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Micware lifts margin to 36.8% on FY2026 results

Micware Co., Ltd. (MWC), a Japan-based automotive software developer, filed this report to share a press release and investor presentation tied to upcoming non-deal roadshows and conferences.

(Neutral)
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Micware Co., Ltd. (MWC), a Japan-based automotive software developer, filed this report to share a press release and investor presentation tied to upcoming non-deal roadshows and conferences. The materials highlight a business centered on in-vehicle infotainment, navigation and mobility software for major OEMs, including long-standing relationships with Honda and Toyota, both of which each hold over 10% of Micware’s equity.

The presentation shows audited revenue rising from $116.9 million in FY2024 to $140.3 million in FY2026, with gross margin improving from 30.4% to a record 36.8%. Net income attributable to shareholders grew to $10.3 million in FY2026, a 7.3% margin, while cash and cash equivalents increased to $52.9 million as of February 28, 2026, against total indebtedness of $34.5 million. The company emphasizes a strategy built on its micAuto-PF IVI platform and DynaPlanet 3D spatial platform, funded by IPO proceeds and operating cash flow, with detailed long-term management revenue and KPI targets rather than formal earnings forecasts.

Positive

  • Gross margin expanded from 30.4% in FY2024 to 36.8% in FY2026, reaching a record level and supporting higher R&D spending while remaining profitable.
  • FY2026 net income attributable to shareholders rose to $10.3 million (7.3% margin), up from $8.8 million (6.3% margin) in FY2025.
  • As of February 28, 2026 Micware held $52.9 million in cash and cash equivalents versus $34.5 million in total indebtedness, providing financial flexibility.
  • Honda Group and Toyota Group are both key customers and >10% shareholders, providing strategic validation and recurring project opportunities.

Negative

  • FY2026 revenue of $140.3 million was nearly flat versus FY2025’s $140.2 million after a strong prior-year increase, indicating slower top-line growth.
  • Customer concentration is high: in FY2026 the top three customers accounted for 78.3% of revenue, including 50.6% from Honda Group and 16.3% from Toyota Group.
  • Geographic exposure is concentrated, with 98.5% of FY2026 revenue from Japan and only 1.5% from overseas markets.

Filing Explained

Growth initiatives remain uncontracted or early-stage: no OEM has signed micAuto-PF, while DynaPlanet’s large-scale deployments remain early.

Micware filed this Form 6-K on September 9, 2026 to furnish a press release and presentation for planned investor events. The materials remain at the presentation and planned-participation stage, rather than documenting a completed financing or other transaction.

The filing states that the materials are not an offer to sell or a solicitation to buy securities. It also reports that, effective September 1, 2026, Micware renamed one subsidiary and consolidated its automotive operations into two other entities.

For the growth initiatives described, the presentation states that no OEM has signed a contract for the micAuto-PF platform itself; the cited current-year revenue target is generated through existing OEM consulting. It separately says DynaPlanet has begun commercialization and generated initial revenue, while large-scale B2B, B2G, and OEM deployments remain in their early stages.

The presentation identifies external OEM validation for micAuto-PF and scaled DynaPlanet deployments as milestones that would change the disclosed evidence base. Its investment allocations are subject to change and have not been approved by the board, and its revenue figures are management targets rather than earnings forecasts.

