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Bentley Systems (BSY) investor relations material

Bentley Systems Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 revenues reached $364.1M, up 10.2% year-over-year, with robust ARR and subscription growth, and strong execution across all regions and sectors.

  • Business model resilience shown by high retention, continued expansion in large and SMB segments, and 14 consecutive quarters of 600+ new logos.

  • Secular trends in digitalization, AI adoption, and infrastructure demand underpin long-term growth, with strategic focus on asset analytics and AI integration.

  • Resources sector led growth, with Public Works/Utilities and regional strength in India and Latin America.

  • Management highlighted strong operational execution, resilience amid global uncertainties, and confidence in meeting 2025 outlook.

Financial highlights

  • Q2 total revenues were $364.1M, up 10.2% year-over-year; six-month revenues reached $734.6M, up 10%.

  • Subscription revenues grew 12.1% year-over-year to $333.5M, now 92% of total revenues; perpetual licenses declined to 3%.

  • Adjusted operating income less SBC was $105.2M for Q2 (28.9% margin), up 10.4% year-over-year; YTD $231M (31.5% margin), up 11%.

  • Free cash flow for Q2 was $57M; six-month free cash flow was $273.4M; full-year FCF outlook raised to $430–470M.

  • Net income for Q2 2025 was $70.5M; diluted EPS was $0.22; gross margin for Q2 was 81.1%.

Outlook and guidance

  • On track to deliver within annual outlook for ARR growth, revenues, profitability, and increased free cash flow.

  • Full year 2025 revenue outlook: $1,461M–$1,490M (or $1,481M–$1,510M in constant currency), with ARR growth of 10.5%–12.5%.

  • AOI less SBC margin expected at approximately 28.5%, up 100bps YoY; free cash flow guidance raised to $430M–$470M.

  • Management anticipates favorable cash tax impacts in 2025 due to recent U.S. tax legislation changes.

  • Q3 anticipated as seasonal low for ARR growth; foreign exchange tailwinds could add $17M to second-half GAAP revenues.

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Frequently asked questions

Bentley's Infrastructure Engineering Solutions business unit serves the global infrastructure industry by providing a comprehensive portfolio of products and services to help organizations improve toward their goals in safety and environmental performance, sustainability and productivity. Bentley solutions are used in a broad range of industries including transportation, utilities, public works, oil and gas, chemicals and process industry, aerospace, defense and government. Bentley Systems, Incorporated was founded in 1984 and is headquartered in Exton, Pennsylvania.

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