Avantor Investor Conference Presentation Deck

M&A will further enhance the model -1X deleveraging per year Greater than 90% FCF conversion Navantor™ Attractive cash profile provides flexibility 1-2% of sales for CAPEX 1. Refers to 2021 transactions More than $4B in 2021 ~2X AVTR growth and margin rate¹ Accretive deployment 100% proprietary content Significant capacity for the future Active 2022 pipeline 2 3 More than $8B in capacity through 2025 2-4X leverage target range 40th Annual J.P. Morgan Healthcare Conference 16

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