Bentley Systems Inc. published the full transcript of its Q4 and full year 2025 results webcast and 2026 financial outlook, held February 26, 2026. The call was attended by Executive Chair Greg Bentley, CEO Nicholas Cumins, and CFO Werner Andre, and was moderated by Investor Relations Officer Eric Boyer. Management highlighted durable low-double-digit ARR growth, expanding profitability, and strong cash generation, while positioning AI as a major long-term growth opportunity rather than a threat. Greg Bentley argued that infrastructure engineering’s safety, regulatory, and data requirements favor trusted platforms, saying, “For Bentley Systems, AI is not a risk to be countered, but an unprecedented opportunity.” He added that the company is already deploying AI via asset analytics and expects to “incrementally monetize API consumption on a scale orders of magnitude greater than that of continuing attended consumption.” Cumins outlined a two-part AI strategy: embedding AI into Bentley applications and enabling customers and partners to build AI-driven workflows via instrumented platforms and APIs. He also emphasized data governance, stating, “Our users-and only our users-decide if and when their data is used to train AI models,” supported by a Data Agreement Registry. On digital twins, Cumins said adoption is increasingly embedded in product workflows: “It’s basically happening without the accounts necessarily being aware of it because it is the technology which is underlying our products across our portfolio now.” Andre reviewed results and guidance, reporting 2025 revenue of $1.502 billion and quarter-end ARR of $1.462 billion, with constant-currency ARR growth of 11.5% and net revenue retention of 109%. Bentley generated $520 million of free cash flow in 2025 and guided to 2026 constant-currency revenue growth of 11% to 13%, ARR growth of 10.5% to 12.5%, adjusted operating income less operating stock-based compensation of $495 million to $510 million, and free cash flow of $500 million to $570 million. The company also noted it retired its 2026 convertible notes at maturity, reducing fully diluted share count by about 3%. The full transcript can be accessed through the link below.

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