BSY Q4 2025 Earnings Presentation

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© 2026 Bentley Systems, Incorporated. All rights reserved. 3© 2026 Bentley Systems, Incorporated. All rights reserved. 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 statements contained in or made during this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in or during this presentation including: adverse changes in global economic and/or political conditions; the impact of tariffs and related policies on our business and the businesses of the industries we serve; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts’ rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all; and other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Form 10-Qs. The forward-looking statements made in this presentation are made as of February 26, 2026. If this presentation is reviewed after February 26, 2026, even if made available by us, on our website or otherwise, it may not contain current or accurate information. We disclaim any obligation to update or revise any forward-looking statement based on new information, future events, or otherwise. Please refer to the appendix of this presentation for definitions of KPIs and non-GAAP financial measures, and where applicable, reconciliations to their nearest GAAP equivalents, included in this presentation. Disclaimer

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© 2026 Bentley Systems, Incorporated. All rights reserved. 6 Y/Y constant currency, business performance 6-8See appendix for KPI and non-GAAP definitions ARR growth rate8 2022 2023 2024 2025 Onboarded with programmatic acquisitions (%) 14 12 10 8 6 4 2 - ARR6 excluding ARR6 onboarded with (only) platform acquisitions U.S. inflation rate

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© 2026 Bentley Systems, Incorporated. All rights reserved. 7 AOI less SBC9 9See appendix for KPI and non-GAAP definitions AOI less SBC9 Stock-based comp ("SBC") expense 2022 2023 2024 2025 $ Millions 600 500 400 300 200 100 0 AOI less SBC9 CAGR of 16.2% Margin for AOI less SBC9 % 28.6% 27.5% 26.4% 24.9%

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© 2026 Bentley Systems, Incorporated. All rights reserved. 8 Margin for FREE cash flow13 FREE cash flow13 13See appendix for KPI and non-GAAP definitions 2022 2023 2024 2025 35% $ Millions 600 500 400 300 200 100 0 Free cash flow13 %

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© 2026 Bentley Systems, Incorporated. All rights reserved. 9 Margin for FCF13 less SBC FCF13 less SBC Stock-based compensation TRULY free cash flow13 13See appendix for KPI and non-GAAP definitions 2022 2023 2024 2025 30% $ Millions 600 500 400 300 200 100 0 %

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© 2026 Bentley Systems, Incorporated. All rights reserved. 10 Fully-diluted share count Notes: Weighted average diluted full-year share count as reported in the 10-K 2022 2023 2024 2025 2025PF Millions 350 300 250 200 150 100 50 0 2025 Proforma Total Diluted 2026 convertibles 2027 convertibles Diluted Share Count

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© 2026 Bentley Systems, Incorporated. All rights reserved. 11 Net debt leverage 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 11See appendix for KPI and non-GAAP definitions 0 1 2 3 4 5 2022 2023 2024 2025 Net debt leveraged

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© 2026 Bentley Systems, Incorporated. All rights reserved. 13 Increasing comprehensiveness across lifecycle… Note: Chart segment sizing corresponds to underlying % of 25Q3 ARR6 6See appendix for KPI and non-GAAP definitions Modeling Simulation Delivery Performance

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© 2026 Bentley Systems, Incorporated. All rights reserved. 15 Bentley Infrastructure Cloud Gaussian Splats via Cesium ion OpenSite+ Egis | Canal Seine Nord Europe Project Delivery Category Bentley LumenRT, MicroStation, OpenRoads, ProjectWise Project playbook OpenBridge Designer, OpenBridge Modeler, OpenRoads Designer, SYNCHRO(Bentley Infrastructure Cloud) Project playbook OpenRoads with Copilot Bentley Infrastructure Cloud, iTwin Capture,OpenBridge Designer, OpenBridge Modeler, OpenRoads Designer OpenBridge Designer, OpenGround and Leapfrog in Seequent Central Category Project playbook AECOM | Old Oak Common Great Western railway station rail systems Rail and Transit Category Project playbookBentley Descartes, Bentley LumenRT, Bentley Raceway Cable Management, iTwin Experience, MicroStation, OpenRail, ProjectWise Bentley Infrastructure Cloud Data source DPR Construction Substation+ Multi-User Data source DPR Construction OpenRoads with Copilot Data source DPR Construction Microstation, Cesium Data source DPR Construction Intrinsic immersion

