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1 First-Quarter 2025 Investor Call Corning Reports First-Quarter 2025 Financial Results April 29, 2025
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1 First-Quarter 2025 Investor Call Corning Reports First-Quarter 2025 Financial Results April 29, 2025
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2 © 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 areforward-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 Springboard plan, 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. 3 © 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 measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and exclude specific items that are non-recurring, related to foreign exchange volatility, or unrelated to continuing operations. These measures are our core performance measures. Management uses core performance measures, along with GAAP financial measures, to make financial and operational decisions and certain of these measures also form the basis of our compensation program metrics. Management believes that our core performance measures are indicative of our core operating performance and provide investors with greater visibility into how management evaluates our results and trends and makes business decisions. These measures are not, and should not be viewed as a substitute for, GAAP reporting measures. Items that are excluded from certain core performance calculations include: 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, Optical Communications, Specialty Materials, Automotive and Life Sciences segments to exclude the impact from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the 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. For details of the rates used, please see the footnotes to the “Reconciliation of Non-GAAP Measures” section. 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. 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 orare out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis. 4
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2 © 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 areforward-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 Springboard plan, 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. 3 © 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 measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and exclude specific items that are non-recurring, related to foreign exchange volatility, or unrelated to continuing operations. These measures are our core performance measures. Management uses core performance measures, along with GAAP financial measures, to make financial and operational decisions and certain of these measures also form the basis of our compensation program metrics. Management believes that our core performance measures are indicative of our core operating performance and provide investors with greater visibility into how management evaluates our results and trends and makes business decisions. These measures are not, and should not be viewed as a substitute for, GAAP reporting measures. Items that are excluded from certain core performance calculations include: 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, Optical Communications, Specialty Materials, Automotive and Life Sciences segments to exclude the impact from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the 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. For details of the rates used, please see the footnotes to the “Reconciliation of Non-GAAP Measures” section. 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. 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 orare out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis. 4
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3 © 2025 Corning Incorporated Q1 GAAP EARNINGS FX Hedge Accounting and Other Charges • Recorded realized gains and unrealized, non-cash mark-to-market losses on currency-hedging contracts for a net after-tax loss of $77M – Translation hedges reduce our economic expos ure to currency fluctuations, providing higher certainty for our earnings and cash flow, our growth investments, and our future shareholder distributions – Hedge contracts settled in any given quarter substantially offset changes in earnings and cash flow due to currency fluctuations • Recorded non-cash, after-tax loss of $33M on the translation of Japanese-yen-denominated debt 5 First-Quarter 2025 Investor Call Corning Reports First-Quarter 2025 Financial Results April 29, 2025
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3 © 2025 Corning Incorporated Q1 GAAP EARNINGS FX Hedge Accounting and Other Charges • Recorded realized gains and unrealized, non-cash mark-to-market losses on currency-hedging contracts for a net after-tax loss of $77M – Translation hedges reduce our economic expos ure to currency fluctuations, providing higher certainty for our earnings and cash flow, our growth investments, and our future shareholder distributions – Hedge contracts settled in any given quarter substantially offset changes in earnings and cash flow due to currency fluctuations • Recorded non-cash, after-tax loss of $33M on the translation of Japanese-yen-denominated debt 5 First-Quarter 2025 Investor Call Corning Reports First-Quarter 2025 Financial Results April 29, 2025
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4 © 2025 Corning Incorporated CEO PERSPECTIVE First-Quarter 2025 Core Performance $3.7B Q1 Core Sales 13% Increase YoY 7 “Today, we announced strong first-quarter results that exceeded guidance. Core sales grew 13% year over year and core EPS grew three times faster. In Optical Communications, sales in our Enterprise business were up 106% year over year on continued strong demand for our new products for Gen AI.” - Wendell Weeks, Chairman and CEO 37.9% Q1 Gross Margin 110 bps Increase YoY $0.54 Q1 Core EPS 42% Increase YoY © 2025 Corning Incorporated Recent Investor Questions "What is the financial impact of tariffs on Corning?" "Can you deliver your Springboard plan if there is a macroeconomic downturn during the plan timeframe?" CEO PERSPECTIVE 8
