Slides
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BSY second quarter 2026 results August 6 , 2026 Bentley
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© 2026 Bentley Systems, Incorporated. All rights reserved. 2 01 02 03 04 Perspectives from the Executive Chair Perspectives from the CEO Perspectives from the CFO Q&A Agenda
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© 2026 Bentley Systems, Incorporated. All rights reserved. 3 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 August 6, 2026. If this presentation is reviewed after August 6, 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 © 2026 Bentley Systems, Incorporated. All rights reserved.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 4 01 Perspectives from the Executive Chair, Greg Bentley
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© 2026 Bentley Systems, Incorporated. All rights reserved. 5 Bentley’s AI solutions for infrastructure Asset performanceProject delivery Infrastructure AI Bentley Open Applications AI to create and optimize designs at machine speed Cesium and iTwin Platform AI to power digital twins of infrastructure assets in their full built and natural environment AI to generate engineering-grade insights into operating conditions Bentley Asset Analytics We are developing AI capabilities across our product portfolio – as well as instrumenting our applications to support our accounts’ AI-driven workflows. Bentley Infrastructure Cloud AI to harness an account's project and asset data across the infrastructure lifecycle
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© 2026 Bentley Systems, Incorporated. All rights reserved. 6 Growth initiative #1 - E365 | Enterprise accounts Accretion in enterprise accounts E365 as % total ARR6 Chart segment sizing corresponds to underlying % of 2025 Revenue ~42,000 accounts in 189 countries >600 quota carriers94% direct sales >$1M/year $250k-$1M/year $100- $250K/year$100- $250K/year $250K-$1M/year >$1M/year Project delivery firms Owner-operators >240 accounts >480 accounts >360 accounts >540 accounts“SMB” <$100K/year >100 accounts >100 accounts <$100K/year 2020 – 25% 2022 – 35% 2021 – 29% 2023 – 41% 2025 – 46% SMB E365 Prospects E365 2024 – 45%
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© 2026 Bentley Systems, Incorporated. All rights reserved. 7 ENR Top Global Design Firms (ex-China) in BSY ARR 470 firms $198B design billings $414M
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© 2026 Bentley Systems, Incorporated. All rights reserved. 8 >$1M/year $250k-$1M/year $100-$250K/year$100-$250K/year $250K-$1M/year >$1M/year Project delivery firms Owner-operators >240 accounts >480 accounts >360 accounts >540 accounts “SMB” <$100K/year >100 accounts >100 accounts <$100K/year Enterprise accounts BSY ARR breakout
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© 2026 Bentley Systems, Incorporated. All rights reserved. 9 Bentley Infrastructure 500 Top Owners(BI500) ranking *As measured by reported tangible fixed assets, net by depreciation | Note: Data sources for this ranking include financial statements and third-party data providers Rank Owner Infrastructure Value* (millions USD) Headquarters Country 1 UNITED STATES GOVERNMENT 566,300 United States 2 SAUDI ARAMCO 398,485 Saudi Arabia 3 EXXONMOBIL 294,318 United States 4 NATIONAL HIGHWAYS (ENGLAND) 253,030 United Kingdom 5 AMAZON 252,665 United States 6 ELECTRICITE DE FRANCE 190,000 France 7 ROYAL DUTCH SHELL 185,219 Netherlands 8 STATE OF CALIFORNIA 172,003 United States 9 GOOGLE 171,036 United States 10 MINISTRY OF DEFENCE (UNITED KINGDOM) 169,719 United Kingdom 11 STATE OF TEXAS 166,636 United States 12 BROOKFIELD ASSET MANAGEMENT 153,019 Canada 13 SAMSUNG ENGINEERING 151,086 South Korea 14 CHEVRON 147,799 United States 15 GOVERNMENT OF ONTARIO 146,138 Canada 16 TRANSPORT FOR NEW SOUTH WALES 144,067 Australia 17 NEXTERA ENERGY 138,852 United States 18 PETROBRAS 136,285 Brazil 19 MICROSOFT 135,591 United States 20 SAUDI ELECTRICITY 133,566 Saudi Arabia 21 DEPARTMENT OF LAND INFORMATION (AUSTRALIA) 133,360 Australia 22 AT&T 128,871 United States 23 NETWORK RAIL (UNITED KINGDOM) 127,557 United Kingdom 24 KOREA ELECTRIC POWER 123,813 South Korea 25 DUKE ENERGY 123,303 United States The Bentley Infrastructure 500 is a ranking of the top owners of infrastructure around the world from both the public and private sectors. The rankings make it possible to readily compare investment levels across types of infrastructure, regions of the world, and public and private organizations. Bentley Systems has compiled the Bentley Infrastructure 500 to help global constituents appreciate and explore the magnitude of investment in infrastructure and the potential to continually increase the return on that investment. Bentley is committed to increasing infrastructure investment returns by going digital with innovative solutions that enhance project delivery and asset performance.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 10 Bentley Infrastructure 500 Top Owners(BI500) Owner-Operator Markets BI500 Top Owners net asset Bentley Infrastructure 500 Top Owners manage $21 Trillion in net assets globally (excluding Russia).
