Slide 1: Corning
CORNING
Slide 2: Full-Year 2025 Investor Call
Full-Year 2025 Investor Call Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results January 28, 2026
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: 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 gains on currency-hedging contracts for a net after-tax gain of $66M – Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for our
Slide 6: Full-Year 2025 Investor Call
Full-Year 2025 Investor Call Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results January 28, 2026
Slide 7: Fourth-Quarter 2025 Core Performance
CEO PERSPECTIVE Fourth-Quarter 2025 Core Performance $4.41B 20.2% $0.72 Q4 Core Sales Q4 Core Operating Margin Q4 Core EPS 14% Increase YoY 170 bps Increase YoY 26% Increase YoY “Since the launch of Springboard two years ago, we have transformed Corning’s financial profile. We now have a highly prof
Slide 8: Full-Year 2025 Core Performance
CEO PERSPECTIVE Full-Year 2025 Core Performance $16.41B $2.52 $1.72B FY Core Sales FY Core EPS FY Adj. FCF 13% Increase YoY 29% Increase YoY 37% Increase YoY “Excitingly, we have even stronger long-term growth ahead. Today, we are upgrading our original Springboard plan to now add $11 billion in inc
Slide 9: Transformed Our Financial Profile Since Springboard Launch
CEO PERSPECTIVE Transformed Our Financial Profile Since Springboard Launch Q4’23 Q4’25 Sales $3.27B $4.41B +35% Operating Margin 16.3% 20.2% +390 bps EPS $0.39 $0.72 +85% ROIC 8.8% 14.2% +540 bps FY’23 FY’25 Adj. FCF $0.88B $1.72B +95% © 2026 Corning Incorporated Confidential – Corning (L3) 9 Genera
Slide 10: Even Stronger Growth Ahead
© Christopher Payne / Esto CEO PERSPECTIVE Even Stronger Growth Ahead Upgrading Springboard Plan • Internal plan now adds $11B in incremental annualized sales by the end of 2028, up from original $8B plan Accelerating growth as we enter 2026 • Internal plan now adds $6.5B in incremental annualized s
Slide 11: Long-Term Partnership with Meta
CEO PERSPECTIVE Long-Term Partnership with Meta Multiyear, up to $6B agreement Supports Meta’s apps, technologies, and AI ambitions using Corning innovations Add Press Ensures advanced data centers are built using Release U.S. innovation and advanced manufacturing Screenshot Meta will serve as an an
Slide 12: Customer Agreements
CEO PERSPECTIVE Customer Agreements Concluding similar long-term agreements with other major customers to dedicate capacity Providing our customers with secure U.S.- origin production of our most advanced Gen AI high-density innovations Seek to appropriately share the cost and risk of expansions wit
Slide 13: Springboard – Original Internal Plan
CEO PERSPECTIVE Springboard – Original Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 Incremental Annualized Sales vs. Q4’23 ($B) © 2026 Corning Incorporated 13
Slide 14: Springboard – Original Internal Plan
CEO PERSPECTIVE Springboard – Original Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $8B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $5B © 2026 Corning Incorporated Confidential – Corning (L3) 14
Slide 15: Springboard – Original Internal Plan
CEO PERSPECTIVE Springboard – Original Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 First, we focused on a three-year Incremental Annualized Sales vs. Q4’23 ($B) time period $5B © 2026 Corning Incorporated 15
Slide 16: Springboard – Original High-Confidence Plan
CEO PERSPECTIVE Springboard – Original High-Confidence Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 Second, we risk adjusted to our Incremental Annualized Sales vs. Q4’23 ($B) $3B+ High-Confidence Plan $3B © 2026 Corning Incorporated 16
Slide 17: Springboard – Original Plan
CEO PERSPECTIVE Springboard – Original Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $5B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $3B High-Confidence Plan $3B © 2026 Corning Incorporated 17