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4 © 2025 Corning Incorporated CEO PERSPECTIVE First-Quarter 2025 Core Performance $3.7B Q1 Core Sales 13% Increase YoY 7 “Today, we announced strong first-quarter results that exceeded guidance. Core sales grew 13% year over year and core EPS grew three times faster. In Optical Communications, sales in our Enterprise business were up 106% year over year on continued strong demand for our new products for Gen AI.” - Wendell Weeks, Chairman and CEO 37.9% Q1 Gross Margin 110 bps Increase YoY $0.54 Q1 Core EPS 42% Increase YoY © 2025 Corning Incorporated Recent Investor Questions "What is the financial impact of tariffs on Corning?" "Can you deliver your Springboard plan if there is a macroeconomic downturn during the plan timeframe?" CEO PERSPECTIVE 8
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5 © 2025 Corning Incorporated "What is the financial impact of tariffs?" Manufacture products close to our customers Serves as a natural hedge against tariff structures and mitigates financial impact Direct financial impact of existing tariffs Approximately $0.01-$0.02 impact in Q2 Significant U.S. Advanced Manufacturing Footprint Seeing early signs of stronger demand for our U.S.-made innovations CEO PERSPECTIVE 9 © 2025 Corning Incorporated "Can you deliver your Springboard plan if there is a macro- economic downturn?" Reiterating confidence in ability to deliver $4B+ high-confidence Springboard plan Sales growth driven by powerful secular trends and "More Corning" content in customers' offerings Risk adjustment accounts for multiple factors, including potential macroeconomic slowdown CEO PERSPECTIVE 10 Springboard – Upgraded Plans
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5 © 2025 Corning Incorporated "What is the financial impact of tariffs?" Manufacture products close to our customers Serves as a natural hedge against tariff structures and mitigates financial impact Direct financial impact of existing tariffs Approximately $0.01-$0.02 impact in Q2 Significant U.S. Advanced Manufacturing Footprint Seeing early signs of stronger demand for our U.S.-made innovations CEO PERSPECTIVE 9 © 2025 Corning Incorporated "Can you deliver your Springboard plan if there is a macro- economic downturn?" Reiterating confidence in ability to deliver $4B+ high-confidence Springboard plan Sales growth driven by powerful secular trends and "More Corning" content in customers' offerings Risk adjustment accounts for multiple factors, including potential macroeconomic slowdown CEO PERSPECTIVE 10 Springboard – Upgraded Plans
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6 © 2025 Corning Incorporated Direct Impact of Tariffs Manufacture products close to our customers Geographic proximity leads to better innovation Serves as a natural hedge against global trade tensions and tariffs Direct impact of current tariffs is minimal 11 CEO PERSPECTIVE © 2025 Corning Incorporated Direct Impact of Tariffs - U.S. Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs Large U.S. advanced manufacturing footprint Nearly 90% of our U.S. revenue comes from products of U.S. origin Majority of remainder USMCA compliant Only 1% of products sold in U.S. come from China 12 CEO PERSPECTIVE
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6 © 2025 Corning Incorporated Direct Impact of Tariffs Manufacture products close to our customers Geographic proximity leads to better innovation Serves as a natural hedge against global trade tensions and tariffs Direct impact of current tariffs is minimal 11 CEO PERSPECTIVE © 2025 Corning Incorporated Direct Impact of Tariffs - U.S. Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs Large U.S. advanced manufacturing footprint Nearly 90% of our U.S. revenue comes from products of U.S. origin Majority of remainder USMCA compliant Only 1% of products sold in U.S. come from China 12 CEO PERSPECTIVE
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7 © 2025 Corning Incorporated Direct Impact of Tariffs - China Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs Minimal exposure in China 80% of sales in China made in China or processed in customs-approved tax- and duty-free zones Majority of remaining 15% made in region (i.e. Korea and Taiwan) Only ~5% of sales in China imported from U.S. and subject to China tariff structures Expect to mitigate impact with supply chain optimization and price adjustments where necessary 13 CEO PERSPECTIVE © 2025 Corning Incorporated Direct Impact of Tariffs in Total Impact of currently enacted tariffs is not significant Expect direct impact of ~$10M-$15M or $0.01-$0.02 for currently enacted tariffs in Q2 Seek to reduce impact through additional mitigation strategies 14 CEO PERSPECTIVE
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7 © 2025 Corning Incorporated Direct Impact of Tariffs - China Manufacture products close to our customers Serves as a natural hedge against global trade tensions and tariffs Minimal exposure in China 80% of sales in China made in China or processed in customs-approved tax- and duty-free zones Majority of remaining 15% made in region (i.e. Korea and Taiwan) Only ~5% of sales in China imported from U.S. and subject to China tariff structures Expect to mitigate impact with supply chain optimization and price adjustments where necessary 13 CEO PERSPECTIVE © 2025 Corning Incorporated Direct Impact of Tariffs in Total Impact of currently enacted tariffs is not significant Expect direct impact of ~$10M-$15M or $0.01-$0.02 for currently enacted tariffs in Q2 Seek to reduce impact through additional mitigation strategies 14 CEO PERSPECTIVE