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© 2026 Bentley Systems, Incorporated. All rights reserved. 11 Public Works / Utilities Industrial Resources Commercial / Facilities Bentley Infrastructure 500 Top Owners By sector 500 Top Owners $21T Net infrastructure assets
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© 2026 Bentley Systems, Incorporated. All rights reserved. 12 Bentley Infrastructure 500 Top Owners By region Americas APAC EMEA500 Top Owners $21T Net infrastructure assets
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© 2026 Bentley Systems, Incorporated. All rights reserved. 13 Bentley Infrastructure 500 Top Owners(BI500) Owner-Operator Markets Market Share (ex-China): BI500 Top Owners net asset Bentley accounts manage over 80% of net assets Bentley accounts manage 90% of assetswhen excluding China as well as the Commercial/Facilities sector. Bentley Infrastructure 500 Top Owners manage $21 Trillion in net assets globally (excluding Russia).
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© 2026 Bentley Systems, Incorporated. All rights reserved. 14 Bentley Infrastructure 500 Top Owners By region (China) Americas APAC EMEA43 China Top Owners $1.8T Net infrastructure assets
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© 2026 Bentley Systems, Incorporated. All rights reserved. 15 Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts 346 BSY Top Owners $15.5T Net infrastructure assets Commercial / Facilities
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© 2026 Bentley Systems, Incorporated. All rights reserved. 16 Bentley Infrastructure 500 Top Owners(BI500) Owner-Operator Markets Market share (ex-China): Adoption of Bentley Infrastructure Cloud BI500 Top Owners net asset Bentley accounts manage over 80% of net assets Bentley accounts manage 90% of assetswhen excluding China as well as the Commercial/Facilities sector. 153 ex-China Top Owners already adopted Bentley Infrastructure Cloud (mostly ProjectWise) to accumulate engineering for delivered projects which will make AI-enabled digital twins more valuable. Bentley Infrastructure 500 Top Owners manage $21 Trillion in net infrastructure assets globally (excluding Russia).
