Avantor Investor Day Presentation Deck

2025 Target: 50-100 bps per year margin expansion CATALYSTS Proprietary content growth Commercial excellence Operational leverage and productivity Navantor™ PROPRIETARY CONTENT¹ -50% 2021E² -60% 2025E3 1. As % of total Avantor revenue 2. 2021E reflects FY21 Q2 earnings call guidance, excluding pending M&A 3. 2025E based on organic growth and excludes pending and potential future M&A ADJUSTED EBITDA MARGIN ~19.4% 2021E² MARGIN EXPANSION -23% 2025E³ 77

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