#1AVTR LISTED NYSE avantor™ Setting science in motion to create a better world First Quarter 2021 Earnings Call April 28, 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 for the year ended December 31, 2020, and our quarterly report on Form 10-Q for the quarter ended March 31, 2021 that we expect to file later today. 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 today. A reconciliation of non- GAAP measures can be found at the back of the deck. 2#3Q1 highlights Strong business momentum Robust core business growth driven by strengthening market dynamics Continued COVID-19 tailwinds from vaccine production and diagnostic testing Significant margin expansion and EPS growth Ongoing deleveraging; upgrades from 3 credit rating agencies - - Executing on our growth strategy Announced acquisition of Ritter GmbH to augment our proprietary consumable portfolio Invested in Biopharma production including global expansions in Single Use capacity Delivered proprietary innovation: - Launched J.T.Baker® BAKERBOND® Resin Chromatography Columns High-purity silicone materials used in successful NASA Mars Perseverance mission Looking ahead Momentum continuing in Q2; strong Biopharma order book Raising full year outlook for revenue, EBITDA and EPS avantor™ 3#4Acquisition of Ritter GmbH will enhance Avantor's proprietary consumables portfolio Ritter highlights Fast-growing, technology leader in high-precision consumables: robotic tips, microplates, cartridges Products engineered to exacting standards Expands proprietary consumables offering for high- growth lab automation workflows: PCR, NGS, Cell- based assays Leverages Avantor's channel and deep customer relationships to broaden Ritter's OEM customer base Transaction details Purchase price Revenue Closing EPS Financing ROIC €890M¹ cash up-front consideration, plus potential €300M earn-outs through 2023 >€225M FY21 estimated revenue Expected close in early Q3 2021 Expected accretion to adjusted EPS in 2021 Funded by cash on hand and term loans, <4X expected leverage at close LDD² by year 5 avantor M ~$7B Projected TAM³ in 2025 Market dynamics HSD²% Long-term market growth END MARKETS Invitro Diagnostic Tests Molecular assays testing genetic materials within cells and non-molecular assays testing viral antigens or antibodies Life Sciences Tests Testing related to clinical trials and drug discovery In Vitro Diagnostic Tests (COVID-related) Lab-based diagnostic tests and Point of Care (POC) screening tests 1. Estimated equity value, subject to final adjustments at closing; excludes assumed net indebtedness 2. LDD = Low Double Digit, HSD = High Single Digit 3. TAM = Total Addressable Market - Source: Kalorama, Allied Market Research, Markets and Markets, Expert Interviews % of Projected TAM³ in 2021 ~60% -30% ~10% 4#5Q1 performance Organic revenue Adjusted EBITDA growth Fully diluted adjusted EPS growth Free cash flow Adjusted Net Leverage avantor M 13.5% 38.2% 101.4% $112M 3.5X - - Double digit growth in all regions and product groups ~700bps COVID-19 tailwinds Volume and mix benefits from strong proprietary growth ~300bps of margin expansion Strong operations and lower interest expense First quarter adjusted tax rate of 22.4% vs. 25.0% (2020) On track for full year free cash flow of ~$800M Down from 4.0X at YE 2020 Debt repricing and Ritter financing activities in progress 5 сл#6Q1 organic revenue growth Biopharma Healthcare Education & government By end market Advanced technologies & applied materials avantor M Growth +DD +DD +DD -LSD By product group Proprietary materials & consumables Third-party materials & consumables Services & specialty procurement Equipment & instrumentation LSD = Low Single Digit, MSD = Mid Single Digit, HSD = High Single Digit, DD = Double Digit Growth +DD +DD +DD +DD 6#7Organic revenue growth by region ($M) Organic revenue growth¹ % $1,519 Q1'20 +13.5% avantor M $1,786 Q1'21 Revenue Americas Europe AMEA Q1 +14.6% Q1 +10.1% Q1 +27.2% Core Growth Rate Organic revenue growth, Ex-COVID tailwinds ~4% Q1'20 -7% Q1'21 1. Organic net sales growth eliminates from reported net sales the impacts of earnings from any acquired or disposed businesses and changes in foreign currency exchange rates. 7#8Segment adjusted EBITDA ($M) Adjusted EBITDA % $190 21.1% Americas Q1'20 avantor M +32.1%¹ Fr $252 24.3% Q1'21 $92 16.9% Q1'20 Europe +33.2%¹ $131 20.2% Q1'21 $13 1. Excluding translation FX; assumes FX rates of prior corresponding period to adjust for translation FX impact. 