#1avantor Setting science in motion to create a better world 40th Annual J.P. Morgan Healthcare Conference SPEAKER Michael Stubblefield PRESIDENT AND CHIEF EXECUTIVE OFFICER January 10, 2022 TM 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," "near-term," "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 2020 Annual Report on Form 10-K, and our quarterly reports on Form 10-Q for the first, second and third quarters of 2021. 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. Navantor™ 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. A reconciliation of non-GAAP measures can be found at the back of the deck. 40th Annual J.P. Morgan Healthcare Conference 2#3As a global life sciences leader, we keep life-changing science moving forward 1 RESEARCH & DISCOVERY Navantor™ DEVELOPMENT & SCALE-UP MANUFACTURING & DELIVERY 40th Annual J.P. Morgan Healthcare Conference 3#4Serving attractive, high-growth end markets Total addressable market >$80B, growing mid-single digits BIOPHARMA +HSD growth rate¹ $38B TAM² 52% of Revenue³ Navantor™ HEALTHCARE + MSD growth rate¹ More than 70% of Revenue is in Life Sciences $13B TAM² 10% of Revenue³ 1. Based on long-term expectations. HSD = 7-9%; MSD = 4-6%; LSD = 1-3% 2. TAM Total Addressable Market, based on management estimates 3. Based on management estimate assuming all M&A as of 1/1/21 EDUCATION & GOVERNMENT + LSD growth rate¹ $16B TAM² 13% of Revenue ADVANCED TECHNOLOGIES + MSD growth rate¹ $16B TAM² 25% of Revenue³ 40th Annual J.P. Morgan Healthcare Conference 4#5Enabling scientific breakthroughs with comprehensive offering Increasing proprietary content enhancing growth and margins OFFERING SUMMARY¹ WORKFLOW SOLUTIONS Enabling scientists to achieve precise analytical results Navantor™ KF Equipment & Instrumentation Services & Specialty Procurement 12% 13% >55% Proprietary 37% Proprietary Materials & Consumables 1. Based on management estimate assuming all M&A as of 1/1/21 38% Third-Party Materials & Consumables CUSTOMIZED MATERIALS Working side-by-side to create customized materials for use in highly regulated, demanding applications 40th Annual J.P. Morgan Healthcare Conference 5#6Global footprint offers extraordinary customer access AMERICAS 57% of total revenue¹ Navantor™ -7% CAGR 2017-2021² EUROPE 36% of total revenue¹ 1. Based on management estimate assuming all M&A as of 1/1/21 2. Based on 2017 actuals to 2021LE as per Q3 earnings call guidance ~6% CAGR 2017-2021² AMEA 7% of total revenue¹ ~11% CAGR 2017-2021² 40th Annual J.P. Morgan Healthcare Conference 6#7Avantor financial algorithm 5000 4-6%+ organic growth Navantor™ 50-100 bps of annual margin expansion Mid-teens+ adjusted EPS growth FOSTERED BY AVANTOR BUSINESS SYSTEM X Capital allocation flexibility enabled by strong free cash flow 40th Annual J.P. Morgan Healthcare Conference 7#8Key Avantor attributes 1 Outstanding financial & operational track record Navantor™ 2 Well-positioned for continued growth as a leader in biopharma 3 M&A to enhance growth & margin profile 1 SIGNIFICANT, LONG-TERM VALUE CREATION POTENTIAL 3 4 Committed to sustainability to create value for all stakeholders 4 40th Annual J.P. Morgan Healthcare Conference 8#9Relentless focus on execution continues to drive strong top-line and bottom-line growth Model Performance Navantor™ ORGANIC GROWTH 4-6%+ -7% CAGR¹ ADJ. EBITDA MARGIN EXPANSION 50-100 bps -115 bps per year¹ 1. Based on 2018 actual to 2021LE as per Q3 earnings call guidance 2. Based on 2021E 3. Target end 2022, without consideration of new M&A ADJ. EPS GROWTH Mid-teens+ -57% CAGR¹ TAX RATE Low 20s ~22% Effective tax rate² 1 ADJ. NET LEVERAGE 2-4X 3 3X Leverage³ 40th Annual J.P. Morgan Healthcare