#1Navantor™ Investor Day 2023 December 8, 2023 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 Avantor, Inc. All rights reserved. Navantor™ 2#3Agenda 1 2 3 Laboratory Solutions 4 5 Welcome CEO Remarks Bioscience Production CFO Remarks Customer Testimonials 7 8 Lunch (Grab & Go) Q&A Christina Jones Michael Stubblefield Randy Stone Benoit Gourdier Brent Jones Jim Bramwell All presenters 09:00 09:05 09:05 09:35 09:35 09:55 09:55 10:15 10:15 10:40 10:40 - 10:45 10:45 - 11:30 11:30 - 12:00 WIT avantor™ 3#4Navantor™ СЕО Remarks Michael Stubblefield President & Chief Executive Officer 4#5Key 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 avantor™ 5#6Our Executive Leadership Team Michael Stubblefield President & Chief Executive Officer SEGMENT LEADERS Benoit Gourdier EVP, Bioscience Production Randy Stone EVP, Laboratory Solutions R. Brent Jones EVP & Chief Financial Officer Christophe Couturier EVP, Asia, Middle East & Africa (AMEA) FUNCTIONAL LEADERS James Bramwell EVP, Sales Brittany Hankamer EVP, Chief Human Resources Officer Kitty Sahin EVP, Strategy & Corporate Development Allison Hosak SVP, Global Communications & Brand Claudius O. Sokenu EVP, Chief Legal and Compliance Officer and Corporate Secretary Mike Wondrasch EVP & Chief Information Officer Navantor™ 6#7Our Board of Directors Brings Highly Relevant Expertise Jonathan Peacock Independent Chair Chair, UCB SA Former CFO, Novartis Pharma and Amgen Director since 2017 Joseph Massaro CFO & SVP, Business Operations, Aptiv Director since 2021 225+ Michael Stubblefield President & Chief Executive Officer Director since 2017 Mala Murthy CFO, Teladoc Health Director since 2021 YEARS OF LIFE SCIENCES & HEALTHCARE EXPERIENCE Juan Andres Former Chief Technical Operations & Quality Officer, Moderna Previously Novartis AG Head of Global Quality Director since 2019 Michael Severino, M.D. CEO, Tessera Therapeutics Previously Vice Chairman & President, Abbuie and SVP and CMO, Amgen Director since 2020 30% FEMALE John Carethers, M.D. Vice Chancellor Health Science, University of California San Diego Director since 2021 Christi Shaw Most Recently CEO, Kite Previously SVP, Eli Lilly and President, Lilly Bio-Medicines Director since 2018 40% Lan Kang Managing Director, CBC Capital (One of Asia's largest healthcare- focused private equity firms) Director since 2021 Gregory Summe Managing Partner, Glen Capital Partners Previously Chairman and CEO, Perkin Elmer Director since 2020 ETHNICALLY OR RACIALLY DIVERSE Navantor™ 7#8W.R. 3D printing Spatial proteomics Cell biology Alzheimer's treatments Battery technology RNA vaccines DNA sequencing Artificial Intelligence WE ARE IN A GOLDEN AGE OF SCIENCE Machine learning COVID-19 Gene Therapy Immuno-oncology ing M Climate science Human genome Digital Renewable energy Space exploration avantor™ 8#9Life Science Tools sector is compelling Attractive and durable organic demand growth "Picks and shovels" model offers diversified exposure to all discoveries Innovation is important and rewarded; continued product refreshment Extreme fragmentation creates favorable environment for scaled life sciences platform STRONG POSITION avantor 9#10Avantor: A leader in life science tools #1 / #2 SUPPORTING CUSTOMERS FROM DISCOVERY TO DELIVERY RESEARCH & DISCOVERY DEVELOPMENT & SCALE-UP All figures represent management estimates based on FY 2023. GLOBAL PARTNER FOR LABORATORY CONSUMABLES GLOBAL MATERIALS PROVIDER FOR BIOPROCESSING AND BIOMATERIALS PRODUCTION SIGNIFICANT BIOPHARMA & HEALTHCARE EXPOSURE RECURRING REVENUE SPEC'D IN DEEP CUSTOMER RELATIONSHIPS ~60% ~85% STRONG POSITION ~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™ 10#11Our strategic position at global laboratories ... M Laboratories around the world use our products, materials & services to research life-changing innovations STRONG POSITION avantor™ 11#12... enables us to position our proprietary products ... DISCOVERY PIPELINE RESEARCH & DISCOVERY po GMP products in laboratory scale configurations DEVELOPMENT & SCALE-UP GMP products in bulk configurations PRODUCTION STRONG POSITION Same product, off the same manufacturing line Proven compatibility Avantor materials critical to performance of production process or end product avantor™ 12#13and win specifications on commercialized platforms DISCOVERY PIPELINE RESEARCH & DISCOVERY