WAT 43rd Annual J.P. Morgan… Presentation

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J.P. Morgan 43rd Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 13, 2025

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1©2025 Waters Corporation This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “outlook,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements may include statements regarding future operating and financial performance, market growth, success of our products, customer trends, and the acquisition of Wyatt Technology and the realization of the benefits thereof. Forward-looking statements in this presentation are based on Waters’ expectations and assumptions as of the date of this presentation and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this presentation. Each of these forward-looking statements involves risks and uncertainties, including risks and uncertainties associated with the Wyatt acquisition, as well as the Company’s ability to realize the expected benefits related to its various cost-saving initiatives, and actual results may differ materially from such forward-looking statements. We discuss various factors that may cause Waters actual results to differ from those expressed or implied in the forward-looking statements in this presentation, including, but not limited to, those factors relating to the impact on Waters’ operating results throughout the Company’s various market sectors or geographies from economic, environmental, regulatory, sovereign and political uncertainties, in the sections entitled “Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024, as updated by the Company’s subsequent filings with the SEC, including the Company’s Quarterly Reports on Form 10-Q. Except as required by law, Waters does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. To supplement the Company’s financial statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures, such as organic constant currency revenue, adjusted operating margin, free cash flow, and non-GAAP diluted earnings per share. Management uses these non-GAAP financial measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company’s definition of these non-GAAP financial measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this presentation adjust for specified items that can be highly variable or difficult to predict. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures using a reconciliation of these measures included in the Appendix to this presentation and which can also be found on the company’s website at: https://ir.waters.com/. Forward-Looking Statements & Non-GAAP Financial Measures

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4©2025 Waters Corporation Waters Serves Regulated Markets with Large Unmet Needs * TAM = Total Addressable Market, where $12B of a broader $80B TAM for Analytical Instruments is serviceable by Waters core business. Growth rates here reflect our internal analysis of historical, long-term market trend data, which are subject to future changes. TAMs and growth rates are estimates based on internal projections and represent forward- looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Source: Waters data and estimates, consulting data, industry reports, and market research. $12B TAM* with 4-6% Long-Term Market Growth Rate Pharma HSD High-quality medicines Biologics, Novel Modalities Clinical HSD Multiplex diagnostics Endocrinology, Oncology, NBS Materials MSD Safe renewable energy Batteries, Electric Vehicles Food & Environment MSD Pure food and water PFAS, Nitrosamines Academic & Government LSD - MSD Research Enabling Scientific Discovery

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5©2025 Waters Corporation With a Simple & Repeatable Business Model Note: 1. Total R&D spending as a percentage of non-service total company revenue based on trailing twelve-month (TTM) as reported, GAAP data for the period ended September 28, 2024. 2. According to SDi 2024 Analytical & Life Science Instrumentation Service Market, Waters has the highest service satisfaction score among all instrument vendors, while accordi ng to TSIA, 2024 tNPS score over 20 points higher than benchmark average. 3. According to internal analysis, ~80% of the drugs filed with the FDA, EMA, and China National Medical Products Administration (NMPA) in 2023 were done so using our Empower software. Source: Waters data and estimates. 4. Installed base data are estimates based on internal analysis and include Wyatt. 3 2 1 170K+ installed base4 Growth from new applications & instrument replacement Dedicated service team >50% of I-Base has plan attached Ranked #1 by Customers 2 4 DEEP UNDERSTANDING OF CUSTOMER UNMET NEEDS R&D = ~10% of product revenues1 #1 Chromatography Data System ~80% of novel drugs submitted to FDA, EMA, China NMPA using Empower3 Uniquely design & manufacture chemistry in-house Innovation leader in large-molecule separations Liquid Chromatography Mass Spectrometry Deep understanding of customer unmet needs Simple, Compliant, Efficient For High Volume Applications

