecycle… 40+ years in operation MicroStation AssetWise Enterprise systems Leapfrog* Central* • SaaS and/or Performance • on-premises SYNCHRO OpenBridge ProjectWise OpenBuildings OpenCities OpenComms Engineering applications ADINA Delivery OpenFlows • desktop Aut
Slide 13: ARR by infrastructure lifecycle
ARR6 by infrastructure lifecycle 2025 Q1 2019 Y/E Performance Performance Delivery Delivery Modelling Modeling Simulation Simulation Note: Chart segment sizing corresponds to underlying % of end 2019 Sector-attributable ARR6 Note: Chart segment sizing corresponds to underlying % of 25Q1 ARR6 Footnot
Slide 14: ARR by infrastructure lifecycle
ARR6 by infrastructure lifecycle 2025 Q1 2019 Y/E Performance Performance Delivery Delivery Modelling Modeling Simulation Simulation Note: Chart segment sizing corresponds to underlying % of end 2019 Sector-attributable ARR6 Note: Chart segment sizing corresponds to underlying % of 25Q1 Sector-attri
Slide 15: ARR by infrastructure lifecycle
ARR6 by infrastructure lifecycle 2025 Q1 2019 Y/E Performance Performance Delivery Delivery Modelling Modeling Simulation Simulation Note: Chart segment sizing corresponds to underlying % of end 2019 Sector-attributable ARR6 Note: Chart segment sizing corresponds to underlying % of 25Q1 Sector-attri
Slide 16: 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 2024 – 45% ENGINEERING DESIGN TOOLS 2023 – 42% #1 Owner operators 2022 – 36% >80 accounts >100 accounts 2021 – 29% >$1M/year >$1M/year E365 Prospects 2020 –
Slide 17: Revenues by account type
Revenues by account type 2024 Y/E 2019 Y/E Owner- Contractors Owner- Contractors Operators Operators Note: Chart segment sizing corresponds to underlying % of 2019 Year-End. Calculated using ASC 606. Note: Chart segment sizing corresponds to underlying % of 2024 Revenue © 2025 Bentley Systems, Incor
Slide 18: Revenues by commercial model
Revenues by commercial model Perpetual License Sales Professional Services (non-recurring) Professional services (recurring) E365 TERM LICENSES SELECT SUBSCRIPTIONS Note: Chart segment sizing corresponds to underlying % of last twelve months ending March 31, 2025 © 2025 Bentley Systems, Incorporated
Slide 19: Revenues by commercial model
Revenues by commercial model 2025 LTM Perpetual License Sales 2019 Y/E Professional Services (non-recurring) Professional services (recurring) Perpetual License Sales Professional Services (episodic) E365 Professional Services (recurring) ELS E365 TERM TERM LICENSES LICENSES SELECT SUBSCRIPTIONS SEL
Slide 20: Revenues by commercial model
Revenues by commercial model 2025 LTM Perpetual License Sales 2019 Y/E Professional Services (non-recurring) Professional services (recurring) Perpetual License Sales Professional Services (episodic) E365 Professional Services (recurring) ELS E365 TERM TERM LICENSES LICENSES SELECT SUBSCRIPTIONS SEL
Slide 21: Revenues by commercial model
Revenues by commercial model 2025 LTM Perpetual License Sales 2019 Y/E Professional Services (non-recurring) Professional services (recurring) Perpetual License Sales Professional Services (episodic) E365 Professional Services (recurring) ELS E365 TERM TERM LICENSES LICENSES SELECT SUBSCRIPTIONS SEL
Slide 22: Revenues by commercial model
Revenues by commercial model 2025 LTM Perpetual License Sales 2019 Y/E Professional Services (non-recurring) Professional services (recurring) Perpetual License Sales Professional Services (episodic) E365 Professional Services (recurring) ELS E365 TERM TERM LICENSES LICENSES SELECT SUBSCRIPTIONS SEL
Slide 23: ARR by account size
ARR by account size 6 Subject to multi-year E365 25Q1 Subject to floors and/or ceilings floors and/or ceilings E365 Floors / E365 E365 Prospects Prospects Floors / Prospects ceilings* ceilings* E365 E365 E365 Multi –year** SMB SMB SMB Note** : Chart segment sizing corresponds of % of Multi-year with
Slide 24: 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 2024 – 45% ENGINEERING DESIGN TOOLS 2023 – 42% #1 Owner operators 2022 – 36% >80 accounts >100 accounts 2021 – 29% >$1M/year >$1M/year E365 2020 – 25% Prospe
Slide 25: Revenues by account scale
Revenues by account scale 2024 Y/E Project delivery firms Owner-operators 2019 Y/E Project delivery firms Owner-operators >90 accounts >$1M >$1M >180 accounts >$1M/year >$1M/year $250K - >320 accounts $250K - $1M $1M >500 accounts $250K-$1M/year $250k-$1M/year $100K - $100K - >580 accounts $250K $25