Conference 4 9#10Avantor Business System (ABS) in action Biopharma innovation example ABS TOOLS & PROCESSES APPLIED TO DRIVE INNOVATION Bowler Charts & Tiered Daily Management X-Matrix Navantor™ Serpente Level X- Vave B Value Stream Mapping CODE TELE CECCO KA Activity Matrix A Kaizen Onde 1 1. Based on revenue from biopharma production NPI 2020-2021E 2. Management estimate for 2022 based on value stream mapping 3. Management estimate based on pipeline value Jan. 2020 vs. Dec. 2021 Stage Gate Process IMPACT ~3x increase in revenue from new product innovation¹ ~5x increase in pipeline value 3 1 3 4 Anticipated time to launch reduced by² ~40% 40th Annual J.P. Morgan Healthcare Conference 10#11Avantor growth fueled by strong biopharma industry fundamentals... RICH FUNDING ENVIRONMENT Total worldwide venture funding raised by biotech companies¹, USD, Bn +19% 19.4 2017 Navantor™ 39.2 2021 Est. worldwide biopharma drug revenue², USD, Bn mAbs 1 Cell Therapy & 2 Viral Vector 32 DNA/RNA ROBUST PIPELINES & OUTLOOK Other 3 19 35 62 256 2020 414 2025 % 1. BCIQ (Oct 2021) with updated figures for 2021 as of 12/29/21. Includes seed funding, series A-E and higher, debt, non-disclosed, general venture funding. 2. Includes traditional mAbs, recombinants and other protein-based therapeutics; Evaluate Pharma (Dec. 2021) 3. FDA, Nephron Research as of 11/30/21 10% 69% 42% 12% CAGR INCREASING COMMERCIALIZATION FDA new molecular entity approvals³ Biologics License Applications New Drug Applications 310 136 2 174 2012-16 442 190 3 252 2017-21 40th Annual J.P. Morgan Healthcare Conference 4 11#12...and Avantor is uniquely positioned to capture biopharma market share RESEARCH & DEVELOPMENT MSD Growth Rate -50% of Biopharma Revenue¹ - Unparalleled access - Extensive portfolio - Onsite service associates - Collaboration that seeds bioproduction Navantor™ CLINICAL & BIOREPOSITORY HSD-DD Growth Rate -10% of 1. Based on management estimate assuming all M&A as of 1/1/21 Biopharma Revenue¹ - Scale-up and clinical trial services - Custom kitting, packaging - Equipment sourcing, deployment and management - Storage and archiving for regulated environments 2 BIOPRODUCTION 3 DD Growth Rate ~40% of Biopharma Revenue¹ 4 - Collaboration to support process optimization - Broad range of GMP materials - Highly characterized chromatography resins, solutions - Robust pipeline of new products 40th Annual J.P. Morgan Healthcare Conference 12#13Leveraging unique innovation model to enhance offerings across the workflows mRNA production workflow example PLASMID MANUFACTURING Avantor innovation examples IN VITRO TRANSCRIPTION DNA & RNA enzymes, modified nucleotides, stabilizing agents avantor™ Chromatography resins, Masterflex peristaltic pump technology Morales mRNA PURIFICATION MASTERFLEX LNP ENCAPSULATION 2 3 e FILL & FINISH Next generation lipids, improved single-use assemblies for LNP production, advanced excipients 40th Annual J.P. Morgan Healthcare Conference 4 13#14Investing for growth in biopharma end market Addressing growing demand with critical investments in people, products and capacity BIOPHARMA PRODUCTION OPEN ORDERS Single-use Process Ingredients & Excipients 2019 5X 2020 Navantor™ 2021 Hydration expansion Europe Lipids expansion St. Louis, MO 2021 RECENT CAPACITY INVESTMENTS Solvents expansion Phillipsburg, NJ Tris HCL, L-Tyrosine expansions Sanborn, OH HPLE sugars expansion St. Louis, MO Acetonitrile expansion Chester, CT 2022 Amino acids production Aurora, OH 2 3 Salt buffers expansion Phillipsburg, NJ & Paris, KY Hydration expansion Aurora, OH 40th Annual J.P. Morgan Healthcare Conference 4 14#15Investments have created differentiated end-to-end fluid management