BENTLEY SYSTEMS INC (BSY) Business

Item 1. Business

Our Business

Bentley Systems is the infrastructure engineering software company.

Our purpose is to advance the world’s infrastructure for better quality of life. Our mission is to reshape how infrastructure systems and critical resources are delivered and optimized.

We were founded in 1984 by the Bentley brothers and on September 25, 2020, we completed our initial public offering (“IPO”).

Our enduring commitment is to develop and support the most comprehensive portfolio of integrated software offerings across disciplines, sectors, geographies, and the infrastructure lifecycle, enabling digital workflows that improve project delivery and asset performance.

Our users design, build, and operate infrastructure assets for the following sectors:

•Public Works/Utilities, which represents approximately 59% of our sector-attributable annualized recurring revenues (“ARR”)(1)(2), includes roads, rail, bridges, tunnels, airports, and ports; federal, state, and municipal agencies; and networks for electricity, gas, water, wastewater, and communications;

•Resources, which represents approximately 27% of our sector-attributable ARR(1)(2), includes mining, oil and gas upstream activities, offshore, pipelines, environmental management, and renewable energy;

•Industrial, which represents approximately 9% of our sector-attributable ARR(1)(2), includes process and discrete manufacturing, oil and gas downstream activities, and power generation; and

•Commercial/Facilities, which represents approximately 5% of our sector-attributable ARR(1)(2), includes campuses, office buildings, retail facilities, and hospitals.

Our Products and Offerings

We serve enterprises and professionals across the infrastructure lifecycle, from the design and construction of new projects to the operation and maintenance of existing assets. For projects, our software encompasses conception, planning, surveying, design, engineering, and construction, as well as the collaboration required to coordinate and share the work of interdisciplinary and/or distributed project teams. For assets, our software spans the operating life of commissioned infrastructure assets, allowing our accounts to manage engineering changes for safety and compliance and to model performance and reliability to support operations and maintenance decisions.

Bentley Open Applications and Seequent applications are primarily cloud-connected desktop modeling and simulation applications that support the breadth of engineering and geoprofessional disciplines.

Bentley Infrastructure Cloud, provided via cloud and hybrid environments, extends enterprise collaboration during project delivery and helps manage engineering information during operations and maintenance.

(1) Refer to the section titled “Key Business Metrics” included in Part II, Item 7 of this Annual Report on Form 10‑K for additional information, including our definition and our use of ARR.

(2) Sector-attributable ARR refers to the proportion of our ARR which can be attributed either based on the sector-specific classification of the account and/or the sector-specific classification of the product giving rise to the ARR. The portions of our ARR which cannot be sector-attributed consist generally of ARR within accounts that are diversified engineering firms which work in multiple sectors, and as to that portion of their ARR which are for products that are not sector-specific, such as MicroStation, and structural or geotechnical modeling and simulation applications, and ProjectWise, which are used across any and all sectors.

4

Table of Contents

Bentley Asset Analytics automatically detect and analyze issues to trigger key operational workflows, improving overall asset performance.

Powering these products is our Cesium and iTwin Platform, a cloud‑native technology platform to create, curate, and leverage infrastructure digital twins. Through our platform, our products are becoming increasingly data-centric to take advantage of digital twin and artificial intelligence (“AI”) capabilities.

The proportions of our revenues are referenced in the diagram below.

Our comprehensive portfolio of integrated software offerings comprises:

Bentley Open Applications. We offer an open modeling environment comprising domain‑specific modeling and simulation applications that analyze the functional performance of designs. Our engineering applications work together to improve infrastructure engineering quality and productivity, resulting in better project designs and deliverables.

Bentley Open Applications support a wide variety of file formats – both Bentley and third‑party – and industry standards and design codes, enabling digital workflows across design, simulation, and analysis, and ensuring engineering data is not locked in, but remains open and accessible. We take care to enable compatibility across successive generations of our applications, which enables engineers, throughout their careers, to maintain continuity with their preferred interfaces, formats, and methodologies, while advancing their work at the leading edge of innovation.

