Micware Co., Ltd. · NASDAQ:MWC
Micware — Investor Presentation (September 2026)
30 slides from Micware's investor presentation, Sep 9, 2026
Slide 1: Investor Presentation September 2026
Nasdaq Ticker: MWC Investor Presentation September 2026 Micware Co., Ltd.
Slide 2: Forward-looking statements
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
Slide 3: Why Invest in Micware? Investment Highlights
01 Strategic Engineering Partner to Leading Japanese OEMs 02 03 04 05 Dual relationship: Toyota Motor Corporation (“Toyota”) (since 2020) & Honda Motor Co., Ltd. (“Honda”) (since 2022) are both customers and strategic shareholders of Micware Mass - Production Software Know - How and Reusable Assets
Slide 4: Our Key Customers
Our Key Customers 20+ years of experience in software development in the automotive industry* Our Products and Services • In - vehicle platform software • Navigation software • Other mobility software • B2C services patents in total* 360 + 600+ number of e m p l o y ee s** Our Global Operations 6 op
Slide 5: How We Create Value Today
How We Create Value Today A strategic automotive software engineering partner embedded in long - cycle OEM programs 1 OEM Co - Development Custom IVI, navigation, connected and mobility software Close integration with OEM development teams Mass - production program experience 2 Reusable Software & K
Slide 6: Current Revenue Model
1. Software Development Services Design and delivery of custom automotive software based on our proprietary IVI platform, which supports functions like navigation, multimedia, and connectivity 3. Other Software - related Services After - sales maintenance and support services, as well as B2C mobile
Slide 7: Financial Highlights: Revenue Breakdown
81.4% 15.0% 3.6% 76.7% 19.2% 4.1% FY2024 Audited FY2025 Audited R ev enue US$ 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 equivale
Slide 8: Financial Highlights: Margins
9.1 8.8 10.3 FY2025 Audited FY2026 Audited 13.5 15.3 15.6 FY2024 Audited FY2025 Audited 35.5 49.1 51.6 FY2025 Audited FY2026 Audited 30 . 4% 35 . 0% 36 . 8% US$ Million Gross Margin % US$ Million Adjusted Operating Profit Margin (%) US$ Million Net Income Margin (%) Financial Highlights Note: FY2024
Slide 9: Financial Highlights: Cash and Indebtedness
Note: *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 r
Slide 10: Key FY2026 Financial Takeaways
Key FY2026 Financial Takeaways 1 2 3 Sustainable Margin Expansion Driving Profit Growth Our gross margin improvement of +1.8% pts YoY to 36.8% , resulting in record - high gross margins and sustainable profitability rather than one - off gains. Profitable Growth While Accelerating Strategic R&D Inve
Slide 11: Strategic Direction Driving Long-Term Value
Strategic Direction Driving Long - Term Value Through Technology and Execution Supplier Platform Provider Founded in Kobe, Japan as a small team focused on developing car audio and navigation systems Recognized as one of the leading Japan - based IVI Tier 1 software suppliers Scaled into a global te
Slide 12: Our Mission for Growth: Two Growth Pillars
M ISSI O N micAuto - PF DynaPlanet - PF M ISSI O N 01 Maintain IVI domain 02 Expand ADAS * domain 03 Expand market via Connected ** 04 Expand quality & assurance 01 Collect dynamic data*** 02 Build dynamic spaces*** 03 04 Preserve spatial data î Go beyond convention through AI Note: *ADAS: Advanced
Slide 13: Future Growth Investment Priorities: Allocation of IPO Proceeds
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
Slide 14: micAuto-PF, a Proprietary IVI Software Platform
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 Foundati
Slide 15: micAuto-PF: From OEM Consulting to SDV Services
micAuto - PF: From OEM Consulting to SDV Services 20+ years of automotive software assets ț AI - driven engineering ț stepwise expansion into higher - value services CURRENT REVENUE BASE 1 OEM Consulting OEM co - development & engineering AI transformation support Maintenance & operations GROWTH 2 S
Slide 16: DynaPlanet, an Intelligent 3D Platform
DynaPlanet, an Intelligent 3D Platform Dynamic Street Map and Market Place (DSMM) has been renamed 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