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6©2025 Waters Corporation Resulting in Attractive Growth & Industry-Leading Profitability $7B Total Accessible Market Note: 1. Approximate average growth rates of year-over-year, total constant currency growth from 2009 to 2019; 2. Based on trailing twelve-month (TTM) as reported, GAAP data for the period ended September 28, 2024; 3. Operating margin results are in adjusted, non-GAAP operating margin percentage terms based on trailing twelve- month non-GAAP data for the period ended September 28, 2024. 4. FCF = Free Cash Flow where data presented is a 5-year average of annual free cash flow as a % of as-reported, GAAP revenues from 2019-2023. 5. Compares Waters trailing twelve-month adjusted operating margin performance as of 3Q24 to that of the prior year equivalent period to total company performance of other U.S. companies in the life science tools peer group, for whom complete public data is available throughout the relevant time periods required t o effect the analysis. See reconciliations of the non-GAAP measures to the most directly comparable GAAP measures included in the Appendix of this presentation and available on the Company’s website at: https://ir.waters.com/. Source: Waters Corporation data, publicly available data. Downstream Presence $2.9B Total Revenue (TTM)2 59.7% Gross Margin (TTM)2 23% 5-yr Avg FCF as % of Sales4 30.7% Adj. Operating Margin3 (TTM) NYSE:WAT Leads to Sales Recurrence & Best-in-Class Financials Adj. Operating Margin (TTM) 5 22.5% 30.0% 28.4% 15.3% 15.9% 26.4% 30.7% Peer 5 Peer 6 WAT Peer 4 Peer 3 Peer 2 Peer 1 6% Average1 2009-2019 WAT Historical Long-Term Growth Serving High Volume, Regulated Applications

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7©2025 Waters Corporation High Pharma Exposure with Balanced Geographic Footprint Note: 1. Revenue data is based on total trailing twelve-month (TTM) as reported, GAAP revenues for the period ended September 28, 2024 (100% = $2.9B). Waters $2.9B Revenue (TTM) % of Total1 58% 31% 11% 33% 38% 29% 43% 19% 38% Pharma Industrial Academic & Government Asia Americas Europe Instruments Consumables Service End Markets1 Geography1 Products & Services1

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8©2025 Waters Corporation With ~75% of Revenue Tied to Resilient Growth Drivers Note: 1. Overall and reported end market segment revenue data is based on total trailing twelve- month (TTM) as reported, GAAP revenues for the period ended September 28, 2024 (100% = $2.9B). 2. Depicted weighting to identified resilient growth drivers within each reported end market segment is based on waters internal estimates, analysis and approximations. 3. Refers to non-clinical pharma end market segment revenue. Not to scale. Pharma Discovery Academic & Govt. Materials & Chemicals Clinical Food & Environmental Batteries & Electronics Pharma QA/QC Pharma Development Pharmaceuticals Industrial & Applied Academic & Govt. 58% REVENUE TIED TO RESILIENT GROWTH DRIVERS2 31% 11% of which >50% is Manufacturing QA/QC 3 of which ~50% is Food & Environmental Waters $2.9B Revenue (TTM) % of Total1

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9©2025 Waters Corporation Our Volume Scales with the Molecule Discovery & Pre-Clinical Early-Stage Development Late-Stage Development Generics & Biosimilars Manufacturing Defining critical quality attributes & process control parameters Volume scales with increased manufacturing Spec'd into testing with ongoing regulatory data submission Pharma growth is correlated to production volume of late-stage or commercial drugs

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12©2025 Waters Corporation Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q1 Instrument Replacement1 Service Attachment2 Contract Organizations3 eCommerce Adoption4 Launch Excellence5 That we Stuck to Throughout a Volatile Market Environment -19% -23% -1% 4% 45% 40% 10% 12% 26% 12% 21% 10% -3% -2% -13% -20% -25% -17% 1% 20242023202220212020 New Growth Initiatives Supply ChallengesCOVID-19 Economic Slowdown Return to Growth Recurring Org. CC Rev. Growth Instrument Org. CC Rev. Growth Note: Org. CC Rev. Growth = Organic Constant Currency Revenue Growth; growth rates are versus prior year Note: Growth rates here reflect the analysis of Waters historical, quarterly non-GAAP sales data which is all publicly available, including the relevant GAAP to Non-GAAP reconciliations for each quarter, available on the Company’s website at: https://ir.waters.com/

