BENTLEY SYSTEMS INC (+) : Laying the groundwork for AI

Research evidence excerpt

BENTLEY SYSTEMS INC (+) : Laying the groundwork for AI

EQUITIES

SOFTWARE

BENTLEY SYSTEMS INC OUTPERFORMPRICE* USD29.3  TARGET PRICE USD40 (UPSIDE 36%)

Laying the groundwork for AI

We launch coverage of Bentley Systems (BSY) with an Outperform rating and $40 target price,18 JUNE 2026

Securities Research Report implying ~36% upside. As a leading end-to-end software platform for civil infrastructure, energy

Production time: 11:15* (London time)

exploration and resource mining, we believe its defensibility vs. frontier AI models is strong, the

Research Analysts & Publishing Entities

penetration of software in these markets is low and competition limited.

Andrew DeGasperi

BNP Paribas Securities Corp1 Durable double-digit top-line growth with room for margin expansion(+1) 917 472 4745

andrew.degasperi@us.bnpparibas.com Bentley has faced some headwinds in 2025 but we expect top-line to sustain 10%+ growth and

operating margins to expand over the next three years, supported by: 1) Superior pricing power and

Ari Friedman

BNP Paribas Securities Corp1 low penetration of software in its end markets; 2) Limited competition in its end markets; 3)

(+1) 917 286 8860 decelerating head count growth, which should help drive incremental operating leverage.

ari.friedman@us.bnpparibas.com

Jack Pearson What are the debates?

BNP Paribas Securities Corp1 1) Can Bentley keep growing double-digits? We see the company benefiting from several market

(+1) 631 568 8385 tailwinds, strong pricing power and customer acquisition. We believe its AI monetization efforts could

jack.pearson@us.bnpparibas.com

accelerate growth in the mid-term; 2) Can the company defend its market share? Bentley’s brand in

civil infrastructure, relatively limited set of competitors in its end market and customer bias towards