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Corporate Presentation November 2026
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2 Cenovus at a glance Note: See Advisory. Market capitalization as at November 2, 2026. Values are approximate. 2026 production based on mid- point of corporate guidance. Proved plus probable reserves evaluated by independent qualified reserves evaluators effective as of December 31, 2025. Shares outstanding and trailing twelve month metrics as of September 30, 2026. Cash returns to shareholders includes base dividends, preferred share dividends, preferred share redemptions and common share repurchases. Ticker symbol TSX, NYSE | CVE Shares outstanding 1,817 million Market capitalization $78 billion Operating Statistics 2026 production guidance 990 MBOE/d Upgrading and refining operable capacity 473 Mbbls/d 2025 proved plus probable (2P) reserves 9.6 BBOE Financial Summary Trailing twelve months Adjusted Funds Flow (AFF) $16.1 billion September 30, 2026 Net Debt $3.0 billion September 30, 2026 Long-Term Debt, including current portion $8.5 billion Trailing twelve months total cash returns to shareholders $5.4 billion Net Debt/Trailing twelve months AFF 0.2x Annualized dividend per share (yield) $0.88/share (2.0%) Market Summary
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3 Third-quarter 2026 results Note: See Advisory. 1) Non-GAAP financial measure. 2) Specified financial measure. Upstream Production 1,024 MBOE/d Downstream Throughput 437 Mbbls/d Cash From Operating Activities $5,584 million Adjusted Funds Flow1 $5,023 million Free Funds Flow1 $3,569 million Capital Investments $1,454 million Net Debt $2,999 million Long-Term Debt, including current portion $8,547 million Highlights Third-quarter results • Upstream production of 1,024 MBOE/d. • Increase of over 50 MBOE/d from Q2 2026. • Record quarterly Oil Sands production of 833 MBOE/d. • Oil Sands operating costs of $10.23/bbl, a decrease of over $0.50/bbl from Q2 2026. • Downstream crude utilization of 92% and Operating Margin of $1.8 billion2. • Decreased net debt by $2.4 billion. • Returned $1.9 billion to shareholders through share buybacks and dividends.
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4 Highly efficient growth investments • Forward capital efficiency of less than $25,000 per flowing barrel. • Driving growth to nearly 1.1 MMBOE/d by the end of 2028. Generating economic returns at US$45 WTI • All growth investments meet economic hurdles at US$45 WTI. Disciplined growth investments Conservative capital structure Cenovus’s value proposition Low cost, long-life resource base Increasing shareholder returns Note: See Advisory. Proved plus probable reserves life index evaluated by independent qualified evaluators as of December 31, 2025. 2P reserves life index estimated using 2025 production (utilizing a full-year production estimate for Christina Lake North). Decades of production from booked reserves • 28-year 2P reserves life index, with significant future resource potential. Low operating & sustaining capital costs • Combined Oil Sands operating and sustaining capital costs ~$21/bbl. • Competitive with the best resource globally. Growing base dividend in real terms • Six consecutive years of double-digit dividend per share growth. • Business plan expected to support continued 10%+ per-share annual dividend growth. Returning excess cash to shareholders • ~400 million common shares retired through NCIB since 2021. Robust balance sheet • <1x Net Debt to trailing twelve months AFF. • Long-term target of $4.0B Net Debt; represents <1x estimated AFF at US$45 WTI. Resilient at bottom of the cycle • Sustaining capital & base dividend funded at US$45 WTI.
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Diverse cash flow streams across multiple jurisdictions Portfolio overview Upstream production2 Christina Lake 371 MBOE/d Foster Creek3 231 MBOE/d Sunrise 65 MBOE/d Lloyd Thermal & CHO 131 MBOE/d Conventional 120 MBOE/d Offshore 71 MBOE/d Total production 989 MBOE/d Downstream operable capacity & heavy oil %2 Lloydminster Upgrader 78.5 Mbbls/d 100% Lloydminster Refinery 29.5 Mbbls/d 100% Lima Refinery 170 Mbbls/d 15% Toledo Refinery 151 Mbbls/d 60% Superior Refinery 44 Mbbls/d 80% Total capacity 473 Mbbls/d ~55% Note: See Advisory. 1) Joint ventures Cenovus does not operate. 2) Production and operable capacity as of nine months ended September 30, 2026. Approximate heavy oil throughput capacity shown as a percentage of operable capacity. 3) Foster Creek production includes Oil Sands natural gas production.
