Bentley Systems Maintains Strong Buy Rating Amid Impressive Q2 Results and Favorable Market Conditions

Bentley Systems maintains a strong financial performance and favorable market conditions, with subscription revenue and constant-currency annual recurring revenue increasing by 12% in Q2. Analyst Dylan Becker gives a Buy rating due to sustained global demand for infrastructure projects, engineering capacity gaps driving digitization, and the management's reaffirmation of its 2025 outlook.

Bentley Systems, a leading provider of software for infrastructure engineering, reported strong financial performance for the second quarter of 2025. The company's total revenue reached $364 million, marking a 10% year-over-year increase on a reported basis and a 9% increase in constant currency [1]. The company's annual recurring revenue (ARR) grew by 11.5%, driven by a net revenue retention rate of 109% [1].

The growth was driven by robust demand for infrastructure engineering solutions, particularly in Latin America and EMEA regions, and the resource sector. Seequent, a mining-focused software division, outperformed amid infrastructure investment optimism [1]. The company also saw opportunities in data centers, integrating AI capabilities to enhance productivity [1].

Bentley Systems' strategic focus on AI integration and geospatial visualization, following the acquisition of Cesium, expanded its capabilities [1]. However, economic headwinds in China led to a decrease in its ARR share to 2% [1]. Conversely, U.S. permitting reforms are expected to boost opportunities in critical minerals and strategic verticals, positively impacting the company's Power Line Systems and Seequent businesses [1].

Analyst Dylan Becker gave a Buy rating to Bentley Systems, citing sustained global demand for infrastructure projects, engineering capacity gaps driving digitization, and the management's reaffirmation of its 2025 outlook [1].

References:
[1] https://www.ainvest.com/news/bentley-systems-q2-2025-contradictions-macro-stability-arr-trends-ai-strategies-unveiled-2508/