Slides
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Corporate Presentation July 2025
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Cenovus at a glance Note: See Advisory. Market capitalization as at July 30th, 2025. Values are approximate. Expected production based on mid-point of corporate guidance. Proved plus probable reserves evaluated by independent qualified evaluators effective date of December 31, 2024. Cash returns to shareholders includes base dividends, preferred share dividends, variable dividends, preferred share redemptions and common share repurchases. Ticker symbol TSX, NYSE | CVE Shares outstanding 1,800 million Market capitalization $38 billion Operating Statistics 2025 production ~815 MBOE/d Upgrading and refining operable capacity 720 Mbbls/d 2024 proved plus probable (2P) reserves 8.5 BBOE Financial Summary Trailing twelve months Adjusted Funds Flow (AFF) $7.3 billion June 30, 2025 Net Debt $4.9 billion June 30, 2025 Long-Term Debt, including current portion $7.2 billion Trailing twelve months total cash returns to shareholders $3.2 billion Net Debt/Trailing twelve months AFF 0.7x Annual dividend per share (yield) $0.80/share (3.8%) Market Summary
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3 Second-quarter 2025 results 1) Non-GAAP financial measure. See Advisory. Upstream Production 766 MBOE/d Downstream Throughput 666 Mbbls/d Cash From Operating Activities $2,374 million Adjusted Funds Flow1 $1,519 million Free Funds Flow1 $355 million Capital Investments $1,164 million Net Debt $4,934 million Long-Term Debt, including current portion $7,241 million • Meaningful progress on growth projects: • Achieved first oil at Narrows Lake in July. • Completed the installation of the West White Rose concrete gravity structure and set topsides in place during July. • Advanced the Foster Creek optimization project, with four new boilers commissioned and online in July. • Safely and successfully completed major turnarounds at Toledo, Sunrise, and Foster Creek. • Returned $819 million to shareholders through common and preferred share buybacks and dividends. Highlights Second-quarter results
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4 Cenovus’s value proposition Note: See Advisory. 1) Base dividend capacity calculated at US$45 WTI. Dividend capacity calculated as adjusted funds flow less sustaining capital, asset retirement obligations and capital lease expenses. Robust balance sheet Manage towards $4.0B net debt; represents <1x cash flow at US$45 WTI. Returning excess cash to shareholders Targeting ~100% return of Excess Free Funds Flow. Highly efficient capital driving growth to ~950,000 BOE/d by 2028. Growing base dividend capacity to ~$2.0B1 Double-digit annual base dividend growth. Conservative capital structure Disciplined investment Increasing shareholder returns Low operating & sustaining capital costs Combined oil sands operating and sustaining capital costs <$21/bbl. Low cost, long-life resource base Resilient at bottom of the cycle Sustaining capital & base dividend funded at US$45 WTI. 8.5 billion barrels of 2P reserves 29-year reserves life index. All discretionary investments generate economic returns at US$45 WTI.
