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2 Ann Nicholson Vice President, Investor Relations Welcome
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3 © 2025 Corning Incorporated 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,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company’s future operating performance, the Company’s share of new and existing markets, the Company’s revenue and earnings growth rates, the Company’s ability to innovate and commercialize new products, the Company’s expected capital expenditure and the Company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company’s manufacturing capacity. Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the Company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries, and related impacts on our businesses’ global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, New Taiwan dollar, euro, Chinese yuan, South Korean won and Mexican peso), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the availability of or adverse changes relating to government grants, tax credits or other government incentives; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning’s, our suppliers’ and manufacturers’ supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.
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4 © 2025 Corning Incorporated 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 consolidated financial statements to exclude specific items to arrive at our core performance measures. These items include the impact of translating the Japanese yen-denominated debt, the impact of the translated earnings contracts, acquisition-related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment and other charges and credits, certain litigation, regulatory and other legal matters, pension mark-to- market adjustments and other items which do not reflect the ongoing operating results of the Company. In addition, because a significant portion of our revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on sales and net income of translating these currencies into U.S. dollars. Therefore, management utilizes constant-currency reporting for the Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences segments to exclude the impact from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar and euro, as applicable to the segment. In addition, effective January 1, 2024, the Company began utilizing constant-currency reporting for the Optical Communications segment to exclude the impact from the Mexican peso on segment results. Prior periods were not recast as the impact was not material. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display Technologies segment. The constant-currency rates established for our core performance measures are internally derived long-term management estimates, which are closely aligned with our hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt. We believe that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuations, analyze underlying trends in the businesses and establish operational goals and forecasts. Core performance measures are not prepared in accordance with GAAP. We provide investors with these non-GAAP measures to evaluate our results as we believe they are indicative of our core operating performance and provide greater transparency to how management evaluates our results and trends and makes financial and operational decisions. These measures are not, and should not be viewed as a substitute for, GAAP reporting measures. With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis.
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5 © 2025 Corning Incorporated Agenda Wendell Weeks Chairman & Chief Executive Officer Springboard Overview Mike O’Day SVP & GM, Optical Communications Winning in Optical Communications Claudio Mazzali Vice President, Global Research Next Frontiers in Optical Communications Hal Nelson SVP & GM, Automotive, Life Sciences & Solar Our Opportunity in Solar Ed Schlesinger Executive Vice President & Chief Financial Officer Financial Outlook & Summary All PresentersQ&A Hamilton RoomDemo Exhibits
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6 Wendell Weeks Chairman & Chief Executive Officer Springboard Overview
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7 © 2025 Corning Incorporated Springboard Opportunity $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23
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8 © 2025 Corning Incorporated Springboard Opportunity – Internal Plan $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Optical Display Automotive MCE Life Sciences Vessels Emerging Growth New MAP $5B Incremental Annualized Sales vs. Q4’23 ($B) $8B INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23
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9 © 2025 Corning Incorporated Incremental Annualized Sales vs. Q4’23 ($B) $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 Springboard – Original Internal Plan $5B Internal Plan
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10 © 2025 Corning Incorporated Incremental Annualized Sales vs. Q4’23 ($B) $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $3B High-Confidence Plan Springboard – Original High-Confidence Plan
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11 © 2025 Corning Incorporated © 2025 Corning Incorporated © Christopher Payne / Esto Improving Return Profile Profits to grow faster than revenues Operating Margin to improve to 20% by end of 2026 Improved ROIC, higher EPS, and strengthening cash flow Required production capacity and technical capabilities in place
