Corning Incorporated : Q3Presentation2023

Third-Quarter 2023 Investor Call

Corning Reports Third-Quarter Financial Results

October 24, 2023

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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 the COVID-19 pandemic, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas 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 the COVID-19 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; unanticipated 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.

© 2023 Corning Incorporated

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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 provided by 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. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display Technologies segment. We establish constant-currency rates based on internally derived management estimates, which are closely aligned with the currencies we have hedged.

We believe that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuation, analyze underlying trends in

the businesses and establish operational goals and forecasts. Further, we believe it reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on our earnings and cash flows.

Core performance measures are not prepared in accordance with GAAP, but management believes that reporting core performance measures provides investors with greater transparency to the information used by our management team to make financial and operational decisions. We believe investors should consider these non-GAAPmeasures in evaluating results as they are more indicative of our core operating performance and how management evaluates operational results and trends. 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-GAAPmeasures 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.

© 2023 Corning Incorporated

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Q3 GAAP EARNINGS

FX Hedge Accounting and Other Charges

• Incurred restructuring charges of $58M after tax
• Recorded realized gains and unrealized, non-cashmark-to-market losses on currency hedging contracts for a net after-tax gain of $16M
• • 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 $29M on the translation of Japanese-yen-denominated debt

© 2023 Corning Incorporated

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Third-Quarter 2023

Investor Call

Corning Reports Third-Quarter Financial Results

October 24, 2023

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CEO PERSPECTIVE

Third Quarter 2023 Core Performance

$3.5B

Core Sales

Consistent QoQ

37%

Gross Margin

80 bps Increase QoQ

$0.45

Core EPS

Consistent QoQ

$466M

Free Cash Flow

"Our markets continue to reflect demand below trend lines, but our sales will recover, and we will return to growth. In the meantime, we will continue to improve our profitability and cash flow, even in this current muted sales environment. As a result, as our markets recover to trend, we can serve them with our existing capacity and capabilities on an improved price and cost platform. This will allow us to grow profitability faster than sales and generate significant incremental cash flow."

- Wendell Weeks, Chairman and CEO

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Solid Progress on Profitability and Cash

Flow Improvement

• Gross Margin expanded by 340 basis points versus fourth quarter of 2022, on almost $200M less in sales
• Expect similar gross margin percentage sequentially
• Free cash flow grew $156M sequentially and $211M year over year
• Expect to continue to convert profit to cash at a strong rate going forward

© 2023 Corning Incorporated

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CEO PERSPECTIVE

"More Corning" Highlights

MOBILE CONSUMER ELECTRONICS

Extended our market leadership by collaborating with Apple to deliver durable glass with infused color - a first for any smartphone - for the back of the iPhone 15 and iPhone 15 Plus devices

LIFE SCIENCES

Announced Corning® Viridian™ Vials, which can improve filling-line efficiency by up to 50% while reducing vial-manufacturing carbon- dioxide-equivalent (CO2e) emissions by up to 30%

AUTOMOTIVE

Expanded collaboration with longtime customer AUO to accelerate the production of their industry-leading,large-format curved display modules

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Current Situation

• Weak customer demand has put us consistently at the lower end of our sales expectations
• We are outperforming on our price and productivity plans
• Well below the trend line for our operations profile
• Have capacity and capability to deliver $3B+ in additional sales with minimal additional cash investment

Will our revenue return, and when?

• Understanding long-term market trends and where we are versus the trendline
• Confidence that we will win in those markets

© 2023 Corning Incorporated

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© 2023 Corning Incorporated12

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Corning CAGR 2012-2022: 7.3%

Corning Fiber	CEO PERSPECTIVE
Shipments (M fkm)

Source: CRU

© 2023 Corning Incorporated11

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CAGR 2012-2022: 6.6%

Global Fiber	CEO PERSPECTIVE
Shipments ex-China (M fkm)

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CEO PERSPECTIVE

Corning Fiber Shipments (M fkm)

Corning Fiber Shipments (M )

30%+ gap

Corning CAGR 2012-2022: 7.3%

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© 2023 Corning Incorporated

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CEO PERSPECTIVE

Trendline Analysis Used in All MAPs

• Returning to trendline adds 40%+ to Optical Communications sales
• All MAPs currently operating below trendline
• Enormous opportunity as our markets revert to mean

Source: CRU

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Market Leadership

• Built a more advantaged position over the last few years
• We are the technology leader as well as lowest-cost producer
• Built more opportunities to capitalize on growth in our markets, increasing our value capture with our "More Corning" approach

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Optical Communications

• Fiber optics remains the ascendent technology with growing applications in
• • Wireless
  • Cloud computing, including AI
  • Government efforts to connect the unconnected
• Innovating to increase revenue per installed fiber
• Building on global cost and technology leadership position and strength in local regions

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Automotive

• New U.S. EPA regulations go into effect starting in 2027
• Regulations force adoption of gasoline particulate filters - we are the inventor and clear market leader
• Gasoline particulate filter adoption adds two to three times the content opportunity for internal combustion engine vehicles
• Significant growth in Environmental business even with global battery electric vehicle adoption
• Successful introduction of auto glass for interiors, which is being widely adopted in battery electric vehicles

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Display Technologies

• Leader in technology, quality, and cost
• Successful development and capability in Gen 10.5 technology aligns with continued move to larger size TVs
• Improving productivity frees assets to serve
• • Corning® Gorilla® Glass
  • Glass ceramics
  • Automotive glass business

© 2023 Corning Incorporated

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CEO PERSPECTIVE

New Product Platforms

Continue to build new product platforms in new categories

• Pharmaceutical packaging
• Automotive exterior glass for high-autonomy systems
• Rapidly growing opportunity to re-shore U.S. solar capacity

© 2023 Corning Incorporated

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CEO PERSPECTIVE

Market Recovery

• Believe our markets will recover, but predicting timing is less clear
• Will guide based on order-entry models
• Will continue programs to improve price, productivity, and cost to improve profitability and cash flow
• Enhancing performance near term with additional improvements as volume reverts to trend

© 2023 Corning Incorporated

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