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Avantor (AVTR) investor relations material
Avantor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 reported revenue was $1.68B, flat organically and down 1% year-over-year, with adjusted EPS of $0.24 and adjusted EBITDA margin at 16.6%.
Net income was $64.7M, down from $92.9M year-over-year; free cash flow was $125M with 100% conversion.
CEO transition announced: Emmanuel Ligner to succeed Michael Stubblefield effective August 18, 2025.
Divestiture of Clinical Services created a $48M revenue headwind and $0.01 EPS dilution in Q2.
Cost transformation program targeting $400M in run-rate savings by 2027 remains on track.
Financial highlights
Q2 2025 revenue was $1.68B, flat year-over-year on an organic basis; adjusted EBITDA was $280M (16.6% margin); adjusted EPS was $0.24.
Adjusted gross profit was $554M (32.9% margin), down year-over-year; adjusted operating income was $252M (15% margin).
Free cash flow was $125M; cash and cash equivalents at quarter end were $449.4M.
Adjusted net leverage ended at 3.2x adjusted EBITDA, unchanged from Q1 and improved year-over-year.
Net income margin was 3.8%; diluted GAAP EPS was $0.09.
Outlook and guidance
Full-year organic revenue growth guidance reduced to -2% to flat; adjusted EBITDA margin expected between 16.5% and 17%; adjusted EPS guidance $0.94–$0.98.
Free cash flow guidance lowered to $550M–$600M before transformation expenses, reflecting upfront rebates and divestiture impact.
Q3 organic revenue growth expected at -4% to -2% year-over-year, with both segments down similarly.
Reported revenue guidance reflects a 2% headwind from Clinical Services divestiture and 1% FX tailwind.
Inflationary pressures and foreign currency fluctuations expected to continue impacting results.
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