O e Source: Evaluate Pharma, top biologics of 2022. DEVELOPMENT & SCALE-UP ~90% D 874 PRODUCTION of self-manufactured production content is spec'd in to customers' products or processes BIOLOGICS EXAMPLE Content on STRONG POSITION % of top 20 biologics Exposure to all modalities & treatment areas, including mAbs, Cell & Gene Therapy, GLP-1s & mRNA Navantor™ 13#14Embedding ESG practices across our business PILLARS OF ESG STRATEGY: wp Governance & Integrity Community Engagement People & Culture Innovation & Environment CONSISTENT RATINGS IMPROVEMENTS: MSCI ecovadis WE SUPPORT: GLOBAL COMPACT UN MSCI, Ecouadis, and Science Based Targets are registered trademarks. CDP is a registered trademark of the Carbon Disclosure Project. Sustainalytics is a trademark of Sustainalytics, a Morningstar Company. SUSTAINALYTICS a Morningstar company CDP Committed to new 2030 science-based climate targets SCOPE 1 & 2 50% Absolute Reductions* STRONG POSITION from a 2020 baseline SCOPE 3 25% Absolute Reductions* avantor™ 14#15Next step in our continued evolution BUILDING A FORTUNE 500 LIFE SCIENCE TOOLS LEADER 2014 - 2023 TRANSFORMING OUR OPERATING MODEL 2024+ NEW OPERATING MODEL Navantor™ 15#16Transformation will strengthen performance and productivity TRANSFORMING OUR OPERATING MODEL 2024+ Effective date for the new segment structure is 1/1/24. NEW OPERATING MODEL Builds on strengths of our platform and market position Sharpens focus around customers' laboratory and production needs Unlocks additional efficiencies in current operating environment Positions Avantor for long- term growth Navantor™ 16#17Two complementary segments anchored in customer needs LABORATORY SOLUTIONS Segment revenue split based on management estimates for FY 2023. Effective date for the new segment structure is 1/1/24. ~2/3 OF TOTAL REVENUE BIOSCIENCE PRODUCTION NEW OPERATING MODEL ~1/3 OF TOTAL REVENUE avantor™ 17#18LABORATORY SOLUTIONS: Trusted partner enabling scientific insights REVENUE ~$4.7B 2023E ADJ. OPERATING MARGIN ~15% 2023E 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. Comprehensive portfolio of high- quality laboratory consumables, equipment, services and digital solutions NEW OPERATING MODEL Deeply embedded in our customers' laboratory ecosystems Supporting scientific discoveries in regulated environments with high quality standards Navantor™ 18#19LABORATORY SOLUTIONS: Building on our strong position in ~300K laboratories globally BIOPHARMA & HEALTHCARE Serving 20 of top 20 pharma companies Preferred laboratory supplier for BIO consortium (3,700+ biotechnology companies engaged in life science research) Sources: Evaluate Pharma, Fortune 500. EDUCATION & GOVERNMENT Preferred supplier for E&I consortium (6,000+ higher education institutions, including the world's leading academic and medical research institutions) ADVANCED TECHNOLOGIES NEW OPERATING MODEL 10 of top 10 industrial companies partner with Avantor for research and QA/QC Navantor™ 19#20BIOSCIENCE PRODUCTION: Leading provider of mission-critical, high-purity technologies F REVENUE ~$2.3B 2023E ADJ. OPERATING MARGIN ~26% 2023E 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. NEW OPERATING MODEL High-purity, custom materials provide critical functionality to products in demanding environments Proprietary manufacturing and purification technology deliver impurity levels as low as parts per trillion Regulatory and quality expertise for tightly regulated markets, driving highly recurring, spec'd in revenue Navantor™ 20#21BIOSCIENCE PRODUCTION: Proven expertise in demanding environments BIOPHARMA & HEALTHCARE BIOPROCESSING Bioprocessing content in 85% of top 20 biologics Revenue from all modalities mAbs, Cell & Gene Therapy, GLP-1 Source: Evaluate Pharma, Blackridge Research, Bloomberg. HEALTHCARE #1 supplier of high-purity silicone for medical implants NEW OPERATING MODEL ADVANCED TECHNOLOGIES Providing high-purity materials to 8 of top 10 semiconductor companies & defense contractors Navantor™ 21#22Shared ecosystem delivers customer value across both segments LABORATORY SOLUTIONS Innovation & technical expertise Quality & regulatory support avantor™ Digital architecture & e-commerce BIOSCIENCE PRODUCTION Relationship managers & customer support Manufacturing & supply chain NEW OPERATING MODEL Navantor™ 22#23Key operating