Slide 1: Corning
CORNING
Slide 2: Second-Quarter 2025 Investor Call
Second-Quarter 2025 Investor Call Corning Reports Second-Quarter 2025 Financial Results July 29, 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
Q2 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 $100M – Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for o
Slide 6: Second-Quarter 2025 Investor Call
Second-Quarter 2025 Investor Call Corning Reports Second-Quarter 2025 Financial Results July 29, 2025
Slide 7: Second-Quarter 25 Core Performance
© Christopher Payne / Esto CEO PERSPECTIVE Second-Quarter 2025 Core Performance $4.05B 19.0% $0.60 Q2 Core Sales Q2 Operating Margin Q2 Core EPS 12% Increase YoY 160 bps Increase YoY 28% Increase YoY “Overall, key secular trends and our 'More Corning' content strategy drove demand for our capabiliti
Slide 8: Springboard Recap
CEO PERSPECTIVE Springboard Recap Launched Springboard plan in Q4'23 to dramatically grow sales, enhance return profile, and increase operating margin to 20% by end of 2026 Q2'25 results versus Q4'23 starting point highlight strong performance • Grew sales 24%, adding $3B+ to annualized sales run ra
Slide 9: Springboard – Original Opportunity through 2026
CEO PERSPECTIVE Springboard – Original Opportunity through 2026 INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $3B High-Confidence Plan © 2025 Corning Incorporated 9
Slide 10: Springboard – Original Opportunity through 2026
CEO PERSPECTIVE Springboard – Original Opportunity through 2026 INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) Q4’24 $3B High-Confidence Plan $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) $4B High-Confidence Plan Q4’24 $2.4B Q3’24 $1.8B Q1’25 Q2’24 $1.6B $1.3B Q1’24 $0B © 2025 Corning Incorporated 11
Slide 12: 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 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 12
Slide 13: 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) Q3’25F $3.7B $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 13
Slide 14: Gen AI Network Scale-up Opportunity
CEO PERSPECTIVE Gen AI Network “Scale-up” Opportunity Enterprise Network sales up 81% YoY, primarily driven by “scale-out” of network Upside opportunity created by “scale-up” of network as hyperscalers create more capable nodes and more GPUs per node "Scale-up" opportunity is 2x-3x size of existing
Slide 15: Gen AI Data Center Interconnect Opportunity
CEO PERSPECTIVE Gen AI Data Center Interconnect Opportunity Need for high-bandwidth, low-latency links between cities and data center campuses Three industry-leading customers adopting our new technology Expect business to scale rapidly and reach $1B opportunity by end of decade © 2025 Corning Incor
Slide 16: Solar Opportunity
CEO PERSPECTIVE Solar Opportunity Have built a strong foundation for rapidly accelerating growth • On track to double semiconductor business by end of decade • Activated idle assets to serve need for domestic solar polysilicon • Added capability to produce higher-value, domestically made solar wafer
Slide 17: 34 Advanced Manufacturing Facilities Across 15 States
CEO PERSPECTIVE 34 Advanced Manufacturing Facilities Across 15 States © 2025 Corning Incorporated 17
Slide 18: CEO Summary
CEO Summary Delivered outstanding Q2 results Halfway through Springboard plan and return profile is significantly enhanced Strong growth drivers increase confidence in maintaining momentum through 2026 and beyond © 2025 Corning Incorporated 18
Slide 19: Second-Quarter 25 Core Performance
