#1AVTR LISTED NYSE Fourth Quarter & Full-Year 2021 Earnings Call February 4, 2022 Setting science in motion to create a better world avantor™#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. 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 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 February 3, 2022. A reconciliation of non-GAAP measures can be found at the back of the deck. 2#3Key highlights Li Strong business momentum continued in Q4 Exceeded guidance across all key financial performance metrics Core business growth led by Biopharma and ATAM COVID-19 revenues in line with guidance Significant margin expansion and adjusted EPS and FCF growth - Executing on our growth strategy Closed acquisition of Masterflex, expanding our proprietary single-use offering for critical bioproduction workflows Continued investment in manufacturing capacity and capabilities Launched LC/MS consumables from Agilent Technologies to enhance workflow solutions - Looking ahead Healthy end markets and strong order books Initial 2022 guidance builds on long-term growth framework. Continued focus on execution, integration and deleveraging - avantor™ 3#4Q4 performance Organic revenue growth Adjusted EBITDA growth Adjusted EPS growth Free cash flow Adjusted net leverage avantor™ 2.5% 15.6% 21.4% $314M 4.2X - Growth driven by Biopharma and ATAM -~4.6% core growth; -2.1% COVID-19 headwinds - Mix, inflation management and productivity Over 150 bps margin expansion including ~90 bps M&A impact Continued track record of execution Realization of benefits from interest and tax initiatives Lower working capital use partially offset by higher CapEx Lower interest from refinancing activities 3.1X excluding Masterflex leverage, down from 3.5X at Q3'21 Committed to 2-4X target leverage 4#52021 full-year results Organic revenue growth Adjusted EBITDA margin expansion Adjusted EPS growth Free cash flow avantor™ Initial Guidance 4-7% Post Q3'21 -30% 10-11% Final FY21 ~50 bps >170 bps ~190 bps ~55% 11.3% 57.7% ~$800M ~$850M $920M Core growth 9.2%; COVID-19 tailwinds 2.1% Reported growth of 15.5% Mix, inflation management, and productivity M&A impact ~30 bps Operational strength Lower interest payments Continued strong conversion >100%¹ Incremental funding of growth initiatives Note: Guidance assumed Euro Exchange Rate of 1.15 & adjusted shares outstanding of 642.7 million 1: Free cash flow conversion is defined as free cash flow / Adjusted Net Income 5#6Organic revenue growth ($M) Organic revenue growth¹ % Avantor Revenue $1,791 Q4'20 $6,394 2020 +2.5% +11.3% avantor™ $1,908 Q4'21 $7,386 2021 Revenue Average 2-year Core Growth² +5.3% Q4'20 +3.1% 2020 +5.5% Q4'21 +5.1% 2021 ORGANIC GROWTH BY REGION Q4 FY +3.0% +12.1% Americas Q4 FY +0.5% +9.1% Europe Q4 FY +9.3% +16.6% AMEA 1: Organic revenue growth eliminates from reported net revenues the impacts from any acquired or disposed businesses and changes in foreign currency exchange rates. 