5

Table of Contents

As infrastructure sectors move toward more data-centric workflows, we are developing a new generation of digital-twin native, AI-powered, and Bentley Infrastructure Cloud-connected applications to further improve individual and team productivity and collaboration. These new applications are designated with a plus symbol (“+”) in each product’s name.

Our open modeling applications include:

•MicroStation, for flexible 3D design and documentation, providing the common modeling environment upon which our applications are built;

•OpenBridge, for the 3D design and documentation of bridges;

•OpenBuildings, for the 3D design and documentation of buildings and their integrated structural, HVAC, electrical, and plumbing systems;

•OpenFlows, for the planning, design, and operation of water, wastewater, and stormwater systems, incorporating hydrological, hydraulic, and flood modeling;

•OpenPlant, for the 2D and 3D design and documentation of process plants;

•OpenRail, for the planning, 3D design, and documentation of rail and transit systems;

•OpenRoads, for the planning, 3D design, and documentation of roads and highways;

•OpenSite and OpenSite+, for the planning, 3D design, and documentation of building, residential development, and infrastructure sites;

•OpenTower, for the 3D design and analysis of communication towers;

•OpenTunnel, for the 3D design and analysis of tunnels;

•OpenUtilities, including OpenUtilities Substation+, for the design and management of electric, gas, water, wastewater, and district energy networks; and

Our open simulation applications include:

•ADINA, for nonlinear simulation and analysis;

•AutoPIPE, for analysis and simulation of pipe stress in industrial process plants;

•MOSES, for integrated offshore analysis and simulation;

•Power Line Systems (“PLS”), for analysis and simulation of overhead electric power transmission lines and their structures;

•RAM, for analysis and simulation of building structural performance;

•SACS, for analysis and simulation of offshore structural performance;

•SPIDA, for analysis and simulation of utility poles and overhead assets; and

•STAAD, for analysis and simulation of structures of all types.

6

Table of Contents

Seequent. Our Seequent applications support modeling and simulation to help geoprofessionals and infrastructure engineers develop a detailed understanding, and take full account of, near and deep subsurface conditions.

These include industry‑leading earth modeling, subsurface‑data management, and geoprofessional team collaboration software and geotechnical products that supplement visible built-asset representations above ground with more probabilistic modeling of subsurface conditions.

Our geoprofessional applications include:

•AGS, for processing, inversion, and visualization of geophysical data;

•Central, for geological model management, to visualize, track, integrate, and manage geoscience data from a centralized, auditable environment;

•Evo, a geoscience data and compute platform, for integrated workflows and collaboration across Seequent and third-party products;

•GeoStudio, for integrated geotechnical analysis of slope stability, groundwater flow, and heat and mass transfer in soil and rock;

•Imago, for the capture and management of drilling core images;

•Leapfrog, for 3D implicit modeling designed to rapidly integrate, communicate, and interpret geological data;

•MX Deposit, cloud drill hole software for simplifying and controlling how drill and other field data is collected, managed, and shared throughout the lifecycle of an ore deposit from early exploration through to mine production;

•Oasis montaj, for the quality control, correction, visualization, analysis, and interpretation of geophysical, geologic and geochemical data;

•OpenGround, for geotechnical information management for collecting, reporting, managing, visualizing, analyzing, and accessing geotechnical data; and

•PLAXIS, for geotechnical analysis to solve common and complex geotechnical problems, including advanced analysis for excavations, foundations, tunnels, and other infrastructure projects.

Bentley Infrastructure Cloud. Our enterprise information system spans the end‑to‑end lifecycle and value chain of the world’s infrastructure, helping engineers to produce higher quality deliverables, contractors to execute better with their supply chain, and owners to maintain a complete and accurate picture of their asset throughout its lifecycle.