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12 © 2025 Corning Incorporated Springboard – Year 1 Performance Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 $2.4B $5B $3B Internal Plan High-Confidence Plan Q4’24 Sales$3.87B Q4’23 Sales$3.27B– Incremental$0.6B Annualized4x Q4’24 Run-Rate$2.4B
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13 © 2025 Corning Incorporated Springboard – Year 1 Performance Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 $2.4B $5B $3B Grew sales 18% Q4’24 vs. Q4’23 Expanded operating margin by 220 basis points to 18.5% Expanded ROIC 390 basis points Delivered $1.25B FCF for full-year 2024, up 42% vs prior year Grew EPS 46%
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14 © 2025 Corning Incorporated Q1 Guidance Update Previous Guidance $3.6B $0.48-0.52 SALES EPS Updated Guidance >$3.6B $0.50-0.52
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15 © 2025 Corning Incorporated Springboard – Original Plan Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 $5B Internal Plan $3B High-Confidence Plan
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16 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan $4B High-Confidence Plan $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26
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17 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 Operating margin of 20% by end of ’26 on upgraded revenue Delivering higher EPS, stronger cash flow, and improved ROIC
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18 © 2025 Corning Incorporated © 2025 Corning Incorporated Display On track to deliver 2025 net income of $900-950M and net income margin of 25% Increased price in 2H’24 to maintain stable USD net income
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19 © 2025 Corning Incorporated © 2025 Corning Incorporated Optical Communications Fiber-to-the-Home (FTTH) Conditions in place for FTTH to spring back to growth later this year Interconnecting DCs (DCI) New DCI innovations fully commercialized and ramping quickly Inside Gen AI DCs Raising ‘23-’27 Enterprise sales CAGR from 25% to 30%
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20 © 2025 Corning Incorporated © 2025 Corning Incorporated Solar Launching Solar Market-Access Platform Expect positive incremental impact on Corning’s sales, profits, and cash flow this year Commercializing our new ‘Made in America’ ingot and wafer products Building to a $2.5B revenue stream by 2028
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21 © 2025 Corning Incorporated Why we’re here today…
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22 © 2025 Corning Incorporated © Christopher Payne / Esto
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23 © 2025 Corning Incorporated © Christopher Payne / Esto
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24 © 2025 Corning Incorporated © Christopher Payne / Esto
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25 © 2025 Corning Incorporated We’re celebrating our 175th anniversary next year… Our mission is another 175 years of life-changing innovation
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26 © 2025 Corning Incorporated Another 175 Years of Life-Changing Innovation
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27 © 2025 Corning Incorporated
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28 © 2025 Corning Incorporated
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29 © 2025 Corning Incorporated
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30 © 2025 Corning Incorporated Focus >80% of resources on opportunities that leverage capabilities from at least two of three columns Our 3-4-5 Approach
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31 © 2025 Corning Incorporated © 2025 Corning Incorporated Pursuing “More Corning” across all our markets
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32 Winning in Optical Communications Mike O’Day Senior Vice President & General Manager Optical Communications
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33 © 2025 Corning Incorporated Winning through insights and innovation
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34 © 2025 Corning Incorporated Raising Enterprise sales CAGR to 30% for 2023-2027 GEN AI INSIDE THE DATA CENTER
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35 © 2025 Corning Incorporated Data Center Interconnect (DCI) adopted by three customers creating a new revenue stream GEN AI OUTSIDE THE DATA CENTER
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36 © 2025 Corning Incorporated FTTH is poised to spring back later this year BROADBAND FIBER-TO-THE-HOME
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37 © 2025 Corning Incorporated Raising Enterprise sales CAGR to 30% for 2023-2027 GEN AI INSIDE THE DATA CENTER
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38 © 2025 Corning Incorporated Evolution of fiber in data centers Cloud: Single-digit Enterprise growth pre-Gen AI CLOUD
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39 © 2025 Corning Incorporated CLOUD 32 GPU AI NODE Evolution of fiber in data centers 32 GPU Node: 4x more fiber than Cloud Cloud: Single-digit Enterprise growth pre-Gen AI
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40 © 2025 Corning Incorporated 32 GPU AI NODE 72 GPU AI NODECLOUD 72 GPU Node: requires another 4x more fiber Switch Rack Fiber Evolution Evolution of fiber in data centers 32 GPU Node: 4x more fiber than Cloud Cloud: Single-digit Enterprise growth pre-Gen AI