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5 0% 20% 40% 60% 80% CVE Peer-leading production and free funds flow growth to drive increased returns Differentiated growth proposition Production per share growth1 (2024 – 2027) Free funds flow2 per share growth1 (2024 – 2027) Note: 1) Peters & Co. estimates as at December 12, 2024. Assumes a flat commodity price deck from 2024 through 2027 and unchanged share price. 2024 base year numbers adjusted for acquisitions and normalized for other major operational impacts. Peers include CNQ, IMO and SU. 2) Contains a non-GAAP financial measure. See Advisory. 0% 10% 20% 30% 40% 50% CVE Peer Peer Peer Peer PeerPeer
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6 $0 $5 $10 $15 Sustaining Capital Operating Costs Combined sustaining + operating costs of <$21/bbl Significant thermal bitumen reserves with ~35yrs reserves life index World class Oil Sands assets: low cost with decades of reserves Note: See Advisory. 1) Forecasted at US$60 WTI. 2) Proved plus probable reserves evaluated by independent qualified evaluators effective December 31, 2024. Competitive operating costs1 of $10 - $12 per barrel Oil Sands sustaining capital1 of $7 - $9 per barrel Sustainable value creation over the long term 7.6 BBOE of booked 2P thermal bitumen reserves2 2024 Production (BBOE) Proved plus Probable (2P) Reserves (BBOE) Christina Lake Foster Creek Lloyd Thermal Sunrise $/bbl
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7 1.0 2.0 3.0 CVE 0 5,000 10,000 15,000 20,000 CVE The most experienced and highest performing SAGD operator Leveraging operating experience and technology to deliver industry-leading results Steam to oil ratioCumulative operating years Lowest SORMost experienced 0 100 200 300 400 500 600 700 CVE Production (Mbbls/d) Highest production Notes: Peers include CNQ, COP, MEG, SU. Cumulative operating years calculated as the sum of all operating durations for SAGD producers and injectors. Production and SOR based on total SAGD average in 2024. Source: Petrinex and AER Planned Growth 2024 Production Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer
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8 Integrated planning from geology through to production to reduce SOR, lower F&D and drive higher value Cenovus’s optimized SAGD development approach W12 Foster Creek Narrows Lake development (July 2025) Christina Lake development (2028+) 31m Understanding the reservoir is key to efficient resource recovery Prioritizing the next best resource at the lowest cost Engineering well design to match geographical formation Utilizing technology to optimize reservoir conformance Actively reallocating steam to pads with better SOR to maximize production Injector Producer 0 2,000 4,000 0 1 2 3 4 5 6 7 8 9 10 0 4,000 8,000 0 1 2 3 4 5 6 7 8 9 10 Steam (bbls/d) Oil (bbls/d) Optimized Unoptimized Optimized Unoptimized Geological characterization Optimal Dev Sequencing Front end well design Operating strategy Late life management Note: See Advisory.
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9 Capital efficient Oil Sands growth projects Expecting to add > 80,000 bbls/d and generate significant growth in free funds flow1 >20,000 bbls/d Steady growth 2024 - 2028 2028+ peak production Narrows Lake Tie Back Foster Creek Optimization Sunrise Optimization Conventional Heavy Oil 15,000 – 20,000 bbls/d Steady growth 2024 - 2027 2027 peak production >30,000 bbls/d First oil early 2026 2027 peak production 20,000 – 30,000 bbls/d First oil achieved July 2025 2026 peak production Note: See Advisory. 1) Non-GAAP financial measure. See Advisory.
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10 Continuing to hit key milestones 0 20 40 60 2026F 2027F 2028F Mbbls/d Concrete gravity structure installed in Q2 2025 First oil expected in Q2 2026 Topsides lifted and set in place in early Q3 2025 White Rose production profile1 Drilling expected to commence in Q4 2025 West White Rose Project Net peak production of ~45,000 bbls/d in 2028 High-netback, Brent-based pricingNote: See Advisory. 1) Production net to Cenovus.
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11 2025 capital investment Disciplined capital investment with targeted investment in high return growth projects Downstream Sustaining Upstream Sustaining Sunrise Growth Conventional Heavy Oil Foster Creek Optimization & Enhanced Sulphur Recovery Projects Conventional Gas West White Rose Downstream $1.4B - $1.8B Targeted Growth Capital Total Capital $4.6B - $5.0B Majority of growth capital spend concluding in 2025 Total Sustaining capital of ~$3.2B Note: See Advisory.
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12 Capital allocation priorities Committed to balance sheet strength and shareholder returns • Manage towards ~$4.0 billion of net debt. • Fully fund sustaining capital and base dividend at US$45 WTI. • Deliver disciplined growth through highly efficient capital projects that meet hurdles at US$45 WTI. • Commitment to deliver ~100% excess free funds flow1 (EFFF) to shareholders. Committed capital Safe and reliable operations Sustaining capital Base & preferred dividends Asset retirement obligations Capital leases Discretionary capital Growth capital Shareholder returns Share buybacks Acquisitions & divestitures Variable dividends Maintain $4.0B of net debt EFFF = AFF - committed capital - growth capital +/- A&D Note: See Advisory. 1) Non-GAAP financial measure. See Advisory.
