Exhibit 99.3

Cenovus Energy Inc.

Interim Consolidated Financial Statements (unaudited)

For the Periods Ended June 30, 2026

(Canadian Dollars)

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CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

For the periods ended June 30, 2026

TABLE OF CONTENTS

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)						3
CONSOLIDATED BALANCE SHEETS (UNAUDITED)						4
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)						5
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)						6
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)						7
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES						7
2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE						14
3. UPDATES TO ACCOUNTING POLICIES						14
4. MEG ENERGY CORP. ACQUISITION						14
5. FINANCE COSTS, NET						15
6. FOREIGN EXCHANGE (GAIN) LOSS, NET						15
7. INCOME TAXES						15
8. PER SHARE AMOUNTS						16
9. EXPLORATION AND EVALUATION ASSETS, NET						16
10. PROPERTY, PLANT AND EQUIPMENT, NET						17
11. LEASES						17
12. DEBT AND CAPITAL STRUCTURE						18
13. DECOMMISSIONING LIABILITIES						20
14. OTHER LIABILITIES						20
15. SHARE CAPITAL AND WARRANTS						20
16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)						22
17. STOCK-BASED COMPENSATION PLANS						22
18. RELATED PARTY TRANSACTIONS						23
19. FINANCIAL INSTRUMENTS						23
20. RISK MANAGEMENT						25
21. SUPPLEMENTARY CASH FLOW INFORMATION						26
22. COMMITMENTS AND CONTINGENCIES						28

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			2

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

For the periods ended June 30,

($ millions, except per share amounts)

									Three Months Ended												Six Months Ended
			Notes						2026						2025						2026						2025
Revenues			1						17,427						12,319						29,783						25,618
Expenses			1
Purchased Product, Transportation and Blending									10,046						8,541						16,674						17,411
Operating									1,393						1,748						2,868						3,377
(Gain) Loss on Risk Management			19						64						(92)						73						(77)
Depreciation, Depletion, Amortization and Exploration Expense			9,10,11						1,489						1,187						2,972						2,506
(Income) Loss From Equity-Accounted Affiliates									(46)						(43)						(61)						(36)
General and Administrative									218						153						629						350
Finance Costs, Net			5						181						114						375						250
Integration, Transaction and Other Costs			4						36						77						68						79
Foreign Exchange (Gain) Loss, Net			6						163						(353)						342						(353)
(Gain) Loss on Divestiture of Assets									(4)						(3)						(90)						(3)
Other (Income) Loss, Net									(55)						(26)						(93)						(32)
Earnings (Loss) Before Income Tax									3,942						1,016						6,026						2,146
Income Tax Expense (Recovery)			7						1,072						165						1,586						436
Net Earnings (Loss)									2,870						851						4,440						1,710
Other Comprehensive Income (Loss), Net of Tax			16
Items That Will not be Reclassified to Profit or Loss:
Actuarial Gain (Loss) Relating to Pension and Other Post-Employment Benefits									4						6						8						8
Change in the Fair Value of Equity Instruments at FVOCI (1)			19						3						(2)						4						(4)
Items That may be Reclassified to Profit or Loss:
Foreign Currency Translation Adjustment									265						(662)						509						(672)
Total Other Comprehensive Income (Loss), Net of Tax									272						(658)						521						(668)
Comprehensive Income (Loss)									3,142						193						4,961						1,042
Net Earnings (Loss) Per Common Share ($)			8
Basic									1.54						0.47						2.38						0.94
Diluted									1.53						0.45						2.37						0.92

(1)Fair value through other comprehensive income (loss) (“FVOCI”).

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			3

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CONSOLIDATED BALANCE SHEETS (unaudited)

As at

($ millions)

									June 30,						December 31,
			Notes						2026						2025
Assets
Current Assets
Cash and Cash Equivalents									3,170						2,740
Accounts Receivable and Accrued Revenues									4,411						3,435
Income Tax Receivable									36						366
Inventories									4,359						3,349
Total Current Assets									11,976						9,890
Restricted Cash									280						256
Exploration and Evaluation Assets, Net			1,9						598						575
Property, Plant and Equipment, Net			1,10						44,967						45,260
Right-of-Use Assets, Net			1,11						2,056						2,153
Income Tax Receivable									25						25
Investments in Equity-Accounted Affiliates									292						295
Other Assets									582						464
Deferred Income Taxes									1,430						1,594
Goodwill			1						2,912						2,912
Total Assets									65,118						63,424
Liabilities and Equity
Current Liabilities
Accounts Payable and Accrued Liabilities									6,019						5,847
Income Tax Payable									952						98
Lease Liabilities			11						383						369
Total Current Liabilities									7,354						6,314
Long-Term Debt			12						8,558						11,032
Lease Liabilities			11						2,690						2,806
Decommissioning Liabilities			13						4,939						4,872
Other Liabilities			14						1,429						889
Deferred Income Taxes									5,934						5,873
Total Liabilities									30,904						31,786
Shareholders’ Equity									34,198						31,622
Non-Controlling Interest									16						16
Total Liabilities and Equity									65,118						63,424
Commitments and Contingencies			22

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			4

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CONSOLIDATED STATEMENTS OF EQUITY (unaudited)

($ millions)

