Slide 1: Corning
CORNING
Slide 2: Third-Quarter 2025 Investor Call
Third-Quarter 2025 Investor Call Corning Reports Third-Quarter 2025 Financial Results October 28, 2025
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 o
Slide 5: FX Hedge Accounting and Other Charges
Q3 GAAP EARNINGS FX Hedge Accounting and Other Charges • Recorded realized losses and unrealized, non-cash mark-to-market gains on currency-hedging contracts for a net after-tax gain of $25M – Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for ou
Slide 6: Third-Quarter 2025 Investor Call
Third-Quarter 2025 Investor Call Corning Reports Third-Quarter 2025 Financial Results October 28, 2025
Slide 7: Third-Quarter 2025 Core Performance
CEO PERSPECTIVE Third-Quarter 2025 Core Performance $4.27B 19.6% $0.67 Q3 Core Sales Q3 Core Operating Margin Q3 Core EPS 14% Increase YoY 130 bps Increase YoY 24% Increase YoY “We delivered another excellent quarter...Overall, as we approach the second anniversary of Springboard, the plan has been
Slide 8: Springboard Recap
CEO PERSPECTIVE Springboard Recap Launched Springboard plan in Q4'23 to significantly increase sales as we captured important secular trends Q3'25 results versus Q4'23 starting point highlight strong performance • Grew sales 31%, adding $4B to annualized sales run rate • Expanded operating margin 33
Slide 9: Springboard – Upgraded Plans
CEO PERSPECTIVE Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4B High-Confidence Plan © 2025 Corning Incorporated 9
Slide 10: Springboard – Upgraded Plans
CEO PERSPECTIVE Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) Q3’25 $4.0B $4B High-Confidence Plan Q2’25 $3.1B Q4’24 $2.4B Q3’24 $1.8B Q1’25 Q2’24 $1.6B $1.3B Q1’24 $0B © 2025 Corning Incorporated 10
Slide 11: Springboard – Upgraded Plans
CEO PERSPECTIVE Springboard – Upgraded Plans INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) Q4’25F Q3’25 $4.3B $4.0B $4B High-Confidence Plan Q2’25 $3.1B Q4’24 $2.4B Q3’24 $1.8B Q1’25 Q2’24 $1.6B $1.3B Q1’24 $0B © 2025 Corning Incorporat
Slide 12: Operating Margin Progress: Actual vs. Springboard Target
CEO PERSPECTIVE Operating Margin Progress: Actual vs. Springboard Target © 2025 Corning Incorporated 12
Slide 13: Operating Margin Progress: Actual vs. Springboard Target
CEO PERSPECTIVE Operating Margin Progress: Actual vs. Springboard Target © 2025 Corning Incorporated 13
Slide 14: Operating Margin Progress: Actual vs. Springboard Target
CEO PERSPECTIVE Operating Margin Progress: Actual vs. Springboard Target © 2025 Corning Incorporated 14
Slide 15: Springboard Progress Summary
CEO PERSPECTIVE Springboard Progress Summary Added $4B to our annualized run rate Significantly improved our profitability See more growth and more "springs" ahead © 2025 Corning Incorporated 15
Slide 16: Expansion of U.S. Manufacturing in Partnership with Apple
CEO PERSPECTIVE Expansion of U.S. Manufacturing in Partnership with Apple Apple committed $2.5B to manufacturing 100% of iPhone and Apple Watch cover glass in the U.S. for the first time Corning's Harrodsburg, Kentucky plant will become home to the world's largest and most advanced smartphone glass
Slide 17: Gen AI Network “Scale-out” Opportunity
© Christopher Payne / Esto CEO PERSPECTIVE Gen AI Network “Scale-out” Opportunity Inventor of world's first low-loss optical fiber and the technology leader in this space Largest producer by revenue of fiber, cable, and multi-fiber connectors in the world Low-cost, advanced U.S.-based manufacturing
Slide 18: Gen AI Network “Scale-up” Opportunity
CEO PERSPECTIVE Gen AI Network “Scale-up” Opportunity Upside opportunity created by “scale-up” of network as hyperscalers create more capable nodes and more GPUs per node Co-packaged optics, or CPO, technology helps activate the "scale-up" growth opportunity "Scale-up" opportunity could be 2- 3x siz
Slide 19: Gen AI Data Center Interconnect Opportunity
CEO PERSPECTIVE Gen AI Data Center Interconnect Opportunity New high-density Gen AI fiber-and-cable system enables customers to fit 2-4x amount of fiber into existing conduit Expect business to scale rapidly and reach $1B opportunity by end of decade Collaboration with Microsoft to accelerate produc
Slide 20: Solar Recap
CEO PERSPECTIVE Solar Recap Built a strong foundation for rapidly accelerating growth • Made process advancements to serve a higher-end chip segment in semiconductors • Activated idle assets to serve need for domestic solar polysilicon • Added capability to transform polysilicon into higher-value, d