Revenue FY2024 $116.9 million Fiscal year ended February 29, 2024
Revenue FY2025 $140.2 million Fiscal year ended February 28, 2025
Revenue FY2026 $140.3 million Fiscal year ended February 28, 2026
Gross margin FY2026 36.8% Up from 35.0% in FY2025 and 30.4% in FY2024
Net income FY2026 $10.3 million Net income attributable to the company’s ordinary shareholders, 7.3% margin
Cash and cash equivalents $52.9 million As of February 28, 2026
Total indebtedness $34.5 million As of February 28, 2026; includes short and long-term borrowings
Top 3 customer revenue concentration 78.3% Share of Micware’s FY2026 revenue from top three customer groups
in-vehicle infotainment technical
"engaged in the development and sale of in-vehicle infotainment (“IVI”) systems"
A built-in system in a vehicle that combines entertainment, navigation and information services—like a tablet for controlling music, maps, phone calls, apps and some car settings. It matters to investors because these systems influence a vehicle’s appeal, can create recurring revenue through software and services, affect manufacturing costs and margins, and carry regulatory and cybersecurity risks that can change a maker’s competitive position and future profits.
Software Defined Vehicles technical
"Software Defined Vehicles (“SDV”) Services, licenses and products"
Adjusted Operating Profit financial
"Adjusted Operating Profit is a non-GAAP financial measure that is defined as operating profit"
Adjusted operating profit is a measure of a company’s routine profit from its core business activities after removing one‑time events, unusual costs or non‑cash items so the result reflects ongoing operations. Think of it like judging a car’s normal fuel efficiency after ignoring a single visit to the body shop; investors use it to compare underlying profitability across periods or peers and to judge whether the business is sustainably earning money, but the specific exclusions can be subjective.
Location-Based Services technical
"strategic investments within our SDV and LBS segments"
Services that use a device’s geographic position—from GPS, Wi‑Fi, or cell towers—to deliver tailored features such as maps, nearby offers, real‑time routing, asset tracking, or localized advertising. For investors, these services matter because they can boost customer engagement and create new revenue streams from targeted ads, subscriptions, or data sales, while also carrying costs and risks tied to user privacy rules, data accuracy, and infrastructure.
digital twins technical
"A 3D spatial platform connecting real-world digital twins, dynamically updated cities"
Digital twins are virtual replicas of physical objects, systems, or processes that simulate their real-world counterparts in real time. They allow users to monitor, analyze, and predict how the actual entity will behave under different conditions. For investors, digital twins can provide valuable insights into performance and potential risks, helping to make better-informed decisions.
non-deal roadshow financial
"will participate in the following three investor events Non-Deal Roadshow"
A non-deal roadshow is a planned series of meetings where company executives travel to meet investors and analysts without trying to sell stock or raise money. Think of it like an author’s book tour: the goal is to explain the company’s strategy, answer questions and build relationships so investors better understand the business; that clarity can reduce uncertainty, influence market perception and affect a company’s share price and access to capital in the future.

FAQ

What is Micware Co., Ltd. (MWC) announcing in this Form 6-K?

Micware reports that its executives will participate in a non-deal roadshow and two investor conferences, and furnishes a press release and an updated investor presentation that outline its business, financials, and long-term growth strategy.

How did Micware MWC’s revenue and profitability trend through FY2026?

Revenue grew from $116.9 million in FY2024 to $140.3 million in FY2026. Gross margin improved from 30.4% to 36.8%, and FY2026 net income attributable to shareholders reached $10.3 million with a 7.3% net margin.

What is Micware MWC’s financial position in terms of cash and debt?

As of February 28, 2026, Micware reported $52.9 million in cash and cash equivalents and $34.5 million in total indebtedness, based on USD/JPY exchange rates cited in the presentation.

Who are Micware MWC’s key customers and how concentrated is revenue?

For FY2026, the top three customers contributed 78.3% of revenue: Honda Group at 50.6%, Toyota Group at 16.3%, and Uni Electronics at 11.4%. Other customers accounted for 21.7%.

What are the main growth platforms highlighted by Micware (MWC)?

Micware focuses on two platforms: micAuto-PF, its proprietary IVI software platform supporting OEM consulting and future SDV services, and DynaPlanet, a 3D spatial intelligence platform aimed at B2B, B2G and OEM use cases over the medium to long term.

How much of Micware MWC’s revenue comes from outside Japan?

In FY2026, 98.5% of Micware’s revenue came from the Japan domestic market, with only 1.5% from overseas (1.4% United States and 0.1% Thailand, with Europe effectively 0%).

What long-term targets does Micware MWC discuss for micAuto-PF and DynaPlanet?

Management presents non-forecast targets such as micAuto-PF revenue of JPY 55.0 billion and around 30 OEMs by February 2033, and DynaPlanet revenue of JPY 33.0 billion and 10 million users by the same date, subject to detailed assumptions and cautions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2026

 

Commission File Number: 001-43279

 

Micware Co., Ltd.