priorities ENHANCED BY NEW OPERATING MODEL 个 ↑ → 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 KEY OPERATING PRIORITIES Navantor™ 23#24LABORATORY 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 KEY OPERATING PRIORITIES 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™ 24#25New 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 KEY OPERATING PRIORITIES PROCUREMENT SAVINGS CONSISTENT PRODUCTIVITY GAINS DRIVEN BY AVANTOR BUSINESS SYSTEM Navantor™ 25#26Capital allocation priorities. NEAR-TERM $ 1000 CAPITAL ALLOCATION PRIORITIES Debt Paydown LONG-TERM 10² Debt paydown M&A $ % Dividend Share repurchase KEY OPERATING PRIORITIES Currently allocating all free cash flow to debt paydown Targeting <3.0X adjusted net leverage Future capital allocation flexibility across multiple levers avantor™ 26#27Operating 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 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 KEY OPERATING PRIORITIES Double digit ADJ. EBITDA MARGIN EXPANSION 50-100 bps per year FREE CASH FLOW 90%+ FCF conversion avantor™ 27#28Summary 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 world. 28#29Navantor™ Laboratory Solutions Trusted partner enabling scientific insights Randy Stone EVP, Laboratory Solutions 29#30Key takeaways 1 Introducing Laboratory Solutions 2 Accelerating profitable growth 3) Leveraging our emerging digital solutions avantor 30#31Laboratory 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 1 INTRODUCTION TO LAB SOLUTIONS avantor™ 31#32Offering comprehensive lab solutions for highly regulated industries PROPRIETARY PRODUCTS VWRE NTRALE 200 EXAMINATION GLOVES Navantor™ W VWR J.T.Baker O Building a portfolio of proprietary solutions Figures based on management estimates for FY 2023. 415 SERVICES & DIGITAL SOLUTIONS - - Inventory Manager Equipment Services Digital Laboratory Ecosystem - On-site Lab Services Clinical Services Specialty Procurement Services Strengthening customer relationships 1 INTRODUCTION TO LAB SOLUTIONS THIRD-PARTY PRODUCTS >5,000 SUPPLIERS Providing innovative comprehensive lab offerings Navantor™ 32#33An 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 1 ENABLING CUSTOMER INNOVATION 2,500+ ASSOCIATES ON-SITE SUPPORTING CUSTOMER WORKFLOWS INTRODUCTION TO LAB SOLUTIONS INCREASING INNOVATIVE OFFERINGS IN High-Growth APPLICATIONS Digital Solutions TO RETURN TIME TO SCIENCE THROUGH Navantor™ 33#34Serving multiple lab customer touchpoints PROCESS DEVELOPMENT ENGINEERING ENVIRONMENTAL HEALTH & SAFETY RESEARCH LAB (BIOLOGY) RESEARCH LAB (CHEMISTRY) CLINICAL TESTING PROCUREMENT QA/QC PRODUCTION 1 INTRODUCTION TO LAB SOLUTIONS Navantor™ 34#35Accelerating profitable growth Deepening focus on attractive end markets with broad customer access Building comprehensive and innovative solutions in high-growth workflows Expanding our proprietary portfolio to strengthen our customer value proposition 2 ACCELERATING PROFITABLE GROWTH avantor 35#36Attractive 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 PFAS TESTING ADVANCED TECHNOLOGIES Regulations increasing demand for standards & reference materials 2 Deepening focus on highest growth areas ACCELERATING PROFITABLE GROWTH CLEAN ENERGY Electric vehicles driving demand for battery R&D, QA/QC and testing Navantor™ 36#37Strengthening offerings in high-growth workflows ADVANCED MODALITY¹ LC-MS FOR CHARACTERIZATION OF ADVANCED MODALITIES SAMPLE COLLECTION Navantor™ Brands Proprietary & Third-Party Products PIPELINE GROWTH ~20%+ VWROAD CAGR SAMPLE PREPARATION J.T.Baker CELLULAR ANALYSIS FOR TRANSLATIONAL RESEARCH ritter SAMPLE ANALYSIS 1. Advanced modalities include Cell & Gene Therapy, Antibody Drug Conjugates, and Nucleic Acid Therapeutics. CAGR represents 2021 - 2026. 