#1AVTR LISTED NYSE 2021 Q3 Earnings Call October 29, 2021 Setting science in motion to create a better world avantor™#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, quarterly report on Form 10-Q for the first, second and third 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. avantor™ 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 on October 28, 2021. A reconciliation of non-GAAP measures can be found at the back of the deck. 2#3Q3 highlights Strong business momentum Ongoing core business growth led by Biopharma COVID-19 tailwinds in line with guidance, driven by vaccine contributions Significant margin expansion and adjusted EPS growth Executing on our growth strategy Announced intent to acquire Masterflex, expanding our proprietary single-use offering for critical bioproduction workflows Continued investments in capabilities and capacity Launched handheld gene sequencer from Oxford Nanopore Technologies - Looking ahead Continued strong business momentum, driven by Biopharma and a growing order book Increased full year guidance to reflect latest projection 2022 planning underway - expect to be in line with long-term objectives - avantor™ 5 3#4Masterflex® Attractive addition to Avantor's single-use platform Overview Global leader in peristaltic instruments and aseptic single-use fluid transfer technologies for bioproduction Complete end-to-end workflow solution, delivering precise performance outcomes (flow rate, sterility) - Large installed base in both research & production High growth fueled by mAbs, C&GT and mRNA Regulatory clearances & financing completed Attractive Characteristics -$300M HDD LONG-TERM MASTERFLEX® REVENUE IN FY22¹ MARKET GROWTH² avantor™ >$5B PROJECTED 2025 TAM³ 1. PERISTALTIC PUMPS 1: Management estimate 2: High Double Digit = >15% 3: Management estimate. TAM = Total Addressable Market 35000 High-precision instruments for aseptic fluid transfer Integrated System Solutions MASTERFLEX® 2. SINGLE-USE ENGINEERED TUBING O Single-use tubing optimized for Masterflex® pumps; spec'd into customers' processes 3. SINGLE-USE COMPONENTS Single-use components for fluid transfer assemblies 4#5Q3 performance Organic revenue Adjusted EBITDA growth Fully diluted adjusted EPS growth Free cash flow Adjusted net leverage avantor™ 10.2% 25.8% 47.6% $229.3M 3.5X 1: Excludes equity issuance proceeds of ~$970M - Volume, inflation management & proprietary growth - ~180bps margin expansion - - Strong growth in all regions led by Biopharma -8.5% Core / -1.7% COVID-19 tailwinds - Continued track record of execution Lower interest and tax expense Strong EBITDA performance partially offset by growth investments Higher cash tax timing and CARES ACT expiry Down 0.3X from Q2¹ Committed to 2-4X target leverage LO 5#6Organic revenue growth ($M) Organic revenue growth¹ % Avantor Revenue $1,605 Q3'20 $4,603 YTD'20 +10.2% +14.6% avantor™ $1,834 Q3'21 $5,479 YTD'21 Revenue Core Organic Growth Organic revenue growth, Ex-COVID tailwinds +1.9% Q3'20 (-0.6%) YTD'20 +8.5% Q3'21 +10.6% YTD'21 Organic Growth by Region Americas Europe AMEA Q3: +9.1% YTD: +15.5% Q3: +10.9% YTD: +12.5% Q3: +16.4% YTD: +19.4% 1. Organic revenue growth eliminates from reported net sales the impacts of earnings from any acquired or disposed businesses and changes in foreign currency exchange rates. 