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41 © 2025 Corning Incorporated SWITCH RACK AND SIX SERVER RACKS Evolution of fiber in data centers
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42 © 2025 Corning Incorporated SWITCH RACK AND BACK OF SIX SERVER RACKS Evolution of fiber in data centers
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43 © 2025 Corning Incorporated More yellow = More Corning opportunities for insights and innovations Working with all major hyperscalers Solving scale and density challenges
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44 © 2025 Corning Incorporated
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45 © 2025 Corning Incorporated MANHATTAN, NY
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46 © 2025 Corning Incorporated MANHATTAN, NY 8M miles of fiber
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47 © 2025 Corning Incorporated NY STATE 8M miles of fiber
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48 © 2025 Corning Incorporated NY STATE 8M miles of fiber
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49 © 2025 Corning Incorporated 0 2000 4000 6000 8000 10000 12000 14000 16000 <2023 2023-2024 2025-2026 FIBERS PER SWITCH RACK 144-288 GPU AI NodeMore GPUs drives more fiber in the same space requiring innovations to enable density 72 GPU AI Node 32 GPU AI Node 16x more fiber Cloud
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50 © 2025 Corning Incorporated CONTOUR FIBER 40% smaller CONTOUR FLOW CABLE 2x denser CUSTOM AI SOLUTIONS 70% faster install MMC CONNECTOR 36x denser Reinvented new components to solve for scale and density
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51 © 2025 Corning Incorporated Winning with insights and innovation Right innovations Right customers Right time
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52 © 2025 Corning Incorporated © 2025 Corning Incorporated © Christopher Payne / Esto Building a sustainable competitive advantage These new innovations are made in the USA World’s largest fiber factory in North Carolina Over 1,000 pending and granted patents worldwide © 2025 Corning Incorporated
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53 © 2025 Corning Incorporated Data Center Interconnect (DCI) adopted by three customers creating a new revenue stream GEN AI OUTSIDE THE DATA CENTER
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54 © 2025 Corning Incorporated EXISTING AND NEW DATA CENTER HUBS Data center hubs need high-bandwidth fiber links Existing hubs require more fiber connections U.S. has 6 major data center hubs – could more than double by 2030 All hubs need to be interconnected with fiber Northern Virginia Charlotte, NC Atlanta, GA Minneapolis, MN Columbus, OH Charlotte, NC Northern Virginia Indianapolis, IN Silicon Valley, CA Salt Lake City, UT Phoenix, AZ San Antonio, TX Dallas, TX Denver, CO Kansas, MO Chicago, IL Existing New
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55 © 2025 Corning Incorporated “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 seeing great optimism from our customers as there is a race to build fiber throughout the country.” “Hyperscalers, social platforms and cloud companies are massively expanding their networks to support data center buildups for their AI model training. As long as these companies keep building data centers, we will have the opportunity to connect them.” “The DCI market, especially for long-haul connections, is projected to experience substantial growth due to the escalating data demands from cloud services and AI applications.”
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56 © 2025 Corning Incorporated Fiber density matters to our customers Microducts are trending, requiring more fiber in smaller space More fiber is more cost-effective for both existing and new ducts 3,024 Fibers
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57 © 2025 Corning Incorporated Innovating to maximize fiber density in ducts LEGACY CABLE 432 Fibers NEW CONTOUR FLOW CABLE 864 Fibers Contour Flow Cable is the key innovation Doubled the fiber for new microduct system Enabled density and better optical performance
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58 © 2025 Corning Incorporated 6,048 Fibers Innovating to maximize fiber density in ducts Contour Flow Cable is the key innovation Doubled the fiber for new microduct system from 3,000 to 6,000 fibers in the same space Enabled density and better optical performance
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59 © 2025 Corning Incorporated Three major DCI customers adopting our new Contour Flow Cables Winning with products that are fully commercialized Ramping shipments month-over- month in Q1
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60 © 2025 Corning Incorporated FTTH is poised to spring back later this year BROADBAND FIBER-TO-THE-HOME
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61 © 2025 Corning Incorporated 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Corning Fiber Shipments 30%+ gap Cyclical recovery beginning; stage set for growth
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62 © 2025 Corning Incorporated “In several of our customers' recent earnings calls, they reiterated their commitment to their fiber-to-the-home plans and some mentioned opportunities for increased velocity of build, while others again increased total expected passings.” “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.”
