Avantor Investor Day Presentation Deck

Operating model, growth strategy. and leadership team to deliver on our long-term targets ANTICIPATED RECOVERY CYCLE End of destocking Restoration of favorable mix and operating leverage EXIT ADJ. EBITDA MARGIN RATE Normalization of end market demand Note: MSD = 4-6%. Double digit = 10%+. FCF Conversion = Free Cash Flow / Adjusted Net Income. Impact from cost transformation >20% LONG-TERM FINANCIAL TARGETS ORGANIC REVENUE GROWTH MSD ADJ. EPS GROWTH KEY OPERATING PRIORITIES Double digit ADJ. EBITDA MARGIN EXPANSION 50-100 bps per year FREE CASH FLOW 90%+ FCF conversion avantor™ 27

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