6#7Q3 organic revenue growth by end market & product Organic revenue +10.2% avantor™ Q3 ORGANIC REVENUE GROWTH BY END MARKET SERVED¹ Biopharma +DD Proprietary materials and consumables +DD Healthcare 1: LSD 1-3% / MSD 4-6% / HSD 7-9% / DD >10% +MSD Q3 ORGANIC REVENUE GROWTH BY PRODUCT¹ Services and specialty procurement Third-party materials and consumables Education and government +MSD -LSD +MSD Advanced technologies and applied materials +HSD Equipment and Instrumentation +DD 7#8Key financial performance metrics ($M, except per share data) Q3 Results Adjusted EBITDA % YTD Results Adjusted EBITDA % Adjusted EBITDA $286 17.8% Q3'20 $822 17.9% YTD'20 +25.8%1 +32.5%1 avantor™ $359 19.6% Q3'21 $1,089 19.9% YTD'21 Adjusted EPS (Normalized share count)² $0.24 Q3'20 $0.60 YTD'20 +47.6% +75.5% $0.35 Q3'21 $1.06 YTD'21 Free Cash Flow $266 Q3'20 $582 YTD'20 -13.8% +4.1% 1. Including translation FX; Assuming FX rates of prior corresponding period, FX contributed ~0.9% of growth in Q3 and ~3.3% YTD. 2. Assumes fully diluted average weighted shares outstanding of 642.7M for both periods. $229 Q3'21 $606 YTD'21 8#92021 full year guidance Organic sales growth % Adjusted EBITDA % Adjusted EPS Free cash flow avantor™ Initial Guidance 4-7% ~50bps Expansion -30% Growth ~$800M Post Q2'21 9-11% ~150bps Expansion ~50% Growth ~$850M Revised FY21 10-11% >170bps Expansion ~55% Growth ~$850M Note: Guidance assumes Euro Exchange Rate of 1.15 & adjusted shares outstanding of 642.7 million. Includes COVID-19 tailwinds of -$400M (-2%) Reported growth of 14.5% to 15.5% Reflects revised organic sales growth M&A 20bps - 30bps Updated for M&A, FX and lower tax rate Continued strong conversion Incremental funding of growth initiatives 9#10Summary hmi Strong business momentum Strong revenue, margin expansion and earnings growth Pervasive growth across enterprise Execution of profitability drivers (volume, commercial excellence and mix) - Executing on our long-term growth strategy Continued focus on proprietary growth through Biopharma platform Investing in core capabilities to sustain long-term growth M&A contributing; Masterflex close imminent - Looking ahead Stable core growth offset by COVID headwinds Raising organic revenue growth, Adjusted EBITDA margin and adjusted EPS guidance for FY21 Focused on M&A integration and deleveraging - - - avantor™ 5 10#11Appendix Navantor™ 11#12Segment Adjusted EBITDA Q3 Results Adjusted EBITDA % $204 Adjusted EBITDA % 21.4% Q3'20 YTD Results $591 21.8% YTD'20 Americas +15.7%¹ +24.6%1 avantor™ $236 22.6% Q3'21 $740 23.5% YTD'21 1. $98 17.5% Q3'20 $278 17.1% YTD'20 Europe +36.4%1 +32.9%1 $136 20.1% Q3'21 $390 19.6% YTD'21 $21 22.7% Q3'20 $57 21.2% YTD'20 AMEA +37.5%1 +36.1%¹ $30 25.7% Q3'21 $81 23.9% YTD'21 Ex translation FX; assumes FX rates of prior corresponding period to adjust for translation FX impact. As reported EBITDA does not reflect impact of foreign exchange due to modest impact 12#13Debt update Working capital Secured debt Unsecured debt Instrument AR facility ($300M) Revolver ($515M) Term loan B Term loan B Term loan Term Loan Term loan Senior secured Senior unsecured Senior unsecured (€400M) Capital leases & other avantor™ Maturity 3/2023 7/2025 11/2024 11/2024 6/2026 6/2028 10/2027 11/2025 7/2028 7/2028 Principal ($M) $0.0 0.0 356.4 212.3 375.2 698.6 1,169.1 752.5 1,550.0 463.0 90.3 $5,667.4 Interest L + 0.90% L + 2.00% L + 2.00% E + 2.25% E +2.25% E+ 2.75% L +2.25% 2.625% fixed 4.625% fixed 3.875% fixed 13#14Free cash flow generation ($M) Adj. net income Reconciling items Adj. EBITDA Cash interest Cash taxes Net working capital inclusive of provisions Other Net