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13 Disciplined and sustainable shareholder returns Consistent track record of base dividend growth and opportunistic repurchases $0.00 $0.10 $0.20 $0.30 2021 2022 2023 2024 2025 $/share Note: See Advisory. 1) Includes repurchases of common shares, warrants and expiration of options. Growing quarterly base dividend 1,600 1,800 2,000 2,200 2021 2022 2023 2024 2025 YTD Fully Diluted Shares (MM) Executing buyback program Five consecutive years of double-digit base dividend per share growth ~55% base dividend compound annual growth rate Excess free funds flow used to reduce shares outstanding ~220MM shares retired1 since 2021 +200% +33% +29% +11% -1.9% -3.4% -4.1% -2.0%
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14 $0 $1,000 $2,000 CAD Bonds USD Bonds Resilient balance sheet enables financial flexibility Note: See Advisory. 1) CAD$ maturities converted to US$ using 0.733 US$/C$ exchange rate. Minimal maturities until 2027 Average debt tenor 11.0 years Average debt coupon of 4.46% Current credit ratings & outlooks S&P Moody’s DBRS Fitch BBB Baa1 BBB (High) BBB Stable Stable Stable Stable Preferred Shares Principal ($MM) Reset Date Series 1 $268 03-31-2026 Series 2 $32 03-31-2026 Series 3 $250 Redeemed Series 5 $200 Redeemed Series 7 $150 Redeemed Unused committed credit facility of $5.5 billion Low risk maturity profile1 Strong Investment grade credit ratings
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Business overview
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16 • Safety behaviours drive continuous improvement and field level empowerment. • Safety metrics included on corporate scorecard. • Compliance to our operations integrity management system protects the safety of our people and integrity of our assets. • Our values and eight safety commitments set out the attitudes expected of everyone who works at Cenovus. Prioritizing safety and asset integrity Committed to a strong safety culture Note: See Advisory.
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Diverse cash flow streams from multiple jurisdictions Portfolio overview Upstream production2 Christina Lake 228 Mbbls/d Foster Creek 194 Mbbls/d Sunrise 51 Mbbls/d Lloyd Thermal & CHO 127 Mbbls/d Conventional 122 MBOE/d Offshore 68 MBOE/d Total Production 792 MBOE/d Operable capacity & heavy oil %2 Lloyd Upgrader & Refinery 108 Mbbls/d 100% Lima Refinery 170 Mbbls/d 15% Toledo Refinery 151 Mbbls/d 60% Superior Refinery 44 Mbbls/d 80% Borger Refinery1 75 Mbbls/d 25% Wood River Refinery1 173 Mbbls/d 70% Total Capacity 720 Mbbls/d ~55% 1) Joint ventures Cenovus does not operate. 2) Production, operable capacity as of six months ended June 30, 2025. Approximate heavy oil throughput capacity. See Advisory.
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18 Note: See Advisory. Production and operating costs as of six months ended June 30, 2025 Oil Sands Christina Lake Foster Creek Lloydminster Thermals Sunrise Lloydminster Conventional Heavy Oil Best-in-class assets with low-cost structure and long-life reserves Nameplate capacity 260 Mbbls/d Production 228 Mbbls/d Operating costs $9/bbl Cogeneration capacity ~100MW Nameplate capacity 180 Mbbls/d Production 194 Mbbls/d Operating costs $11/bbl Cogeneration capacity ~100MW Production 104 Mbbls/d High quality, lower viscosity thermal production vs. typical oil sands projects Nameplate capacity 60 Mbbls/d Production 51 Mbbls/d Operating costs $19/bbl Applying Cenovus development approach to access deep inventory of high-quality resource Production 23 Mbbls/d Piloting CO2 EOR technology Horizontal multi-lateral well development Nameplate capacity 107 Mbbls/d Best-in-class asset entering new growth area at Narrows Lake Progressing optimization project to lower cost and grow production
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19 • Short-cycle opportunities that provide ability to adjust to market conditions. • Diversifying our funds flow and utilizing extensive pipeline network to market product ex-Alberta. • Constructive long-term view of the North American gas market. • Modestly increasing investment to optimize owned infrastructure and reduce unit operating costs. Conventional land base and districts North Corridor Rainbow Edson Clearwater Disciplined approach to Conventional development Strategic long-term portfolio with optionality to grow Note: See Advisory.