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8 © 2025 Corning Incorporated 34 Advanced Manufacturing Facilities Across 15 States CEO PERSPECTIVE 15 © 2025 Corning Incorporated Springboard – Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B 16 CEO PERSPECTIVE $6B internal plan fueled by secular trends Equates to $19B annualized sales run-rate by end of 2026
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8 © 2025 Corning Incorporated 34 Advanced Manufacturing Facilities Across 15 States CEO PERSPECTIVE 15 © 2025 Corning Incorporated Springboard – Internal Plan Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B 16 CEO PERSPECTIVE $6B internal plan fueled by secular trends Equates to $19B annualized sales run-rate by end of 2026
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9 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $2B risk adjustment $6B internal plan translated into $4B+ high-confidence plan Equates to $17B annualized sales run-rate by end of 2026 17 CEO PERSPECTIVE © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $2B risk adjustment Potential economic slowdown already built into $4B+ high- confidence Springboard plan Reiterating $4B+ high- confidence plan 18 CEO PERSPECTIVE
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9 © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $2B risk adjustment $6B internal plan translated into $4B+ high-confidence plan Equates to $17B annualized sales run-rate by end of 2026 17 CEO PERSPECTIVE © 2025 Corning Incorporated Springboard – Upgraded Plans Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B $2B risk adjustment Potential economic slowdown already built into $4B+ high- confidence Springboard plan Reiterating $4B+ high- confidence plan 18 CEO PERSPECTIVE
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10 © 2025 Corning Incorporated 19 Optical Communications Enterprise Networks Upgraded 2023-2027 Enterprise sales CAGR from 25% to 30% Q1 sales up 106% YoY Carrier Networks Data Center Interconnect (DCI); accelerating ramp plans to meet growing demand, driven by Gen AI Conditions in place for Carrier business to spring back to growth in 2025 CEO PERSPECTIVE © 2025 Corning Incorporated 20 Solar CEO PERSPECTIVE Launching $2.5B Solar Market-Access Platform Committed customers for 100% of 2025 capacity Experiencing increasing demand for U.S.-sourced solar Accelerating ramp of U.S. wafer facility
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10 © 2025 Corning Incorporated 19 Optical Communications Enterprise Networks Upgraded 2023-2027 Enterprise sales CAGR from 25% to 30% Q1 sales up 106% YoY Carrier Networks Data Center Interconnect (DCI); accelerating ramp plans to meet growing demand, driven by Gen AI Conditions in place for Carrier business to spring back to growth in 2025 CEO PERSPECTIVE © 2025 Corning Incorporated 20 Solar CEO PERSPECTIVE Launching $2.5B Solar Market-Access Platform Committed customers for 100% of 2025 capacity Experiencing increasing demand for U.S.-sourced solar Accelerating ramp of U.S. wafer facility
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11 © 2025 Corning Incorporated 21 Display Increased price in 2H’24 to maintain stable USD net income On track to deliver 2025 net income of $900M-950M and net income margin of 25% Q1 net income margin of 26.9% CEO PERSPECTIVE © 2025 Corning Incorporated 22 Automotive Expect to almost triple sales in automotive glass business by 2026 Secular trends driving demand for "More Corning" content Given milestones achieved, graduating Automotive Glass business, along with Environmental Technologies, into new "Automotive" segment CEO PERSPECTIVE
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11 © 2025 Corning Incorporated 21 Display Increased price in 2H’24 to maintain stable USD net income On track to deliver 2025 net income of $900M-950M and net income margin of 25% Q1 net income margin of 26.9% CEO PERSPECTIVE © 2025 Corning Incorporated 22 Automotive Expect to almost triple sales in automotive glass business by 2026 Secular trends driving demand for "More Corning" content Given milestones achieved, graduating Automotive Glass business, along with Environmental Technologies, into new "Automotive" segment CEO PERSPECTIVE
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12 © 2025 Corning Incorporated 23 Mobile Consumer Electronics "More Corning" approach driving growth as customers adopt new higher-value innovations Major innovation streams remain on track Expect new technologies to drive growth entering 2026 CEO PERSPECTIVE © 2025 Corning Incorporated CEO Summary Growth trends remain intact Direct impact of tariffs is not significant $2B risk adjustment provides sufficient buffer against potential economic downturns 24
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12 © 2025 Corning Incorporated 23 Mobile Consumer Electronics "More Corning" approach driving growth as customers adopt new higher-value innovations Major innovation streams remain on track Expect new technologies to drive growth entering 2026 CEO PERSPECTIVE © 2025 Corning Incorporated CEO Summary Growth trends remain intact Direct impact of tariffs is not significant $2B risk adjustment provides sufficient buffer against potential economic downturns 24
