#1avantor™ Setting science in motion to create a better world 39th Annual J.P. Morgan Healthcare Conference SPEAKER Michael Stubblefield PRESIDENT AND CHIEF EXECUTIVE OFFICER January 11, 2021 AVTR LISTED NYSE#2Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "projection," "continue," "goal," "objective," "opportunity," "nearterm," "long- term," "assumption," "project," "guidance," "target," "trend," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our 2019 Annual Report on Form 10-K, and our quarterly reports on Form 10-Q for the first, second and third quarters of 2020. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this presentation. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws. avantor™ NON-GAAP FINANCIAL MEASURES To evaluate our performance, we monitor a number of key indicators at the consolidated level and, in certain cases, at the segment level. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles ("GAAP") with certain non-GAAP financial measurements that are used by management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. These measurements should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measurements, and such measurements may not be comparable to similarly titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely solely on any one, single financial measurement. See "Use of Non-GAAP Financial Measures" in our press release issued today. A reconciliation of non- GAAP measures can be found at the back of the deck. 39th Annual J.P. Morgan Healthcare Conference 2#3Science moves the world forward. That's what we do. avantor 5m 3#4Avantor has transformed significantly... LEGACY CURRENT Navantor™ Growth ~3%1 ~6%³ PERFORMANCE Adj. EBITDA Margin 1. 2016 VWR Form 10-K 2. As of 11/21/17 transaction 3. FY18-FY20 organic revenue CAGR 4. Q3'20 Actual 5. Estimate for 2020 6. As of 1/1/21 ~10%1 17.9%4 Proprietary Content ~20%1 ~50%5 Leverage 9.0x² 4.2x4 GOVERNANCE Independent BOD Members 22 86 Legacy Sponsor Ownership >80%² <5%6 39th Annual J.P. Morgan Healthcare Conference 4#5...and is now a global life sciences leader ENTERPRISE VALUE OF ~$23B¹ CASH GENERATION OF >$850M¹ Navantor™ REVENUE OF ~$6.4B¹ 1. FY20 estimate ~70% OF REVENUE IN LIFE SCIENCES AVTR LISTED NYSE 39th Annual J.P. Morgan Healthcare Conference 5#6We deliver mission-critical products and services to enable scientific breakthroughs FROM DISCOVERY RESEARCH & DISCOVERY Navantor™ DEVELOPMENT & SCALE-UP TO DELIVERY MANUFACTURING & DELIVERY 39th Annual J.P. Morgan Healthcare Conference 6#7Unique capabilities set Avantor apart Global channel that offers extraordinary customer access Fil Leading supply chain & digital platform with global footprint expanding in AMEA WW Leading services offering for R&D & clinical trials complements product offering Navantor™ -DO Customized, high-purity proprietary products specified into regulated platforms eve Avantor Business System to drive execution & continuous improvement Strategic supplier network enabling comprehensive, workflow-based solutions 39th Annual J.P. Morgan Healthcare Conference 7#8Diversified portfolio provides resilient revenue profile¹ Equipment & Instrumentation Services & Specialty Procurement OFFERING 15% 15% ~50% Proprietary 30% Proprietary Materials & Consumables Navantor™ Third-Party Materials & Consumables 40% 1. FY20 estimate Education & Government Advanced Technologies & Applied Materials END MARKETS Healthcare 15% 25% 10% ~70% Life Sciences 15% Production 35% R&D Biopharma ~85% RECURRING REVENUE Europe 35% GEOGRAPHY AMEA 5% ~180 Countries 60% Americas 39th Annual J.P. Morgan Healthcare Conference 8#9Strong execution in challenging environment ORGANIC GROWTH FREE CASH FLOW Navantor™ Q4 2020 estimate -15% >$270M 1. Guidance issued February 7, 2020, withdrawn on April 29, 2020 FY2020 estimate ~5% >$850M Original FY2020 guidance¹ 4-6% $450M-$500M Core growth 1% plus COVID tailwinds 4% Improvement in core growth from ~(8%) Q2 