A low-VOC, two-component polyurethane adhesive is provided. The polyurethane adhesive has an A-side that includes an isocyanate and a non-reactive plasticizer, and a B-side that includes an aliphatic polyester polyol, a non-polyester polyol, and a urethane catalyst. The A-side and the B-side are reacted at a volume ratio of 1:1 and formulated at an NCO/OH index within the range of 0.90 to 1.10. The polyurethane adhesive is solvent-free and is particularly suitable for adhering a polymeric membrane to a substrate.