2. Cell analysis techniques include flow cytometry, PCR, cell microarray, high-content screening, etc. CAGR represents 2023 - 2028. Figures based on management estimates. HichromⓇ 2 CELL ANALYSIS² MARKET ~10%+ UltrasphereⓇ Lab Chemicals, Cell Culture Media, Buffers, Growth Factors, Reagents, Extraction Kits, PPE, Filters, Plastic Consumables, Liquid-Handling Solutions, Biorepository and Storage Solutions, Columns, Measuring Apparatus, Analytical Instruments, Accessories ACCELERATING PROFITABLE GROWTH ACEⓇ PartiSphere® PartisilⓇ CAGR Navantor™ 37#38Accelerating proprietary product launches and expanding private label - PROPRIETARY SOLUTIONS R&D investments to expand offerings in new categories Expanding supplier network for innovative private label offerings Increasing brand awareness and customer loyalty J.T.Baker® Robotic Tips Type HT2 & Type TE MCA VWR® CO₂ Incubator Avantor ACE HPLC/UHPLC COLUMNS Ecolo Aytical to prev Vavantor avantor Avantor® ACEⓇ HPLC/UHPLC Columns for PFAS Testing VWR® Cold Storage 2 ACCELERATING PROFITABLE GROWTH Navantor™ delivered by VWT VWR® PCR/qPCR Reagents VWR® Ready-To-Use Media for Pharma Navantor™ 38#393 LEVERAGING EMERGING DIGITAL SOLUTIONS TO TRANSFORM EMERGING DIGITAL SOLUTIONS avantor™ 39#40Building customer-centric digital solutions. C REVOLUTIONIZE ONLINE JOURNEY Multi-channel traffic generation and optimization Al-based recommendation engine - eCommerce re:Imagined DD% Increase in Organic Search Traffic YOY Figures based on management estimates. ENHANCE CUSTOMER EXPERIENCE 3 EMERGING DIGITAL SOLUTIONS 恐 EMBED DIGITAL SOLUTIONS IN LABS Enrichment of SmartScience solutions, Inventory Manager Connected lab ecosystem via digital supply chain capabilities and integrated Electronic Lab Notebooks $300M+ Inventory Manager Product Pull-Through Navantor™ 40#41Returning time to science with Avantor Inventory Manager One-stop buying solution 16,000 HOURS SAVED PER YEAR Figures based on management estimates. LARGE PHARMA CASE STUDY Automated supply replenishment 29% AVERAGE REDUCTION IN EXCESS INVENTORY Scalable to any size lab operation 8 EFFICIENCY IMPACT MEASURED AS FULL-TIME SCIENTISTS 3 EMERGING DIGITAL SOLUTIONS Real-time reporting & predictive insights 24/7 VISIBILITY IN SKU-LEVEL OPERATIONAL METRICS Navantor™ 41#42Summary: Laboratory Solutions Established leadership in attractive markets Deeply embedded in our customers' laboratory ecosystems with products, services and digital tools Strategic focus on innovative proprietary portfolio Accelerating growth and expanding margins Navantor™ Trusted partner enabling scientific insights. 42#43Navantor™ Bioscience Production Leading provider of mission-critical, high-purity materials and solutions Benoit Gourdier EVP, Bioscience Production te 1 01 43#44Key takeaways 1 Introduction to Bioscience Production 2 Well positioned in high growth bioprocessing market 3) Unique, high-purity material formulation capabilities to serve healthcare applications C te Wavantor™ 44#45Bioscience 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 1 BIOSCIENCE PRODUCTION avantor™ 45#46BIOPROCESSING 5 O 128111 HEALTHCARE MZ WAN 1 BIOSCIENCE PRODUCTION ADVANCED TECHNOLOGIES Navantor™ 46#47BIOPROCESSING MARKET TAILWINDS AVANTOR OFFERING Scientific and manufacturing innovation in advanced therapeutic modalities Robust pipeline of novel treatments High-quality production ingredients and excipients Customized single-use solutions 128111 1 BIOSCIENCE PRODUCTION K avantor™ 47#48HEALTHCARE MARKET TAILWINDS Improved outcomes and reduced healthcare costs from personalized medicine, minimally invasive solutions and novel therapeutics High-purity, medical-grade silicone. AVANTOR OFFERING Specialty diagnostic reagents 1 BIOSCIENCE PRODUCTION NANTINY 2 avantor™ 48#49128111 ADVANCED TECHNOLOGIES SINIS Acceleration in the development and spending in defense, space and data analytics/Al MARKET TAILWINDS 1 AVANTOR OFFERING BIOSCIENCE PRODUCTION High-performance coatings for extreme operational environments Formulated solutions for semiconductor manufacturing avantor™ 49#50A leader serving highly regulated industries BIOPROCESSING #1/#2 GLOBAL MATERIALS PROVIDER IN BIOPROCESSING J.T.Baker Ⓡ Source: Blackridge Research, Bloomberg. HEALTHCARE NuSil #1 PROVIDER OF HIGH-PURITY SILICONE FORMULATIONS FOR MEDICAL APPLICATIONS AVANTOR'S INDUSTRY-LEADING BRANDS KNOWN FOR PURITY, QUALITY AND PERFORMANCE MASTERFLEX® VWR 1 ADVANCED TECHNOLOGIES SUPPLIER TO 80% BIOSCIENCE PRODUCTION OF TOP SEMICONDUCTOR AND TOP DEFENSE CONTRACTORS RIM Bio Inc. avantor™ 50#51Engaging early and retaining customers throughout the customers' product life cycle RESEARCH 1-3 YEARS PROCESS DEVELOPMENT & SCALE-UP VOLUME OF MANUFACTURING 5-7 YEARS 1 BIOSCIENCE PRODUCTION COMMERCIAL PRODUCTION >10 YEARS Navantor™ 51#52Critical capabilities enable us to win in highly regulated industries goo PURITY QUALITY NETWORK EXPERTISE → y ↑ ↑ PPT PURITY LEVELS (PARTS PER TRILLION) 1 UNIFIED QUALITY MANAGEMENT SYSTEM 30 GLOBAL MANUFACTURING SITES 200+ R&D SCIENTISTS & TECHNICAL EXPERTS 1 BIOSCIENCE PRODUCTION Ensuring that we meet the most stringent quality requirements Establishing customer confidence and trust Enabling us to serve customers wherever they are Delivering optimized and innovative solutions to the toughest challenges Navantor™ 52#53A 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 2 Strong R&D pipeline at 7 Innovation Centers of Excellence Global network of 30 cGMP and ISO-certified manufacturing facilities BIOPROCESSING High-quality chemicals achieving parts per billion purity levels AVANTOR MATERIALS ARE CRITICAL TO THE SUCCESS OF HIGH-QUALITY, HIGH-PERFORMANCE BIOPROCESSING Navantor™ 53#54Accelerating growth in bioprocessing Deepening focus on high-growth biologics segments to solve critical process challenges Rigorous investment in innovation accelerates growth through New Product Introductions and custom solutions 2 BIOPROCESSING AUSTING Navantor 54#55Robust 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: MONOCLONAL ANTIBODIES >10% 2023E TOTAL MARKET REVENUE FOR BIOLOGICS 53% GLP-1 >20% OTHER PROTEIN THERAPIES >2% 8% 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. 19% CELL & GENE THERAPIES 2 >30% 3% BIOPROCESSING 17% OTHER (e.g., mRNA) >12%1 Navantor™ 55#56Avantor products are relevant across all modalities and therapies... MONOCLONAL ANTIBODIES CELL EXPANSION & PRODUCTION GLP-1 OTHER PROTEIN THERAPIES DOWNSTREAM PURIFICATION CELL & GENE THERAPIES 2 FILL & FINISH OTHER (e.g., mRNA) BIOPROCESSING ...and Avantor provides critical content across the entire workflow Navantor™ 56#57Our technologies for bioprocessing Navantor™ Process Components & Excipients Navantor™ Fluid Handling & Single-use are mission critical customers Upstream Process components functionalize cell culture media and provide the ecosystem for biologics expression Downstream 50 Buffers and process liquids enable the efficient purification and viral inactivation of biologics ·Ù·º···•·•·º·¯Ħ0·I·o· 8 Fluid-handling solutions are critical to efficiently moving biologics components between units of operation 50 2 BIOPROCESSING Formulation, Fill & Finish 50 Excipients facilitate successful, stable delivery of a biologic directly into the patient Single-use solutions support the safety and efficiency of the end-to-end manufacturing process Navantor™ 57#58Differentiated value proposition through multiscale integrated solutions Process Components & Excipients avantor™ Fluid Handling & Single-use High-quality J.T.Baker GMP process ingredients LAYERED SOLUTIONS 50 50 50 + + Value-add single-use form factors: Direct Dispense and ready-to-use Hydrated Buffers Integrated, automated system: In-line Dilution System and concentrated Stock Solutions + INTEGRATED SOLUTIONS Single-use Avantor's expertise and capabilities enable the development of integrated, systems-level solutions for bioprocessing Process Components & Excipients Systems 2 SS Tubes & Connectors Tank Liners BIOPROCESSING Systems, Pumps & Sensors Buffers & Salts Sugars Excipients 3D Media Mixing Bag Liquid Bag Additives Navantor™ 58#59Innovating to solve bioprocessing customer challenges 7 regional application and innovation labs accelerating bioprocessing development Global network of advanced degree scientists and bioprocessing experts Focused innovation on novel modality reagents, chromatography and digital sensor platforms Strong innovation leverage: ~7.5X revenue per innovation dollar spent in 2023 Barrington, IL Tilburg, Netherlands Devens, MA Bridgewater, NJ avantor™ BRIDGEWATER, NJ INNOVATION CENTER 2 BIOPROCESSING Mumbai, India Gwangyo, South Korea Shanghai, China Navantor™ 59#60Collaboration drives customer intimacy and customization GLP-1: INNOVATION OPPORTUNITY - - Avantor offering relevant for both synthetic and fermentation route Frequent subcutaneous dosing barrier to patient compliance - New formulations require improved process components Avantor brings a collaborative approach to innovation to meet the unique, emerging needs of therapeutic innovators 2 BIOPROCESSING NEW PRODUCT COLLABORATION Partnered with a leading GLP-1 provider to improve the purity of a formulation component to increase drug stability, which will improve dosing avantor™ 60#61Collaboration