Slide 1: Full-Year 2024 Investor Call
1 Full-Year 2024 Investor Call Corning Reports Fourth-Quarter and Full-Year 2024 Financial Results January 29, 2025 2 1
Slide 2: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements The statements contained in this presentation and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,”
Slide 3: Q4 GAAP Earnings: FX Hedge Accounting and Other Charges
Q4 GAAP EARNINGS FX Hedge Accounting and Other Charges • Recorded realized gains and unrealized, non-cash mark-to-market losses on currency-hedging contracts for a net after-tax gain of $134M – Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for o
Slide 4: Fourth-Quarter and Full-Year 2024 Core Performance
CEO PERSPECTIVE Fourth-Quarter and Full-Year 2024 Core Performance “We had another outstanding quarter. We grew core sales 18% year over year to $3.9 billion and grew core EPS 46% to $0.57 while expanding core operating margin by 220 basis points to 18.5%. We also expanded core ROIC 390 basis points
Slide 5: "Springboard" Sales Opportunity
“Springboard” Sales Opportunity – Not Risk Adjusted $9 Incremental Annualized Sales Run-Rate vs. Q4’23 $8 Incremental Annualized Sales vs. Q4’23 ($B) First, we focused on a three-year $7 time period $6 $5B $5 $4 $3 $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 © 2025 Corning Incorporated 9 9 “Springb
Slide 6: Off to a great start through year one of "Springboard" plan
Off to a great start through year one of “Springboard” plan $9 Incremental Annualized Sales Run-Rate vs. Q4’23 $8 Incremental Annualized Sales vs. Q4’23 ($B) $3.87B Q4’24 Sales $7 - $3.27B Q4’23 Sales $6 $0.6B Incremental x 4 Annualized $5B Not Risk Adjusted $5 $2.4B Q4’24 Run-Rate $4 Q4 $3B High-Co
Slide 7: "Springboard" Milestones and Display Technologies
“Springboard” Milestones In 2024, hit key strategic milestones in Display and Optical Communications © 2025 Corning Incorporated 13 13 CEO PERSPECTIVE Display Technologies • Raised glass prices in second half of 2024 to maintain stable U.S. dollar net income in a weaker yen environment • In 2025, ex
Slide 8: Optical Communications
CEO PERSPECTIVE Optical Communications • Introduced generative AI products in June of 2024 and communicated expected sales CAGR for Enterprise Networks of 25% from 2023-2027 • Demand for new generative AI products grew each quarter for the remainder of 2024 • Sales in Enterprise Networks grew 93% Yo
Slide 9: "Springboard" Plan Progress and CEO Summary
CEO PERSPECTIVE “Springboard” Plan Progress • Businesses are pursuing a non-risk-adjusted plan to add – $8B in annualized sales run rate by end of 2028 – $5B in annualized sales run rate by end of 2026 • Benefit of our balanced portfolio is that we know many of our exciting opportunities will come t
Slide 10: Fourth-Quarter and Full-Year 2024 Results
CFO PERSPECTIVE Fourth-Quarter and Full-Year 2024 Results “We outperformed in the fourth quarter, driven by strong adoption of our new products for Gen AI, which drove sales growth of 93% year over year in the Enterprise portion of Optical Communications. We also successfully implemented double-digi
Slide 11: Display Technologies Segment Recap
SEGMENT RECAP Display Technologies Q4 Results • Q4 Sales of $971M, up 12% YoY $971M • Q4 Net income of $262M, up 13% YoY Q4 Net Sales Up 12% YoY Observations • 2024 retail and glass market grew YoY, as measured in square feet, driven by larger average television screen size • Panel makers increased
Slide 12: Specialty Materials and Environmental Technologies
