#1Navantor™ 42nd Annual J.P. Morgan Healthcare Conference Michael Stubblefield President and CEO January 8, 2024 AVTR LISTED NYSE#2Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. 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 most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. 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. 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. Such non-GAAP financial measures include adjusted EBITDA, adjusted EPS, adjusted operating margin, free cash flow and organic revenue growth. 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. Definitions of these measures and, for historical periods, a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided on our website, www.ir.avantorsciences.com. We do not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as acquisition-related charges, the costs associated with integrating acquired businesses, the timing and amount of future restructuring actions, and the early retirement of debt. Trademarks are owned by Avantor, Inc. or its subsidiaries, unless otherwise noted. ©2023 Auantor, Inc. All rights reserved. Navantor™ 2#3Key takeaways 1 2 3 4 5 Leader in an attractive space Transforming our operating model to accelerate growth and unlock productivity Attractive high-growth opportunities and innovation to expand proprietary offering Well positioned for above-trend growth and margin expansion during recovery cycle Confident in delivering long-term financial targets MATT Navantor™ 3#4Avantor: A leader in life science tools #1 / #2 SUPPORTING CUSTOMERS FROM DISCOVERY TO DELIVERY RESEARCH & DISCOVERY DEVELOPMENT & SCALE-UP GLOBAL PARTNER FOR LABORATORY CONSUMABLES GLOBAL MATERIALS PROVIDER FOR BIOPROCESSING AND BIOMATERIALS All figures represent management estimates based on FY 2023. PRODUCTION SIGNIFICANT BIOPHARMA & HEALTHCARE EXPOSURE RECURRING REVENUE SPEC'D IN DEEP CUSTOMER RELATIONSHIPS ~60% ~85% ~90% Revenue from biopharma and healthcare end markets Revenue from materials, consumables and services Self-manufactured production content is spec'd into customers' products or processes Strategic partner ~100% contract renewal rate in last 12 months Navantor™ 4#5Embedding ESG practices across our business Committed to new 2030 science-based climate targets SCOPE 1 & 2 50% Absolute Reductions* *from a 2020 baseline Science Based Targets is a registered trademark. SCOPE 3 25% Absolute Reductions* PILLARS OF ESG STRATEGY: DO DO + DO ww Governance & Integrity Community Engagement People & Culture Innovation & Environment Navantor™ 5#6Next step in our continued evolution BUILDING A FORTUNE 500 LIFE SCIENCE TOOLS LEADER 2014 - 2023 TRANSFORMING OUR OPERATING MODEL 2024+ Navantor™ 6#7Transformation will strengthen performance and productivity TRANSFORMING OUR OPERATING MODEL 2024+ Effective date for the new segment structure is 1/1/24. EXISTING SEGMENTS Americas Europe AMEA NEW SEGMENTS LABORATORY SOLUTIONS BIOSCIENCE PRODUCTION Navantor™ 7#8Transformation will strengthen performance and productivity EXISTING SEGMENTS Americas Europe AMEA Effective date for the new segment structure is 1/1/24. NEW SEGMENTS LABORATORY SOLUTIONS BIOSCIENCE PRODUCTION Builds on strengths of our platform Sharpens focus around customers' lab and production needs Streamlines accountability Unlocks cost savings and operational efficiencies Positions Avantor for long-term growth avantor™ 8#9Laboratory Solutions REVENUE ~$4.7B 2023E RECURRING REVENUE ~80% ADJ. OPERATING MARGIN ~15% 2023E TOTAL ADDRESSABLE MARKET (TAM) $55B+ 2023E revenue based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Segment financials based on management estimates for FY 2023. Effective date for the new segment structure is 1/1/24. Recurring revenue excludes equipment & instrumentation. TAM based on management estimates. Industry-leading scale and customer reach in growing end markets Innovation focused on proprietary content Meaningful opportunity to accelerate growth and expand margins avantor™ 9#10Serving multiple lab customer touchpoints PROCESS DEVELOPMENT ENGINEERING ENVIRONMENTAL HEALTH & SAFETY RESEARCH LAB (BIOLOGY) RESEARCH LAB (CHEMISTRY) CLINICAL TESTING PROCUREMENT 201 QA/QC PRODUCTION Navantor™ 10#11An industry-leading partner for labs A LEADING PARTNER FOR LABS #1/#2 GLOBAL PARTNER FOR LAB CONSUMABLES SERVING 20 of Top 20 PHARMA COMPANIES ACCESS TO 3,700+ ORGANIZATIONS THROUGH BIO CONSORTIUM OFFERING HIGH- QUALITY SOLUTIONS MILLIONS OF OFFERINGS FROM PROPRIETARY & 3RD- PARTY SOURCES GMP-Grade LAB MATERIALS FOR RESEARCH >100 GXP & ISO-CERTIFIED MANUFACTURING AND DISTRIBUTION FACILITIES HANDLING REGULATED PRODUCTS ENABLING CUSTOMER INNOVATION 2,500+ ASSOCIATES ON-SITE AT CUSTOMER LOCATIONS INCREASING INNOVATIVE OFFERINGS IN High-Growth APPLICATIONS Digital Solutions TO RETURN TIME TO SCIENCE Navantor™ 11#12Attractive end markets provide long-term growth opportunities BIOPHARMA, HEALTHCARE, EDUCATION & GOVERNMENT XX ADVANCED MODALITIES Growing pipeline of cell & gene therapy, monoclonal antibodies, antibody-drug conjugates & multi- specific modalities 昆 PERSONALIZED MEDICINE Biomarker testing for personalized care AUTOMATION R&D complexity driving rapid