solution Barrington, IL Valencia, CA Legacy site AVANTOR SINGLE-USE FOOTPRINT Morrisville, NC FERMENTATION Westminster, MA Devens, MA Eatontown, NJ New or recently expanded Navantor™ HARVESTING Hillegom, NL Tilburg, NL PURIFICATION 1. Based on management estimate assuming all M&A as of 1/1/21 Changzhou, China FILL & FINISH SINGLE-USE REVENUE¹ 6X¹ 2 ~20% ~45% 3 2017 2021 Single-use revenue as a percentage of total biopharma production revenue 40th Annual J.P. Morgan Healthcare Conference 4 15#16M&A will further enhance the model -1X deleveraging per year Greater than 90% FCF conversion Navantor™ Attractive cash profile provides flexibility 1-2% of sales for CAPEX 1. Refers to 2021 transactions More than $4B in 2021 ~2X AVTR growth and margin rate¹ Accretive deployment 100% proprietary content Significant capacity for the future Active 2022 pipeline 2 3 More than $8B in capacity through 2025 2-4X leverage target range 40th Annual J.P. Morgan Healthcare Conference 16#17Platform generates significant commercial synergies Ritter example 1. ACTIVATE THE CHANNEL THEN ~5 Regional sales reps Navantor™ NOW -3.5K Global sales specialists 2. PURSUE SPECIFICATIONS ~28K Potential customer targets 2 3 3. CONVERT PIPELINE 2000 HSD+ Growth 40th Annual J.P. Morgan Healthcare Conference 17#18Committed to sustainability Embedding sound environmental, social and governance practices into our business strategy oQo www PEOPLE & CULTURE Signatory to the CEO Action for Diversity & Inclusion pledge Increased board, executive and management diversity Launched Employee Resource Groups, other DE&I initiatives - +00 COMMUNITY ENGAGEMENT Avantor Foundation grants enhanced STEM education and healthcare programs Navantor INNOVATION & ENVIRONMENT Established goal to reduce operational GHG emissions by 15% by 2025 Leveraged innovation centers to deliver sustainable products and services to customers GOVERNANCE & INTEGRITY Enhanced shareholder rights and integrated ESG metrics into executive compensation design Launched Avantor Responsible Supplier Program Vavantor™ 12 3 SCIENCE FOR GOODNESS 40th Annual J.P. Morgan Healthcare Conference 4 18#19Significant value creation potential 2025 TARGET ~24% ADJUSTED EBITDA MARGIN¹ ~$2.50 ADJUSTED EPS¹ $9.5- $10.0B IN REVENUE¹ Navantor™ 1. Management estimate based on organic growth, including impact of 2021 M&A 1 2 3 40th Annual J.P. Morgan Healthcare Conference 4 19#202022 full-year guidance Navantor™ ORGANIC SALES GROWTH % ADJUSTED EBITDA % ADJUSTED EPS FREE CASH FLOW 1. Share count of 685M in both FY21 and FY22 4-6% >125 bps expansion $1.45 - $1.53 >$1,000M Reported growth of 7-9% 1 Margin approaching 21% -15% growth¹ Conversion >90% 2 3 40th Annual J.P. Morgan Healthcare Conference 4 20#21SUMMARY Well-positioned for growth and to empower scientific breakthroughs Demonstrated track record of innovation & operational excellence Navantor™ Multiple, powerful levers to drive above-market growth A clear path forward and an unwavering commitment to our mission 40th Annual J.P. Morgan Healthcare Conference 21#22Appendix Navantor™ 40th Annual J.P. Morgan Healthcare Conference 22#23Reconciliations of GAAP to non-GAAP measures ($M) Net sales growth (GAAP) Foreign currency impact Sales from acquired companies Organic net sales growth (non-GAAP) Full Year 2018 $465.61 91.5 $374.1 8.6% 1.7 6.9% Full Year 2019 $176.0 (123.3) $299.3 3.0% (2.1) 5.1% 1. Change in reported net sales from 2017 to 2018 is calculated assuming the VWR acquisition had occurred on January 1 of 2017. As disclosed in our original S-1, 2018 reported net sales were $5,864.3, compared to 2017 reported net sales of $1,247.4, adjusted for baseline VWR net sales of $4,151.3. Navantor™ Full Year 2020 $353.3 16.5 $336.8 5.8% 0.2 5.6% 9 months ended 9/30/2021 $875.8 150.0 50.8 $675.0 19.0% 3.3 1.1 14.6% 40th Annual J.P. Morgan Healthcare Conference 23#24Reconciliations of GAAP to non-GAAP measures Full Year 2018 $(86.9) 321.3 Full Year 2020 $116.6 307.5 6.5 (0.7) (0.7) 1.3 ($M) Net (loss) income (GAAP) Amortization Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Loss on extinguishment of debt Restructuring and severance charges Acquisition-related expenses Purchase accounting adjustments Transaction, integration and planning expenses Other Receipt of disgorgement penalty Adjustment for U.S. tax reform act Income tax benefit applicable to pretax adjustments Adjusted net income (non-GAAP) Interest expense Depreciation Income tax provision applicable to adjusted net income Adjusted EBITDA (non-GAAP) Navantor™ 81.2 (1.0) 36.2 8.5 (27.3) (104.9) 232.9 523.8 83.3 105.3 $945.3 Full Year 2019 $37.8 312.3 1.9 36.8 73.7 24.3 (10.7) 22.5 3.2 (128.2) 373.6 440.0 86.6 131.0 $1,031.2 346.8 11.8 9.9 7.2 (225.2) 575.2 307 87.9 170.9 $1,141.6 9 months ended 9/30/2021 $478.6 210.4 1.2 2.9 8.4 2.2 27.8 6.3 8.4 (13.0) (55.0) 678.2 156.6 64.7 189.4 $1,088.9 40th Annual J.P. Morgan Healthcare Conference 24#25Reconciliations of GAAP to non-GAAP measures (continued) Full Year 2020 $0.09 0.09 (Shares in M) Diluted (loss) earnings per share (GAAP) Dilutive impact of convertible instruments Normalization for shares issued in IPO Fully diluted (loss) earnings per share (non-GAAP) Amortization Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Loss on extinguishment of debt Restructuring and severance charges Acquisition-related expenses Purchase accounting adjustments Transaction, integration and planning expenses Other Receipt of disgorgement penalty Adjustment for U.S. tax reform act Income tax benefit applicable to pretax adjustments Adjusted EPS (non-GAAP) Weighted average share count (GAAP) Share count for Adjusted EPS (non-GAAP) Navantor™ Full Year 2018 $(2.69) 2.35 0.21 (0.13) 0.50 0.01 0.13 (0.01) 0.06 (0.04) (0.16) $0.36 133 643 Full Year 2019 $(0.84) 0.19 0.71 0.06 0.49 0.06 0.11 0.04 (0.02) 0.03 0.01 (0.20) $0.58 401 643 0.18 0.48 0.54 0.01 0.02 0.01 (0.35) $0.89 583 643 9 months ended 9/30/2021 $0.73 0.01 0.74 0.33 0.01 0.02 0.04 0.01 0.02 (0.02) (0.09) $1.06 593.0 643 40th Annual J.P. Morgan Healthcare Conference 25#26Reconciliations of GAAP to non-GAAP measures (continued) ($M) Debt, gross Less: cash and cash equivalents Net proceeds received from secondary offering Numerator of adjusted net leverage TTM adjusted EBITDA¹ TTM ongoing share-based compensation expense Pro forma adjustment for VWR Pro forma adjustment for projected synergies Denominator of adjusted net leverage Adjusted net leverage (non-GAAP) 2018 $7,162.9 (184.7) 6,978.2 945.3 19.1 29.7 $994.1 7.0x 2019 $5,249.4 (186.7) 5,062.7 1,031.2 31.1 26.8 $1,089.1 4.6x 2020 $4,972.2 (286.6) 4,685.6 1,141.6 42.4 1.6 $1,185.6 4.0x 1. Represents the Adjusted EBITDA of Avantor for the training twelve-month period plus management's best estimates of the incremental results attributable to acquired companies as if such acquisitions had been completed on the first day of such trailing twelve-month period, as permitted by our debt covenants. Such estimates and financial information for acquired companies may or may not have been audited, and in certain instances may have been prepared on a basis other than U.S. GAAP though we believe these differences in the basis of accounting to be immaterial for the purpose of presenting Adjusted net leverage. Navantor™ Q3 2021 $5,667.4 (1,426.1) 967.0 5,208.3 1,461.5 45.9 $1,507.4 3.5x 40th Annual J.P. Morgan Healthcare Conference 26