cash provided by operating activities Acquisition-related expenses paid Capital expenditures Free cash flow avantor™ Q3 2020 $153.4 132.2 285.6 (78.7) (6.5) 26.5 54.6 281.5 0.0 (15.3) $266.2 Q3 2021 Q3 YTD 2020 Q3 YTD 2021 386.5 $678.2 435.2 410.7 821.7 (252.6) (32.0) 23.8 62.9 $226.4 132.8 359.2 (65.2) (60.7) (7.0) 35.6 261.9 0.0 (32.6) $229.3 623.8 0.0 (41.4) $582.4 1,088.9 (158.1) (130.2) (141.6) (6.4) 652.6 24.6 (71.1) $606.1 14#15Reconciliations of GAAP to non-GAAP measures ($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 Purchase accounting adjustments Restructuring and severance charges Receipt of disgorgement penalty Income tax benefit applicable to pretax adjustments Adjusted net income (non-GAAP) Interest expense Depreciation Income tax provision applicable to adjusted net income Adjusted EBITDA (non-GAAP) avantor™ 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 FY $51.6 $116.6 74.1 307.5 120.4 346.8 3.6 (0.7) 0.7 1.3 5.6 5.1 17.1 11.8 (72.4) (225.2) 188.7 575.2 55.8 307.6 27.9 87.9 47.5 170.9 $319.9 $1,141.6 Q1 $164.0 68.0 5.2 0.8 0.6 3.0 1.6 2021 Q2 $157.8 66.6 3.2 1.2 0.7 21.6 0.5 0.2 (13.0) (17.7) (12.5) 225.5 226.3 51.5 51.0 21.0 19.5 65.1 69.8 $363.1 $366.6 Q3 $156.8 75.8 (0.8) 1.6 3.2 7.9 6.3 0.4 (24.8) 226.4 54.1 24.2 54.5 $359.2 15#16Reconciliations 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 Purchase accounting adjustments Restructuring and severance charges Receipt of disgorgement penalty Income tax benefit applicable to pretax adjustments Adjusted EPS (non-GAAP) Diluted weighted average share count (GAAP) Share count for Adjusted EPS (non-GAAP) avantor™ Q1 $0.05 0.02 0.07 0.12 T 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 Q4 FY¹ Q1 $0.06 $0.09 $0.25 0.02 0.09 0.01 0.08 0.12 0.19 |||| 0.01 0.18 0.48 0.54 T 0.03 0.01 0.26 ¹ Full year earnings per share amounts are not intended to be the sum of quarterly amounts 0.11 0.01 T |||| (0.11) (0.35) (0.03) $0.29 $0.89 $0.35 587 583 589 643 643 643 2021 Q2 $0.24 0.01 0.25 0.10 T T 0.03 0.01 (0.02) (0.02) $0.35 591 643 Q3 $0.24 0.24 0.12 T T 0.01 0.01 0.01 (0.04) $0.35 598 643 16#17Reconciliations of GAAP to non-GAAP measures (continued) ($M) Debt, gross Less: cash and cash equivalents Net proceeds received from secondary offering 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) avantor™ 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 Q3 $5,667.4 (1,426.1) 967.0 5,208.3 1,461.5 45.9 $1,507.4 3.5x 1. Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period plus management's best estimates of the incremental results attributable to acquired companies as if such acquisitions had been completed on the first day of such trailing twelve-month period, as permitted by our debt covenants. Such estimates and financial information for acquired companies may or may not have been audited, and in certain instances may have been prepared on a basis other than U.S. GAAP though we believe these differences in the basis of accounting to be immaterial for the purpose of presenting net leverage. 17#18Reconciliations of GAAP to non-GAAP measures (continued) ($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) avantor™ Q1 $253.1 (12.6) 240.5 (11.9) $(73.1) Q2 $89.2 2020 Q4 Q3 $281.5 $306.0 FY $929.8 Q1 $126.9 2021 Q2 $263.8 24.6 (13.5) (23.4) (15.3) (20.2) (61.6) 75.7 266.2 285.8 868.2 265.0 (12.5) (15.9) (18.8) (59.1) (14.6) (1,189.3) (15.1) 111.8 $(13.3) $(316.1) $(380.4) $(782.9) $(221.0) $998.8 Q3 $261.9 (32.6) 229.3 (34.3) $980.4 18