Biorem Inc.

• Bidding activity remains strong with ~$40M in new bids issued in 2024, ~$58M in 2025, and ~$90M in 2026 (avg. growth rate of ~45%/year) driven by both continued demand for BRM solutions (volume factor) and increase in average project size (ticket size factor).

• Avg. contract win rate (% of outstanding bids that are won) is estimated at 45% in 2024 and reaches 50% in 2025/26, which is within the historical range (40% - 53%).

• Backlog-to-revenue conversion rate (how fast the backlog is converted to revenue) remains at ~75% (15-18 months).

• Backlog grows to ~$70M by 2026 FYE.

• The Company continues to invest in staff to support the expected growth.