Corning Incorporated · NYSE:GLW

Corning — Investor Day (March 2025)

119 slides from Corning's investor day presentation, Mar 18, 2025

Slide 1: Corning
CORNING
Slide 2: Welcome
Welcome Ann Nicholson Vice President, Investor Relations 2
Slide 3: 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 4: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information Corning has included non-GAAP financial measures in this presentation to supplement Corning’s consolidated financial statements presented on a GAAP basis. In managing the Company and assessing our financial performance, we adjust certain measures included in our
Slide 5: Agenda
Agenda Springboard Overview Wendell Weeks Chairman & Chief Executive Officer Winning in Optical Communications Mike O’Day SVP & GM, Optical Communications Next Frontiers in Optical Communications Claudio Mazzali Vice President, Global Research Our Opportunity in Solar Hal Nelson SVP & GM, Automotive
Slide 6: Springboard Overview
Springboard Overview Wendell Weeks Chairman & Chief Executive Officer 6
Slide 7: Springboard Opportunity
Springboard Opportunity INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $9 $8 Incremental Annualized Sales vs. Q4’23 ($B) $7 $6 $5 $4 $3 $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 © 2025 Corning Incorporated 7
Slide 8: Springboard Opportunity – Internal Plan
Springboard Opportunity – Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $9 $8 $8B Incremental Annualized Sales vs. Q4’23 ($B) New MAP $7 Emerging Growth Life Sciences Vessels $6 $5B MCE $5 Automotive Display $4 $3 Optical $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 © 2025 Corning In
Slide 9: Springboard – Original Internal Plan
Springboard – Original Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $5 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4 $3 $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Incorporated 9
Slide 10: Springboard – Original High-Confidence Plan
Springboard – Original High-Confidence Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $5 Incremental Annualized Sales vs. Q4’23 ($B) $4 $3 $3B High-Confidence Plan $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Incorporated 10
Slide 11: Improving Return Profile
© Christopher Payne / Esto Improving Return Profile Required production capacity and technical capabilities in place Profits to grow faster than revenues Operating Margin to improve to 20% by end of 2026 Improved ROIC, higher EPS, and strengthening cash flow © 2025 Corning Incorporated 11
Slide 12: Springboard – Year 1 Performance
$3.87B Q4’24 Sales Springboard – Year 1 Performance – $3.27B Q4’23 Sales INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $0.6B Incremental $6 x 4 Annualized $2.4B Q4’24 Run-Rate $5 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4 $3 $2.4B $3B High-Confidence Plan $2 $1 $0 Q4'23 Q4'24
Slide 13: Springboard – Year 1 Performance
Springboard – Year 1 Performance INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $5 $5B Q4’24 vs. Q4’23 Incremental Annualized Sales vs. Q4’23 ($B) Grew sales 18% $4 Grew EPS 46% $3 $2.4B $3B Expanded operating margin by 220 basis points to 18.5% $2 Expanded ROIC 390 basis points $1 Delivered $1.
Slide 14: Q1 Guidance Update
Q1 Guidance Update Previous Guidance Updated Guidance SALES $3.6B >$3.6B EPS $0.48-0.52 $0.50-0.52 © 2025 Corning Incorporated 14
Slide 15: Springboard – Original Plan
Springboard – Original Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $5 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4 $3 $3B High-Confidence Plan $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Incorporated 15
Slide 16: Springboard – Upgraded Plans
Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B Internal Plan $5 Incremental Annualized Sales vs. Q4’23 ($B) $4 $4B High-Confidence Plan $3 $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Incorporated 16
Slide 17: Springboard – Upgraded Plans
Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B $5 Incremental Annualized Sales vs. Q4’23 ($B) Operating margin of 20% by $4 $4B end of ’26 on upgraded revenue Delivering higher EPS, stronger $3 cash flow, and improved ROIC $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025