© Christopher Payne / Esto CFO PERSPECTIVE Second-Quarter 2025 Core Performance $4.05B 19.0% $0.60 Q2 Core Sales Q2 Operating Margin Q2 Core EPS 12% Increase YoY 160 bps Increase YoY 28% Increase YoY “Our excellent second-quarter results exceeded guidance, and we again demonstrated our ability to si
Slide 20: Third-Quarter Outlook
CFO PERSPECTIVE Third-Quarter Outlook ~$4.2B $0.63 - $0.67 Q3 Core Sales Q3 Core EPS Factors Considered in Guide • $0.01-$0.02 for expected direct impact of currently enacted tariffs • $0.02-$0.03 of temporarily higher ramp costs © 2025 Corning Incorporated 20
Slide 21: Optical Communications
SEGMENT RECAP Optical Communications $1.57B $247M Q2 Net Sales Q2 Net Income Up 41% YoY Up 73% YoY Q2 growth driven by Enterprise Network business, up 81% YoY Began shipping data center interconnect products in Q1; doubled sales in Q2 from Q1 levels Carrier customers planning to expand fiber network
Slide 22: Display
SEGMENT RECAP Display $898M $243M Q2 Net Sales Q2 Net Income Consistent QoQ Consistent QoQ Expect 2025 TV unit sales consistent with 2024 and TV screen size growth of ~1” Successfully implemented double-digit price increases in second half of 2024 and have hedged yen exposure for 2025 and 2026 Expec
Slide 23: Specialty Materials
SEGMENT RECAP Specialty Materials $545M $81M Q2 Net Sales Q2 Net Income Up 9% YoY Up 29% YoY Increase in Q2 sales primarily driven by continued adoption of premium glass innovations In Q2, some OEM customers purchased in advance of anticipated tariffs Expect OEM customers to adjust purchases in seco
Slide 24: Automotive
SEGMENT RECAP Automotive $460M $79M Q2 Net Sales Q2 Net Income Down 4% YoY Up 11% YoY Graduated Automotive Glass Solutions business in Q1 and, together with Environmental Technologies, created new Automotive segment Ended 2023 with triple-digit Automotive Glass Solutions business; expect to triple b
Slide 25: Life Sciences
SEGMENT RECAP Life Sciences $250M $18M Q2 Net Sales Q2 Net Income Consistent YoY Up 6% YoY New opportunities for innovation in advanced 3D cell culture and cell therapy © 2025 Corning Incorporated 25
Slide 26: Hemlock and Emerging Growth Businesses
SEGMENT RECAP Hemlock and Emerging Growth Businesses $326M $(10)M Q2 Net Sales Q2 Net Loss Up 31% YoY Q2 sales driven by solar and semiconductor polysilicon volume Expect new wafer facility to come online in Q3 with shipments later this year Plan to build solar business into $2.5B revenue stream by
Slide 27: Cash Flow
CFO PERSPECTIVE Cash Flow Q2 adjusted free cash flow grew 28% YoY Anticipate significant adjusted free cash flow generation in 2025 Expect ~$1.3B of capital investments in 2025 © 2025 Corning Incorporated 27
Slide 28: 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 Only ~$1.5B in debt coming due over next 5 years Returning Excess
Slide 29: CFO Summary
CFO Summary Delivered strong Q2 results, exceeding guidance with record core sales and core EPS Since start of Springboard plan • Significantly grown sales • Grown EPS more than 2x rate of sales • Generated strong adjusted free cash flow Substantially improved return profile © 2025 Corning Incorpora
Slide 30: Q&A Session
Q&A Session © 2025 Corning Incorporated
Slide 31: Corning's 2025 Investor Outreach Plans
Corning’s 2025 Investor Outreach Plans September 4 – Citi's 2025 Global TMT Conference Management visits to investor offices in select cities © 2025 Corning Incorporated 31
Slide 32: Appendix
Appendix CORNING
Slide 33: 2025 Corporate Metrics (as of July 29, 2025)