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63 © 2025 Corning Incorporated CONTOUR FIBER 40% smaller CONTOUR FLOW CABLE 2x denser PUSHLOK CONNECTOR 2x smaller EVOLV TERMINAL 4x smaller Our denser solutions enable faster, more efficient deployments
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64 © 2025 Corning Incorporated Winning through insights and innovation
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65 © 2025 Corning Incorporated Focused and cohesive portfolio
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66 Dr. Claudio Mazzali Vice President, Global Research Next Frontiers in Optical Communications
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67 © 2025 Corning Incorporated The next frontiers in Optical SWITCH RACKS SERVER RACKSSERVER RACKS OPTICAL LINKS CONNECTING SWITCH RACKS AND SERVER RACKS Converting that back-end to optical is a large innovation opportunity for us 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
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68 © 2025 Corning Incorporated Looking at the logical architecture OPTICAL ELECTRICAL Back End or Scale-Up Interconnecting GPUs inside a single Node Front End or Scale-Out Interconnecting Racks of Switches and Servers Back of a Server Rack
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69 © 2025 Corning Incorporated Looking at the logical architecture OPTICAL ELECTRICAL Back End or Scale-Up Interconnecting GPUs inside a single Node Front End or Scale-Out Interconnecting Racks of Switches and Servers
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70 © 2025 Corning Incorporated Looking at the logical architecture The hidden back-end is a multi-billion- dollar dense network poised to convert from copper to Optical >1200 links connecting >70 GPUs within the server rack using >2 Miles of copper cables Multiple Switch Trays per Rack Multiple GPU Trays per rack with multiple GPUs per Tray
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71 © 2025 Corning Incorporated The next frontiers in Optical 0.00001 0.0001 0.001 0.01 0.1 1 10 100 1000 0.1 1 10 100 1000 10000 100000 1000000 10000000 METRO OPTICAL ELECTRICAL Intra DC Campus DCI ACCESS LH SUB We have been following the E-to-O transition framework We work on transitions that are inevitable Distance (m) Data Rates (Gb/s)
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72 © 2025 Corning Incorporated 0.00001 0.0001 0.001 0.01 0.1 1 10 100 1000 0.1 1 10 100 1000 10000 100000 1000000 10000000 OPTICAL The next frontiers in Optical INTRA NODE INTRA NODE Gen AI node today: >2 miles of copper in a single rack Gen AI node moving to 100s of GPUs distributed over many racks Distance goes from <3m to >30m Optics replaces copper Short-distance optical interconnects is a fast growing multi-billion-dollar market Intra NODE Distance (m) Data Rates (Gb/s) ELECTRICAL
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73 © 2025 Corning Incorporated We see this transition in multiple roadmaps Reference: Rob Stone (Meta) at UCSB IEE Emerging Technology Review PCB interconnects (copper) Optical InterconnectsDAC interconnects (copper) Rack Shelf Network Switch .. . .. . Rack Shelf TOR Panel ... Compute Fabric (Data Center Network – Optical) Hosts (Accelerators, GPUs) Rack Interconnects (DAC) Cluster Fabric (Data Center Network – Optical) Hosts (Accelerators, GPUs) 5 to 10x interconnects Compute Fabric Today Cluster Fabric Tomorrow .. .