17.7% Q1'20 AMEA 61.5%1 $23 22.7% Q1'21 8#9Update on key financial performance metrics ($M, except per share data) $263 Adjusted EBITDA Q1'20 +34.1%¹ ↓ $363 avantor M Q1'21 Adjusted EPS (Normalized share count)² $0.17 Q1'20 (+101.4%) $0.35 Q1'21 Free cash flow $240 Q1'20 -53.5% $112 Q1'21 1. Excluding translation FX; assumes FX rates of prior corresponding period to adjust for translation FX impact. Reported growth of 38.2% 2. Assumes fully diluted average weighted shares outstanding of 642.7M for both periods 9#102021 full year guidance Organic sales growth % Adjusted EBITDA % Adjusted EPS Free cash flow avantor M Previous 4-7% ~50bps expansion ~30% growth ~$800M Revised 6-9% -75bps expansion ~40% growth ~$800M - - - Includes COVID-19 tailwinds of $350 - $450M Continued growth of proprietary products Interest expense down ~35% Effective tax rate of 24% Continued strong conversion Incremental funding of growth initiatives Note: Guidance assumes Euro Exchange Rate of 1.18 & adjusted shares outstanding of 642.7 million. 10#11Summary Li Strong business momentum Robust revenue, earnings growth and EBITDA margin expansion Sequential quarter over quarter growth in core business. Ongoing deleveraging - Executing on our growth strategy Actively deploying capital for M&A to enhance our proprietary portfolio Continued focus on Biopharma including investment in manufacturing capacity and new product introductions Looking ahead Attractive end market exposure, focusing on value-creation framework Strong outlook across key financial metrics for FY21 Balance sheet strength enabling financial flexibility - avantor M 11#12Appendix Navantor™ 12#13Debt update Instrument Working AR facility ($300M) capital Revolver ($515M) Term loan B Term loan B Term loan Senior secured Senior unsecured Senior unsecured (€400M) Capital leases & other Secured debt Unsecured debt avantor M Maturity 3/2023 7/2025 11/2024 11/2024 10/2027 11/2025 7/2028 7/2028 Principal ($M) $0.0 0.0 420.7 254.7 1,172.1 763.2 1,550.0 469.6 71.7 $4,702.0 Interest L + 0.90% L + 2.00% L + 2.25% E +2.50% L + 2.25% 2.625% fixed 4.625% fixed 3.875% fixed 13#14Free cash flow generation ($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 Capital expenditures Free cash flow avantor M Q1 2020 $111.9 150.9 262.8 (27.2) (12.2) 12.3 17.4 253.1 (12.6) $240.5 Q1 2021 $225.5 137.6 363.1 (64.0) (12.6) (122.6) (37.0) 126.9 (15.1) $111.8 14#15Reconciliations of GAAP to non-GAAP measures ($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 Restructuring and severance charges Transaction related expenses and other Integration and planning expenses 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) 1.2 1.8 3.6 (19.6) 111.9 94.5 19.1 37.3 $262.8 Q2 $60.2 77.2 (1.8) 1.1 3.2 0.7 1.5 (20.9) 121.2 92.1 20.6 39.4 $273.3 2020 Q3 Q4 FY $51.6 $116.6 307.5 74.1 120.4 226.4 346.8 (4.1) 3.6 (0.7) 0.6 0.7 1.3 2.3 5.1 11.8 1.8 2.9 7.2 2.1 2.7 9.9 (112.3) (72.4) (225.2) 153.4 188.7 575.2 65.2 55.8 307.6 20.3 27.9 87.9 46.7 47.5 170.9 $285.6 $319.9 $1,141.6 $(42.2) 78.8 2021 Q1 $164.0 68.0 5.2 0.8 0.6 1.6 3.0 (17.7) 225.5 51.5 21.0 65.1 $363.1 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 earnings (loss) per share (non-GAAP) Amortization Loss on extinguishment of debt Net foreign currency loss (gain) from financing activities Other stock-based compensation (benefit) expense Restructuring and severance charges Transaction related expenses and other Integration and planning expenses 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 M 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 FY¹ $0.09 0.09 0.18 0.48 0.54 0.01 0.01 0.02 (0.35) $0.89 583 643 ¹ Full year earnings per share amounts are not intended to be the sum of quarterly amounts 2021 Q1 $0.25 0.01 0.26 0.11 0.01 (0.03) $0.35 589 643 16#17Reconciliations of GAAP to non-GAAP measures (continued) ($M) Debt, gross Less: cash and cash equivalents Numerator of adjusted net leverage TTM adjusted EBITDA 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) TTM adjusted EBITDA TTM covenant adjustments Pro forma adjustment for VWR Pro forma adjustment for projected synergies Denominator of covenant net leverage Covenant net leverage (non-GAAP) avantor™ 2017 7,396.1 (185.4) 7,210.7 289.5 21.6 472.6 783.7 9.2X 289.5 34.5 492.7 219.0 1,035.7 7.0X 2018 7,162.9 (184.7) 6,978.2 945.3 19.1 29.7 994.1 7.0X 945.3 60.7 145.1 1,151.1 6.1X 2019 5,249.4 (186.7) 5,062.7 1,031.2 31.1 26.8 1,089.1 4.6X 1,031.2 68.8 70.6 1,170.6 4.3X 2020 4,972.2 (286.6) 4,685.6 1,141.6 42.4 1.6 1,185.6 4.0x 1,141.6 91.0 (3.2) 1,229.4 3.8x 2021 Q1 4,702.0 (172.5) 4,529.5 1,241.9 43.7 1,285.6 3.5x 1,241.9 82.0 1,323.9 3.4x 17#18Reconciliations of GAAP to non-GAAP measures (continued) ($M) Net cash provided by operating activities (GAAP) Capital expenditures Free cash flow (non-GAAP) Net cash used in investing activities (GAAP) Net cash used in financing activities (GAAP) avantor M 2020 Q3 Q1 Q2 Q4 253.1 89.2 281.5 306.0 (12.6) (13.5) (15.3) (20.2) 240.5 266.2 285.8 75.7 (12.5) (11.9) (15.9) (18.8) (73.1) (13.3) (316.1) (380.4) FY 929.8 (61.6) 868.2 2021 Q1 126.9 (15.1) 111.8 (14.6) (59.1) (782.9) (221.0) 18