Bentley Infrastructure Cloud encompasses:

•Connect, the foundational layer of Bentley Infrastructure Cloud, which provides a connected data environment and unified experience for infrastructure professionals to improve collaboration;

•ProjectWise, for advanced design and construction workflows;

•SYNCHRO and SYNCHRO+, for 4D construction modeling to visualize and assess sequencing strategies; and

•AssetWise, for asset operations and maintenance workflows.

7

Table of Contents

By unifying data between engineering applications and enterprise systems, Bentley Infrastructure Cloud helps organizations manage their data in a single environment and enrich it across the lifecycle, for integrated workflows, improved collaboration, and increased productivity. Powered by our platform and infrastructure schemas and thus seamlessly integrating with Bentley Open Applications, Bentley Infrastructure Cloud enables better project delivery and asset performance through complete and evergreen digital twins.

Bentley Asset Analytics. Our asset analytics products unlock real-time insights and time-saving automation through AI-powered infrastructure digital twins to optimize asset performance and workflows. These offerings are applied to specific asset types and use cases.

Bentley Asset Analytics includes:

•Bentley OpenPaths, for multimodal transport network modeling and travel demand forecasting;

•Blyncsy, for inspecting and detecting roadway conditions;

•Bridge Monitoring, for identifying and classifying bridge defects;

•Dam Monitoring, for assessing, monitoring, and analyzing risks to dams;

•LEGION, for pedestrian traffic simulation;

•OpenTower iQ, for creating digital twins of cell tower infrastructure;

•Pointivo technologies, for drone data processing, AI-powered damage detection, and geolocation; and

•Talon, for sites surveys, inspections, and asset digitization across wireless telecom, broadband, and electric utilities.

Cesium and iTwin Platform. Our Cesium and iTwin Platform for developing infrastructure digital twin applications leveraging our infrastructure schemas, enables users to create and curate cloud‑native digital representations of physical infrastructure assets, incorporating underlying engineering information federated with operational and enterprise data, and then to model, simulate, analyze, synchronize, track, and predict performance over time. Using digital twins, our users can more fully extend digital workflows across the entire infrastructure lifecycle, increasing the value of infrastructure engineers’ work.

The platform was augmented through the acquisition of Cesium in September 2024. Cesium technology is used to develop powerful 3D geospatial applications—helping organizations understand their assets, environments, and operations in a 3D geospatial context. The combination of Cesium and iTwin capabilities enables developers and users to seamlessly align 3D geospatial data with engineering, operational, and enterprise data to create digital twins with astonishing user experiences that scale from vast infrastructure networks to the millimeter-accurate details of individual assets.

Through our platform, we are adding digital twin capabilities to our existing products and developing a new generation of data-centric and AI-powered offerings. The platform also supports a thriving ecosystem of third‑party developers who use our open standards-based and open source tools and open application programming interfaces (APIs) to develop applications for the built and natural environment. With tens of thousands of developers, Cesium is the de-facto developer platform for 3D geospatial applications. The combination of Cesium and iTwin provides new opportunities for growth and value creation for this developer ecosystem.

Additionally, some capabilities of the platform are offered as discrete iTwin products. These include:

•iTwin Capture, for capturing, modeling, analyzing, and sharing reality data, enabling users to easily create engineering‑ready, high-resolution 3D meshes of infrastructure assets using drone video and survey imagery;

8

Table of Contents

•iTwin Engage, for enabling infrastructure teams and their stakeholders to engage with immersive, photorealistic renderings of existing and future infrastructure assets;

•iTwin Experience, for visualizing and navigating digital twins, empowering owner‑operators and their constituents with insights into critical infrastructure; and

•iTwin IoT, for acquiring and analyzing sensor data, enabling users to seamlessly incorporate Internet of Things (“IoT”) data created by sensors and condition monitoring devices for real-time safety and risk monitoring in infrastructure construction and operations activities.

