Avantor (NYSE: AVTR) reports 2025 net loss, launches Revival and new segments

Rhea-AI Filing Summary

Avantor reported weaker results for the fourth quarter and full year 2025 and announced a major segment realignment. Fourth-quarter net sales were $1.66 billion, down 1.4% year over year, with organic sales down 4.1%. Net income fell sharply to $52 million, while adjusted EBITDA was $252 million with a 15.2% margin and adjusted EPS of $0.22.

For full year 2025, net sales were $6.55 billion, down 3.4% (2.8% organic decline). The company posted a net loss of $530 million, compared with net income of $712 million in 2024, largely reflecting a $785 million goodwill impairment. Adjusted EBITDA was $1.07 billion with a 16.3% margin and adjusted EPS of $0.90. Operating cash flow remained solid at $624 million, generating free cash flow of $496 million and adjusted net leverage of 3.2x.

Laboratory Solutions full‑year net sales declined 4.6% to $4.40 billion and Bioscience Production declined 1.0% to $2.15 billion, with margins compressing in both. Avantor is executing a “Revival” program, including relaunching the VWR brand and supply chain and e‑commerce improvements, and will realign into two new segments—VWR Distribution & Services and Bioscience & Medtech Products—starting with the first quarter of 2026.

Positive

• Strong cash generation despite GAAP loss: 2025 operating cash flow was $624 million and free cash flow was $496 million, supporting liquidity and capital allocation flexibility even as reported earnings turned negative.
• Manageable leverage profile: Adjusted net leverage was 3.2x trailing 12‑month adjusted EBITDA as of December 31, 2025, providing context that debt levels remain aligned with the company’s cash‑earning capacity.

Negative

• Large swing to GAAP net loss: Avantor reported a 2025 net loss of $530 million versus $712 million net income in 2024, driven in part by a $785 million goodwill impairment in its Distribution reporting unit.
• Top‑line and margin deterioration: 2025 net sales declined 3.4% (2.8% organically), while adjusted EBITDA margin fell to 16.3% from 17.7%, with lower adjusted operating income in both Laboratory Solutions and Bioscience Production.

Insights

Equity analyst – fundamentals

2025 shows revenue softness, a large impairment-driven loss, but still strong cash generation.

Avantor delivered 2025 net sales of $6.55 billion, down 3.4%, with organic decline of 2.8%. Both Laboratory Solutions and Bioscience Production saw low‑single‑digit organic contraction, indicating broad demand softness rather than a single segment issue.

GAAP performance deteriorated significantly, with a full‑year net loss of $530 million versus $712 million net income in 2024. The key driver was a $785 million goodwill impairment in the Distribution reporting unit, which pushed net loss margin to 8.1%. On an adjusted basis, EBITDA of $1.07 billion and margin of 16.3% fell from 2024, reflecting weaker volumes and lower segment margins.

Despite earnings pressure, cash flows remained robust: operating cash flow was $624 million and free cash flow $496 million. Adjusted net leverage stood at 3.2x trailing 12‑month adjusted EBITDA as of December 31, 2025, giving context to the balance between debt levels and cash generation disclosed here.

Corporate strategy & segments specialist

Avantor is restructuring segments and launching a Revival program amid margin pressure.

The company is implementing a “Revival” program that includes relaunching the VWR brand, manufacturing and supply chain improvements, and e‑commerce upgrades. Management describes 2026 as a year of transition and purposeful investment, focusing on competing more vigorously and organizing around customer needs.

Reported segments in 2025 were Laboratory Solutions and Bioscience Production, with adjusted operating income margins of 11.6% and 24.1%, respectively. Effective in the first quarter of 2026, Avantor will realign into two reportable segments: VWR Distribution & Services and Bioscience & Medtech Products, and has furnished recast financials for 2023–2025 to help interpret this change.

