Business Overview for Investors [November 2026 Edition]

Business Overview for Investors SORACOM, INC. November 11, 2026

1 Business Model 2 Competitive Advantage 3 AI Market Opportunity
4 Growth Strategy 5 Case Studies 6 Appendix 2

About Us Name SORACOM, INC. Established November 2014 Offices Head
Office: Tokyo, Japan US Office: Bellevue, WA, USA UK Office: London, United Kingdom Employees(1) Total 197 (50 in US/Europe(2)) CEO Ken Tamagawa Business Al / IoT Connectivity Platform Service Shareholders(3) KDDI CORPORATION / World Innovation Lab / SECOM CO., LTD. / SOURCENEXT CORPORATION / NIPPON GAS CO., LTD. / Hitachi, Ltd. / Suzuki Global Ventures VISION / MISSION Making Things Happen for a world that works together Bringing people and things together to build a connected world where all of us will achieve more than any of us can imagine. From connectivity and cloud to AI and beyond SORACOM puts advanced technology in the service of community to spark a better tomorrow. IoT and beyond. Notes: (1) The number of regular employees excluding board members as of Sep 2026; (2) Employees at SORACOM GLOBAL, INC. (US) and SORACOM CORPORATION, LTD. (UK) ; (3) As of Sep 2026 4

SORACOM Data at a Glance FYE March 2026 Full-Year Financial
Summary (1) Recurring Revenue JPY 9.2 B YoY +41.7% Revenue JPY EBITDA 12.4 B YoY +38.1% JPY ARR 1.2 B Operating Profit JPY 871MM JPY 11.0B Global Ratio(2) 48.0% Key Metrics Connections (3) 10M Resilient Recurring Revenue Global Recognition 0.4% 121% in the 2026 G artner® M ag ic Q u ad ran t Churn (4) NRR (5) Leader Expected Revenue Range in 5years JPY 50.0B by FY 3/31 Notes: (1) Figures are on a consolidated basis unless otherwise stated; (2) The share of global revenue (US, Europe, and Japanese customers in global accounts) within recurring revenue; (3) As of Jul 2026; (4) Calculated as: Accounts that became inactive (i.e., no recurring revenue) for 12+ months / Active accounts generating >1M JPY annually; (5) Net Retention Rate from FY3/25 to FY3/26, indicating the continuation rate of recurring revenue from existing customers, calculated by the formula: [Recurring revenue of customers acquired prior to the previous period] ÷ [Recurring revenue of those customers in the previous period] 5

SORACOM’s AI / IoT Connectivity Platform IoT / AI Devices
IoT Connectivity AI / Cloud SORACOM Devices SORACOM IoT Connectivity SORACOM Cloud IoT SIM Remote Control Communication Modules (5G/LTE/3G/LTE-M) Sensor Devices Partner Devices IoT Automation LPWA / Satellite Wi-Fi / Wired “Sora-Cam,” the AI Eye Incremental Revenue AI Data Processing High-Capacity Connectivity for Physical AI Partner Cloud Services AWS / Microsoft Google / OpenAI AI Agent “SORACOM Agent” Recurring Revenue 6

Case Studies Adopted by 40,000+ Customers Across a Wide Range
of Industries and Use Cases Smart Metering Functionality Checking Heat Risk Monitoring GPS Tracking Healthcare & Nursing Railway CBM Weather Cameras Construction System Store Camera Hotel Operations DX Temp Monitoring Bus Security Finance Energy Smart Power Panel Smart Light Connected Car Manufacturing Failure Prediction Sharing Mobility AI Person Detection Primary Industry Retail Construction Use Cases in Japan Use Cases in US / Europe 7