drives customer intimacy SINGLE-USE: DEEP CUSTOMIZATION - and customization - Customers searching for best-in-application performance leveraging multiple system vendors Linking systems from multiple vendors challenging; often requiring in-house assembly manufacturing Avantor offers customers a customized, open architecture with flexibility to leverage highest performance OTO 2 BIOPROCESSING LARGEST VALIDATED SINGLE-USE COMPONENT LIBRARY mRNA customer outfitting new production site struggled to link systems from multiple vendors- Avantor created 35 assemblies and accelerated time to first runs avantor™ 61#62Differentiated proprietary solutions. for healthcare applications #1 provider of high-purity silicone for medical applications HIGH-PURITY MEDICAL-GRADE SILICONES CUSTOMIZED DIAGNOSTIC REAGENTS & CHEMICALS Supplier to 80% of top 10 medical device companies 40+ years of innovating with silicone formulations Proprietary purification and manufacturing processes UNMATCHED HIGH-PURITY SILICONE CAPABILITIES 100 customizable dimensions of silicone Regulatory expertise; 700+ master access files 3 CUSTOMIZATION & REGULATORY EXPERTISE Diagnostic reagents benefiting from scale and quality in bioprocessing HEALTHCARE Our materials are spec'd in to customer products RECURRING REVENUE PROFILE Navantor™ 62#63Used in life-enhancing and life- saving medical applications. Brain implant IOL & Retinal tamponade Peri I.V. catheter Spine, intervertebral Gluteal implant Testicular prosthesis Tissue expander Toe joint Hydrocephalus shunt Cochlear implant Finger joints Cardio: Pacemaker, Stent Breast implant Gastric band/balloon Urology: Catheter, Penile implant IUD/Tubal occlusion Calf implant 3 HEALTHCARE Navantor™ 63#64Used in life-enhancing and life- saving medical applications. Brain implant CUSTOMER EXAMPLE 3 HEALTHCARE Deep Brain Stimulation Implant 20+ year history of working with Avantor on critical long-term implants Customer seeking materials for next-gen deep brain stimulation platform Avantor innovation specialists collaborated on custom material development Helped customer navigate and expedite the regulatory process Customer's medical implant is changing the lives of many patients suffering from diseases such as Parkinson's and epilepsy avantor™ 64#65Emerging technologies augment healthcare growth opportunity MEDICAL IMPLANTS IMPLANTABLE MEDICAL DEVICES CAGR >6% EMERGING NOVEL MEDICAL & DIAGNOSTIC TECHNOLOGIES Novel Wearable Drug Delivery NuSil medical-grade silicone CAGR >20% Management Estimates. CAGRs represent estimated revenue growth from 2023 to 2028. 1. Noninvasive oncology screening references specific indications, such as colon cancer screening. Surgical Robots AVTR lubricious silicones CAGR >10% 3D-Printed Medical Devices NuSil medical-grade silicone 3 CAGR >15% HEALTHCARE Noninvasive Oncology Screening¹ AVTR custom reagents CAGR >10% Navantor™ 65#66Innovations enabled through customer collaborations DRUG DELIVERY Silicone in wearable drug delivery devices OCULAR DEVICES High-purity silicone for medical implants Z A DA DIAGNOSTIC TESTS Customized reagents for oncology screening ~500 customer-driven projects in the pipeline ww 3 HEALTHCARE 4444 Navantor™ 66#67Summary: Bioscience Production. Proven track record of supplying ultrahigh-purity production materials Diversified high-growth end market exposure Close customer engagement earns specifications and drives high-quality, recurring revenue Focused strategy to drive growth through innovation and customer collaboration Navantor™ Leading provider of mission-critical, high-purity materials and solutions. 67#68Navantor™ CFO Remarks R. Brent Jones Executive Vice President & Chief Financial Officer 68#69Key takeaways 1 Building on strong financial foundation 2 Transforming to a simplified, focused operating model 3 Delivering on operating priorities to drive performance avantor 69#70Avantor: A leading life science enterprise #1 / #2 GLOBAL PARTNER FOR LAB CONSUMABLES #1 / #2 GLOBAL MATERIALS PROVIDER FOR BIOPROCESSING AND BIOMATERIALS 2023E financials based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Unlevered free cash flow excludes the impact of cash interest, net of tax impact. ~$7.0B 2023E REVENUE ~$650M 2023E FREE CASH FLOW ~$1.3B 1 2023E ADJUSTED EBITDA ~$850M 2023E UNLEVERED FREE CASH FLOW STRONG