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6 0% 25% 50% 75% 100% Cenovus Peer Peer Peer >100% Differentiated value proposition Highest production growth, highest free funds flow growth and lowest cost structure of the peer group Notes: See Advisory. 1) Peters & Co. estimates as of November 24, 2025. Assumes a flat commodity price deck from 2025 through 2028 and unchanged share price. Per share metrics are debt and dividend adjusted and pro forma acquisitions. Peers include CNQ, IMO and SU. 2) Enverus estimates as of March 2025. Cost structure defined as portfolio weighted operating costs per barrel plus sustaining capital per barrel of production. Peers include CNQ, IMO, and SU. 0% 25% 50% 75% 100% Cenovus Peer Peer Peer Production per share growth1 (2025 - 2028) Free funds flow per share growth1 (2025 - 2028) $0 $10 $20 $30 $40 $50 Cenovus Peer Peer Peer $/bbl Cost structure per barrel of production2 Highest free funds flow per share growth Lowest combined sustaining + operating costs of ~$21/bbl Highest production per share growth
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7 Executing our growth strategy while materially increasing Adjusted Funds Flow Growing through disciplined execution Note: See Advisory. 1) Per diluted share outstanding. Contains a Non-GAAP financial measure. Total upstream production (MBOE/d) 500 700 900 1,100 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted Funds Flow per share1 ($ per share) $0.00 $1.00 $2.00 $3.00 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Production growth of ~190 MBOE/d year-over-year Increased Adjusted Funds Flow per share by ~100% year-over-year
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8 Capital allocation priorities Commitment to a strong balance sheet, disciplined investment and shareholder returns Note: See Advisory. Growth capitalBase dividend Share repurchasesBalance sheet • Base dividend funded through cash flow after covering sustaining capital. • Designed to be sustainable through bottom of the cycle commodity prices. • Capacity to grow base dividend ratably over time. • Focused and disciplined investment in the most capital efficient and highest return projects. • All growth investments meet economic hurdles at US$45 WTI. • Opportunistic share repurchases funded from EFFF after covering base dividend and total capital investment. • Commitment to maintaining a strong balance sheet and investment grade credit ratings. • Deleveraging with a portion of excess free funds flow (EFFF) to maintain financial flexibility. • Long-term Net Debt target of $4.0 billion. Sustaining capital • Investments related to ensuring safe, reliable operations and maintaining current production levels. • Investments to sustain production tested against economic hurdles at US$45 WTI. 1 2 3 4 5
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9 Disciplined and sustainable shareholder returns Consistent track record of base dividend growth and opportunistic repurchases $/share Note: See Advisory. 1) Includes base dividends, variable dividends, dividends paid on preferred shares, repurchase of warrants, repurchase of common shares (through the NCIB), and preferred share redemptions. 2) Market capitalization as at November 2, 2026. Growing quarterly base dividend $0 $5 $10 $15 $20 2021 2022 2023 2024 2025 2026 YTD $ billions Cumulative shareholder returns1 Six years of consecutive growth in the base dividend Annualized growth of ~44% since 2021 Delivered over $18 billion of shareholder returns since 2021 ~23% of market capitalization2 +200% +33% +29% +11% +10% $0.00 $0.10 $0.20 $0.30 2021 2022 2023 2024 2025 2026
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10 2026 capital investment Note: See Advisory. Totals may not add due to rounding. 1) Diluent Solvent Aided Process. Growth capital Sustaining capital ~$3.5 - 3.6B Turnaround capital ~$350MM Disciplined capital program with targeted investment in high return growth projects Total capital $5.0 - $5.3B $1.2B - $1.4B Conventional Growth Oil Sands Growth Offshore Growth Targeting liquids rich opportunities West White Rose drilling Christina Lake North expansion Sunrise optimization Lloydminster region development (including Spruce Lake DilSAP1)
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11 Spruce Lake DilSAP3 5,000 - 10,000 bbls/d In progress (2028 completion) In-flight projects support continued upstream production growth Note: See Advisory. 1) 2025 and 2026F production based on 2025 actuals and 2026 guidance respectively. Production outlook excludes the potential acquisition of Athabasca Oil Corporation. 2) Production net to Cenovus. 3) Diluent Solvent Aided Process. Total upstream production1 0 600 1,200 2025 2026F 2027F 2028F MBOE/d Project Production additions Status Narrows Lake Tie Back 20,000 - 30,000 bbls/d ✓ Foster Creek Optimization >30,000 bbls/d Sunrise Optimization 15,000 - 20,000 bbls/d Christina Lake North Expansion ~40,000 bbls/d In progress (2028 completion) Key growth projects West White Rose ~45,000 bbls/d2 In progress (2028 peak production) ✓ ✓
