Bentley Systems, Incorporated · NASDAQ:BSY

Bentley Systems — Q2 2025 Earnings Presentation

36 slides from Bentley Systems's earnings presentation, Aug 6, 2025

  1. Slide 1: Bentley Systems Second Quarter 2025 Results

    Bentley Systems Second Quarter 2025 Results August 6, 2025 © 2025 Bentley Systems, Incorporated. All rights reserved. 1

  2. Slide 2: Agenda

    Agenda 01 Perspectives from the Executive Chair 02 Perspectives from the CEO 03 Perspectives from the CFO 04 Q&A © 2025 Bentley Systems, Incorporated. All rights reserved. 2

  3. 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

  4. 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

  5. Slide 5: Total addressable market (“TAM”)

    Total addressable market (“TAM”) What if infrastructure engineers/technicians would each spend on engineering software the same amount that product engineers/technicians (on average) already spend? Infrastructure engineering Product engineering Total addressable market for infrastructure engineering

  6. Slide 6: Infrastructure Engineering and Software Spending

    Infrastructure Engineering and Software Spending Infrastructure engineering Infrastructure engineering 2019 2023 CAGR 27,632,000 28,696,000 Infrastructure engineers & Infrastructure engineers & 1% engineering technicians (2019) engineering technicians (2023) $10.2B $14.8B Infrastructure engineering

  7. Slide 7: Spending per Engineer

    Spending per Engineer 18 Employment $579 10,000 Software revenue (millions) 16 ($millions) 14 8,000 12 10 6,000 8 4,000 6 4 2,000 2 0 0 Infrastructure spend per Software engineers engineer revenue Source May 2025, Cambashi study commissioned by Company Note: Data based on 2023 Software Revenue (not

  8. Slide 8: Spending per Engineer

    Spending per Engineer 18 $75 Employment Country level 5 10,000 Software revenue (millions) 16 ($millions) Country level 4 14 $279 8,000 Country level 3 12 Country level 5 $624 10 6,000 $1,121 8 Country level 2 Country level 4 4,000 County level 6 represents quintile of Country level 3 $1,906 4 GDP p

  9. Slide 9: Competitive landscape

    Competitive landscape BSY ADSK TRMB ESRI HEX AVV NEM DASTY AZPN PUBLIC WORKS / UTILITIES BSY GRIDS Infrastructure sectors Infrastructure lifecycle ROADS AND BRIDGES and disciplines RAIL AND TRANSIT #1 Electric T&D, Communications MUNICIPAL ENGINEERING ENGINEERING DESIGN TOOLS DESIGN TOOLS WATER AND

  10. Slide 10: “BIM” Total revenue

    “BIM” Total revenue (Construct/Data Management/Design/Operate/GIS) $14B BIM Data BIM Operate Management BIM GIS BIM Design BIM Construct Source: June 2025, Cambashi study commissioned by Company Note: Data based on 2024 Software Revenue © 2025 Bentley Systems, Incorporated. All rights reserved. 10

  11. Slide 11: BIM Design

    BIM Design Total revenue $6.5B (All) China* Source: June 2025, Cambashi study commissioned by Company Note: Data based on 2024 Software Revenue | *: Includes Glodon, Bochaosoft, SuperMap, ZWSOFT, CABR Tech © 2025 Bentley Systems, Incorporated. All rights reserved. 11

  12. Slide 12: BIM Design

    BIM Design Civil Structural Plant MEP* Structural Structural Architecture Civil Architecture/ Structural MEP* Plant Plant Civil (All) China* Civil Architecture/ Structural Plant Plant Civil Structural MEP* Architecture Structural Civil Architecture / MEP* Architecture/ Plant MEP* Civil Source: June

  13. Slide 13: Competitive landscape

    Competitive landscape BSY ADSK TRMB ESRI HEX AVV NEM DASTY AZPN PUBLIC WORKS / UTILITIES BSY GRIDS Infrastructure sectors Infrastructure lifecycle ROADS AND BRIDGES and disciplines RAIL AND TRANSIT #1 Electric T&D, Communications MUNICIPAL ENGINEERING ENGINEERING DESIGN TOOLS DESIGN TOOLS WATER AND

  14. Slide 14: Perspectives from the CEO, Nicholas Cumins

    02 Perspectives from the CEO, Nicholas Cumins © 2025 Bentley Systems, Incorporated. All rights reserved. 14

  15. Slide 15: YoY ARR growth

    YoY ARR growth 8 Strong H1 positions us well to achieve annual outlook YoY constant currency business performance (%) 14 Impacted by Russia 13 12 2025 Outlook 11 Impacted by COVID 10.5%-12.5% 10 New (Logos, products, programmatic acquisitions) Ex-China 9 As reported 8 7 Consumption (Volume, Mix) 6 5

  16. Slide 16: ARR by account size

    ARR6 by account size Solid E365 and SMB trends continue E365 and SMB as % of ARR6 2024 – 45% 2023 – 41% 2022 – 35% 2021 – 29% E365 Prospects 2020 – 25% E365 SMB Footnote 6: See appendix for KPI and non-GAAP definitions © 2025 Bentley Systems, Incorporated. All rights reserved. 16

