#1AVTR LISTED NYSE avantor Setting science in motion. to create a better world Virtual Investor Day September 9, 2021 TM#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 and second 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. See "Use of Non-GAAP Financial Measures" in our press release issued today. A reconciliation of non-GAAP measures can be found at the back of the deck. A quantitative reconciliation of forward-looking non-GAAP information to the corresponding GAAP information is not provided because the GAAP measures that are excluded are difficult to predict and are primarily dependent on future uncertainties. Items with future uncertainties include the timing and cost of future restructuring activities, charges related to the early retirement of debt, changes in tax rates and other non-recurring items.#3Agenda Navantor™ 1 2 3 4 LO 5 6 Introduction CEO Remarks Biopharma Q&A Education & Government and Healthcare Advanced Technologies & Applied Materials Q&A Financial Highlights Q&A Christina Jones | 5 min. Michael Stubblefield | 20 min. Dr. Ger Brophy | 25 min. Dr. Ger Brophy & Michael Stubblefield | 20 min. Fred Vanderhaegen | 15 min. Mark Murray | 15 min. Fred Vanderhaegen, Mark Murray & Michael Stubblefield | 15 min. Tom Szlosek | 15 min. Tom Szlosek & Michael Stubblefield | 40 min.#4CEO Remarks Michael Stubblefield President and Chief Executive Officer avantor™ avantor#5From discovery to delivery ... we keep life-changing science moving forward CAST FROM DISCOVERY RESEARCH & DISCOVERY Navantor™ DEVELOPMENT & SCALE-UP - TO DELIVERY MANUFACTURING & DELIVERY 5#6Avantor today $7.2-7.4B $1.4B Revenue Adj. EBITDA Organic growth of 9-11% Margin expansion of ~150 bps Navantor™ $1.34 Adj. EPS Growth of ~50% ~70% OF REVENUE IN LIFE SCIENCES $850M Free Cash Flow Conversion rate of ~100% All financial figures based on FY 2021 estimates as per Q2 earnings call guidance, excluding pending M&A UNIQUE STRENGTHS Diverse end markets Global scale - serving over 225,000 customer locations in 180 countries Broad portfolio - over 6 million products and services Deep quality and regulatory expertise Dynamic eCommerce platform 50+ 30+ 11 Distribution Facilities 19 ISO-certified Manufacturing Facilities 13 cGMP facilities 12 regulated by FDA or foreign regulatory authority equivalent Regional Innovation Centers 6#7Masterflex® Attractive addition to Auantor's single-use platform 1. PERISTALTIC PUMPS High-precision instruments for aseptic fluid transfer Navantor™ INTEGRATED SYSTEM SOLUTIONS 2. SINGLE-USE ENGINEERED TUBING O Single-use tubing optimized for Masterflex® pumps; spec'd into customers' processes MASTERFLEX® 3. SINGLE-USE COMPONENTS Single-Use components for fluid transfer assemblies 1. Management estimates. Actual results may differ, and those differences may be material 2. High Double Digit = >15% MASTERFLEX® FINANCIAL HIGHLIGHTS¹ ~$300M 2022E Revenue HDD Long-Term growth rate² ~90% Proprietary content >70% Recurring consumables revenue 7#8Diversified portfolio provides resilient revenue profile Equipment & Instrumentation Services & Specialty Procurement OFFERING 15% 15% -50% Proprietary 30% Proprietary Materials & Consumables Navantor™ Third-Party Materials & Consumables 40% Education & Government Advanced Technologies & Applied Materials 15% All figures based on FY 2020 actuals END MARKETS Healthcare 25% 10% -70% Life Sciences 50% Biopharma ~85% RECURRING REVENUE Europe 35% GEOGRAPHY AMEA 5% ~180 Countries 60% Americas 8#9Core elements of our offering A WORKFLOW SOLUTIONS Providing comprehensive solutions to enable scientists to achieve precise analytical results Navantor™ B CUSTOMIZED MATERIALS Creating customized materials for use in highly regulated, demanding production applications 9#10A WORKFLOW SOLUTIONS Precision where it matters most ANALYTICAL WORKFLOWS RESEARCH DIAGNOSTIC QA/QC Biopharma Navantor™ END MARKETS Healthcare Education & Government Advanced Tech & Applied Materials ✓ COMPREHENSIVE SOLUTION High-purity chemicals Procurement services Analytical sample kits Equipment & instrumentation Common product offering and supply chain yields significant operational efficiency On-site services PPE 10#11B CUSTOMIZED MATERIALS Working side-by-side to innovate and customize solutions Leverage our reach to access R&D scientists Capitalize on our access to seed our proprietary materials on new platforms 40% Navantor™ Collaborate to customize material formulation Follow the technology through the development process providing support to facilitate regulatory approval OF REVENUE in high-growth production applications¹ 1. FY21 estimate, excluding pending M&A Earn product specifications that drive long-term recurring revenue 11#12Comprehensive offering cGMP manufacturing SCOPE OF PRODUCTS & SERVICES www On-site services il Global distribution 888 High purity products Broad supplier network NETWORK & INFRASTRUCTURE Our Value \/ 1 Co-innovation with customers Leading eCommerce & digital capabilities TECHNICAL EXPERTISE Downstream processing Global commercial team GLOBAL CUSTOMER ACCESS 2 Quality & regulatory expertise Consortium relationships#13Proven to execute and perform Innovation Shanghai New European biorepository center M&A Ritter acquisition Rim Bio acquisition Largest U.S. Healthcare IPO Stated goal: Navantor™ What we achieved¹: NYSE listed innovation center REVENUE GROWTH 4-6% organic growth ~7% organic growth SUSTAINABILITY UNSDGS alignment Inaugural report S ADJ. EBITDA MARGIN 50-100 bps expansion per year ~110 bps per year ADJ. EPS GROWTH Mid-Teens+ TAX RATE Low 30's ADJ. NET LEVERAGE 2-4X by 2021 ~55% -24% 3.2X² growth leverage effective tax rate 1. Based on FY18 actual to FY21 estimates as per Q2 earnings call guidance, excluding pending M&A 2. 