			Shareholders’ Equity
			Common Shares						Treasury Shares						Preferred Shares						Warrants						Paid in Surplus						Retained Earnings						AOCI (1)						Total
			(Note 15)						(Note 15)						(Note 15)						(Note 15)																		(Note 16)
As at December 31, 2024			15,659						(43)						356						12						944						10,513						2,313						29,754
Net Earnings (Loss)			—						—						—						—						—						1,710						—						1,710
Other Comprehensive Income (Loss), Net of Tax			—						—						—						—						—						—						(668)						(668)
Total Comprehensive Income (Loss)			—						—						—						—						—						1,710						(668)						1,042
Common Shares Issued Under Stock Option Plans			9						—						—						—						(2)						—						—						7
Purchase of Common Shares Under NCIB (2)			(173)						—						—						—						(190)						—						—						(363)
Purchase of Common Shares Under Employee Benefit Plan			—						(73)						—						—						—						—						—						(73)
Common Shares Issued Under Employee Benefit Plan			—						82						—						—						(6)						—						—						76
Preferred Shares Redeemed			—						—						(243)						—						(107)						—						—						(350)
Warrants Exercised			4						—						—						(1)						—						—						—						3
Stock-Based Compensation Expense			—						—						—						—						7						—						—						7
Base Dividends on Common Shares			—						—						—						—						—						(691)						—						(691)
Dividends on Preferred Shares			—						—						—						—						—						(10)						—						(10)
As at June 30, 2025			15,499						(34)						113						11						646						11,522						1,645						29,402
As at December 31, 2025			18,599						(116)						113						4						298						12,323						401						31,622
Net Earnings (Loss)			—						—						—						—						—						4,440						—						4,440
Other Comprehensive Income (Loss), Net of Tax			—						—						—						—						—						—						521						521
Total Comprehensive Income (Loss)			—						—						—						—						—						4,440						521						4,961
Common Shares Issued Under Stock Option Plans			73						—						—						—						(14)						—						—						59
Purchase of Common Shares Under NCIB (2)			(373)						—						—						—						—						(1,002)						—						(1,375)
Purchase of Common Shares Under Employee Benefit Plan			—						(109)						—						—						—						—						—						(109)
Common Shares Issued Under Employee Benefit Plan			—						87						—						—						—						32						—						119
Preferred Shares Redeemed			—						—						(113)						—						—						(187)						—						(300)
Warrants Exercised			5						—						—						(2)						—						—						—						3
Warrants Expired			—						—						—						(2)						—						2						—						—
Stock-Based Compensation Expense			—						—						—						—						8						—						—						8
Base Dividends on Common Shares			—						—						—						—						—						(788)						—						(788)
Dividends on Preferred Shares			—						—						—						—						—						(2)						—						(2)
As at June 30, 2026			18,304						(138)						—						—						292						14,818						922						34,198

(1)Accumulated other comprehensive income (loss) (“AOCI”).

(2)Normal course issuer bid (“NCIB”). Includes taxes payable on purchase of shares.

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			5

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

For the periods ended June 30,

($ millions)

									Three Months Ended												Six Months Ended
			Notes						2026						2025						2026						2025
Operating Activities
Net Earnings (Loss)									2,870						851						4,440						1,710
Depreciation, Depletion and Amortization			10,11						1,485						1,184						2,956						2,498
Deferred Income Tax Expense (Recovery)			7						301						(127)						268						(193)
Unrealized (Gain) Loss on Risk Management			19						(19)						(69)						(20)						(46)
Unrealized Foreign Exchange (Gain) Loss			6						237						(420)						417						(401)
(Gain) Loss on Divestiture of Assets									(4)						(3)						(90)						(3)
Unwinding of Discount on Decommissioning Liabilities			13						64						58						128						116
(Income) Loss From Equity-Accounted Affiliates									(46)						(43)						(61)						(36)
Distributions Received From Equity-Accounted Affiliates									43						58						65						83
Stock-Based Compensation, Net of Payments									46						12						256						19
Other									9						18						4						(16)
Settlement of Decommissioning Liabilities			13						(39)						(68)						(92)						(104)
Net Change in Non-Cash Working Capital			21						689						923						(454)						62
Cash From (Used in) Operating Activities									5,636						2,374						7,817						3,689
Investing Activities
Acquisitions, Net of Cash Acquired									(5)						(129)						(15)						(229)
Capital Investment			1						(1,200)						(1,164)						(2,370)						(2,393)
Proceeds From Divestitures									72						13						171						13
Net Change in Investments and Other									(22)						(17)						(10)						(13)
Net Change in Non-Cash Working Capital			21						(12)						(78)						(13)						(101)
Cash From (Used in) Investing Activities									(1,167)						(1,375)						(2,237)						(2,723)
Net Cash Provided (Used) Before Financing Activities									4,469						999						5,580						966
Financing Activities			21
Net Issuance (Repayment) of Short-Term Borrowings									—						(84)						—						66
Repayment of Long-Term Debt			12						(2,200)						—						(2,700)						(12)
Principal Repayment of Leases			11						(88)						(94)						(178)						(177)
Net Proceeds (Repayments) on Repurchase Agreements									(164)						(72)						130						228
Common Shares Issued Under Stock Option Plans									15						4						59						7
Purchase of Common Shares Under NCIB			15						(1,019)						(301)						(1,375)						(363)
Purchase of Common Shares Under Employee Benefit Plan			15						(58)						(15)						(109)						(73)
Redemption of Preferred Shares			15						—						(150)						(300)						(350)
Proceeds From Exercise of Warrants									—						2						3						3
Dividends Paid			8						(411)						(368)						(790)						(701)
Cash From (Used in) Financing Activities									(3,925)						(1,078)						(5,260)						(1,372)
Effect of Foreign Exchange on Cash and Cash Equivalents									51						(126)						110						(124)
Increase (Decrease) in Cash and Cash Equivalents									595						(205)						430						(530)
Cash and Cash Equivalents, Beginning of Period									2,575						2,768						2,740						3,093
Cash and Cash Equivalents, End of Period									3,170						2,563						3,170						2,563

See accompanying Notes to the interim Consolidated Financial Statements (unaudited).

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			6

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES

Cenovus Energy Inc. (“Cenovus” or the “Company”) is an integrated energy company with crude 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 (“U.S.”).

Cenovus is incorporated under the Canada Business Corporations Act and its common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2.

Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. The Company evaluates the financial performance of its operating segments primarily based on operating margin.

The Company operates through the following reportable segments:

Upstream Segments

•Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise, Lloydminster thermal and Lloydminster conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification.

•Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas in Alberta and British Columbia in the Edson, Clearwater and Rainbow Lake operating areas, in addition to the Northern Corridor, which includes Elmworth and Wapiti. The segment also includes interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported, with additional third-party commodity trading volumes, through access to capacity on third-party pipelines, export terminals and storage facilities. These provide flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification.

•Offshore, includes offshore operations, exploration and development activities in the east coast of Canada and the Asia Pacific region, representing China and the equity-accounted investment in Husky-CNOOC Madura Limited (“HCML”), which is engaged in the exploration for, and production of, NGLs and natural gas in offshore Indonesia.

Downstream Segments

•Canadian Refining, includes the owned and operated Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value.

•U.S. Refining, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima, Superior and Toledo refineries. On September 30, 2025, Cenovus divested its entire 50 percent interest in the jointly-owned Wood River and Borger refineries held through WRB Refining LP (“WRB”) with operator Phillips 66. The U.S. Refining segment included the WRB results up to the date of divestiture. Cenovus markets its own and third-party refined products.