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74 © 2025 Corning Incorporated Activating our capabilities to deliver Co-Packaged Optics OPPORTUNITY TO LEVERAGE ANOTHER PLATFORM Micro Optics TGVs (Through Glass Vias) Waveguide design Laser processing Ion Exchange Tech. CTE tuning GOING INSIDE THE BOX…
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75 © 2025 Corning Incorporated Why Co-Packaged Optics PCB SUBSTRATE CHIP I/O DATA PROC. I/O I/O I/O I/ODATA PROC. IO/ I/O I/OI/O PIC DATA PROC. PIC More silicon dedicated to I/O Chips getting to 100 Tb/s of aggregated I/O PLUGGABLE Tx/Rx DSP OPTICS INSIDE THE BOX Requires less Digital Signal Processing (DSP) and Forward Error Correction (FEC) Saves Silicon real estate for data processing Reduces cost of optics through integration Reduces signal loss, latency, and energy per bit or power consumption Electrical Optical Cable CHIP (xPU/ASIC) 100s of lanes at 100+ Gb/s Digital Signal Processing (DSP) & Forward Error Correction (FEC) required even for centimeters of copper Photonic Integrated Circuit
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76 © 2025 Corning Incorporated Why Co-Packaged Optics GLASS SUBSTRATE GLASS BECOMES THE ENTIRE SUBSTRATE… Reduces thermal issues (warp) with current organic materials Enables entering a $40+ billion semiconductor packaging market Improves multi-chip packaging DATA PROC. PIC Recovered Silicon real estate for Data Processing CHIP CHIPPIC PIC Chips getting to 100 Tb/s of aggregated I/O
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77 © 2025 Corning Incorporated
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78 © 2025 Corning Incorporated 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 >50% 4x>40% power savings density lower $/bit INDUSTRY ESTIMATIONS FOR CPO IMPACT
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79 © 2025 Corning Incorporated Working together with multiple partners Joint paper with Broadcom 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
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80 © 2025 Corning Incorporated Exciting Opportunities SOLAR AUGMENTED REALITY ARCHITECTURE ENERGY STORAGE CARBON CAPTURE BENDABLE GLASS
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81 Our Opportunity in Solar Wendell Weeks Chairman & Chief Executive Officer
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82 © 2025 Corning Incorporated © 2025 Corning Incorporated Glass Anti-Reflective Coating N-type Semiconductor P-type Semiconductor Electrical Contact Electrical Contact Glass Photon Journey γ + –
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83 © 2025 Corning Incorporated Low-risk, high-return entry point into Solar 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 Restarted idled solar capacity and added higher-value wafers Gained full strategic control of Hemlock Committed customers for 100% of capacity in 2025, and 80% for next 5 years
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84 © 2025 Corning Incorporated Creating a business with $1B in sales at profitability levels above the Corning average
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85 © 2025 Corning Incorporated Semiconductor and Solar Cumulative Cash Flow 0 1000 2020 2021 2022 2023 2024 2025F $M
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86 © 2025 Corning Incorporated We found our low-risk, high-return entry point… to build a powerful Solar MAP for Corning
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87 Hal Nelson Senior Vice President & General Manager Automotive, Life Sciences & Solar Our Opportunity in Solar
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88 © 2025 Corning Incorporated Building a $2.5B Solar Market Access-Platform
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89 © 2025 Corning Incorporated 80% of capacity secured via customer commitments Assets in place to support strong market growth Serving unmet demand for American-made products Positive impact on Corning results this year Accelerating growth from $1B to $2.5B by 2028 Building a $2.5B Solar Market Access-Platform
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90 © 2025 Corning Incorporated Silicon is at the heart of our core materials set
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91 © 2025 Corning Incorporated Silicon is at the heart of our core materials set
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92 © 2025 Corning Incorporated © 2025 Corning Incorporated 60+ years of experience in polysilicon 1961 2025
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93 © 2025 Corning Incorporated © 2025 Corning Incorporated HYPER-PURE POLYSILICON 99.9999999999%
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94 © 2025 Corning Incorporated SEMICONDUCTOR Growing our semiconductor polysilicon business POLYSILICON OPERATIONS
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95 © 2025 Corning Incorporated Activating a “More Corning” opportunity in Solar SOLARPOLYSILICON OPERATIONS
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96 © 2025 Corning Incorporated Favorable economics are driving solar growth in the U.S. U.S. PV INSTALLATION [GW] 10 49 58 2018 2019 2020 2021 2022 2023 2024 2025 2026 +30% CAGR Source: Bloomberg NEF 1Q 2025 Global PV Market Outlook, Feb 2025 World’s second largest solar market Important to utility providers’ energy portfolios Significant contributor to newly built utility capacity
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97 © 2025 Corning Incorporated U.S. crystalline silicon solar supply chain is dependent on imports WAFERS CELLS MODULES U.S. Imports U.S. SHARE OF PRODUCTION* IN 2024 Imports 100% POLYSILICON