2021 YE estimate as per Q2 earnings call guidance, excluding pending M&A CREDIT UPGRADES Single use expansions Europe Asia Moody's S&P Fitch North America 13#14Avantor Business System underpins everything we do RIGOROUS PROCESS Repeatable and sustainable methods Navantor™ LEADERSHIP SYSTEMS Strategy deployment, KPIs, tiered daily management PLAN ACT DO уозно LEADERSHIP BEHAVIORS Lead by example CORE TOOLS Stability, standardization, waste elimination and simplification CULTURE AND VALUES Foundation for success PERFORMANCE TEAM DEVELOPMENT Associate engagement, improve capabilities 1. Annual total for calendar year 2020 PROGRESS HIGHLIGHTS¹ Trained 2,300 associates in one or more areas Deployed tiered daily management at 90+ sites More than 130 kaizen events conducted Initiated more than 40 A3s to ensure comprehensive problem solving 14#15Positioned to drive above-market growth $ Core capabilities investments Navantor™ Innovation & NPI 888 888 M&A Sustainability focus Onl $ Integrated go-to-market approach 15#16Committed to sustainability Focused on creating positive impacts for all stakeholders OUR SUSTAINABILITY PILLARS DO Do + Do 00 D People & Culture Innovation & Environment Community Engagement Governance & Integrity Navantor™ Navantor™ SCIENCE FOR GOODNESS 2021 Sustainability Report 16#172025: Significant organic value creation 2025 TARGET ~23% ADJUSTED EBITDA MARGIN¹ ~$2.40 ADJUSTED EPS¹ $9.0- $9.5B IN REVENUE¹ Navantor™ MU 1. Management estimate based on organic growth, excluding impact of pending and potential future M&A 17#18Ample capital flexibility to accelerate growth $7.2-$7.4B 2021 REVENUE¹ Navantor™ $1.5-2.0B BASE BUSINESS GROWTH² 1234 $9.0- 9.5B 1. IN REVENUE BY 20253 Significant M&A capacity through 2025 Estimate based on Q2 2021 guidance of 13 - 15% reported growth, excluding pending M&A 2. Estimate based on 4-6% long term organic growth GROWTH FROM M&A 3. Management estimate based on organic growth, excluding pending and potential future M&A 4. Management estimate $9.5B+ IN REVENUE BY 20254 18#19Positioned For Growth GLOBAL LEADER WITH SCALE AND ACCESS OFFERING WORKFLOW SOLUTIONS AND CUSTOMIZED MATERIALS DIFFERENTIATED APPROACH TO INNOVATION PROVEN RECORD OF EXEXUTION AND FINANCIAL PERFORMANCE ORGANIC VALUE CREATION ENHANCED BY M&A avantor™ Relentless focus on keeping life-changing science moving forward. 19#20Biopharma Dr. Ger Brophy Executive Vice President, Biopharma Production avantor™#21Biopharma therapies are improving patient outcomes Navantor™ 21#22By the numbers: Biopharma Enabling life-altering breakthrough treatments to improve patient outcomes AVANTOR EXPOSURE¹ ~$3B 2020 AVANTOR SALES 50% OF REVENUE INDUSTRY OVERVIEW $38B TOTAL ADDRESSABLE MARKET (TAM)² Navantor™ +HSD 123 LONG-TERM GROWTH 1. FY20 revenue Market size per company estimates 3. FY21 estimates, excluding pending M&A 1. RESEARCH & DEVELOPMENT MSD Growth Rate ~55% of Biopharma Revenue³ AVANTOR FOCUS AREAS 2. CLINICAL & BIOREPOSITORY HSD-DD Growth Rate ~10% of Biopharma Revenue³ 3. BIOPRODUCTION DD Growth Rate ~35% of Biopharma Revenue³ 22#231. RESEARCH & DEVELOPMENT Biopharma R&D landscape is rapidly expanding Innovation hubs R&D SOURCES BIOPHARMA PLATFORMS Small molecule Navantor™ Biotech Pharma companies mAbs Government partnerships Viral Vector Cell therapy Academic and industry partnerships Academia Gene therapy avantor mRNA Neuroscience Rare genetics Business Solutions THERAPEUTIC AREAS Bio Supply agreement through 2029 Ⓡ Vaccines Oncology Infectious diseases Gastro- enterology 23#241. RESEARCH & DEVELOPMENT Avantor's offering supports R&D activities Represents 55% of total Biopharma revenue¹ R&D PROCESS UNDERSTANDING MECHANISM OF DISEASE WORKFLOW SOLUTIONS Providing comprehensive solutions to enable scientists to achieve precise analytical results Navantor™ DRUG TARGET & IDENTIFICATION A Materials & consumables 1. Based on FY21 estimate, excluding pending M&A BIOPHARMACEUTICAL DEVELOPMENT Equipment & instrumentation TESTING IN BIOCHEMICAL & CELLULAR MODELS NY Services ANIMAL & FIRST IN MAN STUDIES 2,200 SERVICES ASSOCIATES 500+ CUSTOMERS 24#251. RESEARCH & DEVELOPMENT Case study: Global R&D engagement with a top biopharma customer avantor™ 1. Estimated based on FY20 data SCOPE OF R&D SUPPORT¹ >55K SKUS purchased >100 Global customer locations >230K eCommerce order lines >390 On-site services associates RESULTS ~15 years Contracted status as preferred provider Best in class Customer feedback on COVID-19 emergency response Double Digit 5-year average growth rate 25#262. CLINICAL & BIOREPOSITORY Supporting clinical trials through services platform Represents 10% of total Biopharma revenue¹ TTHERAP CUSTOM KIT MANUFACTURING Produce more than 25 million specialty kits per year Navantor™ CLINICAL EQUIPMENT & ANCILLARY SUPPLY MANAGEMENT Manage equipment and ancillary supplies for more than 2,000+ clinical trials 1. Based on