 

Kobe Asahi Building 25th Floor
59 Naniwa-machi, Chuo-ku
Kobe, Hyogo 650-0035

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒          Form 40-F ☐

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

On September 9, 2026, Micware Co., Ltd. (the “Company”) issued a press release announcing its planned participation in certain roadshow and conferences (the “Conferences”). A copy of the press release is furnished as Exhibit 99.1 hereto.

 

The Company expects to use the attached presentation (the “Presentation”) at the Conferences, as well as from time to time with potential investors. A copy of the Presentation is furnished as Exhibit 99.2 hereto.

 

Neither this report nor the exhibits attached hereto constitute an offer to sell, or the solicitation of an offer to buy our securities, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

 

1

 

 

Exhibit Index

 

Exhibit No.   Description
99.1   Press Release
99.2   Investor Presentation

 

2

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Micware Co., Ltd.
     
  By: /s/ Takuma Segawa
    Mr. Takuma Segawa
    Chief Financial Officer

 

Date: September 9, 2026

 

3

 

Exhibit 99.1

 

Micware Announces Participation in Upcoming Investor Events

 

KOBE, Japan, September 9, 2026 (GLOBE NEWSWIRE) – Micware Co., Ltd. (Nasdaq: MWC) (the “Company” or “Micware”), a Japan-based provider of software development services and innovative IT solutions mainly focused on the automotive and mobility sectors, today announced that its Founder and Chief Executive Officer, Mr. Kenji Narushima, and the President of Micware North America, Inc., Mr. Takashi Harishima, will participate in the following three investor events:

 

Non-Deal Roadshow

 

  Date: September 10–11, 2026

 

  Location: 590 Madison Avenue, 28th Floor, New York, NY

 

  Host: A.G.P./Alliance Global Partners

 

H.C. Wainwright 28th Annual Global Investment Conference

 

  Date: September 14–16, 2026

 

  Location: Lotte New York Palace Hotel, New York, NY

 

  Registration Link: Click here

 

  Management will be available for one-on-one investor meetings throughout the conference.

 

Emerging Growth Virtual Conference

 

  Date: September 24, 2026

 

  Location: Virtual

 

  Presentation Time: 3:55 PM Eastern Time

 

  Registration Link: Click here

 

  Micware’s Founder and Chief Executive Officer, Mr. Narushima, will provide a 10-minute update presentation during the conference.

 

For more information about the conferences or to schedule a one-on-one meeting with Micware management, contact your conference representative or email mic_ir@micware.co.jp.

 

 

 

 

About Micware Co., Ltd.

 

Micware Co., Ltd. is a Japan-based provider of software development services and innovative IT solutions mainly focused on the automotive and mobility sectors. The Company is primarily engaged in the development and sale of in-vehicle infotainment (“IVI”) systems covering multimedia, navigation, human machine interface, telematics, and driver assistance, as well as navigation software and location information-based smartphone applications.

 

Since its founding in 2003, Micware has built over 20 years of experience in automotive software and has established long-term relationships with major original equipment manufacturers (“OEM”) in Japan, including Honda Motor Co., Ltd. and Toyota Motor Corporation. Leveraging its engineering capabilities, proprietary technologies, and long-standing OEM relationships, the Company was ranked 9th among Japan-based Tier 1 suppliers in the IVI market in terms of revenue as of February 28, 2024, according to an industry report titled “IVI, Automotive Navigation System and Digital Mapping Market” commissioned by the Company and prepared by Frost & Sullivan. Micware operates across Japan through six operating entities and 13 branch offices and has established subsidiaries in the United States, Thailand, and Germany for overseas operations.

 

For more information, please visit the Company’s IR website: www.ir-micware.com.

 

Forward-Looking Statements

 

Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors 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 press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the annual report on Form 20-F and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

 

2

 

 

For more information, please contact:

 

Micware Co., Ltd.

Investor Relations Department

Phone: +81-3-6699-9899

Email: mic_ir@micware.co.jp

 

Public Relations

Email: mic_pr@micware.co.jp

 

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

3

 

Exhibit 99.2

 

Nasdaq Ticker: MWC Investor Presentation September 2026 Micware Co., Ltd.