Slide 21: Solar Opportunity
CEO PERSPECTIVE Solar Opportunity Built the largest solar ingot and wafer facility in the United States, co-located with our polysilicon facility in Hemlock, Michigan Committed customers for >80% of capacity for the next 5 years - continue to ramp to meet customer needs Applying deep materials scien
Slide 22: CEO Summary
© Christopher Payne / Esto CEO Summary Springboard plan has been a tremendous success as we approach second anniversary Significantly improved profitability We have plenty of growth yet to come © 2025 Corning Incorporated 22
Slide 23: Third-Quarter 2025 Core Performance
CFO PERSPECTIVE Third-Quarter 2025 Core Performance $4.27B 19.6% $0.67 Q3 Core Sales Q3 Core Operating Margin Q3 Core EPS 14% Increase YoY 130 bps Increase YoY 24% Increase YoY “Our outstanding third-quarter results reflect sales growth and margin expansion across multiple businesses...Overall, we c
Slide 24: Optical Communications
SEGMENT RECAP Optical Communications $1.65B $295M Q3 Net Sales Q3 Net Income Up 33% YoY Up 69% YoY Q3 growth led by strong adoption of Gen AI products in Enterprise Network business Net income grew twice as fast as sales - driven by successful implementation of Springboard plan in both Enterprise an
Slide 25: Display
SEGMENT RECAP Display $939M $250M Q3 Net Sales Q3 Net Income Up 5% QoQ Up 3% QoQ Expect to be at high end of 2025 segment net income range of $900M-$950M and for net income margin of at least 25% Anticipate 2025 TV unit sales consistent with 2024 and TV screen size growth of ~1” Successfully impleme
Slide 26: Specialty Materials
SEGMENT RECAP Specialty Materials $621M $113M Q3 Net Sales Q3 Net Income Up 13% YoY Up 57% YoY Successful adoption of premium glass innovations for customers' flagship product launches led to increase in Q3 sales Expanded Apple partnership creates longer-term growth driver - through Springboard and
Slide 27: Automotive
SEGMENT RECAP Automotive $454M $68M Q3 Net Sales Q3 Net Income Up 6% YoY Up 33% YoY Graduated Automotive Glass Solutions business in Q1 and, together with Environmental Technologies, created new Automotive segment Focused on executing "More Corning" growth strategy © 2025 Corning Incorporated 27
Slide 28: Life Sciences
SEGMENT RECAP Life Sciences $242M $16M Q3 Net Sales Q3 Net Income Consistent YoY Up 7% YoY New opportunities for innovation in advanced 3D cell culture and cell therapy © 2025 Corning Incorporated 28
Slide 29: Hemlock and Emerging Growth Businesses
SEGMENT RECAP Hemlock and Emerging Growth Businesses $364M $(1)M Q3 Net Sales Q3 Net Loss Up 46% YoY Plan to build solar business into $2.5B revenue stream by 2028 Commercializing new made-in-America ingot and wafer products New wafer facility came online in Q3; expect to ramp in Q4 Committed custom
Slide 30: Fourth-Quarter Outlook
CFO PERSPECTIVE Fourth-Quarter Outlook ~$4.35B $0.68 - $0.72 Q4 Core Sales Q4 Core EPS Factors Considered in Guide • ~$0.03 of temporarily higher ramp costs in Solar © 2025 Corning Incorporated 30
Slide 31: Operating Margin Progress: Actual vs. Springboard Target
CFO PERSPECTIVE Operating Margin Progress: Actual vs. Springboard Target © 2025 Corning Incorporated 31
Slide 32: Cash Flow
CFO PERSPECTIVE Cash Flow Anticipate strong adjusted free cash flow generation in 2025 Expect to spend ~$1.3B in capex in 2025 © 2025 Corning Incorporated 32
Slide 33: Capital Allocation
CFO PERSPECTIVE Capital Allocation Investing in Organic Growth Opportunities Growing through innovation creates the most value for shareholders Maintaining Strong, Efficient Balance Sheet One of the longest debt tenors in the S&P 500 Returning Excess Cash to Shareholders Expect to continue strong tr
Slide 34: CFO Summary
CFO Summary Since start of Springboard plan • Grew sales 31% • Expanded operating margin by 330 basis points • Grew EPS 72% - more than twice the rate of sales growth • Expanded ROIC by 460 basis points • Generated strong adjusted free cash flow In Q4, expect to establish new profitability base as
Slide 35: Q&A Session
Q&A Session © 2025 Corning Incorporated
Slide 36: Corning’s 2025 Investor Outreach Plans
Corning’s 2025 Investor Outreach Plans December 2 - UBS Global Technology and AI Conference Management visits to investor offices in select cities © 2025 Corning Incorporated 36