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© 2026 Bentley Systems, Incorporated. All rights reserved. 17 ⁃ BSY’s (financial) fundamentals ⁃ Infrastructure engineering’s (industry) fundamentals ⁃ Optimized infrastructure engineering! ⁃ AI-agent-automated A(P)I consumption Perspectives from the Executive Chair

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© 2026 Bentley Systems, Incorporated. All rights reserved. 19 ⁃ BSY’s (financial) fundamentals ⁃ Infrastructure engineering’s (industry) fundamentals ⁃ Optimized infrastructure engineering! ⁃ AI-agent-automated A(P)I consumption ⁃ Asset Analytics! ⁃ Asset consumption Perspectives from the Executive Chair

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© 2026 Bentley Systems, Incorporated. All rights reserved. 20 Increasing comprehensiveness across lifecycle… Note: Chart segment sizing corresponds to underlying % of the revenue of last twelve months ending December 31, 2025 Modeling Simulation Delivery Performance Asset Analytics

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© 2026 Bentley Systems, Incorporated. All rights reserved. 22 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 its Blyncsy solution is being used by the Hawaii Department of Transportation (Hawaii DOT) in the Eyes on the Road program—an initiative driven by the Hawaii DOT in partnership with The University of Hawaii to enhance roadway safety statewide. The Eyes on the Road project provides 1,000 free high- resolution dash cameras to Hawaii residents to install in their vehicles, to improve roadway conditions and keep the roads safe. The cameras record video automatically as residents drive normally each day. Bentley’s Blyncsy solution collects high-resolution dash camera imagery from state roads across Hawaii to help Hawaii DOT identify road hazards more quickly, including guardrail damage and vegetation encroachment. Image courtesy of Bentley Systems. https://www.bentley.com/news/hawaii-department-of-transportation-creates-safer-roads-with-bentley-systems-asset-analytics-solution/ Hawaii Department of Transportation creates safer roads with Bentley Systems’ asset analytics solution January 7, 2026

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© 2026 Bentley Systems, Incorporated. All rights reserved. 23 ALDOT leverages Blyncsy to improve statewide asset surveys and strengthen data-driven maintenance planning Bentley Systems announced the Alabama Department of Transportation (ALDOT) is using Bentley’s Blyncsy solution to enhance its existing performance-based budgeting process for highway maintenance. ALDOT adopted a performance-based budgeting model more than 15 years ago and continues to refine its implementation to ensure maintenance funds are allocated based on objective, data-driven insights. of specific designated roadway assets. https://www.bentley.com/news/alabama-department-of-transportation-enhances-performance-based-budgeting-with-bentley-systems-ai-powered-blyncsy-solution/ Alabama DOT is using Blyncsy from Bentley Systems to enhance its existing performance-based budgeting process for highway maintenance. Image courtesy of Bentley Systems. Alabama Department of Transportation enhances performance-based budgeting with Bentley Systems’ AI-powered Blyncsy solution February 5, 2026

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© 2026 Bentley Systems, Incorporated. All rights reserved. 24 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. These acquisitions, which closed in December, significantly strengthen Bentley’s Asset Analytics portfolio, which applies digital twins and AI to help owner-operators improve asset performance and resilience across infrastructure sectors. Talon’s no-code workflows enable teams to manage the entire machine learning process and deliver AI-powered inspection insights. Image courtesy of Bentley Systems. https://www.bentley.com/news/bentley-systems-acquires-talon-aerolytics-and-pointivo- technology-for-asset-analytics-leadership/ Bentley Systems acquires Talon Aerolytics, and Pointivo Technology, for asset analytics leadership January 5, 2026