Slide 18: Display
Display Increased price in 2H’24 to maintain stable USD net income On track to deliver 2025 net income of $900-950M and net income margin of 25% © 2025 Corning Incorporated 18
Slide 19: Optical Communications
Optical Communications Inside Gen AI DCs Raising ‘23-’27 Enterprise sales CAGR from 25% to 30% Interconnecting DCs (DCI) New DCI innovations fully commercialized and ramping quickly Fiber-to-the-Home (FTTH) Conditions in place for FTTH to spring back to growth later this year © 2025 Corning Incorpor
Slide 20: Solar
Solar Launching Solar Market-Access Platform Building to a $2.5B revenue stream by 2028 Expect positive incremental impact on Corning’s sales, profits, and cash flow this year Commercializing our new ‘Made in America’ ingot and wafer products © 2025 Corning Incorporated 20
Slide 25: We’re celebrating our 175th anniversary next year…
We’re celebrating our 175th anniversary next year… Our mission is another 175 years of life-changing innovation © 2025 Corning Incorporated 25
Slide 26: Another 175 Years of Life-Changing Innovation
Another 175 Years of Life-Changing Innovation © 2025 Corning Incorporated 26
Slide 30: Our 3-4-5 Approach
Our 3-4-5 Approach Focus >80% of resources on opportunities that leverage capabilities from at least two of three columns © 2025 Corning Incorporated 30
Slide 31: Pursuing “More Corning” across all our markets
Pursuing “More Corning” across all our markets © 2025 Corning Incorporated 31
Slide 32: Winning in Optical Communications
Winning in Optical Communications Mike O’Day Senior Vice President & General Manager Optical Communications 32
Slide 34: Gen AI: Raising Enterprise sales CAGR to 30%
GEN AI INSIDE THE DATA CENTER Raising Enterprise sales CAGR to 30% for 2023-2027 © 2025 Corning Incorporated 34
Slide 35: Gen AI: Data Center Interconnect adopted by three customers
GEN AI OUTSIDE THE DATA CENTER Data Center Interconnect (DCI) adopted by three customers creating a new revenue stream © 2025 Corning Incorporated 35
Slide 36: Broadband: FTTH is poised to spring back later this year
BROADBAND FIBER-TO-THE-HOME FTTH is poised to spring back later this year © 2025 Corning Incorporated 36
Slide 37: Gen AI: Raising Enterprise sales CAGR to 30%
GEN AI INSIDE THE DATA CENTER Raising Enterprise sales CAGR to 30% for 2023-2027 © 2025 Corning Incorporated 37
Slide 38: Evolution of fiber in data centers
Evolution of fiber in data centers Cloud: Single-digit Enterprise growth pre-Gen AI CLOUD © 2025 Corning Incorporated 38
Slide 39: Evolution of fiber in data centers
Evolution of fiber in data centers Cloud: Single-digit Enterprise growth pre-Gen AI 32 GPU Node: 4x more fiber than Cloud 32 GPU CLOUD AI NODE © 2025 Corning Incorporated 39
Slide 40: Evolution of fiber in data centers
Evolution of fiber in data centers Cloud: Single-digit Enterprise growth pre-Gen AI 32 GPU Node: 4x more fiber than Cloud 72 GPU Node: requires another 4x more fiber 32 GPU 72 GPU CLOUD AI NODE AI NODE Switch Rack Fiber Evolution © 2025 Corning Incorporated 40
Slide 41: Evolution of fiber in data centers
Evolution of fiber in data centers SWITCH RACK AND SIX SERVER RACKS © 2025 Corning Incorporated 41
Slide 42: Evolution of fiber in data centers
Evolution of fiber in data centers SWITCH RACK AND BACK OF SIX SERVER RACKS © 2025 Corning Incorporated 42
Slide 43: More yellow = More Corning opportunities for insights and innovations
More yellow = More Corning opportunities for insights and innovations Solving scale and density challenges Working with all major hyperscalers © 2025 Corning Incorporated 43
Slide 49: Fibers per switch rack
144-288 GPU More GPUs drives more fiber in the same space AI Node requiring innovations to enable density 16x more fiber 16000 72 GPU AI Node 14000 FIBERS PER SWITCH RACK 12000 10000 8000 6000 32 GPU 4000 AI Node 2000 Cloud 0 <2023 2023-2024 2025-2026 © 2025 Corning Incorporated 49
Slide 50: Reinvented new components to solve for scale and density
