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Nasdaq Ticker: MWCInvestor PresentationSeptember 2026 Micware Co., Ltd.
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2 This presentation contains forward-looking statements that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions in this presentation. These statements are likely to address our growth strategy, financial results, and future development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteedand actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items; our ability to execute our growth and expansion plan, including our ability to meet our goals; current and future economic and political conditions; our ability to compete in our industry; our capital requirements and our ability to raise any additional financing which we may require; our ability to attract customers and further enhance our brand awareness; our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business; trends in our industry; and other assumptions described in this presentation underlying or relating to any forward-looking statements.We describe certain material risks, uncertaintiesand assumptions that could affect our business, including our financial condition and results of operations, under “Risk Factors” in our annual report on Form 20-F (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”). We base our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied, or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this presentation, whether as a result of new information, future events, changes in assumptions, or otherwise.The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this presentation, along with the Annual Report and the documents that are filed as exhibits to the Annual Report, carefully and with the understanding that our actual future results may differ materially from what we currently expect.Industry Data and Forecasts This presentation contains references to market data and industry forecasts and projections, which were obtained or derived from publicly available information, reports of governmental agencies, market research reports, and industry publications and surveys. These sources generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed. Although we believe such information to be accurate, we have not independently verified the data from these sources. However, we acknowledge our responsibility for all disclosures in this presentation. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and additional uncertainties and risks regarding the other forward-looking statements in this presentation due to a variety of factors, including those described in the section entitled “Risk Factors” in the Annual Report and elsewhere in this presentation. These and other factors could cause results to differ materially from those expressed in the forecasts and estimates. Forward-Looking Statements
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3 01Strategic Engineering Partner to Leading Japanese OEMs 02Mass-Production Software Know-How and Reusable Assets 03Profitable Core Business Funding the Next Growth Phase 04micAuto-PF: Turning Automotive Assets into Scalable Services 05DynaPlanet: Long-Duration Spatial Intelligence Growth Option Dual relationship: Toyota Motor Corporation (“ Toyota”) (since 2020) & Honda Motor Co., Ltd. (“Honda”) (since 2022) are both customersand strategic shareholders of Micware Vehicle-generation experience, modular software assets, and development / quality know-how built through long-cycle original equipment manufacturers (“OEMs”)programs Standardizing and commercializing automotive software assets through OEM Consulting, Software Defined Vehicles (“SDV”) Services, licenses and products Commercialization has begun, while large-scale B2B / B2G / OEM deployments remain a medium- to long-term opportunity Why Invest in Micware?InvestmentHighlights Record-high gross margin and increased R&D investment provide a strong base to fund growth
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4 of experience in software development in the automotive industry* Our Key Customers 20+ years Our Products and Services•In-vehicle platform software•Navigation software•Other mobility software•B2C services patents in total*360+600+number of employees** Our Global Operations6 operating entities and 13 branch offices across Japan, with established subsidiaries in the U.S., Thailand, and Germany* Note: *As of June 30, 2026. **Approximate employee headcount as of June 11, 2026. Kobe HeadquartersJapan Micware Asia Pacific Co., Ltd.Thailand Micware NorthAmerica, Inc.United States Micware Europe GmbHGermany •Other customers include Daihatsu Motor Co., Ltd. and Denso Corporation. •Toyota holds >10% of the equity interests in Micware.•Honda holds >10% of the equity interests in Micware. Founded in 2003, Micware is a Japan-based automotive software developer specializing in-vehicle infotainment (“IVI”) systems, navigation software and mobility solutions for OEMs. Company Overview
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5 How We Create Value TodayA strategic automotive software engineering partner embedded in long-cycle OEM programs1 OEM Co-Development Custom IVI, navigation, connected and mobility softwareClose integration with OEM development teamsMass-production program experience 2 Reusable Software & Know-How IVI / navigation software assetsDevelopment process and quality dataLarge-scale development & operations know-how 3 Follow-On / Recurring Value Maintenance and operations supportPer-unit software licensingFollow-on projects across vehicle generations FY2026 Revenue Mix80.0%Software Development Services14.8%Licensing5.2%Software-related Services The strategic objective is not to move away from engineering, but to capture more value from the software assets and know-how created through engineering.