Under the future structure, 2025 net sales were $4.73 billion for VWR Distribution & Services and $1.82 billion for Bioscience & Medtech Products, with adjusted operating income of $542.7 million and $485.5 million, respectively. Subsequent filings beginning with the Q1 2026 Form 10‑Q will present results under this new segmentation.

false000172248200017224822026-02-112026-02-110001722482us-gaap:CommonStockMember2026-02-112026-02-11

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2026

Avantor, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-38912			82-2758923
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

Radnor Corporate Center, Building One, Suite 200

100 Matsonford Road

Radnor, Pennsylvania 19087

(Address of principal executive offices, including zip code)

(610) 386-1700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

AVTR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 11, 2026, Avantor, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2025, as well as a realignment of its reportable business segments. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On February 11, 2026, the Company issued the press release described in Item 2.02 above, which also announced a realignment of the Company’s reportable business segments. The Company will hold a conference call to discuss these developments and its financial results for the quarter and year ended December 31, 2025 at 8:00 a.m. ET on February 11, 2026.

Effective in the first quarter of 2026, the Company is realigning its business units into two reportable segments: VWR Distribution & Services and Bioscience & Medtech Products.

To assist investors in understanding the effects of these segment reporting changes on the Company’s historical results, the Company is furnishing herewith as Exhibit 99.2 unaudited supplemental recast financial information for each quarter of fiscal year 2025 and for the fiscal years ended December 31, 2023, 2024, and 2025, reflecting the segment changes described above. The revised segment reporting will be reflected in the Company’s financial statements beginning with its Quarterly Report on Form 10‑Q for the quarter ending March 31, 2026.

The information in this Item 2.02 and Item 7.01 of this Current Report on Form 8‑K, including Exhibits 99.1 and 99.2, is being “furnished” pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Avantor, Inc. Earnings Press Release dated February 11, 2026
99.2						Unaudited Supplemental Summary Financial Information
104						Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Avantor, Inc.
Date: February 11, 2026			By:			/s/ Steven Eck
						Name:			Steven Eck
						Title:			Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

Exhibit 99.1

Avantor® Reports Fourth Quarter and Full Year 2025 Results

Revival program underway, including relaunch of VWR brand, implementation of critical manufacturing and supply chain improvements, and upgrades to e-commerce channel

Fourth Quarter 2025

•Net sales of $1.66 billion, decrease of 1%; organic decrease of 4%

•Net income of $52 million; Adjusted EBITDA of $252 million

•Diluted GAAP EPS of $0.08; adjusted EPS of $0.22

•Operating cash flow of $153 million; free cash flow of $117 million

Full Year 2025

•Net sales of $6.55 billion, decrease of 3%; organic decline of 3%

•Net loss of $530 million; Adjusted EBITDA of $1,069 million

•Diluted GAAP loss per share of $0.78; adjusted EPS of $0.90

•Operating cash flow of $624 million; free cash flow of $496 million

RADNOR, Pa. – February 11, 2026 – 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, 2025.

“Through the Revival program we initiated last quarter, we are building a more agile company that is better organized around the needs of our customers. The entire team is energized around a clear set of strategic priorities, and we have already made important changes to how we run the business, including optimizing our go-to-market strategy, relaunching the VWR brand, implementing critical improvements, and upgrading our e-commerce channel,” said Emmanuel Ligner, President and Chief Executive Officer.

“We are moving with urgency to execute Revival and turn around the performance of this great business. 2026 will be a year of transition and purposeful investment, and our priority is driving top line growth by competing vigorously in the marketplace and strengthening our company. We are confident that the steps we are taking this year will position Avantor for sustainable shareholder value creation,” Ligner concluded.

Fourth Quarter 2025

For the three months ended December 31, 2025, net sales were $1,664 million, a decrease of 1.4% compared to the fourth quarter of 2024. Foreign currency translation had a positive impact of 3.1% and M&A had a negative impact of 0.4%, resulting in a 4.1% sales decline on an organic basis.

