#1AVTR LISTED NYSE avantor Setting science in motion to create a better world TM Fourth Quarter & Full Year 2020 Earnings Call February 3, 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 that we expect to file later this week. 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#3Avantor enables scientific breakthroughs SCADO FROM DISCOVERY RESEARCH & DISCOVERY avantor™ DEVELOPMENT & SCALE-UP 17 TO DELIVERY MANUFACTURING & DELIVERY 3#4Diversified portfolio provides resilient revenue profile¹ Scalable platform well positioned in attractive end markets Equipment & Instrumentation Services & Specialty Procurement 15% Offering 15% ~50% Proprietary 30% Proprietary Materials & Consumables avantor Third-Party Materials & Consumables Higher-growth, higher-margin proprietary products drive favorable mix and profitability M 40% Education & Government Advanced Technologies & Applied Materials 1. Based on FY20 Actuals Healthcare 15% End markets 25% 10% -70% Life Sciences 15% Production 35% R&D Biopharma Strategic focus on biopharma value chain ~85% RECURRING REVENUE Europe 35% Geography AMEA 5% ~180 Countries 60% Americas Serving 225,000 customer locations in 180 countries; expanding footprint in AMEA 4#5Q4 highlights Executing well in a challenging environment Strongest revenue growth quarter of 2020 Solid margin expansion and cash flow generation - - Continued focus on growth strategy Enhanced bioproduction offering through technology launches including: TopMixer modular media and buffer prep mixing system SterilEnzTM high-pressure fluid handling solution Commercialized controlled-release drug delivery technology for HIV prevention application Completed transformation of Avantor capital structure enabling financial flexibility - Actively supporting COVID-19 vaccine production Ongoing supply and capacity investments to support all vaccine modalities Commercialized silicone elastomer to support ultra low temperature single-use solution avantor M#6Q4 performance Organic revenue Adjusted EBITDA growth Fully diluted adjusted EPS growth Free cash flow Adjusted Net Leverage avantor™ 14.9% 21.3% 57.2% $286M 4.0X - - - >20% growth in Biopharma, Healthcare & Government 800-900 bps COVID-19 tailwinds Volume leverage, commercial excellence, and productivity Mix benefits from strong proprietary product growth Strong operations and lower interest expense Full year adjusted tax rate of 22.9% vs. 26% (2019) Solid conversion, 152% of Adjusted Net Income Continued working capital discipline Down from 4.6x in Q4'19 In-line with long-term leverage target of 2-4X 6#7Q4 organic revenue growth Biopharma Healthcare Education & government By end market Advanced technologies & applied materials avantor M Growth +DD +DD +DD +LSD By product group Proprietary materials & consumables Third-party materials & consumables Services & specialty procurement Equipment & instrumentation LSD = Low Single Digit, MSD = Mid Single Digit, HSD = High Single Digit, DD = Double Digit Growth +DD +DD +HSD +LSD 7#8Organic revenue growth by region ($M) Organic revenue growth¹ $1,524 Q4'19 $6,040 FY'19 % Revenue +14.9% +5.6% avantor™ $1,791 Q4'20 $6,394 FY'20 Americas Q4: +16.2% FY: +4.6% Organic growth by region Europe Q4: +14.7% FY: +7.1% AMEA Q4: +5.2% FY: +7.1% 1 Organic net sales growth eliminates from reported net sales the impacts of earnings from any acquired or disposed businesses and changes in foreign currency exchange rates. 