Slides
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Emmanuel Ligner January 14, 2026 President and CEO 44th Annual J.P. Morgan Healthcare Conference
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Disclaimer 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, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “projection,” “continue,” “goal,” “objective,” “opportunity,” “near- term,” “long-term,” “assumption,” “project,” “guidance,” “target,” “trend,” “seek,” “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. 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. 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 measurements that are used by management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. Such non-GAAP financial measures include adjusted EBITDA, adjusted EPS, adjusted operating margin, free cash flow and organic revenue growth. These measurements 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 measurements, and such measurements may not be comparable to similarly titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. See the Appendix for a reconciliation of non-GAAP measures contained in this presentation. 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. Non-GAAP financial measures 2 // Confidential & Proprietary Forward-looking statements
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Serving 300,000 customer locations in 180 countries Supplying the top 20 pharma companies Specified into 85% of top 20 commercialized biologics ~13,500 associates around the world 3 // Confidential & Proprietary Avantor: A solid foundation for value creation ProductionResearch & discovery Development & scale-up Brands hold leading positions in their respective industries or geographies
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4 // Confidential & Proprietary 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 drive meaningful performance improvement across the business
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5 // Confidential & Proprietary How we go to market Products Channel agnostic Channel Product agnostic
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VWR distribution channel serves research laboratories around the globe 6 // Confidential & Proprietary Value-added services • Inventory manager • Equipment services • On-site lab services • Specialty procurement services Returning time to scientists Private label offerings Offering alternatives to our customers Providing innovative comprehensive lab offerings Third-party offerings
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7 // Confidential & Proprietary Our life sciences and medical technology offerings provide specialized solutions Serving the needs of healthcare & advanced technology manufacturers Ultra-high-purity silicones Reproducible performance from batch to batch High-purity chemicals Fluid handling Modular, ready -to-use single-use systems • Fluid handling pumps • Tubing and fittings • Fluid measurement and control • Single use systems
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8 // Confidential & Proprietary Upstream Formulation fill & finish Process ingredients & excipients • Amino acids • Carbohydrates • Vitamins • Biological buffers • Microbial processes: reagents to stimulate cell growth (IPTG) • Amino acids • Antioxidants • Carbohydrates • Biological buffers • Mineral salts • Surfactants Downstream • Mineral salts • Biological buffers • Surfactants • Chromatography resins (Protein A, L; IEX, HIC) • J.T.Baker® Viral Inactivation Solution • Sera (fetal bovine serum) • Transfection reagents • Media optimization supplements (amino acids, vitamins, carbohydrates) • Biological buffers Cell line development Media & Supplements Buffers & Salts Media & Supplements Buffers & Salts Buffers & Salts Sugars Purification Additives Buffers & Salts Sugars Excipients Additives Our differentiated bioprocessing portfolio centers on chemicals
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Strategically invest in our manufacturing and supply chain organization Simplify how we work Strengthen our talent and improve accountability • Improve production planning, S&OP and OTIF • Consolidate and streamline the supply chain • Invest ~$20M in 2026 to replace aging equipment • Focus our operating model around our distribution and product businesses • Divest businesses that are not core • Drive net cost savings • Optimize Order to Cash to improve efficiency, cycle time and capacity • Drive end-to-end process simplification in Lead to Order and Order to Delivery • Improve our operating cadences • Appointed Mary Blenn to newly -created COO role • Investor Relations leader starting February 1 • Final stages – Chief Information Officer and Chief Digital Officer roles 9 // Confidential & Proprietary Strengthening execution across the business Optimize our portfolio
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10 // Confidential & Proprietary Long-term: Capital deployment priorities Leverage sustainably <3.0x; incremental value creation opportunities Strategic acquisitions Return to shareholders 3.1x Adjusted Net Leverage1 Q3’25 $500M Share purchase authorization 1. Reflects adjusted net leverage as of the final day of the quarter. Capital allocation priorities anchored in debt paydown and opportunistic share repurchasing Near-term: Focus on debt repayment & opportunistic share repurchase Capex to drive organic growth
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Summary Strong brands providing solid foundation for value creation Revival plan is driving performance improvements Acting with urgency to compete more effectively 1 2 3 Q4 earnings call on February 11 4 11 // Confidential & Proprietary
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Powering science at every step.
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13 // Confidential & Proprietary Appendix
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14 // Confidential & Proprietary Q3 2025 Adjusted Net Leverage (dollars in millions) September 30, 2025 Total debt, gross $3,874.2 Less cash and cash equivalents (251.9) $3,622.3 Trailing twelve months Adjusted EBITDA(1) $1,121.9 Trailing twelve months ongoing stock-based compensation expense 47.9 $1,169.8 Adjusted net leverage (non-GAAP) 3.1x 1. For a reconciliation of Adjusted EBITDA to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to our website, www.ir.avantorsciences.com.