Financial Data and Key Metrics Changes - For the full year 2025, total revenues reached $1,502 million, growing 11% on a reported basis and 10% in constant currency [32] - Subscription revenues grew 13% reported and 12% in constant currency, now representing 92% of total revenues, up 2 percentage points from 2024 [33] - Free cash flow generation totaled $520 million, up 24% year-over-year, with a free cash flow margin of 35% [36][37] - Adjusted operating income, less stock-based compensation, was $430 million for the year, up 16% with a margin of 28.6% [36] Business Line Data and Key Metrics Changes - E365 performance remained steady, contributing 45% of subscription revenues, an increase from 42% in 2024 [33] - The asset analytics strategy reached a $50 million run rate milestone for asset consumption revenue in 2025 [15] - The industrial sector showed solid growth, while commercial facilities remained relatively flat [27] Market Data and Key Metrics Changes - The Americas region saw strong growth driven by favorable macro conditions for infrastructure investment, with stable public funding ensuring large project backlogs [28] - The Middle East led growth in the EMEA region, with investments shifting towards transportation, utilities, and mining [30] - China continued to be impacted by economic and geopolitical headwinds, representing approximately 2% of ARR [31] Company Strategy and Development Direction - The company aims to leverage AI as an unprecedented opportunity rather than a risk, focusing on enhancing infrastructure engineering through AI integration [5][19] - Bentley Systems is embedding AI capabilities into its products and enabling users to build their own AI-driven workflows [19][24] - The strategy includes a commitment to data stewardship, ensuring users retain control over their data used for AI training [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 outlook, projecting total revenue growth in the range of 11%-13% in constant currency [39] - The macro environment for 2026 is expected to remain consistent with 2025, with strong growth in sectors like resources and public utilities [60] - AI is seen as a transformative force for infrastructure engineering, with expectations for increased adoption and monetization over time [71] Other Important Information - The company reduced its net debt leverage to a healthy 2.1 times, providing strategic flexibility for future acquisitions [37] - The company retired its 2026 convertible notes, reducing the fully diluted share count by approximately 3% [37] Q&A Session Summary Question: What elements could push constant currency ARR growth closer to the higher end of the range? - AI is contributing to asset analytics growth, but it may take time for this to reflect in ARR due to the nature of inspections not being annual [46][47] Question: Is the $400 million annual acquisition capacity consistent with past messaging? - The company is open to expanding M&A beyond asset analytics now that leverage is down, but $400 million is not a strict target [51][52] Question: Are digital twins opening up the pipeline for funding projects? - Investments in digital twins are being made easier as the technology underlies many of the company's products [55][56] Question: What is the macro demand environment assumed in guidance? - The macro environment for 2026 is expected to be consistent with 2025, with strong growth in most sectors except for facilities [59][60] Question: How is the services revenue recovery being driven? - The recovery is primarily driven by improvements in the IBM Maximo services business, with asset analytics contributing minimally [63][64] Question: Is the new packaging for products included in the 2026 guidance? - The new packaging was released in Q4 and is expected to support growth going forward [66][67] Question: How is the company leveraging its network for AI design? - The company is engaging with accounts to evolve its engineering applications to support AI-driven workflows, focusing on adoption over monetization [70][72]

© 2026 Bentley Systems, Incorporated. All rights reserved. 1 February 26, 2026 Perspectives from the Executive Chair 01 Perspectives from the CEO 02 Perspectives from the CFO Q&A 03 04 © 2026 Bentley Systems, Incorporated. All rights reserved. 2 Agenda Disclaimer BSY fourth quarter and full year 2025 results and 2026 financial outlook This presentation includes forward-looking statements regarding the future results of operations and financial position, business strategy, and plans and objectives for future ...