CENOVUS $CVE Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: C$16.00B (Est. C$16.68B) 🔴; +6% YoY 🔹 EPS: C$1.83 (Est. C$1.69) 🟢; +154% YoY 🔹 Net Earnings: C$3.36B (Est. C$3.08B) 🟢; +161% YoY Operations: 🔹 Upstream Production: 1,024 MBOE/d 🔹 Downstream Throughput: 437.2 Mbbls/d; -38% YoY 🔹 Crude Unit Utilization: 92% Segment Net Revenue: 🔹 Oil Sands Production: 833 MBOE/d 🔹 Conventional Production: 120.1 MBOE/d 🔹 Offshore Production: 70.4 MBOE/d Other Q3 Metrics: 🔹 Adjusted Funds Flow: C$5.02B; +104% YoY 🔹 Free Funds Flow: C$3.57B; +172% YoY 🔹 Operating Margin: C$6.33B; +114% YoY Announcements: 🔹 Athabasca Acquisition: ~45 MBOE/d; 1.3B BOE reserves 🔹 Athabasca Transaction: C$5.7B implied enterprise value Capital Return: 🔹 Shareholder Returns: C$1.90B 🔹 Repurchases: C$1.50B 🔹 Dividends: C$403M; C$0.22/share Comments: 🔸 “We exceeded one million BOE per day of production in the quarter for the first time ever. This milestone was achieved in only our seventeenth year operating as an independent company. Our asset performance continues to unlock significant value across our portfolio.” 🔸 “As we close the year, our focus remains on consistent execution, safe operations and leveraging the competitive advantages created by our people, asset base and integrated business model.”