2025 Corporate Metrics (as of July 29, 2025)(1)(2) Q3 2025 • Core Sales: ~$4.2B • Operating expense: ~$770M • Other income/expense: ($85M-$90M) • Non-controlling interest: (~$45M) • Core EPS: $0.63-$0.67 Full-Year 2025 • SG&A and RD&E: ~$3B • Other income/expense: (~$300M) • Gross equity earnings: ~
Slide 34: Q2 2025 Core Performance
Q2 2025 Core Performance Q2 Q1 Q2 $ in millions, except EPS 2025 2025 2024 Core Net Sales $4,045 $3,679 $3,604 Core Gross Margin $1,552 $1,395 $1,366 Gross Margin % 38.4% 37.9% 37.9% Core SG&A $508 $463 $477 % of Sales 12.6% 12.6% 13.2% Core RD&E $274 $271 $262 % of Sales 6.8% 7.4% 7.3% Core Operati
Slide 35: Q2 2025 Operating Performance by Segment
Q2 2025 Operating Performance by Segment Segment Net Sales Q2 Q1 % Q2 % $ in millions 2025 2025 change 2024 change Optical Communications $1,566 $1,355 16% $1,113 41% Carrier Network $797 $650 23% $687 16% Enterprise Network $769 $705 9% $426 81% Display $898 $905 (1%) $1,014 (11%) Specialty Materia
Slide 36: Year-to-Date Core Performance
Year-to-Date Core Performance YTD YTD $ in millions, except EPS Q2 2025 Q2 2024 Core Net Sales $7,724 $6,862 Core Gross Margin $2,947 $2,566 Gross Margin % 38.2% 37.4% Core SG&A $971 $918 % of Sales 12.6% 13.4% Core RD&E $545 $517 % of Sales 7.1% 7.5% Core Operating Income $1,431 $1,131 Operating Ma
Slide 37: Year-to-Date Operating Performance by Segment
Year-to-Date Operating Performance by Segment Segment Net Sales YTD YTD % $ in millions Q2 2025 Q2 2024 change Optical Communications $2,921 $2,043 43% Carrier Network $1,447 $1,275 13% Enterprise Network $1,474 $768 92% Display $1,803 $1,886 (4%) Specialty Materials $1,046 $955 10% Automotive $900
Slide 38: Solar and Semiconductor
Solar and Semiconductor Q1 Q2 Q3 Q4 FY Q1 Q2 YTD $ in millions 2024 2024 2024 2024 2024 2025 2025 2025 Net Sales $216 $199 $194 $256 $865 $206 $231 $437 Net Income $36 $34 $31 $46 $147 $27 $2 $29 Results include polycrystalline silicon, solar wafers and modules. Core performance measures are non-GAA
Slide 39: 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 40: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Q2 Q2 YTD YTD $ in millions 2025 2024 2025 2024 Cash flows from operating activities $708 $521 $859 $617 Realized gains on translated earnings contracts and other $51 $74 $107 $168 Adjusted cash flows from operating activities $759 $595 $966 $785 Less: Capital
Slide 41: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q2 2025 Net sales margin margin % SG&A RD&E income margin % earnings income Corning (a) Per Share taxes Incorporated As reported - GAAP $3,862 $1,392 36.0% $515 $276 $573 14.8
Slide 42: 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 43: Q2 2025 and 2024 Return on Invested Capital (ROIC)
Q2 2025 and 2024 Return on Invested Capital (ROIC) 2025 2024 GAAP GAAP to Core Core GAAP GAAP to Core Core Adjustments Adjustments Operating income $573 $197 $770 $186 $441 $627 Equity in earnings of affiliated companies ($11) $14 $3 $10 $3 $13 Operating income before interest and taxes $562 $211 $7
Slide 44: Q2 2024 and 2025 GAAP to Core Reconciliation
Q2 2024 and 2025 GAAP to Core Reconciliation (Earnings Deck) Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q2 2025 Net sales SG&A RD&E Per Share margin margin % income margin % earnings income Corning (a) taxes Incorporated As reported - GAAP $3,862 $1,392
Slide 45: Q2 2024 and 2025 Income Statement
Q2 2024 and 2025 Income Statement Consolidated Statements of Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net sales $ 3,862 $ 3,251 $ 7,314 $ 6,226 Cost of sales 2,470
Slide 46: Corning
CORNING