Financial Analysis

8. Commitments and contingencies Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us. Environmental laws and regulations Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows: The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At June 30, 2026, our accrued obligation under this order is $2.2 million, which is calculated based on expected cash payments discounted at rates ranging from 3.9% to 5.0% between 2026 and 2045. The undiscounted amount of that obligation is $3.4 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement and guaranty referenced in our Annual Report. In 2016, we assessed the environmental condition of our chemical manufa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

9. Debt The following table presents information about our debt: (dollars in millions) June 30, 2026 December 31, 2025 Interest terms Rate Amount Senior secured credit facilities: Euro term loans B-6 EURIBOR plus 2.50% 4.403% 427.1 645.2 Euro term loans A-1 EURIBOR plus 1.50% 3.403% 450.9 469.2 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% Euro unsecured notes fixed rate 3.875% 456.6 469.2 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 25.6 26.9 Other 5.2 7.4 Total debt, gross 3,715.4 3,967.9 Less: unamortized deferred financing costs (17.6) (21.6) Total debt $ 3,697.8 $ 3,946.3 Classification on balance sheets: Current portion of debt $ 37.0 $ 30.8 Debt, net of current portion 3,660.8 3,915.5 Interest expense, net includes interest income of $10.3 million and $11.0 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $20.8 million and $18.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. The interest income primarily relates to income on our cross-currency swaps discussed in note 14. Credit facilities The following table presents availability under our revolving credit facility: (in millions) June 30, 2026 Capacity $ 1,400.0 Undrawn letters of credit outstanding (20.2) Unused availability $ 1,379.8 In October 2025, we amended the revolving credit facility to increase its funding limit to $1,400.0 million and extended the term to October 9, 2030. We capitalized $ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents net sales by product category: (in millions) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Proprietary $ 880.4 $ 893.8 $ 1,713.7 $ 1,723.5 Third-party 811.9 789.6 1,560.0 1,541.3 Total $ 1,692.3 $ 1,683.4 $ 3,273.7 $ 3,264.8

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11. Stock-based compensation The following table presents the components of stock-based compensation expense: (in millions) Classification Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Stock options Equity $ 1.9 $ 2.4 $ 3.4 $ 4.8 RSUs Equity 13.0 13.1 20.3 23.4 Other Both 0.5 0.3 (0.3) Total $ 15.4 $ 15.5 $ 24.0 $ 27.9 Award classification: Equity $ 15.2 $ 15.8 $ 24.2 $ 28.8 Liability 0.2 (0.3) (0.2) (0.9) At June 30, 2026, unvested awards have remaining expense of $87.1 million to be recognized over a weighted average period of 1.5 years. Stock options The following table presents information about outstanding stock options: (options and intrinsic value in millions) Number of options Weighted average exercise price per option Aggregate intrinsic value Weighted average remaining term Balance at December 31, 2025 11.7 $ 21.18 Granted 6.7 10.69 Exercised Forfeited (4.8) 17.14 Balance at June 30, 2026 13.6 $ 17.33 $ 1.0 5.9 years Expected to vest 6.2 11.53 1.0 9.5 years Vested 7.4 22.16 2.9 years During the six months ended June 30, 2026, we granted stock options that have a contractual life of ten years that vest annually over three years, as specified in the underlying grant agreements, subject to the recipients continuous service throughout the vesting period. RSUs The following table presents information about unvested RSUs: (awards in millions) Number of awards Weighted average grant date fair value per award Balance at December 31, 2025 6.7 $ 17 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

15. Financial instruments and fair value measurements Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt. Assets and liabilities for which fair value is only disclosed The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements. The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments: (in millions) June 30, 2026 December 31, 2025 Gross amount Fair value Gross amount Fair value Senior secured credit facilities: Euro term loans B-6 427.1 429.5 645.2 652.0 Euro term loans A-1 450.9 453.2 469.2 445.5 3.875% unsecured notes 800.0 764.0 800.0 765.9 3.875% Euro unsecured notes 456.6 457.6 469.2 470.2 4.625% unsecured notes 1,550.0 1,535.0 1,550.0 1,542.2 Finance lease liabilities 25.6 25.6 26.9 26.9 Other 5.2 5.2 7.4 7.4 Total $ 3,715.4 $ 3,670.1 $ 3,967.9 $ 3,910.1 The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are Level 2 measurements.