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6 3. Other Software-related Services 2. Licensing 1. Software Development ServicesDesign and delivery of custom automotive software based on our proprietary IVI platform,which supports functions like navigation, multimedia, and connectivity After-sales maintenance and support services, as well as B2C mobile app services unrelated to in-vehicle navigation Licensing proprietary software modules to Tier 1 suppliers for integration into in-vehicle systems, typically on a per-unit basis Current Revenue Model
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7 81.4% 15.0%3.6% 76.7% 19.2%4.1% Software Development ServicesLicensing FY2024 AuditedFY2025 Audited Software-related Services RevenueUS$ Million Revenue Breakdown Note: FY2024 refers to the fiscal year ended February 29, 2024; FY2025 refers to the fiscal year ended February 28, 2025; FY2026 refers to the fiscal year ended February 28, 2026. All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federal Reserve Board. Financial Highlights 116.9 140.2140.3 FY2024 AuditedFY2025 AuditedFY2026 Audited 19.9% 0.1% 80.0% 14.8%5.2% FY2026 AuditedUSD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05
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8 9.18.810.3 FY2024 AuditedFY2025 AuditedFY2026 Audited 13.515.315.6 FY2024 AuditedFY2025 AuditedFY2026 Audited 35.5 49.151.6 FY2024 AuditedFY2025 AuditedFY2026 Audited US$ Million US$ Million 30.4%35.0%36.8%Gross Margin % US$ MillionAdjusted Operating Profit Margin (%)Net Income Margin (%) Financial Highlights Note: FY2024 refers to the fiscal year ended February 29, 2024; FY2025 refers to the fiscal year ended February 28, 2025; FY2026 refers to the fiscal year ended February 28, 2026. All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federal Reserve Board. *In evaluating its business, the Company uses certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance, including Adjusted Operating Profit. Adjusted Operating Profit is a non-GAAP financial measure that is defined as operating profit plus one-time listing-related and other transformation expenses incurred in connection with the Company’s IPO and corporate transformation initiatives. Management uses Adjusted Operating Profit as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Adjusted Operating Profit is not a measure of financial performance under accounting principles generally accepted in the United States (“U.S. GAAP”) and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Furthermore, this metric is not indicative of the Company’s overall results or indicators of past or future financial performance. The way the Company measures Adjusted Operating Profit may not be comparable to similarly titled measures presented by other companies. See the Appendix for a reconciliation of the Company’s operating profit, which the Company believes is the most directly comparable U.S. GAAP measure. 38.3% 5.1% 13.3% 2.0% 11.5%10.9%11.1% Adjusted Operating Profit*Gross Profit Net Income Attributable to the Company’s Ordinary Shareholders 17.0% 7.8%6.3%7.3% USD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05USD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05USD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05
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9Note: *Total indebtedness includes short term borrowings, current portion of long-term borrowings, and long-term borrowings. All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federal Reserve Board. Financial HighlightsCash and Cash EquivalentsUS$ Million 27.9 50.952.9 As of February 29, 2024As of February 28, 2025As of February 28, 2026 US$ Million 32.240.334.5 As of February 29, 2024As of February 28, 2025As of February 28, 2026 Total Inde bte dne ss* USD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05 USD/JPY rate$1=¥149.90USD/JPY rate$1=¥150.64USD/JPY rate$1=¥156.05