Slide 18: Springboard – March 2025 Upgrade
CEO PERSPECTIVE Springboard – March 2025 Upgrade INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4B High-Confidence Plan © 2026 Corning Incorporated 18
Slide 19: Springboard – Achieved High-Confidence Plan a Year Early
CEO PERSPECTIVE Springboard – Achieved High-Confidence Plan a Year Early INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4B High-Confidence Plan © 2026 Corning Incorporated Confidential – Corning (L3) 19 General - Corning (L4)
Slide 20: Operating Margin Target: 20% by End of 2026
CEO PERSPECTIVE Operating Margin Target: 20% by End of 2026 20.0% © 2026 Corning Incorporated Confidential – Corning (L3) 20 General - Corning (L4)
Slide 21: Delivered Operating Margin Target of 20% in Q4 2025
CEO PERSPECTIVE Delivered Operating Margin Target of 20% in Q4 2025 20.2% Achieved 20% OM target a year early © 2026 Corning Incorporated Confidential – Corning (L3) 21 General - Corning (L4)
Slide 22: Transformed Our Financial Profile Since Springboard Launch
CEO PERSPECTIVE Transformed Our Financial Profile Since Springboard Launch Q4’23 Q4’25 Sales $3.27B $4.41B +35% Operating Margin 16.3% 20.2% +390 bps EPS $0.39 $0.72 +85% ROIC 8.8% 14.2% +540 bps FY’23 FY’25 Adj. FCF $0.88B $1.72B +95% © 2026 Corning Incorporated Confidential – Corning (L3) 22 Gener
Slide 23: Springboard – Original Internal Plan
CEO PERSPECTIVE Springboard – Original Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 Incremental Annualized Sales vs. Q4’23 ($B) $8B Internal Plan © 2026 Corning Incorporated Confidential – Corning (L3) 23 General - Corning (L4)
Slide 24: Springboard – Upgraded Internal Plan
CEO PERSPECTIVE Springboard – Upgraded Internal Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $11B Internal Plan A GR it C Incremental Annualized Sales vs. Q4’23 ($B) ig le -D u b $8B Internal Plan Do $4.6B © 2026 Corning Incorporated Confidential – Corning (L3) 24 General - Corning (L4)
Slide 25: Springboard – Internal and High-Confidence Plan
CEO PERSPECTIVE Springboard – Internal and High-Confidence Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) $4B High-Confidence Plan © 2026 Corning Incorporated Confidential – Corning (L3) 25 General - Corning (L4)
Slide 26: Springboard – Upgraded Internal and High-Confidence Plan
CEO PERSPECTIVE Springboard – Upgraded Internal and High-Confidence Plan INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6.5B Internal Plan $5.75B High-Confidence Plan Incremental Annualized Sales vs. Q4’23 ($B) © 2026 Corning Incorporated Confidential – Corning (L3) 26 General - Corning (L4)
Slide 27: CEO Summary
CEO PERSPECTIVE CEO Summary Springboard has been a tremendous success Transformed the financial profile of Corning Established a new base for highly profitable growth Even stronger growth ahead, with significantly higher returns © 2026 Corning Incorporated 27
Slide 28: Fourth-Quarter 2025 Core Performance
CFO PERSPECTIVE Fourth-Quarter 2025 Core Performance $4.41B 20.2% $0.72 Q4 Core Sales Q4 Core Operating Margin Q4 Core EPS 14% Increase YoY 170 bps Increase YoY 26% Increase YoY “In the fourth quarter, we delivered outstanding results, that not only capped off a record year - but also illustrated th
Slide 29: Full-Year 2025 Core Performance
CFO PERSPECTIVE Full-Year 2025 Core Performance $16.41B 19.3% $2.52 FY Core Sales FY Core Operating Margin FY Core EPS 13% Increase YoY 180 bps Increase YoY 29% Increase YoY “In 2025, we delivered double-digit core sales growth, with core EPS growing twice as fast as sales and adjusted free cash flo
Slide 30: Optical Communications
SEGMENT RECAP Optical Communications $6.27B $1.05B FY Net Sales FY Net Income Up 35% YoY Up 71% YoY Enterprise Network FY sales up 61% driven by the outstanding adoption of our new Gen AI products Carrier Network FY sales up 15% driven by datacenter interconnect (DCI) sales Delivered net income marg