Net income decreased to $52 million from $500 million in the fourth quarter of 2024, and adjusted net income was $146 million as compared to $184 million in the comparable prior period. Net Income margin was 3.1%. Adjusted EBITDA was $252 million and Adjusted EBITDA margin was 15.2%. Adjusted Operating Income was $225 million and Adjusted Operating Income margin was 13.5%.

Diluted earnings per share on a GAAP basis was $0.08, while adjusted EPS was $0.22.

Operating cash flow was $153 million, while free cash flow was $117 million.

Full Year 2025

For the full year ended December 31, 2025, net sales were $6,552 million, a decrease of 3.4% compared to 2024. Foreign currency translation had a positive impact of 1.6% and M&A had a negative impact of 2.2%, resulting in a sales decline of 2.8% on an organic basis.

Net loss was $530 million compared to net income of $712 million in 2024, and adjusted net income was $614 million as compared to $678 million in the comparable prior period. Net loss margin was 8.1%. Adjusted EBITDA was $1,069 million and Adjusted EBITDA margin was 16.3%. Adjusted Operating Income was $958 million and Adjusted Operating Income margin was 14.6%.

Diluted loss per share on a GAAP basis was $0.78, while adjusted EPS was $0.90.

Operating cash flow was $624 million, while free cash flow was $496 million. Adjusted net leverage was 3.2x as of December 31, 2025.

Fourth Quarter 2025 – Segment Results

Laboratory Solutions

•Net sales were $1,116 million, a reported decrease of 0.9%, as compared to $1,126 million in the fourth quarter of 2024. Foreign currency translation had a positive impact of 3.8% and M&A had a negative impact of 0.6%, resulting in a sales decline of 4.1% on an organic basis.

•Adjusted Operating Income was $114 million as compared to $147 million in the comparable prior period. Adjusted Operating Income margin was 10.2%.

Bioscience Production

•Net sales were $548 million, a reported decrease of 2.4%, as compared to $561 million in the fourth quarter of 2024. Foreign currency translation had a positive impact of 1.7%, resulting in a 4.1% sales decline on an organic basis.

•Adjusted Operating Income was $127 million, as compared to $149 million in the comparable prior period. Adjusted Operating Income margin was 23.2%.

Full Year 2025 – Segment Results

Laboratory Solutions

•Net sales were $4,400 million, a reported decrease of 4.6%, as compared to $4,610 million in 2024. Foreign currency translation had a positive impact of 1.8% and M&A had a negative impact of 3.2%, resulting in 3.2% sales decline on an organic basis.

•Adjusted Operating Income was $510 million as compared to $598 million in the comparable prior period. Adjusted Operating Income margin was 11.6%.

Bioscience Production

•Net sales were $2,153 million, a reported decrease of 1.0%, as compared to $2,174 million in 2024. Foreign currency translation had a positive impact of 0.8%, resulting in a 1.8% sales decline on an organic basis.

•Adjusted Operating Income was $518 million, as compared to $558 million in the comparable prior period. Adjusted Operating Income margin was 24.1%.

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 11, 2026 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, visit avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.

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 (as applicable) 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 Income is 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, and (vii) 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 EBITDA is 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, and (viii) certain other adjustments. Adjusted EBITDA margin is 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 income is 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, and (v) 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 EPS is 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 leverage is 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 flow is 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.

Avantor, Inc. and subsidiaries

Consolidated statements of operations

(in millions, except per share data)			Three months ended December 31,												Year ended December 31,
			2025						2024						2025						2024
Net sales			$	1,663.6					$	1,686.6					$	6,552.2					$	6,783.6
Cost of sales			1,139.7						1,123.7						4,412.8						4,504.3
Gross profit			523.9						562.9						2,139.4						2,279.3
Selling, general and administrative expenses			392.4						371.4						1,595.5						1,641.1
Impairment charges			—						—						785.0						—
Gain on sale of business			5.1						(446.6)						5.1						(446.6)
Operating income (loss)			126.4						638.1						(246.2)						1,084.8
Interest expense, net			(40.0)						(44.9)						(169.8)						(218.8)
Loss on extinguishment of debt			(4.4)						(4.4)						(4.6)						(10.9)
Other expense, net			(1.2)						(4.6)						(20.7)						(1.2)
Income (loss) before income taxes			80.8						584.2						(441.3)						853.9
Income tax expense			(28.4)						(83.8)						(88.9)						(142.4)
Net income (loss)			$	52.4					$	500.4					$	(530.2)					$	711.5
Earnings (loss) per share:
Basic			$	0.08					$	0.74					$	(0.78)					$	1.05
Diluted			$	0.08					$	0.73					$	(0.78)					$	1.04
Weighted average shares outstanding:
Basic			678.0						680.7						680.6						679.6
Diluted			679.3						682.7						680.6						681.9