FY21 estimate, excluding pending M&A BIOREPOSITORY SERVICES Handle more than 100 million biorepository and archiving assets 26#273. BIOPRODUCTION Unique position in Biopharma production Represents 35% of total Biopharma revenue¹ CUSTOMIZED MATERIALS Creating customized materials for use in highly regulated, demanding applications Navantor™ Solutions specified in 80% OF TOP 20 biologic drugs Formulation product line covers 95% of EXCIPIENTS used in commercial mAbs Delivering ~75% PROPRIETARY MATERIALS Servicing a ~$13B TAM² Delivering through 5 Innovation centers of excellence 1. Based on FY21 estimate, excluding pending M&A 2. TAM Total Addressable Market. Market size per company estimates Global network of CGMP manufacturing and ISO-certified distribution facilities on 3 CONTINENTS Buffers product line covers 100% of traditional BUFFERS PACKAGES Bioproduction materials Chemicals, reagents, serum Single-use solutions Assemblies, components & fluid transfer solutions Bioproduction services Downstream process optimization 27#283. BIOPRODUCTION Rapid evolution of new platforms Avantor well positioned to gain market share throughout the workflow 1800s ASPIRIN Small Molecule Navantor™ 1920s INSULIN Biologics 1990s MONOCLONAL ANTIBODIES (mAbs) 2000s VIRAL VECTORS 2010s CELL THERAPY Viral Vector / Cell & Gene therapy 2020s mRNA Bioengineered → 28#293. BIOPRODUCTION Recent market evolutions play to Avantor's strengths Biologics (mAbs) of Avantor's ~65% Bioproduction revenue¹ Viral Vector / Cell & Gene therapy Bioengineered (mRNA) Navantor™ - Pace of FDA approvals MARKET TRENDS - New therapeutic - New modalities areas (Alzheimer's) 1. FY21 estimates, excluding pending M&A HIGH PURITY CHEMICALS AVANTOR RELEVANCE DIRECT HYDRATED DISPENSE SOLUTIONS MATERIALS GMP REAGENTS AT SCALE 29#303. BIOPRODUCTION Recent market evolutions play to Avantor's strengths Biologics (mAbs) Viral Vector / Cell & Gene therapy ~10% of Avantor's Bioproduction revenue¹ Bioengineered (mRNA) Navantor™ MARKET TRENDS - New approvals for Cell therapy- based drugs - First Gene therapies approved 1. FY21 estimates, excluding pending M&A - Viral Vector platform for COVID vaccines AVANTOR RELEVANCE NOVEL SINGLE- USE ASSEMBLIES SMALL SCALE GMP REAGENTS INNOVATIVE, CLOSED-SYSTEM SAMPLING TECHNOLOGIES 30#313. BIOPRODUCTION Recent market evolutions play to Avantor's strengths Biologics (mAbs) Viral Vector / Cell & Gene therapy Bioengineered (mRNA) ~10% of Avantor's Bioproduction revenue¹ Navantor™ - COVID vaccines accelerated platform MARKET TRENDS - Pipeline of mRNA vaccines and therapies 1. FY21 estimates, excluding pending M&A - First RNA drug approval NOVEL CHEMICALS FOR SYNTHETIC BIOLOGY AVANTOR RELEVANCE CUSTOM FORMULATION REAGENTS AND EXCIPIENTS NEW SINGLE-USE FLUID PATHS WITH SPECIALTY MATERIALS 31#323. BIOPRODUCTION Offerings relevant in all platforms Biologics (mAbs) Viral Vector / Cell & Gene therapy Bioengineered (mRNA) Navantor™ UPSTREAM J.T.Baker® Media Supplements - Sera -High purity carbohydrates -Amino acids - Minerals and vitamins Protein Stability - J.T.Baker® biological buffers Single-Use Solutions -Media mixing containers -2D & 3D bag assemblies -Tank liners -Sterile fluid connections -Aseptic sampling DOWNSTREAM J.T.Baker® Protein Stability & Additives - Biological buffers - Inorganic salt Bakerbond Chromatography Resins - Affinity PROchievA™ -lon exchange - Mixed mode High Purity Process Chemicals - Acids, bases, solvents for virus clearance Single-Use Solutions - Buffer mixing containers - Sterile fluid connections - Aseptic sampling Masterflex® -Peristaltic pumps, engineered single-use tubing and single-use components FORMULATION FILL & FINISH J.T.Baker® Excipients - Bulking agents & lyoprotectants (e.g., sucrose) - Buffering agents (e.g., sodium citrate,) - Tonicity modifiers (e.g., dextrose) - Viscosity modifiers (N-acetyl-arginine) - Lipids Single-Use Solutions - Sterile fluid connections – Aseptic sampling - Drug product manifolds 32#33Strategic drivers to accelerate growth B Integrated go-to-market Leverage R&D access to seed proprietary Bioproduction offering Navantor™ Innovation & NPI New product introductions (NPI) to strengthen our offering (888) (888) M&A Acquire strategic assets to augment portfolio and expand geographic reach Sustainability focus JUU $ Core capabilities investment Invest in manufacturing capacity and sources of competitive advantage 33#34Integrated Go-To-Market Leveraging R&D access to seed proprietary Biopharma offering BIOPHARMA PLATFORMS BASIC RESEARCH & DRUG DISCOVERY R&D SOURCES OUTCOMES: - Broad access to R&D through commercial reach Vavantor Navantor™ THERAPEUTIC AREAS Bioproduction products in lab scale configurations Opportunities to seed Bioproduction products early in drug discovery CLINICAL TRIALS & SCALE UP 2 O Regulatory expertise and GMP products Avantor products specified into products and processes - COMMERCIAL MANUFACTURING GMP products in bulk configuration 3 - Biopharma process optimization expertise Long-term, recurring revenue across multiple drugs 34#35Innovation & New Product Introductions 1. RESEARCH & DEVELOPMENT Add innovative materials & consumables to serve research workflows Oxford HiChrom LCMS Sample Prep & Analytics ONANOPORE Next Generation Sequencing Proprietary Syringe Filtration Navantor™ 2. CLINICAL & BIOREPOSITORY Introduce new services solutions to support clinical activities Custom kits for Clinical Trials Biorepository: Sample Prep & Sample Processing !! 