Model Update

Research evidence excerpt

Model Update

Update

July 29, 2026 08:34 PM GMT

Morgan Stanley & Co. LLCMAvantor Inc | North America Kallum L Titchmarsh

Equity Analyst

Model Update Kallum.Titchmarsh@morganstanley.comJason Lai +1 212 761-2351

Research Associate

What’s Changed Jason.Lai@morganstanley.com +1 212 761-4848

Jakob Dodd

Avantor Inc (AVTR.N) From To Research Associate

Price Target $10.00 $14.00 Jakob.Dodd@morganstanley.com +1 212 761-0797

Avantor Inc (AVTR.N, AVTR UN)

Life Science Tools & Diagnostics | United States of

America

Stock Rating Equal-weight

Industry View In-Line

Price target $14.00

Shr price, close (Jul 28, 2026) $12.42

Mkt cap, curr (mm) $16,901

52-Week Range $15.90-7.27

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

We updated our model for AVTR following Q2 2026 earnings results. We raised our EPS ($)** 0.90 0.81 0.91 1.03

PT to $14 (from $10 prior), reflecting 12x 2027 EV/EBITDA (vs. 10.5x 2026 EV/ Prior EPS ($)** - 0.78 0.88 1.01

P/E 12.7 15.4 13.7 12.1

EBITDA prior). After a challenging past few years AVTR is in the midst of a strategic

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

turnaround under a new CEO, with results from recently implemented strategic framework

** = Based on consensus methodology

initiatives starting to show up in the P&L. AVTR reported strong Q2 earnings results e = Morgan Stanley Research estimates

where the company reported revenue and EPS ahead of street, and raised 2026 Quarterly EPS ($)

2026e 2026e 2027e 2027e

guidance for organic growth by +150bps. Our PT increase is supported by today's Quarter 2025 Prior Current Prior Current

results, which imply the company will exit 2026 with positive organic growth and Q1 0.23 - 0.17a 0.19 0.21

Q2 0.24 0.19 0.21 0.21 0.23

signal the company will return to organic growth in 2027.