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NASDAQ: MRVI Q3 2026 Financial Results November 4, 2026
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©2026 Maravai LifeSciences. Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 Business Highlights Bernd Brust, Chief Executive Officer 03 Financial Results & Guidance Raj Asarpota, Chief Financial Officer 04 Q&A Session Bernd Brust, Chief Executive Officer Raj Asarpota, Chief Financial Officer Chanfeng Zhao, Chief Scientific Officer Kurt Oreshack, EVP and General Counsel 2
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©2026 Maravai LifeSciences. Forward Looking Statements This presentation contains, and our officers and representatives may, from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this presentation which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding (i) our financial guidance for 2026, including revenue, Adjusted EBITDA and Adjusted Gross Margin expansion; (ii) our near-term outlook, including for the fourth quarter of 2026, and our long-term strategy; (iii) continued growth, margin expansion and cash generation in 2026 and beyond, and our earnings profile; (iv) revenue growth for TriLink (including its mRNA, CDMO and Specialty Chemistry market categories) and Cygnus; (v) the stability, repeatability and margins associated with Cygnus’ revenue; (vi) demand for GMP and Discovery mRNA consumables and other higher-margin products and services, including as customer programs advance, and their effect on revenue growth and profitability; (vii) the conversion of Discovery customers to GMP customers and the number and progression of our customers’ clinical programs; (viii) the number of clinical programs our customers are engaged in; (ix) customers’ clinical progress leading to increased sales and long-term growth; (x) the progress, timing and outcomes of third-party clinical programs, including regulatory submissions and approvals, and growth derived from commercial launches from our current non-COVID clinical pipeline; (xi) the timeline and expected benefits from new product and services offerings, including the expected launch of GMP-grade ModTail by year-end 2026 and its expected revenue contribution in 2027, our novel cap library and its expected competitive differentiation, and new Cygnus kits; (xii) customer adoption of our ModTail product and other new products; (xiii) our AI initiatives, including our proprietary mRNAbuilder platform, and their expected effect on customer acquisition, customer engagement, innovation, our competitive position and our operating efficiency; (xiv) the robustness of our R&D efforts and ability to continue to innovate in meaningful ways to our customers; (xv) our ability to obtain, maintain and enforce intellectual property protection across our product portfolio, including in China; (xvi) the expansion of our commercial presence, including in China, and the benefits of our customer engagement efforts and go-to-market approach; (xvii) increased Discovery activity leading to future growth for our GMP pipeline; (xviii) the benefits of our restructuring, the scalability of our operating model and our ability to support increased revenue without significant increased fixed costs or headcount; (xix) AI usage as a driver for operating improvements; (xx) continued innovation-associated benefits, including additional GMP product launches and their influence on the number of products purchased per customer; (xxi) gross margin expansion; (xxii) our ability to deliver long-term revenue growth, expanding margins, and increasing cash generation; and (xxiii) our liquidity and financial flexibility. Forward-looking statements are identified by words like "believe," "expect," "see," "project," "may," "will," "should," "seek," "anticipate," "could," "estimate," "forecast," "intend," "plan," "target," "guidance," "outlook," "position," "positioned," "potential," "confident," "continue" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are set forth in the Appendix to this presentation, and in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Maravai's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission. Any forward-looking statements made in this presentation are based only on information currently available to management and speak only as of the date on which they are made. Maravai undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. 3
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©2026 Maravai LifeSciences. Use of Non-GAAP Financial Measures This presentation presents certain "non-GAAP Measures" as defined by the rules of the Securities and Exchange Commission (the "SEC") as a supplement to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP Measures include Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Fully Diluted EPS, Adjusted Gross Margin and Net Debt, each as defined in the Appendix. Management believes these measures provide additional information regarding the Company's performance and are useful to investors in evaluating operating performance compared to that of other companies in our industry, and in assessing operating performance trends, because they exclude certain material non-cash items, unusual or non-recurring items that are not expected to continue in the future, and certain other items. The non-GAAP Measures are not presented in accordance with GAAP , may vary from measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute or alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other GAAP measure. Definitions of, and reconciliations of each historical non-GAAP Measure to its most directly comparable GAAP measure, are provided in the Appendix. As it relates to forward-looking Adjusted EBITDA, Maravai cannot provide guidance for the most directly comparable GAAP measure or a reconciliation of this non-GAAP financial measure because it is unable to provide a meaningful or accurate calculation or estimation of certain significant reconciling items without unreasonable effort. 4