3. BIOPRODUCTION Develop proprietary products for Bioproduction platform OmniTop Sample Tubes® Sterile Filtered Dextrose Solution J.T.Baker® HPLE-Grade Sucrose 35#36M&A to accelerate proprietary content Executing strategic acquisitions to augment portfolio, add capacity and expand geographic reach 1. RESEARCH & DEVELOPMENT RITTER: High precision, single-use products for critical lab automation workflows Pipette tips added to J.T.Baker premium plastics offering in July 2021 ELIN Navantor™ - - RIM BIO: 3. BIOPRODUCTION China-based single-use bioprocessing bag manufacturer Product offering: 2D bags, 3D bags, proprietary bioprocess bag film Establishes manufacturing capabilities in AMEA & deepens customer relationships in the region MASTERFLEX®: Industry leading peristaltic pumps and aseptic single-use fluid transfer technologies 888 End-to-end fluid management solution when combined with existing single use platform MASTERFLEX MASTERFLEX 36#37Investment Biopharma 8 R&D/ Innovation in core capabilities to support growth Navantor™ Raw materials capacity Investments in R&D centers (Shanghai, Bridgewater) and new product introductions Increasing raw set materials capacity & adding hydration capabilities Single-use capacity Additional clean room and manufacturing capacity iii Services New biorepository facility in Frankfurt, Germany to support clinical services growth Quality / regulatory Supporting our Biopharma growth within 1-2% CapEx investment model Juu Harmonized Quality Management System (QMS) and quality lab modernization 37#38COVID-19 impact 2020 / 2021 Incremental vaccine revenues from viral vector, mRNA and recombinant proteins Strengthened our relationship with existing & new customers Validation of our agile & responsive business model 2022+ Durability of vaccines revenue for several years driven by boosters, global vaccination needs, pediatrics population and emerging variants Navantor™ Participation in emerging mRNA vaccines and therapies (e.g., flu vaccines) 38#39Rapid growth in open order book YE 2019 Navantor™ BIOPHARMA PRODUCTION OPEN ORDERS¹ 5X1 YE 2020 1. Growth from YE 2019 to Q2 2021 2. Open order book figures as of Q2 2021 Q2 2021 OPEN ORDER BOOK FIGURES² 80% BASE BUSINESS (NON-COVID) 60% HIGH PURITY CHEMICALS 5X GROWTH FROM YE 2019¹ 40% SINGLE-USE SOLUTIONS 39#40Summary: Biopharma FAST GROWING END MARKET UNIQUE OFFERING FOR R&D, CLINICAL SERVICES AND BIOPRODUCTION WELL POSITIONED TO BENEFIT FROM MARKET TRENDS STRATEGY IN PLACE TO DRIVE OUTSIZED GROWTH Navantor™ 40#41Education & Government and Healthcare Fred Vanderhaegen Executive Vice President, Americas & Europe avantor™#42Scientific breakthroughs lead to life-changing outcomes EDUCATION & GOVERNMENT avantor™ HEALTHCARE: DIAGNOSTICS & MEDICAL IMPLANTS 42#43By the numbers: Education & Government Helping move science forward with precise, reliable research products AVANTOR EXPOSURE ~$1B 2020 AVANTOR REVENUE 15% OF REVENUE 68% 29% 3% AMERICAS EUROPE Navantor™ AMEA INDUSTRY OVERVIEW $16B TOTAL ADDRESSABLE MARKET (TAM)¹ Equipment & Instrumentation All revenue numbers refer to FY 2020 1. Market size per company estimates Services & Specialty Procurement AVANTOR REVENUE PROFILE Proprietary Materials & Consumables +LSD LONG-TERM GROWTH Third-Party Materials & Consumables EDUCATION - CUSTOMERS Large Universities with significant research budgets Medical Universities K-12 schools GOVERNMENT Federal agencies (NIH, CDC, DOD) State agencies CHOICE CUSTOMERS VALUE DRIVERS E&! Sourcing. Strategy. Savings." VALUE-BASED FAST DELIVERY INNOVATION WORKFLOW APPROACH 43#44Significant investment in biomedical research TOP 15 RESEARCH AREAS FUNDED BY NIH Infectious Diseases ALZHEIMER'S Mental Health BIOENGINEERING Women's Biotechnology Health NEUROLOGICAL Rare Diseases BEHAVIORAL & SOCIAL SCIENCE CANCER Navantor™ HIV/AIDS Human Genome Cardiovascular Pediatric GENETICS PARTNERSHIP MODELS OPEN INNOVATION 100 Advanced Education Institutions Private Industry INNOVATION CENTERS FUNDING TALENT POOL || CO- PUBLICATIONS 44#45Workflow approach offers solutions to scientists from sample to output EXAMPLE: BASIC LAB WORKFLOW AVANTOR PRODUCTS AVANTOR SERVICES ANALYTICAL WORKFLOWS Navantor™ SAMPLE PREPARATION Lab consumables & safety Reagents On-site lab services RESEARCH - SAMPLE DETECTION Lab consumables & safety Equipment & instrumentation Aventor ACE On-site lab services DATA ANALYSIS DIAGNOSTIC CORE SCIENTIFIC WORK IP generated by experiments and scientific analysis QA/QC SAMPLE STORAGE Lab consumables & safety Equipment & instrumentation Sample repository & storage - Sample repository & storage 45#46By the numbers: Healthcare Helping protect the health and well-being of people across the globe AVANTOR EXPOSURE ~$0.6B 2020 AVANTOR REVENUE 10% OF REVENUE INDUSTRY OVERVIEW $13B +MSD TOTAL ADDRESSABLE MARKET (TAM)¹ Navantor™ LONG-TERM GROWTH Equipment & Instrumentation Products, services and equipment for key diagnostic workflows to detect and diagnose disease Services & Specialty Procurement DIAGNOSTICS All revenue numbers refer to FY 2020 1. Market size per company estimates Proprietary Materials & Consumables 2/3 of Avantor's Healthcare Revenue