Exhibit 99.1

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Bentley Systems Announces Third Quarter 2026 Results
EXTON, PA – November 5, 2026 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended September 30, 2026.

Third Quarter 2026 Results

•Total revenues were $421.5 million, up 12.2% or 12.7% on a constant currency basis, year-over-year;
•Subscriptions revenues were $386.8 million, up 12.4% or 12.9% on a constant currency basis, year-over-year;
•Annualized Recurring Revenues (“ARR”) were $1,582.8 million as of September 30, 2026, compared to $1,405.2 million as of September 30, 2025. Constant currency ARR growth rate was 13%;
•Last twelve-months recurring revenues dollar-based net retention rate was 110%, compared to 109% for the same period last year;
•Operating income margin was 29.1%, compared to 22.5% for the same period last year;
•Adjusted operating income less operating stock-based compensation expense (“AOI less Operating SBC”) margin was 32.1%, compared to 28.1% for the same period last year;
•Net income per diluted share was $0.29, compared to $0.18 for the same period last year;
•Adjusted net income per diluted share (“Adjusted EPS”) was $0.36, compared to $0.27 for the same period last year;
•Cash flows from operating activities were $109.4 million, compared to $116.4 million for the same period last year; and
•Free cash flow was $101.4 million, compared to $110.7 million for the same period last year.



Nine Months Ended September 30, 2026 Results

•Total revenues were $1,256.4 million, up 13.2% or 12.3% on a constant currency basis, year-over-year;
•Subscriptions revenues were $1,157.9 million, up 13.5% or 12.7% on a constant currency basis, year-over-year;
•Operating income margin was 26.9%, compared to 25.6% for the same period last year;
•AOI less Operating SBC margin was 31.2%, compared to 30.7% for the same period last year;
•Net income per diluted share was $0.83, compared to $0.67 for the same period last year;
•Adjusted EPS was $1.09, compared to $0.94 for the same period last year;
•Cash flows from operating activities were $374.4 million, compared to $396.9 million for the same period last year. Last twelve-months ended September 30, 2026 cash flows from operating activities were $515.9 million, compared to $478.5 million for the last twelve-months ended September 30, 2025; and
•Free cash flow was $353.1 million, compared to $384.0 million for the same period last year. Last twelve-months ended September 30, 2026 free cash flow was $489.3 million, compared to $460.1 million for the last twelve-months ended September 30, 2025.

Executive Chair Greg Bentley said, “The progression throughout 2026 to date of BSY’s year-over-year ARR growth rate to 13%, exceeding our annual outlook range, reflects both the robustness of our focused end markets, and accounts’ confidence in our mutual trajectories for infrastructure AI. Complementing BSY’s stalwart operating execution, I am pleased that we have recently concluded two strategic capital allocation transactions: the divestment of Cohesive into our investee and successor consolidator, Naviam, and the acquisition of Eliis for seismic interpretation, further expanding Seequent’s comprehensive subsurface modeling scope and reach.”

CEO Nicholas Cumins said, “We delivered another quarter of accelerated growth, driven by strength in Resources and continued momentum in Public Works & Utilities. The engineering firms we serve are benefiting from an unprecedented level of investment in infrastructure for AI. In parallel, Bentley is uniquely positioned to unlock the potential of AI for infrastructure. At our Year in Infrastructure Awards last month, nearly 70% of our finalists leveraged AI in their projects, demonstrating how our software used at machine speed can significantly expand engineering capability to deliver better, more resilient infrastructure.”

CFO Werner Andre said, “Our strong Q3 results, expected continued momentum, and the programmatic acquisition of Eliis provide confidence in raising our constant currency ARR year‑over‑year growth range—excluding the impact from the Cohesive divestiture—to 12.5-13.5%. Revenues excluding the Cohesive divestiture, AOI less Operating SBC and free cash flow remain on track to deliver within their respective outlook ranges. With net debt leverage of 1.7 times and our revolving credit facility, we have ample financial flexibility to fund programmatic acquisitions, return capital through dividends and opportunistic share repurchases, and repay our 2027 convertible notes at maturity.”



Recent Developments

•On October 13, 2026, we completed the divestiture of Cohesive—a business that provides IBM Maximo‑related implementation and consulting services and operated separately from our infrastructure engineering software offerings—by contributing it to Naviam, a leading IBM Maximo partner. In exchange, we received an equity interest in Naviam and warrants to acquire additional equity interests therein; and
•On October 29, 2026, we completed the acquisition of Eliis, a seismic interpretation software company. The acquisition is expected to complement our Seequent subsurface portfolio.

