#1Investor Presentation RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE March 6, 2023 Thomas Szlosek Chief Financial Officer Navantor™ 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 most recent annual report on Form 10-K. 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 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. 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 is included in the appendix of this presentation. 2#3Supporting science from discovery to delivery Navantor™ Note: Data based on full year 2022 results. $7.5B 2022 REVENUE >85% RECURRING REVENUE >55 PROPRIETARY CONTENT >70% LIFE SCIENCE EXPOSURE 3#4Exposed to attractive end markets TOTAL ADDRESSABLE MARKET >$80B BIOPHARMA + HSD growth rate >70% LIFE SCIENCE EXPOSURE Navantor™ 55% ~10% $7.5B -10% 2022 REVENUE ~25% HEALTHCARE + MSD growth rate All growth rates represent expected long-term growth rates. HSD = 7-9%; MSD = 4-6%; LSD = 1-3% 2022 data based on full year results. EDUCATION & GOVERNMENT + LSD growth rate ADVANCED TECH & APPLIED MATERIALS + MSD growth rate 4#5Enabling scientific breakthroughs with comprehensive offering Navantor™ LABORATORY SOLUTIONS Products & services that enable scientists to achieve precise analytical results A PRODUCTION SOLUTIONS Custom & specialty materials for use in highly regulated applications 5 сл#6Integrated set of core capabilities 11 54 Navantor™ Technical & regulatory expertise Global infrastructure +00 18 Extensive customer access Comprehensive Portfolio 6#71 Navantor™ Positioned for growth INNOVATION 2 EXPANSION 3 M&A 7#8Positioned for growth 1 INNOVATION 3X bioproduction revenue from NPIs¹ Specified in 85% of top 20 biologics² Collaboration agreements with Agilent, Cytovance Biologics, GeminiBio and Oxford Nanopore Navantor™ 2 24 EXPANSION Initiated 14 expansion projects³ Invested in digital architecture Achieved significant renewal and expansion milestones with top 10 customers Note: NPI New Product Introductions 1. Represents growth in total bioproduction revenues from NPIs from 2020 to 2022E. 2. 2022 data from Evaluate Pharma. 3. Manufacturing and distribution expansions in 2022. 3 M&A Integrated Masterflex, Ritter, RIM Bio Robust NPI pipeline for 2023 Actively building M&A pipeline in focus areas 8#9Embedding ESG practices across our business MSCI SUSTAINALYTICS a Morningstar company ecovadis CDP Governance & Integrity Vavantor™ Increased ESG ratings in 2022 od DO + DO Community Engagement 50% 2025 GHG 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. Progress towards reduction goal People & Culture Innovation & Environment 9#10Avantor long-term financial algorithm ORGANIC REV. GROWTH $ fool 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 10#11Track record of performance ORGANIC REV. GROWTH LT TARGET: 4-6% ~6.5% Organic CAGR (2019-2022) Reported revenue $6.0B 2019 $7.5B 2022 Navantor™ ADJ. EBITDA MARGIN LT TARGET: 50 - 100 bps ~130 Average bps/ year expansion (2019-2022) 17.1% 2019 20.9% 2022 ADJUSTED NET INCOME LT TARGET: Mid-teens+ ~37% CAGR (2019-2022) $373M 2019 $955M 2022 ABOVE LONG-TERM PLAN ACROSS ALL METRICS FREE CASH FLOW ~2.3x Growth (2019-2022) $302M 2019 $710M 2022 11#122023 full-year guidance Navantor™ Nawr Note: All figures based on current estimate for FY blended USD/EUR exchange rate of 1.05 1. Adj. EPS estimate based on US GAAP diluted share count of ~680M. METRIC Core Organic Revenue Growth Adj. EBITDA Margin Expansion Adj. EPS¹ Free Cash Flow FY 2023 GUIDANCE 2.5 - 4.5% -25 to +25 bps $1.35 - $1.45 -$700 - $800M 12#13Summary Attractive end markets Navantor™ Integrated core capabilities -200 100 Robust financial algorithm MMX Investing for growth 13#14avantor™ Setting science in motion to create a better world. avantorsciences.com 14#15Reconciliations of GAAP to non-GAAP measures. ($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% Full Year 2022 $126.3 (317.1) 268.2 $175.2 1.7% (4.3)% 3.6% 2.4% 15#16Reconciliations of GAAP to non-GAAP measures (continued) ($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 Full Year 2022 $686.5 318.3 12.5 7.0 (3.3) 19.2 9.4 3.5 (97.6) 955.5 265.8 87.2 262.2 $1,570.7 16#17Reconciliations 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 Full Year 2022 $1.01 1.01 0.47 0.01 0.01 0.03 0.01 0.01 (0.14) $1.41 680 680 17#18Reconciliations of GAAP to non-GAAP measures (continued) ($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 Full Year 2022 $843.6 (133.4) $710.2 18