SORACOM's Business Model Continuous Incremental Revenue Generates Recurring Revenue Revenue
Growth Model of a Client Global Expansions / New Versions Quarterly Revenue (JPY MM) 4,500 4,000 Incremental Revenue Recurring Revenue 3,500 Further Expansion 3,000 2,500 2,000 Successful Launch 1,500 PoC / Prototypes 3 months later* Self-Service with One SIM & Device 1 month later* Project Starts Incremental Revenue Recurring Revenue (Connectivity, Cloud, AI) *Examples of common AI / IoT projects Note: (1) Comparison of FY3/26 Q2 YTD and FY3/27 Q2 YTD YoY(1) 1,000 +34.4% 500 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 FY3/27 8

Why Customers Choose SORACOM Beyond buying connectivity: one-stop IoT from
deployment to operation Building IoT systems in-house With SORACOM Choose Your Device Separate data & AI setup Find the device / Verify In-house IoT platform development Building cloud Integration in-house Slow activation & contracts Companies Deploying IoT Building security in-house Carrier contracts per country Start right away Certified devices available from a single unit Instant activation via console / API Use it worldwide Manage in one place One SIM for 200+ countries & regions Centralized line management No SIM swaps Resilient Switch or add connectivity remotely Redundancy via multi-carrier Connect securely Direct cloud access Private network, SIM auth, assessment Easy connection to major clouds Cloud Services for IoT End-to-end through AI Start collecting and visualizing data right away From data collection to AI use Complex line management Outages from carrier failures Swapping SIMs on site 10

Value of Platform – No Need to Reinvent the Wheel
– Allowing Customers to Choose as Needed Soracom Provides 23 Fundamental Building Blocks (1) for AI / IoT Customer A Customer B Customer C Smart Metering Payment Terminal Vehicle Management ▪ ▪ ▪ ▪ ▪ ▪ ▪ Cloud Integration Data Formatting Connectivity Using Services Device Connectivity Note: (1) As of Sep 2026 Cloud ▪ ▪ Private Connectivity Security Global Connectivity Using Services Data Visualization Cloud Integration Connectivity Using Services Solution 11

Innovative Technology Soracom Secures a Competitive Edge by Running Its
Proprietary “Mobile Core” Directly on the Public Cloud Advanced Value-added Service Soracom Mobile Core Virtualized Mobile Core (NFV) 110 Current Mobile Core Public Cloud Generic Switch In-House Server Note: (1) As of Sep 2026 Holds Over Patents(1) On-Premises Server Data Center Cost Effective 12

Global Ready Seamless Global Access with SORACOM (583 Carriers /
207 Countries & Regions)(1) US MNOs SORACOM MobileCore US MNOs SORACOM Mobile Core South America MNOs SORACOM Mobile Core SORACOM Mobile Core Asia / Oceania MNOs SORACOM Mobile Core Note: (1) As of Sep 2026 NTT Docomo / KDDI SORACOM Mobile Core 13

Global Recognition： 2026 Gartner® Magic Quadrant Soracom-KDDI Named a Leader
2026 Gartner Magic Quadrant for Managed IoT Connectivity Services, Worldwide ⚫ Recognized for Completeness of Vision and Ability to Execute Source：Gartner® Magic Quadrant for Managed IoT Connectivity Services, Worldwide, by Pablo Arriandiaga, Kameron Chao, Jon Dressel at 4 May 2026 Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose. GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and its affiliates. This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Soracom. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this stockholder presentation), and the opinions expressed in the Gartner Content are subject to change without notice. 14

Strong US Growth Drives Global Expansion Distributor Strategy Fuels High
US Growth with Minimal Resources Global Share of Recurring Revenue(1)(2) US Revenue (1) (JPY MM) (JPY MM) 8,000 6,000 Global Share of Recurring Revenue(1) FY3/27 Q2 YTD: 51.5% 51.5% 48.0% 48.0%49.7% 42.6% 37.8%35.9% 5,676 4,458 4,000 2,000 878 1,203 1,840 3,376 [2,848] 2,586 [2,032] YoY +40.2% 3,000 2,500 1,952 2,000 CAGR(2) 1,500 1,200 500 [1,268] [768] 1,000 568 +71% [504] [256] 0 0 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 FY3/27 (E) FY3/24 FY3/25 Notes: (1) Figures in [ ] represent Q2 YTD values for each fiscal year; (2) Revenue from customers in the US, Europe, and Japanese customers in global accounts FY3/26 FY3/27 15