 

 

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 guaranteed and 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, uncertainties and 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 . 2 Forward - Looking Statements

 

 

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 Vehicle - generation experience, modular software assets, and development / quality know - how built through long - cycle original equipment manufacturers (“OEMs”) programs micAuto - PF: Turning Automotive Assets into Scalable Services Standardizing and commercializing automotive software assets through OEM Consulting, Software Defined Vehicles (“SDV”) Services, licenses and products DynaPlanet: Long - Duration Spatial Intelligence Growth Option Commercialization has begun, while large - scale B2B / B2G / OEM deployments remain a medium - to long - term opportunity Why Invest in Micware? 3 Investment Highlights Profitable Core Business Funding the Next Growth Phase Record - high gross margin and increased R&D investment provide a strong base to fund growth

 

 

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 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 Headquarters Japan Micware Asia Pacific Co., Ltd. Thailand Micware North America, Inc. United States Micware Europe GmbH Germany • Toyota holds >10% of the equity interests in Mic w a r e . • Honda holds >10% of the equity interests in Micware. • Other customers include Daihatsu Motor Co., Ltd. and Denso Corporation. 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 4

 

 

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 & Know - How IVI / navigation software assets Development process and quality data Large - scale development & operations know - how 3 Follow - On / Recurring Value Maintenance and operations support Per - unit software licensing Follow - on projects across vehicle generations FY2026 Revenue Mix 5 80.0% Software Development Services 14 . 8% Licensing 5.2% 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.

 

 

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 app services unrelated to in - vehicle navigation 2. Licensing Licensing proprietary software modules to Tier 1 suppliers for integration into in - vehicle systems, typically on a per - unit basis Current Revenue Model 6

 

 

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 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. 2 140. 3 19.9% 0.1% 80.0% 5.2% 14.8% FY2026 Audited Software Development Services Licensing Software - related Services FY2024 Audited USD/JPY rate $1=¥149.90 7 FY2025 Audited USD/JPY rate $1=¥150.64 FY2026 Audited USD/JPY rate $1=¥156.05

 

 

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 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% FY2024 Audited USD/ JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05 USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 FY2026 Audited USD/JPY rate $1=¥156.05 FY2024 Audited USD/JPY rate $1=¥149.90 8 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05

 

 

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 reported by the United States Federal Reserve Board. Financial Highlights Cash and Cash Equivalents US$ Million 27. 9 50. 9 52. 9 US$ Million 32. 2 40. 3 34. 5 Total Indebtedness* As of February 29, 2024 USD/JPY rate $1=¥149.90 As of February 28, 2025 USD/JPY rate $1=¥150.64 As of February 28, 2026 USD/JPY rate $1=¥156.05 As of February 29, 2024 USD/JPY rate $1=¥149.90 9 As of February 28, 2025 USD/JPY rate $1=¥150.64 As of February 28, 2026 USD/JPY rate $1=¥156.05

 

 

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 Investment Even with a significant + 40 . 0 % YoY increase in R&D expenses, both operating profit and adjusted operating profit expanded , demonstrating the ability to fund future innovation while maintaining and expanding earnings . Deep OEM Integration Positions Us for SDV Growth Strong, long - term relationships with leading global OEMs , particularly those with long development cycles, underscore the ability to secure recurring and follow - on projects in the evolving SDV space. 10

 

 

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 team with around 600 members worldwide * Capture new opportunities Build a strong platform for the evolving mobility solutions Accelerate global expansion Create long - term value by expanding beyond traditional boundaries Note: *Approximate employee headcount as of June 11, 2026. Developer 200 3 ~202 4 2026 11

 

 

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 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”). 12 Our Mission for Growth The Two Growth Pillars of Our AI - centric Platform Strategy

 

 

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 Ope ra t ions Software Defined Vehicles Location - Based Services 30% Key Product micAuto - PF 70% Key Product D y n a Pl a n e t (formerly known as “DSMM”) Maintain and expand 13 our established automotive software platform business Accelerate development of scalable recurring - revenue businesses

 

 

