Corning Incorporated : Q1Presentation2024

First-Quarter 2024 Investor Call

Corning Reports First-Quarter Financial Results

April 30, 2024

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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 China or 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 and South Korean won), the availability of government incentives, decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; 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.

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-currencyreporting for the Optical Communications segment to exclude the impact from the Mexican peso on segment results. Prior periods were not recasted 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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Q1 GAAP EARNINGS

FX Hedge Accounting

• Recorded realized gains and unrealized, non-cashmark-to-market losses on currency hedging contracts for a net after-tax gain of $30M
• • Translation hedges reduce our economic exposure 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 gain of $62M on the translation of Japanese-yen-denominated debt

First-Quarter 2024

Investor Call

Corning Reports First-Quarter Financial Results

April 30, 2024

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CEO PERSPECTIVE

First-Quarter 2024 Core Performance

"Our first-quarter results were at the high end of our guidance. Importantly, we're seeing encouraging signs of improving market conditions. We continue to expect that the first quarter will be the low quarter for the year."

- Wendell Weeks, Chairman and CEO

CEO PERSPECTIVE

Framework for Strong Returns

Framework to drive stronger returns on existing innovation and capacity investments has three primary components

• Believe first quarter will be the lowest of 2024
• Expect to grow by more than $3B in annualized sales with minimal investment within the next three years
• Expect to deliver powerful incrementals as growth is captured

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CEO PERSPECTIVE

Improvement from First Quarter

Optical Communications

• Order book expected to grow as carrier inventory returns to more normal levels and customers resume purchasing to support deployment rates
• Expect carrier sales to increase from first-quarter levels
• Expect recent wins for AI data centers to translate into orders and sales during 2024

Display

• Higher panel maker utilization expected to continue in second quarter
• Television screen-size growth, some recovery in PC demand, and relatively flat television unit volume leads to mid-single-digit percent growth in glass volume at retail versus 2023
• Display financial performance expected to improve from first-quarter run rate

CEO PERSPECTIVE

$3 Billion Dollar Opportunity

• Expect to add more than $3B in annualized sales within the next three years
• Positive outlook for each of our market opportunities results from
• • Leadership positions
  • Power of secular trends we are addressing through innovation and close collaboration with customers
• Capture "More Corning" content opportunities*

*Corning partners closely with its customers to realize their visions and help solve their toughest technology challenges, unlocking new ways to integrate more Corning content into their ecosystems. This "More Corning" approach provides a powerful value-creation lever.

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CEO PERSPECTIVE

$3 Billion Dollar Opportunity

OPTICAL COMMUNICATIONS

• Fiber shipments expected to return to trend - adds more than 40% to overall Optical Communications sales
• Carrier customers reinforced commitment to increasing fiber deployments in 2024 and beyond
• BEAD-relatedprojects for network builds expected to add to our addressable market for several years
• Generative AI creates significant demand for passive optical connectivity solutions, strengthening Corning's value proposition and competitive advantage
• Revenue per GPU in recent AI data center wins is low- single-digit hundreds of dollars

CEO PERSPECTIVE

$3 Billion Dollar Opportunity

AUTOMOTIVE

• New U.S. EPA Tier 4 multipollutant standards include strong particulate-emissions limit that will require gasoline particulate filter adoption on gasoline vehicles, including hybrids, for model-year 2027
• • Standards increase Environmental Technologies content opportunity by two-to-three times per U.S. internal combustion engine vehicle and offers hundreds of millions of dollars of growth in the U.S.
• Pursuing additional "More Corning" content opportunities with successful introduction of automotive glass solutions

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CEO PERSPECTIVE

$3 Billion Dollar Opportunity

MOBILE CONSUMER ELECTRONICS

• Sales have consistently outpaced the market over the last decade and expect that to continue going forward
• • Advancing the state of the art for cover materials
  • "More Corning" adding more content per device
• Strong innovation portfolio expected to deliver new products that increase value per device

CEO PERSPECTIVE

$3 Billion Dollar Opportunity

DISPLAY

• Expect volume growth at retail to be driven mainly by television screen-size growth
• Sales of 85-inch televisions increased year-over-year by more than 50% in first quarter
• Successful development of Gen 10.5 and advanced capabilities align with continued move to larger-size televisions produced on the lowest-cost platforms for large displays

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CEO PERSPECTIVE

$3 Billion Dollar Opportunity

NEW PLATFORMS

• New product platforms capture opportunities in new categories
• • Automotive glass solutions
  • Localization of U.S. solar supply
  • Pharmaceutical packaging

CEO PERSPECTIVE

Powerful Incrementals

• Since the fourth quarter of 2022, gross margin expanded 320 basis points - despite sales being down almost $400M
• Actions established significantly stronger profitability and cash flow base
• Processes and governance mechanisms in place to generate leverage as sales grow

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CEO Summary

• First-quarterresults show encouraging signs of improving market conditions
• Expect first quarter to be the low quarter for the year
• Established higher profitability and cash flow base
• Opportunity to increase annualized sales by more than $3B with powerful incrementals

CFO PERSPECTIVE

First-Quarter 2024 Results

"Our actions to increase price and improve our productivity ratios are paying off. In the first quarter, despite lower year-over-year core sales, we grew core gross margin by 160 basis points. We also grew adjusted free cash flow by more than $300 million versus the first quarter of 2023. Overall, we have established a significantly stronger profitability and cash flow base, and we expect to grow from first-quarter levels."

- Ed Schlesinger, EVP and CFO

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SEGMENT RECAP

Optical Communications

SEGMENT RECAP

Display Technologies

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