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© 2026 Maravai LifeSciences Business Highlights Bernd Brust Chief Executive Officer Q3 2026 55
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©2026 Maravai LifeSciences. Q3 financial highlights Q3 REVENUE $45.9 M +10% Q3 ADJUSTED GROSS MARGIN1 57.7% +1,700bps Q3 ADJUSTED EBITDA1 $5.8 M 1. Reconciliation provided in appendix TriLink revenue +12% YoY driven by: • mRNA +28% • CDMO +8% • Specialty Chemistry (4%) Cygnus revenue +8% YoY; sixth consecutive quarter of revenue growth $16.6 million improvement in Adjusted EBITDA1 YoY 6
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©2026 Maravai LifeSciences. Q3 delivered landmark clinical progress for mRNA 1 RARE METABOLIC DISEASE mRNA protein replacement therapy shows Phase 2 activity • Meaningful activity across key metabolic biomarkers in a severe inherited liver disease • Protein replacement platform, not a vaccine • Addressable population spans a broad class of rare inherited enzyme deficiencies 2 GENE EDITING Single-dose LNP base editor enters global pivotal cohort • Designed to support U.S. Accelerated Approval in a severe inherited lung and liver condition • 18-month Phase 1/2 data: durable correction above clinically meaningful thresholds • First genetic medicine in pivotal- stage development for this condition 3 INFECTIOUS DISEASE First Phase 3 of an mRNA flu vaccine targeting HA and NA antigens • Phase 2: higher immune responses vs. standard and high-dose inactivated vaccines across age groups • FDA Fast Track designation • Announced first Phase 3 of its kind 7
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©2026 Maravai LifeSciences. Operational Excellence Innovation Our strategy is driving improved results Commercial Execution • ModTail® momentum with 180+ customers • GMP grade ModTail expected to launch by year-end • Residual Prism A Mix-N-Go kit gaining traction; New MockV® kit from Cygnus • mRNAbuilder - AI design capability • Strengthening IP portfolio • 70 new customers in Discovery mRNA = record quarter • E-commerce continues to scale • Four new GMP customers; 30% growth in GMP consumables • Established in-country sales presence in China • Infrastructure built to scale • Model in place for expected future margin expansion and improved financial performance • AI is a meaningful part of how we operate across the organization 8
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© 2026 Maravai LifeSciences Q3 2026 Financial Results Raj Asarpota Chief Financial Officer 99
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©2026 Maravai LifeSciences. Q3 2026 Results • TriLink revenue of $28.4 M • Cygnus revenue of $17.5 M • NA: 64% • EMEA: 17% • Asia Pacific: 10% • China: 8% • LAC: 1% • BioPharma: 23% • Life Sciences & Diagnostics: 33% • Academia: 7% • CRO/CMO/CDMO: 7% • Distributor: 30% Business Segment Customer Mix Geographical Mix 10
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©2026 Maravai LifeSciences. Q3 financial overview 1. GAAP net loss prior to amounts attributable to non-controlling interests 2. Adjusted EBITDA reconciliation provided in appendix 3. Basic EPS (GAAP) equals Net Income (loss) attributable to Maravai LifeSciences Holdings, Inc. divided by the weighted average Class A shares 4. In periods in which the Company reports a net loss, diluted loss per share is the same as basic loss per share, since dilutive equity instruments are not assumed to have been issued if their effect is anti-dilutive. 5. Adjusted Diluted EPS (Non-GAAP) equals Adjusted Net Income (loss) divided by the weighted average of both Class A and B shares and other dilutive securities. Adjusted EPS reconciliation provided in appendix. Earnings Per Share ($)3,4,5 GAAP Net Loss of $24.0 M1 ($21.1 M improvement YoY) Adjusted EBITDA of $5.8 M2 ($16.6 M improvement YoY) Basic EPS Diluted EPS Adjusted EPS ($0.05) ($0.05) ($0.09) ($0.09) ($0.03) 11
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©2026 Maravai LifeSciences. Balance Sheet and other financial metrics Cash $73.0M Debt1 $147.2 M Net Debt2 $74.2 M Net Interest Expense $3.4 M Stock-based Compensation $10.1 M Fully Diluted Shares Outstanding3 276.0 M 12 1. Long-term debt of $145.7 million plus $1.5 million current, net of $2.8 million unamortized debt discount 2. Debt less cash 3. The fully diluted share count impacting our Adjusted EPS metrics
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©2026 Maravai LifeSciences. Q3 business segment financials • 62% of total Maravai revenue • $2.5 M of Adjusted EBITDA1,2 • Improvement of $10.4 M YoY • 38% of total Maravai revenue • $12.5 M of Adjusted EBITDA1,2 • 71% Adjusted EBITDA margin TriLink $28.4 M +12% Cygnus $17.5 M +8% Cygnus TriLink 1. Reconciliation provided in appendix 2. Refers to adjusted EBITDA and does not include $9.1 M in corporate overhead in Q3 Revenue 13
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©2026 Maravai LifeSciences. Updated 2026 guidance Prior Guidance Updated Guidance REVENUE $205 to $215 million $212 to $216 million ADJUSTED EBITDA (non-GAAP)1 $33 to $35 million $40 to $42 million Based on our Q3 results and our visibility into Q4 we are raising our 2026 revenue and Adjusted EBITDA guidance 14 1. See non-GAAP appendix