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10 Key FY2026 Financial Takeaways Our grossmarginimprovement of +1.8% pts YoY to 36.8%, resultinginrecord-highgross marginsandsustainableprofitabilityrather than one-off gains. Evenwithasignificant+40.0%YoYincreaseinR&D expenses,bothoperatingprofitandadjustedoperatingprofitexpanded, demonstrating the ability to fund future innovation while maintaining and expanding earnings. Strong,long-termrelationshipswithleadingglobalOEMs, particularly those with long development cycles, underscorethe ability to secure recurring and follow-on projects in the evolving SDV space. 1 2 3 SustainableMargin Expansion Driving Profit Growth Profitable Growth While Accelerating Strategic R&D Investment Deep OEM Integration Positions Us for SDV Growth
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11 Strategic Direction Driving Long-T erm Value Through T echnology and Execution SupplierPlatform Provider Founded in Kobe, Japanas a small team focused on developingcar audio and navigation systems Recognized as one of the leading Japan-based IVI Tier 1 software suppliersScaled into a global team with around 600 members worldwide* Accelerate global expansion Capturenew opportunities Build a strong platform for the evolving mobility solutions Create long-term value by expanding beyond traditional boundaries Note: *Approximate employee headcount as of June 11, 2026. Developer 2003~20242026
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12 The Two Growth Pillars of Our AI-centric Platform StrategymicAuto-PFMISSIONDynaPlanet-PFMISSION01Maintain IVI domain02Expand ADAS* domain03Expand market via Connected** 04Expand quality & assurance 01Collect dynamic data***02Build dynamic spaces***0304Preserve spatial data×Go beyond convention through AINote: *ADAS: Advanced Driver Assistance Systems. **Connected: Connected Service. ***DynaPlanet's data and space elements. Commercialize spatial platform Effective September 1, 2026, Micware Navigations Co., Ltd. was renamed Micware Spacia Co., Ltd. to lead spatial information, and automotive operations were consolidated into Micware Automotive Co., Ltd. (“MAC”) and Micware Mobility Co., Ltd. (“MMC”). Our Mission for Growth
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13 Future Growth Investment Priorities Allocation of IPO Proceeds•Approximately 44% for our DynaPlanet project and the expansion of micAuto-PF, including the commercialization and scaling of DynaPlanet and micAuto-PF, strategic investments to strengthen technologies, service offerings, and market access related to DynaPlanet and micAuto-PF, the development and expansion of our service line-up, and the enhancement of foundational technologies that support DynaPlanet and micAuto-PF; •Approximately 36% for general corporate purposes, including working capital as well as operating expenses; •Approximately 12% for strategic investments within our SDV and LBS segments, other than the DynaPlanet and micAuto-PF-related initiatives described above, that offer complementary technologies, services, or market access to strengthen our competitive position; and •Approximately 8% for marketing and advertising.Note: *Includes the Underwriter’s full exercise of its over-allotment option on May 27, 2026, in connection with the IPO. Strategic Allocation of Capital by Business Segment IPO Net Proceeds*+Cash from Operations Software Defined VehiclesLocation-Based Services 30%Key ProductmicAuto-PF 70%Key ProductDynaPlanet(formerlyknown as “DSMM”)Maintain and expand our established automotive software platform businessAccelerate development of scalable recurring-revenue businesses
