Bentley Systems Inc-B 2025年度报告

2025 Letter fromNicholas Cumins, CEO Dear shareholders, Whether it’s to support economic growth, secure access to energy and criticalresources, or address the effects of extreme weather events, our world isfacing unprecedented demand for better, more resilient infrastructure. Moreover, the rapid adoption of artificial intelligence is driving a globalbuildout of data centers, significantly increasing electricity demand andputting even further strain on already constrained infrastructure systems. But the greatest challenge isn’t just the scale of what needs to be delivered—it’s the engineering capacity to deliver it. How do we design, build,or re-purpose fast enough to support this unprecedented demand? The reality is there simply aren’t enough engineers in the world to do allthe work that needs to be done. The solution to this capacity challenge is to make every infrastructureprofessional more productive through software. We see the impact of this approach in practice. At last year’s YII Awards, thefinalists demonstrated how Bentley software helped them achieve meaningfulproductivity gains, in the range of 15% to 25% or more. These gains, while encouraging, are not yet representative of the industryas a whole. Scaling them across all projects—making every project as good asthe best project—would help narrow the gap between unprecedented demandand engineering capacity. But closing it requires a step change in productivity. That step change is beginning to take shape—and it is AI. AI has the potential to not only automate tasks, but also improve decisions andoutcomes across design, construction, and operations. For Bentley Systems,AI is a powerful catalyst that activates the foundational strengths we have builtfor decades. Our unique position to lead this transformation rests on three reinforcingpillars that form a powerful and defensible competitive advantage. First is trust. For more than 40 years, in an industry with no tolerance for error,we have been a trusted partner on the world’s most advanced projects. Thesedeep, collaborative partnerships are our launchpad, de-risking the adoptionof AI in mission-critical workflows. Second, our engineering applications are the established environment whereinfrastructure designs are created, analyzed, and validated. Just asorganizations rely on our software to empower their professionalstoday, they will require our software to validate and ground truth therecommendations of tomorrow’s AI. (continued) SYNCHRO™+ turns static construction plans into dynamic, visual simulationsthat bring schedules to life. Third is data. Effective AI is not possible without high-quality, structureddata, and Bentley Infrastructure Cloud™ is the definitive system of record inour industry. As AI makes this data exponentially more valuable, it reinforcesthe value of our platform by enabling our users to unlock competitiveadvantages from their own proprietary data, and accelerates its adoption. This unique position allows us not only to lead the AI transformation,but also to capture its value in two important ways. AI expands our role in the operations and maintenance phase of theinfrastructure lifecycle. With Bentley Asset Analytics™, we can connectAI-driven insights with our proprietary engineering simulation engines.This allows us to deliver trusted, engineering-grade intelligence that helpsowner-operators make critical decisions about asset performance, movingfar beyond simple monitoring. AI also sets us on a path to fundamentally redefine our economic engine.The long-term opportunity is to move beyond a model tied to human effort,and towards one where our software is leveraged by AI agents at machinescale on behalf of users. We believe this holds the potential for a substantialnew revenue stream. To get there, we are playing a longer game, as these are still early daysfor AI in mission-critical design. Our focus today is, therefore, on leading theexploration for the highest-value AI workflows while building the market anddriving adoption. We believe that successfully pioneering this new way ofworking is the most certain path to capturing this significant future value. This approach is supported by a business model designed for resilience anddurability. Our hallmark as a public company has been consistently deliveringsustained low-double-digit ARR growth while steadily improving profitabilityand cash generation. Our disciplined operating approach gives us the financial strength to focus onwhat comes next: investing to deliver on the promise of AI not just as technology,but as a force multiplier for the infrastructure professionals we serve. By both delivering AI-powered solutions and enabling our users to build their own,we are creating a platform for innovation across the entire infrastructure lifecycle.We believe this platform approach will be essential to designing, building, andoperating the resilient infrastructure our world needs, cementing our positionas the i