FOUNDATION Navantor™ 70#71Building on a strong foundation 1 Attractive end markets and strong competitive position ~85% consumables and services Large and growing portfolio of proprietary materials, solutions and services Significant operating leverage drives robust incremental margins Strong conversion to cash with capital "light" operating model STRONG FOUNDATION Navantor™ 71#72Diversified revenue profile ATTRACTIVE END MARKETS Advanced Technologies 25% 15% Education & Government 60% Biopharma & Healthcare All figures represent management estimates for FY 2023. CONSUMABLES-FOCUSED PORTFOLIO Equipment & Instrumentation 15% 85% Consumables & Services Europe GLOBAL REACH AND SCALE 1 AMEA (China <3%) 35% 5% STRONG FOUNDATION 60% Americas Navantor™ 72#73Proprietary growth drives margin expansion $5.9B PROPRIETARY GROWTH 2018 ~45% PROPRIETARY REPORTED REVENUE 16.1% ~55% PROPRIETARY ADJ. EBITDA MARGIN ~$7.0B 2023E financials based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Proprietary percentages for 2023 based on management estimates. 2023E 18.7% 1 STRONG FOUNDATION Self-manufactured proprietary products have ~1.5x - 2.0x gross margin versus third-party content Proprietary products concentrated in high growth markets and workflows (e.g., bioprocessing) avantor™ 73#74Transforming to a simplified, focused operating model 2023 EXISTING SEGMENTS Americas Europe AMEA Effective date for the new segment structure is 1/1/24. NEW SEGMENTS LABORATORY SOLUTIONS BIOSCIENCE PRODUCTION 2024+ ↑ ↑ y ← NEW OPERATING MODEL Aligns with customer profiles Streamlines accountability for driving growth Unlocks cost savings and operational efficiencies Focuses capital allocation to augment segment strategies avantor™ 74#75Segment reporting timeline. 2023 DEC New business segment structure announced Effective date for the new segment structure is 1/1/24. FEB File 2023 10-K with prior segment financials File 8-K with 2022 - 2023 re-cast financials for new reporting segments 2024+ Quarterly earnings and new segments covered in 4th quarter earnings discussion APR 2 1st quarter 2024 and all future financial reporting based on new segments NEW OPERATING MODEL Navantor™ 75#76Key operating priorities ENHANCED BY NEW OPERATING MODEL ADDITIONAL CFO FOCUS AREA ↑ 个 Transforming our cost base to deliver even higher incremental margins 3 Driving growth and margin expansion in both Laboratory Solutions and Bioscience Production Disciplined capital allocation to augment growth strategy and maximize returns Rigorous financial management to improve forecasting, P&L management and cash conversion OPERATING PRIORITIES Navantor™ 76#77Driving growth and margin expansion in new segments LABORATORY SOLUTIONS Focus on high-growth workflows Increase proprietary content Retain and win new customer accounts by focusing on commercial excellence and customer experience $4.7B 2023E REPORTED REVENUE ~15% 2023E ADJ. OPERATING MARGIN BIOSCIENCE PRODUCTION - - - 2023E financials based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Segment financials based on management estimates for FY2023. Effective date for the new segment structure is 1/1/24. 3 OPERATING PRIORITIES Maintain leading materials position in high-growth applications (e.g., mAbs in bioprocessing) $2.3B 2023E REPORTED REVENUE Introduce innovative, custom solutions that are spec'd in Higher growth + higher margin → "mix up" -26% 2023E ADJ. OPERATING MARGIN Navantor™ 77#78Taking action to mitigate current headwinds. CUSTOMER FOCUS Commercial intensity (salesforce and digital) driving share gains in a difficult environment DELIVERY & SERVICE LEVELS Delighting our customers with the right service levels PRICE Offsetting inflation and pricing for value delivered COST OUT Leveraging ABS to support margin 3 Rigorous execution amid the challenging environment OPERATING PRIORITIES Navantor™ 78#79Opportunity exists to optimize the business while driving differentiated growth $7.0 Sales 2023E FINANCIALS ($B) ($4.6) COGS $2.4 Adj. Gross Profit ($1.1) SG&A & Innovation 2023E financials based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Effective date for the new segment structure is 1/1/24. $1.3 Adj. EBITDA 3 OPERATING PRIORITIES New segments will improve our execution through a more focused and accountable structure Opportunity to right-size the company and