SEGMENT RECAP Specialty Materials Q4 & Full-Year Results • Q4 Sales of $515M, up 9% YoY • Q4 Net income of $81M, Up 40% YoY $515M • FY Sales of $2.02B, up 8% Q4 Net Sales Up 9% YoY • FY Net income of $260M, up 29% Observations • Full-year sales increase of 8% driven by advancement of “More Corning”
Slide 13: Life Sciences, Hemlock and Emerging Growth Businesses
SEGMENT RECAP Life Sciences Q4 & Full-Year Results • Q4 Sales of $250M, up 3% YoY $250M • Q4 Net income of $18M, up 6% YoY Q4 Net Sales • FY Sales of $979M, up 2% Up 3% YoY • FY Net income of $63M, up 26% Observations • Full-year sales up 2% as the market stabilized throughout the year $18M • Full-y
Slide 14: Outlook and Capital Allocation
CFO PERSPECTIVE Outlook Q1 2025 • Q1 Core Sales: ~$3.6B, up ~10% YoY • Q1 Core EPS: $0.48 - $0.52, up ~30% New Yen Rate • Have hedged yen exposure for 2025, 2026 and beyond • Yen core rate to reset in 2025 to ¥120, consistent with hedge rate – ¥120 core rate reflected in Q1 guidance • Do not plan to
Slide 15: CFO Summary and Q&A Session
CFO Summary • YoY, Q4 sales grew 18% and EPS grew 46% • Q4 operating margin expanded 220 bps YoY to 18.5% – strong progress on the target to achieve 20% operating margin by end of 2026 • Expect ~10% YoY sales growth in Q1 2025 – with EPS growing ~3x faster • Tracking ahead of high-confidence “Spring
Slide 16: Appendix
Corning’s 2025 Investor Outreach Plans • February 28 – Susquehanna Fourteenth Annual Technology Conference • March 18 – Corning (GLW) Investor Event • Management visits to investor offices in select cities © 2025 Corning Incorporated 31 31 Appendix 32 16
Slide 17: 2025 Corporate Metrics and Q4 2024 Core Performance
2025 Corporate Metrics (as of January 29, 2025)(1)(2) Q1 2025 • Core Sales: ~$3.6B • SG&A and RD&E: ~$720M • Other income/expense: (~$85M) • Non-controlling interest (~$25M) expense • Core EPS: $0.48 - $0.52 Full-Year 2025 • SG&A and RD&E: ~$3B • Other income/expense: (~$350M) • Gross equity earning
Slide 18: Q4 2024 Operating Performance by Segment
Q4 2024 Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. © 2025 Corning Incorporated 35 35 Year-to-Date Core Performance Core performance measures are non-GAAP measures. Definitions and reconciliations are
Slide 19: Adjusted Free Cash Flow Reconciliation
Year-to-Date Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. © 2025 Corning Incorporated 37 37 Adjusted Free Cash Flow Reconciliation Q4 Q4 $ in millions Full-Year 2024 Full-Year 2023 2024 2023 Cash flows
Slide 20: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. © 2025 Corning Incorporated 39 39 Return on Invested Capital At Corning Return on Invested Capital (ROIC) is calculated based on the Cor
Slide 21: Q4 2024 ROIC and GAAP to Core Reconciliation
Q4 2024 Return on Invested Capital (ROIC) GAAP to Core GAAP Core Adjustments Operating income 393 324 717 Equity in earnings of affiliated companies 8 3 11 Operating Income before interest and taxes 401 327 728 Tax Rate* 20.1% -Tax (146) Operating Income - Tax Adjusted 582 Equity 11,070 + Debt 7,211
Slide 22: Q4 2024 Income Statement and FY 2024 ROIC
Q4 2024 Income Statement (8-K) © 2025 Corning Incorporated 43 43 FY 2024 Return on Invested Capital (ROIC) GAAP to Core GAAP Core Adjustments Operating income 1,135 1,395 2,530 Equity in earnings of affiliated companies 26 14 40 Operating Income before interest and taxes 1,161 1,409 2,570 Tax Rate*
Slide 23: FY 2024 GAAP to Core Reconciliation and Balance Sheet
FY 2024 GAAP to Core Reconciliation (Earnings Deck) Net Income Gross Gross Operating Operating Equity Income Before attributable to Tax Rate Per Full-Year 2024 Sales SG&A RD&E Margin Margin % Income Margin % Earnings Income Taxes Corning (a) Share Incorporated As Reported - GAAP $13,118 $4,276 32.6%
Slide 24: Corning
CORNING 24