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13©2025 Waters Corporation 1) Executed Commercial Initiatives with Clear Results Instrument Replacement 2019 Now Service Plan Attachment eCommerce Adoption Contract Organizations Innovation Launches 43% of Active I-Base >50% of Active I-Base 20% of Chemistry Rev >40% of Chemistry Rev 15% of Pharma Rev >25% of Pharma Rev Podium position in LC, MS, Chemistry w/ new products augmenting growth Strong progress with ~15% of lagged 2015-19 replacement opps remaining

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14©2025 Waters Corporation 2) Innovation Setting New Standards Note: Estimates on this slide are comprised of internal analysis, consulting data, industry reports and internal market research which are subject to change. Liquid Chromatography Next-Gen Flagship Mass Spectrometry Enhanced Detection Chemistry Bioseparations World’s Smartest HPLC Most Sensitive Tandem Quad Sharper Peaks & Minimal Statistical Noise Back to rich history of new category creation with product launches Eliminates common user errors by up to 40% 17x faster, 12x more sensitive large molecule separation Up to 15x better sensitivity while 45% more compact

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15©2025 Waters Corporation 3) Expanded into Faster Growing Segments Note: $12B Core TAM + $7B Higher Growth Adjacencies TAM = $19B TAM with MSD-HSD growth. MSD = Mid single-digit., HSD = High single-digit., DD = Double-digit. Market growth rates are Waters internal estimates based on long-term historical data for more mature markets as well as current and recent historical growth rate data for more nascent, high- growth markets. These estimates are comprised of consulting data, industry reports and market research which are subject to change. Please refer to the Forward-Looking Statements & Non-GAAP Financial Measures on page 1. +$7B TAM$12B TAM Strong Core Position Pharma QA/QC Late-Stage Drug Development Food and Environmental Safety Clinical Diagnostics Materials Testing Faster-Growing Adjacencies Bio-separations Bioanalytical Characterization LC-MS in Diagnostics Battery Testing MSD – HSD Markets HSD – DD Markets

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16©2025 Waters Corporation Bioseparations: Deliberate Focus is Yielding Results 20% 40% 2019 Now EXPANDING INNOVATION TO NOVEL MODALITIES RECENT CHEMISTRY LAUNCH EXAMPLES AUG 2023 xBridge Premier SEC columns for AAV-based Gene Therapy Applications OCT 2023 OligoWorks SPE Workflow & Kits for LC-MS based bioanalysis of oligonucleotides APR 2024 GTxResolve Premier SEC columns for cell & gene, mRNA & LNPs OCT 2024 Launched first in- house developed enzymes & reagents for novel modalities +45% YTD -24 Y/Y SALES GROWTH 1 Note: 1. Approximation based on pharma segment revenue for the first nine months of 2024. 2. Waters MaxPeak chemistry sales grew 45% in organic constant currency for the first nine months of 2024 compared with the first nine months of 2023. % Chemistry Revenue from Large Mol1 STRONG CHEMISTRY LAUNCH SUCCESS ~70% of our Chemistry R&D is Now Spent on Large Mol

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17©2025 Waters Corporation Building Compliant Informatics for BioAnalysis LC Others … Developing Bioanalytical Characterization w/ Mix of Innovation, Partnerships, M&A Light Scattering Mass Spectrometry Mass Detection Capillary ElectrophoresisUV FDA / EMA / NMPA LM LM LM LM LM SM LM SM Large mol data Small mol data

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18©2025 Waters Corporation Clinical & Batteries: High Volume Business Model Developing Double-Digit Growth with End-to-End LC-MS for CDx1 RECENT LAUNCHES: 1. Instruments: Xevo TQ Absolute IVD System for trace-level analytes 2. Informatics: QUAN Review on waters_connect 3. Consumables: IVD Reagents for Endocrinology & Immunosuppressant Drugs Batteries Clinical Dx Supporting Analytical Workflows with New Launches RECENT LAUNCHES: 1. Instruments: TA Battery Cycler Microcalorimeter & Rheo-IS Accessory 2. Informatics: TAM Assistant integrated software platform 3. Consumables: TGA Smart Seal Pan novel consumable Note: 1. According to internal analysis, Waters average clinical revenue grew low -double-digits on average, based on FY-21, FY-22, FY-23 organic, constant currency growth rates.