Current Market Shift Beyond Massive IoT / Industrial DX, the
Market ExpandsFurther into Physical AI Massive IoT Industrial DX Physical AI Data Volume: Small Data Volume: Medium Data Volume: Large Several MB and up Several hundred MB and up Tens of GB and up Representative Examples Representative Examples Representative Examples Smart meters, equipment monitoring, etc. Remote control, payment terminals, telematics, etc. AI cameras, drones, autonomous driving, etc. Nature of Growth Nature of Growth Nature of Growth A foundation for stable growth, driven by large unit volumes and long-term usage Applications span a wide range of operations and are embedded into on-site workflows, resulting in high switching costs Market expansion is underway, driven by video × AI, resulting in large data volumes and high unit prices Smart Metering Temp Monitoring Railway CBM Remote BMS Tuning Store Camera Bus Security 17

Latest Physical AI Case Studies Physical AI Use Cases Accelerating,
Led by Overseas Markets SORACOM's Role Grows as the Connectivity Layer Linking the Field and AI Dex The hands-on way for kids to learn a language naturally. Snap a photo and Dex identifies the object in the chosen language. Available in 16 languages and 30+ dialects. Safety Shield AI human detection cameras detect workers around heavy plant machinery to prevent accidents. The data collected from cameras with a secure connection from SORACOM enables industrial companies to be safer. 18

How AI Adoption Expands Our Revenue Not Replaced by AI
— Recurring Revenue Grows as AI Spreads Structural Market Shift (TAM Growth) IoT / Physical AI Adoption (SAM/SOM Growth) Rising Value of “Field Data” IoT / Physical AI Projects Increasing ⚫ Data and videos can now be ⚫ Existing IoT systems shifting analyzed by AI ⚫ Industry shift toward Physical AI, such as autonomous driving and robotics ⚫ Growing need for automation and labor savings amid labor shortages to AI ⚫ Expanding use in cameras, robots, and factory equipment ⚫ More projects moving from PoC to full deployment Higher ARPA Higher NRR Connectivity Revenue Growth n ve e gR n i r r ecu R ing Ris ue Value-Added Service Revenue Growth More Features Used ⚫ Cloud integration, analytics, security ⚫ SORACOM Flux / SORACOM Query Higher Usage More Connections ⚫ Video/audio data, AI ⚫ More connected devices and lines model updates / SORACOM Agent, etc. ⚫ SORACOM Physical AI Suite (model distribution, security assessment, etc.) 19

Vast IoT Market and SORACOM’s Growth Potential JPY 50 B
by 2031 Is Barely a Fraction of What's Possible FY3/31 Expected Revenue 333 M(3) Range: USD (JPY 50 B) TAM SAM Total IoT Market USD 1,239 B(1) SOM IoT Connectivity Market USD 124.9 B(2) Notes: (1) TAM (Total Addressable Market): the total addressable IoT market size. Based on the total IoT market (IDC forecast), our estimate extends the figure to 2031 using an approximate CAGR of 14.1% for 2026–2029; (2) SAM (Serviceable Available Market): the market size actually reachable with our business model. Calculated by applying the connectivity market‘s share (approx. 10.1%) within the total IoT market as of 2026 to the TAM estimate; (3) SOM (Serviceable Obtainable Market): the market size we actually aim to capture. Calculated from our FY2031/3 revenue target (¥50 billion) converted at ¥150/dollar; (4) The circle sizes above are schematic representations of the relative positions of TAM, SAM, and SOM, and do not reflect the actual scale of market size 20

Expected Revenue Range by FY 3/31 Built a High-Growth Foundation
via Global Expansion, Strategic Alliances, M&A Pursuing Exponential Growth through Organic × Inorganic Strategies (JPY MM) 5-Year Expected Revenue Range 50,000 50,000 Inorganic 40,000 JPY 50B 30,000 Revenue CAGR(1) 20,000 12,423 Recurring Revenue Ratio 70～80% Inorganic Ratio 20～30% Organic EBITDA Margin 20%+ 10,000 0 FY3/26 (Actual) Note: (1) CAGR from FY3/26 to FY3/31 FY3/31 30%+ 22