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13 © 2025 Corning Incorporated CFO PERSPECTIVE First-Quarter 2025 Core Performance $3.7B Q1 Core Sales 13% Increase YoY 25 37.9% Q1 Gross Margin 110 bps Increase YoY $0.54 Q1 Core EPS 42% Increase YoY “In the first quarter, we continued to improve our return profile. Year-over-year, core sales grew 13%, core EPS was up 42%, and we expanded operating margin 250 basis points and core ROIC by 300 basis points. Our momentum is strong. In the second quarter, we expect to grow core sales to approximately $3.85 billion and to again grow core EPS significantly faster than sales to a range of $0.55 to $0.59.” - Ed Schlesinger, EVP and CFO © 2025 Corning Incorporated 26 CFO PERSPECTIVE Outlook Q2 2025 Q2 Core Sales: ~$3.85B Q2 Core EPS: $0.55-$0.59 Factors Considered in Guide $0.01-$0.02 for expected direct impact of currently enacted tariffs; plan to further mitigate going forward by optimizing supply chains and adjusting price where necessary ~$0.03 of temporarily higher costs associated with ramping production in Optical Communications and Solar
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13 © 2025 Corning Incorporated CFO PERSPECTIVE First-Quarter 2025 Core Performance $3.7B Q1 Core Sales 13% Increase YoY 25 37.9% Q1 Gross Margin 110 bps Increase YoY $0.54 Q1 Core EPS 42% Increase YoY “In the first quarter, we continued to improve our return profile. Year-over-year, core sales grew 13%, core EPS was up 42%, and we expanded operating margin 250 basis points and core ROIC by 300 basis points. Our momentum is strong. In the second quarter, we expect to grow core sales to approximately $3.85 billion and to again grow core EPS significantly faster than sales to a range of $0.55 to $0.59.” - Ed Schlesinger, EVP and CFO © 2025 Corning Incorporated 26 CFO PERSPECTIVE Outlook Q2 2025 Q2 Core Sales: ~$3.85B Q2 Core EPS: $0.55-$0.59 Factors Considered in Guide $0.01-$0.02 for expected direct impact of currently enacted tariffs; plan to further mitigate going forward by optimizing supply chains and adjusting price where necessary ~$0.03 of temporarily higher costs associated with ramping production in Optical Communications and Solar
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14 © 2025 Corning Incorporated SEGMENT RECAP Optical Communications Q1 Results • Q1 Sales of $1.36B, up 46% YoY • Q1 Net income of $201M, up 101% YoY – reflecting strong incremental profit on higher volume Observations • Q1 growth driven by Enterprise Network business, up 106% YoY • Tracking ahead of our 2023-2027 Enterprise Network sales CAGR of 30% • Carrier business sales grew YoY; includes Data Center Interconnect products • Carrier customers have completed drawing down inventory - conditions in place for Carrier Network business to return to growth in 2025 $1.36B Q1 Net Sales Up 46% YoY 27 $201M Q1 Net Income Up 101% YoY © 2025 Corning Incorporated SEGMENT RECAP Display Q1 Results • Q1 Sales of $905M, up 4% YoY – on volume and price increases • Q1 Net income of $243M, up 21% YoY • Q1 Net income margin of 26.9% Observations • Successfully implemented double-digit price increases in second half of 2024 to maintain stable U.S. dollar net income in weaker yen environment • Hedged yen exposure for 2025 and 2026; some hedges in place beyond 2026; reset yen core rate to ¥120 beginning Q1’25 • Expect to deliver 2025 segment net income of $900M-$950M and net income margin of 25%, consistent with the last 5 years • Glass supply-demand environment increasingly balanced-to-tight $905M Q1 Net Sales Up 4% YoY 28 $243M Q1 Net Income Up 21% YoY
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14 © 2025 Corning Incorporated SEGMENT RECAP Optical Communications Q1 Results • Q1 Sales of $1.36B, up 46% YoY • Q1 Net income of $201M, up 101% YoY – reflecting strong incremental profit on higher volume Observations • Q1 growth driven by Enterprise Network business, up 106% YoY • Tracking ahead of our 2023-2027 Enterprise Network sales CAGR of 30% • Carrier business sales grew YoY; includes Data Center Interconnect products • Carrier customers have completed drawing down inventory - conditions in place for Carrier Network business to return to growth in 2025 $1.36B Q1 Net Sales Up 46% YoY 27 $201M Q1 Net Income Up 101% YoY © 2025 Corning Incorporated SEGMENT RECAP Display Q1 Results • Q1 Sales of $905M, up 4% YoY – on volume and price increases • Q1 Net income of $243M, up 21% YoY • Q1 Net income margin of 26.9% Observations • Successfully implemented double-digit price increases in second half of 2024 to maintain stable U.S. dollar net income in weaker yen environment • Hedged yen exposure for 2025 and 2026; some hedges in place beyond 2026; reset yen core rate to ¥120 beginning Q1’25 • Expect to deliver 2025 segment net income of $900M-$950M and net income margin of 25%, consistent with the last 5 years • Glass supply-demand environment increasingly balanced-to-tight $905M Q1 Net Sales Up 4% YoY 28 $243M Q1 Net Income Up 21% YoY
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15 © 2025 Corning Incorporated SEGMENT RECAP Specialty Materials Q1 Results • Q1 Sales of $501M, up 10% YoY • Q1 Net income of $74M, up 68% YoY Observations • Increase in Q1 sales and net income driven by continued strong demand for premium glass for mobile devices $501M Q1 Net Sales Up 10% YoY 29 $74M Q1 Net Income Up 68% YoY © 2025 Corning Incorporated 30 AUTOMOTIVE Leveraging market access to drive “More Corning” content into the automotive market Environmental Technologies Automotive Glass Solutions
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15 © 2025 Corning Incorporated SEGMENT RECAP Specialty Materials Q1 Results • Q1 Sales of $501M, up 10% YoY • Q1 Net income of $74M, up 68% YoY Observations • Increase in Q1 sales and net income driven by continued strong demand for premium glass for mobile devices $501M Q1 Net Sales Up 10% YoY 29 $74M Q1 Net Income Up 68% YoY © 2025 Corning Incorporated 30 AUTOMOTIVE Leveraging market access to drive “More Corning” content into the automotive market Environmental Technologies Automotive Glass Solutions