Slide 31: Display
SEGMENT RECAP Display $993M FY Net Income Ahead of Target In Q1, expect the glass market and our volume to be down mid-single digits sequentially Successfully implemented double-digit price increases in second half of 2024 to ensure we can maintain stable USD net income in weaker Yen environment Hed
Slide 32: Specialty Materials
SEGMENT RECAP Specialty Materials $2.21B $367M FY Net Sales FY Net Income Up 10% YoY Up 41% YoY Results were driven by demand for premium products, with industry-leading flagship devices featuring our latest cover materials Expanded partnership with Apple creates a larger, longer-term growth driver
Slide 33: Automotive
SEGMENT RECAP Automotive $1.79B $278M FY Net Sales FY Net Income Down 3% YoY Up 7% YoY Q4 and FY sales were impacted by a weaker heavy-duty diesel market in NA and EU For 2026, industry analysts forecast light-duty vehicle production to be flat-to-down slightly and for the heavy-duty market to remai
Slide 34: Life Sciences
SEGMENT RECAP Life Sciences $972M $61M FY Net Sales FY Net Income Down 1% YoY Down 3% YoY New opportunities for innovation and product differentiation in advanced 3D cell culture and cell therapy © 2026 Corning Incorporated 34
Slide 35: Hemlock and Emerging Growth Businesses
SEGMENT RECAP Hemlock and Emerging Growth Businesses Q4 sales up 62% YoY driven by growth in polysilicon and module sales for solar industry Ramping capacity to make additional polysilicon, wafers, and modules for Solar Plan to build solar business into $2.5B revenue stream by 2028 with profitabilit
Slide 36: Outlook
CFO PERSPECTIVE Outlook Q1 Core Sales Q1 Core EPS $4.2B - $4.3B $0.66 - $0.70 Factors Considered in Outlook • ~$0.03 - $0.05 EPS impact from ramp costs in Solar in Q1 • FY 2026 capital expenditures of ~$1.7B, a few hundred million dollars above depreciation. Expect to generate significantly more fre
Slide 37: Springboard Retrospective and Upgrade
CFO PERSPECTIVE Springboard Retrospective and Upgrade From Q4 2023 to Q4 2025: • Expanded operating margin by 390 basis points • Grew EPS 85% • Expanded ROIC by 540 basis points • Generated strong adjusted free cash flow Springboard Upgrade(1): • Internal plan to now add $11B by end of 2028 • Intern
Slide 38: Capital Allocation
CFO PERSPECTIVE Capital Allocation Prioritize Investing in Organic Growth Opportunities This approach 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 trac
Slide 39: CFO Summary
CFO PERSPECTIVE CFO Summary Outstanding Performance Strong 2025 results with continuing momentum in Q1 Transformed Financial Profile Expect to grow on higher profitability base Even Larger Growth Opportunity Upgraded internal Springboard plan leads to a $24B annualized sales run rate by the end of 2
Slide 40: Q&A Session
Q&A Session © 2026 Corning Incorporated 40
Slide 41: Corning's 2026 Investor Outreach Plans
Corning’s 2026 Investor Outreach Plans February 27– Susquehanna Fifteenth Annual Technology Conference March 3 – Morgan Stanley Technology, Media & Telecom Conference Management visits to investor offices in select cities © 2026 Corning Incorporated 41
Slide 42: Appendix
Appendix © 2026 Corning Incorporated 42
Slide 43: 2026 Supplemental Corporate Metrics
2026 Supplemental Corporate Metrics (as of January 28, 2026)(1)(2) Q1 2026 • Core Sales: $4.2B - $4.3B • Operating expenses: ~$750M • Other income/expense: ($90M - $100M) • Non-controlling interest: (~$40M) • Core EPS: $0.66 - $0.70 • Hemlock and Emerging Growth Sales: $400M - $450M Full-Year 2026 •
Slide 44: Q4 2025 Core Performance
Q4 2025 Core Performance Q4 Q3 Q4 $ in millions, except EPS 2025 2025 2024 Core Net Sales $4,412 $4,272 $3,874 Core Gross Margin $1,682 $1,664 $1,494 Gross Margin % 38.1% 39.0% 38.6% Core SG&A $507 $550 $501 % of Sales 11.5% 12.9% 12.9% Core RD&E $284 $276 $276 % of Sales 6.4% 6.5% 7.1% Core Operati