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20 Offshore strategic value Note: See Advisory. 1) Free cash flow profile defined as asset operating margin less capital investments, not including tax at US$75 WTI. Atlantic • Atlantic portfolio sustains exposure to Brent pricing well into the 2030s. • Generates substantial free cash flow over the five-year plan. • Robust go-forward returns at bottom of the cycle pricing with West White Rose Project completion. Asia Pacific • Strong free cash flow generation, with limited capital requirements. • Geographically diverse business tied to high-value, mostly fixed- price contracts. • Exploring portfolio upside opportunities and contract extensions. -$1.5 -$0.8 $0.0 $0.8 $1.5 2025F 2026F 2027F 2028F West White Rose Project free cash flow profile1 $0.0 $1.0 $2.0 2021 2022 2023 2024 Asia Pacific free cash flow profile1$ billion $ billion Consistently delivering ~$1 billion of free cash flow per yearInflection point coming in 2026 Stable, diversified free cash flow generation
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21 Lloydminster Upgrader Lloydminster Refinery Commercial fuels business Note: See Advisory. 1) Capacity stated represents operable capacity. Canadian refining Heavy Oil Throughput Capacity 1 78.5 Mbbls/d Produces high quality, low sulphur synthetic crude oil and diesel fuel, and recovers diluent from the feedstock Condensate is cycled back to the nearby thermal operations Heavy Oil Throughput Capacity 1 29.5 Mbbls/d Produces more than 30 different types and grades of road asphalt from heavy oil 10 asphalt terminals in Canada and U.S. to serve retail customer base Commercial fuels business includes approximately 155 cardlock, bulk plant and travel centre locations Upgrader and refinery strategically located in Lloydminster
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22 U.S. refining Lima, Ohio Toledo, Ohio Superior, Wisconsin Borger, Texas Wood River, Illinois Note: See Advisory. 1) Capacity stated represents operable capacity. Integration with our Oil Sands business provides balanced differential exposure Throughput capacity1 170 Mbbls/d Heavy oil capacity 25 Mbbls/d Access to Canadian heavy, West Texas and North Dakota supply Throughput capacity1 151 Mbbls/d Heavy oil capacity 90 Mbbls/d Directly connected to Canadian heavy crude and configured to process high-TAN grades Throughput capacity1 44 Mbbls/d Heavy oil capacity 34 Mbbls/d Directly connected to Canadian heavy crude, producing high quality asphalt Net throughput capacity1 75 Mbbls/d Net heavy oil capacity 18 Mbbls/d Access to Canadian heavy, West Texas Sour and Permian supply Net throughput capacity1 173 Mbbls/d Net heavy oil capacity 120 Mbbls/d Accesses multiple pipelines – Keystone, Express-Platte, Mustang, Ozark Can process and is connected to Canadian heavy crudes
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23 Note: See Advisory. 1) Crude unit utilization reflects total Downstream business. 2025F reflects mid-points of July 2025 guidance. 2) Crude unit utilization as a percentage of operable capacity. 3) Unit operating expenses calculated by dividing operating costs excluding turnarounds expenses by total processed inputs. 70% 80% 90% 100% 2023 2024 2025F Increasing crude utilization • Record Canadian Refining rates through six months. • Targeted reliability improvements made at Lloydminster, Lima and Toledo during recent turnarounds. • Operations excellence established across the network. • Enhanced preventative maintenance programs. • Capturing synergies between operated fleet. Crude unit utilization1,2 (%) $10 $11 $12 $13 $14 $15 2023 2024 2025F Unit operating expenses1,3 ($/bbl)Driving down operating expenses • Focused cost oversight and application of best practices across sites. • Higher reliability drives lower unit costs. • Turnaround performance emphasis. • Streamlining overhead costs and contract services. Improvement of ~13% Decrease of ~20% Canadian and U.S. refining Integration with our Oil Sands business provides balanced differential exposure