  17. Slide 17: Virtuosity ARR

    6 Virtuosity ARR Fourteenth consecutive quarter of at least 600 new logos ($ in millions) 80 70 60 50 40 30 20 10 0 23Q1 23Q2 23Q3 23Q4 20Q2 20Q3 20Q4 25Q1 25Q2 22Q1 22Q2 22Q3 22Q4 21Q1 21Q2 21Q3 21Q4 24Q1 24Q2 24Q3 24Q4 Note: All periods use exchange rates as of June 30, 2025. Data at spot FX rate

  18. Slide 18: Tone of business by infrastructure sector

    Tone of business by infrastructure sector Resources fastest growing sector and Public Works/Utilities solid in Q2 Commercial/Facilities Industrial Public Works/Utilities 25Q2 ARR6 Resources Resources Note: Chart segment sizing corresponds to underlying % of 25Q2 Sector-attributable ARR6 Footnote 6:

  19. Slide 19: Tone of business by geographic region

    Tone of business by geographic region Solid execution and results across regions Americas EMEA ASIA PACIFIC Favorable signals for longer-term First EU budget proposal for 2028- India standout once again with U.S. infrastructure spend 2034 very favorable to continued positive sentiment across strateg

  20. Slide 20: Cesium developer conference 2025

    Cesium developer conference 2025 Philadelphia, PA, US, June 23-25, 2025 From earth to orbit: first Cesium developer conference lands in Philly to explore the future of 3D geospatial tech, digital twins, and open data innovation More than 400 global developers and innovators gather in Philadelphia to

  21. Slide 21: Better decisions for infrastructure through 3D geospatial context powered by Cesium

    Better decisions for infrastructure through 3D geospatial context powered by Cesium HNTB streamlines infrastructure project visualization with Cesium When it comes to infrastructure investments, visualization transforms public engagement from abstract discussions to concrete decision-making. HNTB’s

  22. Slide 22: Bentley’s Going Digital Awards

    Bentley’s Going Digital Awards celebrate the extraordinary work of the organizations that help advance the world’s infrastructure. Save the date! October 15–16 | Amsterdam, Netherlands © 2025 Bentley Systems, Incorporated. All rights reserved. 22

  23. Slide 23: Perspectives from the CFO, Werner Andre

    03 Perspectives from the CFO, Werner Andre © 2025 Bentley Systems, Incorporated. All rights reserved. 23

  24. Slide 24: Revenue performance

    Revenue performance Second quarter First half $ in millions - CC constant currency1 $ in millions - CC constant currency1 $330 $668 $735 +10% (CC +10%) 38 -12% (CC -12%) 21 +3% (CC +3%) 43 20 $364 +10% (CC +9%) 20 -7% (CC -9%) 22 10 -6% (CC -7%) 11 676 +12% (CC +12%) 605 333 +12% (CC +11%) 297 24Q2

  25. Slide 25: 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% 109% 107% $1,309 $1,163 +13% (CC +13%) 98% 98% 98% 98% 99% 99% 99% LTM 24Q2 LTM 25Q2 2020 2021 2022 2023 20

  26. Slide 26: Recurring revenue performance

    Recurring revenue performance ARR growth7,8 ARR6: $1,379 million at 06/30/2025 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

  27. Slide 27: Profitability performance

    Profitability performance GAAP operating income AOI less SBC9 $ in millions $ in millions 31.5% AOI less SBC 31.1% margin10 AOI less SBC margin10 $231 $208 $200 +11% $172 28.9% AOI less SBC +16% 28.8% margin10 AOI less SBC margin10 $105 $95 $80 $84 +10% +5% 24Q2 25Q2 24Q2 YTD 25Q2 YTD 24Q2 25Q2 24Q2

  28. Slide 28: Liquidity and Capital Structure

    Liquidity and Capital Structure Operating and Free cash flows13 25Q2 credit metrics $ in millions $ in millions Second quarter Year-to-date Last twelve months $427 $448 $407 $434 Cash $ 90 $268 $281 $261 $273 +5% +7% Senior debta $ — +5% +5% Net senior debtb $ (90) $63 $61 $59 $57 Net senior debt le

  29. Slide 29: 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

  30. Slide 30: Appendix

    Appendix © 2025 Bentley Systems, Incorporated. All rights reserved. 30

  31. Slide 31: 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

  32. Slide 32: 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

  33. Slide 33: Adjusted EBITDA

    Adjusted EBITDA 11 Reconciliation of cash flows from operations to Adjusted EBITDA11 Last twelve months Last twelve months 25Q2 $ in millions $ in thousands $485 $465 Cash flow from operations $ 448,237 +4% Cash interest 11,820 Cash taxes 64,386 Cash deferred compensation plan distributions 3,766 Ca

  34. Slide 34: Constant currency

    Constant currency 1 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency Three months ended June 30, 2025 Three months ended June 30, 2024 $ in thousands Impact of foreign Constant Impact of foreign Constant Actual Actual excha

  35. Slide 35: Free Cash Flow

    Free Cash Flow 13 Reconciliation of cash flows from operations to free cash flow $ in thousands Second quarter Year-to-date Last twelve months June 30 June 30 June 30 2025 2024 2025 2024 2025 2024 Cash flows from operations $ 61,085 $ 62,586 $ 280,500 $ 267,555 $ 448,237 $ 427,432 Purchases of prope

  36. Slide 36: © 2025 Bentley Systems, Incorporated. All rights reserved.

    © 2025 Bentley Systems, Incorporated. All rights reserved. 36

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