Avantor, Inc. and subsidiaries

Consolidated balance sheets

(in millions)			December 31, 2025						December 31, 2024
Assets
Current assets:
Cash and cash equivalents			$	365.4					$	261.9
Accounts receivable, net			1,074.6						1,034.5
Inventory			818.2						731.5
Other current assets			193.0						118.7
Total current assets			2,451.2						2,146.6
Property, plant and equipment, net			766.8						708.1
Other intangible assets, net			3,193.8						3,360.2
Goodwill, net			4,986.9						5,539.2
Other assets			396.0						360.4
Total assets			$	11,794.7					$	12,114.5
Liabilities and stockholders' equity
Current liabilities:
Current portion of debt			$	30.8					$	821.1
Accounts payable			741.7						662.8
Employee-related liabilities			162.7						168.2
Accrued interest			47.3						48.6
Other current liabilities			396.4						306.8
Total current liabilities			1,378.9						2,007.5
Debt, net of current portion			3,915.5						3,234.7
Deferred income tax liabilities			557.1						557.3
Other liabilities			378.2						358.3
Total liabilities			6,229.7						6,157.8
Stockholders’ equity:
Common stock including paid-in capital			3,984.8						3,937.7
Treasury stock at cost			(75.7)						—
Accumulated earnings			1,672.8						2,203.0
Accumulated other comprehensive loss			(16.9)						(184.0)
Total stockholders’ equity			5,565.0						5,956.7
Total liabilities and stockholders' equity			$	11,794.7					$	12,114.5

Avantor, Inc. and subsidiaries

Consolidated statements of cash flows

(in millions)			Three months ended December 31,												Year ended December 31,
			2025						2024						2025						2024
Cash flows from operating activities:
Net income (loss)			$	52.4					$	500.4					$	(530.2)					$	711.5
Reconciling adjustments:
Depreciation and amortization			103.3						100.9						410.2						405.5
Impairment charges			—						—						785.0						—
Gain on sale of business			5.1						(446.6)						5.1						(446.6)
Stock-based compensation expense			11.3						11.1						46.4						46.8
Non-cash restructuring charges			3.2						0.5						3.2						16.9
Provision for accounts receivable and inventory			20.3						19.3						63.7						75.1
Deferred income tax expense (benefit)			49.6						28.4						7.7						(46.9)
Amortization of deferred financing costs			1.9						2.6						8.5						11.2
Loss on extinguishment of debt			4.4						4.4						4.6						10.9
Foreign currency remeasurement loss (gain)			1.0						(3.3)						1.7						(0.3)
Pension termination charges			—						9.3						18.1						9.3
Changes in assets and liabilities:
Accounts receivable			3.1						11.7						13.6						45.9
Inventory			(42.7)						3.0						(109.4)						(18.5)
Accounts payable			46.8						17.7						42.4						59.6
Accrued interest			12.1						14.9						(1.3)						(1.6)
Other assets and liabilities			(116.8)						(100.7)						(144.2)						(37.7)
Other			(2.3)						(0.3)						(1.3)						(0.3)
Net cash provided by operating activities			152.7						173.3						623.8						840.8
Cash flows from investing activities:
Capital expenditures			(35.5)						(27.5)						(128.8)						(148.8)
Proceeds from sale of disposal group, net of cash sold			—						585.2						—						585.2
Other			(4.2)						0.8						(1.7)						2.5
Net cash (used in) provided by investing activities			(39.7)						558.5						(130.5)						438.9
Cash flows from financing activities:
Debt borrowings			1,039.9						—						1,107.6						—
Debt repayments			(949.0)						(756.8)						(1,426.3)						(1,341.8)
Payments of debt refinancing fees			(15.1)						—						(15.1)						—
Proceeds received from exercise of stock options			0.2						1.9						5.1						69.2
Shares repurchased to satisfy employee tax obligations for vested stock-based awards			(0.2)						(0.4)						(5.6)						(8.6)
Purchases of company common stock			(75.1)						—						(75.1)						—
Net cash provided by (used in) financing activities			0.7						(755.3)						(409.4)						(1,281.2)
Effect of currency rate changes on cash and cash equivalents			(0.1)						(22.1)						19.7						(21.5)
Net change in cash, cash equivalents and restricted cash			113.6						(45.6)						103.6						(23.0)
Cash, cash equivalents and restricted cash, beginning of period			254.7						310.3						264.7						287.7
Cash, cash equivalents and restricted cash, end of period			$	368.3					$	264.7					$	368.3					$	264.7