Corporate and Eliminations

Corporate and Eliminations, includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate-related derivative instruments and foreign exchange. Eliminations include adjustments for feedstock and internal usage of crude oil, natural gas, condensate, other NGLs and refined products between segments; transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal; the sale of condensate extracted from blended crude oil production in the Canadian Refining segment and sold to the Oil Sands segment; and unrealized profits in inventory. Eliminations are recorded based on market prices.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			7

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

A) Results of Operations – Segment and Operational Information

			Upstream
For the three months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2026						2025						2026						2025						2026						2025						2026						2025
Gross Sales
External Sales			10,417						4,793						429						281						510						335						11,356						5,409
Intersegment Sales			2,398						1,717						477						268						—						—						2,875						1,985
			12,815						6,510						906						549						510						335						14,231						7,394
Royalties			(1,600)						(589)						(37)						(12)						(24)						(20)						(1,661)						(621)
Revenues			11,215						5,921						869						537						486						315						12,570						6,773
Expenses
Purchased Product			1,530						856						548						255						(4)						—						2,074						1,111
Transportation and Blending			4,497						2,535						78						83						7						3						4,582						2,621
Operating			759						700						104						115						108						81						971						896
Realized (Gain) Loss on Risk    Management			29						8						(1)						—						—						—						28						8
Operating Margin			4,400						1,822						140						84						375						231						4,915						2,137
Unrealized (Gain) Loss on Risk    Management			57						16						—						(1)						—						—						57						15
Depreciation, Depletion and    Amortization			1,062						749						134						117						106						93						1,302						959
Exploration Expense			3						2						—						—						1						1						4						3
(Income) Loss From Equity-    Accounted Affiliates			(28)						(38)						—						1						(18)						(7)						(46)						(44)
Segment Income (Loss)			3,306						1,093						6						(33)						286						144						3,598						1,204

			Downstream
			Canadian Refining												U.S. Refining												Total
For the three months ended June 30,			2026						2025						2026						2025						2026						2025
Gross Sales
External Sales			1,185						1,076						6,547						6,455						7,732						7,531
Intersegment Sales			423						212						2						—						425						212
			1,608						1,288						6,549						6,455						8,157						7,743
Royalties			—						—						—						—						—						—
Revenues			1,608						1,288						6,549						6,455						8,157						7,743
Expenses
Purchased Product			1,279						1,040						5,384						5,838						6,663						6,878
Transportation and Blending			—						—						—						—						—						—
Operating			147						141						358						806						505						947
Realized (Gain) Loss on Risk Management			—						—						36						(11)						36						(11)
Operating Margin			182						107						771						(178)						953						(71)
Unrealized (Gain) Loss on Risk Management			—						—						(32)						—						(32)						—
Depreciation, Depletion and Amortization			45						52						113						149						158						201
Exploration Expense			—						—						—						—						—						—
(Income) Loss From Equity-Accounted Affiliates			—						—						—						—						—						—
Segment Income (Loss)			137						55						690						(327)						827						(272)

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			8

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

									Corporate and Eliminations												Consolidated
For the three months ended June 30,																		2026						2025						2026						2025
Gross Sales
External Sales																								—						—						19,088						12,940
Intersegment Sales																								(3,300)						(2,197)						—						—
																								(3,300)						(2,197)						19,088						12,940
Royalties																								—						—						(1,661)						(621)
Revenues																								(3,300)						(2,197)						17,427						12,319
Expenses
Purchased Product																								(3,069)						(1,908)						5,668						6,081
Transportation and Blending																								(204)						(161)						4,378						2,460
Purchased Product, Transportation and Blending																								(3,273)						(2,069)						10,046						8,541
Operating																								(83)						(95)						1,393						1,748
Realized (Gain) Loss on Risk Management																								19						(20)						83						(23)
Unrealized (Gain) Loss on Risk Management																								(44)						(84)						(19)						(69)
Depreciation, Depletion and Amortization																								25						24						1,485						1,184
Exploration Expense																								—						—						4						3
(Income) Loss From Equity-Accounted Affiliates																								—						1						(46)						(43)
Segment Income (Loss)																								56						46						4,481						978
General and Administrative																								218						153						218						153
Finance Costs, Net																								181						114						181						114
Integration, Transaction and Other Costs																								36						77						36						77
Foreign Exchange (Gain) Loss, Net																								163						(353)						163						(353)
(Gain) Loss on Divestiture of Assets																								(4)						(3)						(4)						(3)
Other (Income) Loss, Net																								(55)						(26)						(55)						(26)
																								539						(38)						539						(38)
Earnings (Loss) Before Income Tax																																				3,942						1,016
Income Tax Expense (Recovery)																																				1,072						165
Net Earnings (Loss)																																				2,870						851

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			9

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

			Upstream
For the six months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2026						2025						2026						2025						2026						2025						2026						2025
Gross Sales
External Sales			17,309						10,697						997						724						1,059						786						19,365						12,207
Intersegment Sales			4,290						3,670						946						769						—						—						5,236						4,439
			21,599						14,367						1,943						1,493						1,059						786						24,601						16,646
Royalties			(2,540)						(1,450)						(55)						(32)						(49)						(45)						(2,644)						(1,527)
Revenues			19,059						12,917						1,888						1,461						1,010						741						21,957						15,119
Expenses
Purchased Product			2,147						1,488						1,171						790						—						—						3,318						2,278
Transportation and Blending			7,780						5,686						163						173						14						9						7,957						5,868
Operating			1,585						1,377						214						242						219						170						2,018						1,789
Realized (Gain) Loss on Risk    Management			52						—						(11)						(1)						—						—						41						(1)
Operating Margin			7,495						4,366						351						257						777						562						8,623						5,185
Unrealized (Gain) Loss on Risk    Management			(33)						9						4						(1)						—						—						(29)						8
Depreciation, Depletion and    Amortization			2,089						1,583						268						237						235						223						2,592						2,043
Exploration Expense			4						6						—						—						12						2						16						8
(Income) Loss From Equity-    Accounted Affiliates			(28)						(38)						(1)						1						(33)						(15)						(62)						(52)
Segment Income (Loss)			5,463						2,806						80						20						563						352						6,106						3,178