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 Technical Characteristics Strategic Business Value m ic A u t o - PF Our Proprietary IVI Software Platform micAuto - PF, a Proprietary IVI software Platform 14

 

 

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 SDV Service Software Development Kit (“SDK“) / Application Programming Interface (“API”) usage fees Vehicle data licenses Connected service usage fees LONGER TERM 3 Mobility Physical AI Software licenses for mobility Connected / Over - The Air (“OTA“) operating fees New physical AI initiative contracts, including Honda. 15 Current status No 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 A contract for the platform product itself remains the key validation milestone. + +

 

 

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 into a single ecosystem, where new value and experiences continuously circulate. World Heritage Site Himeji Castle – 3D Platform De m o n s t r a tion PreSpot** Prepare your spot before you are there Portfolio of Offerings A 3D stadium reservation web app that allows users to preview the views D yn a Pl a n e t Dynamic Street Map and Market Place (DSMM) 16 from selected seats before booking. Note:*Effective as of July 1, 2026. **Released on July 1, 2026. DynaPlanet is in the early stages of commercialization . While the platform has already generated initial revenue through commercial deployments, large - scale B 2 B, B 2 G, and OEM platform deployments remain in the early stages . We view DynaPlanet as a long - duration, recurring - revenue growth platform with increasing monetization opportunities over the coming years, rather than a near - term earnings driver .

 

 

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, stations Use cases in facility management and real estate Paid / custom 02 Real 3D Cities Dynamic 3D cities from dashcam / sensor data Real - time updating and high - quality models Smart city, disaster prevention and mobility use cases Free / ecosystem 03 Virtual 3D Worlds AI - and creator - built virtual spaces Events, games, education and communities Studio planned to launch in January 2027 Current status Initial 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 DynaPlanet as a medium - to long - term growth option rather than a near - term earnings driver. 17

 

 

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 Investment Amount JPY 0.5bn Investment item Amount Expand OEM business JPY 0.2bn Evolve connected services JPY 0.3bn T o t a l JPY 0.5bn As of JPY 55.0bn Feb 2033 JPY 33.0bn JPY 31.5bn Feb 2030 JPY 10.5bn JPY 19.0bn Feb 2027 JPY 3.5bn Amount JPY 1.0bn Amount JPY 0.1bn Investment Investment item PreSpot Platform development App and content creation Studio development Advertising and promotion Total JPY 0 . 3 bn JPY 0 . 2 bn JPY 0 . 3 bn JPY 0 . 1 bn JPY 1.0bn Allocations are subject to change and have not been approved by the board. 18 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: //w ww .ir - micware.com/static - files/f4860a2d - ccfe - 4dea - 9b63 - a223abb5c676 Long - Term Growth Roadmap — Management Targets

 

 

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 business in the SDV domain Six years out (Feb 2033) ~30 OEM JPY 55.0bn Extending automotive software to wider mobility DynaPlanet - PF End of this FY (Feb 2027) DynaPlanet Studio Launch Creators 10 JPY 3.5bn Apps 10 B2B projects 10 Three years out (Feb 2030) 1M Users JPY 10.5bn Creators 10k Apps 10k B2B projects 100 Six years out (Feb 2033) 10M Users JPY 33.0bn 19 Creators 100k Apps 100k B2B projects 300 Illustrative 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.

 

 

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 micAuto - PF explicitly bridges OEM Consulting, SDV Services and licenses / products External - OEM validation for micAuto - PF and scaling deployments for DynaPlanet can change the evidence base Management targets provide a long - term roadmap, funded by IPO proceeds and operating cash flow Near - Term Catalysts Why Invest Now? Now Now Near term Medium term Long term 20 Growth Horizon The core business is proven today; value creation from the growth options depends on commercial validation and scaling. Proven core economics and cash generation FY 2026 g r o s s m a rg i n o f 36 . 8 % ; c a s h a n d c a s h eq ui v a l e n t s o f U S$52 . 9 m ※ ※ as of Feb 28, 2026, pre - IPO — excludes ~US$23.9m of IPO net proceeds received in May 2026

 

 