8#9Segment adjusted EBITDA Q4 Full Year ($M, except per share data) Adjusted EBITDA % Adjusted EBITDA % $161 18.2% Q4'19 $704 19.6% FY'19 Americas avantor™ +31.7%¹ +14.1%¹ $211 20.6% Q4'20 $802 21.5% FY'20 $101 18.7% Q4'19 $356 16.9% FY'19 Europe +11.5%1 +10.1%¹ $120 18.1% Q4'20 $398 17.4% FY'20 1 Excluding translation FX; assumes FX rates of prior corresponding period to adjust for translation FX impact. $30 30.0% Q4'19 $81 23.0% FY'19 AMEA -26.6%¹ -2.0%¹ $23 21.4% Q4'20 $80 21.3% FY'20 9#10Update on key financial performance metrics Q4 Full Year ($M, except per share data) $264 Q4'19 $1,031 FY'19 Adjusted EBITDA +18.5%¹ +10.2%¹ avantor M $320 Q4'20 $1,142 FY'20 Adjusted EPS (Normalized share count)² +57.2% $0.19 Q4'19 $0.58 FY'19 +54.0% $0.29 Q4'20 $0.89 FY'20 Free cash flow $75 Q4'19 $302 FY'19 +281.6% +187.1% $286 Q4'20 $868 FY'20 1 Excluding translation FX; assumes FX rates of prior corresponding period to adjust for translation FX impact. Reported growth of 21.3% and 10.7% respectively. 2 Assumes fully diluted average weighted shares outstanding of 642.7M for both periods 10#112021 full year guidance Organic sales growth % Adjusted EBITDA % Adjusted EPS Free cash flow avantor M 4-7% ~50bps expansion ~30% growth ~$800M - - - - - Reported growth 6-10% Includes COVID tailwinds of $250M-$350M+ (vs. $250M-$300M 2020) Commercial excellence, productivity, mix Disciplined execution underpinned by ABS Interest expense $196M (vs. $308M 2020) Effective tax rate 24% Continued strong conversion Incremental funding of growth initiatives Note: Guidance assumes Euro Exchange Rate of 1.22 & adjusted shares outstanding of 642.7 million. 11#12Summary M Executing well in challenging environment Strong revenue growth, earnings, and free cash flow Significantly improved balance sheet & financial flexibility - - Well positioned for continued growth Deeply embedded in the Life Sciences industry with product breadth and strong capabilities that enable collaboration and customer-driven innovation - Advancing our growth strategy with recent new product introductions that extend our single use offering for bioproduction processes Looking ahead Consistent end market outlook, focusing on value-creation framework Attractive outlook for FY21 Balance sheet strength enabling financial flexibility - avantor™ 12#13Appendix Navantor™ 13#14Debt update Instrument AR facility ($300M) Working capital Revolver ($515M) Secured debt Unsecured debt Term loan B Term loan B Term loan Senior secured Senior unsecured Senior unsecured (€400M) Capital leases & other avantor M Maturity 3/2023 7/2025 11/2024 11/2024 10/2027 11/2025 7/2028 7/2028 Principal ($M) $0.0 0.0 546.7 344.8 1,175.0 795.0 1,550.0 489.2 71.5 $4,972.2 Interest L + 0.90% L +2.50% L + 2.25% E +2.50% L +2.50% 2.625% fixed 4.625% fixed 3.875% fixed 14#15Free cash flow generation ($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 Q4 2019 $120.0 143.6 263.6 (152.0) (12.1) (10.4) (2.1) 87.0 (12.1) $74.9 Q4 2020 $188.7 131.2 319.9 (70.5) (10.7) 9.1 58.2 306.0 (20.2) $285.8 YTD 2019 $373.6 657.6 1,031.2 (410.4) (112.3) (134.5) (20.0) 354.0 (51.6) $302.4 YTD 2020 $575.2 566.4 1,141.6 (323.1) (42.7) 26.4 127.6 929.8 (61.6) $868.2 15#16Reconciliations of GAAP to non-GAAP measures ($M) Net (loss) income (GAAP) Amortization Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Loss on extinguishment of debt Restructuring and severance charges