Cenovus Energy Inc. · TSX:CVE
Cenovus Energy — Q4 2025 Earnings Presentation
24 slides from Cenovus Energy's earnings presentation, Feb 19, 2026
Slide 1: Corporate Presentation
Corporate Presentation February 2026
Slide 2: Cenovus at a glance
Cenovus at a glance Market Summary Ticker symbol TSX, NYSE | CVE Shares outstanding 1,883 million Market capitalization $57 billion Operating Statistics 2026 production 965 MBOE/d Upgrading and refining operable capacity 473 Mbbls/d 2025 proved plus probable (2P) reserves 9.6 BBOE Financial Summary
Slide 3: Fourth-quarter 2025 results
Fourth-quarter 2025 results Fourth-quarter results Highlights • Record Upstream production of 918 MBOE/d in the fourth quarter. Upstream Production 918 MBOE/d • Increased production by 5% from Q4 2024 excluding the impact of the MEG acquisition. Downstream Throughput 466 Mbbls/d • Completed the Fost
Slide 4: Cenovus's value proposition
Cenovus’s value proposition Low cost, long-life Disciplined Conservative Increasing resource base growth investments capital structure shareholder returns Decades of production Highly efficient growth Robust balance sheet Growing base dividend in from booked reserves investments • <1x Net Debt to tr
Slide 5: Portfolio overview
Portfolio overview Diverse cash flow streams across multiple jurisdictions Upstream production2 Downstream operable capacity & heavy oil %2 Christina Lake3 336 MBOE/d Lloydminster Upgrader 78.5 Mbbls/d 100% Foster Creek4 208 MBOE/d Lloydminster Refinery 29.5 Mbbls/d 100% Sunrise 54 MBOE/d Lima Refin
Slide 6: Differentiated value proposition
Differentiated value proposition Highest production growth, highest free funds flow growth and lowest cost structure of the peer group Production per share growth1 (2025 - 2028) Free funds flow per share growth1 (2025 - 2028) 100% >100% 100% Highest production per share growth Highest free funds flo
Slide 7: Capital allocation priorities
Capital allocation priorities Commitment to a strong balance sheet, disciplined investment and shareholder returns 1 2 3 4 5 Balance sheet Sustaining capital Base dividend Growth capital Share repurchases • Commitment to • Investments related • Base dividend funded • Focused and • Opportunistic shar
Slide 8: Disciplined and sustainable shareholder returns
Disciplined and sustainable shareholder returns Consistent track record of base dividend growth and opportunistic repurchases $/share Growing quarterly base dividend $0.30 +11% $0.20 +29% +33% Five years of consecutive growth in +200% $0.10 the dividend Annualized growth of ~55% since 2021 $0.00 202
Slide 9: 2026 budget overview
2026 budget overview Maintaining capital discipline while growing our base business • Capital investment of $5.0 - $5.3 billion 2026 guidance ranges includes $1.2 - $1.4 billion for growth and Capital Production/ Operating costs2 ~$350 million for turnarounds. investments throughput ($/bbl or $/BOE)
Slide 10: 2026 budget scenarios
2026 budget scenarios 2026 capital investment and illustrative Adjusted Funds Flow $ billion $12.0 Resilient at the bottom of the cycle. $10.0 • At US$45 WTI, Adjusted Funds Foster Creek Flow Optimization approximately covers 2026 sustaining capital $8.0 plus the base dividend. $6.0 • Total capital
Slide 11: 2026 capital investment
2026 capital investment Disciplined capital program with targeted investment in high return growth projects Turnaround capital ~$350MM Sustaining capital ~$3.5 - 3.6B $1.2B - $1.4B Targeting liquids rich Conventional Growth opportunities West White Rose Offshore Growth drilling Targeted growth Total
Slide 12: 2026 planned maintenance
2026 planned maintenance Approximately $350 million of capitalized turnaround costs in 2026 Major turnarounds Christina Lake Upstream production impact Second half of 2026 6 - 8 MBOE/d annual impact Q1 Q2 Q3 Q4 Annualized Oil Sands MBOE/d - 5-9 23 - 28 2-4 8 - 10 Lima Refinery Offshore MBOE/d - - -