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© 2026 Bentley Systems, Incorporated. All rights reserved. 17 Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts 153 BSY Top Owners $8.4T Net infrastructure assets Bentley Infrastructure Cloud Commercial / Facilities
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© 2026 Bentley Systems, Incorporated. All rights reserved. 18 Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts 346 Top Owner accounts (ex-China) representing $15.5T of net infrastructure assets • spend annually over $330MM in run rate with BSY • averaging about $1 million/year for those not in the Commercial / Facilities sector • or on average $21 per million dollars of $15.5 trillion dollars of net assets owned • expenditure levels are expected to multiply by orders of magnitude as AI is adopted to improve infrastructure capacity, quality, and economics.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 19 Bentley Infrastructure 500 Top Owners (ex-China) BSY accounts 346 ~$21 BSY Top Owners $330M in BSY run rate $15.5T Net infrastructure assets Commercial / Facilities Run rate per million dollars of net infrastructure asset
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© 2026 Bentley Systems, Incorporated. All rights reserved. 20 $Millions LTM free cash flow14 14 See appendix for KPI and non-GAAP definitions 14.7% CAGR FCF14 $498M 26Q2 LTM FCF14 0 100 200 300 400 500 600 22Q2 23Q2 24Q2 25Q2 26Q2 FCF14
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© 2026 Bentley Systems, Incorporated. All rights reserved. 21 $Millions LTM free cash flow less operating stock-based compensation15 15 See appendix for KPI and non-GAAP definitions 0 100 200 300 400 500 600 22Q2 23Q2 24Q2 25Q2 26Q2 FCF less operating SBC15 Operating SBC
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© 2026 Bentley Systems, Incorporated. All rights reserved. 22 $Millions LTM free cash flow less operating stock-based compensation15 15 See appendix for KPI and non-GAAP definitions 16.7% CAGR FCF less operating SBC15 $426M 26Q2 LTM FCF less operating SBC15 0 100 200 300 400 500 600 22Q2 23Q2 24Q2 25Q2 26Q2 FCF less operating SBC15
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© 2026 Bentley Systems, Incorporated. All rights reserved. 23 Share Repurchases 0 10 20 30 40 50 60 70 80 90 100 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 60 50 40 30 20 10 0 $Millions Average priceRepurchase expenditure $ 3.1M shares repurchased during 26Q2 QTD at average price of $31.72
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© 2026 Bentley Systems, Incorporated. All rights reserved. 24 Fully-diluted share count -1.0% CAGR 319M 26Q2 diluted weighted average shares 0 50 100 150 200 250 300 350 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Millions Fully-diluted share count Convertibles
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© 2026 Bentley Systems, Incorporated. All rights reserved. 25 Perspectives from the CEO, Nicholas Cumins 02
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© 2026 Bentley Systems, Incorporated. All rights reserved. 26 Infrastructure AI initiative YII 2025 - Amsterdam
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© 2026 Bentley Systems, Incorporated. All rights reserved. 27 • Probabilistic engines • Natural language processing • High-level reasoning • Break problem down into instructions Better together Bentley Open Applications Your AI assistant of choice • Deterministic engines • De facto standards • Integrated across infrastructure value chains • Perform modeling, analysis, simulation MCP
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© 2026 Bentley Systems, Incorporated. All rights reserved. 28 MCP servers available now Here and now MCP servers coming soon SACS OpenFlows RAM OpenRoads OpenRail ADINA STAAD PLS-GRIDMicroStation OpenSite+ PLS-POLE PLS-TOWER Bentley Infrastructure Cloud Bentley Open Applications Technology Platform ProjectWise AssetWise iTwin IoTSeequent EVO Cesium ion And more
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© 2026 Bentley Systems, Incorporated. All rights reserved. 29 The art of the possible
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© 2026 Bentley Systems, Incorporated. All rights reserved. 30 YoY ARR growth rate8 8 See appendix for KPI and non-GAAP definitions 14 13 12 11 10 9 8 7 6 5 4 3 2 1 - 12% (%) 12% YoY ARR8 0% 2% 4% 6% 8% 10% 12% 14% 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 YoY constant currency business performance
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© 2026 Bentley Systems, Incorporated. All rights reserved. 31 YoY net retention rate5 5 See appendix for KPI and non-GAAP definitions 14 13 12 11 10 9 8 7 6 5 4 3 2 1 - 12% (%) 109% YoY NRR5 YoY constant currency business performance 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 26Q1 26Q2