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16 © 2025 Corning Incorporated SEGMENT RECAP Automotive Q1 Results • Q1 Sales of $440M, down 10% YoY – primarily driven by continued softness in light- and heavy-duty European markets, as expected • Q1 Net income of $68M, down 13% YoY Observations • North America Class 8 market continues to lag YoY following strong Q1’24 • Remain confident underlying secular trends will drive growth in Automotive $440M Q1 Net Sales Down 10% YoY 31 $68M Q1 Net Income Down 13% YoY © 2025 Corning Incorporated SEGMENT RECAP Life Sciences Q1 Results • Q1 Sales of $234M, down 1% YoY • Q1 Net income of $13M, consistent YoY Observations • In February, received Fisher Scientific’s Supplier of the Year award $234M Q1 Net Sales Down 1% YoY 32 $13M Q1 Net Income Consistent YoY
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16 © 2025 Corning Incorporated SEGMENT RECAP Automotive Q1 Results • Q1 Sales of $440M, down 10% YoY – primarily driven by continued softness in light- and heavy-duty European markets, as expected • Q1 Net income of $68M, down 13% YoY Observations • North America Class 8 market continues to lag YoY following strong Q1’24 • Remain confident underlying secular trends will drive growth in Automotive $440M Q1 Net Sales Down 10% YoY 31 $68M Q1 Net Income Down 13% YoY © 2025 Corning Incorporated SEGMENT RECAP Life Sciences Q1 Results • Q1 Sales of $234M, down 1% YoY • Q1 Net income of $13M, consistent YoY Observations • In February, received Fisher Scientific’s Supplier of the Year award $234M Q1 Net Sales Down 1% YoY 32 $13M Q1 Net Income Consistent YoY
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17 © 2025 Corning Incorporated SEGMENT RECAP Hemlock and Emerging Growth Businesses Q1 Results • Q1 Sales of $244M, down 11% YoY • Q1 Net loss of $16M Observations • Results do not include Automotive Glass Solutions business • Results include Solar; continue to ramp production for new solar wafer products • Commercializing new made-in-America ingot and wafer production and expect positive incremental impact on sales, profit, and cash flow in second half of 2025 • Have committed customers for 100% of available 2025 solar capacity; 80% for next 5 years $244M Q1 Net Sales Down 11% YoY 33 $(16)M Q1 Net Loss © 2025 Corning Incorporated Adjusted free cash flow of ($1M) in Q1 driven by typical compensation and working capital cycles Anticipate significant adjusted free cash flow generation in 2025 Expect to invest ~$1.3B on capital expenditures in 2025 34 Cash Flow CFO PERSPECTIVE
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17 © 2025 Corning Incorporated SEGMENT RECAP Hemlock and Emerging Growth Businesses Q1 Results • Q1 Sales of $244M, down 11% YoY • Q1 Net loss of $16M Observations • Results do not include Automotive Glass Solutions business • Results include Solar; continue to ramp production for new solar wafer products • Commercializing new made-in-America ingot and wafer production and expect positive incremental impact on sales, profit, and cash flow in second half of 2025 • Have committed customers for 100% of available 2025 solar capacity; 80% for next 5 years $244M Q1 Net Sales Down 11% YoY 33 $(16)M Q1 Net Loss © 2025 Corning Incorporated Adjusted free cash flow of ($1M) in Q1 driven by typical compensation and working capital cycles Anticipate significant adjusted free cash flow generation in 2025 Expect to invest ~$1.3B on capital expenditures in 2025 34 Cash Flow CFO PERSPECTIVE
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18 © 2025 Corning Incorporated Upgraded Springboard plans include higher sales and higher profit 2024 adjusted free cash flow increased 42% YoY Prioritize investing for organic growth opportunities Growing through innovation creates the most value for shareholders Seek to maintain strong and efficient balance sheet One of the longest debt tenors in the S&P 500 Only ~$1.2B in debt coming due over next 5 years Expect to continue strong track record of returning excess cash to shareholders 35 Capital Allocation CFO PERSPECTIVE © 2025 Corning Incorporated CFO Summary Delivered strong sales growth and improving return profile in Q1 and expect a strong Q2 Internal $6B Springboard plan driven by powerful secular trends, particularly Gen AI and Solar Expect to continue improving ROIC, growing EPS, and strengthening adjusted free cash flow $2B risk adjustment provides sufficient buffer against potential economic downturns 36 Have built a tremendous opportunity for value creation for our shareholders
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18 © 2025 Corning Incorporated Upgraded Springboard plans include higher sales and higher profit 2024 adjusted free cash flow increased 42% YoY Prioritize investing for organic growth opportunities Growing through innovation creates the most value for shareholders Seek to maintain strong and efficient balance sheet One of the longest debt tenors in the S&P 500 Only ~$1.2B in debt coming due over next 5 years Expect to continue strong track record of returning excess cash to shareholders 35 Capital Allocation CFO PERSPECTIVE © 2025 Corning Incorporated CFO Summary Delivered strong sales growth and improving return profile in Q1 and expect a strong Q2 Internal $6B Springboard plan driven by powerful secular trends, particularly Gen AI and Solar Expect to continue improving ROIC, growing EPS, and strengthening adjusted free cash flow $2B risk adjustment provides sufficient buffer against potential economic downturns 36 Have built a tremendous opportunity for value creation for our shareholders
