Bentley Systems says tailwinds for its fast-growing Seequent business continue to strengthen as it sees an overall 11-13% lift in sales this year to about $1685-1715 million.
The mining-dominated Seequent business, which was generating circa-$365 million of annual recurring revenue by the end of 2025, is expected to benefit from positive US resources investment trends and continuing expansion of non-mining civil and energy sales.
Total Bentley ARR at the end of 2025 was $1462 million. The company reported 2025 revenue of $1501.8 million.
Bentley CEO Nicholas Cumins told analysts on the company’s annual results call the “standout growth of our Seequent business continues to successfully expand our addressable market into critical resources, a domain that includes mining as well as new energy sources and groundwater”.
“The performance of Seequent, even during the recent mining slowdown, demonstrates the resilience of its business model which is deeply embedded in operational workflows rather than cyclical capital projects.
“As market conditions in mining continue to improve we are confident Seequent will remain a key growth engine for us in 2026 and beyond.”
Cumins said the US government’s $12 billion Project Vault to establish a strategic reserve for critical minerals was a clear signal of a broader, global trend for countries to secure domestic resources which was helping to drive the mining activity that benefited Seequent.
“What we’ve seen is, starting a couple of years ago, actually, a slowdown in big capital investments for the exploration of new mines or for major expansions to existing mines. And this was related more to the overall financial environment in which mining companies have been operating, with inflation rate high, with interest rates high, basically making it quite expensive to raise capital.
“And this has improved throughout 2025. And that’s why we’re … cautiously optimistic about mining in 2026 and beyond. There’s clearly an upward trend here.
“What has been remarkable with our Seequent business is that, even during this slowdown of mining over the past few years, it continued to grow faster than the rest of the company. And that speaks a lot to the resilience of their business model. It’s not so dependent on capital investments because their software is used in day-to-day operations of mines, also of energy plants, if we want to talk about geothermal.
“There are many reasons that explain why the price of gold, like any other commodity, actually is going up or down. But this is pretty disconnected from where the Seequent software is used, which is actually on the … production side.
“Regardless of what’s happening with the price mining companies need to continue to understand the subsurface. They need to continue to derisk. They need to continue to be as efficient as possible and, therefore, use Seequent software.”