Comprehensiveness of Our Offerings

Our offerings are comprehensive across professional disciplines, infrastructure sectors, geographies, and the infrastructure lifecycle, resulting in what we believe to be durable competitive advantages:

Professional Disciplines. Each infrastructure project requires seamless and deep collaboration among professional disciplines, which can include civil, structural, geotechnical, subsurface, and process engineers; architects; geospatial professionals; city and regional planners; contractors; fabricators; and operations and maintenance engineers. Our open modeling and simulation applications facilitate iterative interactions between disciplines and coordination across project participants. Additionally, we believe our collaboration systems lead the market in managing infrastructure engineering firms’ preferred work-in-progress workflows.

Lifecycle Stages. Both project delivery enterprises and owner‑operators benefit from our software, which enables digital workflows to extend across the infrastructure lifecycle, from design to construction and ultimately asset management. This capability allows our users’ digital engineering models to be leveraged as the context for real-time condition monitoring to achieve better and safer operations and maintenance.

Infrastructure Sectors. Most major engineering and project delivery firms pursue an ever‑changing mix of projects across the public works/utilities, industrial, resources, and commercial/facilities sectors and for flexibility tend to favor an infrastructure engineering software vendor whose portfolio correspondingly spans their full breadth. This comprehensiveness provides diversification for our own business, as an incidental advantage. For example, when there have been cyclical downturns in the primarily privately‑financed industrial, resources, and commercial/facilities sectors, we have historically witnessed offsetting counter‑cyclical government investment in public works/utilities.

Geographies. While design codes may vary by country, infrastructure purposes and engineering practices are fundamentally the same throughout the world, which makes it possible for our infrastructure modeling applications to be used globally. Our offerings are available in most major languages, supporting country‑specific design codes, standards, and conventions. Our development teams are also globally dispersed, due in part to acquisitions made in various countries, but also to provide any needed last-mile localization of our applications. Our global comprehensiveness enables our project delivery accounts to compete more efficiently across geographic markets, thus also providing global supply‑chain sourcing choices for owners.

Digital Twins and AI

Over our company’s history, as computing capabilities have advanced, the scope of infrastructure engineering software has correspondingly increased. However, project and asset software markets have developed independently from one another, resulting in disconnected digital workflows. We believe the advancement from siloed project-specific software, including for computer-aided design (CAD) and building information modeling (BIM), and asset-specific software, including for geographic information systems (GIS), to unified and evergreen infrastructure digital twins will have the effect of merging what have been to date separate market spaces as well as enabling new use cases that were not possible or practical with previous technologies.

9

Table of Contents

We believe that the growing adoption of data-centric workflows, via infrastructure digital twins, will serve to overcome the factors that have held back the digital advancement of infrastructure engineering and will facilitate the broader use of engineering data in the operation of infrastructure assets. Moreover, we believe that due to the comprehensiveness of our offerings across the infrastructure lifecycle, infrastructure digital twins and newly enabled digital workflows spanning design, construction, and operations will most particularly benefit our users and enhance our competitiveness.

This includes the increasing use of AI, which represents a paradigm shift for infrastructure sectors, which create massive amounts of data during design, construction, and operations. Infrastructure organizations can leverage AI during project delivery to automate repetitive tasks and more, enabling engineers to focus on higher-value activities. They can also apply AI during operations to analyze data for insights into asset conditions.

We believe that helping infrastructure organizations deploy AI across the lifecycle represents a significant opportunity for Bentley. With Bentley Infrastructure Cloud, organizations can unlock access to their data, freeing it from closed formats and aligning it to open schemas, to enable AI across projects. Bentley Infrastructure Cloud also helps organizations maintain a digital thread from design through construction and operations, enabling AI-based performance recommendations.

We are also embedding AI capabilities across our comprehensive portfolio of integrated software offerings. For example, Bentley Copilot is a context-aware AI assistant that guides users through workflows, surfaces relevant information, and can make changes to design models; our next-generation applications such as Bentley OpenSite+ include native AI capabilities, e.g., for drawings production; and Bentley Asset Analytics products include AI agents that automatically identify maintenance issues and recommend preventive action.