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19©2025 Waters Corporation All While Delivering Strong Operational Performance 2023- 24 CHALLENGING MARKET ENVIRONMENT WATERS RESPONSE Volume Headwinds FX Headwinds Inflationary Pressures PricingProductivity Proactive Cost Alignment Delivering on margin expansion promise through challenging market conditions… GROSS MARGIN +210bps TTM (as of 3Q24) vs TTM (as of 3Q22)1 ADJ. OPERATING MARGIN 2 +80bps TTM (as of 3Q24) vs TTM (as of 3Q22)1 Note: 1. Compares trailing twelve-tonth (TTM) margin percentage levels as of 3Q24 to levels for the equivalent 12-month preceding time-period as of 3Q22; 2. Operating margin results and percentage growth are in adjusted non-GAAP operating margin percentage terms. See reconciliations of the non-GAAP measures to the most directly comparable GAAP measures included in the Appendix of this presentation and available on the Company’s website at: https://ir.waters.com/.

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20©2025 Waters Corporation All While Delivering Strong Operational Performance 2023- 24 CHALLENGING MARKET ENVIRONMENT WATERS RESPONSE Volume Headwinds FX Headwinds Inflationary Pressures PricingProductivity Proactive Cost Alignment Peer 5 Peer 6 WAT Peer 4 Peer 3 Peer 2 -3.7 0.4 -4.0 -4.7 -3.7 -0.7 0.8 Peer 1 -4.0 0.9 -1.2 -0.9 -1.1 -0.4 2.1 …resulting in differentiated margin results versus peers Note: Analysis compares Waters trailing twelve-month (TTM) GAAP gross margin and adjusted non-GAAP operating margin percentage levels to levels for the equivalent 12-month preceding time-period as of 3Q22 to total company performance of other U.S. companies in the life science tools peer group, for whom complete public data is available throughout the relev ant time periods required to effect the analysis. Source: publicly available data, Waters internal company analysis. Gross Margin (TTM-3Q24 vs TTM-3Q22) Adj. Operating Margin (TTM-3Q24 vs TTM-3Q22)

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21©2025 Waters Corporation Transformation Delivered Top TSR1 Leader in Downstream, High-Volume Life Science Applications = Revitalize Innovation Back to rich history of new category creation Enter Faster Growth Adjacencies Organic & inorganic investment yielding results Regain Commercial Momentum Executed key commercial growth initiatives Note: 1. When comparing total return of WAT shares versus life science tools peers between 09/01/20 and 12/31/24; Source: Fac tSet

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23©2025 Waters Corporation At Inflection Point as End-Mkts have Returned to Positive Growth + Instruments have Returned to Growth after 7 consecutive quarters of LC decline Ex. China Inc. China Pharma Non-Pharma +5% +5% +3% +5% 3Q24 Total +5% +4% Total 3Q24 Y/Y Sales Growth in Constant Currency Note: A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the Appendix to this presentation and is also available on the Company’s website at: https://ir.waters.com/.

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24©2025 Waters Corporation Growth Catch-Up Opportunity Ahead in Near-Term Note: MSD = Mid-single-digit., HSD = High single-digit. 1. Approximate average growth rate of year-over-year, total constant currency growth between 2009 and 2019. 2. Approximate compound average growth rate of year -over-year organic constant currency total instrument sales growth from 2019 to 2024 as of 3Q24, where 2024 growth reflect the expected instrument growth implied in the Company’s full-year guidance as disclosed in the Company’s press release dated November 1, 2024, available on the Company’s website at: https://ir.waters.com/, which is subject to change. 3. Table shows historical year-over-year organic constant currency growth for Total Recurring sales for full-year 2020, 2021, 2022, 2023 and year-to-date growth for the first nine months of 2024. Growth rates here reflect our internal analysis of Waters historical, annual non- GAAP sales data which is publicly available, including the relevant GAAP to Non- GAAP reconciliations for each year. Certain content on this slide may represent forward-looking statements which are subject to inherent uncertainties that could cause actual results to differ and s uch differences could be material. Please refer to the Forward-Looking Statements & Non-GAAP Financial Measures on Page 1. Meanwhile, our Recurring Revenue has Remained Highly Resilient Instruments 6% Average1 2009-2019 Pre-Covid Historical Growth is MSD Instruments; HSD Recurring -5% 5% 15% 5% Avg Recurring Historical Long-Term GrowthWaters % Revenue Growth (Y/Y Constant Currency2 2010-19) 0% 10% 10 11 12 13 14 15 16 17 18 19 7% Avg 0% 5% 10% 15% FY-20 FY-21 FY-22 FY-23 YTD-24 New Replacement Cycle is Developing due to Aged Installed Base Recurring Revenue Growth: 2020-20243 Total Total Instruments 1% LC 0% MS 2% Org. CC 5-Yr CAGR (vs. 19)2

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25©2025 Waters Corporation Plus, Well-Positioned for Long-Term Growth Note: MSD = Mid-single-digit., HSD = High single-digit. 1. Approximate average growth rate of year-over-year, total constant currency growth between 2009 and 2019. Growth rates here reflect our internal analysis of Waters historical, annual non- GAAP sales data which is publicly available, including the relevant GAAP to Non- GAAP reconciliations for each year. This data also represents forward-looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Please refer to the Forward-Looking Statements & Non-GAAP Financial Measures on Page 1. Incremental Growth Vectors vs. Pre-Covid Trends Recurring Instruments Historical Long-Term Growth Pre-Covid Historical Growth is MSD Instruments; HSD Recurring Waters % Revenue Growth (Y/Y Constant Currency 2010-19) 0% 10% 10 11 12 13 14 15 16 17 18 19 7% Avg 6% Average1 2009-2019 -5% 5% 15% 5% Avg Future Long-Term Growth Potential Above Historic Pricing Higher Volume Growth  Faster Prescription growth (GLP-1s, Generics w/ patent cliff)  Regulations (PFAS) 3 2 1 New Applications  Biologics & novel modality high volume testing is new market growth area since 2019  Expected +100bps long-term tailwind

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26©2025 Waters Corporation Sustained Contribution from Idiosyncratic Growth Drivers Note: 1. Based on internal analysis and estimates where the QA/QC testing of GLP-1 related drugs is expected to contribute an average 30bps growth tailwind annually for Waters from 2024 to 2030. 2. Based on internal analysis and estimates where the PFAS related testing is expected to contribute an average 30bps growth tailwind annually in the near -term. 3. Total Addressable Market (TAM) sizing and market growth rates are Waters internal estimates incorporating internal analysis, consulting data, industry reports and market research, and are based on current and recent historical growth rate data for more nascent, high- growth markets, all of which are subject to change. 4. Based on internal analysis and estimates where total India geographic sales are expected to contribute an average 70-100bps growth tailwind annually for Waters in the near-term. This data also represents forward-looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Please refer to the Forward-Looking Statements and Non-GAAP Financial Measures on page 1. GLP-1s +30bps / yr 1 Avg annual growth contribution 2024-30 from QA/QC of GLP-1 drugs New therapeutic areas like GLP-1s expected to accelerate QA/QC testing PFAS +30bps / yr 2 PFAS testing is a $400M global market, growing ~20%3 PFAS Therapies India +70-100bps / yr 4 Strong market fundamentals support continued +DD avg annual growth Generics Strong volume growth dynamics, driven by patent cliff, aging global population PFAS detection expanding into food & materials, while growth in water testing continues

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27©2025 Waters Corporation Building Exceptional Position for Large Molecule Testing Linked DetectorsLiquid Chromatography Filter Solvent Reservoir Degasser Pump Autosampler Chemistry Columns Solving customer large molecule challenges  Formulation development  Characterization  Raw materials testing  Process control  QA/QC UV Mass Spec MALS Titer Aggregation Sequence Charge variants Post-translational modifications Size Molecular weight Aggregation Empty/Full ratio for AAV and LNP MEASUREMENT MEASUREMENT MEASUREMENT +40bps Expected LT Core Growth Accretion from Wyatt Note: Estimates on this slide are comprised of consulting data, industry reports and internal market research which are subject to change. This data also represents forward-looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Please refer to the Forward-Looking Statements and Non-GAAP Financial Measures on page 1.