Call Details

Bentley Systems will host a live Zoom video webinar on November 5, 2026 at 8:15 a.m. EST to discuss results for its third quarter ended September 30, 2026.

Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://bentley-com.zoom.us/webinar/register/WN_T9StoRzJTMSMNGnMCu6j3Q#/registration. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website for one year.

Non-GAAP Financial Measures

In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these measures are considered non‑GAAP financial measures under the United States Securities and Exchange Commission (“SEC”) regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems’ Form 8‑K (Quarterly Earnings Release) furnished to the SEC.

We use AOI less Operating SBC as our primary performance measure because we believe it better reflects our core operating results by excluding items that are not indicative of the ordinary operation of our business, including costs arising directly from our acquisition activity and the costs of discrete realignment initiatives. Consistent with that objective, we refined the measure during 2026: beginning in the first quarter of 2026, we expanded our acquisition expenses adjustment to include cash- and equity‑settled retention incentives provided to key employees of acquired companies, and renamed the measure from Adjusted operating income less stock-based compensation expense (“AOI less SBC”) to “AOI less Operating SBC”; and beginning in the second quarter of 2026, applying the same principle, we began adjusting for integration costs incurred to integrate acquired businesses into our operations. We continue to adjust for discrete realignment initiatives, and we do not adjust for severance or organizational and workforce changes undertaken in the ordinary course of managing our business, which remain reflected in AOI less Operating SBC. Prior period amounts have been revised to conform to the current definition; no integration costs were incurred in periods prior to the second quarter of 2026.



Forward-Looking Statements

This press release includes forward-looking statements regarding the future results of operations and financial condition, 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 this press release, 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 this press release 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; the impact of artificial intelligence and related technologies on our business and strategy and those of the industries we serve; 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.

Further information on potential factors that could affect the financial results of the Company are included in the Company’s Form 10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Bentley Systems

Around the world, infrastructure professionals rely on software from Bentley Systems to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Founded in 1984 by engineers for engineers, Bentley is the partner of choice for engineering firms and owner-operators worldwide, with software that spans engineering disciplines, industry sectors, and all phases of the infrastructure lifecycle. Through our digital twin solutions, we help infrastructure professionals unlock the value of their data to transform project delivery and asset performance.

© 2026 Bentley Systems, Incorporated. Bentley Systems, the Bentley logo, Eliis, and Seequent are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

For more information, contact:
Investors: Eric Boyer, IR@bentley.com


BENTLEY SYSTEMS, INCORPORATED
Consolidated Balance Sheets
(in thousands)
(unaudited)

