Key Points – Q2 revenue rose 12.8% year over year to $411 million, while constant-currency ARR growth accelerated to 12% and net revenue retention held at 109%.
Subscription revenue accounted for 92% of sales, and adjusted operating margin reached 28.3%. – Demand remained strong across resources, public works, utilities, and electric-grid markets, with mining, infrastructure modernization, transmission capacity, and data-center activity supporting growth
Bentley’s PLS electric-grid business continued expanding internationally despite limited permitting reform. – Bentley is expanding AI integrations through model context protocol servers and plans to begin monetizing AI capabilities in 2027, after prioritizing customer adoption in 2026. The company also repurchased $155 million of stock in the first half while reducing net debt by $32 million. Bentley Systems (NASDAQ:BSY) reported second-quarter revenue growth of 12.8% year over year, supported by continued demand for infrastructure engineering software across resources, public works and utilities, and electric-grid markets.
Chief Executive Officer Nicholas Cumins said the company’s annual recurring revenue, or ARR, grew 12% year over year on a constant-currency basis, accelerating from the prior quarter. Net revenue retention remained at 109%, while new customer logos contributed 300 basis points to ARR growth, primarily from small and midsize business accounts. “The world needs more infrastructure and resources, and it needs them faster than they can be delivered,” Cumins said, describing a shortage of engineers as a key industry constraint and a central rationale for Bentley’s artificial-intelligence strategy. Second-Quarter Financial Results Chief Financial Officer Werner Andre said second-quarter revenue totaled $411 million, up 12.8% from a year earlier and 12.2% on a constant-currency basis.