scale-up and standardization 'OMICS' Multi-omics datasets to support drug discovery ADVANCED TECHNOLOGIES PFAS TESTING Regulations increasing demand for standards & reference materials Deepening focus on highest growth areas CLEAN ENERGY Electric vehicles driving demand for battery R&D, QA/QC and testing Navantor™ 12#13Bioscience Production ED REVENUE ~$2.3B 2023E RECURRING REVENUE ~95% ADJ. OPERATING MARGIN ~26% 2023E TOTAL ADDRESSABLE MARKET (TAM) $30B+ 2023E revenue based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Segment financials based on management estimates for FY 2023. Effective date for the new segment structure is 1/1/24. Recurring revenue excludes equipment & instrumentation. TAM based on management estimates. Leader in high-purity materials for regulated markets Innovation focus supports healthy growth outlook High-margin, recurring, spec'd-in revenue avantor™ 13#14A leader in bioprocessing #1/#2 global materials provider for bioprocessing BIOPROCESSING MATERIALS (process components, excipients, serum) SINGLE-USE SOLUTIONS (including Masterflex® pumps) BIOPROCESSING APPLICATION SERVICES Solutions specified in 85% of the top 20 biologic drugs Formulation product line covers 95% of excipients used in commercial mAbs Source: Evaluate Pharma. Largest library of single-use components and fluid-handling technologies Strong R&D pipeline at 7 Innovation Centers of Excellence Global network of 30 cGMP and ISO-certified manufacturing facilities High-quality chemicals achieving parts per billion purity levels AVANTOR MATERIALS ARE CRITICAL TO THE SUCCESS OF HIGH-QUALITY, HIGH-PERFORMANCE BIOPROCESSING Navantor™ 14#15Robust fundamentals drive double-digit long-term end market growth STRONG PIPELINE OF BIOLOGIC THERAPIES mAbs: >30 new therapies approved in last 2 years, ~2,500 active clinical projects New modalities: >2,000 active clinical projects BIOLOGICS >10% Long-term market growth CAGR: 2023E TOTAL MARKET REVENUE FOR BIOLOGICS MONOCLONAL ANTIBODIES >10% 53% GLP-1 >20% Source: Evaluate Pharma data as of November 2023. CAGRS represent estimated revenue growth from 2018 to 2028. mAbs include traditional mAbs and recombinant antibodies. GLP-1 therapies include dual agonist therapies. Other protein therapies include insulin. Other includes nucleic acids, vaccines, etc. 1. CAGR inflated due to COVID-19 vaccine forecast uncertainty. 8% OTHER PROTEIN THERAPIES >2% 19% CELL & GENE THERAPIES >30% 3% 17% OTHER (e.g., mRNA) >12%¹ Navantor™ 15#16Key operating priorities. ENHANCED BY NEW OPERATING MODEL ↑ Driving growth and margin expansion in both Laboratory Solutions and Bioscience Production Transforming our cost base to deliver even higher incremental margins Disciplined capital allocation to augment growth strategy and maximize returns Navantor™ 16#17LABORATORY SOLUTIONS Pharma & biotech Diagnostics Advanced technologies New modality research Cell analysis Proteomics, genomics Avantor-branded consumables Third-party innovation Lab connectivity eCommerce enhancements Life science specialists Personalized digital marketing DRIVING GROWTH & PROFITABILITY ATTRACTIVE BASE BUSINESS ORGANIC GROWTH ACCELERATION IN HIGH-GROWTH AREAS INNOVATION IN PROPRIETARY OFFERINGS COMMERCIAL EXCELLENCE & CUSTOMER EXPERIENCE BIOSCIENCE PRODUCTION mAbs Medical implants Advanced technologies Cell & Gene therapy GLP-1s Minimally invasive surgery Integrated single-use solutions Customized silicones for medical devices Technical specialists Strategic marketing Application labs Navantor™ 17#18New operating model unlocks further productivity New model will deliver incremental savings and productivity Focus on continuous improvement embedded in our culture ~$300M ANNUAL GROSS COST SAVINGS AT RUN RATE IN 36 MONTHS ORGANIZATIONAL EFFICIENCY Represents management estimates of run rate gross savings, excluding cash cost to achieve. FOOTPRINT OPTIMIZATION REDUCED COST-TO-SERVE PROCUREMENT SAVINGS CONSISTENT PRODUCTIVITY GAINS DRIVEN BY AVANTOR BUSINESS SYSTEM Navantor™ 18#19Disciplined capital allocation NEAR-TERM $ 1000 CAPITAL ALLOCATION PRIORITIES Debt Paydown LONG-TERM 10² Debt paydown M&A $ % Dividend Share repurchase Currently allocating all free cash flow to debt paydown Targeting <3.0X adjusted net leverage Future capital allocation flexibility across multiple levers avantor™ 19#20Operating model, growth strategy. and leadership team to deliver on our long-term targets ANTICIPATED RECOVERY CYCLE End of destocking Restoration of favorable mix and operating leverage EXIT ADJ. EBITDA MARGIN RUN RATE Normalization of end market demand Note: MSD = 4-6%. Double digit = 10%+. FCF Conversion = Free Cash Flow / Adjusted Net Income. Impact from cost transformation >20% LONG-TERM FINANCIAL TARGETS ORGANIC REVENUE GROWTH MSD ADJ. EPS GROWTH Double digit ADJ. EBITDA MARGIN EXPANSION 50-100 bps per year FREE CASH FLOW 90%+ FCF conversion avantor™ 20#21Summary Robust fundamental drivers for life science tools A leader in laboratory and production segments Innovation-driven growth and margin expansion opportunities Operating model, growth strategy, and cost transformation to drive performance Navantor™ Setting science in motion to create a better word. 21