September 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$150,874 $123,278 
Accounts receivable324,129 350,299 
Allowance for credit losses(9,932)(7,609)
Prepaid income taxes23,818 19,805 
Prepaid and other current assets68,576 53,260 
Assets held for sale62,052 — 
Total current assets619,517 539,033 
Property and equipment, net45,378 36,031 
Operating lease right-of-use assets37,455 31,141 
Intangible assets, net158,333 193,018 
Goodwill2,441,893 2,482,154 
Investments42,265 27,920 
Deferred income taxes144,218 170,368 
Other assets80,152 75,502 
Total assets$3,569,211 $3,555,167 
Liabilities and Equity
Current liabilities:
Accounts payable$20,606 $26,952 
Accruals and other current liabilities167,253 173,255 
Cloud Services Subscription deposits480,907 463,312 
Deferred revenues237,886 278,244 
Operating lease liabilities11,485 13,669 
Income taxes payable10,862 4,778 
Current portion of long-term debt13,750 — 
Liabilities held for sale17,073 — 
Total current liabilities959,822 960,210 
Long-term debt1,148,496 1,248,912 
Deferred compensation plan liabilities111,985 106,831 
Long-term operating lease liabilities33,004 22,150 
Deferred revenues19,235 18,410 
Deferred income taxes4,312 4,368 
Other liabilities9,242 4,794 
Total liabilities2,286,096 2,365,675 
Equity:
Common stock
3,018 3,024 
Additional paid-in capital1,376,352 1,301,205 
Accumulated other comprehensive loss
(88,175)(74,558)
Accumulated deficit(8,128)(40,258)
Total Bentley Systems stockholders’ equity1,283,067 1,189,413 
Noncontrolling interest48 79 
Total equity1,283,115 1,189,492 
Total liabilities and equity
$3,569,211 $3,555,167 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Revenues:
Subscriptions$386,819 $344,293 $1,157,938 $1,020,063 
Perpetual licenses12,631 10,913 31,395 31,898 
Subscriptions and licenses399,450 355,206 1,189,333 1,051,961 
Services22,057 20,343 67,082 58,236 
Total revenues421,507 375,549 1,256,415 1,110,197 
Cost of revenues:
Cost of subscriptions and licenses52,004 53,824 159,129 148,080 
Cost of services19,952 18,371 60,588 58,550 
Total cost of revenues71,956 72,195 219,717 206,630 
Gross profit349,551 303,354 1,036,698 903,567 
Operating expense (income):
Research and development81,469 78,751 246,565 226,586 
Selling and marketing76,591 72,107 232,733 205,039 
General and administrative61,502 53,818 185,227 150,903 
Deferred compensation plan(786)6,033 9,801 12,371 
Amortization of purchased intangibles8,152 8,148 24,881 24,557 
Total operating expenses226,928 218,857 699,207 619,456 
Income from operations
122,623 84,497 337,491 284,111 
Interest expense, net(9,851)(2,727)(27,154)(10,054)
Other income, net
2,763 1,937 18,824 790 
Income before income taxes
115,535 83,707 329,161 274,847 
Provision for income taxes
(25,500)(26,256)(65,264)(55,620)
Equity in net losses of investees, net of tax
(38)(162)(36)(100)
Net income
89,997 57,289 263,861 219,127 
Less: Net income (loss) attributable to noncontrolling interest64 (84)(31)(96)
Net income attributable to Bentley Systems
$89,933 $57,373 $263,892 $219,223 
Net income per share attributable to Bentley Systems stockholders:
Basic$0.29 $0.18 $0.85 $0.70 
Diluted$0.29 $0.18 $0.83 $0.67 
Weighted average shares:
Basic310,474,561 314,626,191 311,671,484 314,826,779 
Diluted317,691,424 333,277,478 319,549,126 333,214,695 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Nine Months Ended
September 30,
20262025
Cash flows from operating activities:
Net income$263,861 $219,127 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization46,399 50,125 
Deferred income taxes27,244 23,339 
Stock-based compensation expense64,800 55,037 
Deferred compensation plan9,801 12,371 
Amortization of deferred debt issuance costs3,266 5,682 
Change in fair value of derivative(4,752)9,293 
Foreign currency remeasurement (gain) loss
(47)1,194 
Other(11,381)(1,154)
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable3,326 40,813 
Prepaid and other assets(7,330)2,128 
Accounts payable, accruals, and other liabilities(18,241)(36,984)
Cloud Services Subscription deposits23,586 42,359 
Deferred revenues(28,109)(24,369)
Income taxes payable, net of prepaid income taxes1,932 (2,085)
Net cash provided by operating activities
374,355 396,876 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(21,260)(12,836)
Other(367)(938)
Net cash used in investing activities
(21,627)(13,774)
Cash flows from financing activities:
Proceeds from credit facility1,220,439 258,750 
Repayments of credit facility(1,180,186)(394,065)
Proceeds from term loan550,000 — 
Repayments of convertible senior notes(677,830)(9,797)
Payments of dividends(63,574)(63,756)
Proceeds from stock purchases under employee stock purchase plan11,759 11,534 
Payments for shares acquired including shares withheld for taxes(33,148)(28,382)
Repurchases of Class B common stock under approved program(135,081)(65,029)
Other(1,394)(462)
Net cash used in financing activities
(309,015)(291,207)
Effect of exchange rate changes on cash and cash equivalents(3,653)9,507 
Increase in cash and cash equivalents
40,060 101,402 
Cash and cash equivalents, beginning of period
123,278 64,009 
Cash and cash equivalents, end of period, including cash classified within Assets held for sale163,338 165,411 
Less: Reclassification of cash to Assets held for sale12,464 — 
Cash and cash equivalents, end of period$150,874 $165,411 


BENTLEY SYSTEMS, INCORPORATED
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share data)
(unaudited)

Reconciliation of operating income to AOI less Operating SBC and to Adjusted operating income:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Operating income$122,623 $84,497 $337,491 $284,111 
Amortization of purchased intangibles9,789 11,339 33,400 34,188 
Deferred compensation plan(786)6,033 9,801 12,371 
Acquisition expenses(1)
3,830 3,720 9,923 9,996 
Integration costs(2)
— — 1,800 — 
Realignment expenses (income)
— — — — 
AOI less Operating SBC135,456 105,589 392,415 340,666 
Operating stock-based compensation expense19,581 16,310 59,349 49,300 
Adjusted operating income$155,037 $121,899 $451,764 $389,966 
(1)Beginning in the first quarter of 2026, we expanded our acquisition expenses adjustment to include cash- and equity‑settled retention incentives provided to key employees of acquired companies, and renamed the measure from AOI less SBC to AOI less Operating SBC. Prior period amounts have been revised to conform to the current definition. Refer to the section titled “Non‑GAAP Financial Measures” for details.
(2)Beginning in the second quarter of 2026, applying the same principle, we began adjusting for integration costs incurred to integrate acquired businesses into our operations. We continue to adjust for discrete realignment initiatives, and we do not adjust for severance or organizational and workforce changes undertaken in the ordinary course of managing our business, which remain reflected in AOI less Operating SBC. No integration costs were incurred in periods prior to the second quarter of 2026. Refer to the section titled “Non‑GAAP Financial Measures” for details.