Medium- to Long-Term Growth Strategy Global No. 1 AI /
IoT Connectivity Platform Creating Synergies Across New Growth Markets A Global No. 1 AI / IoT Connectivity Platform Connecting devices worldwide, with end-to-end AI support B C Services for Carriers Providing cloud-native mobile core to domestic and overseas MNOs, driving replacement of legacy telecom equipment D Connected Car Using next-gen eSIM as the backbone, providing seamless in-vehicle connectivity across borders to domestic and overseas mobility companies E AI-Native Camera AI × IoT Solutions Cloud camera × AI analytics to visualize the physical world in real time and integrate field data into management decisions End-to-end solution business combining connectivity, cloud, and devices — creating a new revenue pillar for the Physical AI era Evolving into a Platform that Connects Both the Physical and Digital Worlds to AI 23

A SORACOM Physical AI Suite Launched a suite of capabilities
for operating Physical AI safely • “Connect”: An end-to-end foundation connecting the field and AI Our proven capabilities, from devices and connectivity to AI integration, packaged for Physical AI • “Protect”: Secure from devices to connectivity Private networks, automatic certificate renewal, and anomaly detection protect not only the cloud but also on-site equipment. Newly offering a security assessment and hardening service • “Grow”: Keep improving AI after deployment AI model / software updates and remote operations run an improvement cycle based on on-site data • Continuing to meet new Physical AI needs Expanding capabilities in line with demand created by combining AI and the field 24

A Current Security Threats AI Is Making Cyberattacks Smarter —
Field Devices and Equipment Are Now at Risk The threat is reaching on-site equipment and facilities AI makes cyber attacks more sophisticated; data breaches are frequent Refrigeration Factory Cameras Infra POS Without an Integrated Operations Platform Devices AI / Cloud / Servers Wi-Fi / Internet • • Risk of credential leaks Separate software needed for AI/cloud integration • • • Exposure to attacks from untrusted networks No control over outbound traffic Hard to collect logs and enforce controls • • Needs a secure way to connect with devices Needs a mechanism for remote device control 25

A SORACOM as a Security Platform Even as security risks
rise, SORACOM securely connects field devices One-stop vulnerability assessment and remediation, from device to cloud Security Assessment & Hardening Service With SORACOM in Place Devices AI / Cloud / Servers Private connectivity, isolated from the internet • • No keys stored on devices (SIM authentication) Integration offloaded to SORACOM Destination/port restrictions, fixed IPs AI agents power the platform — faster, and supports recurring assessments • • Logging, control and blocking Assesses entire IoT / Physical AI systems Features for secure device integration Secure remote device control Fixes implemented and re-verified using SORACOM features More peace of mind for existing users; for new customers, the assessment opens the door to SORACOM security 26

B Services for Carriers Now Offering Our Cloud-Native Mobile Core
Technology to Domestic and International MNOs/MVNOs • Existing KDDI business grew YoY in Q2 YTD Evolves based on customer feedback SORACOM Cloud-Native Core Line Reselling Network infrastructure redesigned for the cloud • Began newly providing SORACOM's subscriber management database (HSS) to Misora Connect Core Network Functions Subscriber Management (HSS/HLR) Partner Telecom Operator Packet Forwarding (UPF/PGW) Messaging & Voice (IMS, SMSC) Customers Worldwide Platform Services AI AI / Cloud Integration Data Analytics, Billing & Monitoring API / Console Providing SORACOM's Cloud-Native Software to Support Partner Telecom Operators' Businesses • Launched a new business exporting our software-based cloud-native core to domestic and international telecom operators, targeting the worth tens of billions of yen MNO equipment replacement market 27