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19 Q&A Session © 2025 Corning Incorporated 38 Corning’s 2025 Investor Outreach Plans • May 14 – J.P. Morgan 53rd Annual Global Technology, Media and Communications Conference • Management visits to investor offices in select cities
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19 Q&A Session © 2025 Corning Incorporated 38 Corning’s 2025 Investor Outreach Plans • May 14 – J.P. Morgan 53rd Annual Global Technology, Media and Communications Conference • Management visits to investor offices in select cities
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20 Appendix © 2025 Corning Incorporated 2025 Corporate Metrics (as of April 29, 2025)(1)(2) Q2 2025 • Core Sales: ~$3.85B • Other income/expense: (~$70M-$75M) • Non-controlling interest (~$35M) expense • Core EPS: $0.55-$0.59 Full-Year 2025 • SG&A and RD&E: ~$3.0B • Other income/expense: (~$300M) • Gross equity earnings: ~$15M • Non-controlling interest: (~$150M) expense • Tax rate: ~20% • Capital expenditures: ~$1.3B (1) Corning does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations. As a result, the company is unable to provide guidance on a GAAP basis. (2) Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 40
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20 Appendix © 2025 Corning Incorporated 2025 Corporate Metrics (as of April 29, 2025)(1)(2) Q2 2025 • Core Sales: ~$3.85B • Other income/expense: (~$70M-$75M) • Non-controlling interest (~$35M) expense • Core EPS: $0.55-$0.59 Full-Year 2025 • SG&A and RD&E: ~$3.0B • Other income/expense: (~$300M) • Gross equity earnings: ~$15M • Non-controlling interest: (~$150M) expense • Tax rate: ~20% • Capital expenditures: ~$1.3B (1) Corning does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations. As a result, the company is unable to provide guidance on a GAAP basis. (2) Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 40
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21 © 2025 Corning Incorporated Q1 2025 Core Performance Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 41 Q1 2024 Q4 2024 Q1 2025$ in millions, except EPS $3,258$3,874$3,679Core Net Sales $1,200$1,494$1,395Core Gross Margin 37%39%38%Gross Margin % $441$501$463Core SG&A 14%13%13%% of Sales $255$276$271Core RD&E 8%7%7%% of Sales $504$717$661Core Operating Income 15%19%18%Operating Margin % $9$11$2Core Gross Equity Earnings $436$660$616Core Net Profit Before Taxes $330$497$467 Core Net Income attributable to Corning Incorporated 0.380.570.54Core EPS 862866866Weighted-Average Shares Outstanding © 2025 Corning Incorporated Q1 2025 Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 42 % change Q1 2024 % change Q4 2024 Q1 2025 Segment Net Sales $ in millions 46%$930(1%)$1,368$1,355Optical Communications 11%588(5%)682650Carrier Network 106%3423%686705Enterprise Network 4%872(7%)971905Display 10%454(3%)515501Specialty Materials (10%)491(1%)446440Automotive (6%)324(6%)325305Auto, Glass and Other (19%)16712%121135Diesel (1%)236(6%)250234Life Sciences (11%)275(25%)324244Hemlock and Emerging Growth Businesses 13%$3,258(5%)$3,874$3,679 Net Segment Net Sales and Hemlock and Emerging Growth Businesses % change Q1 2024 % change Q4 2024 Q1 2025 Segment Net Income $ in millions 101%$1004%$194$201Optical Communications 21%$201(7%)$262$243Display 68%$44(9%)$81$74Specialty Materials (13%)$7811%$61$68Automotive 0%$13(28%)$18$13Life Sciences *$17*$10$(16)Hemlock and Emerging Growth Businesses 29%$453(7%)$626$583 Net Segment Income and Hemlock and Emerging Growth Businesses *Not Meaningful As of January 1, 2025, the Company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses and began managing together with its Environmental Technologies business, forming the Automotive segment. The comparative segment information has been recast to conform to the changes in our segment reporting.
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21 © 2025 Corning Incorporated Q1 2025 Core Performance Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 41 Q1 2024 Q4 2024 Q1 2025$ in millions, except EPS $3,258$3,874$3,679Core Net Sales $1,200$1,494$1,395Core Gross Margin 37%39%38%Gross Margin % $441$501$463Core SG&A 14%13%13%% of Sales $255$276$271Core RD&E 8%7%7%% of Sales $504$717$661Core Operating Income 15%19%18%Operating Margin % $9$11$2Core Gross Equity Earnings $436$660$616Core Net Profit Before Taxes $330$497$467 Core Net Income attributable to Corning Incorporated 0.380.570.54Core EPS 862866866Weighted-Average Shares Outstanding © 2025 Corning Incorporated Q1 2025 Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 42 % change Q1 2024 % change Q4 2024 Q1 2025 Segment Net Sales $ in millions 46%$930(1%)$1,368$1,355Optical Communications 11%588(5%)682650Carrier Network 106%3423%686705Enterprise Network 4%872(7%)971905Display 10%454(3%)515501Specialty Materials (10%)491(1%)446440Automotive (6%)324(6%)325305Auto, Glass and Other (19%)16712%121135Diesel (1%)236(6%)250234Life Sciences (11%)275(25%)324244Hemlock and Emerging Growth Businesses 13%$3,258(5%)$3,874$3,679 Net Segment Net Sales and Hemlock and Emerging Growth Businesses % change Q1 2024 % change Q4 2024 Q1 2025 Segment Net Income $ in millions 101%$1004%$194$201Optical Communications 21%$201(7%)$262$243Display 68%$44(9%)$81$74Specialty Materials (13%)$7811%$61$68Automotive 0%$13(28%)$18$13Life Sciences *$17*$10$(16)Hemlock and Emerging Growth Businesses 29%$453(7%)$626$583 Net Segment Income and Hemlock and Emerging Growth Businesses *Not Meaningful As of January 1, 2025, the Company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses and began managing together with its Environmental Technologies business, forming the Automotive segment. The comparative segment information has been recast to conform to the changes in our segment reporting.