Reinvented new components to solve for scale and density CONTOUR MMC CUSTOM AI CONTOUR FIBER FLOW CABLE CONNECTOR SOLUTIONS 40% smaller 2x denser 36x denser 70% faster install © 2025 Corning Incorporated 50
Slide 51: Winning with insights and innovation
Winning with insights and innovation Right innovations Right time Right customers © 2025 Corning Incorporated 51
Slide 52: Building a sustainable competitive advantage
© Christopher Payne / Esto Building a sustainable competitive advantage Over 1,000 pending and granted patents worldwide These new innovations are made in the USA World’s largest fiber factory in North Carolina © 2025 Corning Incorporated 52
Slide 53: Gen AI: Data Center Interconnect adopted by three customers
GEN AI OUTSIDE THE DATA CENTER Data Center Interconnect (DCI) adopted by three customers creating a new revenue stream © 2025 Corning Incorporated 53
Slide 54: Data center hubs need high-bandwidth fiber links
Data center hubs EXISTING AND NEW DATA CENTER HUBS need high-bandwidth fiber links Existing hubs require more fiber Minneapolis, MN connections Northern Virginia Salt Lake City, UT Chicago, IL Silicon Valley, CA Columbus, OH Denver, CO Kansas, MO Indianapolis, IN NCNorthern Virginia Charlotte, U.S.
Slide 55: The advent of AI data centers has sparked the highest level of interest
“The advent of AI data centers has sparked the highest level of interest in national deployments of high-capacity low latency intercity networks we have seen in the last 25 years.” “Middle-mile activity and the demand created by hyperscalers is creating a new wave of long-haul buildout, and we're se
Slide 56: Fiber density matters to our customers
Fiber density matters to our customers More fiber is more cost-effective for both existing and new ducts Microducts are trending, requiring more fiber in smaller space 3,024 Fibers © 2025 Corning Incorporated 56
Slide 57: Innovating to maximize fiber density in ducts
Innovating to maximize fiber density in ducts Contour Flow Cable is the key innovation Enabled density and better optical performance Doubled the fiber for new microduct system LEGACY NEW CONTOUR CABLE FLOW CABLE 432 Fibers 864 Fibers © 2025 Corning Incorporated 57
Slide 58: Innovating to maximize fiber density in ducts
Innovating to maximize fiber density in ducts Contour Flow Cable is the key innovation Enabled density and better optical performance Doubled the fiber for new microduct system from 3,000 to 6,000 fibers in the same space 6,048 Fibers © 2025 Corning Incorporated 58
Slide 59: Winning with products that are fully commercialized
Winning with products that are fully commercialized Three major DCI customers adopting our new Contour Flow Cables Ramping shipments month-over- month in Q1 © 2025 Corning Incorporated 59
Slide 60: Broadband: FTTH is poised to spring back later this year
BROADBAND FIBER-TO-THE-HOME FTTH is poised to spring back later this year © 2025 Corning Incorporated 60
Slide 61: Cyclical recovery beginning; stage set for growth
Cyclical recovery beginning; stage set for growth Corning Fiber Shipments 30%+ gap 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 © 2025 Corning Incorporated 61
Slide 62: Why did we increase our FTTH target?
“Why did we increase our [FTTH] target?... simply put, the returns were better than we thought... and customers are signing up to higher tier plans.” “In several of our customers' recent earnings calls, they reiterated their commitment to their fiber-to-the-home plans and some mentioned opportunitie
Slide 63: Our denser solutions enable faster, more efficient deployments
Our denser solutions enable faster, more efficient deployments CONTOUR PUSHLOK EVOLV CONTOUR FIBER FLOW CABLE CONNECTOR TERMINAL 40% smaller 2x denser 2x smaller 4x smaller © 2025 Corning Incorporated 63
Slide 66: Next Frontiers in Optical Communications
Next Frontiers in Optical Communications Dr. Claudio Mazzali Vice President, Global Research 66
Slide 67: The next frontiers in Optical
The next frontiers in Optical OPTICAL LINKS CONNECTING SWITCH RACKS AND SERVER RACKS The ocean of yellow cables is the front-end network that connect racks of switches and servers What is not visible here is the back-end copper-based network connecting GPUs inside the server racks Converting that ba
