#1Q3 2023 Earnings EARNINGS PRESENTATION October 27, 2023 Navantor™ AVTR LISTED NYSE#2Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. 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. 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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 ch 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#3Q3 highlights Lami O STRONG EXECUTION IN DYNAMIC ENVIRONMENT Revenue, adjusted EBITDA and adjusted EPS in line with guidance Strong free cash flow conversion of >110%, >$650M of debt paydown YTD Leveraging Avantor Business System to offset persistent headwinds ● ACTIONS TO DRIVE GROWTH AND PERFORMANCE Enhanced commercial intensity drove new contract wins and significant renewals Continued innovation focus including creation of Scientific Advisory Board Sustained focus on productivity and operational efficiency ● ● LOOKING AHEAD ● Expect similar market conditions in Q4 Reaffirming FY23 revenue guidance, modifying adjusted EPS range, and raising free cash flow guidance Confident in long-term outlook driven by solid end market fundamentals, proven platform and targeted growth strategy Navantor™ F 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™ Q3'23 $1,720.2 -7.9% $578.6 33.6% $317.8 18.5% $0.25 $193.0 3.9X² Q3'22 $1,856.5 7.8% $650.7 35.0% $384.0 20.7% $0.34 $219.3 3.6X² - - - - - COMMENTS Inventory destocking and cautious spending impacting end market demand Biomaterials & higher education delivering strong year over year growth Unfavorable mix from continued headwinds in bioproduction and AT/AM Continued volume-related under absorption Reflects lower gross profit and negative fixed cost leverage Persistent inflation partially offset by productivity and SG&A cost controls Flow through of adj. EBITDA performance Interest and tax expense in line with expectations FCF conversion of >110% in Q3 2023; -95% YTD¹ Positive impact from working capital initiatives Paid down >$650M of debt year to date Adj. net leverage impacted by reduction in TTM adjusted EBITDA 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. 1. Conversion: Free Cash Flow / Adj. Net Income. 2. Represents Adj. Net Leverage as of September 30, 2023 and September 30, 2022, respectively. 4#5Q3 revenue Reported revenue in $M $1,856.5 Q3'22 X.X% Reported revenue growth -7.3% Navantor™ $1,720.2 TOTAL REVENUE Q3'23 Core organic growth COVID-19 impact Organic growth FX impact Reported growth -7.9% -1.7% -9.6% +2.3% -7.3% 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. 5#6Q3 revenue by region Reported revenue in $M $1,123 Q3'22 Q3 core organic growth: X.X% Reported revenue growth AMERICAS -60% of sales -9.3% -7.9% Navantor™ $1,019 Q3'23 $595 Q3'22 EUROPE -35% of sales -2.6% -8.6% $580 Q3'23 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. $138 Q3'22 AMEA ~5% of sales -12.3% -5.4% $121 Q3'23 6#7Q3 core organic revenue change by end market & product Biopharma Healthcare Education & government BY END MARKET Advanced tech & applied materials Navantor™ % OF TOTAL SALES ~55% ~10% ~10% ~25% Q3'23 -HSD -HSD +LSD -LDD BY PRODUCT Proprietary materials & consumables 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. Q3'23 figures on this page reflect the core organic growth by end market and product. 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% Q3'23 -LDD -HSD +MSD -HSD 7#82023 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 Q2 2023 -6.5% to -4.5% (-9% to -7% organic) -200 to -150 bps (18.9% -19.4% margin) $1.04 - $1.12 $600 - $675M FY 2023 guidance (current) based on estimate for FY blended USD/EUR exchange rate of 1.07. 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. 1. Adj. EPS estimate based on US GAAP diluted share count of ~680M. FY 2023 GUIDANCE CURRENT -6.0% to -5.0% (-8.5% to -7.5% organic) -240 to -215 bps (18.5% -18.8% margin) $1.02 - $1.06 $625 - $675M 8#9avantor™ Investor Day December 8, 2023 9 a.m. - 12 p.m. ET New York Stock Exchange and Webcast on Investor Relations website Register at ir.avantorsciences.com