			Downstream
			Canadian Refining												U.S. Refining												Total
For the six months ended June 30,			2026						2025						2026						2025						2026						2025
Gross Sales
External Sales			2,295						2,061						10,767						12,877						13,062						14,938
Intersegment Sales			720						509						2						1						722						510
			3,015						2,570						10,769						12,878						13,784						15,448
Royalties			—						—						—						—						—						—
Revenues			3,015						2,570						10,769						12,878						13,784						15,448
Expenses
Purchased Product			2,339						2,116						8,702						11,844						11,041						13,960
Transportation and Blending			—						—						—						—						—						—
Operating			293						279						738						1,522						1,031						1,801
Realized (Gain) Loss on Risk Management			—						—						25						(5)						25						(5)
Operating Margin			383						175						1,304						(483)						1,687						(308)
Unrealized (Gain) Loss on Risk Management			—						—						(2)						(8)						(2)						(8)
Depreciation, Depletion and Amortization			90						99						225						307						315						406
Exploration Expense			—						—						—						—						—						—
(Income) Loss From Equity-Accounted Affiliates			—						—						—						—						—						—
Segment Income (Loss)			293						76						1,081						(782)						1,374						(706)

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			10

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

			Corporate and Eliminations												Consolidated
For the six months ended June 30,			2026						2025						2026						2025
Gross Sales
External Sales			—						—						32,427						27,145
Intersegment Sales			(5,958)						(4,949)						—						—
			(5,958)						(4,949)						32,427						27,145
Royalties			—						—						(2,644)						(1,527)
Revenues			(5,958)						(4,949)						29,783						25,618
Expenses
Purchased Product			(5,198)						(4,278)						9,161						11,960
Transportation and Blending			(444)						(417)						7,513						5,451
Purchased Product, Transportation and Blending			(5,642)						(4,695)						16,674						17,411
Operating			(181)						(213)						2,868						3,377
Realized (Gain) Loss on Risk Management			27						(25)						93						(31)
Unrealized (Gain) Loss on Risk Management			11						(46)						(20)						(46)
Depreciation, Depletion and Amortization			49						49						2,956						2,498
Exploration Expense			—						—						16						8
(Income) Loss From Equity-Accounted Affiliates			1						16						(61)						(36)
Segment Income (Loss)			(223)						(35)						7,257						2,437
General and Administrative			629						350						629						350
Finance Costs, Net			375						250						375						250
Integration, Transaction and Other Costs			68						79						68						79
Foreign Exchange (Gain) Loss, Net			342						(353)						342						(353)
(Gain) Loss on Divestiture of Assets			(90)						(3)						(90)						(3)
Other (Income) Loss, Net			(93)						(32)						(93)						(32)
			1,231						291						1,231						291
Earnings (Loss) Before Income Tax															6,026						2,146
Income Tax Expense (Recovery)															1,586						436
Net Earnings (Loss)															4,440						1,710

B) External Sales by Product

			Upstream
For the three months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2026						2025						2026						2025						2026						2025						2026						2025
Crude Oil			9,937						4,341						206						71						214						72						10,357						4,484
Natural Gas and Other			43						86						161						163						205						201						409						450
NGLs (1)			437						366						62						47						91						62						590						475
External Sales			10,417						4,793						429						281						510						335						11,356						5,409

			Downstream
			Canadian Refining												U.S. Refining												Total
For the three months ended June 30,			2026						2025						2026						2025						2026						2025
Gasoline			90						62						3,207						3,199						3,297						3,261
Distillates (2)			467						346						2,474						2,322						2,941						2,668
Synthetic Crude Oil			340						402						—						—						340						402
Asphalt			116						130						185						241						301						371
Other Products and Services			172						136						681						693						853						829
External Sales			1,185						1,076						6,547						6,455						7,732						7,531

(1)Third-party condensate sales are included within NGLs.

(2)Includes diesel and jet fuel.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			11

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

			Upstream
For the six months ended			Oil Sands												Conventional												Offshore												Total
June 30,			2026						2025						2026						2025						2026						2025						2026						2025
Crude Oil			16,541						9,764						315						109						461						218						17,317						10,091
Natural Gas and Other			209						164						559						467						427						429						1,195						1,060
NGLs (1)			559						769						123						148						171						139						853						1,056
External Sales			17,309						10,697						997						724						1,059						786						19,365						12,207

			Downstream
			Canadian Refining												U.S. Refining												Total
For the six months ended June 30,			2026						2025						2026						2025						2026						2025
Gasoline			145						111						5,177						6,313						5,322						6,424
Distillates (2)			888						702						4,146						4,807						5,034						5,509
Synthetic Crude Oil			765						806						—						—						765						806
Asphalt			161						200						309						435						470						635
Other Products and Services			336						242						1,135						1,322						1,471						1,564
External Sales			2,295						2,061						10,767						12,877						13,062						14,938

(1)Third-party condensate sales are included within NGLs.

(2)Includes diesel and jet fuel.

C) Geographical Information

			Revenues (1)
			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Canada			10,576						5,388						18,177						11,572
United States			6,581						6,688						11,062						13,521
China			270						243						544						525
Consolidated			17,427						12,319						29,783						25,618

(1)Revenues from external customers by country are classified based on the jurisdiction in which the selling entities are located.

			Non-Current Assets (1)
			June 30,						December 31,
As at			2026						2025
Canada			47,336						47,641
United States			2,536						2,514
China			848						939
Indonesia			204						203
Consolidated			50,924						51,297

(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			12

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

D) Assets by Segment

			E&E Assets												PP&E												ROU Assets
			June 30,						December 31,						June 30,						December 31,						June 30,						December 31,
As at			2026						2025						2026						2025						2026						2025
Oil Sands			595						568						33,819						34,149						1,178						1,204
Conventional			—						—						2,146						2,202						36						44
Offshore			3						7						4,106						4,008						157						180
Canadian Refining			—						—						2,430						2,452						51						50
U.S. Refining			—						—						2,270						2,238						277						287
Corporate and Eliminations			—						—						196						211						357						388
Consolidated			598						575						44,967						45,260						2,056						2,153

			Goodwill												Total Assets
			June 30,						December 31,						June 30,						December 31,
As at			2026						2025						2026						2025
Oil Sands			2,912						2,912						43,328						42,505
Conventional			—						—						2,467						2,579
Offshore			—						—						4,870						4,756
Canadian Refining			—						—						3,034						2,831
U.S. Refining			—						—						5,385						4,698
Corporate and Eliminations			—						—						6,034						6,055
Consolidated			2,912						2,912						65,118						63,424

E) Capital Expenditures (1)

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Capital Investment
Oil Sands			821						644						1,672						1,407
Conventional			108						73						201						195
Offshore
Atlantic			106						253						225						480
Asia Pacific			28						17						51						31
Total Upstream			1,063						987						2,149						2,113
Canadian Refining			52						28						76						50
U.S. Refining			82						146						140						223
Total Downstream			134						174						216						273
Corporate and Eliminations			3						3						5						7
			1,200						1,164						2,370						2,393
Acquisitions
Oil Sands			4						136						7						228
Conventional			—						33						1						33
			4						169						8						261
Total Capital Expenditures			1,204						1,333						2,378						2,654

(1)Includes expenditures on PP&E, E&E assets and capitalized interest.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			13

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE

In these interim Consolidated Financial Statements, unless otherwise indicated, all dollars are expressed in Canadian dollars. All references to C$ or $ are to Canadian dollars and references to US$ are to U.S. dollars.