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures

Adjusted EBITDA and Adjusted EBITDA Margin

(dollars in millions, % based on net sales)			Three months ended December 31,																								Year ended December 31,
			2025												2024												2025												2024
			$						%						$						%						$						%						$						%
Net income (loss)			$	52.4					3.1		%				$	500.4					29.7		%				$	(530.2)					(8.1)		%				$	711.5					10.5		%
Amortization			75.6						4.5		%				74.2						4.4		%				301.1						4.6		%				299.8						4.4		%
Loss on extinguishment of debt			4.4						0.3		%				4.4						0.3		%				4.6						0.1		%				10.9						0.2		%
Restructuring and severance charges1			1.8						0.1		%				0.5						—		%				29.8						0.5		%				82.8						1.2		%
Transformation expenses2			12.2						0.8		%				12.3						0.8		%				61.7						1.0		%				58.9						0.9		%
Reserve for certain legal matters, net3			2.1						0.1		%				1.3						0.1		%				7.3						0.1		%				9.2						0.2		%
Other4			3.9						0.3		%				(3.5)						(0.3)		%				20.9						0.3		%				(3.9)						(0.2)		%
Impairment charges5			—						—		%				—						—		%				785.0						12.0		%				—						—		%
Gain on sale of business6			3.7						0.2		%				(446.6)						(26.5)		%				5.1						0.1		%				(446.6)						(6.6)		%
Pension termination charges7			—						—		%				9.3						0.6		%				16.3						0.2		%				9.3						0.2		%
Income tax (benefit) expense applicable to pretax adjustments			(9.9)						(0.6)		%				31.6						1.8		%				(87.9)						(1.4)		%				(54.2)						(0.8)		%
Adjusted net income			146.2						8.8		%				183.9						10.9		%				613.7						9.4		%				677.7						10.0		%
Interest expense, net			40.0						2.4		%				44.9						2.7		%				169.8						2.5		%				218.8						3.2		%
Depreciation			27.7						1.7		%				26.7						1.6		%				109.1						1.7		%				105.7						1.6		%
Income tax provision applicable to Adjusted Net income			38.3						2.3		%				$	52.2					3.0		%				$	176.8					2.7		%				$	196.6					2.9		%
Adjusted EBITDA			$	252.2					15.2		%				$	307.7					18.2		%				$	1,069.4					16.3		%				$	1,198.8					17.7		%

1.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. These expenses represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

2.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

3.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.

4.Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit), $6.7 million of severance and transition costs associated with the replacement of our Chief Executive Officer in 2025, and other costs.

5.Relates to the goodwill impairment of our Distribution reporting unit.

6.The amount reported in 2024 reflects the gain on the sale of our Clinical Services business. The amount reported in 2025 reflects post‑closing purchase price adjustments related to that sale.

7.Represents pension termination charges related to termination of our U.S. Pension Plan.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted Operating Income and Adjusted Operating Income Margin

(dollars in millions, % based on net sales)			Three months ended December 31,																								Year ended December 31,
			2025												2024												2025												2024
			$						%						$						%						$						%						$						%
Net income (loss)			$	52.4					3.1		%				$	500.4					29.7		%				$	(530.2)					(8.1)		%				$	711.5					10.5		%
Interest expense, net			40.0						2.4		%				44.9						2.7		%				169.8						2.5		%				218.8						3.2		%
Income tax expense			28.4						1.7		%				83.8						4.8		%				88.9						1.3		%				142.4						2.1		%
Loss on extinguishment of debt			4.4						0.3		%				4.4						0.3		%				4.6						0.1		%				10.9						0.2		%
Other (expense) income, net			1.2						0.1		%				4.6						0.3		%				20.7						0.4		%				1.2						—		%
Operating income (loss)			126.4						7.6		%				638.1						37.8		%				(246.2)						(3.8)		%				1,084.8						16.0		%
Amortization			75.6						4.5		%				74.2						4.4		%				301.1						4.6		%				299.8						4.4		%
Restructuring and severance charges1			1.8						0.1		%				0.5						—		%				29.8						0.5		%				82.8						1.2		%
Transformation expenses2			12.2						0.8		%				12.3						0.8		%				61.7						1.0		%				58.9						0.9		%
Reserve for certain legal matters, net3			2.1						0.1		%				1.3						0.1		%				7.3						0.1		%				9.2						0.2		%
Other4			3.6						0.2		%				(0.4)						—		%				14.0						0.1		%				0.9						—		%
Impairment charges5			—						—		%				—						—		%				785.0						12.0		%				—						—		%
Gain on sale of business6			3.7						0.2		%				(446.6)						(26.5)		%				5.1						0.1		%				(446.6)						(6.6)		%
Adjusted Operating Income			$	225.4					13.5		%				$	279.4					16.6		%				$	957.8					14.6		%				$	1,089.8					16.1		%

1.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. These expenses represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

2.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

3.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.

4.Represents other stock-based compensation expense (benefit), $6.7 million of severance and transition costs associated with the replacement of our Chief Executive Officer in 2025, and other costs.

5.Relates to the goodwill impairment of our Distribution reporting unit.

6.The amount reported in 2024 reflects the gain on the sale of our Clinical Services business. The amount reported in 2025 reflects post‑closing purchase price adjustments related to that sale.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted earnings per share

(shares in millions)			Three months ended December 31,												Year ended December 31,
			2025						2024						2025						2024
Diluted earnings (loss) per share (GAAP)			$	0.08					$	0.73					$	(0.78)					$	1.04
Amortization			0.11						0.11						0.44						0.44
Loss on extinguishment of debt			0.01						0.01						0.01						0.02
Restructuring and severance charges			—						—						0.04						0.12
Transformation expenses			0.02						0.02						0.09						0.09
Reserve for certain legal matters, net			—						—						0.01						0.01
Other			—						—						0.04						(0.01)
Impairment charges			—						—						1.15						—
Gain on sale of business			0.01						(0.66)						0.01						(0.65)
Pension termination charges			—						0.01						0.02						0.01
Income tax (benefit) expense applicable to pretax adjustments			(0.01)						0.05						(0.13)						(0.08)
Adjusted EPS (non-GAAP)			$	0.22					$	0.27					$	0.90					$	0.99
Weighted average diluted shares outstanding:
Share count for Adjusted EPS (non-GAAP)			679.3						682.7						680.6						681.9

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Free cash flow

(in millions)			Three months ended December 31,												Year ended December 31,
			2025						2024						2025						2024
Net cash provided by operating activities			$	152.7					$	173.3					$	623.8					$	840.8
Capital expenditures			(35.5)						(27.5)						(128.8)						(148.8)
Divestiture-related transaction expenses and taxes paid			—						76.3						1.4						76.3
Free cash flow (non-GAAP)			$	117.2					$	222.1					$	496.4					$	768.3

Adjusted net leverage

(dollars in millions)			December 31, 2025
Total debt, gross			$	3,967.9
Less cash and cash equivalents			(365.4)
			$	3,602.5
Trailing twelve months Adjusted EBITDA			$	1,069.4
Trailing twelve months ongoing stock-based compensation expense			47.6
			$	1,117.0
Adjusted net leverage (non-GAAP)			3.2		x

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(in millions)			December 31												Reconciliation of net sales growth (decline) to organic net sales growth (decline)
															Net sales growth (decline)						Foreign currency impact						Divestiture impact									Organic net sales growth (decline)
			2025						2024
Three months ended:
Laboratory Solutions			$	1,116.1					$	1,125.8					$	(9.7)					$	43.9					$	(7.3)								$	(46.3)
Bioscience Production			547.5						560.8						(13.3)						9.7						—									(23.0)
Total			$	1,663.6					$	1,686.6					$	(23.0)					$	53.6					$	(7.3)								$	(69.3)
Year ended:
Laboratory Solutions			$	4,399.7					$	4,610.1					$	(210.4)					$	86.0					$	(147.9)								$	(148.5)
Bioscience Production			2,152.5						2,173.5						(21.0)						18.7						—									(39.7)
Total			$	6,552.2					$	6,783.6					$	(231.4)					$	104.7					$	(147.9)								$	(188.2)

(dollars in millions, % based on net sales)			December 31												Reconciliation of net sales growth (decline) to organic net sales growth (decline)
															Net sales growth (decline)						Foreign currency impact						Divestiture impact									Organic net sales growth (decline)
			2025						2024
Three months ended:
Laboratory Solutions			$	1,116.1					$	1,125.8					(0.9)		%				3.8		%				(0.6)		%							(4.1)		%
Bioscience Production			547.5						560.8						(2.4)		%				1.7		%				—		%							(4.1)		%
Total			$	1,663.6					$	1,686.6					(1.4)		%				3.1		%				(0.4)		%							(4.1)		%
Year ended:
Laboratory Solutions			$	4,399.7					$	4,610.1					(4.6)		%				1.8		%				(3.2)		%							(3.2)		%
Bioscience Production			2,152.5						2,173.5						(1.0)		%				0.8		%				—		%							(1.8)		%
Total			$	6,552.2					$	6,783.6					(3.4)		%				1.6		%				(2.2)		%							(2.8)		%

Adjusted Operating Income by segment

(dollars in millions, % represent Adjusted Operating Income margin)			Three months ended December 31,																								Year ended December 31,
			2025												2024												2025												2024
			$						%						$						%						$						%						$						%
Laboratory Solutions			$	114.4					10.2		%				$	147.4					13.1		%				$	510.4					11.6		%				$	598.0					13.0		%
Bioscience Production			127.0						23.2		%				149.2						26.6		%				517.8						24.1		%				558.2						25.7		%
Corporate			(16.0)						—		%				(17.2)						—		%				(70.4)						—		%				(66.4)						—		%
Total			$	225.4					13.5		%				$	279.4					16.6		%				$	957.8					14.6		%				$	1,089.8					16.1		%

Investor Relations Contact

Chris Fidyk

Vice President, Investor Relations

Avantor

chris.fidyk@avantorsciences.com

Global Media Contact

Eric Van Zanten

Head of External Communications

Avantor

610-529-6219

eric.vanzanten@avantorsciences.com

Source: Avantor and Financial News

Exhibit 99.2

Avantor, Inc.

Summary Segment Information (unaudited)

(dollars in millions)

The unaudited reclassified segment financial information below is provided to reflect the change in the Company's reporting segments effective during the first quarter of 2026. The Company did not operate under the new structure for any of these prior periods and will begin to report comparative results under the new structure effective with the filing of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2026.