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28©2025 Waters Corporation Expanding our Growth Initiatives for Recurring Revenue Note: Data referenced on this slide represents a combination of historical analysis based on internal Waters estimates and forwa rd-looking statements which are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Historical results are not indicative of future performance. Goal Accelerate growth to HSD from MSD historical expansion since 2019 +750bps Service New Goal Grow Plan Attachment to 55% of Active Installed Base ~40% driving incremental spend Goal is 55% Chemistry New Goal 50% of pharma chemistry revenue from large molecule separations Informatics PLAN ATTACHMENT DIGITAL COMMERCE ADOPTION SCALING POSITION & AMBITIONS Advanced fleet analytics AI data insights NEW VALUE - ADD FEATURES Compliant data for large molecule workflowsNow 70% of chemistry R&D toward large molecule separations BIOSEPARATIONS 43% 55% 2019 Goal

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29©2025 Waters Corporation Industry-Leading Profitability but Far from “Peak Margins” Long-Term Opportunity for Future Annual Margin Expansion 1 2 Volume Leverage Pricing & Mix 3 Productivity Initiatives 5% revenue growth = +50bps to Operating Margin +25bps expected contribution to annual adj. Operating Margin +25bps expected contribution to annual adj. Operating Margin +100bps of Annual Adj. Operating Margin Expansion - Reinvesting 70bps into High Growth Adjacencies = +20-30bps Annual Average Expansion +300bps OPM Opportunity from Productivity Initiatives over next 8-10 years 59.7% Gross Margin (TTM) 23% FCF as % of Sales2 5-yr Avg (19-23) 30.7% Adj. Operating Margin1 (TTM) Strong Financial Profile due to downstream presence high-volume, regulated, recurring Note: 1. Operating Margin results are in adjusted, non-GAAP operating margin percentage terms based on trailing twelve- month non-GAAP data for the period ended September 28, 2024. See reconciliations of the non- GAAP measures to the most directly comparable GAAP measures included in the Appendix of this presentation and available on the Company’s website at: https://ir. waters.com/. 2. FCF = Free Cash Flow where data presented is a 5-year average of annual free cash flow as a % of as-reported, GAAP revenues from 2019-2023. Source: Waters Corporation data. Margin expansion estimates are at constant currency. All data are estimates based on internal projections and represent forward-looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Please refer to the Forward- Looking Statements and Non-GAAP Financial Measures on page 1.

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30©2025 Waters Corporation Uniquely Positioned for M&A Note: This data also represents forward-looking statements and are subject to inherent uncertainties that could cause actual res ults to differ and such differences could be material. Please refer to the Forward-Looking Statements and Non-GAAP Financial Measures on page 1. Unlocking additional vector of EPS accretion w/ new proven capabilities Clear Value Creation Focused on growth opportunities with sound industrial logic and with financial discipline. Complementary Scope of current portfolio may offer advantaged position to complete deals even more quickly in today’s regulatory environment. FCF Generation Strong Free Cash Flow Conversion can allow for rapid de-levering.

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31©2025 Waters Corporation Note: Growth rates here reflect our internal analysis of Waters long-term historical sales data which is publicly available. Fut ure long-term growth rate estimates are for organic growth in constant currency with estimates comprised of internal analysis, consulting data, industry reports, and market research, which are subject to change. Margin expansion estimates are at constant currency. All data are estimates based on internal projections and represent forward- looking statements and are subject to inherent uncertainties that could cause actual results to differ and such differences could be material. Pleas e refer to the Forward-Looking Statements and Non-GAAP Financial Measures on page 1. Historic L.T. Sales Growth Margin Expansion Capital Deployment EPS Growth LT EPS Growth Potential + Volume + Large Mol + Pricing + Adjacencies Raising the bar above ‘6+2+2’ with new vectors of EPS growth accretion Putting it all Together Historic EPS Growth Algorithm Future Potential