Our Commercial Offerings

Licensing and Subscriptions

We offer a variety of licensing and subscription options so that users can choose what works best for them, their project, and their organization.

For larger organizations with centralized management of their engineering software portfolio, we offer our Enterprise 365 (“E365”) subscription. Our E365 subscription is an all‑inclusive global consumption‑based plan which provides access to our comprehensive portfolio of integrated software offerings with uniform pricing across all countries. E365 subscriptions require a Cloud Services Subscription (“CSS”) (described below) and are charged to accounts primarily based upon daily usage or elective subscriptions, dependent on product. They are also inclusive of “Enterprise Services” (described below). Our Bentley Infrastructure Cloud offerings utilized under E365 are charged based on the total number of users within a calendar quarter, or fixed asset bands, respectively. While the majority of our E365 subscriptions revenue is attributed to daily consumption of our applications, E365 subscriptions typically contain floors or ceilings on usage charges.

A perpetual license for Bentley software is a one‑time purchase with an annual maintenance subscription, called SELECT, which includes 24/7 technical support, access to learning resources, and the ability to exchange licenses for other software once a year. In addition, SELECT offers license pooling, which enables software access from multiple computers, and term licenses, which enables users to access software beyond their license entitlements for monthly or quarterly periods to cover short‑term surges in their workload.

We also offer a 12‑month named-user subscription including license, training, and knowledgeable engineering support procured through our e‑store, Virtuosity, which is a convenient and cost‑effective way for infrastructure professionals in small‑ and medium‑sized businesses (“SMBs”) to access Bentley software.

We deliver our Bentley Infrastructure Cloud capabilities under our CSS, charged quarterly based on the number of users of various levels of functionality. Pricing includes cloud provisioning, although some accounts elect on‑premises and/or hybrid hosting.

10

Table of Contents

CSS streamlines the procurement, administration, and payment process for us and our accounts for cloud offerings, term licenses, and recurring services. Participants in our E365 program use CSS as the funding mechanism for their subscription. At the end of 2025, accounts representing approximately 60% of our total ARR(1) had chosen to implement, for licensing of our software, our commercial models eligible under CSS.

Enterprise Services

For our enterprise accounts, services are delivered via proactive and continuous engagement with users and accounts with business outcomes in mind, ensuring that accounts achieve optimal results from our software. This collaborative process culminates in a statement of work that outlines specific, structured engagements called “Blueprints.” These services are offered both virtually and in-person, delivered by colleagues, most with domain experience and credentials in infrastructure engineering. Enterprise services, based on allotted credits, are bundled into our E365 subscription.

We also offer specialized services, including services to support Bentley Infrastructure Cloud implementations and advisory services to aid organizations in adopting digital technologies and workflows.

Our Primary Growth Initiatives

Incremental to our long‑standing programmatic acquisition strategy, we have determinedly invested internal resources to accelerate organic growth, with increasing success, through the following primary growth initiatives:

•Accretion in Enterprise Accounts: We have established that E365 helps our accounts implement, propagate, and upgrade our offerings more quickly, encouraging greater consumption of our software and stronger account relationships. We intend to continue to expand the reach of our E365 subscription within virtually all of our enterprise accounts;

•Accretion in SMBs: New business from SMB accounts, including from hundreds of new “logos” each quarter, has become a substantial contributor to our overall ARR growth(2), and we are encouraged to continue investment in our Virtuosity business and e‑store. Development and deployment of a “low touch” and ultimately “no touch” digital experience will enable this business to further scale and align with the market potential; and

•Asset Analytics: The third growth initiative involves further expansion into asset operations and maintenance, leveraging digital twin opportunities to be incrementally monetized through cloud subscriptions charged per asset. Our Bentley Asset Analytics portfolio leverages digital twin and AI capabilities to generate discrete and actionable insights of existing infrastructure assets.

