#1AVTR LISTED NYSE Fourth Quarter & Full-Year 2022 Earnings EARNINGS PRESENTATION February 3, 2023 Setting science in motion to create a better world avantor 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 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 press release issued earlier today. 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#3Q4 and FY 2022 highlights Li Ongoing business momentum Strong underlying end market fundamentals despite transitory headwinds Results in line with updated guidance 2022 core organic growth and margin expansion at/above long-term targets Executing on our growth strategy Achieved significant renewal and expansion milestones with top 10 customers Expanded product portfolio with new proprietary launches, digital innovation and collaboration agreements - Completed manufacturing and distribution expansions in Ireland, Singapore and U.S. Looking ahead Focused on continuous improvement and driving growth; long-term financial algorithm intact 2023 guidance reflects strong life sciences demand and favorable pricing, offset by COVID-19 roll-off, destocking, and macroeconomic pressures Accelerating science-based climate commitments Navantor™ 3#4Q4 and FY 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™ Q4 2022 $1,795.0 2.7% $615.1 34.3% $359.5 20.0% $0.32 $172.0 3.7X4 FY 2022 $7,512.4 6.0% $2,617.2 34.8% $1,570.7 20.9% $1.41 $710.2 3.7X4 COMMENTS Q4 core organic growth of 2.7%, net of 170 bps days headwind¹ FY core organic growth of >20% in bioproduction and double digit in AT/AM 1. 2. 3. Conversion: Free cash flow / Adj. Net Income. 4. Represents Adj. Net Leverage as of December 31, 2022. Q4 expansion: ~30 bps, FY expansion: ~90bps Driven by M&A, proprietary growth and commercial excellence Q4 expansion: ~60 bps, FY expansion: ~110 bps Gross profit performance and productivity offset inflation and investments Q4 & FY Adj. EPS ahead of updated guidance Double digit adj. net income growth in 2022, excluding FX² Growth investments for multi-year contracts and working capital FCF conversion of -75% in FY 2022³ FY deleveraging of 0.5X Within target leverage of 2X - 4X Note: Core organic growth is organic growth net of COVID-19 impact. Normalizing for differences in number of selling days between comparable periods. Represents foreign exchange translation exposure, primarily from European business (~35% of sales). 4#5Q4 and FY revenue Reported revenue in $M 1,908 Q4'21 -5.9% Q4 REVENUE GROWTH X.X% Reported revenue growth 1,795 Q4'22 Navantor™ Core organic growth COVID-19 impact Organic growth M&A impact FX impact Reported revenue growth 2.7% (4.8%) (2.1%) 0.7% (4.5%) (5.9%) 7,386 FY'21 +1.7% FY REVENUE GROWTH 7,512 FY'22 Core organic growth COVID-19 impact Organic growth M&A impact FX impact Reported revenue growth Note: Organic growth is reported growth excluding the impacts from any acquired or disposed businesses and changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. 6.0% (3.6%) 2.4% 3.6% (4.3%) 1.7% 5#6Q4 and FY revenue by region Reported revenue in $M Q4 core organic growth: FY core organic growth: AMERICAS ~60% of sales 1,088 Q4'21 4,237 X.X% Reported revenue growth FY'21 -3.6% +0.1% +5.5% +6.1% Navantor™ 1,048 Q4'22 4,471 FY'22 686 Q4'21 2,677 FY'21 EUROPE ~35% of sales -10.1% +6.3% -6.0% +5.5% 617 Q4'22 2,517 FY'22 134 Q4'21 471 FY'21 AMEA ~5% of sales -3.1% +5.7% +11.3% +7.0% 130 Q4'22 525 FY'22 Note: Organic growth is reported growth excluding the impacts from any acquired or disposed businesses and changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. 16#7Core 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% Q4'22 +LSD -MSD -LSD +HSD FY'22 +HSD +LSD -LSD +DD Note: LSD 1-3% / MSD 4-6% / HSD 7-9% / DD >10%. "% of total sales" based on FY 2022 reported revenue. Proprietary materials & consumables Third-party materials & consumables Services & specialty procurement Equipment & instrumentation BY PRODUCT % of total sales ~40% -35% ~10% -15% Q4'22 +HSD -MSD -LSD +LSD FY'22 +DD +LSD +MSD +LSD 7#8M&A and leverage update Masterflex Ritter RIM Bio Total Revenue Adj. EBITDA Adj. EPS M&A CONTRIBUTION¹ FY 2022 $232M $151M $10M $393M Navantor™ $136M $0.05 1. Masterflex: Strong customer demand despite tubing destocking Ritter: Commercial synergy plans gaining momentum RIM Bio: Successful technology transfer for 2-D and 3-D bags Long-term target: 2X-4X Interest expense 4.2X YE 2021 $217M LEVERAGE UPDATE -0.5X 3.7X YE 2022 $266M Financial contribution from 3 entities acquired in 2021 (Masterflex, Ritter, RIM Bio). Includes legacy sales through Avantor channel. Includes all contributions from these entities regardless of inorganic vs. organic split. - Controlled interest expense despite rising rates in 2022 Deleveraging remains a top priority Significant M&A capacity to augment proprietary growth 8#92023 full-year guidance FY 2023 GUIDANCE METRIC Core Organic Revenue Growth Adj. EBITDA Margin Expansion Adj. EPS¹ Free Cash Flow Navantor™ 2.5 - 4.5% -25 to +25 bps $1.35 - $1.45 ~$700 - $800M COMMENTS COVID-19: 2.5% headwind Organic revenue growth: 0 - 2% Ongoing commercial excellence, proprietary growth and productivity initiatives Offset by COVID-19 roll-off and ongoing inflationary pressures Interest expense: ~$270 - $295M Tax rate: ~21.5% Ongoing growth investments Improvements in working capital 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. 11 Nawr m 9#10avantorsciences.com avantor™ Setting science in motion to create a better world. 10