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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 was reappointed as Auditor with overwhelming support. 3. Chana Martineau joins the Board, bringing significant financial expertise. 4. Alex Pourbaix became the non-independent Chair of the Board. 5. Executive compensation approach was approved with strong support.

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Why Bullish?

Continued board support and strong audit selection indicate stable governance, positively impacting investor confidence. Historical examples show positive correlations between stable governance and stock performance.

How important is it?

Stable leadership and strong shareholder support may improve investor sentiment and short-term stock price.

Why Short Term?

Immediate effects from governance changes can influence stock prices quickly. Short-term market reactions are often responsive to leadership announcements.

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CVXOXYSU
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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