Cenovus Energy announces extension of its share buyback program

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that the Toronto Stock Exchange (“TSX”) has approved the extension of the Company’s (“NCIB”) regular offer to purchase up to 120,250,990 shares of its common stock during the 12-month period beginning November 11, 2025 and ending November 10, 2026.

Cenovus’ extension of its share repurchase program is consistent with the company’s capital allocation framework, which supports increasing investor value by returning cash to shareholders, generating strong returns on capital investments and maintaining a resilient balance sheet. Cenovus believes that there are times when the market price of its common stock may not fully reflect the underlying value of its business and future prospects. Depending on the trading price of its common stock and other relevant factors, the Company believes that the purchase of common stock provides an attractive investment opportunity and is in the best interests of Cenovus and its shareholders.

Cenovus’ former NCIB for the purchase of up to 127,489,549 shares of common stock expires on November 10, 2025. As of October 31, 2025, Cenovus had repurchased an aggregate of 82,563,942 shares of common stock at a weighted average price of $21.58 per common share, excluding brokerage fees and share repurchase taxes, under Cenovus’ former NCIB. NCIB. Purchases were made on the open market through the facilities of the TSX, New York Stock Exchange (“NYSE”) and/or alternative trading systems in Canada and the United States.

The number of shares permitted to be purchased under the NCIB extension represents 10% of Cenovus’ public float, as defined by the TSX, as of October 31, 2025. As of October 31, 2025, Cenovus had 1,745,535,223 common shares outstanding. Purchases will be made on the open market through the facilities of the TSX, NYSE and/or alternative trading systems in Canada and the United States at market prices in effect at the time of purchase or such other price as may be permitted by the securities laws, including Rule 10b-18 under the US Securities Exchange Act of 1934, as amended, or any exemptions therefrom.

Cenovus has also entered into an automatic share purchase plan (“ASPP”), which allows it to purchase common shares under the NCIB, when the company would normally not be allowed to purchase shares due to regulatory restrictions and the usual self-imposed blackout periods. In accordance with the ASPP, during non-blackout periods, Cenovus will issue instructions to the designated broker, which may not be changed or suspended during the blackout period. Purchases made by Cenovus’ designated broker will be in accordance with the exchange rules, applicable securities laws and the terms of the ASPP. All purchases made under the ASPP will be included in calculating the number of shares of common stock purchased under the NCIB. The ASPP is pre-approved as required by the TSX.

The actual number of shares of common stock that may be purchased under the NCIB and the timing of such purchases will be determined by Cenovus. Average daily trading volume through the facilities of the TSX for the six-month period ending October 31, 2025 was 9,273,486 shares of common stock. Accordingly, daily purchases through the facilities of the TSX will be limited to 2,318,371 shares of common stock, which is equal to 25% of average daily trading volume, excluding block purchase exceptions. Purchases through the NYSE will be made in accordance with the volume limitations in Rule 10b-18 regarding average daily trading volume and block trades. All common shares acquired by Cenovus under the NCIB will be canceled.

Advisory

Forward-looking information

This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws, including the U.S. Private Securities Litigation Reform Act of 1995, about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of experience and perceptions of historical trends. Although Cenovus believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.

Forward-looking information in this press release is identified by words such as “will” or similar expressions and includes suggestions of future results, including, but not limited to, statements regarding the extension of Cenovus’ stock repurchase program under the NCIB, the timing, methods and quantity of any purchases of common stock under the NCIB and the cancellation of Cenovus common stock under such program.

Developing forward-looking information involves relying on a number of assumptions and considering certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

Readers are cautioned that other events or circumstances, although not mentioned above, could cause Cenovus’ actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements.

For additional information regarding Cenovus’ material risk factors, the assumptions made and the risks and uncertainties that could cause actual results to differ from those anticipated, see “Risk Management and Risk Factors” and “Advice” in Cenovus’s Management’s Discussion and Analysis for the period ended. December 31, 2024 And September 30, 2025 and to the risk factors, assumptions and uncertainties described in other filings made by Cenovus from time to time with the securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca on EDGAR op sec.gov and the Cenovus website at cenovus.com ).

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and modernization, refining and marketing operations in Canada and the United States. The company aims to maximize value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus’ common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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