#1AVTR LISTED NYSE avantor™ Setting science in motion to create a better world Second Quarter 2021 Earnings Call July 30, 2021#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 quarter of 2021, and our quarterly report on Form 10-Q for the second quarter 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 July 29, 2021. A reconciliation of non-GAAP measures can be found at the back of the deck. 2#3Q2 highlights Strong business momentum Robust core business growth supported by favorable end market trends COVID-19 tailwinds in line with guidance, driven by vaccine contributions Above plan performance across all key financial metrics Executing on our growth strategy - Closed acquisition of Ritter, increasing our proprietary content for critical life science workflows Ongoing execution of AMEA growth strategy Acquired RIM Bio, establishing single use manufacturing in China Received top bioprocessing supplier awards at Biologics Manufacturing Korea 2021 Completed multiple capacity expansions in raw materials and single use manufacturing Proactively extended our long-standing agreement with the BIO consortium through 2029 Published inaugural sustainability report Looking ahead Expected continuation of growth momentum and execution Raising full year outlook for revenue, adjusted EBITDA, adjusted EPS and Free Cash Flow avantor™ 3#4Published inaugural sustainability report COMMITMENT Navantor™ SCIENCE FOR GOODNESS 2021 Sustainability Report Sustainability is an important element of our value-creation framework avantor M SUSTAINABILITY GOALS www DO Do+Do Do sto People & Culture - Increase management diversity - Maintain top health & safety performance Innovation & Environment Reduce Scope 1 and Scope 2 GHG emissions 15% by 20251 Community Engagement - Improve global access to STEM education and healthcare Increase associate volunteer hours Governance & Integrity Launch Avantor Responsible Partner Program 1. Absolute reduction of scope 1 and scope 2 greenhouse gas emissions vs. 2019 baseline PROGRESS HIGHLIGHTS Enhanced the diversity of our management team Integrated sustainability practices throughout Avantor's supply chain Established goal to reduce GHG emissions within our operations Financially supported STEM education and healthcare programs through Avantor Foundation Adopted enhancements to shareholder rights 4#5Q2 performance Organic revenue Adjusted EBITDA growth Fully diluted adjusted EPS growth Free cash flow Adjusted net leverage avantor M 20.5% 34.2% 86.6% $265.0M 3.8X - Double digit growth in all regions and product groups ~200bps COVID-19 tailwinds Volume and mix benefits from strong proprietary growth ~125bps of margin expansion Strong operations and lower interest expense >3X increase over Q2'20 Robust EBITDA performance and lower interest payments In line with target range of 2X - 4X Adjusted net leverage of 3.2X excluding impact of Ritter transaction 5 сл#6Organic revenue growth by region ($M) Organic revenue growth¹ % Avantor Revenue $1,479 Q2'20 $2,998 YTD'20 +20.5% +17.0% avantor™ $1,859 Q2'21 $3,644 YTD'21 Revenue Core Organic Growth Organic revenue growth, Ex-COVID tailwinds +18.4% Q2'20 (7.5%) YTD'20 (1.8%) Q2'21 +12.1% YTD'21 Organic Growth by Region Americas Europe AMEA Q2: +23.6% YTD: +19.0% Q2: +16.5% YTD:+13.3% Q2: +16.4% YTD: +21.0% 1. Organic revenue growth eliminates from reported net sales the impacts of earnings from any acquired or disposed businesses and changes in foreign currency exchange rates. The Ritter and RIM Bio acquisitions did not have a material impact on the results for the periods presented. 6#7Q2 organic revenue growth by end market & product Organic revenue +20.5% avantor™ Q2 ORGANIC REVENUE GROWTH BY END MARKET SERVED Biopharma Double digit Double digit Healthcare Proprietary materials and consumables Double digit Q2 ORGANIC REVENUE GROWTH BY PRODUCT Third-party materials and consumables Education and government Double digit Double digit Services and specialty procurement Double digit Advanced technologies and applied materials High single digit Equipment and Instrumentation Double digit 7#8Key financial performance metrics ($M, except per share data) Q2 Results Adjusted EBITDA % YTD Results Adjusted EBITDA % Adjusted EBITDA $273 18.5% Q2'20 $536 17.9% YTD'20 +34.2%¹ +36.1%¹ avantor™ $367 19.7% Q2'21 $730 20.0% YTD'21 Adjusted EPS (Normalized share count)² $0.19 Q2'20 $0.36 YTD'20 +86.6% +93.8% $0.35 Q2'21 $0.70 YTD'21 Free cash flow $76 Q2'20 $316 YTD'20 +250.4% +19.3% 1. Including