#1Q2 2023 Earnings EARNINGS PRESENTATION July 28, 2023 Navantor™ 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," "prospects," "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. 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 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#3Q2 2023 highlights MANAGING THROUGH CHALLENGING ENVIRONMENT Q2 results reflect challenging market trends, especially in biopharma Sustained focus on productivity and cost control to mitigate demand softness Strong 1H free cash flow conversion and improving working capital ACTIONS TO DRIVE GROWTH AND IMPROVE PERFORMANCE Accelerating high-growth initiatives, including new product introductions and digital transformation ● LOOKING AHEAD Revising FY23 guidance to reflect continuation of Q2 market conditions All free cash flow directed to deleveraging; targeting adjusted net leverage <3.0X New CFO appointed from life sciences sector, bringing track record of transformation Confident in long-term outlook driven by solid end market fundamentals, proven platform and targeted growth strategy . Intensified focus on productivity and operational excellence Progressing ESG strategy, including responsible supplier program and SBTi submission ● Navantor™ F 3#4CFO transition update BRENT JONES Assuming role of EVP & Chief Financial Officer on August 7, 2023 "I am excited to join Avantor during this important period in the company's trajectory and will be partnering closely with the leadership team and finance organization to harness Avantor's unique value proposition, execute its growth strategy, and create shareholder value." Significant experience as CFO in life science sector Most recently EVP, CFO and COO at LifeScan Global Corp. Track record of enhancing operational and financial results, building teams, and leading financial transformations Navantor™ 4#5Q2 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 avantor™ Q2'23 $1,743.9 -6.5% $590.0 33.8% $343.0 19.7% $0.28 $138.1 3.9X² Q2'22 $1,910.5 6.4% $661.5 34.6% $404.1 21.2% $0.37 $191.2 3.9X² COMMENTS Softening customer demand and ongoing destocking in biopharma Declines in Advanced Tech/Applied Materials driven by semiconductor end market Negative volume and mix Headwinds partially offset by productivity and lower distribution costs Reflects lower gross profit Headwinds partially offset by productivity and cost controls Flow through of adj. EBITDA performance Interest in line with expectations, tax expense modestly higher FCF conversion of ~85% in 1H 2023¹ Positive impact from working capital initiatives Paid down >$400M of debt in 1H 2023 Increase in leverage from Q1 driven by reduction in TTM adjusted EBITDA Note: Core organic growth is organic growth net of COVID-19 impact. 1. Conversion: Free Cash Flow / Adj. Net Income. 2. Represents Adj. Net Leverage as of June 30, 2023 and June 30, 2022, respectively. 5 сл#6Q2 revenue Reported revenue in $M $1,911M Q2'22 X.X% Reported revenue growth -8.7% Navantor™ $1,744M TOTAL REVENUE Q2'23 Core organic growth COVID-19 impact Organic growth FX impact Reported growth (6.5%) (2.6%) (9.1%) +0.4% (8.7%) 415 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. 6#7Q2 revenue by region Reported revenue in $M $1,157M Q2'22 Q2 core organic growth: X.X% Reported revenue growth AMERICAS -60% of sales -11.3% -8.8% Navantor™ $1,026M Q2'23 $624M Q2'22 EUROPE -35% of sales -2.7% -1.8% $607M Q2'23 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. $130M Q2'22 AMEA ~5% of sales -14.4% -8.7% $111M Q2'23 7#8Q2 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% Q2'23 -HSD +MSD +MSD -HSD Proprietary materials & consumables BY PRODUCT Third-party materials & consumables Services & specialty procurement Equipment & instrumentation Note: LSD 1-3% / MSD 4-6% / HSD 7-9% / LDD 10-12%. "% of total sales" based on FY 2022 reported revenue. 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% Q2'23 -LDD -MSD +MSD -MSD 8#92023 full-year guidance Vavantor™ XNDS -2000 Navo METRIC Core Organic Revenue Growth Adj. EBITDA Margin Expansion Adj. EPS¹ Free Cash Flow FY 2023 guidance as of Q1 based on estimate for FY blended USD/EUR exchange rate of 1.05. FY 2023 guidance (current) based on estimate for FY blended USD/EUR exchange rate of 1.09. 1. Adj. EPS estimate based on US GAAP diluted share count of ~680M. FY 2023 GUIDANCE AS OF Q1 2023 -0.5% to +1.5% (-3% to -1% organic) -75 to -25 bps (20.2% - 20.7% margin) $1.28 - $1.36 $675 - $750M FY 2023 GUIDANCE CURRENT -6.5% to -4.5% (-9% to -7% organic) -200 to -150 bps (18.9% -19.4% margin) $1.04 - $1.12 $600 - $675M 9#10avantor™ Setting science in motion to create a better world. avantorsciences.com