These interim Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) (the “IFRS Accounting Standards”) applicable to the preparation of interim financial statements, including International Accounting Standard 34, “Interim Financial Reporting”. These interim Consolidated Financial Statements were prepared following the same accounting policies and methods of computation as the annual Consolidated Financial Statements for the year ended December 31, 2025, except for income taxes. Income taxes on earnings or loss in the interim period are accrued using the income tax rate that would be applicable to the expected annual earnings or loss.

Certain information and disclosures normally included in the notes to the annual Consolidated Financial Statements were condensed. Accordingly, these interim Consolidated Financial Statements should be read in conjunction with the annual Consolidated Financial Statements for the year ended December 31, 2025, which were prepared in accordance with IFRS Accounting Standards.

These interim Consolidated Financial Statements were approved by the Board of Directors effective July 28, 2026.

3. UPDATES TO ACCOUNTING POLICIES

A) Adoption of Amendments to Financial Instruments

Effective January 1, 2026, the Company adopted the amendments to IFRS 9, “Financial Instruments” (“IFRS 9”) and IFRS 7, “Financial Instruments: Disclosures” (“IFRS 7”). The amendments clarify the derecognition of financial liabilities and the classification of certain financial assets. The adoption of the amendments to IFRS 9 and IFRS 7 did not have a material impact on the Company’s Consolidated Financial Statements.

B) Recent Accounting Pronouncements

On April 9, 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which will replace International Accounting Standard 1, “Presentation of Financial Statements”. IFRS 18 will establish a revised structure for the Consolidated Statements of Comprehensive Income (Loss), including new defined subtotals, enhanced principles on aggregation and disaggregation, and additional disclosure requirements related to management-defined performance measures (“MPMs”). The objective of the standard is to improve comparability across entities and reporting periods. IFRS 18 will not impact recognition or measurement of income and expenses.

Cenovus has executed a parallel system environment to reflect the new presentation requirements. The changes will primarily reflect a re-mapping of line items on the Consolidated Statements of Comprehensive Income (Loss) to newly defined categories. Items such as foreign exchange gains and losses will require segregation. The primary impact on the Consolidated Statements of Cash Flows will be the movement of certain finance costs from operating activities to financing activities. The Company has also identified Operating Margin as an MPM. The Company will continue to evaluate the impacts until adoption on January 1, 2027. The standard will be applied retrospectively, with certain transition provisions.

4. MEG ENERGY CORP. ACQUISITION

On November 13, 2025, Cenovus completed the acquisition of MEG Energy Corp. (“MEG”) through a plan of arrangement (the “MEG Acquisition”), pursuant to which Cenovus acquired all the issued and outstanding common shares of MEG, other than common shares of MEG already owned by Cenovus, for total purchase consideration of $7.1 billion, consisting of $3.4 billion in cash, 143.9 million Cenovus common shares and $32 million of assumed stock-based compensation. The MEG Acquisition provided Cenovus with additional oil sands assets that are directly adjacent to the Company’s Christina Lake asset and are reported under the Christina Lake results in the Oil Sands segment.

The preliminary purchase price allocation was based on Management’s best estimate of the assets acquired and liabilities assumed. The Company will finalize the value of net assets acquired by November 13, 2026, and adjustments to initial estimates, including goodwill, may be required. No adjustments were made to the preliminary purchase price allocation as at June 30, 2026. For further details, see Note 4 of the annual Consolidated Financial Statements for the year ended December 31, 2025.

For the three and six months ended June 30, 2026, integration and transaction costs related to the MEG Acquisition of $10 million and $22 million, respectively, were recognized in net earnings (loss).

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			14

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

5. FINANCE COSTS, NET

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Interest Expense – Short-Term Borrowings and Long-Term Debt			118						77						241						156
Interest Expense – Lease Liabilities (Note 11)			44						40						90						83
Unwinding of Discount on Decommissioning Liabilities (Note 13)			64						58						128						116
Other			3						10						15						16
Capitalized Interest			(27)						(21)						(52)						(38)
Finance Costs			202						164						422						333
Interest Income			(21)						(50)						(47)						(83)
			181						114						375						250

6. FOREIGN EXCHANGE (GAIN) LOSS, NET

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Unrealized Foreign Exchange (Gain) Loss on Translation of:
U.S. Dollar Debt			116						(278)			Other			216						(283)
Other			121						(142)						201						(118)
Unrealized Foreign Exchange (Gain) Loss			237						(420)						417						(401)
Realized Foreign Exchange (Gain) Loss			(74)						67						(75)						48
			163						(353)						342						(353)

7. INCOME TAXES

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Current Tax
Canada			674						224						1,153						503
United States			35						—						41						—
Asia Pacific			54						57						108						102
Other International			8						11						16						24
Total Current Tax Expense (Recovery)			771						292						1,318						629
Deferred Tax Expense (Recovery)			301						(127)						268						(193)
			1,072						165						1,586						436

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			15

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

8. PER SHARE AMOUNTS

A) Net Earnings (Loss) Per Common Share – Basic and Diluted

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Net Earnings (Loss)			2,870						851						4,440						1,710
Effect of Cumulative Dividends on Preferred Shares			—						(4)						(2)						(10)
Net Earnings (Loss) – Basic			2,870						847						4,438						1,700
Effect of Stock-Based Compensation			(7)						(26)						—						(20)
Net Earnings (Loss) – Diluted			2,863						821						4,438						1,680
Basic – Weighted Average Number of Shares (thousands)			1,860,129						1,810,639						1,867,521						1,815,975
Dilutive Effect of Warrants			—						2,205						—						2,391
Dilutive Effect of Stock-Based Compensation			11,065						6,534						4,164						8,077
Diluted – Weighted Average Number of Shares (thousands)			1,871,194						1,819,378						1,871,685						1,826,443
Net Earnings (Loss) Per Common Share – Basic ($)			1.54						0.47						2.38						0.94
Net Earnings (Loss) Per Common Share – Diluted (1) ($)			1.53						0.45						2.37						0.92

(1)For the three and six months ended June 30, 2026, 11.2 million and 25.1 million, respectively, (three and six months ended June 30, 2025 — 8.9 million) common shares related to the assumed exercise of stock-based compensation were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive.

