#1AVTR LISTED NYSE Second Quarter 2022 Earnings Call July 29, 2022 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 on July 28, 2022. A reconciliation of non-GAAP measures can be found at the back of the presentation. 2#3Q2 highlights Ongoing business momentum Core organic growth and margin expansion continue above long-term targets Strong bioproduction core growth (>20%) and robust order book - Double digit revenue growth in Advanced Technologies and Applied Materials demonstrating portfolio resilience - Executing on our growth strategy Expanded bioproduction offering with new proprietary product launches and collaboration agreements Ongoing investments in manufacturing capacity and distribution infrastructure remain on track Achieved critical integration milestones in Masterflex carveout Looking ahead Continued strength in core business offsetting accelerated COVID-19 ramp down Strong execution supporting robust margin expansion and deleveraging FX creating headwinds for revenue and adjusted EPS Navantor™ T₂ 3#4Continuing to navigate macroeconomic environment MACRO TREND SINCE Q1: AVANTOR UPDATE: og Global economy Q2 and 1H core organic growth >6% Consumables-focused, specification-driven business model yields resiliency; -85% recurring revenue avantor™ O FX / interest rates Q2 FX headwinds of 4.4% for revenue and ~$0.02 for EPS¹ Actively mitigating near- term interest rate risk; no significant maturities until 2025 Flam COVID 31 COVID-19 ramp down accelerating; ~4% headwind in Q2 and ~3% for FY China lockdown created ~50 bps headwind to organic growth in Q2 Inflation Q2 and 1H margin expansion ~140 bps, above target Commercial excellence, proprietary order book, and M&A contribution support continued momentum Committed to delivering 4-6% organic growth for FY 2022 IMPROVED COMPARABLE WORSENED Supply chain Episodic supply chain constraints continue Investments driving improvements to lead times and backlogs 1. FX adjustment calculated based on FY blended USD/EUR exchange rate of 1.06 (current estimate) versus 1.20 (estimate at time of Q2'21 earnings call). 4#5Q2 performance Core organic revenue growth Adjusted EBITDA growth Adjusted net income growth Free cash flow Adjusted net leverage Navantor™ 6.4% 10.2% 11.1% $191.2M 3.9X Robust growth against challenging comparison ->20% core organic growth in bioproduction - >140 bps margin expansion Mix, inflation management, and M&A - >50% increase in growth-related CapEx Continued strong conversion - Strong operating performance Modest incremental interest to support M&A Down from 4.0X at Q1'22 Committed to 2-4X target leverage 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 impact. 5#6Q2 revenue Reported revenue in $M $1,859M +2.8% Q2'21 Revenue growth Core organic growth COVID impact (4.1%) Organic growth 2.3% 112+ M&A impact 4.9% FX impact (4.4%) Reported revenue growth Navantor™ $1,910M Q2'22 6.4% 2.8% -7.5% Core organic growth Q2'20 5.8% average 18.4% Q2'21 6.4% Q2'22 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 impact. Long-term organic target: 4-6% 66#7Q2 revenue by region Reported revenue in $M Core organic growth: $1,070M Q2'21 Americas ~60% of sales +8.1% +8.1% Navantor™ $1,157M Q2'22 $666M Q2'21 Europe -35% of sales -6.3% +4.7% $624M Q2'22 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 impact. 