Slide 68: Looking at the logical architecture
Looking at the logical architecture OPTICAL Front End or Scale-Out Interconnecting Racks of Switches and Servers Back of a Server Rack ELECTRICAL Back End or Scale-Up Interconnecting GPUs inside a single Node © 2025 Corning Incorporated 68
Slide 69: Looking at the logical architecture
Looking at the logical architecture OPTICAL Front End or Scale-Out Interconnecting Racks of Switches and Servers ELECTRICAL Back End or Scale-Up Interconnecting GPUs inside a single Node © 2025 Corning Incorporated 69
Slide 70: Looking at the logical architecture
Looking at the logical architecture Multiple GPU Trays per rack with multiple GPUs per Tray >1200 links connecting >70 GPUs within the server rack using >2 Miles of copper cables The hidden back-end is a multi-billion- dollar dense network poised to convert from copper to Optical Multiple Switch Tra
Slide 71: The next frontiers in Optical
The next frontiers in Optical 1000 LH SUB 100 METRO 10 Data Rates (Gb/s) ACCESS We have been following the 1 E-to-O transition framework OPTICAL 0.1 Intra Campus We work on transitions that 0.01 DC DCI are inevitable 0.001 0.0001 ELECTRICAL 0.00001 0.1 1 10 100 1000 10000 100000 1000000 10000000 Dis
Slide 72: The next frontiers in Optical
The next frontiers in Optical 1000 100 Gen AI node today: >2 miles of 10 Intra copper in a single rack Data Rates (Gb/s) NODE 1 OPTICAL Gen AI node moving to 100s of 0.1 GPUs distributed over many racks INTRA NODE 0.01 INTRA NODE Distance goes from <3m to 0.001 >30m Optics replaces copper 0.0001 ELE
Slide 73: We see this transition in multiple roadmaps
We see this transition in multiple roadmaps Rack ... Rack ... Hosts (Accelerators, GPUs) Hosts (Accelerators, GPUs) Network Compute Fabric Cluster Fabric TOR Panel Switch (Data Center Network – Optical) (Data Center Network – Optical) Rack Interconnects (DAC) Shelf Shelf ... ... 5 to 10x interconnec
Slide 74: Activating our capabilities to deliver Co-Packaged Optics
Activating our capabilities to deliver Co-Packaged Optics GOING INSIDE THE BOX… OPPORTUNITY TO LEVERAGE ANOTHER PLATFORM Micro Optics TGVs (Through Glass Vias) Waveguide design Laser processing Ion Exchange Tech. CTE tuning © 2025 Corning Incorporated 74
Slide 75: Why Co-Packaged Optics
Why Co-Packaged Optics Chips getting to 100 Tb/s of aggregated I/O CHIP OPTICS INSIDE THE BOX (xPU/ASIC) PIC Requires less Digital Signal Processing I/O I/O 100s of lanes at 100+ Gb/s Digital Signal Processing (DSP) & (DSP) and Forward Error Correction (FEC) I/O I/O DATA DATA I/OI/O Forward Error Co
Slide 76: Why Co-Packaged Optics
Why Co-Packaged Optics Chips getting to 100 Tb/s of aggregated I/O GLASS BECOMES THE PIC ENTIRE SUBSTRATE… Recovered Silicon real Reduces thermal issues (warp) DATA PROC. estate for Data Processing with current organic materials Improves multi-chip packaging Enables entering a $40+ billion semicondu
Slide 78: We have to start before a secular trend becomes obvious
CPO We have to start before a secular trend becomes obvious WHAT WE SHARED AT THE 2019 INVESTOR DAY… AND TODAY, A KEY TOPIC FOR MULTIPLE PLAYERS INDUSTRY ESTIMATIONS FOR CPO IMPACT >50% power savings >40% lower $/bit 4x density © 2025 Corning Incorporated 78
Slide 79: Working together with multiple partners
Joint paper with Broadcom Working together with multiple partners This new connectivity platform can drive even “More Corning” at the core of ultra high-speed switching and advanced computing Record performance on CPO waveguides © 2025 Corning Incorporated 79
Slide 80: Exciting Opportunities
Exciting Opportunities ARCHITECTURE AUGMENTED ENERGY BENDABLE CARBON SOLAR REALITY STORAGE GLASS CAPTURE © 2025 Corning Incorporated 80
Slide 81: Our Opportunity in Solar
Our Opportunity in Solar Wendell Weeks Chairman & Chief Executive Officer 81
Slide 82: Photon Journey
Photon γ Journey Glass Anti-Reflective Coating Electrical Contact N-type Semiconductor P-type Semiconductor + – Electrical Contact Glass © 2025 Corning Incorporated 82
Slide 83: Low-risk, high-return entry point into Solar