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98 © 2025 Corning Incorporated We took actions to capture “More Corning” opportunities Activating idle assets to support Solar growth Moving downstream into wafers to capture value Michigan, USA
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99 © 2025 Corning Incorporated © 2025 Corning Incorporated Moving downstream into wafers to capture value MICHIGAN CAMPUS – WAFER
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100 © 2025 Corning Incorporated Corning’s polysilicon and wafers enabling a full U.S. supply chain “…provides U.S. developers maximum ITC domestic content advantage…” “First ‘Made in America’ Solar Module Supply Chain”
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101 © 2025 Corning Incorporated Ideally suited to support growth and innovation
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102 © 2025 Corning Incorporated Building a $2.5 billion Solar Market-Access Platform 80% of capacity secured via customer commitments Assets in place to support strong market growth Serving unmet demand for American-made products Positive impact on Corning results this year Accelerating growth from $1B to $2.5B by 2028
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103 Ed Schlesinger Executive Vice President & Chief Financial Officer Financial Outlook & Summary
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104 © 2025 Corning Incorporated Q1 Guidance Update Previous Guidance $3.6B $0.48-0.52 SALES EPS Updated Guidance >$3.6B $0.50-0.52
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105 © 2025 Corning Incorporated © Christopher Payne / Esto External Environment Large U.S. Advanced Manufacturing footprint 90% of our U.S. revenue comes from products of U.S. origin Majority of remainder USMCA compliant Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs
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106 © 2025 Corning Incorporated Springboard – Upgraded Internal PlanSpringboard – Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 $5B Internal Plan $6B Springs activating now: Display, Optical, and Solar Other springs to activate going forward
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107 © 2025 Corning Incorporated Springboard – Upgraded High-Confidence Plan Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B Internal Plan $4B High-Confidence Plan $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26
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108 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 Macro-economic cycles Corporate Risk Adjustment Timing of secular trends and our innovations Changes in government policies
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109 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $0 $1 $2 $3 $4 $5 $6 Q4'23 Q4'24 Q4'25 Q4'26 20-30% increase in sales run-rate from Q1 2025 Profit growing faster than sales Compelling Springboard Plan
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110 © 2025 Corning Incorporated Improving Return Profile 16.3% 18.5% 20.0% 0% 5% 10% 15% 20% 25% Q4'23 Q4'24 Q4'26 Target Operating Margin Year 1 Operating Margin improved by 220 basis points Higher sales, profit, cash flow, and ROIC lead to improving return profile Confident in delivering Operating Margin Target of 20% by end of ‘26
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111 © 2025 Corning Incorporated © 2025 Corning Incorporated Display On track to deliver 2025 net income of $900-950M and net income margin of 25% Increased price to maintain stable USD net income in weaker yen environment Yen hedges in place for ’25-’26
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112 © 2025 Corning Incorporated © 2025 Corning Incorporated © Christopher Payne / Esto Optical Communications Fiber-to-the-Home (FTTH) Conditions in place for FTTH to spring back to growth later this year Interconnecting DCs (DCI) New DCI innovations fully commercialized and ramping quickly Inside Gen AI DCs Raising ‘23-’27 Enterprise sales CAGR from 25% to 30%
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113 © 2025 Corning Incorporated © 2025 Corning Incorporated Solar Launching Solar Market-Access Platform Building a $2.5B business by 2028 leveraging low-risk entry point
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114 © 2025 Corning Incorporated Solar 0 1000 2020 2021 2022 2023 2024 2025F $M Semiconductor & Solar Cumulative Cash Flow Generated over $1B in cash from 2020-2024, all while we: Made process advancements in Semiconductor Activated idle assets for U.S. Solar Polysilicon Added capability to manufacture U.S. Solar Wafers
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115 © 2025 Corning Incorporated © 2025 Corning Incorporated 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
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116 © 2025 Corning Incorporated Capital Allocation Priorities Investing for Organic Growth Creates most value for shareholders Will continue to invest in high-growth, high-return opportunities Maintaining Strong, Efficient Balance Sheet Average debt maturity of 23 years Only $1.2B of debt due by 2030 Returning Excess Cash to Shareholders Repurchased ~50% of shares since 2013 Investing $100M in Q1
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117 © 2025 Corning Incorporated Springboard – Year 1 Compelling Results: Grew sales, EPS (> 2X sales), ROIC, and Cash Flow
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118 © 2025 Corning Incorporated Springboard – Year 2 Upgrading to an even more compelling Springboard Plan
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