Pay vs Performance Disclosure - USD ($)
Dec. 31, 2025
Aug. 17, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2025
The following table sets forth the compensation for our PEO and the average compensation for our Non-PEO NEOs, both
as reported in the Summary Compensation Table and with certain adjustments to reflect the compensation actually paid
("CAP") to such individuals, as defined under SEC rules, for each of 2024, 2023, 2022, 2021 and 2020. The table also
provides information on our cumulative total stockholder return ("TSR"), the cumulative TSR of our peer group, Net
Income and Revenue over such years in accordance with SEC rules.
PAY VERSUS PERFORMANCE TABLE
Value of Initial fixed $100 Investment Based On: | ||||||||||
Summary Compensation Table Total for Emmanuel Ligner | Compensation Actually Paid to Emmanuel Ligner | Summary Compensation Table Total for Michael Stubblefield | Compensation Actually Paid to Michael Stubblefield | Average Summary Compensation Table Total for Non-PEO NEOs(1)(d) | Average Compensation Actually Paid to Non-PEO NEOs(2) (e) | Avantor Total Stockholder Return(3) (f) | Peer Group Total Stockholder Return (g) | Net Income(4) (millions) (h) | Company Selected Measure (Revenue) (millions) (i) | |
2025 | $5,895,624 | $6,099,867 | $13,077,931 | $(1,380,512) | $5,375,454 | $2,060,367 | $40.71 | $148.36 | $(530.2) | $6,552.2 |
2024 | $— | $— | $14,525,638 | $11,178,551 | $3,426,772 | $1,778,724 | $116.09 | $146.87 | $711.5 | $6,783.6 |
2023 | $— | $— | $12,338,767 | $8,925,771 | $3,683,836 | $2,493,597 | $125.79 | $143.18 | $321.1 | $6,967.2 |
2022 | $— | $— | $10,831,766 | $2,553,081 | $(7,183,678) | $116.20 | $140.29 | $686.5 | $7,512.4 | |
2021 | $— | $— | $13,260,913 | $45,709,309 | $3,538,486 | $12,019,256 | $232.18 | $143.09 | $572.6 | $7,386.1 |
“Summary Compensation Table” for the respective years. Average compensation for our non-PEO NEOs included: (a) for 2025, R.
Brent Jones, Corey Walker, Benoit Gourdier and Claudius Sokenu; (b) for 2024, R. Brent Jones, Benoit Gourdier, James Bramwell,
Randy Stone and Claudius Sokenu; (c) for 2023, R. Brent Jones, Randy Stone, James Bramwell, Frederic Vanderhaegen, Gerard
Brophy and Thomas Szlosek; and (d) for 2022 and 2021, Thomas Szlosek, Frederic Vanderhaegen, Gerard Brophy and Sheri Lewis.
2020 and ending on December 31 of each of 2025, 2024, 2023, 2022 and 2021, respectively, calculated in accordance with Item
201(e) of Regulation S-K. The peer group for purposes of this table is the S&P 500 Health Care Index. Historic stock price
performance is not necessarily indicative of future stock performance.