Slide 26: Comprehensiveness Across Geographies
Comprehensiveness Across Geographies 41,000 8 1 1 1 1 1 1 2 2 1 accounts in 189 countries 6 6 1 2 3 3 3 1 1 1 3 20 1 1 1 2 1 1 10 1 1 42 2 1 1 1 6 3 4 1 1 countries with BSY office 1 1 1 1 1 $1.3B+ 1 3 $ 1 4 2 1 annual revenue 4 1 1 5 5,500 1 colleagues AMERICAS EMEA APAC 36 $ $717MM ~2,200 $ $388MM
Slide 27: Revenues by Geography
Revenues by Geography 2025 LTM 2019 Y/E EMEA EMEA Americas Americas APAC APAC Note: Chart segment sizing corresponds to underlying % of 2019 Year-End. Calculated using ASC 606. Note: Chart segment sizing corresponds to underlying % of last twelve months ending March 31, 2025 © 2025 Bentley Systems,
Slide 28: Revenues by Geography
Revenues by Geography Proportion of revenues 2025 LTM 2019 Y/E EMEA EMEA (x Russia) (x Russia) United United States States Russia APAC APAC (x China) (x China) Americas Greater China Americas (x US) (x US) Note: Chart segment sizing corresponds to underlying % of 2019 Year-End. Calculated using ASC
Slide 29: Perspectives from the CEO, Nicholas Cumins
02 Perspectives from the CEO, Nicholas Cumins © 2025 Bentley Systems, Incorporated. All rights reserved. 29
Slide 30: Infrastructure engineering at capacity
Infrastructure engineering at capacity Prioritizing going digital Economic sentiment 12 months from now Open positions Net ratings As percentage of overall FTEs Condition of the Condition of the engineering Condition of your firm’s 9% 9% 9% 8% 9% U.S. Economy and design services industry overall fin
Slide 31: YoY ARR growth
YoY ARR growth 8 Strong and consistent Constant Currency Business Performance (%) 14 13 Ex-China 12 As reported 11 10 9 8 7 6 5 4 3 2 1 - 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 Notes: Annualized Recurring Revenue (“ARR”)6 . Our consta
Slide 32: ARR by account size
ARR by account size 6 E365 and SMB continue to drive growth E365 SMB E365 Prospects Note: Chart segment sizing corresponds to underlying % of 25Q1 ARR6 Footnote 6: See appendix for KPI and non-GAAP definitions © 2025 Bentley Systems, Incorporated. All rights reserved. 32
Slide 33: Virtuosity ARR
6 Virtuosity ARR Thirteenth consecutive quarter of at least 600 new logos ($ in millions) 70 60 50 40 30 20 10 0 23Q1 23Q2 23Q3 23Q4 20Q2 20Q3 20Q4 25Q1 22Q1 22Q2 22Q3 22Q4 21Q1 21Q2 21Q3 21Q4 24Q1 24Q2 24Q3 24Q4 Note: All periods use exchange rates as of March 31, 2025. Data at spot FX rate Footnot
Slide 34: Tone of business by infrastructure sector
Tone of business by infrastructure sector Consistent trends with previous quarters Commercial/Facilities Industrial Public Works/Utilities 25Q1 ARR6 Resources Resources Note: Chart segment sizing corresponds to underlying % of 25Q1 Sector-attributable ARR6 Footnote 6: See appendix for KPI and non-GA
Slide 35: Notable product development
Notable product development Introducing Seequent Evo: Redefining Seequent Evo Geoscience Collaboration and Data Management for Faster and Smarter Decision-Making Press release, March 3, 2025 Toronto, Canada, Monday, 3 March 2025 – Seequent, The Bentley Subsurface Company, today introduced Seequent E
Slide 36: Tone of business by geographic region
Tone of business by geographic region Solid performance across the board Americas U.S. outlook remains bright given to IIJA and admin priorities favorable to continued infrastructure investment Latin America very strong quarter © 2025 Bentley Systems, Incorporated. All rights reserved. 36
Slide 37: 2025 Report Card
2025 Report Card For America’s infrastructure On March 25, industry experts and elected officials discussed the 2025 Report Card for America’s Infrastructure at ASCE’s Solutions Summit in Washington, D.C. infrastructurereportcard.org Bentley's Otto Lynch discusses the ASCE report card © 2025 Bentley
Slide 38: Tone of business by geographic region
Tone of business by geographic region Solid performance across the board Americas EMEA ASIA PACIFIC U.S. outlook remains bright given to Middle East continues to stand out India continued its strong growth IIJA and admin priorities favorable to Major new infrastructure funding China performed as exp
Slide 39: Partnership update
Partnership update Bentley Systems Partners with Google to Improve Infrastructure Through Asset Analytics Press release, April 9, 2025 Google Street View LAS VEGAS, April 9, 2025 – (Google Cloud Next 2025) – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company