1. HSD core organic growth for AMEA, excluding revenues from China operations in 2021 and 2022. $123M Q2'21 AMEA -5% of sales +5.9% -0.3%¹ $130M Q2'22 7#8Q2 core organic revenue growth Core organic revenue growth 6.4% Navantor™ CORE ORGANIC REVENUE GROWTH BY END MARKET SERVED % of total sales: Biopharma 53% % of total sales: +HSD CORE ORGANIC REVENUE GROWTH BY PRODUCT Proprietary materials and consumables 39% +DD Healthcare 9% -LSD Note: LSD 1-3% / MSD 4-6% / HSD 7-9% / DD >10%. Education and government 12% -LSD Third-party materials and consumables 36% +MSD Services and specialty procurement 13% +LSD Advanced technologies and applied materials 26% +DD Equipment and instrumentation 12% +MSD 8#9Q2 key financial performance metrics Adjusted EBITDA % ● Adjusted EBITDA $367M 19.7% Q2'21 +10.2% $404M avantor™ 21.2% Q2'22 Adjusted EBITDA contributions: 6.1% organic, 8.2% M&A Partially offset by ~4% FX headwind¹ ● Adjusted net income $226M Q2'21 +11.1% $251M Q2'22 Q2'22 Adjusted EPS of $0.37 Adjusted net income growth of ~15% when adjusted for FX¹ ● Free cash flow $265M Q2'21 -27.9% $191M 1. FX adjustment calculated based on FY blended USD/EUR exchange rate of 1.06 (current estimate) versus 1.20 (estimate at time of Q2'21 earnings call). Q2'22 Double digit earnings growth Offset by growth investments and timing of tax & interest payments 9#10● M&A update MASTERFLEX Integration activities on schedule, successful ERP transition for EU and AMEA ● Transaction updates Component availability and China lockdown impacted Q2 revenue; order book remains very strong RITTER MASTERIES Launched Masterflex MasterSense Bulk Transfer pump, additional product launches planned for 2H First year complete Weaker Euro and stronger COVID headwinds Good traction on new product introductions and commercial synergies avantor™ Revenue Adj. EBITDA Adj. EPS M&A contribution¹ Q2'22 Actual $102M $32M $0.01 FY 2022 Estimate² >$450M >$155M >$0.06 Ongoing conviction in strategic and financial rationale for acquisitions 1. Financial contribution from 3 entities acquired in 2021 (Masterflex, Ritter, RIM Bio). Includes legacy Masterflex sales through Avantor channel. 2. Updated to reflect FY blended USD/EUR exchange rate of 1.06 (current estimate) versus 1.09 (estimate at time of Q1 earnings call). M&A headwinds: ● Foreign exchange COVID ramp down China lockdowns & supply chain 10#112022 full-year guidance avantor™ Organic revenue growth Adjusted EBITDA margin expansion Adjusted EPS¹ Free cash flow Q1 2022 4-6% >125 bps $1.48 - $1.54 >$1,000M CURRENT 4-6% >125 bps $1.43 - $1.492 >$950M² • Continued strong ● core organic growth • Commercial excellence, mix, productivity ● Adjusted for impact of FX and M&A (COVID) Adjusted for impact of FX and M&A (COVID) 1. EPS estimate based on US GAAP diluted share count of ~682M. 2. Updated to reflect FY blended USD/EUR exchange rate of 1.06 (current estimate) versus 1.09 (estimate at time of Q1 earnings call). 11#12Well-positioned to drive growth and empower scientific breakthroughs Navantor™ 12#13Appendix Navantor™ 13#14Core organic growth Avantor Total Core organic growth COVID impact Organic growth M&A impact FX impact Reported net sales growth Navantor™ 2020 (7.5%) 18.4% 5.5% 2021 0.0% (2.0%) 20.5% (1.5%) 2.1% 0.0% 5.2% (3.5%) 25.7% 2022 6.4% (4.1%) 2.3% 4.9% (4.4%) 2.8% By Region Core organic growth COVID impact Organic growth M&A impact FX impact Reported net sales growth Americas 18.3% 5.3% 23.6% 0.0% 1.2% 24.8% Q2 2021 Europe 16.9% (0.4%) 16.5% 0.0% 11.3% 27.8% AMEA 28.7% (12.3%) 