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Q3 2026 Earnings Earnings Presentation October 28, 2026
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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, 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 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
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Q3 2026 Overview Emmanuel Ligner President and Chief Executive Officer 3
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Key messages 1 Revival execution continues to drive financial performance The return to organic revenue growth is an important milestone on our Revival journey 2 Strong Q3 results with better-than-expected revenue growth in both segments VWR organic revenue growth accelerated to +5.8% BMP returned to growth, with organic revenue increasing +3.6% 3 Generating robust free cash flow and prioritizing deleverage $169M free cash flow1 in Q3 Ended Q3 with a 3.1x adjusted net leverage ratio 4 Raising 2026 organic revenue growth, adjusted EPS, and free cash flow guidance Driven by Q3 outperformance and momentum across the business 4 1. Free cash flow excludes cash restructuring costs of $13M in Q3 2026.
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Performance highlights – Q3 2026 5 Note: Figures presented are rounded amounts. Year -over-year percentage changes are calculated using unrounded amounts. 1. Free cash flow excludes cash restructuring costs of $13M in Q3 2026. 2. Reflects adjusted net leverage as of the final day of the quarter. Adj. EBITDA $257M Adj. EPS $0.22 Free Cash Flow1 $169M 3.1x Q3 2026 Adjusted net leverage2 Total Revenue $1,698M +5.2% YoY Organic growth VWR Revenue $1,234M BMP Revenue $465M +5.8% YoY Organic growth +3.6% YoY Organic growth -4.1% YoY Growth -3.0% YoY Growth
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Improved execution and stronger end markets are driving Avantor's return to growth 6 BMP • Record production at key manufacturing line • Sequential improvements in throughput and certain service metrics • Deploying digital manufacturing tools VWR • Expanding relationships with large global customers • Performing well in small- and mid-size accounts • e-commerce showing positive trends Improved execution Stronger end markets Recovery underway Large Pharma and Biotech Americas Asia Green shoots Higher education Early-stage biotech Lagging Europe
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Todd Garner appointed Chief Financial Officer on September 21st 7 • Former Executive Vice President and Chief Financial Officer of CONMED Corporation, following 15 years of leadership positions with C.R. Bard • >30 years of finance, operational and public company leadership experience • Significant experience in the healthcare sector “I have been struck by the quality and depth of our teams, their commitment to serving customers, and the rigor with which they operate. Through Revival, we are strengthening processes and building operating disciplines that support greater consistency and predictability. I am excited to help drive Revival forward.”
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Q3 2026 Performance and Capital Allocation Steve Eck Senior Vice President and Chief Accounting Officer 8
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Q3 consolidated performance 9 Revenue ($M) Adjusted EBITDA ($M) $1,624 $1,698 Q3'25 Q3'26 +4.6% reported +5.2% organic Adjusted EPS Free Cash Flow1 ($M) • Consolidated results ahead of expectations driven by faster than expected organic revenue growth in both segments • VWR growth accelerated • BMP returned to organic growth • Adjusted EBITDA margins expanded sequentially as strong execution and expense discipline offset pressures from mix, inflation and targeted growth investments • Strong free cash flow generation • 3.1x adjusted net leverage ratio at quarter-end $0.22 $0.22 Q3'25 Q3'26 -3.0% $187 $169 Q3'25 Q3'26 -9.5% Note: Figures presented are rounded amounts. Year -over-year percentage changes are calculated using unrounded amounts. 1. Free cash flow excludes cash restructuring costs in Q3 2026 and cash restructuring and transformation costs in Q3 2025. $268 $257 Q3'25 Q3'26 -4.1%
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• VWR organic growth accelerated to +5.8% in Q3 • Growth acceleration driven by actions taken to improve performance as well as stronger end markets • End market strength driven by large Pharma and Biotech, the Americas and Asia • Green shoots in certain other end markets • We expect VWR momentum to continue in Q4 10 VWR: Q3 2026 segment performance VWR Distribution & Services $1,234M Reported Revenue Organic Growth: +5.8% $119M Adjusted Operating income Adj. Operating Margin: 9.7%
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11 • Revival is driving greater operational consistency at BMP • BMP returned to organic growth, as anticipated • Q3 organic revenue growth of +3.6% was above our expectations • Solid performance across the segment, with strength in Process Chemicals and NuSil • Healthy order trends in Q3 $465M Reported Revenue Organic Growth: $123M Adjusted Operating income Adj. Operating Margin: 26.6% Bioscience & Medtech Products BMP: Q3 2026 segment performance +3.6%
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Q3 2026 Update • Q3 2026 free cash flow of $169M1 • Raised FY’26 free cash flow guidance to $525M to $550M1 • Reduced net debt balance2 by $173M in Q3 2026 Focusing Excess Capital on Reinvestment and Strengthening Balance Sheet $150 $39 $152 $169 Q4'25 Q1'26 Q2'26 Q3'26 • Investing in digital and e-commerce upgrades to improve customer experience • Investing in operations to strengthen manufacturing capabilities, supply chain infrastructure and improve delivery performance • Net debt2 has been reduced by >$2 billion since the end of 2023 • 3.1x adjusted net leverage ratio as of 9/30/26, on our way to achieving < 3.0x goal Investing in Revival and organic growth initiatives Reducing debt and strengthening the balance sheet Net Debt Balance2 ($M) Free Cash Flow1 ($M) 12 $5,317 $3,816 $3,603 $3,235 2023 2024 2025 YTD Robust free cash flow and strengthening balance sheet 1. Free cash flow excludes cash restructuring costs in Q3 2026, Q2 2026 and Q1 2026, and cash restructuring and transformation c osts in Q4 2025. 2. Net debt is equal to our gross debt, reduced by our cash and cash equivalents.
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• Reported revenue range is +1.5% to +2.0%, reflecting +0.75% FX tailwind (+0.5% tailwind previously) • FY blended EUR / USD exchange rate of 1.15 (unchanged) • Net interest expense down modestly versus 2025 (unchanged) • Adjusted effective tax rate between 22.0% and 22.5% (~22.5% previously) • Fully diluted share count of 679M (677M previously) 13 Modeling AssumptionsFY 2026 guidance (as of July 29, 2026) FY 2026 guidance (as of Oct 28, 2026) Organic Revenue Growth -0.5% to +0.5% +0.75% to +1.25% Adj. EBITDA Margin 14.8% to 15.3% 14.8% to 15.3% Adj. EPS $0.80 to $0.83 $0.81 to $0.83 Free Cash Flow2 $500M to $550M $525M to $550M Increased 2026 guidance1 1. Reported revenue range is +1.5% to +2.0%, reflecting +0.75% FX tailwind. (FY blended EUR / USD exchange rate of 1.15). 2. Free cash flow excludes cash restructuring costs.
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14 We are executing Revival, our comprehensive program to sharpen focus and improve execution Our Revival program is delivering results Revival Sequential growth acceleration in VWR, and BMP returned to growth Growth Generating strong FCF, strategically investing, and strengthening the balance sheet Cash generation
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15 Investor Day December 8, 2026 9 AM ET Register at ir.avantorsciences.com Webcast on our Investor Relations website