Slides
Page 1
Q4 & FY 2025 Earnings Earnings Presentation February 11, 2026
Page 2
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 Trademarks are owned by Avantor, Inc. or its subsidiaries, unless otherwise noted. ©2026 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. Disclaimer 2
Page 3
Strategically invest in our manufacturing and supply chain organization Strengthen our talent and improve accountability Simplify how we work Optimize our portfolio Evolve go to market strategy Revival will improvement across the business 3
Page 4
Q4’25 financial results 4 Q4’25 Q4'24 Reported revenue Organic growth $1,664M1 -4% $1,687M 1% Adj. gross profit % of revenues $524M 31.5% $564M 33.4% Adj. EBITDA % of revenues $252M1 15.2% $308M 18.2% Adj. operating income % of revenues $225M 13.5% $279M 16.6% Adj. earnings per share $0.22 $0.27 Free cash flow2 $117M $222M Adj. net leverage3 3.2x 3.2x 1. The divestiture of the Clinical Services business was ~$7M headwind to Revenue, ~$3M headwind to Adj. EBITDA. 2. Free 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. 3. Reflects adjusted net leverage as of the final day of the quarter.
Page 5
FY’25 financial results 5 FY’25 FY'24 Reported revenue Organic growth $6,552M1 -3% $6,784M -2% Adj. gross profit % of revenues $2,140M 32.7% $2,291M 33.8% Adj. EBITDA % of revenues $1,069M1 16.3% $1,199M 17.7% Adj. operating income % of revenues $958M 14.6% $1,090M 16.1% Adj. earnings per share $0.90 $0.99 Free cash flow2 $496M $768M Adj. net leverage3 3.2x 3.2x 1. The divestiture of the Clinical Services business was ~$150M headwind to Revenue, ~$50M headwind to Adj. EBITDA 2. Free 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. 3. Reflects adjusted net leverage as of the final day of the quarter.
Page 6
Q4 and FY 2025 Laboratory Solutions performance Q4’25 Reported revenue $4,400M Organic growth -3% Adj. operating income $510M 11.6% Adj. operating margin Reported revenue $1,116M Organic growth -4% Adj. operating income $114M 10.2% Adj. operating margin FY’25 6
Page 7
Q4 and FY 2025 Bioscience Production performance Q4’25 Reported revenue $2,153M Organic growth -2% Adj. operating income $518M 24.1% Adj. operating margin Reported revenue $548M Organic growth -4% Adj. operating income $127M 23.2% Adj. operating margin FY’25 7
Page 8
What is changing? 8 VWR Distribution & Services Bioscience & Medtech Products Laboratory Solutions Segment Bioscience Production Segment 1. An immaterial amount of third-party fluid handling products will not be transferred into the new VWR Distribution & Services segment. 2. Proprietary lab chemicals represent the majority, but not all, of the business transferred into the new Bioscience & Medtech Products segment.
Page 9
VWR Distribution & Services: Trusted partner enabling scientific insights Channel/Distribution: • VWR • CEC • Third-party chemicals • Other Services: • On-site services • Equipment services Channel / Distribution 2025 Services 2025 Adjusted Operating Income 2025 9 2025 Total VWR Distribution & Services Revenue
Page 10
Bioscience & Medtech Products: Leading provider of mission-critical, high-purity materials and solutions Process Chemicals: • J.T.Baker chemicals • Other Fluid Handling: • Masterflex • Other NuSil: • Medical silicone • Industrial silicone Research & Specialty Chemicals: • Lab chemicals • Diagnostic chemicals • Electronic materials chemicals • Serum • Other 10 Process Chemicals 2025 Research & Specialty Chemicals 2025 Fluid Handling 2025 NuSil 2025 Adjusted Operating Income 2025 2025 Total Bioscience & Medtech Products Revenue
Page 11
Full year 2026 guidance1 Guidance Metrics Organic revenue growth -2.5% to -0.5% Adj. EBITDA margin 14.8% to 15.3% Adj. EPS $0.77 to $0.83 Free cash flow2 $500M to $550M 1. Reported revenue range is -1.5% to 0.5%, reflecting 1% FX tailwinds. (FY blended USD / EUR exchange rate of 1.17). 2. Excludes cash restructuring costs. 11
Page 12
Sharper market positioning and clarity of identity 12 Bioscience & Medtech Products Products Channel agnostic VWR Distribution & Services Channel Product agnostic More Accountable More NimbleMore Competitive
Page 13
13 Summary • Revival is underway and we are executing with urgency • 2026 will be a year of transition and investment • We will capitalize on the equity of our powerful brands • New segments will enable faster decision-making and improved focus
Page 14
Powering science at .
Page 15
Appendix
Page 16
~$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 ~$7M Reported revenue headwind Reported YoY Growth Headwind ~0.4% ~$3M Adjusted EBITDA headwind Adj. EBITDA Margin Headwind ~10bps Fourth quarter impact Full year impact 1. Figures represent the Clinical Services business performance in FY24 up to the point of divestiture 2. Divestiture does not impact organic growth 3. EPS dilution net of impact of incremental debt paydown from proceeds 16