Slide 13: Christina Lake North expansion
Christina Lake North expansion Christina Lake area map Christina Lake Christina Lake North Central Processing Facility Growing production at Christina Lake North (formerly MEG’s Christina Lake). • Implementing redevelopment well program starting in 2026, which will grow volumes at low incremental SO
Slide 14: Other Oil Sands growth
Other Oil Sands growth Sunrise production profile Sunrise optimization continuing through 2028. Mbbls/d 75 • Growing production 15 - 20 Mbbls/d from 2024 to 2028. 60 • 2026 program includes new pads in high-quality east development area. • Potential future growth opportunities: large resource 45 bas
Slide 15: Conventional growth
Conventional growth Conventional land base and districts Short-cycle assets that provide ability to adjust to market conditions. • Diversifying our funds flow and utilizing Rainbow extensive pipeline network to market product ex-Alberta. North Corridor Re-focusing development on high-working- intere
Slide 16: West White Rose Project
West White Rose Project Concrete gravity structure installed in Q2 2025 Topsides lifted and set in place in early Q3 2025 First oil expected in Q2 2026 White Rose production profile1 Mbbls/d 50 25 0 2025 2026F 2027F 2028F Net peak production of ~45,000 Mbbls/d in 2028 16 Note: See Advisory. 1) P
Slide 17: Offshore free cash flow inflection
Offshore free cash flow inflection • Growth through 2028 as West White Rose ramps up. • Capital investment decreasing with completion of the West White Rose facilities in 2025. • Asia Pacific offers geographically diverse business tied to high- value, mostly fixed-price contracts. • Recently extende
Slide 18: Path to >1 million BOE per day through in-flight projects
Path to >1 million BOE per day through in-flight projects Total upstream production1 Key growth projects MBOE/d 1,200 Production Project Status additions Narrows Lake Tie Back 20,000 - 30,000 Mbbls/d Foster Creek >30,000 Optimization Mbbls/d 600 Sunrise 15,000 - 20,000 In progress Optimization M
Slide 19: Midstream and downstream heavy oil coverage
Midstream and downstream heavy oil coverage Mitigating risk of Canadian heavy oil price dislocations via downstream integration and pipeline egress Blended heavy production 1,000 – 1,100 Mbbls/d Egress pipeline coverage Heavy oil egress/conversion Future contracted U.S. Pipeline space >750 Mbbls/d b
Slide 20: Canadian Refining
Canadian Refining • Tightly integrated value chain with direct physical connection to Cenovus’s Lloydminster upstream heavy oil production. • Short-distance condensate loop: diluent extracted from blended heavy crude is sent back to upstream for blending. • Unique upgrader configuration: 100% produc
Slide 21: U.S. Refining
Enbridge Mainline U.S. Refining • Focused and strategic U.S. refining portfolio with physical access to Canadian crude. • Prioritizes heavy conversion capacity and serves large, liquid product sales markets. • Provides egress and conversion capacity to mitigate risk of Canadian heavy oil price dislo
Slide 22: Strong investment grade credit ratings with longer-term maturities
Strong investment grade credit ratings with longer-term maturities Current credit ratings & outlooks S&P Moody’s DBRS Fitch BBB Baa1 BBB (High) BBB Negative Negative Stable Stable U.S. dollar maturities Canadian dollar maturities Average debt coupon Average debt tenor $4,000 ~4.4% ~9.4 years $3,000
Slide 23: 2026 budget pricing & sensitivities
2026 budget pricing & sensitivities 2026 budget 2026 adjusted funds flow sensitivities (C$MM) 2026F price assumptions US$60 WTI US$45 WTI Crude oil (WTI) Crude oil & natural gas ($220) US$(1)/bbl US$1/bbl $220 Brent US$/bbl $64.00 $47.00 WTI US$/bbl $60.00 $45.00 Exchange rate (US$/C$) ($170) +$0.01
Slide 24: Advisory
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 m