Purchase accounting adjustments VWR transaction, integration and planning expenses Other 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 $(6.2) 78.6 6.2 5.5 (0.8) 6.3 (21.4) 68.2 128.6 19.7 31.5 $248.0 Q2 $(48.7) 78.3 (14.3) 42.7 70.2 0.9 (3.3) 5.1 (39.3) 91.6 115.1 24.7 37.4 $268.8 2019 Q3 $22.1 77.9 8.2 (9.2) Q4 $70.6 77.5 1.8 3.3 3.5 13.4 4.5 (3.1) (3.5) 5.4 5.7 0.2 3.0 (21.1) (46.4) 93.8 120.0 98.3 98.0 22.4 19.8 36.3 25.8 $250.8 $263.6 Q1 Q2 $47.0 $60.2 77.4 77.2 1.6 (1.8) (1.1) 1.1 FY $37.8 312.3 1.9 36.8 73.7 24.3 (10.7) 22.5 3.6 1.5 2.1 3.2 1.8 0.7 1.8 (128.2) (19.6) (112.3) (20.9) 121.2 373.6 153.4 111.9 94.5 440.0 92.1 65.2 86.6 19.1 20.6 20.3 131.0 37.3 39.4 46.7 $1,031.2 $262.8 $273.3 $285.6 1.2 T 1 3.2 2020 Q3 $(42.2) 78.8 (4.1) 0.6 226.4 2.3 | T Q4 $51.6 74.1 3.6 0.7 120.4 5.1 2.7 2.9 (72.4) 188.7 55.8 27.9 47.5 $319.9 FY $116.6 307.5 (0.7) 1.3 346.8 11.8 9.9 7.2 (225.2) 575.2 307.6 87.9 170.9 $1,141.6 16#17Reconciliations of GAAP to non-GAAP measures (continued) (Shares in M) Diluted (loss) earnings per share (GAAP) Dilutive impact of convertible instruments Normalization for shares issued in IPO Fully diluted (loss) earnings per share (non-GAAP) Amortization Net foreign currency loss (gain) from financing activities Other stock-based compensation expense (benefit) Loss on extinguishment of debt Restructuring and severance charges Purchase accounting adjustments VWR transaction, integration and planning expenses Other Income tax benefit applicable to pretax adjustments Adjusted EPS (non-GAAP) Weighted average share count (GAAP) Share count for Adjusted EPS (non-GAAP) avantor™ Q1 (0.59) 0.57 0.01 (0.01) 0.12 0.01 0.01 0.01 (0.03) $0.11 133 643 Q2 (0.98) 0.87 0.03 (0.08) 0.12 (0.02) 0.07 0.11 (0.01) 0.01 2019 Q3 0.01 0.02 0.03 0.12 0.01 (0.01) 0.02 0.01 (0.06) (0.03) $0.14 323 643 Q4 FY¹ 0.09 (0.84) 0.02 0.19 0.71 0.06 0.49 0.11 0.12 0.01 0.01 0.01 (0.01) 0.01 (0.07) $0.15 $0.19 581 582 643 643 Q1 0.05 0.02 0.07 0.12 0.06 0.11 0.04 (0.02) 0.03 0.01 (0.20) (0.03) $0.58 $0.17 401 581 643 643 0.01 1 Full year earnings per share amounts are not intended to be the sum of quarterly amounts Q2 0.08 0.01 0.09 (0.07) 0.12 0.12 (0.01) 0.01 || 2020 Q3 (0.10) 0.03 (0.03) $0.19 582 643 0.35 0.01 0.01 (0.17) $0.24 577 643 Q4 0.06 0.02 0.08 0.12 0.19 0.01 T (0.11) 0.29 587 643 FY¹ 0.09 0.09 0.18 0.48 0.54 0.01 0.01 0.02 (0.35) 0.89 583 643 17#18Reconciliations of GAAP to non-GAAP measures (continued) ($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 M 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 Q1 5,181.2 (346.3) 4,834.9 1,046.0 35.8 20.3 1,102.1 4.4X 1,046.0 71.1 46.2 1,163.3 4.2X 2020 Q2 5,198.2 (415.3) 4,782.9 1,050.5 38.2 17.1 1,105.8 4.3x 1050.5 73.0 20.5 1,144.0 4.2X Q3 5,155.5 (370.5) 4,785.0 1,085.3 38.0 8.4 1,131.7 4.2x 1,085.3 72.8 6.9 1,165.0 4.1x Q4 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 18#19Reconciliations of GAAP to non-GAAP measures (continued) ($M) Net cash provided by (used in) operating activities (GAAP) 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 75.0 (12.4) 62.6 (7.9) (106.1) Q2 2019 Q3 (5.9) 197.9 (14.0) (13.1) (19.9) 184.8 (12.4) 38.3 Q4 87.0 FY (12.1) 74.9 354.0 Q1 253.1 (51.6) (12.6) 302.4 240.5 (10.4) (11.4) (42.1) (11.9) (172.6) (67.4) (307.8) (73.1) Q2 89.2 2020 Q3 281.5 (13.5) (15.3) 75.7 (12.5) 266.2 (15.9) (13.3) (316.1) Q4 306.0 FY 929.8 (20.2) (61.6) 285.8 868.2 (59.1) (18.8) (380.4) (782.9) 19