B) Common Share Dividends

For the six months ended June 30, 2026, the Company paid dividends of $788 million or $0.42 per common share (2025 – $691 million or $0.38 per common share). The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly.

On July 28, 2026, the Company’s Board of Directors declared a third quarter base dividend of $0.22 per common share, payable on September 29, 2026, to common shareholders of record as at September 15, 2026.

C) Preferred Share Dividends

For the six months ended June 30, 2026, the Company declared and paid preferred share dividends of $2 million (2025 – $10 million).

9. EXPLORATION AND EVALUATION ASSETS, NET

			Total
As at December 31, 2025			575
Acquisitions			3
Additions			24
Write-downs			(5)
Exchange Rate Movements and Other			1
As at June 30, 2026			598

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			16

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

10. PROPERTY, PLANT AND EQUIPMENT, NET

			Crude Oil and Natural Gas Properties						Processing, Transportation and Storage Assets						Refining Assets						Other Assets (1)						Total
COST
As at December 31, 2025			65,567						275						7,147						1,959						74,948
Acquisitions			5						—						—						—						5
Additions			2,125						—						214						7						2,346
Change in Decommissioning Liabilities			13						—						—						—						13
Divestitures			(20)						—						—						(62)						(82)
Exchange Rate Movements and Other			94						—						167						10						271
As at June 30, 2026			67,784						275						7,528						1,914						77,501
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
As at December 31, 2025			25,208						143						2,834						1,503						29,688
Depreciation, Depletion and Amortization			2,493						3						263						37						2,796
Divestitures			(19)						—						—						(46)						(65)
Exchange Rate Movements and Other			31						—						87						(3)						115
As at June 30, 2026			27,713						146						3,184						1,491						32,534
CARRYING VALUE
As at December 31, 2025			40,359						132						4,313						456						45,260
As at June 30, 2026			40,071						129						4,344						423						44,967

(1)Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft.

11. LEASES

A) Right-of-Use Assets, Net

			Real Estate						Transportation and Storage Assets (1)						Refining Assets						Other Assets (2)						Total
COST
As at December 31, 2025			611						2,635						148						122						3,516
Additions			—						19						—						6						25
Modifications			1						22						—						—						23
Exchange Rate Movements and Other			(26)						42						7						(1)						22
As at June 30, 2026			586						2,718						155						127						3,586
ACCUMULATED DEPRECIATION
As at December 31, 2025			223						977						92						71						1,363
Depreciation			17						125						4						14						160
Exchange Rate Movements and Other			(17)						18						5						1						7
As at June 30, 2026			223						1,120						101						86						1,530
CARRYING VALUE
As at December 31, 2025			388						1,658						56						51						2,153
As at June 30, 2026			363						1,598						54						41						2,056

(1)Includes a pipeline, storage tanks, terminals, railcars, vessels, a natural gas processing plant and caverns.

(2)Includes assets in the commercial fuels business, fleet vehicles, camps and other equipment.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			17

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

B) Lease Liabilities

			Total
As at December 31, 2025			3,175
Additions			24
Interest Expense (Note 5)			90
Lease Payments			(268)
Modifications			23
Exchange Rate Movements and Other			29
As at June 30, 2026			3,073
Less: Current Portion			383
Long-Term Portion			2,690

12. DEBT AND CAPITAL STRUCTURE

A) Short-Term Borrowings

As at June 30, 2026, the Company had uncommitted demand facilities of $1.5 billion (December 31, 2025 – $1.5 billion) in place, of which $1.4 billion may be drawn for general purposes, or the full amount may be available to issue letters of credit. As at June 30, 2026, there were outstanding letters of credit aggregating to $369 million (December 31, 2025 – $341 million) and no direct borrowings (December 31, 2025 – $nil).

B) Long-Term Debt

												June 30,						December 31,
As at												2026						2025
Committed Credit Facility												—						—
Term Loan Facility												—						2,700
U.S. Dollar Denominated Senior Unsecured Notes (1)												6,104						5,887
Canadian Dollar Senior Unsecured Notes												2,450						2,450
Total Debt Principal												8,554						11,037
Debt Premiums (Discounts), Net, and Transaction Costs												4						(5)
Long-Term Debt												8,558						11,032
Less: Current Portion												—						—
Long-Term Portion												8,558						11,032

(1)Total U.S. dollar denominated unsecured notes as at June 30, 2026, was US$4.3 billion (December 31, 2025 — US$4.3 billion).

As at June 30, 2026, the Company had in place a committed credit facility that consists of a $3.3 billion tranche maturing on September 19, 2029, and a $2.2 billion tranche maturing on September 19, 2028. As at June 30, 2026, no amount was drawn on the credit facility (December 31, 2025 – $nil).

The committed credit facility may include Canadian Overnight Repo Rate Average loans, Secured Overnight Financing Rate loans, prime rate loans and U.S. Base Rate loans.

In the six months ended June 30, 2026, the Company fully repaid the $2.7 billion term loan facility. The term loan facility was subsequently cancelled.

As at June 30, 2026, the Company was in compliance with all of the terms of its debt agreements. Under the terms of Cenovus’s committed credit facility, the Company is required to maintain a total debt to capitalization ratio, as defined in the agreement, not to exceed 65 percent. The Company is below this limit.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			18

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

C) Capital Structure

Cenovus’s capital structure consists of shareholders’ equity and Net Debt. Net Debt includes the Company’s short-term borrowings, and the current and long-term portions of long-term debt, net of cash and cash equivalents, and short-term investments. Net Debt is used in managing the Company’s capital structure. The Company’s objectives when managing its capital structure are to maintain financial flexibility, preserve access to capital markets, ensure its ability to finance internally generated growth and to fund potential acquisitions, while maintaining the ability to meet the Company’s financial obligations as they come due. To ensure financial resilience, Cenovus may, among other actions, adjust capital and operating spending, steward working capital, draw down on its credit facilities or repay existing debt, adjust dividends paid to shareholders, purchase the Company’s common shares for cancellation, issue new debt, or issue new shares.