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22 © 2025 Corning Incorporated Solar and Semiconductor Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 43 Q1 2025 FYQ4 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024$ in millions $206$865$256$194$199$216Net Sales $27$147$46$31$34$36Net Income Results include polycrystalline silicon and solar wafers. © 2025 Corning Incorporated 44 New Automotive Reporting Segment 2024 – Previous Environmental Technologies $1,098M Automotive and Other $567M Diesel $1,665M Total Environmental Technologies Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $181M Automotive Glass Solutions $232M Other $1,278M Total Hemlock & Emerging Growth Businesses 2024 – New Automotive $1,279M Auto, Glass and Other $567M Diesel $1,846M Total Automotive Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $232M Other $1,097M Total Hemlock and Emerging Growth Businesses
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22 © 2025 Corning Incorporated Solar and Semiconductor Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 43 Q1 2025 FYQ4 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024$ in millions $206$865$256$194$199$216Net Sales $27$147$46$31$34$36Net Income Results include polycrystalline silicon and solar wafers. © 2025 Corning Incorporated 44 New Automotive Reporting Segment 2024 – Previous Environmental Technologies $1,098M Automotive and Other $567M Diesel $1,665M Total Environmental Technologies Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $181M Automotive Glass Solutions $232M Other $1,278M Total Hemlock & Emerging Growth Businesses 2024 – New Automotive $1,279M Auto, Glass and Other $567M Diesel $1,846M Total Automotive Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $232M Other $1,097M Total Hemlock and Emerging Growth Businesses
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23 © 2025 Corning Incorporated Adjusted Free Cash Flow Reconciliation Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 45 Q1 2024 Q1 2025$ in millions $96$151Cash flows from operating activities $94$56Realized gains on translated earnings contracts and other $190$207Adjusted cash flows from operating activities $252$208Less: Capital expenditures $(62)$(1)Adjusted free cash flow © 2025 Corning Incorporated Reconciliation of Non-GAAP to GAAP Financial Measures Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 46 Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2025 $0.1822.9 %$157$240$(1)12.9%$445$270$47135.2%$1,214$3,452As reported - GAAP 0.1916818031773180227Constant-currency adjustment 0.043343Translation loss on Japanese yen-denominated debt, net 0.0977101Translated earnings contract loss, net 0.03223028Acquisition-related costs (0.01)(7)Discrete tax items and other tax-related adjustments (0.01)(5)(7)(2)(1)(3)Restructuring, impairment and other charges and credits 0.0171010(10)Litigation, regulatory and other legal matters 0.00(1)(1)1Pension mark-to-market adjustment 0.0155Loss on investments 0.003444Loss on sale of assets 0.01711Loss on sale of business $0.5419.5 %$467$616$218.0%$661$271$46337.9%$1,395$3,679Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $28 million and $29 million, respectively.
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23 © 2025 Corning Incorporated Adjusted Free Cash Flow Reconciliation Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 45 Q1 2024 Q1 2025$ in millions $96$151Cash flows from operating activities $94$56Realized gains on translated earnings contracts and other $190$207Adjusted cash flows from operating activities $252$208Less: Capital expenditures $(62)$(1)Adjusted free cash flow © 2025 Corning Incorporated Reconciliation of Non-GAAP to GAAP Financial Measures Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 46 Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2025 $0.1822.9 %$157$240$(1)12.9%$445$270$47135.2%$1,214$3,452As reported - GAAP 0.1916818031773180227Constant-currency adjustment 0.043343Translation loss on Japanese yen-denominated debt, net 0.0977101Translated earnings contract loss, net 0.03223028Acquisition-related costs (0.01)(7)Discrete tax items and other tax-related adjustments (0.01)(5)(7)(2)(1)(3)Restructuring, impairment and other charges and credits 0.0171010(10)Litigation, regulatory and other legal matters 0.00(1)(1)1Pension mark-to-market adjustment 0.0155Loss on investments 0.003444Loss on sale of assets 0.01711Loss on sale of business $0.5419.5 %$467$616$218.0%$661$271$46337.9%$1,395$3,679Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $28 million and $29 million, respectively.
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24 © 2025 Corning Incorporated At Corning Return on Invested Capital (ROIC) is calculated based on the Core performance. We define ROIC as follows: Return on Invested Capital Numerator = Return (Operating Income Tax Adjusted) Operating Income + Equity in earnings of affiliated companies –T a x = Operating Income Tax Adjusted Denominator = Invested Capital Equity + Long and Short term Debt = Invested Capital Operating Income Tax Adjusted (Return) Equity+Debt (Invested Capital)ROIC = 47 © 2025 Corning Incorporated Q1 2024 and 2025 Return on Invested Capital (ROIC) 20242025 CoreGAAP to Core AdjustmentsGAAPCoreGAAP to Core AdjustmentsGAAP 504250254661216445Operating income 93623(1)Equity in earnings of affiliated companies 513253260663219444Operating income before interest and taxes 20.2%19.5%Tax Rate 104129-Tax 409534Operating Income - Tax Adjusted 11,55911,128Equity 7,3687,237+Debt 18,92718,365Invested Capital (IC) 1,6362,136Return (Q1 Operating Income - Tax Adjusted x4) 18,92718,365Invested Capital 8.6 %11.6 %ROIC 48