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© 2026 Bentley Systems, Incorporated. All rights reserved. 28 Bentley Systems product portfolio Bentley Open Applications Creating and optimizing engineering designs Bentley Infrastructure Cloud Connecting data and people across the lifecycle Asset PerformanceProject Delivery Cesium and iTwin® Platform Powering digital twins of the built and natural environment Optimizing asset reliability and resilience Bentley Asset Analytics Seequent ® Modeling and analyzing the subsurface

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© 2026 Bentley Systems, Incorporated. All rights reserved. 29 Comprehensive approach to Infrastructure AI Leverage AI to… Contribute to AI… Bentley Infrastructure Cloud ⁃ Structured project and asset data (with users retaining full control) ⁃ Search past project data ⁃ Recommend past design components based on real-world performance Bentley Asset Analytics ⁃ Engineering insights on operating conditions of infrastructure assets ⁃ Detect features of existing assets in their full environment ⁃ Process data with Bentley Open Applications to derive implications Bentley Open Applications ⁃ Engineering validation and optimization ⁃ Automate interaction with applications ⁃ Automate time-consuming design tasks ⁃ Optimize entire designs

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© 2026 Bentley Systems, Incorporated. All rights reserved. 30 Key takeaways ⁃ With AI continuing to make strides in the infrastructure market, it is important it remains secure ⁃ Users always retain full control over their data, including when and how it’s used for AI training ⁃ Bentley is making the push to align all of their AI practices with the NIST framework 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. Our applications help engineers and organizations unlock new levels of productivity, optimize decisions, and tap into the full value of their data. With these opportunities, however, comes a critical responsibility: ensuring that our AI is built on trust, transparency, and respect for our users’ data. For engineers, data is not just information; it’s intellectual property and a strategic asset. --- Bentley has adopted robust controls to support the training and development of AI models. Among those controls are two categories of AI models that we designed to respect user preferences and maintain our commitment to data stewardship: Bentley AI Models: We developed these models by using data that has been purchased and/or licensed for training purposes. Licensed data can include data that users and accounts have agreed to contribute for the purpose of developing AI models that benefit all Bentley users. Fit for Account Models: Bentley AI Models can be fine-tuned by users within their own instances. Data specific to each account is utilized solely for the benefit of that account and is not incorporated into broader model or product enhancements. https://blog.bentley.com/insights/bentleys-commitment-to-data-stewardship-in-the-age-of-ai/ Bentley’s commitment to data stewardship in the age of AI October 14, 2025 Patrick Noctor, Bentley global data protection officer

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© 2026 Bentley Systems, Incorporated. All rights reserved. 32 YoY ARR growth rate8 8See appendix for KPI and non-GAAP definitions 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 (%)14 13 12 11 10 9 8 7 6 5 4 3 2 1 - YoY constant currency business performance

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© 2026 Bentley Systems, Incorporated. All rights reserved. 33 YoY LTM recurring revenues dollar-based net retention rate5 (NRR) 5See appendix for KPI and non-GAAP definitions 104% 105% 106% 107% 108% 109% 110% 111% 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 YoY constant currency business performance

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© 2026 Bentley Systems, Incorporated. All rights reserved. 34 Sixteenth consecutive quarter of at least 600 new logos Note: All periods use exchange rates as of December 31, 2025. Data at spot FX rate 6See appendix for KPI and non-GAAP definitions Virtuosity ARR 6 0 10 20 30 40 50 60 70 80 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 ($ in millions)

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© 2026 Bentley Systems, Incorporated. All rights reserved. 35 Consistent trends with Resources fastest-growing, followed by Public Works/Utilities Note: Chart segment sizing corresponds to underlying % of 25Q4 Sector-attributable ARR6 6See appendix for KPI and non-GAAP definitions Tone of business by infrastructure sector Public Works/Utilities Resources Industrial Commercial/Facilities Resources25Q4 ARR6