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14 Utilization of Google Automotive Service for efficient Android app lifecycle managements Modular design enables reuse of software components across projects Strong cross-platform compatibility across OS, I/O devices, and cloud features Continuously improved through close OEM collaboration Foundation for customized IVI solutions across client requirements and vehicle types Reduced duplicated engineering effort for more predictable timelines Economies of scope, improving cost structure Foundation for deeper long-term OEM relationships Te c hni c al Charac te ri sti c sStrategic Business Value micAuto-PFOur Proprietary IVI Software Platform micAuto-PF, a Proprietary IVI software Platform
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15 micAuto-PF: From OEM Consulting to SDV Services20+ years of automotive software assets ×AI-driven engineering ×stepwise expansion into higher-value servicesCURRENT REVENUE BASE1 OEM ConsultingOEM co-development & engineeringAI transformation supportMaintenance & operations GROWTH2 SDV ServiceSoftware Development Kit (“SDK“)/ Application Programming Interface (“API”)usage feesVehicle data licensesConnected service usage fees LONGER TERM3 Mobility Physical AISoftware licenses for mobilityConnected / Over-The Air (“OTA“)operating feesNew physical AI initiative Current statusNo OEM has signed a contract for the micAuto-PF platform product itself. As clarified in the Company's September 2026 Growth Strategy disclosure, "micAuto-PF" as a management category also refers to the broader revenue target of MAC/MMC/Micware North America, Inc., not all of which is platform revenue — current-year revenue (7 OEMs, ¥19.0bn target) is generated entirely through existing OEM Consulting contracts, including Honda. A contract for the platform product itself remains the key validation milestone. + +
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16 DynaPlanet, an Intelligent 3D Platform Dynamic Street Map and Market Place (DSMM) has beenrenamed DynaPlanet as part of our ongoing strategic evolution* . DynaPlanet is an intelligent 3D platform designed for the AI era. Location-based multimedia content (text, images, audio, 3D) is unified by AI into a single ecosystem, where new value and experiences continuously circulate. World Heritage Site Himeji Castle –3D Platform Demonstration PreSpot** Prepare your spot before you are there Portfolio of Offerings A 3D stadium reservation webapp that allows users to preview the views from selectedseats before booking. DynaPlanet Note:*Effective as of July 1, 2026. **Released on July 1, 2026. Dynamic Street Map and Market Place (DSMM) DynaPlanetisintheearlystagesofcommercialization.Whiletheplatformhasalreadygeneratedinitialrevenuethroughcommercial deployments, large-scaleB2B,B2G,andOEMplatformdeploymentsremainintheearlystages.WeviewDynaPlanetasalong-duration,recurring-revenuegrowthplatformwithincreasingmonetizationopportunitiesoverthecomingyears,ratherthananear-termearningsdriver.
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17 DynaPlanet: Commercialization Has Begun, Scaling Is the Next StepA 3D spatial platform connecting real-world digital twins, dynamically updated cities and creator-built virtual worlds. Paid / custom01 Real 3D InteriorsHigh-precision indoor digital twinsStadiums, offices, factories, stationsUse cases in facility management and real estate Paid / custom02 Real 3D CitiesDynamic 3D cities from dashcam / sensor dataReal-time updating and high-quality modelsSmart city, disaster prevention and mobility use cases Free / ecosystem03 Virtual 3D WorldsAI-and creator-built virtual spacesEvents, games, education and communitiesStudio planned to launch in January 2027 Current statusInitial commercial revenue is already being generated through our existing DynaPlanet (e.g., PreSpot), deployed independently of Studio's planned January 2027 launch. Large-scale B2B, B2G and OEM platform deployments remain in the early stages, so we view DynaPlanetas a medium-to long-term growth option rather than a near-term earnings driver.