Third-Party Materials & Consumables MEDICAL IMPLANTS Market leading medical grade silicones for use in or on the body 1/3 of Avantor's Healthcare Revenue Proprietary Materials & Consumables 46#47DIAGNOSTICS Increased demand for testing is driving industry growth - INDUSTRY DRIVERS Aging population & chronic conditions Emergence of new therapies (cancer pathology) Broader access to genetic testing (infant screening) Prevalence of infectious diseases Navantor™ CORE DIAGNOSTIC WORKFLOWS CELL BIOLOGY/ PROTEOMICS MOLECULAR DIAGNOSTICS/ PCR LCMS NEXT GENERATION SEQUENCING AVANTOR CUSTOMER BASE OEMs of diagnostic kits Reference labs Hospitals 47#48MEDICAL IMPLANTS High purity silicone for life-saving and life-enhancing applications AVANTOR OFFERING Market leading medical grade silicones Customers: Medical device manufacturers 30+ years of silicone innovation heritage Extensive regulatory expertise; 750+ Master Access Files Proprietary purification and manufacturing processes Navantor™ Hydrocephalus shunt IOL & Retinal tamponade Peri I.V. catheter Spine, intervertebral Gluteal implant Testicular prosthesis Tissue expander Toe joint Cochlear implant Cardio: Pacemaker, Stent Breast implant Finger joints Gastric band / balloon Urology: Catheter, Penile implant IUD / Tubal occlusion Calf implant 48#49Strategic drivers to accelerate growth Innovation & NPI Leverage our workflow approach to augment our offering Navantor™ (888 (888) NPI New Product Introductions M&A Increase proprietary content through strategic acquisitions $ Core capabilities investment Invest in core areas that drive competitive advantage Sustainability focus Biomaterials innovation High purity silicones innovation for outsized proprietary growth 49#50Workflows guide our NPI strategy OUR APPROACH TO NEW PRODUCT INTRODUCTION 1 2 3 4 WORKFLOW Leverage customer relationships to understand critical workflows REQUIREMENTS Map product and service requirements AVANTOR OPPORTUNITY Evaluate strength of our offering in each step INNOVATION Proprietary innovation and supplier-driven innovation Vavantor™ LCMS WORKFLOW SAMPLE PREPARATION HPS, ref mats, & kits Solid phase extractions & instruments OPPORTUNITY NPI: Ritter's precision tips for automated sample prep Filtration & vials SAMPLE SEPARATION Columns OPPORTUNITY Chromatography instruments NPI: Proprietary liquid chromatography and gas chromatography columns Avantor Vavantor SAMPLE DETECTION & ANALYSIS Mass Software spectrometry instruments OPPORTUNITY ago Services NPI: Software & hardware enhancements for HPLC and UPLC equipment 50#51Workflows guide our NPI strategy OUR APPROACH TO NEW PRODUCT INTRODUCTION 1 2 3 4 WORKFLOW Leverage customer relationships to understand critical workflows REQUIREMENTS Map product and service requirements AVANTOR OPPORTUNITY Evaluate strength of our offering in each step INNOVATION Proprietary innovation and supplier-driven innovation Vavantor™ 1. SAMPLE PREPARATION NPI RESULTS Figure as of YE 2020 Number of new products launched per year 84K 2018 96K 2019 SAMPLE SEPARATION 115K 2020 SAMPLE DETECTION & ANALYSIS ~$280M of annual revenue from NPIs launched in last 12 months¹ 51#52M&A to enhance proprietary content for key workflows Ritter acquisition highlights M&A strategy in action DEMAND FOR AUTOMATED CONSUMABLES GENOMICS CELL BIOLOGY DRUG DISCOVERY LCMS Navantor™ RITTER SOLUTION Proprietary products for critical lab automation workflows AVANTOR SYNERGIES Differentiated customer channel & industry leading eCommerce platform About us Promotions Literature Events Contact Vavantor™ delivered by Vwr Products Applications & Protocols Buy now Search by keyword supplier, or part number Advanced Featured Solutions v Services Update to Avantor's response to the coronavirus (COVID-19) pandemic J.T.Baker Robotic Tips The quality you want for the trusted results you need. Introducing J.T.Baker premium conductive and clear tips for laboratory robotic and liquid-handling systems, manufactured and tested to deliver the reliable results you need to move science forward. (888) Order Entry Precise results. Less downtime. Engineered with a straighter tip for low rejection and less breakage, our J.T.Baker robotic tips can dose even small volumes with high precision and no contamination. Available for ordering now in a variety of sizes, these tips are designed for some of the most popular robotic research workstations. J.T.Baker Robotic Consumables Brochure Suitable for a wide range of applications, J.T.Baker conductive and clear tips are trusted by many life sciences and diagnostic laboratories worldwide and are supported for easy, convenient global ordering and delivery through Avantor's market-leading e-commerce channel, vwr.com. Log in Not registered? Register 0 ITEMS $0.00 52#53Investment in core capabilities A R&D/ Innovation Navantor™ set 3 Biomaterials capacity set 5 Investments in proprietary and 3rd party innovation Capacity expansions in silicone manufacturing il Distribution Warehouse automation and distribution footprint optimization Digital platforms Investments scale across multiple end markets Enhanced eCommerce platform and introduction of new digital solutions Juu 53#54High purity silicones innovation drives outsized growth in proprietary materials BIOMATERIALS INNOVATION PIPELINE¹ 500+ innovation projects in progress