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© 2026 Bentley Systems, Incorporated. All rights reserved. 36 Exceptional growth in Middle East, investment shifting towards our core strengths (transport, utilities, mining). Strong performance in Europe, new EU policy initiatives targeting energy transition and transport connectivity. UK pipeline for design work in 2026 improving significantly as major projects are green-lit. Solid growth in India; long-term outlook underscored by massive grid modernization needs. Australia showing clear signs of recovery, driven by a resurgence in mining and new Olympics-related infrastructure projects. China (~2% of ARR) continues to face persistent economic and geopolitical headwinds. Tone of business by geographic region EMEA Broad-based strength continues across Americas and EMEA Americas ASIA PACIFIC Strong growth underpinned by stable public funding for infrastructure, expected to continue into 2026. Data center boom placing significant strain on local infrastructure, in turn driving demand for our applications. Global imperative to secure domestic resources creating a tailwind for Seequent's mining-related business.

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© 2026 Bentley Systems, Incorporated. All rights reserved. 38 Fourth quarter Full year 1See appendix for KPI and non-GAAP definitions Revenue performance $ in millions - Constant currency1 $ in millions - Constant currency1 316 357 14 14 20 21 24Q4 25Q4 Subscriptions Licenses Services $392 $350 +4% (CC +2%) 0% (CC -2%) +13% (CC +11%) +12% (CC +10%) 1,223 1,377 46 46 84 79 2024 2025 Subscriptions Licenses $1,502 $1,353 -6% (CC -7%) +11% (CC +10%) 0% (CC 0%) +13% (CC +12%)

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© 2026 Bentley Systems, Incorporated. All rights reserved. 39 2020 2021 2022 2023 2024 25Q1 25Q2 25Q3 25Q4 $1,238 $1,391 LTM 24Q4 LTM 25Q4 LTM recurring revenues3 LTM recurring revenue retention 1-3-4-5See appendix for KPI and non-GAAP definitions Recurring revenue performance $ in millions - Constant currency1 $ in millions - Constant currency1 , YoY 110%107% Recurring revenues-dollar based net retention rate5 Account retention rate (dollar weighted)4 109% 98% 98% 98% 109% 99% 110% 98% 99% 110% 99% 109% +12% (CC +12%) 99% 109% 109% 99%

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© 2026 Bentley Systems, Incorporated. All rights reserved. 40 8% 10% 10% 13% 13% 12% 11.5% 11.5% 12.5% 13% 13% 12.5% 12.5% 11% 11% 12% 12% 12.5% 11.5% 10.5% 11.5% 13% 13% 13% 15% 2.5% 2.5% 2.5% 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 23% 26%26% Seequent 21Q2 to 22Q1 and Power Line Systems 22Q1 to 22Q4 27% 14%14% 15% ARR growth7,8 ARR6: $1,462 million at 12/31/2025 spot rates 1-6-7-8See appendix for KPI and non-GAAP definitions Recurring revenue performance $ in millions - Constant currency1 , YoY Sequential CC ARR growth rates by quarter: 2.0% 3.1% 3.3% 3.3% 3.1% 3.1% 2.6% 3.2% 2.2% 2.9% 3.2% 3.2% 2.1% 2.7% 2.2% Impact from the onboarding of platform acquisitionsBusiness performance8 4.0%

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© 2026 Bentley Systems, Incorporated. All rights reserved. 41 $61 $79 $302 $363 24Q4 25Q4 24Q4 YTD 25Q4 YTD GAAP operating income AOI less SBC9 9-10See appendix for KPI and non-GAAP definitions Profitability performance $ in millions $ in millions $75 $94 $372 $430 24Q4 25Q4 24Q4 YTD 25Q4 YTD 24.1% AOI less SBC margin10 21.5% AOI less SBC margin10 +28% +26% +20% +16% 28.6% AOI less SBC margin10 27.5% AOI less SBC margin10