2: Presenting 2-year average core growth (see appendix slide 14) 6#7Q4 organic revenue growth by end market and product Organic revenue growth +2.5% avantor™ Q4 ORGANIC REVENUE GROWTH BY END MARKET SERVED¹ Biopharma 52%² +MSD Proprietary materials and consumables 37%² +DD Healthcare 10%² -MSD Q4 ORGANIC REVENUE GROWTH BY PRODUCT¹ 1 LSD 1-3% / MSD 4-6% / HSD 7-9% / DD >10+% 2 Represents percentage of total sales Education and government 13%² -MSD Third-party materials and consumables 36%² -MSD Services and specialty procurement 13%² +MSD Advanced technologies and applied materials 25%² +MSD Equipment and instrumentation 14%² +MSD 7#8Key financial performance metrics ($M, except per share data) Q4 Results Adjusted EBITDA % Adjusted EBITDA Adjusted EBITDA % $320 17.9% Q4'20 YTD Results $1,142 17.9% 2020 +15.6%1 +27.8%1 avantor™ $370 19.4% Q4'21 $1,459 19.8% 2021 Adjusted EPS (Normalized share count)² $0.29 Q4'20 $0.89 2020 +21.4% +57.7% $0.36 Q4'21 $1.41 2021 $286 Q4'20 $868 2020 Free cash flow +9.9% +6.0% $314 Q4'21 $920 2021 1: Includes impact from foreign exchange differences; assuming FX rates of prior corresponding period, foreign exchange translation represented a 1.5% headwind in Q4 and 1.9% tailwind for the year. 2: Assumes shares outstanding of 642.7M for both periods. 8#9Adjusted share count for 2022 (Millions of shares) 580 Nominal Share Count at IPO 62.9 Assumed MCPS conversion avantor™ 642.7 Adjusted share count used since IPO 23.8 Masterflex equity 18.5 Employee equity (2019-2022E) 685 Adjusted share count for 2022 Adjusted share count (685M) converges with expected US GAAP share count by year-end 2022, will be eliminated beginning in 2023 9#102022 full-year guidance 1356 avantor™ Organic revenue growth Adjusted EBITDA margin expansion Adjusted EPS Free cash flow 1: Share count of 685M in both FY21 and FY22 4-6% >125 bps $1.45 - $1.53 >$1,000M Reported growth of 7-9% Margin approaching 21% Reported growth of 10-16%¹ Conversion approaching 100% 10#11Summary Li Strong business momentum continued in Q4 Reported revenues, margin expansion and earnings growth Favorable end markets led by Biopharma ABS toolkit driving continued execution to offset inflation - Executing on our long-term growth strategy Continued focus on proprietary growth through Biopharma platform Investing in core capabilities to sustain long-term growth M&A contributing; closed Masterflex Looking ahead Growing core growth, modest COVID-19 headwinds Commitment to strong 2022 performance Remain focused on M&A integration and deleveraging avantor™ 11#12Appendix Navantor™ 12#13Segment adjusted EBITDA ($M) Q4 Results Adjusted EBITDA % YTD Results Adjusted EBITDA % Americas $211 20.6% Q4'20 $802 21.5% FY'20 +12.7%¹ +21.4%¹ avantor™ $238 21.9% Q4'21 $978 23.1% FY'21 $120 18.1% Q4'20 $398 17.4% FY'20 Europe +28.3%1 +31.5%1 $148 21.6% Q4'21 $539 20.1% FY'21 $23 21.4% Q4'20 $80 21.3% FY'20 AMEA +49.3%¹ +39.8% $33 24.9% Q4'21 $114 24.2% FY'21 1: Represents nominal dollars including the impact of M&A and foreign exchange variations. The growth rate excludes the impact of foreign exchange translation variations. 13#14Average two-year core organic growth Net revenue growth FX impact M&A impact Organic growth COVID impact Core organic growth Average 2-year core organic growth avantor™ Q4 2019 Q4 2020 Q4 2021 3.4% 17.5% 6.5% (0.9)% 2.6% Q4 0.0% 0.0% 4.3% 0.0% 4.3% 5.3% 14.9% 2.5% 8.5% (2.0)% (1.1)% (2.1)% 5.2% 0.0% 6.4% 4.5% 5.5% FY 2019 3.0% 0.0% 5.1% FY FY 2029 5,8% 0.2% 0.0% 4.4% 5.1% 5.6% 11.3% 1.1% 3.1% FY 2021 15.5% 2.0% 2.2% 2.1% 9.2% + 5.1% 14#15Debt update Working capital Secured debt Unsecured debt avantor™ Instrument AR facility ($300M) Revolver ($515M) Term loan B Term loan B Term loan