Avantor Investor Day Presentation Deck

Free Cash Flow Capital light model; annual capex requirements of ~1-2% of sales Modest working capital investment to support growth Free Cash Flow enables significant debt paydown; ~$1.2B of debt paydown in last 18 months FCF conversion FREE CASH FLOW ($M), non-GAAP $163M 2018 70% ~$650M 2023E ~90%+ LONG-TERM TARGET Free Cash Flow conversion: 90%+ 2023E FCF and FCF conversion based on midpoint of FY23 guidance, as of Q3 2023 earnings call. FCF Conversion = Free Cash Flow / Adjusted Net Income. 3 OPERATING PRIORITIES Navantor™ 87

View entire presentation