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24 © 2025 Corning Incorporated At Corning Return on Invested Capital (ROIC) is calculated based on the Core performance. We define ROIC as follows: Return on Invested Capital Numerator = Return (Operating Income Tax Adjusted) Operating Income + Equity in earnings of affiliated companies –T a x = Operating Income Tax Adjusted Denominator = Invested Capital Equity + Long and Short term Debt = Invested Capital Operating Income Tax Adjusted (Return) Equity+Debt (Invested Capital)ROIC = 47 © 2025 Corning Incorporated Q1 2024 and 2025 Return on Invested Capital (ROIC) 20242025 CoreGAAP to Core AdjustmentsGAAPCoreGAAP to Core AdjustmentsGAAP 504250254661216445Operating income 93623(1)Equity in earnings of affiliated companies 513253260663219444Operating income before interest and taxes 20.2%19.5%Tax Rate 104129-Tax 409534Operating Income - Tax Adjusted 11,55911,128Equity 7,3687,237+Debt 18,92718,365Invested Capital (IC) 1,6362,136Return (Q1 Operating Income - Tax Adjusted x4) 18,92718,365Invested Capital 8.6 %11.6 %ROIC 48
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25 © 2025 Corning Incorporated Q1 2024 and 2025 GAAP to Core Reconciliation (Earnings Deck) Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 49 Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2025 $0.1822.9 %$157$240$(1)12.9%$445$270$47135.2%$1,214$3,452As reported - GAAP 0.1916818031773180227Constant-currency adjustment 0.043343Translation loss on Japanese yen-denominated debt, net 0.0977101Translated earnings contract loss, net 0.03223028Acquisition-related costs (0.01)(7)Discrete tax items and other tax-related adjustments (0.01)(5)(7)(2)(1)(3)Restructuring, impairment and other charges and credits 0.0171010(10)Litigation, regulatory and other legal matters 0.00(1)(1)1Pension mark-to-market adjustment 0.0155Loss on investments 0.003444Loss on sale of assets 0.01711Loss on sale of business $0.5419.5 %$467$616$218.0%$661$271$46337.9%$1,395$3,679Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $28 million and $29 million, respectively. Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2024 $0.2424.0 %$209$296$68.5%$254$258$45133.4%$993$2,975As reported - GAAP 0.2017222632234227283Constant-currency adjustment (0.07)(62)(81)Translation gain on Japanese yen-denominated debt, net (0.03)(30)(39)Translated earnings contract gain, net 0.03243230Acquisition-related costs 0.0215Discrete tax items and other tax-related adjustments (0.01)(7)(9)(9)(11)(20)Restructuring, impairment and other charges and credits 0.00(4)(5)(5)5Litigation, regulatory and other legal matters 0.0181111(3)(8)Pension mark-to-market adjustment 0.0155Loss on investments $0.3820.2 %$330$436$915.5%$504$255$44136.8%$1,200$3,258Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $16 million and $17 million, respectively. © 2025 Corning Incorporated Q1 2024 and 2025 Income Statement Corning Incorporated and Subsidiary CompaniesConsolidated Statements of Income (Unaudited; in millions, except per share amounts) Three months ended March 31, 20242025 $ 2,975$3 , 4 5 2Net sales 1,9822,238Cost of sales 9931,214Gross margin Operating expenses: 451471Selling, general and administrative expenses 258270Research, development and engineering expenses 3028Amortization of purchased intangibles 254445Operating income 1212Interest income (83)(82)Interest expense 39(101)Translated earnings contract (loss) gain, net 74(34)Other (expense) income, net 296240Income before income taxes (71)(55)Provision for income taxes 225185Net income (16)(28)Net income attributable to non-controlling interest $ 209$1 5 7Net income attributable to Corning Incorporated Earnings per common share available to common shareholders: $0 . 2 5$0 . 1 8Basic $0 . 2 4$0 . 1 8Diluted 50
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25 © 2025 Corning Incorporated Q1 2024 and 2025 GAAP to Core Reconciliation (Earnings Deck) Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 49 Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2025 $0.1822.9 %$157$240$(1)12.9%$445$270$47135.2%$1,214$3,452As reported - GAAP 0.1916818031773180227Constant-currency adjustment 0.043343Translation loss on Japanese yen-denominated debt, net 0.0977101Translated earnings contract loss, net 0.03223028Acquisition-related costs (0.01)(7)Discrete tax items and other tax-related adjustments (0.01)(5)(7)(2)(1)(3)Restructuring, impairment and other charges and credits 0.0171010(10)Litigation, regulatory and other legal matters 0.00(1)(1)1Pension mark-to-market adjustment 0.0155Loss on investments 0.003444Loss on sale of assets 0.01711Loss on sale of business $0.5419.5 %$467$616$218.0%$661$271$46337.9%$1,395$3,679Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $28 million and $29 million, respectively. Per ShareTax Rate (a) Net income attributable to Corning Incorporated Income before income taxes Equity earnings Operating margin % Operating incomeRD&ESG&AGross margin % Gross marginNet salesQ1 2024 $0.2424.0 %$209$296$68.5%$254$258$45133.4%$993$2,975As reported - GAAP 0.2017222632234227283Constant-currency adjustment (0.07)(62)(81)Translation gain on Japanese yen-denominated debt, net (0.03)(30)(39)Translated earnings contract gain, net 0.03243230Acquisition-related costs 0.0215Discrete tax items and other tax-related adjustments (0.01)(7)(9)(9)(11)(20)Restructuring, impairment and other charges and credits 0.00(4)(5)(5)5Litigation, regulatory and other legal matters 0.0181111(3)(8)Pension mark-to-market adjustment 0.0155Loss on investments $0.3820.2 %$330$436$915.5%$504$255$44136.8%$1,200$3,258Core performance measures (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $16 million and $17 million, respectively. © 2025 Corning Incorporated Q1 2024 and 2025 Income Statement Corning Incorporated and Subsidiary CompaniesConsolidated Statements of Income (Unaudited; in millions, except per share amounts) Three months ended March 31, 20242025 $ 2,975$3 , 4 5 2Net sales 1,9822,238Cost of sales 9931,214Gross margin Operating expenses: 451471Selling, general and administrative expenses 258270Research, development and engineering expenses 3028Amortization of purchased intangibles 254445Operating income 1212Interest income (83)(82)Interest expense 39(101)Translated earnings contract (loss) gain, net 74(34)Other (expense) income, net 296240Income before income taxes (71)(55)Provision for income taxes 225185Net income (16)(28)Net income attributable to non-controlling interest $ 209$1 5 7Net income attributable to Corning Incorporated Earnings per common share available to common shareholders: $0 . 2 5$0 . 1 8Basic $0 . 2 4$0 . 1 8Diluted 50
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