Our Accounts

We provide our software to nearly 42,000 accounts in 189 countries worldwide. Our revenues are balanced and diversified between engineering and construction contracting firms who work together to deliver the design and construction of capital projects (representing 52%, 51%, and 50% of our 2025, 2024, and 2023 total revenues, respectively), and their clients, the world’s public and private infrastructure asset owners and operators (representing 48%, 49%, and 50% of our 2025, 2024, and 2023 total revenues, respectively).

We bring our offerings to market primarily through direct sales channels, including through our account managers and our Virtuosity inside sales colleagues and e‑store, which generated approximately 94% of our 2025 total revenues. We also rely on specialist channel partners in geographic regions where we do not currently have a meaningful presence or where, for some of our offerings, direct sales efforts are less economically feasible. Channel partners accounted for approximately 6% of our 2025 total revenues.

(1) Refer to the section titled “Key Business Metrics” included in Part II, Item 7 of this Annual Report on Form 10‑K for additional information, including our definition and our use of ARR.

(2) Refer to the section titled “Key Business Metrics” included in Part II, Item 7 of this Annual Report on Form 10‑K for additional information, including our definition and our use of ARR growth rate.

11

Table of Contents

We do not have material account concentration. No account, including any group of accounts under common control or accounts that are affiliates of each other, represented more than 2% of our total revenues in 2025, 2024, or 2023.

Our Acquisitions

Since our founding, we have purposefully pursued a strategy of acquiring and integrating specialized infrastructure engineering software businesses, including 8 acquisitions over the past three years. Most acquired products had already been interfacing with our platform prior to acquisition, and our acquisition purpose is typically to improve their technical and commercial integration.

As a public company, we have been able to make platform acquisitions which appreciably increase our scale and/or the scope of our platform capabilities. Our platform acquisitions have been:

•Seequent Holdings Limited (2021), to enable infrastructure digital twin capabilities to incorporate modeling and simulation of full subsurface depths, and advancing infrastructure resilience and sustainability by helping geoprofessionals to understand environmental conditions and to mitigate environmental risks; and

•PLS (2022), to bring design, analysis, and management of overhead electric power transmission lines and structures to our grid digital twin offerings. PLS substantially completes the reach of our comprehensive portfolio for the lifecycle integration of grid infrastructure across electrical transmission, substation, and distribution assets, and communications towers.

Our programmatic acquisitions, which most often “fill white space” within our ecosystem, add their value principally by enhancing our platform comprehensiveness, and accordingly we consider this programmatic aspect of our growth as characteristically within our mainstream business performance (unlike platform acquisitions). Our average historical ARR growth rate(1) from programmatic acquisitions over the past three years has been less than 1% measured on a constant currency basis.

Our Competition

The market for our software is highly competitive and subject to change. We compete against large, global, publicly‑traded companies that have resources greater than our own, and against small, new, or geographically‑focused firms that specialize in developing niche software offerings. While we do not believe that any competitor offers a portfolio as comprehensive as ours, we do face strong competition, varying by infrastructure lifecycle phase and sector:

•our key competitors in Public Works/Utilities applications include Autodesk, Inc., Trimble Inc., and Hexagon AB;

•our key competitors in Resources applications include Hexagon AB and the AVEVA unit of Schneider Electric, as well as Dassault Systèmes, Datamine, Maptek, RMS, and Micromine in mining;

•our key competitors in Industrial applications include Hexagon AB and the AVEVA unit of Schneider Electric;

•our key competitors in Commercial/Facilities applications include Autodesk, Inc., Nemetschek SE, and Trimble Inc.;

•our key competitors in project delivery systems include Autodesk, Inc. and Oracle Corporation; and

•our key competitors in asset performance systems include the AVEVA unit of Schneider Electric, Esri, and GE Vernova.

(1) Refer to the section titled “Key Business Metrics” included in Part II, Item 7 of this Annual Report on Form 10‑K for additional information, including our definition and our use of ARR growth rate.

