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Cenovus reports voting results of annual meeting of shareholders

1. Cenovus held its annual shareholder meeting on May 8, 2025. 2. PricewaterhouseCoopers reappointed as auditor with over 99% approval. 3. Chana Martineau elected to the Board, bringing 30 years experience. 4. Alex Pourbaix appointed Non-Independent Chair, reflecting leadership succession. 5. Shareholder support for executive compensation strategy remained high at 97.32%.

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FAQ

Why Neutral?

The reappointments and director elections show stability but lack immediate catalysts for price movement. Historical patterns show that stable governance often results in neutral price reactions unless paired with strategic announcements.

How important is it?

While high shareholder turnout signals confidence, the lack of significant operational changes lowers overall importance. The continuity in leadership and approval of compensation indicates stability, vital for current investors.

Why Short Term?

Changes in board composition and compensation approaches typically reflect near-term operational strategies. Long-term impacts depend on future performance metrics rather than current voting outcomes.

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CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) held its annual meeting of shareholders on May 8, 2025. Each matter voted on is described in greater detail in the Corporation’s 2025 Management Information Circular dated March 12, 2025. Shareholders voted as follows on the matters before the meeting: Appointment of Auditor PricewaterhouseCoopers LLP, Chartered Professional Accountants, was reappointed as auditor of the Corporation. Votes forVotes withheldNumberPercentNumberPercent1,479,069,15999.586,198,4570.42 Election of Directors Each of the following 14 nominees proposed by management were elected directors of the Corporation: NomineeVotes forVotes against NumberPercentNumberPercentStephen E. Bradley1,436,654,78299.477,633,1570.53Keith M. Casey1,433,735,07599.2710,553,9160.73Michael J. Crothers1,433,314,57299.2410,975,1970.76James D. Girgulis1,437,307,36099.526,982,4110.48Jane E. Kinney1,431,229,02199.1013,059,2460.90Eva L. Kwok1,426,200,87798.7518,086,8921.25Melanie A. Little1,432,129,62599.1612,159,3630.84Richard J. Marcogliese1,429,056,09898.9515,233,6731.05Chana L. Martineau1,437,677,88899.546,611,8810.46Jonathan M. McKenzie1,433,520,85899.2510,766,9140.75Claude Mongeau1,408,344,56697.5135,944,4252.49Alexander J. Pourbaix1,417,365,41498.1426,924,3561.86Frank J. Sixt1,154,291,94779.92289,997,82120.08Rhonda I. Zygocki1,419,942,30598.3124,347,4631.69 Cenovus welcomes Chana Martineau to the Board of Directors. Ms. Martineau is the Chief Executive Officer of the Alberta Indigenous Opportunities Corporation, and brings more than 30 years of financial strategy and management experience to the Board. As part of Cenovus’s leadership succession plan, effective at the conclusion of the 2025 annual meeting of shareholders, Alex Pourbaix moved to the role of non-independent Chair of the Board of Directors. Claude Mongeau continues in the role of Lead Independent Director. Non-Binding Advisory Vote on the Corporation’s Approach to Executive Compensation An advisory resolution was passed to accept the Corporation’s approach to executive compensation. Votes forVotes againstNumberPercentNumberPercent1,405,612,74197.3238,667,0292.68 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 upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing 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. Find Cenovus on Facebook, LinkedIn, YouTube and Instagram. Cenovus contacts Investors Investor Relations general line 403-766-7711 Media Media Relations general line 403-766-7751

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