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© 2026 Maravai LifeSciences Q&A 15 Bernd Brust, Chief Executive Officer Raj Asarpota, Chief Financial Officer Chanfeng Zhao, Chief Scientific Officer Kurt Oreshack, EVP and General Counsel 15
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© 2026 Maravai LifeSciences Closing Commentary Bernd Brust Chief Executive Officer 1616
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©2026 Maravai LifeSciences. Seeing meaningful financial progress The mRNA clinical landscape is robust and TriLink is a foundational supplier TriLink mRNA is driving growth; Cygnus remains stable high-margin contributor Innovation remains strong; new Cygnus kits, ModTail®, CleanCap® library Operational leverage expected to drive sustained performance 17
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©2026 Maravai LifeSciences. Thank you 18
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©2026 Maravai LifeSciences. Appendix for forward-looking statements and non-GAAP measures 19
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©2026 Maravai LifeSciences. Forward-Looking Statements — Important Factors Important factors that could cause actual results to differ materially from our forward-looking statements include, among others: • Customer spending on and demand for TriLink and Cygnus products and services, and dependency on a limited number of customers for a high percentage of revenue. • Significant fluctuation in operating results, which may cause them to fall below expectations or guidance. • The extent and duration of high-volume CleanCap® revenue for commercial phase vaccine programs, which depends on factors outside our control. • Shifts in U.S. federal trade and economic policy affecting us and our customers. • Unintended consequences of our organizational changes and workforce reduction. • Customer use of our products in new and still-developing modes of treatment, and the impact of adverse events, negative clinical outcomes, alternative therapies or regulatory scrutiny. • Competition from substantially larger companies capable of rendering our products, services and technology obsolete. • Failure of products or services to perform as expected or meet quality standards; technology reliability; product liability; market acceptance; and more onerous future FDA or other regulation. • Business, compliance and reputational challenges that may result from our use of artificial intelligence technologies, including machine learning. • Reliance on a limited number of, and in some cases sole, suppliers for raw materials, and inability to transition to alternatives. • Obtaining, maintaining and protecting intellectual property worldwide; third-party infringement allegations; and in-license compliance. • Cyber-attack or security breach, and protection of proprietary information. • Our indebtedness, ability to raise capital on favorable terms, cash flow available to service debt, and credit agreement restrictions. • Impairment of goodwill and intangible assets; changes in effective tax rates or adverse tax examination outcomes. • Ability to maintain effective internal control over financial reporting. • GTCR-affiliated entities' control of a majority of our voting power, related conflicts of interest, and our Nasdaq "controlled company" status. • Other factors discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Maravai's most recent Form 10-K and Forms 10-Q and other SEC filings. 20
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©2026 Maravai LifeSciences. Non-GAAP reconciliations This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted fully diluted Earnings Per Share (EPS), Adjusted Gross Margin and Net Debt. Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance from period to period. Maravai defines Adjusted Net Income (Loss) as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Income (Loss) divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock. Maravai defines Adjusted Gross Margin as gross margin before adjustments described above. Maravai defines Net Debt as current and long-term debt, net of debt discount, less cash and cash equivalents. Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted fully diluted EPS and Adjusted Gross Margin are supplemental measures of operating performance. These non-GAAP measures are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss or fully diluted EPS, respectively, as determined in accordance with GAAP . Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance and trends, and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP , help provide a broader picture of factors and trends affecting Maravai’s results of operations. These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP . Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP , or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP . 21
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©2026 Maravai LifeSciences. Net Loss to Adjusted EBITDA (Non-GAAP) (in thousands) 22
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©2026 Maravai LifeSciences. Net Loss attributable to Maravai LifeSciences Holdings, Inc. to Adjusted Net Income (Loss) (non- GAAP) and Adjusted Fully Diluted Earnings (Loss) Per Share (non-GAAP) (in thousands, except per share amounts) 23