12

Table of Contents

The principal competitive factors affecting our market include:

•product features, performance, and effectiveness;

•reliability and security;

•openness and the ability to integrate with other technologies;

•price, commercial model, and total cost of use; and

•brand awareness and reputation.

We believe we compete favorably against our competitors based on the factors above and that we distinguish ourselves through the comprehensiveness of our software offerings portfolio, our commitment to both integration and interoperability across the entire infrastructure lifecycle, our flexible commercial models, and our direct sales channels.

Our Research and Development

We make substantial investments in research and development because we believe the infrastructure engineering software market presents compelling opportunities for the application of new technologies that advance our current offerings. Our research and development roadmap balances technological advances and new offerings with continuous enhancements to existing offerings. Our allocation of research and development resources is guided by management‑established priorities, input from product managers, and feedback from various channels including users and user-facing teams.

As part of our resource allocation process, we also conduct a cost‑benefit analysis of acquiring available technology in the marketplace versus developing our own software.

Our Intellectual Property

We believe that the success of our business depends more on the quality of our proprietary software, technology, processes, and domain expertise than on copyrights, patents, trademarks, and trade secrets. While we consider our intellectual property rights to be valuable, we do not believe that our competitive position depends primarily on obtaining legal protection for our software and technology. Instead, we believe that our competitive position depends primarily on our ability to maintain a leadership position by developing innovative proprietary software, technology, information, processes, and know‑how. Nevertheless, we rely on a combination of copyrights, patents, trademarks, and trade secrets in the U.S. and other jurisdictions to secure our intellectual property, and we use contractual provisions and non‑disclosure agreements to protect it. In addition, from time to time we enter into collaboration arrangements and in‑bound licensing agreements with third parties, including certain of our competitors, in order to expand the functionality and interoperability of our software. We are not substantially dependent upon any one of these arrangements, and we are not obligated to pay any material royalty or license fees with respect to them.

Our patents cover systems and methods relating to various aspects of software for infrastructure design and modeling, collaboration and work‑sharing, and infrastructure asset operations. Among other things, our patents address a broad range of issues in infrastructure domains from analyzing building energy usage and structural analysis, railway system maintenance, water network design and operation, and augmented reality, as well as techniques for creating, storing, displaying, and processing infrastructure models.

To innovate and increase our strategic position, our software developers are incentivized to alert our internal patent committee to innovations that might be patentable or of strategic value. We also assess appropriate occasions for seeking patent and other intellectual property protections for aspects of our technology and offerings that we believe constitute innovations providing significant competitive advantages, both domestically and outside of the U.S.

13

Table of Contents

Despite the foregoing, our intellectual property rights may not be successfully asserted in the future or may be invalidated, circumvented, or challenged by third parties. Moreover, the laws and enforcement of the laws of various foreign countries where our products are licensed do not protect our intellectual property rights to the same extent as U.S. laws. Enforcement of intellectual property rights against alleged infringers could lead to costly litigation and counterclaims, and our inability or perceived inability to protect our proprietary information could harm our business. While we have recovered some revenue resulting from the unauthorized use of our software, we are unable to measure the full extent to which unauthorized use of our software products exists.

Our Production and Suppliers

Our principal supplier of cloud services is Microsoft, with whom we have entered into a multi-year contract for a committed level of expenditures for Azure. We added Google Cloud as a cloud service provider in 2024 to expand our delivery capabilities and optimize costs.

Impact at Bentley

Around the world, infrastructure professionals rely on Bentley software to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Our greatest opportunity for impact is through the products and services we provide that empower our users to achieve sustainable development goals by realizing outcomes that are more sustainable and resilient. Our impact strategy is rooted in our passion for advancing infrastructure challenges by enabling the building of a better world.