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Appendix
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25 2025 mid year pricing & sensitivities Note: See Advisory. -$200 -$100 $0 $100 $200 $160 Chicago 3-2-1 crack spread US$(1)/bbl US$1/bbl RINs (RVO) US$(1)/bblUS$1/bbl Exchange Rate (US$/C$) +$0.01 $(0.01) US$1/bblUS$(1)/bbl Crude Oil (WTI) US$1/bbl US$(1)/bbl WTI-WCS Differential Natural Gas (AECO) C$(1)/mcf C$1/mcf 2025 mid year guidance price assumptions Oil & Gas Brent US$/bbl $69.00 WTI US$/bbl $65.00 WCS US$/bbl $53.50 WTI-WCS Differential US$/bbl $11.50 AECO C$/Mcf $2.00 Refined Products Chicago 3-2-1 Crack Spread US$/bbl $18.50 RINs US$/bbl $5.50 Foreign Exchange US$/C$ - 0.72 2025 Adjusted Funds Flow1 sensitivities (C$MM) ($210) $210 ($180) $180 ($160) ($160) $160 ($80) $80 ($5) $5 Note: See Advisory. 1) Non-GAAP financial measure.
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26 2025 guidance Note: See Advisory. 1) Specified financial measure. Upstream operating costs are divided by sales volumes and include the company’s proportionate share of operating costs from equity-accounted affiliates where applicable. Downstream operating costs are divided by total processed inputs and exclude expensed turnaround costs. Capital investments ($MM) Production/ throughput (MBOE/d or Mbbls/d) Operating costs1 ($/bbl or $/BOE) Turnaround expenses ($MM) Oil Sands 2,700 – 2,800 620 – 625 10.75 – 12.75 Conventional 350 – 400 120 – 125 11.00 – 12.00 Atlantic 10 – 15 50.00 – 60.00 Asia Pacific 55 – 60 10.00 – 11.00 Offshore 900 – 1,000 65 – 75 Total Upstream 3,950 – 4,200 805 – 825 Canadian Refining 105 – 110 11.00 – 12.00 - U.S. Refining 550 – 580 10.00 – 12.00 420 – 450 Total Downstream 650 – 750 655 – 690 Corporate 0 – 50 Total 4,600 – 5,000
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27 2025 planned maintenance Note: See Advisory. Turnaround activity is subject to change. Production Impact Q3 Q4 Annualized Upstream Oil Sands MBOE/d 5 - 7 - 7 - 9 Offshore MBOE/d 2 - 4 - 1 - 2 Conventional MBOE/d - - - Downstream Canadian Refining Mbbls/d - - - U.S. Refining Mbbls/d - 10 - 15 12 - 14 Turnaround Expenses Q3 Q4 Annualized Downstream Canadian Refining $MM - - - U.S. Refining $MM 55 - 70 45 - 60 420 - 450
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28 Note: See Advisory. Feedstock and refined product mix based on assumptions reflected in 2025 guidance. Refinery feedstock (% of crude throughput) Refined products (% of production) 100% 40% 57% 3% Canadian Refining U.S. Refining Heavy Light/Medium Synthetic Oil Other 48% 42% 11% 36% 16% 4%31% 12% Canadian Refining U.S. Refining Gasoline Synthetic Oil Distillates Asphalt Other Snapshot of feedstocks & refined products Refineries provide diversified feedstock and product slate