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©2026 Maravai LifeSciences. Explanatory Notes to Reconciliations (1) Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that were negotiated specifically at the time of the Company’s acquisition of Alphazyme, which was completed in January 2023. These retention payments were from the Company’s agreement executed in connection with its acquisition of Alphazyme and provided incremental financial incentives, over and above recurring compensation, to ensure the employees of Alphazyme remained present and participated in integration of the acquired business during the integration and knowledge transfer period. The Company agreed to pay certain employees of Alphazyme retention payments totaling $9.3 million as of various dates but primarily through December 31, 2025, as long as these individuals continued to be employed by the Company. The Company recognized compensation expense related to these payments in the post-acquisition period ratably over the service period, with certain costs capitalized into inventory. Retention payment expenses were $0.7 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. Retention expenses for Alphazyme concluded in the fourth quarter of 2025, and following the payments in the fourth quarter of 2025, there were no further retention expenses payable for Alphazyme. There are no further cash-based retention payments planned as of September 30, 2026. The remaining expenses incurred in 2026 reflect the impact to cost of revenue for the retention bonuses previously capitalized into inventory as the inventory is sold. (2) Refers to non-cash expense associated with stock-based compensation. (3) Refers to diligence, legal, accounting, tax and consulting fees incurred in connection with acquisitions that were pursued but not consummated. (4) Refers to non-cash expense associated with adjustments to the indemnification asset recorded in connection with the acquisition of MyChem. (5) Refers to costs associated with the Executive Leadership Transition that occurred in June 2025, including severance and legal costs. For the nine months ended September 30, 2025, stock-based compensation benefit of $(3.3) million primarily related to forfeited stock awards in connection with the Executive Leadership Transition is included on the stock-based compensation line item. For the three and nine months ended September 30, 2026 and three months ended September 30, 2025, there was no such stock-based compensation benefit amount. (6) Refers to goodwill impairment recorded for our TriLink segment. (7) Refers to non-cash charges to write-down surplus laboratory equipment to estimated fair value, less costs to sell. (8) Refers to restructuring costs associated with the 2025 Corporate Realignment Plan. For the nine months ended September 30, 2026, stock-based compensation benefit of ($0.2 million) related to forfeited stock awards is included in the stock-based compensation line item. For the three months ended September 30, 2026 there was no such stock-based compensation benefit amount. For the three and nine months ended September 30, 2025, stock-based compensation expense of $0.5 million related to forfeited stock awards in connection with the 2025 Corporate Realignment Plan is included in the stock-based compensation line item. For the three and nine months ended September 30, 2026, there was a nominal amount of depreciation expense primarily related to the 2025 Corporate Realignment Plan included in the depreciation line item. For the three and nine months ended September 30, 2025, there was no restructuring related depreciation expense. (9) For the three and nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025, refers to severance expense, inventory step-up charges in connection with the acquisition of Alphazyme, non- recurring legal costs, change in the estimated fair value of contingent consideration related to completed acquisitions, and other non-recurring costs that are deemed to be outside of the ordinary course of business. (10) Represents additional corporate income taxes at an assumed effective tax rate of approximately 24% applied to additional net loss attributable to Maravai LifeSciences Holdings, Inc. from the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. (11) Represents income tax impact of non-GAAP adjustments at an assumed effective tax rate of approximately 24% and the assumed proforma exchange of all outstanding shares of Class B common stock for shares of Class A common stock. 24
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©2026 Maravai LifeSciences. Reconciliation of Gross Profit (GAAP) to Adjusted Gross Profit (Non-GAAP) (in thousands) and Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP) 25
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©2026 Maravai LifeSciences. Reconciliation of total debt (GAAP) to Net Debt (Non-GAAP) (in thousands) 26
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©2026 Maravai LifeSciences. Adjusted EBITDA by Segment (in thousands) 27
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©2026 Maravai LifeSciences. Explanatory Notes to Reconciliations (1) Expenses are adjusted to remove the impact of certain items, including interest, taxes, depreciation and amortization, certa in non-cash items and other adjustments. Management believes these do not directly reflect our core operations, and, therefore, are not included in measuring segment performance. (2) Other segment items for each reportable segment include realized and unrealized losses on foreign exchange transactions. (3) For the three months ended September 30, 2026, there was a nominal amount of depreciation expense primarily related to the 2 025 Corporate Realignment Plan is included in the depreciation line item. (4) Refers to severance expense, inventory step-up charges in connection with the acquisition of Alphazyme, non-recurring legal costs, change in the estimated fair value of contingent consideration related to completed acquisitions, and other non-recurring costs that are deemed to be outside of the ordinary course of business. 28