Low-risk, high-return entry point into Solar Gained full strategic control of Hemlock Meet emergent need for American-made products in the critical semiconductor and solar industries Process advancements to improve purity – on track to double our semiconductor business by the end of the decade Resta
Slide 84: Creating a business with $1B in sales
Creating a business with $1B in sales at profitability levels above the Corning average © 2025 Corning Incorporated 84
Slide 85: Semiconductor and Solar Cumulative Cash Flow
Semiconductor and Solar Cumulative Cash Flow 1000 $M 0 2020 2021 2022 2023 2024 2025F © 2025 Corning Incorporated 85
Slide 86: We found our low-risk, high-return entry point
We found our low-risk, high-return entry point… to build a powerful Solar MAP for Corning © 2025 Corning Incorporated 86
Slide 87: Our Opportunity in Solar
Our Opportunity in Solar Hal Nelson Senior Vice President & General Manager Automotive, Life Sciences & Solar 87
Slide 88: Building a $2.5B Solar Market Access-Platform
Building a $2.5B Solar Market Access-Platform © 2025 Corning Incorporated 88
Slide 89: Building a $2.5B Solar Market Access-Platform
Building a $2.5B Solar Market Access-Platform Assets in place to support Serving unmet demand for 80% of capacity secured strong market growth American-made products via customer commitments Positive impact on Corning results this year Accelerating growth from $1B to $2.5B by 2028 © 2025 Corning Inc
Slide 90: Silicon is at the heart of our core materials set
Silicon is at the heart of our core materials set © 2025 Corning Incorporated 90
Slide 91: Silicon is at the heart of our core materials set
Silicon is at the heart of our core materials set © 2025 Corning Incorporated 91
Slide 92: 60+ years of experience in polysilicon
60+ years of experience in polysilicon 1961 2025 © 2025 Corning Incorporated 92
Slide 94: Growing our semiconductor polysilicon business
Growing our semiconductor polysilicon business POLYSILICON OPERATIONS SEMICONDUCTOR © 2025 Corning Incorporated 94
Slide 95: Activating a “More Corning” opportunity in Solar
Activating a “More Corning” opportunity in Solar POLYSILICON OPERATIONS SOLAR © 2025 Corning Incorporated 95
Slide 96: Favorable economics are driving solar growth in the U.S.
Favorable economics are driving solar growth in the U.S. U.S. PV INSTALLATION [GW] +30% CAGR World’s second largest solar market 58 Important to utility providers’ energy portfolios 49 Significant contributor to newly built utility capacity 10 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Blo
Slide 97: U.S. crystalline silicon solar supply chain is dependent on imports
U.S. crystalline silicon solar supply chain is dependent on imports POLYSILICON WAFERS CELLS MODULES U.S. SHARE OF PRODUCTION* IN 2024 U.S. Imports Imports 100% © 2025 Corning Incorporated 97
Slide 98: We took actions to capture “More Corning” opportunities
We took actions to capture “More Corning” opportunities Activating idle assets to support Solar growth Moving downstream into wafers to capture value Michigan, USA © 2025 Corning Incorporated 98
Slide 99: Moving downstream into wafers to capture value
Moving downstream into wafers to capture value MICHIGAN CAMPUS – WAFER © 2025 Corning Incorporated 99
Slide 100: Corning’s polysilicon and wafers enabling a full U.S. supply chain
Corning’s polysilicon and wafers enabling a full U.S. supply chain “First ‘Made in America’ Solar Module Supply Chain” “…provides U.S. developers maximum ITC domestic content advantage…” © 2025 Corning Incorporated 100
Slide 101: Ideally suited to support growth and innovation
Ideally suited to support growth and innovation © 2025 Corning Incorporated 101
Slide 102: Building a $2.5 billion Solar Market-Access Platform
Building a $2.5 billion Solar Market-Access Platform Assets in place to support Serving unmet demand for 80% of capacity secured strong market growth American-made products via customer commitments Positive impact on Corning results this year Accelerating growth from $1B to $2.5B by 2028 © 2025 Corn
Slide 103: Financial Outlook & Summary
Financial Outlook & Summary Ed Schlesinger Executive Vice President & Chief Financial Officer 103