Cenovus monitors its capital structure and financing requirements using, among other things, Total Debt, Net Debt to Adjusted Funds Flow and Net Debt to Capitalization. These measures are used to steward Cenovus’s overall debt position as measures of Cenovus’s overall financial strength.

Cenovus targets a Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times and Net Debt at or below $4.0 billion over the long-term at a West Texas Intermediate (“WTI”) price of US$45.00 per barrel. These measures may fluctuate periodically outside this range due to factors such as persistently high or low commodity prices or the strengthening or weakening of the Canadian dollar relative to the U.S. dollar.

Net Debt to Adjusted Funds Flow

			June 30,						December 31,
As at			2026						2025
Current Portion of Long-Term Debt			—						—
Long-Term Portion of Long-Term Debt			8,558						11,032
Total Debt			8,558						11,032
Less: Cash and Cash Equivalents			(3,170)						(2,740)
Net Debt			5,388						8,292
Cash From (Used in) Operating Activities			12,356						8,228
(Add) Deduct:
Settlement of Decommissioning Liabilities			(268)						(280)
Net Change in Non-Cash Working Capital			(879)						(363)
Adjusted Funds Flow (1)			13,503						8,871
Net Debt to Adjusted Funds Flow (times)			0.4						0.9

(1)Calculated on a trailing twelve-month basis.

Net Debt to Capitalization

			June 30,						December 31,
As at			2026						2025
Net Debt			5,388						8,292
Shareholders’ Equity			34,198						31,622
Capitalization			39,586						39,914
Net Debt to Capitalization (percent)			14						21

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			19

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

13. DECOMMISSIONING LIABILITIES

			Total
As at December 31, 2025			4,872
Liabilities Incurred			13
Liabilities Settled			(92)
Unwinding of Discount on Decommissioning Liabilities (Note 5)			128
Liabilities Divested			(3)
Exchange Rate Movements			21
As at June 30, 2026			4,939

As at June 30, 2026, the undiscounted amount of estimated future cash flows required to settle the obligation was discounted using a credit-adjusted risk-free rate of 5.5 percent (December 31, 2025 – 5.5 percent) and assumes an inflation rate of two percent (December 31, 2025 – two percent).

14. OTHER LIABILITIES

			June 30,						December 31,
As at			2026						2025
Renewable Volume Obligation, Net (1)			746						235
Pension and Other Post-Employment Benefit Plan			256						260
Employee Long-Term Incentives			201						169
Provisions for Onerous and Unfavourable Contracts			71						83
Other			155						142
			1,429						889

(1)The gross amounts of the renewable volume obligation and renewable identification numbers (“RINs”) asset were $1.7 billion and $962 million, respectively (December 31, 2025 – $853 million and $618 million, respectively).

15. SHARE CAPITAL AND WARRANTS

A) Authorized

Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors prior to issuance and subject to the Company’s articles.

B) Issued and Outstanding – Common Shares

			June 30, 2026												December 31, 2025
			Number of Common Shares (thousands)						Amount						Number of Common Shares (thousands)						Amount
Outstanding, Beginning of Year			1,883,400						18,599						1,825,038						15,659
Issued Under the MEG Acquisition, Net of Issuance Costs (Note 4)			—						—						143,935						3,667
Issued Upon Exercise of Warrants			536						5						2,471						24
Issued Under Stock Option Plans			3,314						73						1,394						20
Purchase of Common Shares Under NCIB			(37,740)						(373)						(89,438)						(771)
Outstanding, End of Period			1,849,510						18,304						1,883,400						18,599

As at June 30, 2026, there were 22.3 million common shares available for future issuance under the stock option plan.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			20

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

C) Normal Course Issuer Bid

On November 7, 2025, the Company received approval from the TSX to renew the Company’s NCIB program to purchase up to 120.3 million common shares during the period from November 11, 2025, to November 10, 2026.

For the six months ended June 30, 2026, the Company purchased and cancelled 37.7 million common shares through the NCIB. The common shares were purchased at a volume weighted average price of $35.77 per common share for a total of $1.4 billion. Retained earnings was reduced by $1.0 billion, of which $977 million represents the excess of the purchase price of the common shares over their average carrying value and $25 million relates to share buyback tax.

From July 1, 2026, to July 24, 2026, the Company purchased an additional 5.6 million common shares for $213 million. As at July 24, 2026, the Company can further purchase up to 69.6 million common shares under the NCIB.

D) Treasury Shares

Cenovus has an employee benefit plan trust (the “Trust”). The Trust, through an independent trustee, acquires Cenovus’s common shares on the open market, which are held to satisfy the Company’s obligations under certain stock-based compensation plans.

			June 30, 2026												December 31, 2025
			Number of Common Shares (thousands)						Amount						Number of Common Shares (thousands)						Amount
Outstanding, Beginning of Year			5,258						116						2,000						43
Purchased Under Employee Benefit Plan			3,300						109						7,100						155
Distributed Under Employee Benefit Plan			(3,774)						(87)						(3,842)						(82)
Outstanding, End of Period			4,784						138						5,258						116

E) Issued and Outstanding – Preferred Shares

			June 30, 2026												December 31, 2025
			Number of Preferred Shares (thousands)						Amount						Number of          Preferred               Shares (thousands)						Amount
Outstanding, Beginning of Year			12,000						113						26,000						356
Preferred Shares Redeemed			(12,000)						(113)						(14,000)						(243)
Outstanding, End of Period			—						—						12,000						113

On March 31, 2026, Cenovus exercised its right to redeem all 10.7 million of the Company’s series 1 preferred shares and all 1.3 million of the Company’s series 2 preferred shares. The preferred shares were redeemed at a price of $25.00 per share for a total of $300 million. Retained earnings was reduced by $187 million, representing the excess of the purchase price of the preferred shares over their carrying value.

