Cenovus's Diversified & Resilient Business Model

DOWNSTREAM REFINING GROWING OPERATING MARGINS Reliability initiatives drives margin enhancement Lima Refinery $ billion Canadian & U.S. Refining operating margin¹ 4.0 3.0 2.0 1.0 0.0 2024F 2025F US$12.00/bbl 2026F US$14.50/bbl 2027F ■US$18.00/bbl 2028F Improving reliability and expanding margin capture Note: See Advisory. 1) Specified financial measure. Prices representative of Chicago 3-2-1 crack spread as shown in appendices, net of RIN costs. cenovus ENERGY 12 42

View entire presentation