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© 2026 Bentley Systems, Incorporated. All rights reserved. 42 • $93 million for acquisitions • $135 million in net bank debt reduction • $10 million in convertible senior notes repurchase • $157 million in share repurchases, including $32 million of de-facto share repurchases • $85 million in dividends $76 $136 24Q4 25Q4 $82 $142 24Q4 25Q4 Operating and Free cash flows13 25Q4 credit metrics aDebt gross of unamortized debt issuance costs bNet senior debt is senior debt minus cash cNet senior debt leverage is net senior debt divided by LTM adjusted EBITDA11 dNet debt leverage is net senior debt plus $1,253M of convertible notes divided by LTM adjusted EBITDA11 11-13See appendix for KPI and non-GAAP definitions Liquidity and capital structure $ in millions $ in millions 25Q4 full year capital allocation • We repaid the 2026 Notes at maturity on Jan 15, 2026, using borrowings under the Credit Facility and available cash on hand, reducing our dilutive share count by 10.6M shares, or 3% • At $100 million/year for programmatic acquisitions, we can expect to de-lever at the rate of about .7x (turns of adjusted EBITDA11) annually • Cash interest exposure is mitigated through very low coupon on our convertible notes and very favorable terms of our $200M interest rate swap expiring 2030 Cash $ 123 Senior debta $ — Net senior debtb $ (123) Net senior debt leveragec 0.0x Available revolver credit capacity $ 1,300 Convertible notes: 2026 notes $ 678 2027 notes $ 575 $ 1,253 Net debt leverage including convertsd 2.1x Fourth quarter Year-to-date OCF FCF $421 $520 24Q4 25Q4 $435 $538 24Q4 25Q4 OCF FCF +73% +24% +79% +24%

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© 2026 Bentley Systems, Incorporated. All rights reserved. 43 Additional expectations to support financial modeling • Full year interest expense of approximately $40 million. Approximately $30 million cash interest (net of the receipts from our interest rate swap); • Full year cash taxes of approximately $45 - 50 million; • Capital expenditures of approximately $30 million; • Stock-based compensation of approximately 5% of revenues, with approximately 4.5% from Operating SBC; • Operating depreciation and amortization of approximately 1.0% - 1.5% of revenues; • Fully diluted weighted average shares outstanding between 320.8 and 322.4 million; • Dividends of $0.28 per share Financial metrics Outlook Total Revenues Subscriptions Revenues Perpetual Licenses Revenues Services Revenues $1,685 million to $1,715 milliona (+11% to 13% in constant currency) +11% to 13% in constant currency Approximately flat in constant currency +15% to 20% in constant currency ARR growth8 (constant currency1) 10.5% to 12.5%b AOI less Operating SBC15 $495 million to $510 million (representing annual margin improvement of approximately 100bps in constant currency) Effective tax rate Approximately 21% Free Cash Flows13 $500 million to $570 million Full year 2026 financial outlook aReflecting an approximate 1.3% tailwind to revenue growth in constant currency. We do not update our revenues outlook for subsequent changes in foreign exchange rates bIncludes ARR6 acquired from programmatic acquisitions, which generally are immaterial, individually, and in the aggregate 1-6-8-13-15See appendix for KPI and non-GAAP definitions

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© 2026 Bentley Systems, Incorporated. All rights reserved. 45 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) announcing our quarterly financial results, which can be found on the SEC’s website at www.sec.gov and on our website at www.bentley.com. 1. Constant currency. In reporting period-over-period results, except for ARR as discussed further below, we calculate the effects of foreign currency fluctuations and constant currency information by translating current and prior period results on a transactional basis to our reporting currency using prior period average foreign currency exchange rates in which the transactions occurred. 2. Recurring revenues. We define recurring revenues as subscriptions revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses and professional services revenues in which the underlying contract is based on a fixed fee and contains auto matic annual renewal provisions. 3. LTM Recurring revenues. Our last twelve-months (“LTM”) recurring revenues are calculated as recurring revenues recognized over the preceding twelve-month period. 4. Account retention rate. Our account retention rate for any given twelve-month period is calculated using the average currency exchange rates for the prior period, as follows: the prior period recurring revenues from all accounts with recurring revenues in the current and prior period, divided by total recurring revenues from all accounts during the prior period. 2019 calculated using ASC 605, and 2020, 2021, 2022, 2023, 2 024, and 2025 calculated using ASC 606. 5. LTM Recurring revenues dollar-based net retention rate. Our LTM recurring revenues dollar-based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from existing accounts, but excluding recurring revenues from any new accounts added during the current period, divided by the tot al recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. Related to our platform acquisitions, recurring revenues into new accounts will be captured as existing accounts starting with the second anniversary of the acquisition when such data conforms to the calculation methodology. This may cause variability in the comparison. 2019 calculated using ASC 605, and 2020, 2021, 2022, 2023, 2024, and 2025 calculated using ASC 606. 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 revenues for our contractually recurring consumption-based software subscriptions with consumption measurement durations of less than one year, calculated using the spot foreign exchange rates.