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18 Next stage of“Be There Be Now”will be created by our 2 platforms strategy micAuto-PFDynaPlanet-PFWith the power of software,weʼre expanding the future of MOBILITYThrough digital 3D SPACE,we create brand-new value. Mobility Physical AI3D Intelligence Ecosystem Revenue targetInvestmentAmount JPY 0.5bnInvestment itemAmountExpand OEM businessJPY 0.2bnEvolve connected servicesJPY 0.3bn TotalJPY 0.5bn As of JPY 55.0bnFeb 2033JPY 33.0bn JPY 31.5bnFeb 2030JPY 10.5bnJPY 19.0bnFeb 2027JPY 3.5bn InvestmentAmount JPY 1.0bnInvestment itemAmountPreSpotPlatform developmentApp and content creationStudio developmentAdvertising and promotion JPY 0.1bnJPY 0.3bnJPY 0.2bnJPY 0.3bnJPY 0.1bnTotalJPY 1.0bn Allocations are subject to change and have not been approved by the board.Allocations are subject to change and have not been approved by the board. Targets disclosed in the September 2026 growth strategy presentation.They are not earnings forecasts and are not on a consolidated basis.All figures are management targets, are not built up from individual projects, and may differ materially from actual results. See the September 2026 growth strategy disclosure for full assumptions and cautionary statements: https://www.ir-micware.com/static-files/f4860a2d-ccfe-4dea-9b63-a223abb5c676 Long-Term Growth Roadmap —Management Targets
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19 Growth Strategy: Illustrative KPIs by PlatformOperating KPIs behind the management revenue targets, as disclosed September 4, 2026 micAuto-PFEnd of this FY (Feb 2027) 7OEMJPY 19.0bnExpanding the OEMbusiness with micAuto-IVI Three years out (Feb 2030) 15OEMJPY 31.5bnBuilding a servicebusiness in the SDV domain Six years out (Feb 2033) ~30OEMJPY 55.0bnExtending automotivesoftware to wider mobility DynaPlanet-PF End of this FY (Feb 2027)DynaPlanetStudio LaunchJPY 3.5bnCreators10Apps10B2B projects10 Three years out (Feb 2030) 1MUsersJPY 10.5bnCreators10kApps10kB2B projects100 Six years out (Feb 2033) 10MUsersJPY 33.0bnCreators100kApps100kB2B projects300Illustrative KPIs are management targets disclosed in the September 2026 Growth Strategy presentation, not earnings forecasts, and there is no assurance they will be achieved. "OEMs" includes automobile and motorcycle manufacturers. All figures are management targets, are not built up from individual projects, and may differ materially from actual results. See the September 2026 growth strategy disclosure for full assumptions and cautionary statements.
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20 01Proven core economics and cash generation 02Durable positioning with leading Japanese OEMs 03Clear path from engineering to service / license revenue 04Commercial validation milestones ahead 05Long-term optionality backed by planned investment FY2026 gross marginof 36.8%; cash and cash equivalents of US$52.9m※ 20+ years of collaboration, mass-production know-how and reusable software assetsmicAuto-PF explicitly bridges OEM Consulting, SDV Services and licenses / productsExternal-OEM validation for micAuto-PF and scaling deployments for DynaPlanet can change the evidence baseManagement targets provide a long-term roadmap, funded by IPO proceeds and operating cash flow Near-T erm Catalysts Why Invest Now? Now Now Near term Medium term Long term Growth HorizonThe core business is proven today; value creation from the growth options depends on commercial validation and scaling. ※as of Feb 28, 2026, pre-IPO —excludes ~US$23.9m of IPO net proceeds received in May 2026
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21 Contact Micware Co., Ltd. Phone: +81-3-6699-9899Email: mic_ir@micware.co.jp Address: 25th Floor Kobe Asahi Building, 59 Naniwa-machi, Chuo-ku Kobe, Hyogo, Japan 650-0035 Website:www.ir-micware.com
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Supporting Materials Appendix
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23 Investor Quick FactsCapital structure, geographic exposure and customer concentrationSHARE CAPITALGEOGRAPHIC REVENUECUSTOMER CONCENTRATION Issued ordinary shares61.3M61,331,990 shares Shares outstanding(followingIPO) 59.4M Treasury shares: 1.9M 1 ADS = 1 ordinary share As of the FY2026 Annual Report filing FY2026 revenue by market 98.5%Japan domestic market 1.5% OverseasUnited States 1.4%Thailand 0.1%Europe 0.0% FY ended February 28, 2026 FY2026 revenue concentration 78.3%Top 3 customers Honda Group50.6%Toyota Group16.3%Uni Electronics11.4%Others21.7%Customer groups aggregated under common control Source: Micware FY2026 Annual Report on Form 20-F. Percentages may not sum due to rounding.