to +5% Q4 Strong working capital management Reduced cost of debt by nearly 50% 39th Annual J.P. Morgan Healthcare Conference 9#10Robust value creation framework 10⁰0 4-6% organic growth avantor™ 50-100 bps of annual margin expansion Mid-teens+ EPS growth FOSTERED BY AVANTOR BUSINESS SYSTEM 2 Capital allocation enabled by strong free cash flow 39th Annual J.P. Morgan Healthcare Conference 10#11Serving attractive end markets >$75B TAM growing mid-single digits BIOPHARMA $34B TAM +HSD growth Enabling life-altering, breakthrough treatments for patients O 50% of revenue Navantor™ HEALTHCARE $10B TAM +MSD growth Helping protect the health and well-being of people across the globe LSD low-single digit MSD mid-single digit HSD high-single digit TAM total addressable market 10% of revenue EDUCATION & GOVERNMENT $16B TAM +LSD growth Helping move science forward with precise, reliable research products 15% of revenue ORGANIC GROWTH $ ADVANCED TECHNOLOGIES $16B TAM +MSD growth C 25% of revenue Providing ultra-high-purity solutions essential for the world's most demanding environments 39th Annual J.P. Morgan Healthcare Conference 11#12Business model gives us access to high-growth production applications EARLY PHASE DISCOVERY/R&D Extraordinary access to early-stage pipelines Scale and infrastructure to collaborate and engage with customers Customization capability via 11 strategically located regional innovation centers 40% OF REVENUE in growing production applications¹ avantor™ 1. FY19 estimate SCALE-UP/ REGULATORY APPROVAL Commitment to quality via comprehensive systems, change management and audit programs Deep regulatory expertise with fully compliant documentation systems, 785+ DMF applications Biopharma Medical devices PRODUCTION ORGANIC GROWTH $ Ultra-high-purity products with up to part-per-trillion impurity levels Transparency and security of supply via robust documentation and supply chain protocols GMP manufacturing on three continents Semiconductor production Space-grade silicones 39th Annual J.P. Morgan Healthcare Conference 12#13Biopharma offering drives half of Avantor's revenue RESEARCH & DEVELOPMENT MSD Growth Rate -50% of Biopharma Revenue¹ Unparalleled access - Extensive portfolio - Onsite service associates - Collaboration that seeds bioproduction Navantor™ 1, FY20 estimate CLINICAL & BIOREPOSITORY HSD-DD Growth Rate -15% of Biopharma Revenue¹ -Scale-up and clinical trial services - Custom kitting, packaging - Equipment sourcing, deployment and management - Storage and archiving for regulated environments ORGANIC GROWTH $ BIOPRODUCTION DD Growth Rate -35% of Biopharma Revenue¹ - - Collaboration to support process optimization - Broad range of GMP materials - Highly characterized chromatography resins, solutions Robust pipeline 39th Annual J.P. Morgan Healthcare Conference 13.#14Multiple levers enabling continued margin expansion Target 50-100 bps of annual margin expansion ADJUSTED EBITDA MARGIN EXPANSION 13.9% FY17 avantor™ 17.9%¹ Q3 2020 M&A 1. Q3'20 Actual 2. Management estimates >20%² FY23E Volume leverage Pricing acumen & discipline DRIVERS DÙ Product mix benefits AVANTOR BUSINESS SYSTEM UNDERPINS EXECUTION 63 MARGIN EXPANSION Productivity Future M&A 39th Annual J.P. Morgan Healthcare Conference 14#15Annual EPS growth expected to continue at mid-teens rate $0.10 FY17 Navantor™ ADJUSTED EPS¹ 100% CAGR $0.36 FY18 $0.58 1. Adjusted net income divided by 642.7M outstanding shares 2. FY20 consensus estimates FY19 $0.84 EPS GROWTH FY20E² LOOKING AHEAD Strong operational performance (EBITDA growth 1.5-2X sales growth) Tailwinds from 2020 refinancing Efficient tax structuring ... potential M&A creates upside 39th Annual J.P. Morgan Healthcare Conference 15#16Robust cash generation creating significant M&A capacity FREE CASH FLOW ($M) $163 FY18 71% Navantor™ $302 FY19 81% FCF CONVERSION¹ >$850 FY20E ~150% 1. Free cash flow as a percentage of adjusted net income 2. Usage of cash flow from operating activities 3. Subject to generation of FCF and availability of deals that meet our criteria FY18 - FY20E CAPITAL ALLOCATION CAPITAL ALLOCATION² Capex Debt Service FY21E+³ M&A 39th Annual J.P. Morgan Healthcare Conference 16#17M&A as enhancement to mid-term EPS growth RIGOROUS FRAMEWORK Areas of interest: Biopharma production R&D workflows Services Geographic expansion Value metrics: Accretive to organic growth, EBITDA margin Minimum high-single-digit ROIC Rapid leverage recovery avantor™ 1. 