C o n t a ct Micware Co., Ltd. Phone: +81 - 3 - 6699 - 9899 Email: mic_ir@micware.co.jp Address: 25 th Floor Kobe Asahi Building, 59 Naniwa - machi, Chuo - ku Kobe, Hyogo, Japan 650 - 0035 Website : www.ir - micware.com 21

 

 

Supporting Materials Appendix

 

 

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 Annual Report filing FY2026 revenue by market 98.5% Japan domestic market 1.5% Overseas 1 . 4 % United States 0 . 1 % Thailand 0 . 0 % Europe FY ended February 28, 2026 FY2026 revenue concentration 78.3% Top 3 customers 50 . 6% Honda Group 16 . 3% Toyota Group 11 . 4% Uni Electronics 21 . 7% Others 23 Customer groups aggregated under common control Source: Micware FY2026 Annual Report on Form 20 - F. Percentages may not sum due to rounding.

 

 

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 and Transformational 15,552 2,426,942 2,309,986 2,018,562 Adjusted Operating Profit 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 . All USD figures are based on the USD/JPY rate $1=¥156.05 (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. 24

 

 

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 3.6% 3.9% Hardware 12.1% 15.1% Software 7.3% 7.6% Total Ha r d w a re Software Industry Overview 0 2 0 20 2 0 21 2 0 22 2 0 23 2 0 24 2 0 2 5 E 2 0 2 6 E 2 0 2 7 E 2 0 2 8 E 2 0 2 9 E Source: The Frost & Sullivan Report 25

 

 

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 2024 2025E 2026E 2027E Global Market Size of the Digital Mapping Market, 2020 - 2029E 2020 - 2024 2025E - 2029E CAGR 7.8% 7.4% 1,740. 8 0 2 0 20 2 0 21 2 0 22 2 0 23 2 0 24 2 0 2 5 E 2 0 2 6 E 2 0 2 7 E 2 0 2 8 E 2 0 2 9 E Source: The Frost & Sullivan Report 26 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 4 , 0 0 0 3 , 0 0 0 2 , 0 0 0 1 , 0 0 0 Industry Overview

 

 

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 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 . Masahide Shigeno Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee • 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 . Kazunori Mori Director Chief Marketing Officer • Mr . Mori has been our director and chief marketing officer since May 2026 . 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 March 2000 . Takuma Segawa Chief 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 . 27

 

 

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 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 . Masahide Shigeno Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee • 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 . • Mr . Mori has been our director and chief marketing officer since May 2026 . 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 March 2000 . Kazuyuki Kawabata Independent Director and Member of the Nominating and Compensation Committee • Mr . Kawabata has been our independent director since May 2020 . • 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 April 2014 to March 2019 . • Mr . Kawabata graduated from Hyogo Prefectural Sumoto Industrial Senior High School in Sumoto City, Hyogo in March 1970 . Kazunori Mori Director Chief Marketing Officer 28

 

 

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’ 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 March 1981 . Yuko Osumi Independent Director and Member of the Nominating and Compensation Committee • Ms . Osumi has been our independent director since May 2025 . • 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 March 1998 . Rieko Okada Independent Director and Member of the Nominating and Compensation Committee • Ms. O k a da h a s b ee n o ur in d e p en d en t d i r e c t o r s in c e • May 2025. • 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 March 1992 , a Bachelor of Arts in Industry and Technology from the Open University of Japan in March 2012 , and a master’s degree in business administration from Kobe University in March 2022 . Mr. Rudzinski has been our independent director since September 2023. • 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 January 1998 to June 2023 . • Mr . Rudzinski obtained a Master of Science in Chemistry from University of Wroclaw, Poland, in September 1982 , and a Doctor of Science in Computational Chemistry from Hokkaido University in March 1990 . Jerzy Marek Rudzinski Independent Director 29

 

 

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 Rudzinski – Kazunori Mori – Hiroaki Fujita – Mitsunori Yabe – Wakako Isaka (Yaguchi) 27.6% All directors, corporate auditors, and executive officers as a group (12 individuals): 5% Shareholders: 11 . 5% Toyota (5) 11 . 5% Honda (6) 5 . 8% Hideaki Tokuhara 6 . 2% O - Well Corporation ("O - Well") (7) 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.

 

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