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Q3 2025 Earnings Earnings Presentation October 29, 2025
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Forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. 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, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “assumption,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “long-term,” “near-term,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “target,” “trend,” “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, as such risk factors may be updated from time to time in our periodic filings with the SEC. 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. Non-GAAP financial measures Disclaimer Trademarks are owned by Avantor, Inc. or its subsidiaries, unless otherwise noted. ©2025 Avantor, Inc. All rights reserved. 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 measures that are used by management, and which we believe are useful to investors, as supplemental operational measures to evaluate our financial performance. These measures 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 measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Rather, these measures 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 measure. See “Use of Non- GAAP Financial Measures” in our accompanying press release. A reconciliation of non- GAAP measures is included in the supplemental disclosures package on our investor relations website at ir.avantorsciences.com. 2
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Key observations to date 3 Avantor is a critical partner and has incredible customer reach Solid and growing portfolio of products and services Confident in the long-term trajectory of the end markets we serve Dedicated global team of associates unified in commitment to drive growth Organizational complexity inhibiting ability to effectively meet customer needs and expectations Go-to-market approach not fully leveraging equity in legacy brands Strategic investments required in operations and supply chain Majority of challenges are organizational and can be fixed Current market sentiment is not reflective of the long-term value of Avantor
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Q3 2025 performance highlights $0.22 Adjusted Earnings per share1 Free cash flow2 $172M $1.62B Reported Revenue1 Adjusted EBITDA margin 16.5% Laboratory Solutions: • Continued end market uncertainty related to basic research funding 1The divestiture of the Clinical Services business was ~$48M headwind to Revenue, ~$15M headwind to Adj. EBITDA and ~$0.01 headwi nd to Adj. EPS 2Free Cash Flow includes cash costs related to cost transformation initiative and excludes direct transaction costs and income taxes paid related to the divestiture of the Clinical Services business. 3Free cash flow excluding cash costs related to cost transformation initiative divided by adjusted net income. 4 Bioscience Production: • Operational headwinds continue to impact throughput Other Highlights: • On track to deliver our run-rate target of $400M exiting 2027 for our cost-savings program • $500M share repurchase authorization • 124% FCF Conversion3 • Appointed Gregory T. Lucier to Board of Directors • Announced Gregory L. Summe will assume Chairman role effective 1/1/26
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Q3’25 financial results Q3’25 Q3’24 Reported revenue Organic growth $1,624M -5% $1,714M -1% Adj. gross profit % of revenues $527M 32.4% $573M 33.4% Adj. EBITDA % of revenues $268M 16.5% $303M 17.6% Adj. operating income % of revenues $237M 14.6% $275M 16.0% Adj. earnings per share $0.22 $0.26 Free cash flow1 $172M $204M Adj. net leverage2 3.1x 3.8x 1Free Cash Flow includes cash costs related to cost transformation initiative and excludes direct transaction costs and income taxes paid related to the divestiture of the Clinical Services business. 2Reflects adjusted net leverage as of the final day of each quarter. 5
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Q3’25 performance by segment Laboratory Solutions Bioscience Production $1,097M Reported Revenue Organic Growth: -5% $124M Adjusted Operating income Adjusted Operating Margin: 11.3% $527M Reported Revenue Organic Growth: -4% $128M Adjusted Operating income Adjusted Operating Margin: 24.2% Note: Page does not include “Corporate” Adjusted Operating Income of ($14M) in Q3’25. 6
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2025 full-year guidance1,2 Metric FY 2025 guidance (updated 8/01/25) FY 2025 guidance (current) Organic Revenue Growth -2.0% to +0% -3.5% to –2.5% Adj. EBITDA Margin 16.5% to 17.0% Mid-16’s% Adj. EPS 3 $0.94 to $0.98 $0.88 to $0.92 Free Cash Flow4 $550 to $600M $550 to $600M 1For reconciliation from impact of Clinical Services divestiture, see Appendix. 2Reported revenue range is -4% to -3%, reflecting ~1.5% FX tailwind and a ~2% headwind from our Clinical Services divestiture. (3 Q25 EUR/USD FX rate of 1.17. 1.15 for balance of FY25. Rate blends to 1.13 for the full year) 3Adjusted tax rate ~22.5%, interest expense $170M-$180M and average shares outstanding ~685M 4Excludes cash costs related to cost transformation initiative 7
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Avantor Revival Five initial pillars: • Evolve our go-to-market approach • Strategically invest in our manufacturing and supply chain organization • Scrutinize our portfolio to ensure a focus on our core business • Simplify operating processes and remove internal barriers • Strengthen our talent and improve accountability 8
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Powering science at .
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Appendix 10
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~$150M Reported revenue headwind Reported YoY Growth Headwind ~2% Clinical Services divestiture impact1,2,3 ~$50M Adjusted EBITDA headwind Adj. EBITDA Margin Headwind ~40bps $0.03 Adjusted EPS dilution Net Interest Expense Reduction $20M $20M Free cash flow headwind ~$48M Reported revenue headwind Reported YoY Growth Headwind ~2.8% ~$15M Adjusted EBITDA headwind Adj. EBITDA Margin Headwind ~40bps ~$0.01 Adjusted EPS dilution Net Interest Expense Reduction $7M ~$7M Free cash flow headwind THIRD QUARTER IMPACT FULL YEAR IMPACT 1Figures represent the Clinical Services business performance in FY24 up to the point of divestiture 2Divestiture does not impact organic growth 3EPS dilution net of impact of incremental debt paydown from proceeds 11