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7. Goodwill and other intangible assets Goodwill As described in note 1, effective January 1, 2026, we revised our internal operating model and reportable segment structure. As a result of this reorganization, the composition of our reporting units for purposes of goodwill impairment testing also changed. Our reporting units are now Life Sciences & Specialty Solutions, NuSil, VWR Distribution, and VWR Services. These reporting units comprise our Bioscience & Medtech Products and VWR Distribution & Services reportable segments. In connection with this change, goodwill was reassigned to the revised reporting units as of January 1, 2026 using a relative fair value allocation approach. In accordance with our accounting policy, we evaluated goodwill for impairment immediately before and after the reassignment. No goodwill impairment was identified as a result of the reorganization, and the total carrying value of goodwill was unchanged. The following table presents goodwill by our reportable segments as of January 1, 2026 (the effective date of the change): (in millions) Bioscience & Medtech Products VWR Distribution & Services Total Goodwill, gross $ 2,123.8 $ 3,686.9 $ 5,810.7 Accumulated impairment losses $ (19.2) $ (804.6) (823.8) Goodwill, net $ 2,104.6 $ 2,882.3 $ 4,986.9 Total goodwill did not change as a result of the January 1, 2026 reorganization. The only change in the carrying amount of goodwill during the six months ended June 30, 2026 relates to t …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

13. Income taxes The following table presents the relationship between income tax expense and income before income taxes: (in millions) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Income before income taxes $ 81.2 $ 81.7 $ 136.7 $ 167.4 Income tax expense (43.1) (17.0) (55.3) (38.2) Effective income tax rate 53.1 % 20.8 % 40.5 % 22.8 % Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense. The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions. The change in the effective tax rate for the three and six months ended June 30, 2026, compared with the three and six months ended June 30, 2025, is primarily attributable to a change in estimate of uncertain tax positions. Subsequent to June 30, 2026, we completed an internal reorganization. Because the reorganization occurred after the balance sheet date, the related tax effects have not been reflected in the consolidated financial statements as of and for the period ended June 30, 2026. We currently estimate that the reorganization will result in a deferred tax benefit of appr …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of Income Statement Expenses (DISE) In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statements. Environmental Credits and Environmental Credit Obligations In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations. The new standard requires recognition of environmental credit assets and corresponding compliance obligations to be measured at cost and presented gross on the balance sheet, along with enhanced quantitative and qualitative disclosures. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that the adoption of this standard will have on our financial statements. Other There were no other new accounting standards that we expect to have a material i …

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4. Segment financial information Effective January 1, 2026 , we revised our internal operating model and reporting structure and now operate and report our results through two reportable segments: Bioscience & Medtech Products and VWR Distribution & Services. Segment disclosures, including those for comparative periods presented, have been revised to conform to the current period presentation. Through these segments, we provide materials & consumables, equipment & instrumentation and services & specialty procurement to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments. Adjusted Operating Income is used by the CODM as the measure to evaluate segment profitability. The CODM uses this metric predominantly in the annual budget, forecasting and performance monitoring processes. The following table presents information by reportable segment: (in millions) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net sales: Bioscience & Medtech Products $ 451.8 $ 475.9 $ 883.2 $ 902.3 VWR Distribution & Services 1,240.5 1,207.5 2,390.5 2,362.5 Total $ 1,692.3 $ 1,683.4 $ 3,273.7 $ 3,264.8 Adjusted Operating Income: Bioscience & Medtech Products $ 117.6 $ 131.4 $ 220.3 $ 245.9 VWR Distribution & Services 126.4 141.6 231.8 289.5 Corporate (1 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing