Avantor® Reports Fourth Quarter and Full Year 2024 Results

Fourth Quarter 2024

— Net sales of $1.69 billion, decrease of 2%; organic growth of 1%

— Net income of $500.4 million; Adjusted EBITDA of $307.7 million

— Diluted GAAP EPS of $0.73; adjusted EPS of $0.27

— Operating cash flow of $173.3 million; free cash flow of $222.1 million

Full Year 2024

— Net sales of $6.78 billion, decrease of 3%; organic decline of 2%

— Net income of $711.5 million; Adjusted EBITDA of $1,198.8 million

— Diluted GAAP EPS of $1.04; adjusted EPS of $0.99

— Operating cash flow of $840.8 million; free cash flow of $768.3 million

Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today reported financial results for its fourth fiscal quarter and year ended December 31, 2024.

“Our fourth quarter results highlight our team's commitment to commercial intensity, operational discipline, and enabling breakthrough therapies. As anticipated, we returned to growth in the fourth quarter and delivered sequential and year-over-year growth in adjusted EBITDA margin, adjusted EPS, and best-in-class free cash flow conversion. We grew our bioprocessing platform high-single-digits and expect continued strength driven by our focused execution and improving end market conditions,” said Michael Stubblefield, President and Chief Executive Officer.

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“Looking ahead, we're entering the year with strong momentum and a clear focus on innovation-driven revenue growth, margin expansion, and continued deleveraging. Our new operating model is driving greater efficiency, and our cost transformation program is ahead of schedule. With our industry-leading portfolio, resilient supply chain, and relentless efficiency, we are confident in achieving both our near-term and long-term financial goals,” Stubblefield concluded.

Fourth Quarter 2024

For the three months ended December 31, 2024, net sales were $1,686.6 million, a decrease of 2% compared to the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact, resulting in sales growth of 1% on an organic basis.

Net income increased to $500.4 million from $98.5 million in the fourth quarter of 2023, and adjusted net income was $183.9 million as compared to $166.7 million in the comparable prior period. Net Income margin was 29.7%. Adjusted EBITDA was $307.7 million and Adjusted EBITDA margin was 18.2%. Adjusted Operating Income was $279.4 million and Adjusted Operating Income margin was 16.6%.

Diluted earnings per share on a GAAP basis was $0.73, while adjusted EPS was $0.27.

Operating cash flow was $173.3 million, while free cash flow was $222.1 million.

Full Year 2024

For the full year ended December 31, 2024, net sales were $6,783.6 million, a decrease of 3% compared to 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture, resulting in a sales decline of 2% on an organic basis.

Net income increased to $711.5 million from $321.1 million in 2023, and adjusted net income was $677.7 million as compared to $720.1 million in the comparable prior period. Net Income margin was 10.5%. Adjusted EBITDA was $1,198.8 million and Adjusted EBITDA margin was 17.7%. Adjusted Operating Income was $1,089.8 million and Adjusted Operating Income margin was 16.1%.

Diluted earnings per share on a GAAP basis was $1.04, while adjusted EPS was $0.99.

Operating cash flow was $840.8 million, while free cash flow was $768.3 million. Adjusted net leverage was 3.2x as of December 31, 2024.

Fourth Quarter 2024 – Segment Results

Laboratory Solutions

— Net sales were $1,125.8 million, a reported decrease of 5%, as compared to $1,182.4 million in the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact resulting in sales decline of 1% on an organic basis.

— Adjusted Operating Income was $147.4 million as compared to $157.3 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

— Net sales were $560.8 million, a reported increase of 4%, as compared to $540.4 million in the fourth quarter of 2023. Sales also increased 4% on an organic basis.

— Adjusted Operating Income was $149.2 million, as compared to $132.0 million in the comparable prior period. Adjusted Operating Income margin was 26.6%.

Full Year 2024 – Segment Results

Laboratory Solutions

— Net sales were $4,610.1 million, a reported decrease of 3%, as compared to $4,738.3 million in 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture resulting in sales declines of 2% on an organic basis.

— Adjusted Operating Income was $598.0 million as compared to $668.3 million in the comparable prior period. Adjusted Operating Income margin was 13.0%.

Bioscience Production

— Net sales were $2,173.5 million, a reported decrease of 3%, as compared to $2,228.9 million in 2023. Sales also declined 3% on an organic basis.

— Adjusted Operating Income was $558.2 million, as compared to $601.9 million in the comparable prior period. Adjusted Operating Income margin was 25.7%.

Adjusted Operating Income is Avantor's segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company's business segments.

Conference Call We will host a conference call to discuss our results today, February 7, 2025, at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor's website.

About Avantor Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visitavantorsciences.comand find us onLinkedIn,X (Twitter)andFacebook.

Use of Non-GAAP Financial Measures To evaluate our performance, we monitor a number of key indicators. 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 we believe are useful to investors, creditors and others in assessing our 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 included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow and free cash flow conversion.

— Organic net sales growth (decline)eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year and changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.

— Adjusted Operating Incomeis our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) gain on sale of business, (vii) and certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.

— Adjusted EBITDAis our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) gain on sale of business, (viii) and certain other adjustments. Adjusted EBITDA marginis Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.

— Adjusted net incomeis our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) gain on sale of business, (v) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.

— Adjusted EPSis our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.

— Adjusted net leverageis equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions and divestitures as if those acquisitions and divestitures had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company's capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.

— Free cash flowis equal to our cash flows from operating activities, less capital expenditures, plus direct transaction costs and income taxes paid related to acquisitions and divestitures (as applicable) in the period. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company's ability to generate cash for use in financing or investing activities. These measures are used by our management for the same reason.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements This press release 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 press release 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 press release. 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.

Investor Relations Contact Allison Hosak Senior Vice President, Global Communications Avantor 908.329.7281 Allison.Hosak@avantorsciences.com

Global Media Contact Eric Van Zanten Head of External Communications Avantor 610-529-6219 Eric.VanZanten@avantorsciences.com

Avantor, Inc. and subsidiariesConsolidated statements of operations(in millions, except per share data) Threemonths ended Yearended December31, December31, 2024 2023 2024 2023Net sales $ 1,686.6 $ 1,722.8 $ 6,783.6 $ 6,967.2Cost of sales 1,123.7 1,152.4 4,504.3 4,603.4Gross profit 562.9 570.4 2,279.3 2,363.8Selling, general and administrative expenses 371.4 387.1 1,641.1 1,506.6Impairment charges – – – 160.8Gain on sale of business (446.6) – (446.6) -Operating income 638.1 183.3 1,084.8 696.4Interest expense, net (44.9) (65.3) (218.8) (284.8)Loss on extinguishment of debt (4.4) (1.0) (10.9) (6.9)Other (expense) income, net (4.6) 2.5 (1.2) 5.8Income before income taxes 584.2 119.5 853.9 410.5Income tax expense (83.8) (21.0) (142.4) (89.4)Net income $ 500.4 $ 98.5 $ 711.5 $ 321.1Earnings per share:Basic $ 0.74 $ 0.15 $ 1.05 $ 0.48Diluted $ 0.73 $ 0.15 $ 1.04 $ 0.47Weighted average shares outstanding:Basic 680.7 676.4 679.6 675.6Diluted 682.7 679.2 681.9 678.4Avantor, Inc. and subsidiariesConsolidated balance sheets(in millions) December 31, December 31, 2024 2023AssetsCurrent assets:Cash and cash equivalents $ 261.9 $ 262.9Accounts receivable, net 1,034.5 1,150.2Inventory 731.5 828.1Other current assets 118.7 143.7Total current assets 2,146.6 2,384.9Property, plant and equipment, net 708.1 737.5Other intangible assets, net 3,360.2 3,775.3Goodwill, net 5,539.2 5,716.7Other assets 360.4 358.3Total assets $ 12,114.5 $ 12,972.7Liabilities and stockholders' equityCurrent liabilities:Current portion of debt $ 821.1 $ 259.9Accounts payable 662.8 625.9Employee-related liabilities 168.2 133.1Accrued interest 48.6 50.2Other current liabilities 306.8 411.2Total current liabilities 2,007.5 1,480.3Debt, net of current portion 3,234.7 5,276.7Deferred income tax liabilities 557.3 612.8Other liabilities 358.3 350.3Total liabilities 6,157.8 7,720.1Stockholders' equity:Common stock including paid-in capital 3,937.7 3,830.1Accumulated earnings 2,203.0 1,491.5Accumulated other comprehensive loss (184.0) (69.0)Total stockholders' equity 5,956.7 5,252.6Total liabilities and stockholders' equity $ 12,114.5 $ 12,972.7Avantor, Inc. and subsidiariesConsolidated statements of cash flows(in millions) Threemonths ended Yearended December31, December31, 2024 2023 2024 2023Cash flows from operating activities:Net income $ 500.4 $ 98.5 $ 711.5 $ 321.1Reconciling adjustments:Depreciation and amortization 100.9 100.6 405.5 402.3Impairment charges – – – 160.8Gain on sale of business (446.6) – (446.6) -Stock-based compensation expense 11.1 8.8 46.8 40.5Non-cash restructuring charges 0.5 – 16.9 -Provision for accounts receivable and 19.3 22.0 75.1 84.5inventoryDeferred income tax expense (benefit) 28.4 (78.3) (46.9) (172.4)Amortization of deferred financing costs 2.6 3.1 11.2 13.0Loss on extinguishment of debt 4.4 1.0 10.9 6.9Foreign currency remeasurement (gain) (3.3) 0.5 (0.3) (2.6)lossPension termination charges 9.3 – 9.3 -Changes in assets and liabilities:Accounts receivable 11.7 21.9 45.9 77.0Inventory 3.0 21.2 (18.5) 30.3Accounts payable 17.7 (43.8) 59.6 (139.6)Accrued interest 14.9 10.6 (1.6) 0.3Other assets and liabilities (100.7) 87.1 (37.7) 48.6Other (0.3) (1.6) (0.3) (0.7)Net cash provided by operating 173.3 251.6 840.8 870.0activitiesCash flows from investing activities:Capital expenditures (27.5) (50.6) (148.8) (146.4)Proceeds from sale of disposal group, net of 585.2 – 585.2 -cash soldOther 0.8 0.6 2.5 2.7Net cash provided by (used in) 558.5 (50.0) 438.9 (143.7)investing activitiesCash flows from financing activities:Debt repayments (756.8) (188.1) (1,341.8) (846.0)Payments of debt refinancing fees and – – – (2.3)premiumsProceeds received from exercise of stock 1.9 4.2 69.2 18.3optionsShares repurchased to satisfy employee tax (0.4) (0.2) (8.6) (13.7)obligations for vested stock-based awardsNet