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24 Non-GAAP Reconciliation: Adjusted Operating Profit For the Fiscal Years EndedIn thousands February 29, 2024JPYFebruary 28, 2025JPYFebruary 28, 2026JPYFebruary 28, 2026US$Operating Profit1,892,3972,160,3012,364,00815,149Plus: Listing-related and Transformational Expenses(a) 126,165149,68562,934403Adjusted Operating Profit2,018,5622,309,9862,426,94215,552 Adjusted income from operations is a financial measure that is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) (collectively referred to as the “non-GAAP financial measures”), and the use of the terms adjusted income from operations may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.We believe the non-GAAP financial measure provides investors with useful information with respect to our historical operations. We present the non-GAAP financial measure as supplemental performance measures because we believe it facilitates a comparative assessment of our operating performance relative to our performance based on our results under GAAP, while isolating the effects of some items that vary from period to period. Specifically, adjusted income from operations allows us to assess our performance without the impact of the specifically identified items that we believe do not directly reflect our core operations, including non-recurring costs, such as listing-related and transformational expenses, other non-recurring income, such as litigation-related reimbursement. The non-GAAP financial measure also functions as key performance indicator used to evaluate our operating performance internally, and it is used in connection with the determination of incentive compensation for management, including executive officers. (a) Represents listing-related and other transformational expenses incurred in connection with our IPO and corporate transformation initiatives for the fiscal years ended February 29, 2024 and February 28, 2025 and 2026. These costs were recognized as expenses in the statement of operations and were not recorded as direct deductions from equity.Note: All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federal Reserve Board. All USD figures are based on the USD/JPY rate $1=¥156.05
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25 4.9 5.4 6.5 7.5 8.6 9.8 11.2 12.6 14.0 15.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.1 16.7 05101520253035 202020212022202320242025E2026E2027E2028E2029E 16.917.919.521.022.624.326.228.130.132.2 Global Market Size of the IVI Market, 2020-2029E Billion US$CAGR2020-20242025E-2029EHardware3.9%3.6%Software15.1%12.1%Tot a l7.6%7.3% HardwareSoftware Source: The Frost & Sullivan Report Industry Overview
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26Source: The Frost & Sullivan Report Global Market Size of the Automotive Navigation System Market, 2020-2029EMillion US$ 2020-20242025E-2029ECAGR7.5%7.3% 6,069.0 6,524.1 7,000.4 7,532.4 8,105.0 8,688.5 9,340.2 10,031.3 10,743.6 11,527.8 05,00010,00015,000 202020212022202320242025E2026E2027E2028E2029EGlobal Market Size of the Digital Mapping Market, 2020-2029EMillion US$ 2020-20242025E-2029ECAGR7.8%7.4% 1,740.8 1,854.5 2,020.2 2,175.6 2,351.4 2,517.4 2,714.3 2,911.1 3,118.3 3,344.9 01,0002,0003,0004,000 202020212022202320242025E2026E2027E2028E2029E Industry Overview
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27 Management Team Kenji Narushima •Mr. Narushima founded Micware in March 2003.•Mr. Narushima served as an independent outside director of O-Well from June 2023 to May 2024. •Mr. Narushima was a representative director of Narushima Hompo Co., Ltd. from November 2017 to October 2018. •Mr. Narushima worked for Step One Limited, a Kobe-based software and hardware developer (“Step One”), from April 1990 to February 2003. •Mr. Narushima obtained a diploma in information processing from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1985. Representative Director, President, Chairman, and Chief Executive Officer Masahide Shigeno •Mr. Shigeno is one of the founding employees of Micware, and he has been primarily responsible for the technology of the entire Micware group.•Mr. Shigeno has served as a director at sdtech Inc., a Japanese software developer and software engineering and design solution service provider, since September 2021.•Mr. Shigeno was a software engineer at Step One from April 1993 to February 2003. •Mr. Shigeno obtained a diploma in software from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1993. Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee Kazunori Mori •Mr. Morihas been our director and chief marketing officer since May2026.He also concurrently serves as a director at our five Japanese subsidiaries since April 2026. •Mr.Mori served as a general manager at Toyota Tsusho Corporation (TYO: 8015) at its Advanced Mobility Services Division from April 2024 to March 2026.•Mr.Mori obtained a bachelor’s degree in business administration from Kobe University in March2000. Director Chief Marketing Officer Takuma SegawaChief Financial Officer•Mr. Segawa has been our chief financial officer since September 2024. •Mr. Segawa was our director from May 2020 to May 2025 and our executive officer from April 2016 to May 2020. •Mr. Segawa is one of the founding employees of Micware.•Mr. Segawa was a software engineer at Step One from April 1996 to February 2003. •Mr. Segawa obtained a bachelor’s degree in engineering from Osaka Electro-Communication University in Neyagawa City, Osaka in March 1996.