The four pillars of this strategy include:

•Handprint. The ways in which we empower our users to design, build, and operate sustainable infrastructure and collaborate across enterprises to create a better and more resilient future for all;

•Footprint. The actions we are taking to minimize environmental impacts across the business by closely managing, monitoring, and improving our operations;

•Social. The programs and processes that foster an inclusive culture where our colleagues and communities can thrive and do the best work of their careers, as well as the ways we are helping to grow the pipeline of infrastructure engineers through education, recruitment, and community engagement; and

•Governance. Our approach to effective governance is to ensure the highest level of accountability and compliance rigor.

We look forward to sharing updates for our full-year 2025 performance in our next Impact Report, scheduled to be published in the second quarter of 2026. To learn more, visit the impact portion of our website at www.bentley.com/company/impact/. The information posted on this website is not incorporated into this Annual Report on Form 10‑K.

Human Capital Management

Our colleagues are a key success factor in driving our continued growth. We create an enriching colleague experience, underscored by our mission, actions, and priorities (MAP) in which colleagues can do the best work of their career while making a positive impact by advancing the world’s infrastructure.

As of December 31, 2025, we had approximately 5,800 full‑time colleagues globally, including approximately 2,400 in the Americas (the U.S., Canada, and Latin America, including the Caribbean); approximately 1,600 in Europe, the Middle East, and Africa (“EMEA”); and approximately 1,800 in Asia‑Pacific (“APAC”). None of our full‑time U.S. colleagues are unionized. Outside the U.S., a small overall portion of our colleagues in certain countries are represented by a colleague representative organization, such as a union or colleague association. Our colleagues bring nearly 70 languages to fulfill the needs of our globally dispersed accounts and users. Our colleagues are highly qualified with an average of seven years of total service and advanced academic credentials, including over 160 doctoral degrees and over 1,400 master’s‑level degrees.

14

Table of Contents

Colleague Experience

We achieve a strong level of performance, engagement, and belonging through focused efforts to build trust and enhance personal and organizational experiences, empowering colleagues to learn and grow every day, providing recognition for great work, and supporting colleague wellbeing. We encourage meaningful and continuous feedback through biannual performance reviews, engagement surveys, and two-way communication to ensure colleagues are equipped to succeed.

Talent Acquisition

We believe our Company’s purpose, mission, values, and culture are drivers for attracting and retaining colleagues. Our talent acquisition strategy leverages best practices to attract, engage, and hire top talent quickly and effectively. We enjoy high levels of colleague referrals to supplement our corporate hiring practices, and nurture relationships with agencies and universities around the world to hire talented professionals and graduates, all of which provides a strong talent pipeline.

Professional Development

We invest in continuous professional development through targeted classroom style programs, peer collaboration, and experiential learning opportunities. Our colleagues have opportunities to learn from peers, mentors, leaders, subject matter experts, or by taking advantage of AI agents to role-play and get real-time feedback. Our investment in growth and development for all roles fosters a unified “One Bentley” mindset and builds a robust pipeline of internal successors for key roles across the organization.

Belonging and Inclusion

We are a global company with colleagues of different cultures, backgrounds, and perspectives based in 45 countries worldwide and speaking nearly 70 languages. We strive to build a culture where all colleagues feel a sense of belonging so that they can fully realize their potential and produce their best work.

Our executive management team and senior leaders are integral partners in this mission, acting as executive sponsors for key Belonging and Inclusion initiatives. Our Inclusion, Diversity, and Equity Alliance (“IDEA”) program includes colleague-led resource groups, open to all colleagues, that empower their members to join peers from across the business and the globe to foster belonging and inclusion. Through events and programming, IDEA offers support, education, networking, and professional development opportunities to our global colleagues.

Corporate Information

Bentley Systems, Incorporated was incorporated in Delaware in 1987 and is headquartered in Exton, Pennsylvania.

Website Access to Reports

Our internet address is www.bentley.com. The information posted on our website is not incorporated into this Annual Report on Form 10‑K. Our Annual Report on Form 10‑K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8‑K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on the SEC’s website at www.sec.gov and on the Investor Relations portion of our website at www.bentley.com (or investors.bentley.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.