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29 Commodity price assumptions US$45 WTI Scenario 2025F 2026F 2027F 2028F Brent $47.00 $47.00 $47.00 $47.00 WTI $45.00 $45.00 $45.00 $45.00 WTI-WCS differential $12.50 $12.50 $12.50 $12.50 WCS $32.50 $32.50 $32.50 $32.50 Chicago 3-2-1 crack spread $16.00 $16.00 $16.00 $16.00 RINs $4.00 $4.00 $4.00 $4.00 AECO (C$/mcf) $2.12 $2.12 $2.12 $2.12 FX (US$/C$) 0.74 0.74 0.74 0.74 US$60 WTI Scenario 2025F 2026F 2027F 2028F Brent $65.00 $65.00 $65.00 $65.00 WTI $60.00 $60.00 $60.00 $60.00 WTI-WCS differential $14.00 $14.00 $14.00 $14.00 WCS $46.00 $46.00 $46.00 $46.00 Chicago 3-2-1 crack spread $18.50 $18.50 $18.50 $18.50 RINs $4.00 $4.00 $4.00 $4.00 AECO (C$/mcf) $2.40 $2.40 $2.40 $2.40 FX (US$/C$) 0.78 0.78 0.78 0.78 US$75 WTI Scenario 2025F 2026F 2027F 2028F Brent $81.00 $81.00 $81.00 $81.00 WTI $75.00 $75.00 $75.00 $75.00 WTI-WCS differential $18.00 $18.00 $18.00 $18.00 WCS $57.00 $57.00 $57.00 $57.00 Chicago 3-2-1 crack spread $22.00 $22.00 $22.00 $22.00 RINs $4.00 $4.00 $4.00 $4.00 AECO (C$/mcf) $2.65 $2.65 $2.65 $2.65 FX (US$/C$) 0.82 0.82 0.82 0.82 US$/bbl unless otherwise stated Note: See Advisory.
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30 Advisory Barrels of Oil Equivalent Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six Mcf to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value. Presentation Basis Cenovus presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Reserves Life Index Reserves life index is calculated based on reserves for the applicable reserves category divided by annual production. Forward-looking Information This presentation contains certain forward-looking statements and forward-looking information (collectively referred to as “forward looking information”) within the meaning of applicable securities legislation, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although we believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this presentation is identified by words such as “committed”, “continue”, “drive”, “expect”, “F”, “focus”, “grow”, “maintain”, “opportunities”, “plan”, “priorities”, “progress”, “target”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: reserves life index; production; Net Debt target; Adjusted Funds Flow; Free Funds Flow; operating and capital costs; base dividend growth and base dividend capacity; increasing shareholder returns; allocation of Excess Free Funds Flow to shareholder returns; capital investment; growing the base business; expectations for the timing of completion and operation, and production associated with growth projects: Narrows Lake, Foster Creek, Sunrise, West White Rose and conventional heavy oil; planned maintenance turnarounds; capital allocation priorities; Atlantic free cash flow profile; capital requirements; credit ratings; cost structure and cost improvements; reliability; refining and oil sands integration; throughput capacity; safety culture and performance; increasing crude utilization and decreasing operating expenses; and our 2025 guidance. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information in this presentation are based on and include but are not limited to: the allocation of Free Funds Flow and the assumptions inherent in Cenovus’s 2025 guidance available on cenovus.com and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the year ended December 31, 2024. Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the period ended December 31, 2024 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com). Specified Financial Measures Advisory Certain financial measures in this presentation do not have a standardized meaning prescribed by IFRS Accounting Standards and, therefore, are Specified Financial Measures. These Specified Financial Measures may not be comparable to similar measures presented by other issuers. See the Specified Financial Measures Advisory located in our Management’s Discussion and Analysis for the periods ended December 31, 2024 and June 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com) for information incorporated by reference about these Specified Financial Measures. © 2025 Cenovus Energy Inc.