Reconciliation of net income attributable to Bentley Systems to Adjusted net income:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
$
EPS(1)
$
EPS(1)
$
EPS(1)
$
EPS(1)
Net income attributable to Bentley Systems$89,933 $0.29 $57,373 $0.18 $263,892 $0.83 $219,223 $0.67 
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles
9,789 0.03 11,339 0.03 33,400 0.10 34,188 0.10 
Operating stock-based compensation expense
19,581 0.06 16,310 0.05 59,349 0.19 49,300 0.15 
Deferred compensation plan
(786)— 6,033 0.02 9,801 0.03 12,371 0.04 
Acquisition expenses(3)
3,830 0.01 3,720 0.01 9,923 0.03 9,996 0.03 
Integration costs(4)
— — — — 1,800 0.01 — — 
Realignment expenses (income)
— — — — — — — — 
Other income, net
(2,763)(0.01)(1,937)(0.01)(18,824)(0.06)(790)— 
Total non-GAAP adjustments, prior to income taxes29,651 0.09 35,465 0.11 95,449 0.30 105,065 0.32 
Income tax effect of non-GAAP adjustments(5,682)(0.02)(4,842)(0.01)(13,221)(0.04)(16,175)(0.05)
Equity in net losses of investees, net of tax
38 — 162 — 36 — 100 — 
Adjusted net income(2)
$113,940 $0.36 $88,158 $0.27 $346,156 $1.09 $308,213 $0.94 
Adjusted diluted weighted average shares317,691,424333,277,478319,549,126333,214,695
(1)Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.
(2)Adjusted EPS numerator includes $874 and $1,721 for the three months ended September 30, 2026 and 2025, respectively, and $2,756 and $5,005 for the nine months ended September 30, 2026 and 2025, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method.
(3)See footnote (1) to the reconciliation of operating income to AOI less Operating SBC and to Adjusted operating income presented above.
(4)See footnote (2) to the reconciliation of operating income to AOI less Operating SBC and to Adjusted operating income presented above.





Reconciliation of cash flows from operating activities to free cash flow:

Three Months EndedNine Months EndedLast Twelve-Months Ended
September 30,September 30,September 30,
202620252026202520262025
Cash flows from operating activities$109,434 $116,376 $374,355 $396,876 $515,943 $478,508 
Purchases of property and equipment and investment in capitalized software(7,994)(5,701)(21,260)(12,836)(26,679)(18,383)
Free cash flow$101,440 $110,675 $353,095 $384,040 $489,264 $460,125 



Reconciliation of cash flows from operating activities to Adjusted EBITDA:

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Cash flows from operating activities$109,434 $116,376 $374,355 $396,876 
Cash interest10,111 2,520 25,429 5,844 
Cash taxes8,061 4,320 36,253 34,027 
Cash deferred compensation plan distributions
— — 4,289 3,766 
Cash acquisition expenses4,868 4,902 5,628 9,354 
Cash integration costs1,513 — 1,513 — 
Changes in operating assets and liabilities28,467 3,512 24,760 (37,039)
Other(1)
(1,559)(1,908)(4,610)(5,646)
Adjusted EBITDA$160,895 $129,722 $467,617 $407,182 
(1) Includes receipts related to interest rate swap.



Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:

Three Months Ended September 30, 2026Three Months Ended September 30, 2025
ActualImpact of Foreign Exchange at 2025 RatesConstant CurrencyActualImpact of Foreign Exchange at 2025 RatesConstant Currency
Total revenues$421,507 $105 $421,612 $375,549 $(1,546)$374,003 
Subscriptions revenues
$386,819 $17 $386,836 $344,293 $(1,522)$342,771 

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
ActualImpact of Foreign Exchange at 2025 RatesConstant CurrencyActualImpact of Foreign Exchange at 2025 RatesConstant Currency
Total revenues$1,256,415 $(11,078)$1,245,337 $1,110,197 $(1,296)$1,108,901 
Subscriptions revenues
$1,157,938 $(9,974)$1,147,964 $1,020,063 $(1,280)$1,018,783