Cenovus Energy (CVE) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with an acknowledgment of Indigenous lands and a welcome to the virtual format, enabling broader shareholder participation.

• Instructions provided for voting and submitting questions, with polling open throughout the formal business.

• The agenda included receiving audited financials, appointing the auditor, electing directors, and an advisory vote on executive compensation.

Board and executive committee updates

• Executive team members and board directors were introduced and made available for questions after the formal meeting.

Financial performance review

• Achieved top quartile process safety performance for the third consecutive year.

• Upstream production reached a record 834,000 BOE/day, up 3% from 2024, excluding the MEG Energy acquisition.

• Downstream refineries operated at a 95% utilization rate, enhancing margins and reducing unit costs.

• Balance sheet remains robust with a CAD 4 billion net debt target and over CAD 3.8 billion returned to shareholders in 2025.