Cenovus Energy announces redemption of Series 1 & 2 Preferred Shares

Executive Summary

• Cenovus Energy Inc. will redeem all outstanding 2.577% Series 1 and 3.948% Series 2 preferred shares on March 31, 2026 at $25.00 per share, totaling approximately $300 million.
• The Board has declared final quarterly dividends of $0.16106 (Series 1) and $0.24337 (Series 2) per share, payable on the same date.
• Redemption will be funded primarily from cash on hand, representing a material cash outflow but no change to operating performance.

Key Details

• Redemption Terms: All Series 1 & 2 preferred shares outstanding are to be redeemed at $25.00 per share.
• Aggregate Redemption Amount: Approximately $300 million (subject to required withholdings).
• Funding Source: Primarily cash on hand; no new financing is being undertaken.
• Dividend Declaration: Quarterly dividends of $0.16106 (Series 1) and $0.24337 (Series 2) per share, payable March 31, 2026 to shareholders of record as of March 13, 2026.
• Final Dividends: These will be the last dividend payments for both series of preferred shares.
• Contact Information for Holders: Registered holders should contact Computershare Investor Services Inc.; beneficial holders should coordinate with their broker or intermediary.

Notable Quotes

(No direct quotes were provided in the release.)