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12 U.S. Pipelines (excl. Mainline) ~225 Mbbls/d Tolls US$6.5 – US$10.0/bbl Midstream and downstream heavy oil coverage Blended heavy production 1,000 – 1,100 Mbbls/d Heavy oil egress/conversion >750 Mbbls/d by 2028 U.S. Refining heavy crude capacity ENB Mainline ~125 Mbbls/d Tolls to Superior ~US$3.0/bbl1 Tolls to Toledo ~US$6.6/bbl1 TMX 164 Mbbls/d Tolls US$8.0 – US$9.0/bbl Canadian Refining ~110 Mbbls/d Egress pipeline coverage Refinery coverage Mitigating risk of Canadian heavy oil price dislocations via downstream integration and pipeline egress Note: See Advisory. 1) Average through 2026 full year. Future contracted U.S. Pipeline space ~150 Mbbls/d by 2028
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13 $0 $1,000 $2,000 $3,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2042 2043 2047 2052 Strong investment grade credit ratings with longer-term maturities Note: See Advisory. 1) US$ maturities converted to C$ using 0.72 US$/C$ exchange rate. Current credit ratings & outlooks S&P Moody’s DBRS Fitch BBB Baa1 BBB (High) BBB Stable Stable Stable Stable U.S. dollar maturities1 Canadian dollar maturities Average debt coupon ~4.6% Average debt tenor ~11 years
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14 2026 guidance pricing & sensitivities . -$200 -$100 $0 $100 $200 $170 Chicago 3-2-1 crack spread US$(1)/bbl US$1/bbl 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 at Hardisty Natural gas (AECO) C$1/mcf C$(1)/mcf 2026 adjusted funds flow sensitivities (C$MM) ($110) $110 ($170) ($220) ($75) $75 $(20) $20 $220 2026 mid year guidance price assumptions Crude oil & natural gas Brent US$/bbl $80.00 WTI US$/bbl $75.00 WCS US$/bbl $61.00 WTI-WCS differential US$/bbl $14.00 AECO C$/Mcf $2.00 Refined products Chicago 3-2-1 crack spread US$/bbl $34.00 RINs US$/bbl $14.00 Exchange rate US$/C$ 0.72 Note: See Advisory.
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15 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. Oil and Gas Advisory All production referenced herein is presented on a net before royalties basis, unless otherwise stated. This presentation makes assumptions relating to future production volumes based on reserve evaluation calculations prepared by third party independent evaluators. Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent in estimating quantities of proved and proved plus probable bitumen reserves and in projecting future rates of production. The total amount or timing of actual future production may vary significantly from reserves and production estimates. 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 “commitment”, “drive”, “expect”, “execute”, “F”, “future”, “grow”, “in progress”, “increase”, “long-term”, “maintain”, “mitigate”, “opportunities”, “optimize”, “plan”, “potential”, “priorities”, “sustain”, “target” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: 2P reserves and reserves life index; future resource potential; production; Net Debt target; Adjusted Funds Flow; Free Funds Flow; low operating and sustaining capital costs; driving growth to nearly 1.1 MM BOE/d by the end of 2028; generating economic returns at US$45 WTI; 10%+ per-share annual dividend growth; estimated production per share growth, free funds flow per share growth and cost structure per barrel of production; executing our growth strategy while materially increasing AFF; capital allocation priorities; commitment to a strong balance sheet, disciplined investment, investment grade credit ratings and shareholder returns; deleveraging with a portion of EFFF to maintain financial flexibility; increasing shareholder returns; ensuring safe, reliable operations; opportunistic share repurchases funded from EFFF after covering base dividend and total capital investment; disciplined and sustainable shareholder returns; growing base dividend and returning excess cash to shareholders; disciplined capital program with targeted investment in high return growth projects: targeting liquids rich opportunities, Sunrise optimization, Christina Lake North expansion, West White Rose drilling, and Lloydminster region development (including Spruce Lake DilSAP); timing of completion of growth projects, including Christina Lake North expansion and Spruce Lake DilSAP; path to increasing upstream production to >1 million BOE/day; mitigating risk of Canadian heavy oil price dislocations via downstream integration and pipeline egress; credit ratings, outlooks and maturities; and our updated 2026 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 2026 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, 2025. 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 periods ended December 31, 2025 and September 30, 2026 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, 2025 and September 30, 2026 (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.