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33©2025 Waters Corporation Register Now for our 2025 Investor Day Wednesday, March 5, 2025 New York City EVENT REGISTRATION & SCHEDULE In-Person (Full Event) 2025 Investor Day VISIT ir.waters.com Under ‘Events’ or click here Virtual (Main Session Only) Quick RSVP for either option here: Please reach out via investor_relations@waters.com with any questions VISIT ir.waters.com Under ‘Events’ or click here “A New Era of Growth”

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Appendix GAAP to Non-GAAP Reconciliations

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35©2025 Waters Corporation GAAP to Non-GAAP Reconciliations (in thousands USD) Operating Income Operating Income Percentage Trailing Twelve-Months GAAP 798,313 27.5% Adjustments: Purchased intangibles amortization (a) 47,485 1.6% Restructuring costs and certain other items (b) 11,716 0.4% Acquisition related costs (c) 649 0.0% Litigation provision and settlement (d) 11,568 0.4% Retention bonus obligation (e) 22,902 0.8% Adjusted Non-GAAP * 892,633 30.7% Q3 2024 YTD GAAP 534,090 25.6% Adjustments: Purchased intangibles amortization (a) 35,337 1.7% Restructuring costs and certain other items (b) 10,680 0.5% Litigation provision and settlement (d) 11,568 0.6% Retention bonus obligation (e) 15,268 0.7% Adjusted Non-GAAP 606,943 29.1% Q4 2023 GAAP 264,223 32.2% Adjustments: Purchased intangibles amortization (a) 12,148 1.5% Restructuring costs and certain other items (b) 1,036 0.1% Acquisition related costs (c) 649 0.1% Retention bonus obligation (e) 7,634 0.9% Adjusted Non-GAAP 285,690 34.9% Operating Income Reconciliation of GAAP to Adjusted Non-GAAP Trailing Twelve-Months (TTM) Ended September 28, 2024 (in millions USD) 2023 2022 2021 2020 2019 Net cash provided by ops - GAAP 602.8 611.7 747.3 790.5 643.1 Adjustments: Additions to property plant, equipment, and software capitalization (160.6) (175.9) (161.3) (172.4) (163.8) Major Facility Renovations 15.6 32.1 49.2 69.8 67.6 Tax Reform Payments 72.1 38.5 38.5 38.5 29.1 Other One-Time Items (1.5) (0.6) 1.8 - - Payment of acquired Wyatt liabilities (f) 25.6 - - - - Free Cash Flow - Non-GAAP 554.0 505.7 675.5 726.4 576.0 5-Year Avg as % of Sales 23% Reconciliation of Actual GAAP Cashflow to Non-GAAP Free Cash Flow Fiscal Years Ending December 31, 2019 - 2023 (a) The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time. (b) Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company. (c) Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses. (d) Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly. (e) In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses (f) In connection with the Wyatt acquisition, the Company assumed certain obligations of Wyatt and paid those obligations immediately upon closing the transaction. The Company believes that the assumed obligations do not represent future ongoing business expenses.

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36©2025 Waters Corporation Q3 2024 Sales – Pharmaceutical & Non-Pharmaceutical End Markets Reconciliation of GAAP to Adjusted Non-GAAP The Company believes that referring to comparable constant currency growth rates is a useful way to evaluate the underlying perf ormance of Waters Corporation's net sales. Constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the c urrent period. (in millions USD) 2024 2023 % Growth Reported Impact of Currency % Growth Constant Currency Total Company End Markets Pharmaceutical 430.1 421.5 2% (1%) 3% Non-Pharma 310.2 290.2 7% 2% 5% Total Company Sales – Q3 QTD 740.3 711.7 4% 0% 4% (in millions USD) 2024 2023 % Growth Reported Impact of Currency % Growth Constant Currency Ex-China End Markets Pharmaceutical 384.9 369.3 4% (1%) 5% Non-Pharma 255.4 240.3 6% 1% 5% Total Sales Ex-China – Q3 QTD 640.3 609.6 5% 0% 5%

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