C Connected Car Launching 'SORACOM Automotive Suite,' an End-to-End Solution
for Connected Cars, with Plans to Expand Automaker and Telecom Partnerships App-Based Control and Status Monitoring Infotainment and In-Car WiFi Connected Car Firmware and AI Model Updates Operator Calls and Emergency Notifications 28

D New Sora-Cam Product — The Eye of the AI
Era New Model with Built-In Cellular — Just Plug In and Go — Now on Sale Accelerating Sora-Cam Use in Construction, Safety, and Equipment Monitoring LTE-Equipped, Outdoor-Ready Cloud Camera Connects to AI Captured footage analyzed directly by AI Built-in Connectivity Just plug it in and use it anywhere Zero Setup Compact IP65 Waterproof / Dustproof Cellular Connectivity Motion Detection Night Vision 4x Optical Zoom AI Integration 29

E Integrating with AI-Native Cameras: SORACOM Flux Simplifying Generative AI
Integration with Sora-Cam to Streamline Operations 2 Cloud Recording Starts Simply by Connecting to Wi-Fi “Sora-Cam,” the AI Eye • OpenAI • Anthropic • Gemini Generative AI analysis of images with detected humans 3a Add an action to turn on the signal tower light 1 3b - Warning from Warehouse AI - Cameras in restricted areas detect human presence Low-Code IoT App Builder SORACOM Flux Add an action to place an emergency call 30

Accelerating Growth with Inorganic Strategies Driving strategic growth with recurring
IoT and AI services Sora-Cam Growth through M&A Vertical AI / IoT × Specific Domains B2B Recurring Services Retail / Logistics / Construction Horizontal AI-Native Solutions for Business Operations Mobility Services and products to advance SORACOM‘s existing AI / IoT portfolio Infrastructure Business & Services Enhancing AI / IoT × Communication Infrastructure Companies with industry-specific IoT vertical services that align with Soracom’s synergies, and those positioned to deliver AI / IoT recurring services Companies providing hardware-driven solutions including devices, platform visualization services, wireless technologies, generative AI, and other cutting-edge innovations Companies with Full MVNO capability in Japan and capital alliances with overseas carriers AI × IoT IoT Application Builder SORACOM Flux IoT Platform SORACOＭ Data Analytics Platform Service SORACOM Query Growth through M&A 31

Case Studies from Across the Energy Industry NICIGAS Group OSAKI
ELECTRIC CO., LTD. UBIDEN, INC. OpConnect, Inc Smart Gas Meter “Space Hotaru” Remote Meter Reading Service “Rakuraku Kenshin” EV Charging Service “WeCharge” EV Charging Service 33

Selected Domestic Case Study NICIGAS Group Industry: Oil & Gas
Scale: 1.5M+ units(1) Region: Japan Use Case: Custom Smart Gas Meter Why SORACOM ⚫ ⚫ Only SORACOM enables multi-radio integration on a single platform By leveraging SORACOM, the customer reduced in-house development costs and achieved a faster time to market Sigfox NW LTE-M NW Provided by SORACOM Device ＳＩＭ Connectivity Platform Services Note: (1) As of Sep 2026 34

Case Studies from Across the Mobility Sector SUZUKI MOTOR CORPORATION
Honda Motor Co., Ltd. Kyushu Railway Company BusPatrol America LLC Multipurpose Electric Trolley “MITRA” Mobility Unit “UNI-ONE” Preventive Maintenance of Railway Rolling Stock School Bus Operation and Safety Monitoring 35

Case Studies from Across the Retail Industry BEISIA Co., Ltd.
CO-OP SAPPORO Aurora Payments Sollatek (UK) Ltd Retail Store Management Camera System Deli Section Management Camera System Payment Terminal Commercial Refrigeration System 36

Selected Overseas Case Study Sollatek Industry: Refrigeration Equipment Region: Global
Use Case: Refrigerator Temperature Management Why SORACOM ⚫ Multi-carrier support and automatic failover enable highly reliable internet connectivity anywhere in the world Provided by SORACOM Device ＳＩＭ Connectivity Platform Services 37