2011-2020 including legacy VWR transactions 2. From VWR integration 40 Deals closed¹ STRONG TRACK RECORD >$8B Capital deployed¹ $350M+ Synergies attained² GROWING CAPACITY & CAPABILITY >$1B capacity excluding share issuance M&A organization in place, pipeline growing 39th Annual J.P. Morgan Healthcare Conference 17#18Avantor's role in helping to end the COVID-19 pandemic Well-positioned to address dynamics ור Im SUPPORT FOR FAST-TRACK DEVELOPMENT OF THERAPIES AND VACCINES Key participant in Operation Warp Speed Significant role in development and scale up - Content across all vaccine modalities Clinical trial support ENABLE FAST, RELIABLE COVID-19 TESTING Onsite supply chain management at testing facilities - - Sample preparation, kitting for PCR tests Serological and antigen test kits PROTECT SAFETY OF PEOPLE, PRODUCTS AND PROCESSES Full suite of over 100,000 safety and industrial products Head-to-toe protection Navantor™ 1. FY20 estimate and management estimates Safety 2020E¹ ~$250- $300M Diagnostics REVENUE Vaccines & Therapies Safety 2021E¹ $250- $350M+ Diagnostics Vaccines & Therapies 39th Annual J.P. Morgan Healthcare Conference 18#19Our commitment to sustainability Focused on creating positive impacts for all stakeholders www od + 200 PEOPLE & CULTURE Increase management diversity Achieve top health & safety performance - • Continually improve employee engagement COMMUNITY ENGAGEMENT Improve global access to healthcare and science education through financial contributions Increase associate volunteer hours Navantor™ 50 INNOVATION & ENVIRONMENT Launch Avantor Environmental Sustainability Program Finalize environmental targets GOVERNANCE & INTEGRITY - Launch Avantor Responsible Partner Program Adopt best-in-class governance provisions 39th Annual J.P. Morgan Healthcare Conference 19#202021 growth considerations Navantor™ $6.4B FY20E REVENUE SCENARIOS 1. Management estimates. 4% FY21E Low¹ 7% $7.0B $6.8B FY21E High¹ KEY VARIABLES Base lab utilization Vaccine and diagnostic trends Non-COVID-19 healthcare demand 39th Annual J.P. Morgan Healthcare Conference 20#21POSITIONED FOR GROWTH 303 Global life sciences leader, with unparalleled scale and broad access to research labs Ability to serve scientific workflows from discovery to delivery with high-purity products and solutions Differentiated collaboration- based approach to innovation drives specification-driven model Robust financial performance, strong M&A framework and capacity avantor™ Science moves the world forward. That's what we do. 5m 39th Annual J.P. Morgan Healthcare Conference 21#22Appendix avantor™ 39th Annual J.P. Morgan Healthcare Conference 22#23Reconciliations of GAAP to non-GAAP measures ($M) Net cash provided by operating activities (GAAP) Capital expenditures Free cash flow (non-GAAP) Net cash (used in) investing activities (GAAP) Net cash (used in) financing activities (GAAP) Navantor™ Q4 87.0 (12.1) 74.9 (11.4) (67.4) 2019 FY 354.0 (51.6) 302.4 (42.1) (307.8) 2020 Estimates Preliminary Q4 Minimum 290.0 (20.0) 270.0 (20.0) (380.0) Preliminary FY Minimum 913.8 (61.4) 852.4 (60.3) (782.5) 39th Annual J.P. Morgan Healthcare Conference 23#24Reconciliations of GAAP to non-GAAP measures Net sales growth (GAAP) Foreign currency impact Organic net sales growth (non-GAAP) Navantor™ Preliminary Q4 Estimate -17% -(2%) 2020 Estimates -15% Preliminary FY Estimate ~6% -(1%) ~5% 39th Annual J.P. Morgan Healthcare Conference 24