#1avantor Setting science in motion to create a better world 41st Annual J.P. Morgan Healthcare Conference Michael Stubblefield PRESIDENT AND CHIEF EXECUTIVE OFFICER January 9, 2023#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 2021 Annual Report on Form 10-K, and our quarterly reports on Form 10-Q for the first, second and third quarters of 2022. 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. 41st Annual J.P. Morgan Healthcare Conference 2#3Supporting science from discovery to delivery Navantor™ Note: 2022E data based on full year guidance as of Q3 earnings call. All other figures represent management estimates for FY 2022. $7.5B 2022E REVENUE >85% RECURRING REVENUE >55% PROPRIETARY CONTENT >70% LIFE SCIENCE EXPOSURE 41st Annual J.P. Morgan Healthcare Conference 3#4Exposed to attractive end markets Navantor™ BIOPHARMA + HSD growth rate ~55% -10% $7.5B -10% 2022E REVENUE -25% HEALTHCARE + MSD growth rate All growth rates represent expected long-term growth rates HSD = 7-9%; MSD = 4-6%; LSD = 1-3% 2022E data based on full year guidance as of Q3 earnings call. All other figures represent management estimates for FY 2022. EDUCATION & GOVERNMENT + LSD growth rate ADVANCED TECH & APPLIED MATERIALS + MSD growth rate 41st Annual J.P. Morgan Healthcare Conference 4#5Enabling scientific breakthroughs with comprehensive offering Navantor™ WORKFLOW SOLUTIONS for laboratories Enabling scientists to achieve precise analytical results 8 CUSTOMIZED MATERIALS for production Creating customized materials for use in highly regulated, demanding applications 41st Annual J.P. Morgan Healthcare Conference 5#6F.F Differentiated value proposition TA Comprehensive portfolio Navantor™ Global infrastructure CHI - Technical & regulatory expertise +00 Extensive customer access 41st Annual J.P. Morgan Healthcare Conference 6#7Avantor long-term financial algorithm ORGANIC REV. GROWTH $.00 4-6%+ ORGANIC GROWTH Navantor™ ADJ. EBITDA MARGIN 50-100 bps ANNUAL MARGIN EXPANSION ADJUSTED EPS Mid-teens+ ADJUSTED EPS GROWTH FOSTERED BY AVANTOR BUSINESS SYSTEM FREE CASH FLOW X Capital allocation flexibility ENABLED BY STRONG FREE CASH FLOW 41st Annual J.P. Morgan Healthcare Conference 7#8Track record of performance ORGANIC REV. GROWTH LT TARGET: 4-6% -6.5% Organic CAGR (2019-2022E) Reported revenue $6.0B 2019 ~$7.5B 2022E Navantor™ ADJ. EBITDA MARGIN LT TARGET: 50 - 100 bps ~130 Average bps/ year expansion (2019-2022E) 17.1% 2019 ~20.9% 2022E ADJUSTED NET INCOME LT TARGET: Mid-teens+ ~37% CAGR (2019-2022E) $374M 2019 Note: 2022E data based on full year guidance as of Q3 earnings call (midpoint where relevant). ~$950M 2022E ABOVE LONG-TERM PLAN ACROSS ALL METRICS FREE CASH FLOW -2.5x Growth (2019-2022E) $302M 2019 ~$800M 2022E 41st Annual J.P. Morgan Healthcare Conference 8#9Executing successful deleveraging strategy NET LEVERAGE 7.0X Pre-IPO -3.5X 2022E Navantor™ INTEREST EXPENSE ~$520M Pre-IPO ~$260M 2022E Note: 2022E data based on full year guidance as of Q3 earnings call. 1. Comparing pre-IPO to 2022E based on management estimate. Cost of debt improved from -7% to ~4% DELEVERAGING remains a top priority 41st Annual J.P. Morgan Healthcare Conference 9#10Combined platform is stronger than ever Organic lab growth Bioproduction customers Presence in top 20 biologic drugs Navantor™ LEGACY 1 2-3% -2,000 ~80% avantor™ 2 4-5% -9,000 ~85% 1. Legacy refers to: organic lab growth - average organic revenue growth of legacy VWR from 2010-2017, bioproduction customers - legacy Avantor bioproduction customers in 2017, presence in top 20 biologic drugs legacy Avantor presence in 2017 from Evaluate Pharma. 