Slide 40: Impact Report
Impact Report 2024 Bentley’s Impact Report details how we are leading in more sustainable, ethical ways to influence our environmental, social, and governance impacts. View 2024 Impact Report bentley.com/company/impact/ © 2025 Bentley Systems, Incorporated. All rights reserved. 40
Slide 41: Infrastructure Yearbook
Infrastructure Yearbook 2024 The infrastructure yearbook showcases the outstanding accomplishments of Bentley software users who design, build and operate the world’s infrastructure. Download 2024 Yearbook bentley.com/yearbook © 2025 Bentley Systems, Incorporated. All rights reserved. 41
Slide 42: Perspectives from the CFO, Werner Andre
03 Perspectives from the CFO, Werner Andre © 2025 Bentley Systems, Incorporated. All rights reserved. 42
Slide 43: Revenue performance
Revenue performance First quarter Full year (As Presented at our 24Q4 Results Call) $ in millions - CC constant currency1 $ in millions $1,461 - $1,490 $1,353 84 46 $371 +10% (CC +11%) $338 17 -18% (CC -16%) 11 +13% (CC +15%) 21 10 1,223 1,461 342 +11% (CC +13%) 307 24Q1 25Q1 2024 2025 FY Outllok Su
Slide 44: Recurring revenue performance
Recurring revenue performance LTM recurring revenues3 LTM recurring revenue retention $ in millions - CC constant currency1 $ in millions - CC constant currency1 , YoY 109% 110% 109% 110% 110% 110% 107% $1,273 $1,126 +13% (CC +13.6%) 98% 98% 98% 98% 99% 99% 99% LTM 24Q1 LTM 25Q1 2020 2021 2022 2023
Slide 45: Recurring revenue performance
Recurring revenue performance ARR growth7,8 ARR6: $1,319 million at 03/31/2025 spot rates $ in millions - CC constant currency1 , YoY 27% Business performance8 26% 26% Impact from the onboarding of platform acquisitions 23% 13% 13% 15% Seequent 21Q2 to 22Q1 and 13% 15% Power Line 14% 14% Systems 2.5
Slide 46: Profitability performance
Profitability performance GAAP operating income AOI less SBC9 $ in millions $ in millions 34.1% 33.3% AOI less SBC Margin10 AOI less SBC Margin10 $126 $115 $112 +12% $92 +25% 24Q1 25Q1 24Q1 25Q1 Footnotes 9, 10: See appendix for KPI and non-GAAP definitions © 2025 Bentley Systems, Incorporated. All
Slide 47: Liquidity and Capital Structure
Liquidity and Capital Structure Operating and Free cash flows 25Q1 credit metrics $ in millions $ in millions First Quarter Last Twelve Months $445 $450 $421 $436 Cash $ 84 +1% +4% Senior debta $ — $205 $219 $201 $216 Net senior debtb $ (84) +7% +7% Net senior debt leveragec 0.0x Available revolver
Slide 48: Full year 2025 financial outlook
Full year 2025 financial outlook Financial metrics Outlook Total Revenues $1,461 million to $1,490 milliona or $1,481 million to $1,510 million in constant currency Subscriptions Revenues +10.5% to 12.5% in constant currency Perpetual Licenses Revenues Approximately flat in constant currency Service
Slide 49: Appendix
04 Appendix © 2025 Bentley Systems, Incorporated. All rights reserved. 49
Slide 50: 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 51: KPI and non-GAAP definitions
KPI and non-GAAP definitions 6. Annualized Recurring Revenues (“ARR”). Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenues as of the last day of the reporting period, and the annualized value of the last three months of recognized reven
Slide 52: Adjusted EBITDA
Adjusted EBITDA 11 Reconciliation of cash flows from operations to Adjusted EBITDA11 Last twelve months Last twelve months 25Q1 $ in millions $ in thousands $478 $439 Cash flow from operations $ 449,738 +9% Cash interest 14,095 Cash taxes 53,946 Cash deferred compensation plan distributions 2,489 Ca
Slide 53: Constant currency
Constant currency 1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency Three months ended March 31, 2025 Three months ended March 31, 2024 $ in thousands Impact of foreign Constant Impact of foreign Constant Actual Actual exc
Slide 54: Free Cash Flow
Free Cash Flow 13 Reconciliation of cash flows from operations to free cash flow Three months ended March 31 $ in thousands 2025 2024 Cash flows from operations $ 219,415 $ 204,969 Purchases of property and equipment and investment in capitalized software (3,044) (3,599) Free cash flow $ 216,371 $ 2
Slide 55: © 2025 Bentley Systems, Incorporated. All rights reserved.
© 2025 Bentley Systems, Incorporated. All rights reserved. 55