Slide 37: Appendix
Appendix CORNING
Slide 38: 2025 Corporate Metrics (as of October 28, 2025)
2025 Corporate Metrics (as of October 28, 2025)(1)(2) Q4 2025 • Core Sales: ~$4.35B • Operating expense: ~$800M • Other income/expense: ($95M-$100M) • Non-controlling interest: (~$35M-$40M) • Core EPS: $0.68-$0.72 Full-Year 2025 • Hemlock and Emerging Growth Sales: $1.4B-$1.45B • Gross equity earnin
Slide 39: Q3 2025 Core Performance
Q3 2025 Core Performance Q3 Q2 Q3 $ in millions, except EPS 2025 2025 2024 Core Net Sales $4,272 $4,045 $3,733 Core Gross Margin $1,664 $1,552 $1,463 Gross Margin % 39.0% 38.4% 39.2% Core SG&A $550 $508 $496 % of Sales 12.9% 12.6% 13.3% Core RD&E $276 $274 $285 % of Sales 6.5% 6.8% 7.6% Core Operati
Slide 40: Q3 2025 Operating Performance by Segment
Q3 2025 Operating Performance by Segment Segment Net Sales Q3 Q2 % Q3 % $ in millions 2025 2025 change 2024 change Optical Communications $1,652 $1,566 5% $1,246 33% Carrier Network $821 $797 3% $721 14% Enterprise Network $831 $769 8% $525 58% Display $939 $898 5% $1,015 (7%) Specialty Materials $6
Slide 41: Year-to-Date Core Performance
Year-to-Date Core Performance YTD YTD $ in millions, except EPS Q3 2025 Q3 2024 Core Net Sales $11,996 $10,595 Core Gross Margin $4,611 $4,029 Gross Margin % 38.4% 38.0% Core SG&A $1,521 $1,414 % of Sales 12.7% 13.3% Core RD&E $821 $802 % of Sales 6.8% 7.6% Core Operating Income $2,269 $1,813 Operat
Slide 42: Year-to-Date Operating Performance by Segment
Year-to-Date Operating Performance by Segment Segment Net Sales YTD YTD % $ in millions Q3 2025 Q3 2024 change Optical Communications $4,573 $3,289 39% Carrier Network $2,268 $1,996 14% Enterprise Network $2,305 $1,293 78% Display $2,742 $2,901 (5%) Specialty Materials $1,667 $1,503 11% Automotive $
Slide 43: Solar and Semiconductor
Solar and Semiconductor Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD $ in millions 2024 2024 2024 2024 2024 2025 2025 2025 2025 Net Sales $216 $199 $194 $256 $865 $206 $231 $319 $756 Net Income $36 $34 $31 $46 $147 $27 $2 $30 $59 Results include polycrystalline silicon, solar wafers and modules. Core performance mea
Slide 44: New Automotive Reporting Segment
New Automotive Reporting Segment 2024 – Previous 2024 – New Environmental Technologies Automotive $1,098M Automotive and Other $1,279M Auto, Glass and Other $567M Diesel $567M Diesel $1,665M Total Environmental Technologies $1,846M Total Automotive Hemlock and Emerging Growth Hemlock and Emerging Gr
Slide 45: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Q3 Q3 YTD YTD $ in millions 2025 2024 2025 2024 Cash flows from operating activities $784 $699 $1,643 $1,316 Realized gains on translated earnings contracts and other $85 $71 $192 $239 Adjusted cash flows from operating activities $869 $770 $1,835 $1,555 Less:
Slide 46: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q3 2025 Net sales margin margin % SG&A RD&E income margin % earnings income Corning (a) Per Share taxes Incorporated As reported - GAAP $4,100 $1,520 37.1% $624 $280 $589 14.4
Slide 47: Return on Invested Capital
Return on Invested Capital At Corning Return on Invested Capital (ROIC) is calculated based on the Core performance. We define ROIC as follows: Operating Income Tax Adjusted (Return) ROIC = Equity+Debt (Invested Capital) Numerator = Return (Operating Income Denominator = Invested Capital Tax Adjuste
Slide 48: Q3 2025 and 2024 Return on Invested Capital (ROIC)
Q3 2025 and 2024 Return on Invested Capital (ROIC) 2025 2024 GAAP GAAP to Core Core GAAP GAAP to Core Core Adjustments Adjustments Operating income $589 $249 $838 $302 $380 $682 Equity in earnings of affiliated companies $1 $2 $3 $2 $5 $7 Operating income before interest and taxes $590 $251 $841 $30
Slide 49: Q3 2025 and 2024 GAAP to Core Reconciliation
Q3 2025 and 2024 GAAP to Core Reconciliation Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q3 2025 Net sales SG&A RD&E Per Share margin margin % income margin % earnings income Corning (a) taxes Incorporated As reported - GAAP $4,100 $1,520 37.1% $624 $280
Slide 50: Q3 2025 and 2024 Income Statement
Q3 2025 and 2024 Income Statement Consolidated Statements of Income (Loss) Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Net sales $ 4,100 $ 3,391 $ 11,414 $ 9,617
Slide 51: Corning
CORNING