#1AVTR LISTED NYSE Third Quarter 2022 Earnings EARNINGS PRESENTATION October 28, 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 October 28, 2022. 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#3Q3 highlights Lai Ongoing business momentum Overall 3Q results modestly ahead of outlook provided in early September Ongoing bioproduction and advanced technologies & applied materials growth Core organic growth and margin expansion continue above long-term targets - Executing on our growth strategy Multiple new product launches to support emerging bioproduction workflows Hydration expansions to provide buffer solutions for bioproduction customers Ongoing investments in manufacturing capacity and distribution infrastructure - - Looking ahead Updated full year guidance Focused on improving performance of 2021 acquisitions & deleveraging Long-term financial algorithm intact Navantor™ J 3#4Q3 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™ Q3 2022 $1,856.5 7.8% $650.7 35.0% $384.0 20.7% $0.34 $219.3 3.6X Q3 2021 $1,834.3 8.5% $622.2 33.9% $359.2 19.6% $0.35 $229.3 3.5X - - Note: Core organic growth is organic growth net of COVID impact. 1. FX headwinds calculated based on Adj. EBITDA, net of tax impact for Adj. NI. 2. Conversion: Free cash flow / Adj. Net Income. COMMENTS FX impact: (5.8%), COVID impact: (3.3%) Double digit core organic growth in bioproduction and AT/AM Expansion of 110 bps, driven by proprietary growth Growth of 12.8%, excluding FX headwinds¹ Adj. Net Income growth of 8.8%, excluding FX headwinds¹ Conversion of ~95%² Working capital investments to mitigate global supply chain risks Current bias to continued deleveraging 4#5Q3 revenue Reported revenue in $M $1,834M +1.2% Q3'21 Revenue growth Core organic growth 7.8% COVID impact (3.3%) Organic growth 4.5% 112.11 M&A impact 2.5% FX impact (5.8%) Reported revenue growth 1.2% Navantor™ $1,857M Q3'22 1.9% Core organic growth Q3'20 6.1% average 8.5% Q3'21 7.8% Q3'22 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 target: 4-6% 5#6Q3 revenue by region Reported revenue in $M Core organic growth: $1,045M Q3'21 Americas ~60% of sales +7.5% +8.8% Navantor™ $1,123M Q3'22 $675M Q3'21 Europe -35% of sales -11.8% +4.8% $595M Q3'22 $115M Q3'21 AMEA -5% of sales +20.6% +15.1% $138M Q3'22 Note: Organic growth is reported growth excluding the impacts from any acquired or disposed businesses and changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID impact. 6#7Q3 core organic revenue growth Core organic revenue growth 7.8% Navantor™ CORE ORGANIC REVENUE GROWTH BY END MARKET % of total sales: Biopharma ~55% % of total sales: +HSD Healthcare ~10% +MSD CORE ORGANIC REVENUE GROWTH BY PRODUCT Proprietary materials and consumables -40% +DD Third-party materials and consumables ~35% +LSD Education and government -10% -LSD Note: LSD 1-3% / MSD 4-6% / HSD 7-9% / DD >10%. "% of total sales" based on YTD reported revenue. Services and specialty procurement -10% +MSD Advanced technologies and applied materials ~25% +DD Equipment and instrumentation -15% +LSD 7#8Capital allocation update Long-term target: 2X-4X 7.0X 524 YE 2018 Navantor™ Adjusted net leverage 4.6X 440 YE 2019 4.0X 308 YE 2020 Adjusted net leverage Annual net interest expense ($M) 4.2X 217 YE 2021 -3.5X ~260 YE 2022E¹ - Outlook Primary near-term focus is deleveraging ~70% of current debt insulated from rate increases, including hedges² 2023 interest expense to reflect continued benefits of deleveraging, offset by rising variable rates M&A remains a key component of long-term playbook, but bar is high in current environment 1. Assuming 100% of free cash flow used to pay down debt. 2. Swapped the floating rate portion, exclusive of the spread, of $750M USD LIBOR debt to a EUR fixed rate of 1.091% on EUR 732.1M notional. 8#9M&A update Masterflex Ritter RIM Bio Total Revenue Adj. EBITDA Adj. EPS M&A contribution¹ Navantor™ Q3'22 Actual $48M $40M $3M $91M $35M $0.01 1. YTD Actual $184M $120M $7M $311M $112M $0.04 FY 2022 Estimate -$240 - $260M -$130 - $150M ~$10M -$400M -$130M -$0.05 MM 4 INNOVATION Path forward Launched MasterSenseTM line of Masterflex peristaltic pumps in Q2; on track to launch 14 new products in 2023 COMMERCIAL ENHANCE PROPRIETARY CONTENT NPI roadmap in place to augment Ritter product line, including 4 new product launches in 2023 Leveraging RIM technology to expand direct dispense portfolio LEADERSHIP DRIVE GROWTH THROUGH CHANNEL >75% of global commercial reps trained on Ritter & Masterflex product line, >80 trainings sessions for Masterflex Onboarded 35 global sales specialists in fluid handling Pipeline of >2,000 opportunities with existing accounts across Ritter & Masterflex DELIVER FINANCIAL RESULTS Enhancing operational oversight at Ritter Hired industry experts to lead sprint teams focused on accelerating revenue synergy capture 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. 9#102022 full-year guidance avantor™ Organic revenue growth 1. 2. Adj. EBITDA margin expansion Adj. EPS¹ Free cash flow FY GUIDANCE: AS OF Q2 2022 4-6% >125 bps $1.43 - $1.49 >$950M YTD RESULTS 3.9% -130 bps $1.09 ~$538M FY GUIDANCE: CURRENT 2.5 - 3% 100 - 125 bps $1.38 - $1.40 ~$800M ● COMMENTS RE. CURRENT FY GUIDANCE • Updated to reflect flow through of growth assumptions ● FY core organic: 6.0 - 6.5% FY reported: 1.5 - 2.0% Change from Q2 guidance²: M&A impact: -$0.03 ● 2H organic impact: -$0.03 FX impact: -$0.013 • Flow through of operating results & FX impact • Investment in working capital to mitigate supply chain risks Adj. EPS estimate based on US GAAP diluted share count of ~680M. Numbers cited represent changes from FY Adj. EPS guidance as of Q2 2022 to current FY Adj. EPS guidance. 3. Updated to reflect current estimate for FY blended USD/EUR exchange rate (FY blended estimate: 1.12 at Q4'21, 1.09 at Q1'22, 1.06 at Q2'22, 1.04 current). 10#11Well-positioned to drive growth and empower scientific breakthroughs Navantor™ 11