Slide 104: Q1 Guidance Update
Q1 Guidance Update Previous Guidance Updated Guidance SALES $3.6B >$3.6B EPS $0.48-0.52 $0.50-0.52 © 2025 Corning Incorporated 104
Slide 105: External Environment
© Christopher Payne / Esto External Environment Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs Large U.S. Advanced Manufacturing footprint 90% of our U.S. revenue comes from products of U.S. origin Majority of remainder USMCA compliant
Slide 106: Springboard – Upgraded Internal Plan
Springboard – Upgraded Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B $5 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4 Springs activating now: Display, Optical, and Solar $3 Other springs to activate going forward $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corni
Slide 107: Springboard – Upgraded High-Confidence Plan
Springboard – Upgraded High-Confidence Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B Internal Plan $5 Incremental Annualized Sales vs. Q4’23 ($B) $4 $4B High-Confidence Plan $3 $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Incorporated 107
Slide 108: Springboard – Upgraded Plans
Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B Corporate Risk Adjustment $5 Incremental Annualized Sales vs. Q4’23 ($B) Macro-economic cycles $4 $4B Changes in government $3 policies Timing of secular trends $2 and our innovations $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 ©
Slide 109: Springboard – Upgraded Plans
Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6 $6B Compelling Springboard Plan $5 Incremental Annualized Sales vs. Q4’23 ($B) 20-30% increase in sales $4 $4B run-rate from Q1 2025 $3 Profit growing faster than sales $2 $1 $0 Q4'23 Q4'24 Q4'25 Q4'26 © 2025 Corning Inc
Slide 110: Improving Return Profile
Improving Return Profile 25% Operating Margin Confident in delivering Operating 20.0% Margin Target of 20% by end of ‘26 20% 18.5% 16.3% Year 1 Operating Margin improved 15% by 220 basis points Higher sales, profit, cash flow, and 10% ROIC lead to improving return profile 5% 0% Q4'23 Q4'24 Q4'26 Tar
Slide 111: Display
Display Increased price to maintain stable USD net income in weaker yen environment Yen hedges in place for ’25-’26 On track to deliver 2025 net income of $900-950M and net income margin of 25% © 2025 Corning Incorporated 111
Slide 112: Optical Communications
© Christopher Payne / Esto Optical Communications Inside Gen AI DCs Raising ‘23-’27 Enterprise sales CAGR from 25% to 30% Interconnecting DCs (DCI) New DCI innovations fully commercialized and ramping quickly Fiber-to-the-Home (FTTH) Conditions in place for FTTH to spring back to growth later this y
Slide 113: Solar
Solar Launching Solar Market-Access Platform Building a $2.5B business by 2028 leveraging low-risk entry point © 2025 Corning Incorporated 113
Slide 114: Solar
Solar Semiconductor & Solar Cumulative Cash Flow Generated over $1B in cash from 2020-2024, all while we: 1000 Made process advancements in Semiconductor $M Activated idle assets for U.S. Solar Polysilicon Added capability to manufacture U.S. Solar Wafers 0 2020 2021 2022 2023 2024 2025F © 2025 Corn
Slide 115: Solar
Solar Launching Solar Market-Access Platform Building a $2.5B business by 2028 by leveraging low-risk entry point Committed customers for 100% of ’25 capacity; 80% for next 5 years Expect positive incremental impact on Corning’s sales, profits, and cash flow later this year © 2025 Corning Incorporat
Slide 116: Capital Allocation Priorities
Capital Allocation Priorities Investing for Maintaining Strong, Returning Excess Organic Growth Efficient Balance Sheet Cash to Shareholders Creates most value for Average debt maturity Repurchased ~50% shareholders of 23 years of shares since 2013 Will continue to invest in Only $1.2B of debt Inves
Slide 117: Springboard – Year 1
Springboard – Year 1 Compelling Results: Grew sales, EPS (> 2X sales), ROIC, and Cash Flow © 2025 Corning Incorporated 117
Slide 118: Springboard – Year 2
Springboard – Year 2 Upgrading to an even more compelling Springboard Plan © 2025 Corning Incorporated 118
Slide 119: Corning
CORNING

