What Bentley Systems, Incorporated told the SEC could break it.

About 33% of total revenues are denominated in non-USD currencies (euros, pounds, Canadian/Australian dollars, yuan, NZ dollars), so a stronger U.S. dollar adversely affects results; the company does not hedge beyond natural matching.

“For the years ended December 31, 2025, 2024, and 2023, 33%, 34%, and 35%, respectively, of our total revenues were denominated in a currency other than the U.S. dollar. As a result, we are subject to currency exchange risk. Our revenues and results of operations are adversely affected when the U.S. dollar strengthens relative to other currencies and are positively affected when the U.S. dollar weakens.”

U.S. tariffs (particularly on China) and a potential global trade war could raise the cost of Bentley's products/services and harm its infrastructure-engineering accounts; price renegotiation or supply-chain diversification may be ineffective.

“The U.S. government has threatened substantial changes to trade agreements and has raised the possibility of imposing significant increases on tariffs on goods imported into the U.S., particularly from China. The imposition of additional tariffs by the U.S. could result in the adoption of tariffs by other countries, leading to a global trade war.”