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28 Board of Directors Kenji Narushima •Mr. Narushima founded Micware in March 2003.•Mr. Narushima served as an independent outside director of O-Well from June 2023 to May 2024. •Mr. Narushima was a representative director of Narushima Hompo Co., Ltd. from November 2017 to October 2018. •Mr. Narushima worked for Step One Limited, a Kobe-based software and hardware developer (“Step One”), from April 1990 to February 2003. •Mr. Narushima obtained a diploma in information processing from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1985. Representative Director, President, Chairman, and Chief Executive Officer Masahide Shigeno •Mr. Shigeno is one of the founding employees of Micware, and he has been primarily responsible for the technology of the entire Micware group.•Mr. Shigeno has served as a director at sdtech Inc., a Japanese software developer and software engineering and design solution service provider, since September 2021.•Mr. Shigeno was a software engineer at Step One from April 1993 to February 2003. •Mr. Shigeno obtained a diploma in software from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1993. Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee Kazunori Mori •Mr. Morihas been our director and chief marketing officer since May2026.He also concurrently serves as a director at our five Japanese subsidiaries since April 2026. •Mr.Mori served as a general manager at Toyota Tsusho Corporation (TYO: 8015) at its Advanced Mobility Services Division from April 2024 to March 2026.•Mr.Mori obtained a bachelor’s degree in business administration from Kobe University in March2000. DirectorKazuyuki Kawabata •Mr. Kawabata has been our independent director since May2020. •Mr.Kawabata spent 46 years working at Awaji Shinkin Bank, a cooperative financial institution headquartered in Sumoto City, Hyogo. •Mr.Kawabata was a director and general manager at the Awaji Shinkin Bank from April2014 to March2019. •Mr.Kawabata graduated from Hyogo Prefectural Sumoto Industrial Senior High School in Sumoto City, Hyogo in March1970. Independent Director and Member of the Nominating and Compensation Committee Chief Marketing Officer
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29 Board of Directors Asami Sadoi •Ms. Sadoi has been our independent director since June2023. •Ms. Sadoi has served as a president of Office muMore, where she provides consulting services regarding woman employees’ career development since April 2021. •Ms. Sadoi served as a representative director and president at Fujitsu Middleware Limited from June 2015 to March 2021.•Ms. Sadoi obtained a bachelor’s degree in international relations from Tsuda University in Tokyo in March1981. Independent Director and Member of the Nominating and Compensation Committee Yuko Osumi •Ms. Osumi has been our independent director since May2025. •Ms. Osumi has approximately 24 years of experience in the automobile industry. •Ms. Osumi has been a global customer manager at Bose Automotive G.K., where she is responsible for sales and customer management for automotive sound system. •Ms. Osumi obtained a bachelor’s degree in international relations from Tsuda University in Tokyo in March1998. Independent Director and Member of the Nominating and Compensation Committee Rieko Okada •Ms. Okada has been our independent director since May2025.