2. Avantor refers to: organic lab growth - data of combined entity from 2018-2022E, bioproduction customers - combined entity in 2022E, presence in top 20 biologic drugs - combined entity presence in 2022 from Evaluate Pharma. 3. Comparing legacy Avantor bioproduction sales in 2017 vs. 2022E bioproduction sales. 4X Growth in bioproduction revenue³ 41st Annual J.P. Morgan Healthcare Conference 10#11Embedding ESG practices across our business MSCI SUSTAINALYTICS a Morningstar company ecovadis CDP Governance & Integrity Navantor™ Increased ESG ratings in 2022 DO DO + DO Do Community Engagement >50% MSCI and Ecovadis are registered trademarks. CDP is a registered trademark of the Carbon Disclosure Project. Sustainalytics is a trademark of Sustainalytics, a Morningstar Company. www People & Culture Progress towards 2025 GHG reduction goal Innovation & Environment 41st Annual J.P. Morgan Healthcare Conference 11#12Navantor™ Positioned for growth 1 2 EXPANSION INNOVATION 3 M&A 41st Annual J.P. Morgan Healthcare Conference 12#13Innovation enhances growth and resilience INSIGHTS 13 global innovation centers More than 300K customer locations using Avantor products Navantor INNOVATION 1,500+ active customer-requested R&D projects Investing MSD in innovation as % of self-manufactured sales ² SPECIFICATIONS 3X growth in annual bioproduction revenue from NPIs³ Specified into 85% of top 20 biologic drugs4 1. Active R&D projects tied to specific customer opportunity. 2. Includes all R&D personnel, innovation center expenses and other R&D spend as a % of self- manufactured proprietary revenue. 3. Represents growth in total bioproduction revenues from NPIs from 2020 to 2022E. 4. 2022 data from Evaluate Pharma. NPI EXAMPLES 1 2 3 Viral inactivation for Monoclonal Antibodies Cell lysis for Cell & Gene therapy Synthetic lipids for mRNA 41st Annual J.P. Morgan Healthcare Conference 13#14Expansion supports growth engine CAPEX INVESTMENTS¹ ~$50M 2019 3X ~$150M 2022E Navantor™ INCREMENTAL CAPACITY, GEOGRAPHIC REACH, NEW PRODUCT LINES Single use expansions, Netherlands & Massachusetts Acetonitrile expansion, Connecticut DIGITAL INFRASTRUCTURE ERP consolidation Salt buffers expansion, New Jersey & Kentucky SAP warehouse management Note: 2022E data based on management estimates as of Q3 earnings call. 1. Represents total capital expenditures. New distribution center, Ireland Amino Acids & hydration expansion, Ohio Global CRM system eCommerce content enrichment 1 MIM Pricing Al 2 New manufacturing & distribution hub, Singapore Quality management platform 41st Annual J.P. Morgan Healthcare Conference 3 14#15M&A accelerates proprietary growth 88 APPROACH Expanded team of strategy and BD experts Evolving our method for target identification and diligence Robust pipeline augmented by connection to supplier and customer technologies $8B M&A capacity through 2025 Navantor™ FOCUS AREAS 1 2 Biopharma production Life science research Services 41st Annual J.P. Morgan Healthcare Conference 3 15#16Navantor™ We set science in motion to create a better world 41st Annual J.P. Morgan Healthcare Conference 16#17Appendix Navantor™ 41st Annual J.P. Morgan Healthcare Conference 