Reportable segment data on an annual basis for the years ended December 31, 2025, 2024, and 2023 and a quarterly basis for the year ended December 31, 2025, are presented in the tables below:

			Year ended December 31,
			2025						2024						2023
Net sales:
Bioscience & Medtech Products			$	1,822.0					$	1,788.5					$	1,872.0
VWR Distribution & Services			4,730.2						4,995.1						5,095.2
Total			$	6,552.2					$	6,783.6					$	6,967.2
Adjusted operating income:
Bioscience & Medtech Products			$	485.5					$	503.8					$	551.5
VWR Distribution & Services			542.7						652.5						718.2
Corporate			(70.4)						(66.5)						(57.9)
Total			$	957.8					$	1,089.8					$	1,211.8

			Year ended December 31, 2025
			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total
Net sales:
Bioscience & Medtech Products			$	426.4					$	475.9					$	448.8					$	470.9					$	1,822.0
VWR Distribution & Services			1,155.0						1,207.5						1,175.0						1,192.7						4,730.2
Total			$	1,581.4					$	1,683.4					$	1,623.8					$	1,663.6					$	6,552.2
Adjusted operating income:
Bioscience & Medtech Products			$	114.5					$	131.4					$	119.3					$	120.3					$	485.5
VWR Distribution & Services			147.9						141.6						132.0						121.1						542.7
Corporate			(19.6)						(20.8)						(14.0)						(16.0)						(70.4)
Total			$	242.8					$	252.2					$	237.3					$	225.4					$	957.8

FAQ

How did Avantor (AVTR) perform financially in full year 2025?

Avantor reported 2025 net sales of $6.55 billion, down 3.4% with a 2.8% organic decline. The company generated a net loss of $530 million, versus $712 million net income in 2024, while adjusted EBITDA was $1.07 billion with a 16.3% margin.

What were Avantor (AVTR)’s fourth quarter 2025 results?

In fourth quarter 2025, Avantor posted net sales of $1.66 billion, down 1.4% year over year with a 4.1% organic decline. Net income was $52 million, adjusted EBITDA was $252 million with a 15.2% margin, and adjusted EPS was $0.22.

Why did Avantor record a net loss in 2025?

Avantor’s 2025 net loss of $530 million primarily reflects a $785 million goodwill impairment in its Distribution reporting unit. This non‑cash charge significantly reduced GAAP earnings, even though adjusted net income remained positive at $614 million with adjusted EPS of $0.90.

How strong were Avantor (AVTR)’s cash flows and leverage in 2025?

Avantor generated $624 million in operating cash flow and $496 million in free cash flow during 2025. Total debt net of cash was $3.60 billion, and adjusted net leverage was 3.2x trailing 12‑month adjusted EBITDA, indicating meaningful cash generation relative to debt levels.

What segment changes is Avantor making starting in 2026?

Effective first quarter 2026, Avantor will report two segments: VWR Distribution & Services and Bioscience & Medtech Products. For 2025 under this structure, VWR Distribution & Services net sales were $4.73 billion and Bioscience & Medtech Products net sales were $1.82 billion, with total adjusted operating income of $957.8 million.

What is Avantor’s Revival program and management’s 2026 focus?

Avantor’s Revival program includes relaunching the VWR brand, critical manufacturing and supply chain improvements, and e‑commerce upgrades. Management describes 2026 as a year of transition and purposeful investment, emphasizing regaining top‑line growth, strengthening the company, and organizing more closely around customer needs.

How did Avantor’s Laboratory Solutions and Bioscience Production segments perform in 2025?

In 2025, Laboratory Solutions net sales were $4.40 billion, down 4.6%, with an adjusted operating margin of 11.6%. Bioscience Production net sales were $2.15 billion, down 1.0%, with an adjusted operating margin of 24.1%, reflecting margin compression versus 2024 in both segments.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 503.8 KB
• EX-99.2 EX-99.2 47.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.2 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 26.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 15.8 KB