Slide 17: DynaPlanet: Commercialization Has Begun, Scaling Is the Next Step
DynaPlanet: Commercialization Has Begun, Scaling Is the Next Step A 3D spatial platform connecting real - world digital twins, dynamically updated cities and creator - built virtual worlds. Paid / custom 01 Real 3D Interiors High - precision indoor digital twins Stadiums, offices, factories, station
Slide 18: Next stage of Be There Be Now: platforms strategy
Next stage of “Be There Be Now” will be created by our 2 platforms strategy micAuto - PF With the power of software, weʼre expanding the future of MOBILITY DynaPlanet - PF Through digital 3D SPACE , we create brand - new value. Mobility Phys ical AI 3D Intelligence Ecosystem Revenue target Investmen
Slide 19: Growth Strategy: Illustrative KPIs by Platform
Growth Strategy: Illustrative KPIs by Platform Operating KPIs behind the management revenue targets, as disclosed September 4, 2026 micAuto - PF End of this FY (Feb 2027) 7 OEM JPY 19.0bn Expanding the OEM business with micAuto - IVI Three years out (Feb 2030) 15 OEM JPY 31.5bn Building a service bu
Slide 20: Why Invest Now? Near-Term Catalysts
01 02 03 04 Commercial validation milestones ahead 05 Long - term optionality backed by planned investment Durable positioning with leading Japanese OEMs 20+ years of collaboration, mass - production know - how and reusable software assets Clear path from engineering to service / license revenue mic
Slide 21: Contact
C o n t a ct Micware Co., Ltd. Phone: +81 - 3 - 6699 - 9899 Email: [email protected] Address: 25 th Floor Kobe Asahi Building, 59 Naniwa - machi, Chuo - ku Kobe, Hyogo, Japan 650 - 0035 Website : www.ir - micware.com 21
Slide 22: Supporting Materials Appendix
Supporting Materials Appendix
Slide 23: Investor Quick Facts
Investor Quick Facts Capital structure, geographic exposure and customer concentration SHARE CAPITAL GEOGRAPHIC REVENUE CUSTOMER CONCENTRATION Issued ordinary shares Shares outstanding (following IPO) 59.4M 61.3M 61,331,990 shares Treasury shares: 1.9M 1 ADS = 1 ordinary share As of the FY2026 Annua
Slide 24: Non-GAAP Reconciliation: Adjusted Operating Profit
Non - GAAP Reconciliation: Adjusted Operating Profit February 29, 2024 For the Fiscal Years Ended February 28, 2025 February 28, 2026 February 28, 2026 Expenses (a) US$ JPY JPY JPY In thousands 15,149 2,364,008 2,160,301 1,892,397 Operating Profit 403 62,934 149,685 126,165 Plus: Listing - related a
Slide 25: Global Market Size of the IVI Market, 2020-2029E
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 35 30 25 20 15 10 5 16 . 9 17 . 9 19 . 5 21 . 0 22 . 6 24 . 3 26 . 2 28 . 1 30 . 1 32 . 2 Global Market Size of the IVI Market, 2020 - 2029E Billion US$ 2025E - 2029E 2020 - 2024 CAGR 3.
Slide 26: Automotive Navigation and Digital Mapping Market Size
Global Market Size of the Automotive Navigation System Market, 2020 - 2029E 2020 - 2024 2025E - 2029E CAGR 7.5% 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 Million US$ 15,000 10,000 5,000 0 2 0 20 2 0 2 8 E 2 0 2 9 E Million US$ 2021 2022 2023 20
Slide 27: Management Team
Management Team Kenji Narushima Representative Director, President, Chairman, and Chief Executive Officer • 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
Slide 28: Board of Directors
Board of Directors Kenji Narushima Representative Director, President, Chairman, and Chief Executive Officer • 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 direct
Slide 29: Board of Directors
Board of Directors Asami Sadoi Independent Director and Member of the Nominating and Compensation Committee • Ms . Sadoi has been our independent director since June 2023 . • Ms . Sadoi has served as a president of Office muMore, where she provides consulting services regarding woman employees’ care
Slide 30: Our Principal Shareholders
Our Principal Shareholders 30 Ordinary Shares Beneficially Owned P e rc en t Directors, Corporate Auditors, and Executive Officers (1) : 12 . 2% Kenji Narushima (2) 9 . 1% Masahide Shigeno (3) 7 . 1% Takuma Segawa (4) – Kazuyuki Kawabata – Asami Sadoi – Yuko Osumi – Rieko Okada – Jerzy Marek Rudzins