•Ms. Okada has 19 years of experience serving as a chief financial officer at Japanese technology companies. •Ms. Okada obtained an associate degree in American and English Studies from Kansai Gaidai Junior College in Hirakata, Osaka, in March1992, a Bachelor of Arts in Industry and Technology from the Open University of Japan in March2012, and a master’s degree in business administration from Kobe University in March2022. Independent Director and Member of the Nominating and Compensation Committee Jerzy Marek Rudzinski •Mr. Rudzinski has been our independent director since September2023. •Mr.Rudzinski was a president of the board of directors of FQS Poland Limited, a Poland-based software developer which is a wholly owned subsidiary of Fujitsu Limited, from January1998 to June2023. •Mr.Rudzinski obtained a Master of Science in Chemistry from University of Wroclaw, Poland, in September1982, and a Doctor of Science in Computational Chemistry from Hokkaido University in March1990. Independent Director
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30 Our Principal ShareholdersOrdinary Shares Beneficially OwnedPercentDirectors, Corporate Auditors, and Executive Officers(1):Kenji Narushima(2) 12.2%Masahide Shigeno(3) 9.1%Takuma Segawa(4) 7.1%Kazuyuki Kawabata –Asami Sadoi –Yuko Osumi –Rieko Okada –Jerzy Marek Rudzinski –Kazunori Mori –Hiroaki Fujita –Mitsunori Yabe –Wakako Isaka (Yaguchi) –All directors, corporate auditors, and executive officers as a group (12 individuals):27.6%5% Shareholders:Toyota(5) 11.5%Honda(6) 11.5%Hideaki Tokuhara 5.8%O-Well Corporation ("O-Well")(7) 6.2%Note: (1) Unless otherwise indicated, the business address of each of the individuals is Kobe Asahi Building 25th Floor, 59 Naniwa-machi, Chuo-ku, Kobe, Hyogo 650-0035. (2) The aggregate number of Ordinary Shares beneficially owned by Mr. Kenji Narushima reflects (i) 6,266,000 Ordinary Shares, and (ii) an aggregate of 1,096,550 Ordinary Shares that may be issued upon exercise of stock options held by Mr. Narushima.(3) The aggregate number of Ordinary Shares beneficially owned by Mr. Masahide Shigeno reflects (i) 4,699,500 Ordinary Shares, and (ii) an aggregate of 751,920 Ordinary Shares that may be issued upon exercise of stock options held by Mr. Shigeno.(4) The aggregate number of Ordinary Shares beneficially owned by Mr. Takuma Segawa reflects (i) 3,665,610 Ordinary Shares, and (ii) an aggregate of 626,600 Ordinary Shares that may be issued upon exercise of stock options held by Mr. Segawa.(5) Represents an aggregate of 6,861,270 Ordinary Shares held directly by Toyota. The registered address of Toyota is 1 Toyota-Cho, Toyota City, Aichi Prefecture 471-8571, Japan. Toyota is listed on the Tokyo Stock Exchange, the Nagoya Stock Exchange, and the London Stock Exchange. Toyota is also a reporting company under the Exchange Act and is listed on the New York Stock Exchange.(6) Represents an aggregate of 6,861,270 Ordinary Shares held directly by Honda. The registered address of Honda is TORANOMON ALCEA TOWER 2-2-3 Toranomon, Minato-ku, Tokyo. Honda is listed on the Tokyo Stock Exchange. Honda is also a reporting company under the Exchange Act and is listed on the New York Stock Exchange. (7) Represents (i) 2,224,430 ordinary shares and 80,000 American Depositary Shares, each representing one ordinary share, held by O-Well, and (ii) 1,190,540 ordinary shares and 200,053 American Depositary Shares, each representing one ordinary share, held by Uni Electronics Inc., a wholly-owned subsidiary of O-Well, as of June 30, 2026. The registered address of O-Well is 5-13-9 Mitejima, Nishiyodogawa-ku, Osaka 555-0012, Japan. O-Well is listed on the Tokyo Stock Exchange.