17#18Reconciliations of GAAP to non-GAAP measures ($M) Net sales growth (GAAP) Foreign currency impact Sales from acquired companies Organic net sales growth (non-GAAP) Navantor™ Full Year 2019 $176.0 (123.3) $299.3 3.0% (2.1)% 5.1% Full Year 2020 $353.3 16.5 $336.8 5.8% 0.2% 5.6% Full Year 2021 $992.5 130.3 143.0 $719.2 15.5% 2.0% 2.2% 11.3% 9 months ended 9/30/2022 $238.9 (230.5) 254.2 $215.2 4.4% (4.1)% 4.6% 3.9% 41st Annual J.P. Morgan Healthcare Conference 18#19Reconciliations of GAAP to non-GAAP measures (continued) ($M) Net income (GAAP) Amortization Loss on extinguishment of debt Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Acquisition-related expenses Integration-related expenses and other Purchase accounting adjustments Restructuring and severance charges Receipt of disgorgement penalty 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™ Full Year 2019 $37.8 312.3 73.7 1.9 36.8 25.7 (10.7) 24.3 (128.2) 373.6 440.0 86.6 131.0 $1,031.2 Full Year 2020 $116.6 307.5 346.8 (0.7) 1.3 17.1 11.8 (225.2) 575.2 307.6 87.9 170.9 $1,141.6 Full Year 2021 $572.6 290.8 12.4 1.3 3.0 77.8 15.9 6.3 5.3 (13.0) (65.1) 907.3 217.4 88.4 245.5 $1,458.6 9 months ended 9/30/2022 $544.8 239.8 10.8 (0.2) (3.3) 13.6 9.4 3.7 (77.1) 741.5 196.0 65.0 208.7 $1,211.2 41st Annual J.P. Morgan Healthcare Conference 19#20Reconciliations of GAAP to non-GAAP measures (continued) (Shares in M) Diluted (loss) earnings per share (GAAP) Dilutive impact of convertible instruments Normalization for shares issued in IPO Fully diluted earnings per share (non-GAAP) Amortization Loss on extinguishment of debt Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Acquisition-related expenses Integration-related expenses and other Purchase accounting adjustments Restructuring and severance charges Receipt of disgorgement penalty Income tax (benefit) applicable to pretax adjustments Adjusted EPS (non-GAAP) Diluted weighted average share count (GAAP) Share count for Adjusted EPS (non-GAAP) Navantor™ Full Year 2019 $(0.84) 0.19 0.71 0.06 0.49 0.11 0.06 0.04 (0.02) 0.04 (0.20) $0.58 401 643 Full Year 2020 $0.09 0.09 0.18 0.48 0.54 0.03 0.01 (0.35) $0.89 583 643 Full Year 2021 $0.85 0.04 0.89 0.45 0.03 0.12 0.03 0.01 (0.02) (0.10) $1.41 600 643 9 months ended 9/30/2022 $0.80 0.80 0.35 0.01 0.02 0.01 0.01 (0.11) $1.09 680 680 41st Annual J.P. Morgan Healthcare Conference 20#21Reconciliations of GAAP to non-GAAP measures (continued) ($M) Debt, gross Less: cash and cash equivalents Numerator of adjusted net leverage TTM adjusted EBITDA¹ TTM ongoing share-based compensation expense Pro forma adjustment for projected synergies Denominator of adjusted net leverage Adjusted net leverage (non-GAAP) Navantor™ 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 trailing 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. 2021 $7,113.2 (301.7) 6,811.5 1,587.3 47.7 $1,635.0 4.2X Q3 2022 6,253.3 (265.6) 5,987.7 1,589.7 52.6 $1,642.3 3.6X 41st Annual J.P. Morgan Healthcare Conference 21#22Reconciliations of GAAP to non-GAAP measures (continued) ($M) Net cash provided by operating activities (GAAP) Capital expenditures Acquisition-related expenses paid Free cash flow (non-GAAP) Navantor™ Full Year 2019 $354.0 (51.6) $302.4 Full Year 2020 $929.8 (61.6) $868.2 Full Year 2021 $953.6 (111.1) 77.8 $920.3 9 months ended 9/30/2022 $638.0 (99.8) $538.2 41st Annual J.P. Morgan Healthcare Conference 22