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© 2026 Bentley Systems, Incorporated. All rights reserved. 32 Tone of business by infrastructure sector Resources fastest growing sector Note: Chart segment sizing corresponds to underlying % of 26Q2 Sector-attributable ARR6 6 See appendix for KPI and non-GAAP definitions Public Works / Utilities Industrial Commercial / Facilities Resources
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© 2026 Bentley Systems, Incorporated. All rights reserved. 33 Tone of business by geographic region Strong growth across all 3 regions Strong renewals at major accounts across the region. U.K. demand driven by large ongoing national infrastructure and project delivery programs. Resilience in the Middle East, with accounts returning to work, consumption rebounding, and deal activity progressing. Strong growth led by Australia’s performance bounce-back, followed closely by India. Long-term demand anchored by major regional rail initiatives and offshore energy developments. Regional strength continues to offset persistent macro headwinds in China (~2% of ARR). Strong U.S. growth supported by double-digit account backlogs and robust public and private funding. Strength in transportation, water, power, and AI-related data centers. Standout performance in Latin America and Canada, propelled primarily by mining. EMEA Asia PacificAmericas
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© 2026 Bentley Systems, Incorporated. All rights reserved. 34 3D physical design, modeling, and layout of electrical substations. Substation+ GIS-integrated design, work order mgmt., and layout for electric utility distribution networks. OpenUtilities Structural loading analysis and joint-use mgmt. for electric distribution poles. SPIDA AI-powered drone imagery and analytics for automated distribution pole modeling & inspection. Talon Design and analysis of overhead transmission and distribution lines and their structures. Bentley’s electric grid offering PLS
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© 2026 Bentley Systems, Incorporated. All rights reserved. 35 Power Line Systems Select success stories Exo Inc. Grid tower stabilization solution prevents catastrophic power outage Exo leverages digital twin technology to remediate structure and prevent power loss during a global pandemic for energy utility, Evergy. Toth & Associates Transmission line project restores power to 1,500 people 18 days ahead of schedule Toth & Associates, an engineering firm, develops electrical line replacement plans for Prairie Power, a generation and transmission cooperative.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 36 Power Line Systems User conference
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© 2026 Bentley Systems, Incorporated. All rights reserved. 37 PLS-GRID Anthropic Claude MCP Power Line Systems MCP servers
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© 2026 Bentley Systems, Incorporated. All rights reserved. 38 Perspectives from the CFO, Werner Andre 03
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© 2026 Bentley Systems, Incorporated. All rights reserved. 391 See appendix for KPI and non-GAAP definitions Revenue performance 333 379 10 10 20 22 25Q2 26Q2 Subscriptions Licenses Services $411 $364 +9.4% (CC +8.7%) -4.8% (CC -6.0%) +13.6% (CC +13.0%) +12.8% (CC +12.2%) June YTD $ in millions - Constant currency1 Second quarter $ in millions - Constant currency1 676 771 21 19 38 45 2025 2026 Subscriptions Licenses Services $835 +18.8% (CC +16.5%) +13.6% (CC +12.1%) -10.6% (CC -12.2%) +14.1% (CC +12.6%) $735
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© 2026 Bentley Systems, Incorporated. All rights reserved. 401-3-4-5 See appendix for KPI and non-GAAP definitions LTM recurring revenues3 $ in millions - Constant currency1 LTM recurring revenue retention $ in millions - Constant currency1 LTM 25Q2 LTM 26Q2 Recurring revenue performance +13.5% (CC 11.8%) 2021 2022 2023 2024 2025 26Q1 26Q2 110%109% 109% 110% 109% 109% Recurring revenues-dollar based net retention rate5 Account retention rate (dollar weighted)4 109% 98% 98% 99%98% 99% 99%99% $1,486 $1,309
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© 2026 Bentley Systems, Incorporated. All rights reserved. 411-6-7-8 See appendix for KPI and non-GAAP definitions 8% 10% 10% 13% 13% 12% 11.5% 11.5% 12.5% 13% 13% 12.5% 12.5% 11% 11% 12% 12% 12% 11.5% 10.5% 11.5% 11.5% 12% 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 26Q1 26Q2 23% 26%26% Seequent 21Q2 to 22Q1 and Power Line Systems 22Q1 to 22Q4 27% 14%14% 15% Recurring revenue performance 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% 4.0% ARR growth7,8 $ in millions - Constant currency1, YoY Impact from the onboarding of platform acquisitions Business performance8 ARR6 $1,536 million at 06/30/2026 spot rates 2.5% 2.9%
