#1First Quarter 2023 Earnings EARNINGS PRESENTATION April 28, 2023 avantor™ 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 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. 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. See "Use of Non-GAAP Financial Measures" in our accompanying press release. A reconciliation of non-GAAP measures is included in the supplemental disclosures package at the embedded hyperlink and on our investor relations website at ir.avantorsciences.com. 2#3Q1 2023 highlights Limi ONGOING BUSINESS MOMENTUM First quarter results in line with plan and guidance Transitory headwinds played out as anticipated Delivering on commercial excellence and productivity INVESTING FOR GROWTH Continuing to expand hydration capabilities for bioproduction customers Enhancing portfolio with proprietary products and services launches Expanding digital solutions to enrich customer experience LOOKING AHEAD Focused on growth, commercial excellence and execution Expanding supply chain and digital infrastructure to meet customer demand Revising 2023 guidance to reflect market dynamics - Navantor™ 3#4Q1 adjusted P&L USD in millions Reported Revenue Core organic growth Adj. Gross Profit Adj. Gross Profit % Adj. EBITDA Adj. EBITDA % Adj. Earnings Per Share Free Cash Flow Adj. Net Leverage Navantor™ Q1'23 $1,780.3 -1.8% $624.8 35.1% $346.2 19.4% $0.29 $191.5 3.8X3 Q1'22 $1,950.4 7.3% $689.9 35.4% $423.1 21.7% $0.38 $127.7 4.0X³ T COMMENTS Low single-digit core organic growth of bioproduction and >20% growth in biomaterials Inventory destocking in line with expectations Continued momentum in commercial excellence Roll off of high margin COVID-19 revenues and inventory destocking Active pipeline of productivity initiatives SG&A increase driven by wage inflation and growth investments Interest and tax expense in line with expectations COVID-19, FX¹ and interest expense represented ~$0.06 headwind to adj. EPS FCF conversion of ~100% in Q1 2023² Positive impact from working capital initiatives >$200M of debt paydown in Q1 Within target leverage of 2X - 4X Note: Core organic growth is organic growth net of COVID-19 impact. 1. Represents foreign exchange translation exposure, primarily from European business (~35% of sales). 2. Conversion: Free Cash Flow / Adj. Net Income. 3. Represents Adj. Net Leverage as of March 31, 2023 and March 31, 2022, respectively. 4#5Q1 revenue growth Reported revenue in $M $1,950M Q1'22 X.X% Reported revenue growth -8.7% TOTAL REVENUE GROWTH Navantor™ $1,780M Q1'23 Core organic growth COVID-19 impact Organic growth FX impact Reported growth (1.8%) (4.8%) (6.6%) (2.1%) (8.7%) Note: Organic growth is reported revenue growth excluding the impacts from changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. 5#6Q1 revenue growth by region Reported revenue in $M $1,143M Q1'22 Q1 core organic growth: X.X% Reported revenue growth AMERICAS ~60% of sales -9.7% -3.7% Navantor™ $1,032M Q1'23 $680M Q1'22 EUROPE -35% of sales -7.4% +1.0% $630M Q1'23 Note: Organic growth is reported revenue growth excluding the impacts from changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. $127M Q1'22 AMEA ~5% of sales -6.7% +1.0% $118M Q1'23 6#7Q1 core organic revenue growth by end market & product Biopharma Healthcare Education & government BY END MARKET Advanced tech & applied materials Navantor™ % OF TOTAL SALES ~55% ~10% ~10% ~25% Q1'23 -LSD -MSD +MSD -LSD BY PRODUCT Proprietary materials & consumables Third-party materials & consumables Services & specialty procurement Equipment & instrumentation Note: Organic growth is reported revenue growth excluding the impacts from changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. % OF TOTAL SALES ~40% ~40% ~10% ~10% Q1'23 ±0% -MSD +MSD -LSD 7#82023 full-year guidance Vavantor™ Navo 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 (ORIGINAL) +2.5% to +4.5% -25 to +25 bps $1.35 $1.45 $700 - $800M FY 2023 GUIDANCE (CURRENT) -0.5% to +1.5% -75 to -25 bps $1.28 - $1.36 $675 - $750M 8#9avantor™ Setting science in motion to create a better world. avantorsciences.com