16.4% 0.0% 6.2% 22.6% Americas 8.1% (3.8%) 4.3% 4.2% (0.4%) 8.1% Q2 2022 Europe 4.7% (4.9%) (0.2%) 4.6% (10.7%) (6.3%) AMEA (0.3%) (1.0%) (1.3%) 11.8% (4.6%) 5.9% 14#15Debt update Working capital Secured debt Unsecured debt Instrument AR facility ($300M) Revolver ($515M) Term loan Term Loan Term loan Senior secured (€650M) Senior unsecured Senior unsecured Senior unsecured (€400M) Capital leases & other Navantor™ Maturity 3/2023 7/2025 6/2026 6/2028 11/2027 11/2025 11/2029 7/2028 7/2028 Principal ($M) $210.0 0.0 337.0 627.3 1,903.6 680.8 800.0 1,550.0 418.9 83.9 $6,611.5 Interest L + 0.90% L + 2.00% E +2.25% E+ 2.75% L + 2.25% 2.625% fixed 3.875% fixed 4.625% fixed 3.875% fixed 15#16Free cash flow generation ($M) Adj. Net income Reconciling items¹ 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 Navantor™ 1. Q2 2021 $226.3 140.3 366.6 (28.9) (56.9) (12.0) (5.0) 263.8 24.6 (23.4) $265.0 Q2 2022 $251.5 152.6 404.1 (49.6) (83.7) (5.0) (38.3) 227.5 0.0 (36.3) $191.2 1H 2021 $451.8 277.9 729.7 (92.9) (69.5) (134.6) (42.0) 390.7 24.6 (38.5) $376.8 1H 2022 $510.3 316.9 827.2 (119.1) (131.3) (97.2) (99.9) 379.7 0.0 (60.8) $318.9 Includes interest expense, depreciation expense, and income tax provision applicable to Adjusted Net income. 16#17Reconciliations of GAAP to non-GAAP measures ($M) Net income (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 Net income (non-GAAP) Interest expense Depreciation Income tax provision applicable to Adjusted Net income Adjusted EBITDA (non-GAAP) Navantor™ Q1 $164.0 68.0 5.2 0.8 0.6 3.0 1.6 (17.7) 225.5 51.5 21.0 65.1 $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 2021 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 Q4 $94.0 80.4 4.0 0.2 0.2 49.9 7.8 2.7 (10.0) 229.2 60.8 23.7 56.1 $369.8 FY $572.6 290.8 12.4 1.3 3.0 77.8 15.9 6.3 5.3 (13.0) (65.1) 907.3 217.4 88.4 245.5 $1,458.6 2022 Q1 $190.4 92.2 1.8 0.1 (1.3) 3.9 (4.4) 1.9 (25.8) 258.8 64.8 22.3 77.2 $423.1 Q2 $187.4 67.8 6.1 0.9 (0.4) - 3.3 13.8 0.5 (27.9) 251.5 63.9 21.9 66.8 $404.1 17#18Reconciliations of GAAP to non-GAAP measures (continued) (Shares in M) Diluted earnings per share (GAAP) Dilutive impact of convertible instruments Fully diluted earnings 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)² Navantor™ Q1 $0.25 0.01 0.26 0.11 0.01 (0.03) $0.35 589 643 Q2 $0.24 0.01 0.25 0.10 0.03 0.01 (0.02) (0.02) $0.35 591 643 2021 Q3 $0.24 0.24 0.12 0.01 0.01 0.01 (0.04) $0.35 598 643 Q4 $0.13 0.02 0.15 0.12 0.02 0.07 0.02 (0.02) $0.36 619 643 FY¹ $0.85 0.04 0.89 0.45 0.03 0.12 0.03 0.01 (0.02) (0.10) $1.41 600 643 Q1 $0.28 0.28 0.14 0.01 (0.01) (0.04) $0.38 681 681 1. The sum of quarterly adjusted earnings per share amounts may not sum to the total for the full fiscal year. 2. Beginning with the quarter ended March 31, 2022, we have conformed our Adjusted EPS share count to reflect our diluted GAAP share count. 2022 Q2 $0.28 0.28 0.10 0.01 |||| 0.02 (0.04) $0.37 680 680 18#19Reconciliations of GAAP to non-GAAP measures (continued) ($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 projected synergies Denominator of adjusted net leverage Adjusted net leverage (non-GAAP) Navantor™ 1. 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 2021 $7,113.2 (301.7) 6,811.5 1,587.3 47.7 $1,635.0 4.2x Q1 6,943.9 (283.6) 6,660.3 1,598.1 48.9 $1,647.0 4.0x 2022 Q2 6,611.5 (237.5) 6,374.0 1,592.4 50.8 $1,643.2 3.9x 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. 19