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© 2026 Bentley Systems, Incorporated. All rights reserved. 42 $84 $89 25Q2 26Q2 $200 $215 25Q2 YTD 26Q2 YTD 10-11 See appendix for KPI and non-GAAP definitions AOI less operating SBC10 $ in millions GAAP operating income $ in millions Profitability performance +5% $107 $116 25Q2 26Q2 +9% 28.3% AOI less operating SBC margin11 29.3% AOI less operating SBC margin11 +8% $235 $257 25Q2 YTD 26Q2 YTD +9% 30.8% AOI less operating SBC margin1132.0% AOI less operating SBC margin11
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© 2026 Bentley Systems, Incorporated. All rights reserved. 43 $57 $64 25Q2 26Q2 $61 $72 25Q2 26Q2 $273 $252 25Q2 26Q2 $281 $265 25Q2 26Q2 $434 $498 25Q2 26Q2 $448 $523 25Q2 26Q2 13-14 See appendix for KPI and non-GAAP definitions 26Q2 credit metrics $ in millions Operating and Free cash flows14 $ in millions Liquidity and capital structure • 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% • In April 2026, we closed on a new $550 million Term Loan under the accordion feature of our Credit Facility • 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 $ 147 Senior debta $ 646 Net senior debtb $ 499 Net senior debt leveragec 0.9x Available revolver credit capacity $ 1,204 2027 Convertible notes $ 575 Net debt leverage incl. convertible notesd 1.9x • $32 million in net debt reduction, $678M repayment of convertible notes, partially offset by $550M proceeds from term loan issuance under the Credit Facility • $155 million in share repurchases, including $30 million of de-facto share repurchases • $42 million in dividends YTD 26Q2 capital allocation Footnote a: Debt gross of unamortized debt issuance costs Footnote b: Net senior debt is senior debt minus cash Footnote c: Net senior debt leverage is net senior debt divided by LTM adjusted EBITDA 13 Footnote d: Net debt leverage is net senior debt plus $575M of convertible notes divided by LTM adjusted EBITDA13 Second quarter Last twelve months +18% Year-to-date OCF FCF -6% +12% OCF FCF OCF FCF -8% +17% +15%
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© 2026 Bentley Systems, Incorporated. All rights reserved. 44 Full year 2026 financial outlook a Reflecting 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 b Includes ARR6 acquired from programmatic acquisitions, which generally are immaterial, individually, and in the aggregate 1-6-10-14 See appendix for KPI and non-GAAP definitions Additional expectations to support financial modeling • Full year interest expense of approximately $40 million. Approximately $30 million cash interest (net of the receipts from ou r 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 SBC10 $495 million to $510 million (representing annual margin improvement of approximately 100bps in constant currency) Effective tax rate Approximately 21% Free Cash Flows14 $500 million to $570 million
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© 2026 Bentley Systems, Incorporated. All rights reserved. 45 Appendix
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© 2026 Bentley Systems, Incorporated. All rights reserved. 46 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. KPI and non-GAAP definitions 1. Constant currency (“CC”). 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 automatic 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. 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 total 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. 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. 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.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 47 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. KPI and non-GAAP definitions 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 are immaterial, individually and in the aggregate. 9. Organic ARR. Organic ARR is defined as reported ARR less ARR onboarded from programmatic acquisitions. 10. 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), integration costs, and realignment expenses (income). 11. AOI less Operating SBC margin. Our AOI less Operating SBC margin is calculated by dividing AOI less Operating SBC by total revenues. 12. 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- and equity-settled retention incentives provided to key employees of acquired companies), integration costs, realignment expenses (income), and operating stock-based compensation expense (non-cash stock-based compensation expense less equity-settled retention incentives provided to key employees of acquired companies). 13. 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 integration costs, 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. 14. 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. 15. FCF less operating stock-based compensation (“SBC”). FCF less operating SBC is defined as OCF less purchases of property and equipment and investment in capitalized software, and less operating SBC expense. 16. FCF margin. FCF margin is calculated by dividing FCF by total revenues. 17. FCF less operating SBC margin. FCF less operating SBC margin is calculated by dividing FCF less operating SBC by total revenues.