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© 2026 Bentley Systems, Incorporated. All rights reserved. 46 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 period ARR on a transactional basis to our reporting currency using current year budget exchange rates. 8. ARR growth rate from business performance. Our constant currency ARR growth rate from business performance excludes the ARR onboarding of our platform acquisitions and includes the impact from the ARR onboarding of programmatic acquisitions, which generally ar e immaterial, individually and in the aggregate. 9. AOI less SBC. Our Adjusted operating income less stock-based compensation expense (“AOI less SBC”) is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses (inclusive of cash-settled retention incentives provided to key employees of acquired companies), and realignment expenses (income). 10. AOI less SBC margin. Our AOI less SBC margin is calculated by dividing AOI less SBC by total revenues. 11. Adjusted EBITDA. Our Adjusted EBITDA is defined as cash flows from operating activities adjusted for the following: cash interest, cash taxes, cash deferred compensation plan distributions, cash acquisition expenses, cash realignment costs, changes in operating assets and liabilities, and other cash items (such as those related to our interest rate swap). From time to time, we may exclude from Adjusted EBITDA the impact of certain cash receipts or payments that affect period-to-period comparability. 12. Organic ARR. Organic ARR is defined as reported ARR less ARR onboarded from programmatic acquisitions. 13. Free cash flow (“FCF”). FCF is defined as cash flows from operating activities (“OCF”) less purchases of property and equipment and investment in capitalized software. 14. AOI. Adjusted operating income (“AOI”) is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses (inclusive of cash-settled retention incentives provided to key employees of acquired companies), realignment expenses (income), and stock-based compensation expense, for the respective periods. 15. AOI less Operating SBC. Our Adjusted operating income less operating stock-based compensation expense (“AOI less Operating SBC”) is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses (inclusive of cash- and equity-settled retention incentives provided to key employees of acquired companies), and realignment expenses (income). 16. AOI less Operating SBC margin. Our AOI less Operating SBC margin is calculated by dividing AOI less Operating SBC by total revenues.

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© 2026 Bentley Systems, Incorporated. All rights reserved. 47 2025 by quarter reconciliations of operating income to AOI less SBC and operating income to AOI less Operating SBC 9-10-15-16See appendix for KPI and non-GAAP definitions Current Definition 25Q1 25Q2 25Q3 25Q4 Operating income $ 115,184 $ 84,430 $ 84,497 $ 78,510 Amortization of purchased intangibles 11,444 11,405 11,339 11,470 Deferred compensation plan (1,246) 7,584 6,033 2,038 Acquisition expenses (cash-settled) 838 1,804 2,157 2,430 AOI less SBC9 $ 126,220 $ 105,223 $ 104,026 $ 94,448 AOI less SBC Margin10 34.1% 28.9% 27.7% 24.1% $ in thousands Future Definition 25Q1 25Q2 25Q3 25Q4 Operating income $ 115,184 $ 84,430 $ 84,497 $ 78,510 Amortization of purchased intangibles 11,444 11,405 11,339 11,470 Deferred compensation plan (1,246) 7,584 6,033 2,038 Acquisition expenses (cash- and equity-settled) 2,926 3,350 3,720 3,771 AOI less Operating SBC15 $ 128,308 $ 106,769 $ 105,589 $ 95,789 AOI less Operating SBC Margin16 34.6% 29.3% 28.1% 24.5% $ in thousands AOI less SBC9 and AOI less Operating SBC15