translation FX; Assuming FX rates of prior corresponding period, FX contributed -5.0% of growth in Q2 and ~4.5% YTD. 2. Assumes fully diluted average weighted shares outstanding of 642.7M for both periods. $265 Q2'21 $377 YTD'21 8#92021 full year guidance Organic sales growth % Adjusted EBITDA % Adjusted EPS Free cash flow avantor M Original 4-7% -50bps expansion -30% growth ~$800M Post Q1 21 6-9% -40% growth Post Q2 21 -75bps expansion -150bps expansion ~$800M 9-11% -50% growth ~$850M Note: Guidance assumes Euro Exchange Rate of 1.18 & adjusted shares outstanding of 642.7 million. - - - Includes COVID-19 tailwinds of $350 $450M (~1-2%) Reported growth of 13 - 15% Top line growth Modest contribution from M&A ~$0.05 contribution from M&A Effective tax rate ~24% Continued strong conversion Incremental funding of growth initiatives 9#10Summary Strong business momentum Robust revenue, earnings and cash flow results Strong growth in core business, across all geographies, industries and products Rapid deleveraging continues, supports ongoing M&A - - Executing on our growth strategy Continued focus on proprietary growth through Biopharma platform Investment in core capabilities to sustain long-term growth Closed on two M&A transactions - Looking ahead - - Attractive industry exposure, favorable conditions across all end markets Raising guidance for all financial metrics for FY21 Balance sheet strength provides considerable M&A capacity avantor™ VIRTUAL INVESTOR DAY September 9, 2021 9:00am - 12:00pm EDT Register on Avantor's Investor Relations website https://ir.avantorsciences.com/investors/ 10#11Appendix Navantor™ 11#12Segment adjusted EBITDA Q2 Results Adjusted EBITDA % $197 23.0% Q2'20 YTD Results Adjusted EBITDA % $387 22.1% YTD'20 Americas +26.5%¹ +29.2%¹ avantor M $252 23.5% Q2'21 $504 23.9% YTD'21 1. $88 16.9% Q2'20 $180 16.9% YTD'20 Europe +28.8%¹ +31.0%¹ $124 18.6% Q2'21 $255 19.4% YTD'21 $23 22.5% Q2'20 $36 20.4% YTD'20 AMEA +19.9%1 +35.3%¹ $29 23.2% Q2'21 $51 22.9% 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 ($515M) Term loan B Term loan B Term loan Term Loan Term loan Senior secured Senior unsecured Senior unsecured (€400M) Capital leases & other avantor™ Maturity 3/2023 7/2025 11/2024 11/2024 6/2028 6/2028 10/2027 11/2025 7/2028 7/2028 Principal ($M) $0.0 0.0 357.3 218.3 385.1 716.9 1,169.2 770.3 1,550.0 474.0 92.2 $5,733.3 Interest L + 0.90% L + 2.00% L + 2.00% E + 2.25% E + 2.25% E+ 2.75% L + 2.25% 2.625% fixed 4.625% fixed 3.875% fixed 13#14Free cash flow generation ($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 M Q2 2020 $121.2 152.1 273.3 (146.7) (13.3) (15.0) (9.1) 89.2 0.0 (13.5) $75.7 Q2 2021 $226.3 140.3 366.6 (28.9) (56.9) (12.0) (5.0) 263.8 24.6 (23.4) $265.0 1H 2020 233.1 303.0 536.1 (173.9) (25.5) (2.7) 8.3 342.3 0.0 (26.1) $316.2 1H 2021 $451.8 277.9 729.7 (92.9) (69.5) (134.6) (42.0) 390.7 24.6 (38.5) $376.8 14#15Reconciliations of GAAP to non-GAAP measures ($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 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 M 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 $51.6 74.1 120.4 3.6 0.7 5.6 5.1 T (72.4) 188.7 55.8 27.9 47.5 $319.9 FY $116.6 307.5 346.8 (0.7) 1.3 17.1 11.8 Q1 $164.0 68.0 5.2 0.8 0.6 3.0 T 2021 1.6 (225.2) (17.7) 575.2 225.5 307.6 51.5 87.9 21.0 170.9 65.1 $1,141.6 $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 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 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 |||| 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 $0.06 0.02 0.08 0.12 0.19 ||||||| 0.01 (0.11) $0.29 587 643 ¹ Full year earnings per share amounts are not intended to be the sum of quarterly amounts FY¹ $0.09 0.09 0.18 0.48 0.54 0.03 0.01 (0.35) $0.89 583 643 Q1 $0.25 0.01 0.26 0.11 0.01 (0.03) $0.35 589 643 2021 Q2 $0.24 0.01 0.25 0.10 0.03 0.01 (0.02) (0.02) $0.35 591 643 16#17Reconciliations of GAAP to non-GAAP measures (continued) ($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 VWR Pro forma adjustment for projected synergies Denominator of adjusted net leverage Adjusted net leverage (non-GAAP) avantor M 1. 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 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 M Q1 253.1 (12.6) 240.5 (11.9) (73.1) Q2 89.2 (13.5) 75.7 (12.5) (13.3) 2020 Q3 281.5 Q4 306.0 FY 929.8 (15.3) (20.2) (61.6) 266.2 868.2 285.8 (15.9) (18.8) (59.1) (316.1) (380.4) (782.9) Q1 126.9 2021 (15.1) 111.8 (14.6) (221.0) 263.8 24.6 (23.4) 265.0 (1,189.3) 998.8 18