Current PEO | Former PEO Michael Stubblefield | |||||||||||
2025 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||
Total Compensation as reported in SCT | $5,895,624 | $13,077,931 | $14,525,638 | $12,338,767 | $10,831,766 | |||||||
Subtract change in the actuarial present value of pension benefits | $— | $— | $— | $(7,895) | $— | $(5,342) | ||||||
Add service cost of pension benefits | $— | $— | $— | $2,684 | $3,421 | $3,388 | ||||||
Subtract grant date fair value of equity awards granted during covered year reported in SCT | $(4,999,988) | $(10,875,781) | $(11,276,173) | $(10,966,272) | $(9,684,956) | $(8,633,149) | ||||||
Add fair value of equity compensation granted in current year – value at year-end | $5,204,231 | $5,669,429 | $9,149,167 | $7,305,449 | $3,260,458 | |||||||
Add dividends accrued on unvested shares/share units | $— | $— | $— | $— | $— | $— | ||||||
Add/subtract change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | $— | $(6,197,315) | $(1,323,388) | $(921,458) | $(28,816,798) | |||||||
Add/subtract change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | $— | $(579,577) | $463,117 | $1,174,497 | $(4,226,057) | $5,214,944 | ||||||
Subtract fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year | $— | $(2,475,199) | $(359,810) | $— | $— | $— | ||||||
Compensation Actually Paid to PEO | $6,099,867 | $(1,380,512) | $11,178,551 | $8,925,771 | $(28,632,167) | |||||||
PAID RECONCILIATION:
Non-PEO NEOs (Average) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||
Total Compensation as reported in SCT | $5,375,454 | $3,426,772 | $3,683,836 | $2,553,081 | $3,538,486 | |||||
Subtract change in the actuarial present value of pension benefits | $— | $— | $(5,613) | $(1,726) | $(2,787) | |||||
Add service cost of pension benefits | $— | $— | $1,806 | $2,495 | $2,491 | |||||
Subtract grant date fair value of equity awards granted during fiscal year reported in SCT | $(4,469,553) | $(2,405,576) | $(3,117,887) | $(1,963,157) | $(1,861,530) | |||||
Add fair value of equity compensation granted in current year – value at year-end | $3,144,766 | $1,516,142 | $2,221,730 | $660,865 | $4,005,523 | |||||
Add dividends accrued on unvested shares/share units | — | — | — | $— | $— | |||||
Add/subtract change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | $(1,345,092) | $(193,197) | $(81,272) | $(6,381,045) | $5,398,965 | |||||
Add/subtract change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | $(173,945) | $(72,956) | $138,465 | $(2,054,191) | $938,108 | |||||
Subtract fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year | $(471,263) | $(492,462) | $(347,467) | $— | $— | |||||
Compensation Actually Paid to Non-PEO NEOs | $2,060,367 | $1,778,724 | $ 2,493,597 | $(7,183,678) | $ 12,019,256 |
As shown in the chart below, the PEO and other NEOs’ CAP amounts are aligned with our TSR. Our higher TSR in 2021
(both on an absolute basis and relative to the S&P 500 Health Care Index) directionally aligned with higher CAP for the
PEO and NEOs, while weaker performance resulted in negative CAP in 2022 and lower CAP in 2023, 2024 and 2025.
 | PEO CAP (In Millions) |  | Non-PEO NEOs CAP (In Millions) |  | Avantor TSR |  | S&P 500 Healthcare TSR |
(a)Total stockholder return in the above chart, in the case of both the Company and our peer group as noted in footnote 3 of the above
Pay versus Performance Table, reflects the cumulative return of $100 as if invested on December 31, 2020 through December 31,
2025, calculated in accordance with Item 201(e) of Regulation S-K.
Our strong Net Income growth in 2021 directionally aligned with higher CAP in that year, while Growth was slower in 2022,
2023 and in 2025, which aligned with lower compensation actually paid. The net income increase in 2024 is also aligned
with the increase in CAP.
| PEO CAP (In Millions) | | Non-PEO NEOs CAP (In Millions) | | Net Income (In Millions) |
Our strong Revenue growth in 2021 directionally aligned with higher CAP for that year, while growth was slower in 2022,
2023, 2024 and 2025 which aligned with lower compensation actually paid.
| PEO CAP (In Millions) | | Non-PEO NEOs CAP (In Millions) | | Revenue (In Millions) |
The unranked list below represents, in Avantor’s view, Avantor’s most important financial measures used to link
compensation to performance:
Company Performance Metrics(1) |
Adjusted EPS |
Adjusted Operating Income |
Free Cash Flow |
Relative TSR |
Revenue |
(1)For more information regarding these company performance metrics and their function in the Company’s executive compensation
program, see “Compensation Discussion and Analysis.” For information about these non-GAAP financial measurements, including
reconciliations to the most directly comparable GAAP-based financial measurements, see “Appendix A — Non-GAAP Financial
Measurements.”