Recurring revenue for the lifetime of the product (often >15 years) Navantor™ 1. All numbers as of Q2 2021 In situ therapies 200% Drug delivery platforms Ophthalmic applications 54#55Summary: Education & Government and Healthcare LARGE & GROWING END MARKETS WORKFLOW APPROACH GROWTH THROUGH NPI, M&A AND CORE CAPABILITIES INVESTMENTS OUTSIZED PROPRIETARY GROWTH FROM BIOMATERIALS PLATFORM Navantor™ G 55#56Advanced Technologies & Applied Materials Mark Murray Executive Vice President, Biomaterials and Advanced Technologies avantor™ U#57Advanced technologies connect and expand our world 118 Navantor™ 57#58By the numbers: Advanced Technologies & Applied Materials Providing ultra-high-purity solutions essential for the world's most demanding environments ~$1.7B 2020 AVANTOR SALES ~25% OF REVENUE Navantor™ AVANTOR EXPOSURE 52% 40% 8% AMERICAS All numbers based on FY 2020 EUROPE AMEA AVANTOR REVENUE PROFILE Equipment & Instrumentation Services & Specialty Procurement Proprietary Materials & Consumables DIVERSIFIED CUSTOMER BASE No AT/AM customer represents more than 3% of Avantor Revenue -30% Proprietary Third-Party Materials & Consumables DIVERSIFIED APPLICATIONS No single AT/AM application accounts for more than 4% of Avantor Revenue 58#59By the numbers: Advanced Technologies & Applied Materials Providing ultra-high-purity solutions essential for the world's most demanding environments INDUSTRY OVERVIEW $16B TOTAL ADDRESSABLE MARKET (TAM)¹ +MSD LONG-TERM GROWTH Navantor™ NON-INDUSTRIAL APPLICATIONS Semiconductor & Electronics Aerospace & Defense Food & Beverage Consumer Goods Water / Wastewater Agriculture Outsourced Testing APPLICATIONS INDUSTRIAL APPLICATIONS Chemicals & Petroleum Mining Glass / Coatings / Textiles / Paint Energy / Power / Utility / Nuclear Paper / Pulp Construction Outsourced Testing All revenue numbers based on FY 2020 1. Market size per company estimates 1/2 OF AVANTOR'S AT/AM REVENUE 1/2 OF AVANTOR'S AT/AM REVENUE END MARKET DRIVERS Semiconductor demand driven by IOT, 5G, electric vehicles and artificial intelligence Aerospace & Defense driven by national defense spending and privatization of space Food & Beverage and consumer goods follow consumer sentiment trends Industrial applications correlated with GDP growth 59#60Customers engaged in similar activities across industries NON-INDUSTRIAL APPLICATIONS Semiconductor & Electronics Aerospace & Defense Food & Beverage Consumer Goods Water / Wastewater Agriculture Outsourced Testing INDUSTRIAL APPLICATIONS Chemicals & Petroleum Mining Glass / Coatings / Textiles / Paint Energy / Power / Utility / Nuclear Paper / Pulp Construction Outsourced Testing Navantor™ QUALITY LAB RESEARCH LAB PRODUCTION FACILITY 60#61Core offerings are relevant across AT/AM applications A WORKFLOW SOLUTIONS Providing comprehensive solutions to enable scientists to achieve precise analytical results Navantor™ QUALITY LAB RESEARCH LAB PRODUCTION FACILITY B CUSTOMIZED MATERIALS Creating customized materials for use in highly regulated, demanding applications 61#62AT/AM workflow solutions are synergistic with our model A WORKFLOW SOLUTIONS Providing comprehensive solutions to enable scientists to achieve precise analytical results Navantor™ QUALITY LAB RESEARCH LAB SCOPE OF PRODUCTS & SERVICES Core offerings relevant for research & QA/QC workflows GLOBAL CUSTOMER ACCESS Broad commercial team & eCommerce platform scales across industries NETWORK & INFRASTRUCTURE Shared distribution & supplier network for rapid delivery and product choice 62#63Customization capabilities for production applications Navantor™ 4144 PRODUCTION FACILITY B CUSTOMIZED MATERIALS Creating customized materials for use in highly regulated, demanding applications 63#64Strategic drivers to accelerate growth Innovation & NPI Leverage our workflow approach to augment our offering Navantor™ (888 (888 NPI = New Product Introductions M&A Increase proprietary content through strategic acquisitions $ Core capabilities investment Leverage strategic growth from lab products strategy; relevant across all end markets Invest in core areas that drive competitive advantage Sustainability focus Customized materials Customer-driven innovation for outsized proprietary growth 64#65Workflow-driven NPI strategy strengthens AT/AM offering OUR APPROACH TO NEW PRODUCT INTRODUCTION 1 2 3 4 WORKFLOW Leverage customer relationships to understand critical workflows REQUIREMENTS Map product and service requirements AVANTOR OPPORTUNITY Evaluate strength of our offering in each step INNOVATION Proprietary innovation and supplier-driven innovation Navantor™ CROP SCIENCE MASS SPECTROMETRY WORKFLOW SAMPLE PREPARATION NPI: Ritter's precision tips for automated sample prep ANALYTICAL CHEMISTRY SAMPLE SEPARATION NPI: Proprietary liquid chromatography and gas chromatography columns Avantor ACE FOOD & BEVERAGE 711 888 ENVIRONMENTAL TESTING $ SAMPLE DETECTION & ANALYSIS NPI: Software and hardware enhancements for HPLC and UPLC equipment 65#66Investment in core capabilities A R&D/ Innovation mir Proprietary manufacturing capacity Taiwan innovation center, NuSil R&D and NPIs for research and QA/QC Navantor™ Capacity set investments for set semiconductor materials and silicones Quality / regulatory Trace metal impurity detection and mitigation, QC lab improvements $₁ Distribution