Corning — Investor Day (March 2025) on 6ix

Corning — Investor Day (March 2025)

Slide 1: Corning

Slide 2: Welcome

Slide 3: Forward-Looking and Cautionary Statements

Slide 4: Use of Non-GAAP Financial Information

Slide 5: Agenda

Slide 6: Springboard Overview

Slide 7: Springboard Opportunity

Slide 8: Springboard Opportunity – Internal Plan

Slide 9: Springboard – Original Internal Plan

Slide 10: Springboard – Original High-Confidence Plan

Slide 11: Improving Return Profile

Slide 12: Springboard – Year 1 Performance

Slide 13: Springboard – Year 1 Performance

Slide 14: Q1 Guidance Update

Slide 15: Springboard – Original Plan

Slide 16: Springboard – Upgraded Plans

Slide 17: Springboard – Upgraded Plans

Slide 18: Display

Slide 19: Optical Communications

Slide 20: Solar

Slide 21: Why we’re here today…

Slide 22: © 2025 Corning Incorporated

Slide 23: © 2025 Corning Incorporated

Slide 24: © 2025 Corning Incorporated

Slide 25: We’re celebrating our 175th anniversary next year…

Slide 26: Another 175 Years of Life-Changing Innovation

Slide 27: © 2025 Corning Incorporated

Slide 28: © 2025 Corning Incorporated

Slide 29: © 2025 Corning Incorporated

Slide 30: Our 3-4-5 Approach

Slide 31: Pursuing “More Corning” across all our markets

Slide 32: Winning in Optical Communications

Slide 33: Winning through insights and innovation

Slide 34: Gen AI: Raising Enterprise sales CAGR to 30%

Slide 35: Gen AI: Data Center Interconnect adopted by three customers

Slide 36: Broadband: FTTH is poised to spring back later this year

Slide 37: Gen AI: Raising Enterprise sales CAGR to 30%

Slide 38: Evolution of fiber in data centers

Slide 39: Evolution of fiber in data centers

Slide 40: Evolution of fiber in data centers

Slide 41: Evolution of fiber in data centers

Slide 42: Evolution of fiber in data centers

Slide 43: More yellow = More Corning opportunities for insights and innovations

Slide 44: © 2025 Corning Incorporated

Slide 45: Manhattan, NY

Slide 46: 8M miles of fiber

Slide 47: 8M miles of fiber

Slide 48: 8M miles of fiber

Slide 49: Fibers per switch rack

Slide 50: Reinvented new components to solve for scale and density

Slide 51: Winning with insights and innovation

Slide 52: Building a sustainable competitive advantage

Slide 53: Gen AI: Data Center Interconnect adopted by three customers

Slide 54: Data center hubs need high-bandwidth fiber links

Slide 55: The advent of AI data centers has sparked the highest level of interest

Slide 56: Fiber density matters to our customers

Slide 57: Innovating to maximize fiber density in ducts

Slide 58: Innovating to maximize fiber density in ducts

Slide 59: Winning with products that are fully commercialized

Slide 60: Broadband: FTTH is poised to spring back later this year

Slide 61: Cyclical recovery beginning; stage set for growth

Slide 62: Why did we increase our FTTH target?

Slide 63: Our denser solutions enable faster, more efficient deployments

Slide 64: Winning through insights and innovation

Slide 65: Focused and cohesive portfolio

Slide 66: Next Frontiers in Optical Communications

Slide 67: The next frontiers in Optical

Slide 68: Looking at the logical architecture

Slide 69: Looking at the logical architecture

Slide 70: Looking at the logical architecture

Slide 71: The next frontiers in Optical

Slide 72: The next frontiers in Optical

Slide 73: We see this transition in multiple roadmaps

Slide 74: Activating our capabilities to deliver Co-Packaged Optics

Slide 75: Why Co-Packaged Optics

Slide 76: Why Co-Packaged Optics

Slide 77: © 2025 Corning Incorporated

Slide 78: We have to start before a secular trend becomes obvious

Slide 79: Working together with multiple partners