Slide 45: Q4 2025 Operating Performance by Segment
Q4 2025 Operating Performance by Segment Segment Net Sales Q4 Q3 % Q4 % $ in millions 2025 2025 change 2024 change Optical Communications $1,701 $1,652 3% $1,368 24% Carrier Network $811 $821 (1%) $682 19% Enterprise Network $890 $831 7% $686 30% Display $955 $939 2% $971 (2%) Specialty Materials $5
Slide 46: Year-to-Date Core Performance
Year-to-Date Core Performance YTD YTD $ in millions, except EPS Q4 2025 Q4 2024 Core Net Sales $16,408 $14,469 Core Gross Margin $6,293 $5,523 Gross Margin % 38.4% 38.2% Core SG&A $2,028 $1,915 % of Sales 12.4% 13.2% Core RD&E $1,105 $1,078 % of Sales 6.7% 7.5% Core Operating Income $3,160 $2,530 Op
Slide 47: Year-to-Date Operating Performance by Segment
Year-to-Date Operating Performance by Segment Segment Net Sales YTD YTD % $ in millions Q4 2025 Q4 2024 change Optical Communications $6,274 $4,657 35% Carrier Network $3,079 $2,678 15% Enterprise Network $3,195 $1,979 61% Display $3,697 $3,872 (5%) Specialty Materials $2,211 $2,018 10% Automotive $
Slide 48: Solar and Semiconductor
Solar and Semiconductor Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 YTD $ in millions 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Net Sales $ 216 $ 199 $ 194 $ 256 $ 865 $ 206 $ 231 $ 319 $ 475 $ 1,231 Results include polycrystalline silicon, solar wafers and modules. Core performance measures are non-GAAP mea
Slide 49: 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 50: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Q4 Q4 YTD YTD $ in millions 2025 2024 2025 2024 Cash flows from operating activities $1,052 $623 $2,695 $1,939 Realized gains on translated earnings contracts and other $112 $40 $304 $279 Adjusted cash flows from operating activities $1,164 $663 $2,999 $2,218 L
Slide 51: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q4 2025 Net sales margin margin % SG&A RD&E income margin % earnings income Corning (a) Per Share taxes Incorporated As reported - GAAP $4,215 $1,495 35.5% $512 $284 $672 15.9
Slide 52: 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 53: Q4 2025 and 2024 Return on Invested Capital (ROIC)
Q4 2025 and 2024 Return on Invested Capital (ROIC) 2025 2024 GAAP GAAP to Core Core GAAP GAAP to Core Core Adjustments Adjustments Operating income $672 $219 $891 $393 $324 $717 Equity in earnings of affiliated companies $4 $4 $8 $8 $3 $11 Operating income before interest and taxes $676 $223 $899 $4
Slide 54: Q4 2025 and 2024 GAAP to Core Reconciliation
Q4 2025 and 2024 GAAP to Core Reconciliation Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q4 2025 Net sales SG&A RD&E earnings income Corning (a) Per Share margin margin % income margin % taxes Incorporated As reported - GAAP $4,215 $1,495 35.5% $512 $284
Slide 55: YTD 2025 and 2024 Return on Invested Capital (ROIC)
YTD 2025 and 2024 Return on Invested Capital (ROIC) 2025 2024 GAAP GAAP to Core Core GAAP GAAP to Core Core Adjustments Adjustments Operating income $2,279 $881 $3,160 $1,135 $1,395 $2,530 Equity in (losses) earnings of affiliated companies $(7) $23 $16 $26 $14 $40 Operating income before interest a
Slide 56: YTD 2025 and 2024 GAAP to Core Reconciliation
YTD 2025 and 2024 GAAP to Core Reconciliation Equity Income Net income Gross Gross Operating Operating before attributable to Tax Rate YTD 2025 Net sales SG&A RD&E (losses) income Corning (a) Per Share margin margin % income margin % earnings taxes Incorporated As reported - GAAP $15,629 $5,621 36.0
Slide 57: Q4 2025 and 2024 Income Statement
Q4 2025 and 2024 Income Statement Consolidated Statements of Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended Year ended December 31, December 31, 2025 2024 2025 2024 Net sales $ 4,215 $ 3,501 $ 15,629 $ 13,118 Cost of sales 2
Slide 58: Corning
CORNING