cash used in financing activities (755.3) (184.1) (1,281.2) (843.7)Effect of currency rate changes on cash and cash (22.1) 9.5 (21.5) 8.2equivalentsNet change in cash, cash equivalents and restricted (45.6) 27.0 (23.0) (109.2)cashCash, cash equivalents and restricted cash, 310.3 260.7 287.7 396.9beginning of periodCash, cash equivalents and restricted cash, end of $ 264.7 $ 287.7 $ 264.7 $ 287.7periodAvantor, Inc. and subsidiariesReconciliations of non-GAAP measuresAdjusted EBITDA and Adjusted EBITDA Margin(dollars in millions, % Threemonths ended December31, Yearended December31,based on net sales) 2024 2023 2024 2023 $ % $ % $ % $ %Net income $ 500.4 29.7% $ 98.5 5.7% $ 711.5 10.5% $ 321.1 4.6%Amortization 74.2 4.4% 75.0 4.4% 299.8 4.4% 307.7 4.4%Loss on extinguishment 4.4 0.3% 1.0 -% 10.9 0.2% 6.9 0.1%of debtIntegration-related – -% (0.7) -% – -% 7.6 0.1%expenses1Restructuring and 0.5 -% 8.5 0.5% 82.8 1.2% 26.5 0.4%severance charges2Transformation 12.3 0.8% 5.4 0.3% 58.9 0.9% 5.4 0.1%expenses3Reserve for certain legal 1.3 0.1% 3.1 0.2% 9.2 0.2% 7.1 0.1%matters, net4Other5 (3.5) (0.3)% (0.6) -% (3.9) (0.2)% (2.8) -%Impairment charges6 – -% – -% – -% 160.8 2.3%Gain on sale of (446.6) (26.5)% – -% (446.6) (6.6)% – -%business7Pension termination 9.3 0.6% – -% 9.3 0.2% – -%charges8Income tax expense 31.6 1.8% (23.5) (1.4)% (54.2) (0.8)% (120.2) (1.8)%(benefit)applicable topretaxadjustmentsAdjusted net income 183.9 10.9% 166.7 9.7% 677.7 10.0% 720.1 10.3%Interest expense, net 44.9 2.7% 65.3 3.8% 218.8 3.2% 284.8 4.1%Depreciation 26.7 1.6% 25.6 1.4% 105.7 1.6% 94.6 1.3%Income tax 52.2 3.0% $ 44.5 2.6% $ 196.6 2.9% $ 209.6 3.1%provisionapplicable toAdjusted NetincomeAdjusted EBITDA $ 307.7 18.2% $ 302.1 17.5% $ 1,198.8 17.7% $ 1,309.1 18.8%1. Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.2. Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company's publicly-announced cost transformation initiative.3. Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors.4. Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.5. Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).6. Related to impairment of Ritter.7. Related to gain on sale of our Clinical Services business.8. Represents pension termination charges related to termination of our U.S. Pension Plan.Avantor, Inc. and subsidiariesReconciliations of non-GAAP measures (continued)Adjusted Operating Income and Adjusted Operating Income Margin(dollars in millions, % Threemonths ended December31, Yearended December31,based on net sales) 2024 2023 2024 2023 $ % $ % $ % $ %Net income $ 500.4 29.7% $ 98.5 5.7% $ 711.5 10.5% $ 321.1 4.6%Interest expense, net 44.9 2.7% 65.3 3.8% 218.8 3.2% 284.8 4.1%Income tax expense 83.8 4.8% 21.0 1.2% 142.4 2.1% 89.4 1.3%Loss on extinguishment 4.4 0.3% 1.0 -% 10.9 0.2% 6.9 0.1%of debtOther (expense) income, 4.6 0.3% (2.5) (0.1)% 1.2 -% (5.8) (0.1)%netOperating income 638.1 37.8% 183.3 10.6% 1,084.8 16.0% 696.4 10.0%Amortization 74.2 4.4% 75.0 4.4% 299.8 4.4% 307.7 4.4%Integration-related – -% (0.7) -% – -% 7.6 0.1%expenses1Restructuring and 0.5 -% 8.5 0.5% 82.8 1.2% 26.5 0.4%severance charges2Transformation 12.3 0.8% 5.4 0.3% 58.9 0.9% 5.4 0.1%expenses3Reserve for certain legal 1.3 0.1% 3.1 0.2% 9.2 0.2% 7.1 0.1%matters, net4Other5 (0.4) -% 0.2 -% 0.9 -% 0.3 -%Impairment charges6 – -% – -% – -% 160.8 2.3%Gain on sale of (446.6) (26.5)% – -% (446.6) (6.6)% – -%business7Adjusted Operating $ 279.4 16.6% $ 274.8 16.0% $ 1,089.8 16.1% $ 1,211.8 17.4%Income1. Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.2. Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company's publicly-announced cost transformation initiative.3. Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors.4. Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.5. Represents other stock-based compensation expense (benefit).6. Related to impairment of Ritter.7. Related to gain on sale of our Clinical Services business.Avantor, Inc. and subsidiariesReconciliations of non-GAAP measures (continued)Adjusted earnings per share(shares in millions) Threemonths ended Yearended December31, December31, 2024 2023 2024 2023Diluted earnings per share (GAAP) $ 0.73 $ 0.15 $ 1.04 $ 0.47Amortization 0.11 0.11 0.44 0.45Loss on extinguishment of debt 0.01 – 0.02 0.01Integration-related expenses – – – 0.01Restructuring and severance charges – 0.01 0.12 0.04Transformation expenses 0.02 0.01 0.09 0.01Reserve for certain legal matters, net – – 0.01 0.01Other – – (0.01) -Impairment charges – – – 0.24Gain on sale of business (0.66) – (0.65) -Pension termination charges 0.01 – 0.01 -Income tax expense (benefit) applicable to pretax 0.05 (0.03) (0.08) (0.18)adjustmentsAdjusted EPS (non-GAAP) $ 0.27 $ 0.25 $ 0.99 $ 1.06Weighted average diluted shares outstanding:Share count for Adjusted EPS (non-GAAP) 682.7 679.2 681.9 678.4Avantor, Inc. and subsidiariesReconciliations of non-GAAP measures (continued)Free cash flow(in millions) Threemonths ended Yearended December31, December31, 2024 2023 2024 2023Net cash provided by operating activities $ 173.3 $ 251.6 $ 840.8 $ 870.0Capital expenditures (27.5) (50.6) (148.8) (146.4)Divestiture-related transaction expenses and taxes paid 76.3 – 76.3 -Free cash flow (non-GAAP) $ 222.1 $ 201.0 $ 768.3 $ 723.6Adjusted net leverage(dollars in millions) December 31, 2024Total debt, gross $ 4,077.8Less cash and cash equivalents (261.9) $ 3,815.9Trailing twelve months Adjusted EBITDA(1) $ 1,149.7Trailing twelve months ongoing stock-based compensation expense 47.0 $ 1,196.7Adjusted net leverage (non-GAAP) 3.2 x1. Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period minus the results attributable to the divested business as if such divestiture had been completed on the 1st day of such trailing twelve-month period, as contemplated by our debt covenants.Avantor, Inc. and subsidiariesReconciliations of non-GAAP measures (continued)Net sales by segment(in millions) December31 Reconciliation of net sales growth (decline) to organic net sales growth (decline) Net sales Foreign Divestiture Organic growth currency impact net (decline) impact sales growth (decline) 2024 2023Three months ended:Laboratory Solutions $ 1,125.8 $ 1,182.4 $ (56.6) $ (3.4) $ (42.4) $ (10.8)Bioscience Production 560.8 540.4 20.4 (1.8) – 22.2Total $ 1,686.6 $ 1,722.8 $ (36.2) $ (5.2) $ (42.4) $ 11.4Year ended:Laboratory Solutions $ 4,610.1 $ 4,738.3 $ (128.2) $ 5.5 $ (42.4) $ (91.3)Bioscience Production 2,173.5 2,228.9 (55.4) 1.8 – (57.2)Total $ 6,783.6 $ 6,967.2 $ (183.6) $ 7.3 $ (42.4) $ (148.5)(dollars in millions, % December31 Reconciliation of net sales growth (decline) tobased on net sales) organic net sales growth (decline) Net sales Foreign Divestiture Organic growth currency impact net (decline) impact sales growth (decline) 2024 2023Three months ended:Laboratory Solutions $ 1,125.8 $ 1,182.4 (4.8)% (0.3)% (3.6)% (0.9)%Bioscience Production 560.8 540.4 3.8% (0.3)% -% 4.1%Total $ 1,686.6 $ 1,722.8 (2.1)% (0.3)% (2.5)% 0.7%Year ended:Laboratory Solutions $ 4,610.1 $ 4,738.3 (2.7)% 0.1% (0.9)% (1.9)%Bioscience Production 2,173.5 2,228.9 (2.5)% 0.1% -% (2.6)%Total $ 6,783.6 $ 6,967.2 (2.6)% 0.1% (0.6)% (2.1)%Adjusted Operating Income by segment(dollars in millions, % Threemonths ended December31, Yearended December31,represent AdjustedOperating Incomemargin) 2024 2023 2024 2023 $ % $ % $ % $ %Laboratory Solutions $ 147.4 13.1% $ 157.3 13.3% $ 598.0 13.0% $ 668.3 14.1%Bioscience Production 149.2 26.6% 132.0 24.4% 558.2 25.7% 601.9 27.0%Corporate (17.2) -% (14.5) -% (66.4) -% (58.4) -%Total $ 279.4 16.6% $ 274.8 16.0% $ 1,089.8 16.1% $ 1,211.8 17.4%

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