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© 2026 Bentley Systems, Incorporated. All rights reserved. 48 Constant currency1 1 See appendix for KPI and non-GAAP definitions Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency1 Three months ended June 30, 2025 Actual Impact of foreign exchange at 2025 rates Constant currency1 $ 364,106 $ 183 $ 364,286 $ 333,452 $ 183 $ 333,635 Three months ended June 30, 2026 Actual Impact of foreign exchange at 2025 rates Constant currency1 Total revenues $ 410,727 $ (1,895) $ 408,832 Subscriptions revenues $ 378,635 $ (1,618) $ 377,017 $ in thousands Six months ended June 30, 2025 Actual Impact of foreign exchange at 2025 rates Constant currency1 $ 734,648 $ 250 $ 734,895 $ 675,770 $ 242 $ 676,012 Six months ended June 30, 2026 Actual Impact of foreign exchange at 2025 rates Constant currency1 Total revenues $ 834,908 $ (11,183) $ 823,725 Subscriptions revenues $ 771,119 $ (9,991) $ 761,128 $ in thousands
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© 2026 Bentley Systems, Incorporated. All rights reserved. 49 AOI less Operating SBC10 10 See appendix for KPI and non-GAAP definitions Reconciliations of operating income to AOI less Operating SBC10 $ in thousands Three months ended June 30 Six months ended June 30 2026 2025 2026 2025 Operating income $ 88,608 $ 84,430 $ 214,868 $ 199,614 Amortization of purchased intangibles 11,554 11,405 23,611 22,849 Deferred compensation plan 11,661 7,584 10,587 6,338 Acquisition expenses 2,413 3,350 6,093 6,276 Integration costs 1,800 - 1,800 - AOI less Operating SBC10 $ 116,036 $ 106,769 $ 256,959 $ 235,077
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© 2026 Bentley Systems, Incorporated. All rights reserved. 50 Adjusted EBITDA13 a Includes receipts related to interest rate swap 13 See appendix for KPI and non-GAAP definitions Reconciliation of cash flows from operating activities to Adjusted EBITDA13 $485 $555 25Q2 26Q2 Cash flows from operating activities $ 522,885 Cash interest 19,840 Cash taxes 57,580 Cash deferred compensation plan distributions 4,289 Cash acquisition expenses 7,182 Change in operating assets and liabilities (50,050) Othera (6,703) Adjusted EBITDA13 $ 555,023 +14% Last twelve months 26Q2 $ in thousands Last twelve months $ in millions
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© 2026 Bentley Systems, Incorporated. All rights reserved. 51 Free Cash Flow14 and Free Cash Flow less Operating SBC15 14-15 See appendix for KPI and non-GAAP definitions Reconciliation of cash flows from operating activities to free cash flow14 and free cash flow less operating SBC15 $ in thousands Second quarter June 30 Year-to-date June 30 Last twelve months June 30 2026 2025 2026 2025 2026 2025 Cash flows from operating activities $ 71,513 $ 61,085 $ 264,921 $ 280,500 $ 522,885 $ 448,237 Purchases of property and equipment and investment in capitalized software (7,715) (4,091) (13,266) (7,135) (24,386) (14,492) Free cash flow14 $ 63,798 $ 56,994 $ 251,655 $ 273,365 $ 498,499 $ 433,745 Operating stock-based compensation expense (72,189) Free cash flow less operating SBC15 $ 426,310
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© 2026 Bentley Systems, Incorporated. All rights reserved. 52