Warehouse automation and distribution footprint optimization ... Digital platforms Strategic investments to support growth in custom materials and workflow solutions 7 Enhanced eCommerce platform and introduction of new digital solutions 66#67Robust pipeline of customer-driven innovation projects High purity silicones and formulated chemicals drive outsized proprietary growth Navantor™ START ENGAGEMENT Hal HIGH VOLUME PRODUCTION 1. All numbers as of Q2 2021 ≈ CUSTOMIZATION QUALIFICATION/ REGISTRATION INNOVATION PIPELINE¹ 260+ innovation projects in progress 120+ Customers engaged in innovation projects 67#68Innovation model applied in semiconductor industry SEMICONDUCTOR PRODUCTION AVANTOR DIFFERENTIATION: Navantor™ START ENGAGEMENT Collaborative innovation model drives early customer engagement Proprietary formulation expertise S CUSTOMIZATION Formulated chemical blends for specific cleaning, etching and stripping needs Innovation centers to solve specific challenges QUALIFICATION/ REGISTRATION Custom formulation entrenches product into new node Supply chain: security & continuity المدم HIGH VOLUME PRODUCTION Extensive analytical methods ensure quality and consistency Quality throughout the value chain 68#69Customer example: Extensive support for global semiconductor manufacturer RESEARCH & DEVELOPMENT PRODUCTION / FABRICATION TEST / QUALITY ASSURANCE A WORKFLOW SOLUTIONS Lab consumables, PPE and equipment for research >50M annual sales¹ Navantor™ Support end to end wafer process with on site services 200+ on-site associates Lab consumables and equipment for QA/QC 1. Based on FY 2020 2. Based on customer-provided projections B CUSTOM MATERIALS Engage on development for next node Develop custom selective etch formulation Formulated materials specified into fab process Quality support to improve purity and optimize processes 20+ YEAR CUSTOMER RELATIONSHIP RESULTS 10 YEAR CONTRACT FOR CONSUMABLES & SERVICES 5 SUPPLIER QUALITY AWARDS IN THE PAST 6 YEARS -30% CUSTOM MATERIALS REVENUE GROWTH FROM 2020-2022² 69#70Summary: Advanced Technologies & Applied Materials DIVERSIFIED END MARKET HIGHLY SYNERGISTIC WITH OUR BUSINESS MODEL INNOVATION MODEL BUILT ON CUSTOMIZATION OUTSIZED GROWTH IN FORMULATED MATERIALS Navantor™ 70#71Financial Highlights Thomas Szlosek Executive Vice President and Chief Financial Officer avantor™#72Strong value proposition ATTRACTIVE END MARKETS TOTAL BIOPHARMA EDUCATION & GOVERNMENT HEALTHCARE ADVANCED TECHNOLOGIES & APPLIED MATERIALS avantor™ 1. 2. TAM¹ $38B $16B $13B $16B $83B DIFFERENTIATED MODEL RELEVANT OFFERINGS CUSTOMER ACCESS CONSUMABLES-DRIVEN RECURRING REVENUE TAM Total Addressable Market. Market size per company estimates Long term financial targets 888 3. 4. of TRACK RECORD OF EXECUTION 2018-2021 Organic Revenue Growth CAGR Adj. EBITDA Margin Expansion (annual) Adj. EPS Growth CAGR FCF Generation (of Adj. Net Income) TOTAL SHAREHOLDER RETURN OF 191% SINCE IPO VERSUS 59% MARKET4 Target² 4-6% 50-100 bps Mid-teens+ ~100% Expected³ + Full transition to public company + Proven sustainability track record 6.9% ~110 bps ~55% ~107% FY18 actual to FY21E based on Q2 Earnings Call Guidance, excluding pending M&A As of 9/3/2021. Market = S&P 500 Index 72#73Significant Biopharma exposure BIOPHARMA EDUCATION & GOVERNMENT HEALTHCARE END MARKET EXPOSURE ADVANCED TECHNOLOGIES & APPLIED MATERIALS Navantor™ % Avantor¹ LT Growth Rate 50% 15% 10% 25% HSD LSD MSD MSD BIOPHARMA EXPOSURE BIOPRODUCTION 1. Based on FY20 actuals 2. Growth in Bioproduction order book from end of 2019 to end of Q2 2021 O CLINICAL & BIOREPOSITORY SERVICES RESEARCH & DISCOVERY Attractive growth driven by bioproduction 5X growth in production orders since 2019² Superior gross margins in production (~50%-80%) Biopharma exposure provides strong annual growth base for Avantor 73#74Proven track record of execution ($M) 5,864 2018 REVENUE 7.5% CAGR Navantor™ 1. ~7,300 2021E¹ ($M) Adjusted EBITDA % ADJUSTED EBITDA 945 16.1% 2018 14.4% CAGR ~1,400 19.4% 2021E¹ 2021E reflects FY21 Q2 earnings call guidance (midpoint where applicable), excluding pending M&A ($M) FREE CASH FLOW 163 2018 5X 850 2021E¹ 74#75Robust financial model $ 4-6%+ organic growth Navantor™ Á8 50-100 bps of annual margin expansion Mid-teens+ adjusted EPS growth FOSTERED BY AVANTOR BUSINESS SYSTEM Q Capital allocation enabled by strong free cash flow 75#762025 Target: Attractive organic growth profile ~$7.2B- 7.4B REVENUE 2021E¹ Navantor™ Biopharma HSD BASE BUSINESS GROWTH Education & Gov't LSD B Healthcare MSD AT/AM MSD ORGANIC GROWTH DRIVERS $ APPROACHING $10B BY 2025 1. 2021E reflects FY21 Q2 earnings call guidance range, excluding pending M&A 2025E based on organic growth and excludes pending and potential future M&A 2. 4-6% LONG TERM GROWTH $1.5-2.0B REVENUE² -$9.0B- 9.5B REVENUE 2025E² ORGANIC $ GROWTH 76#772025 Target: 50-100 bps per year margin expansion CATALYSTS Proprietary content growth Commercial excellence Operational leverage and productivity Navantor™ PROPRIETARY CONTENT¹ -50% 2021E² -60% 2025E3 1. As % of total Avantor revenue 2. 2021E reflects FY21 Q2 earnings call guidance, excluding pending M&A 3. 