Soracom Expanding Across Various Industries Hotel Manufacturing Construction Facility Management
Hilton Hotels & Resorts Zeon Corporation TAISEI CORPORATION Azbil Corporation Digital Transformation in Hotel Operations Remote Monitoring and Maintenance of Factory Equipment Construction Management Camera System Remote Adjustment of Automated Building Control Systems 38

Technical Edge Cloud-Powered Differentiation Replacing Legacy Telecom Infrastructure with Cloud
for Flexibility, Scalability, and Cost Efficiency SORACOM’s Cloud Technology Capex Reduction via Proprietary Software Standard MNO / MVNO MNO Devices Devices Base Station Data Center Packet switching Bandwidth control Subscriber database ⚫ Billing system, etc. ⚫ ⚫ ⚫ Internet ISP(1) Base Station Data Center Packet switching Bandwidth control Subscriber database ⚫ Billing system, etc. ⚫ ⚫ ⚫ Internet ISP(1) Cloud Private Network Data Center MVNO Note: (1) Internet Service Provider Virtual network operator that leases base stations and runs its software on the cloud instead of in a data center 40

Pricing Model Self-Service Development Plan Low Initial Investment, Recurring Revenue
That Grows with Usage Initial Cost SIM "Monthly" Subscription $5 IoT Store BUY eSIM (100-pack) $600 Pay-as-you-go (Global) → $1.8 Bundled Data 500MB (JP) → $2.5 Large-Volume Upload 100GB (JP) → $42.0 Cellular Module Sensor Device $99 $81 Incremental Revenue Note: (1) As of Jun 2026 Any usage exceeding the bundled data or platform allowance is billed on a pay-as-you-go basis Recurring Revenue 41

Self-Service Growth Model With its Self-Service Growth Model, SORACOM is
Available for Everyone to Access and Succeed in Their Project 40k 1 3 Network effects within industries 2 Upgrading to major projects with their usage growth (high NRR) 1’ Acquiring new major projects Addressing a broad base of self-service projects by lowering barriers to entry Less / Zero competition to Acquire Self-Service Projects (Natural Inflow of Self-Service Clients) Self-Service Accounts(3) KNOW USE Illustrative Revenue Scale per Project ✓ Created accounts(1)(2) Major Accounts(4) PRODUCE WITH SUCCEED WITH Notes: (1) Including the accounts with no revenue; (2) As of Sep 2026; (3) Accounts which are not supported by Soracom’s account managers, who are in charge of each project and support the project (4) Accounts which are supported by Soracom’s account managers 42

Growth Strategy Drivers Driving Exponential Growth from a Cloud-Native Mobile
Core, Powered by Two Growth Drivers Combined with AI and Inorganic Strategies Global Expansion Current Position Core IoT Growth & Expansion 1 ①Core IoT Growth & Expansion Inorganic (M&A) End-to-End AI × IoT Platform from Edge to Cloud Operational Automation Powered by Generative AI Cost Reduction Achieving Global No. 1 Status in AI/IoT Connectivity Platforms ⚫ Rapid Expansion Through Acquisition of Overseas IoT MVNOs ⚫ Phased Entry into Regions Adjacent to Europe and the Americas ⚫ 2 AI × IoT ⚫ ⚫ ⚫ ②Global Expansion ＋ ⚫ ⚫ Regional (Overseas M&A) + Technology Complementarity Global Niche IoT Solutions Domestic Connectivity Demand Surge from Industrial AI Adoption ⚫ Accelerating Domestic Group Company Growth ⚫ Connected Car / IoT Infrastructure for Carriers ⚫ ▲ Drivers Acting Across All Phases ▲ Note: (1) For details on growth strategy drivers, see next page 43