Term loan Term loan Senior secured Senior unsecured Senior unsecured Senior unsecured (€400M) Capital leases & other Maturity 3/2023 7/2025 11/2024 11/2024 6/2026 6/2028 11/2027 11/2025 11/2029 7/2028 7/2028 Principal ($M) $0.0 0.0 229.3 133.9 367.9 684.9 2063.9 739.6 800.0 1,550.0 455.1 88.6 $7,113.2 Interest L + 0.90% L + 2.00% L + 2.00% E + 2.25% E + 2.00% E+ 2.50% L + 2.25% 2.625% fixed 3.875% fixed 4.625% fixed 3.875% fixed 15#16Free cash flow generation ($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™ Q4 2020 188.7 131.2 319.9 (70.5) (10.7) 9.1 58.2 306.0 (20.2) 285.8 Q4 2021 $229.2 140.6 369.8 (34.0) (14.5) 11.0 (31.3) 301.0 53.2 (40.0) 314.2 Q4 YTD 2020 Q4 YTD 2021 $907.3 551.3 575.2 566.4 1,141.6 (323.1) (42.7) 26.4 127.6 929.8 (61.6) 868.2 1,458.6 (192.1) (144.7) (130.6) (37.6) 953.6 77.8 (111.1) 920.3 16#17Reconciliations of GAAP to non-GAAP measures ($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 Purchase accounting adjustments 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™ 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 2020 Q3 $(42.2) 78.8 226.4 (4.1) 0.6 3.9 - 2.3 (20.9) (112.3) 121.2 153.4 92.1 65.2 20.6 20.3 39.4 46.7 $273.3 $285.6 Q4 FY Q1 Q2 $51.6 $116.6 $164.0 $157.8 68.0 66.6 74.1 120.4 307.5 346.8 5.2 3.2 3.6 (0.7) 0.8 1.2 0.7 1.3 0.6 0.7 3.0 21.6 0.5 5.6 - 5.1 (72.4) 188.7 55.8 27.9 47.5 $319.9 1: Full year amounts may not reflect the sum of quarterly amounts due to rounding 17.1 11.8 (225.2) 575.2 307.6 87.9 170.9 $1,141.6 1.6 2021 Q3 Q4 $156.8 $94.0 75.8 80.4 4.0 0.2 0.2 49.9 7.8 (0.8) 1.6 3.2 7.9 6.3 0.4 0.2 (13.0) (17.7) 225.5 (12.5) 226.3 (24.8) 226.4 51.5 51.0 54.1 21.0 19.5 24.2 65.1 69.8 54.5 $363.1 $366.6 $359.2 FY¹ $572.6 290.8 12.4 1.3 3.0 77.8 15.9 6.3 5.3 (13.0) (65.1) (10.0) 229.2 907.3 60.8 217.4 23.7 88.4 56.1 245.5 $369.8 $1,458.6 2.7 17#18Reconciliations 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 Purchase accounting adjustments 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 $(0.10) 0.01 0.03 0.09 0.12 ||| 0.01 2020 Q3 (0.03) $0.19 582 643 (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 FY¹1 Q1 $0.09 $0.25 0.09 0.01 0.18 0.48 0.54 T || 0.03 0.01 (0.35) $0.89 583 643 1: Full year earnings per share amounts are not intended to be the sum of quarterly amounts 0.26 0.11 0.01 (0.03) $0.35 589 643 Q2 $0.24 0.01 0.25 0.10 0.03 0.01 (0.02) (0.02) $0.35 591 643 2021 Q3 $0.24 0.24 0.12 T | 0.01 0.01 0.01 (0.04) $0.35 598 643 Q4 $0.13 0.02 0.15 0.12 0.02 0.07 0.02 (0.02) $0.36 619 643 FY¹ $0.85 0.04 0.89 0.45 0.03 0.12 0.03 0.01 (0.02) (0.10) $1.41 600 643 18#19Reconciliations of GAAP to non-GAAP measures (continued) ($M) Debt, gross Less: cash and cash equivalents Net proceeds received from secondary offering 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™ 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 Q2 $5,733.3 (223.0) 5,510.3 1,402.2 44.8 $1,447.1 3.8x 2021 Q3 $5,667.4 (1,426.1) 967.0 5,208.3 1,461.5 45.9 $1,507.4 3.5x FY $7,113.2 (301.7) 6,811.5 1,587.3 47.7 $1,635.0 4.2x 1: Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period plus management's best estimates of the incremental results attributable to completed acquisitions as if such acquisitions had been completed on the first day of such trailing twelve-month period. 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. 19