build an operating platform for differentiated organic and inorganic growth avantor™ 79#80Initiating global structural cost-out initiative COST SAVINGS OPPORTUNITY -$300M ANNUAL GROSS COST SAVINGS AT RUN RATE IN 36 MONTHS Represents management estimates of run rate gross savings, excluding cash cost to achieve. Ⓒ 600 99 1000 E-O 3 ORGANIZATIONAL EFFICIENCY FOOTPRINT OPTIMIZATION REDUCED COST-TO-SERVE OPERATING PRIORITIES PROCUREMENT SAVINGS Navantor™ 80#81Disciplined capital allocation NEAR-TERM $ 1000 CAPITAL ALLOCATION PRIORITIES Debt Paydown LONG-TERM 10² Debt paydown M&A $ % Dividend Share repurchase 3 OPERATING PRIORITIES Currently allocating all free cash flow to debt paydown Targeting <3.0X adjusted net leverage Future capital allocation flexibility across multiple levers avantor™ 81#82Rigorous financial management will improve performance. FORECAST ACCURACY AND P&L STEWARDSHIP $ FOCUS ON CASH CONVERSION 3 * CAPITAL STRUCTURE DISCIPLINE Ability to deliver value through P&L, balance sheet and cash flow discipline OPERATING PRIORITIES Navantor™ 82#83Looking ahead ANTICIPATED RECOVERY CYCLE End of destocking Restoration of favorable mix and operating leverage EXIT ADJ. EBITDA MARGIN RATE Note: MSD = 4-6%. Double digit = 10%+. FCF Conversion = Free Cash Flow / Adjusted Net Income. Normalization of end market demand Impact from cost transformation >20% ORGANIC REVENUE LONG-TERM FINANCIAL TARGETS GROWTH MSD ADJ. EPS GROWTH 3 Double digit OPERATING PRIORITIES ADJ. EBITDA MARGIN EXPANSION 50-100 bps per year FREE CASH FLOW 90%+ FCF conversion avantor™ 83#84Organic revenue growth LABORATORY SOLUTIONS LSD-MSD ~2/3 of revenue + BIOSCIENCE PRODUCTION Note: LSD 1-3%, MSD = 4-6%, HSD = 7-9%. Based on management estimates. Effective date for the new segment structure is 1/1/24. HSD ~1/3 of revenue LONG-TERM TARGET Organic growth: MSD || 3 OPERATING PRIORITIES avantor™ MSD Navantor™ 84#85Adjusted EBITDA margin expansion PRICING Disciplined sales execution MIX Differential segment growth + Growth of proprietary products VOLUME LEVERAGE Fixed cost leverage in manufacturing and supply chain + Tight SG&A control 3 OPERATING PRIORITIES PRODUCTIVITY Annual productivity driven by ABS + Sustained impact of cost-out initiative LONG-TERM TARGET Adj. EBITDA margin expansion: 50-100 bps per year Navantor™ 85#86Adjusted EPS growth ORGANIC REVENUE GROWTH MSD PER YEAR MARGIN EXPANSION 50-100 BPS PER YEAR INTEREST EXPENSE Note: MSD = 4-6%. Based on management estimates. Effective date for the new segment structure is 1/1/24. Continued reduction THROUGH DELEVERAGING LONG-TERM TARGET Annual Adjusted EPS growth: Double digit 3 TAX RATE OPERATING PRIORITIES APPROACHING 20% Navantor™ 86#87Free Cash Flow Capital light model; annual capex requirements of ~1-2% of sales Modest working capital investment to support growth Free Cash Flow enables significant debt paydown; ~$1.2B of debt paydown in last 18 months FCF conversion FREE CASH FLOW ($M), non-GAAP $163M 2018 70% ~$650M 2023E ~90%+ LONG-TERM TARGET Free Cash Flow conversion: 90%+ 2023E FCF and FCF conversion based on midpoint of FY23 guidance, as of Q3 2023 earnings call. FCF Conversion = Free Cash Flow / Adjusted Net Income. 3 OPERATING PRIORITIES Navantor™ 87#88Summary Strong financial foundation: attractive end markets, revenue profile and cash conversion Transforming operating model: focused growth, improved cost structure Executing on operating priorities to create value and strengthen balance sheet Despite current dynamic environment: long-term opportunity unchanged Navantor™ Disciplined execution to deliver on significant value creation opportunity. 88#89Appendix avantor™ 89#90Segment to Avantor walk Revenue Adj. Operating Income Depreciation Adj. EBITDA LABORATORY SOLUTIONS ~$4.7B ~$0.7B -15% BIOSCIENCE PRODUCTION -$2.3B ~$0.6B ~26% CORPORATE 2023E financials based on midpoint of FY 2023 guidance, as of Q3 2023 earnings call. Adjusted Operating Income generally includes non-GAAP adjustments and excludes amortization. Segment financials based on management estimates for FY2023. Effective date for the new segment structure is 1/1/24. Segment profitability metric transitioning to adjusted operating income $0.0B ~($0.1B) AVANTOR ~$7.0B ~$1.2B ~17% ~$0.1B ~$1.3B ~19% Navantor™ 90#91Navantor™ Investor Day 2023 December 8, 2023 AVTR LISTED NYSE