2025E based on organic growth and excludes pending and potential future M&A ADJUSTED EBITDA MARGIN ~19.4% 2021E² MARGIN EXPANSION -23% 2025E³ 77#782025 Target: Mid-teens+ adjusted EPS growth ASSUMPTIONS Adjusted EBITDA growth of 1.5 - 2.0X revenue growth ~$200M reduction in interest expense from deleveraging Tax rate moving toward 20% Current FX rates avantor™ 123 $1.34 2021E² ADJUSTED EPS¹ -15% CAGR Adjusted net income divided by 642.7M outstanding shares 2021E reflects FY21 Q2 earnings call guidance, excluding pending M&A 2025E based on organic growth and excludes pending and potential future M&A $2.35-2.45 2025E³ EPS GROWTH 78#792025 Target: Significant capital allocation flexibility FCF & ADJUSTED NET LEVERAGE Adj. net leverage Free Cash Flow Navantor™ 3.2X1 $850M $1.2-1.4B <1X1 2021E² >0.5X annual deleveraging 2025E3 2X-4X adjusted net leverage target range 1. 2021E based on FY guidance of $850M of cash flow generation, excluding pending M&A. 2025E adjusted net leverage assumes no pending or potential future M&A № 3 >$2B capacity today 3. >$8B capacity through 2025 2. 2021E reflects FY21 Q2 earnings call guidance, excluding pending M&A 2025E based on organic growth and excludes pending and potential future M&A CAPITAL ALLOCATION 79#80M&A: Multiple focus areas BIOPHARMA PRODUCTION Expand high-growth Biopharma footprint RIM BIO Navantor™ MASTERFLEX® CLINICAL & BIOREPOSITORY SERVICES Broaden the scope of our services offering + GEOGRAPHIC EXPANSION ANALYTICAL WORKFLOWS CAPITAL ALLOCATION Increase proprietary content RITTER 80#81M&A: Disciplined financial screening 1 2 3 4 5 ACCRETIVE TO GROWTH RATE ACCRETIVE TO MARGIN RATE ACCRETIVE TO EPS HIGH SINGLE DIGIT ROIC STRONG FCF AND RAPID DELEVERAGING Navantor™ CAPITAL ALLOCATION 81#822021 full year guidance P S سلسل avantor™ Organic sales growth % Adjusted EBITDA % Adjusted EPS Free cash flow 9-11% ~150 bps expansion ~50% growth ~$850M T Reported growth of 13-15% Includes COVID-19 tailwinds of $350 - $450M (~1-2%) July and August in-line with our expectations Volume and favorable mix, offset by growth investments Modest contribution from M&A ~$0.05 contribution from M&A Effective tax rate ~24% Continued strong conversion Incremental funding of growth initiatives Note: Guidance assumes Euro Exchange Rate of 1.18 & adjusted shares outstanding of 642.7 million. Excludes pending M&A 82#83Summary: Financial Highlights ATTRACTIVE END MARKETS DIFFERENTIATED MODEL TRACK RECORD OF EXECUTION SIGNIFICANT M&A CAPACITY Navantor™ TE 83#84The power of science is clear ... ...but requires unique capabilities to enable life-changing breakthroughs to move it forward. We have what it takes. Navantor™ 84#85Appendix Navantor™ 85#86Reconciliations of GAAP to non-GAAP measures. ($M) Net income (loss) (GAAP) Amortization Loss on extinguishment of debt Net foreign currency loss (gain) from financing activities Other stock-based compensation (benefit) expense Acquisition-related expenses Integration-related expenses and other 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™ Q1 $47.0 77.4 1.6 (1.1) 5.4 1.2 (19.6) 111.9 94.5 19.1 37.3 $262.8 Q2 $60.2 77.2 (1.8) 1.1 2.2 3.2 (20.9) 121.2 92.1 20.6 39.4 $273.3 2020 Q3 $(42.2) 78.8 226.4 (4.1) 0.6 3.9 2.3 (112.3) 153.4 65.2 20.3 46.7 $285.6 Q4 $51.6 74.1 120.4 3.6 0.7 5.6 5.1 FY $116.6 307.5 346.8 (0.7) 1.3 17.1 11.8 Q1 $164.0 68.0 5.2 0.8 0.6 3.0 T 2021 1.6 (72.4) (225.2) (17.7) 188.7 575.2 225.5 55.8 307.6 51.5 27.9 87.9 21.0 47.5 170.9 65.1 $319.9 $1,141.6 $363.1 Q2 $157.8 66.6 3.2 1.2 0.7 21.6 0.5 0.2 (13.0) (12.5) 226.3 51.0 19.5 69.8 $366.6 86#87Reconciliations of GAAP to non-GAAP measures (continued) (Shares in M) Diluted earnings (loss) per share (GAAP) Dilutive impact of convertible instruments Fully diluted (loss) earnings (loss) 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 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) Q1 $0.05 0.02 0.07 0.12 0.01 (0.03) $0.17 581 643 Q2 $0.08 0.01 0.09 0.12 0.01 (0.03) $0.19 582 643 2020 Q3 $(0.10) 0.03 (0.07) 0.12 0.35 (0.01) 0.01 0.01 (0.17) $0.24 577 643 Navantor™ Full year earnings per share amounts are not intended to be the sum of quarterly amounts Q4 $0.06 0.02 0.08 0.12 0.19 0.01 (0.11) $0.29 587 643 FY¹ $0.09 0.09 0.18 0.48 0.54 0.03 0.01 (0.35) $0.89 583 643 Q1 $0.25 0.01 0.26 0.11 0.01 ||||| (0.03) $0.35 589 643 2021 Q2 $0.24 0.01 0.25 0.10 0.03 0.01 (0.02) (0.02) $0.35 591 643 87#88Reconciliations of GAAP to non-GAAP measures (continued) ($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 VWR Pro forma adjustment for projected synergies Denominator of adjusted net leverage Adjusted net leverage (non-GAAP) Navantor™ 2017 7,396.1 (185.4) 7,210.7 289.5 21.6 472.6 783.7 9.2X 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 Q1 4,702.0 (172.5) 4,529.5 1,241.9 43.7 1,285.6 3.5x 2021 Q2 5,733.3 (223.0) 5,510.3 1,402.2 44.8 1,447.1 3.8x 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 net leverage. 88#89Reconciliations of GAAP to non-GAAP measures (continued) ($M) Net cash provided by operating activities (GAAP) Acquisition-related expenses paid Capital expenditures Free cash flow (non-GAAP) Net cash used in investing activities (GAAP) Net cash (used in) provided by financing activities (GAAP) Navantor™ Q1 253.1 (12.6) 240.5 (11.9) (73.1) Q2 89.2 (13.5) 75.7 (12.5) (13.3) 2020 Q3 281.5 Q4 306.0 FY 929.8 Q1 126.9 2021 (15.3) (20.2) (61.6) (15.1) 266.2 285.8 868.2 111.8 (15.9) (18.8) (59.1) (14.6) (316.1) (380.4) (782.9) (221.0) Q2 263.8 24.6 (23.4) 265.0 (1,189.3) 998.8 89