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© 2026 Bentley Systems, Incorporated. All rights reserved. 48 Full year reconciliations of operating income to AOI less SBC9 and operating income to AOI less Operating SBC15 9-10-15-16See appendix for KPI and non-GAAP definitions AOI less SBC9 and AOI less Operating SBC15 Current Definition 2025 2024 2023 Operating income $ 362,621 $ 302,150 $ 230,542 Amortization of purchased intangibles 45,658 46,679 51,219 Deferred compensation plan 14,409 12,382 13,580 Acquisition expenses (cash-settled) 7,229 10,222 17,866 Realignment expenses 0 789 11,470 AOI less SBC9 $ 429,917 $ 372,222 $ 324,677 AOI less SBC Margin10 28.6% 27.5% 26.4% AOI less SBC Margin10 growth 1.1% 1.1% $ in thousands Future Definition 2025 2024 2023 Operating income $ 362,621 $ 302,150 $ 230,542 Amortization of purchased intangibles 45,658 46,679 51,219 Deferred compensation plan 14,409 12,382 13,580 Acquisition expenses (cash- and equity-settled) 13,767 16,752 24,209 Realignment expenses 0 789 11,470 AOI less Operating SBC15 $ 436,455 $ 378,752 $ 331,020 AOI less Operating SBC Margin16 29.1% 28.0% 26.9% AOI less Operating SBC Margin16 growth 1.1% 1.1% $ in thousands

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© 2026 Bentley Systems, Incorporated. All rights reserved. 49 $465 $526 24Q4 25Q4 Last twelve months Last twelve months 25Q4 11See appendix for KPI and non-GAAP definitions aIncludes receipts related to interest rate swap Adjusted EBITDA 11 $ in millions $ in thousands Reconciliation of cash flows from operating activities to Adjusted EBITDA11 +13% Cash flows from operating activities $ 538,464 Cash interest 7,846 Cash taxes 59,095 Cash deferred compensation plan distributions 3,766 Cash acquisition expenses 10,874 Change in operating assets and liabilities (86,894) Othera (7,390) Adjusted EBITDA $ 525,761

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© 2026 Bentley Systems, Incorporated. All rights reserved. 50 Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency 1See appendix for KPI and non-GAAP definitions Constant currency 1 Three months ended December 31, 2024 Actual Impact of foreign exchange at 2024 rates Constant currency $ 349,822 $ (317) $ 349,505 $ 315,590 $ (330) $ 315,260 Three months ended December 31, 2025 Actual Impact of foreign exchange at 2024 rates Constant currency Total revenues $ 391,582 $ (8,008) $ 383,574 Subscriptions revenues $ 356,633 $ (7,442) $ 349,191 $ in thousands Year ended December 31, 2024 Actual Impact of foreign exchange at 2024 rates Constant currency $ 1,353,095 $ (797) $ 1,352,298 $ 1,223,362 $ (791) $ 1,222,571 Year ended December 31, 2025 Actual Impact of foreign exchange at 2024 rates Constant currency Total revenues $ 1,501,779 $ (12,387) $ 1,489,392 Subscriptions revenues $ 1,376,696 $ (11,533) $ 1,365,163 $ in thousands

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© 2026 Bentley Systems, Incorporated. All rights reserved. 51 Reconciliation of cash flows from operating activities to free cash flow Free Cash Flow 13 Fourth quarter December 31 Year-to-date December 31 2025 2024 2025 2024 Cash flows from operating activities $ 141,588 $ 81,632 $ 538,464 $ 435,292 Purchases of property and equipment and investment in capitalized software (5,419) (5,547) (18,255) (14,046) Free cash flow $ 136,169 $ 76,085 $ 520,209 $ 421,246 13See appendix for KPI and non-GAAP definitions $ in thousands

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