Growth Strategy Drivers in Detail ①Core IoT Growth & Expansion
②Global Expansion Surging Domestic Connectivity Demand Achieving Global No. 1 in AI / IoT Connectivity Platform Structural growth in demand for high-bandwidth, lowlatency, high-reliability connectivity infrastructure as domestic industries pursue AI readiness. The shift to AIdriven connectivity is pushing up both connection volumes and per-connection value, entering a phase of accelerated growth. Adoption expanding into social and industrial infrastructure, centered on the US and EU. Global revenue ratio exceeds 40%. Deepening collaboration with TSD⁽¹⁾ in the US to accelerate customer acquisition, targeting a global revenue ratio above 50%. Accelerating Domestic Group Company Growth Rapid Expansion Through Overseas IoT MVNO Acquisitions Integrating group assets such as Misora Connect and Cariot to expand the economic ecosystem. Driving crosssell, reducing costs through network integration, and improving group-wide profitability by infusing SORACOM's technology capabilities. Replacing legacy infrastructure at acquired companies with a cloud-native mobile core to simultaneously achieve cost reduction and service quality improvement. Selecting targets on both regional and technology complementarity axes to make Global No. 1 irreversible. Connected Car / IoT Infrastructure Business for Carriers Phased Entry into Regions Adjacent to Europe and the Americas Vertically integrating connectivity functions around SGP.32-compliant eSIM management (Remote SIM Provisioning), expanding connected car case studies, and capturing MNO infrastructure refresh demand worth tens of billions of yen through cloud-based replacement of legacy telecom equipment. Expanding into high-growth emerging markets including Latin America and Asia. Leveraging local partnerships and global coverage as weapons to capture IoT market growth in new regions ahead of competitors. Note: (1) TSD (Technology Solution Distributor): A large-scale technology solution distribution company with a network of thousands of TSAs (Technology Solution Advisors — partners that combine products and services from multiple vendors to deliver optimal solutions to end users). 44

Overview of SORACOM Group Companies’ Businesses SORACOM GLOBAL, INC. AI
/ IoT Connectivity Platform Business SORACOM CORPORATION, LTD. SORACOM, INC. AI / IoT Connectivity Platform Business AI / IoT Connectivity Platform Business Cariot, INC. Vehicle Management IoT Platform Business Misora Connect, Inc. Corporate and IoT-focused MVNO Business Note: (1) As of Sep 2026 45

Legal Disclaimer This document has been prepared by SORACOM, INC.
(the “Company”) solely for the informational purposes of explaining company information and does not constitute a solicitation of purchase or sale of securities in any jurisdiction including Japan, the United States, or any other jurisdiction. The offer or sale of its securities in Japan, the United States, or any other area cannot be conducted without registration or notification based on applicable laws or exemptions derived therefrom. In preparing this document, the Company has relied on the truthfulness, accuracy, and completeness of the information available to it at the time of its preparation. The information contained in this document may be subject to change without prior notice. This document and its contents cannot be disclosed to or used by any third party for any purpose without the prior written consent of the Company. Descriptions contained in this document regarding future business activities or performance are forward-looking statements. Forward-looking statements include expressions such as "aim," "predict," "assume," "believe," "sustain," "attempt," "estimate," "anticipate," "initiative," "intend," "plan," "potentially," "likelihood," "scheme," "intention," "risk," "pursue," "supposed to," "endeavor," "aspire," "intend to," "planned," or other similar expressions describing future business activities, performance, events, or situations. Forward-looking statements are based on the judgment of the Company's management at the time of preparation of this document, taking into account information available at that time, and these statements contain various risks and uncertainties. Therefore, these forward-looking statements may be influenced by various risks and uncertainties, and actual future business activities or performance may differ from the expectations explicitly or implicitly expressed in the forward-looking statements. Information related to companies or parties other than the Company or information created by them is generally based on publicly available information and other information cited in this document, and the Company has not independently verified the accuracy and appropriateness of such information, nor does it provide any guarantees regarding such information. This English translation is provided for convenience only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese version shall prevail. Contact Information IR manager Email：[email protected] Website：https://soracom.com/en/ir 46

Business Overview for Investors [November 2026 ...

Business Overview for Investors [November 2026 Edition]

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