F) Issued and Outstanding – Warrants

			June 30, 2026												December 31, 2025
			Number of Warrants (thousands)						Amount						Number of Warrants (thousands)						Amount
Outstanding, Beginning of Year			1,172						4						3,643						12
Exercised			(536)						(2)						(2,471)						(8)
Expired			(636)						(2)						—						—
Outstanding, End of Period			—						—						1,172						4

The exercise price of the warrants was $6.54 per share. The warrants expired on January 1, 2026.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			21

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

			Pension and Other Post-Employment Benefits						Private Equity Investments						Foreign Currency Translation Adjustment						Total
As at December 31, 2024			69						156						2,088						2,313
Other Comprehensive Income (Loss), Before Tax			10						(4)						(672)						(666)
Income Tax (Expense) Recovery			(2)						—						—						(2)
As at June 30, 2025			77						152						1,416						1,645
As at December 31, 2025			86						131						184						401
Other Comprehensive Income (Loss), Before Tax			11						4						509						524
Income Tax (Expense) Recovery			(3)						—						—						(3)
As at June 30, 2026			94						135						693						922

17. STOCK-BASED COMPENSATION PLANS

Cenovus has a number of stock-based compensation plans that include net settlement rights (“NSRs”), performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units.

The following tables summarize information related to the Company’s stock-based compensation plans:

			Units Outstanding						Units Exercisable
As at June 30, 2026			(thousands)						(thousands)
Stock Options With Associated Net Settlement Rights			10,142						3,781
Performance Share Units			7,606						—
Restricted Share Units			10,845						—
Deferred Share Units			2,059						2,059

The weighted average exercise price of NSRs outstanding as at June 30, 2026, was $22.85.

			Units Granted						Units Vested and Exercised/ Paid Out
For the six months ended June 30, 2026			(thousands)						(thousands)
Stock Options With Associated Net Settlement Rights			2,686						3,317
Performance Share Units			2,395						2,152
Restricted Share Units			2,593						3,381
Deferred Share Units			365						164

			Weighted Average Exercise Price						Units Exercised
For the six months ended June 30, 2026			($/unit)						(thousands)
Stock Options With Associated Net Settlement Rights Exercised for Net Cash Payment			18.31						3,057
Stock Options With Associated Net Settlement Rights Exercised and Net Settled for Common Shares (1)			11.59						260

(1)NSRs were net settled for 257 thousand common shares.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			22

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

The following table summarizes the stock-based compensation expense (recovery) recorded for all plans:

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Stock Options With Associated Net Settlement Rights			4						3						8						6
Cenovus Replacement Stock Options			—						1						—						(1)
Performance Share Units			43						5						141						15
Restricted Share Units			18						7						131						21
Deferred Share Units			(7)						(2)						30						(1)
Stock-Based Compensation Expense (Recovery)			58						14						310						40

PSUs and RSUs granted under the Performance Share Unit Plan and Restricted Share Unit Plan for Local Employees in the Asia Pacific region may only be settled in cash.

18. RELATED PARTY TRANSACTIONS

Husky Midstream Limited Partnership

The Company jointly owns and is the operator of HMLP and applies the equity method of accounting. The Company charges HMLP for construction and management services, and incurs costs for the use of HMLP’s pipeline systems, as well as transportation and storage services. Access fees and transportation and storage services are based on contractually agreed rates with HMLP.

The following table summarizes revenues and associated expenses related to HMLP:

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Revenues from Construction and Management Services			43						37						76						66
Transportation Expenses			70						69						135						137

19. FINANCIAL INSTRUMENTS

Cenovus’s financial assets and financial liabilities consist of cash and cash equivalents, accounts receivable and accrued revenues, restricted cash, risk management assets and liabilities, accounts payable and accrued liabilities, lease liabilities, long-term debt, certain portions of other assets and certain portions of other liabilities. Risk management assets and liabilities arise from the use of derivative financial instruments.

A) Fair Value of Non-Derivative Financial Instruments

The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amount due to the short-term maturity of these instruments.

The fair values of restricted cash, certain portions of other assets and certain portions of other liabilities approximate their carrying amount due to the specific non-tradeable nature of these instruments.

Long-term debt is carried at amortized cost. The estimated fair value of long-term debt was determined based on period-end trading prices of long-term debt on the secondary market (Level 2). As at June 30, 2026, the carrying value of Cenovus’s long-term debt was $8.6 billion and the fair value was $8.2 billion (December 31, 2025, carrying value – $11.0 billion; fair value – $10.6 billion).

The Company classifies certain private equity investments as FVOCI as they are not held for trading and fair value changes are not reflective of the Company’s operations. These assets are carried at fair value in other assets. Fair value is determined based on recent market activity which may include equity transactions of the entity when available (Level 3).    

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			23

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

The following table provides a reconciliation of changes in the fair value of private equity investments held and classified as FVOCI during the period:

			Total
As at December 31, 2025			193
Acquisitions			3
Changes in Fair Value			4
As at June 30, 2026			200

B) Fair Value of Risk Management Assets and Liabilities

Risk management assets and liabilities are carried at fair value in accounts receivable and accrued revenues, accounts payable and accrued liabilities (for short-term positions), and other assets and other liabilities (for long-term positions). Changes in fair value are recorded in (gain) loss on risk management.

The Company’s risk management assets and liabilities consist of crude oil, condensate, refined product and natural gas futures; and renewable power, power and foreign exchange contracts. The Company may also enter into forwards, options and swaps to manage commodity, foreign exchange and interest rate exposures.

Crude oil, natural gas, condensate, refined products and power contracts are recorded at their estimated fair value based on the difference between the contracted price and the period-end forward price for the same commodity, using quoted market prices or the period-end forward price for the same commodity, extrapolated to the end of the term of the contract (Level 2). The fair value of foreign exchange rate contracts is calculated using external valuation models that incorporate observable market data and foreign exchange forward curves (Level 2).

The fair value of renewable power contracts is calculated using internal valuation models that incorporate broker pricing for relevant markets, some observable market prices and extrapolated market prices with inflation assumptions (Level 3). The fair value of renewable power contracts are calculated by Cenovus’s internal valuation team, which consists of individuals who are knowledgeable and have experience in fair value techniques.

Summary of Risk Management Positions

			June 30, 2026																		December 31, 2025
			Risk Management																		Risk Management
As at			Asset						Liability						Net						Asset						Liability						Net
Crude Oil, Condensate, Natural Gas and Refined Products			123						99						24						27						30						(3)
Power Contracts			5						—						5						2						—						2
Renewable Power Contracts			17						12						5						17						6						11
Foreign Exchange Rate Contracts			—						4						(4)						—						—						—
			145						115						30						46						36						10

The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:

			June 30,						December 31,
As at			2026						2025
Level 2 – Prices Sourced From Observable Data or Market Corroboration			25						(1)
Level 3 – Prices Sourced From Partially Unobservable Data			5						11
			30						10

The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities:

			Total
As at December 31, 2025			10
Change in Fair Value of Contracts in Place, Beginning of Year			1
Change in Fair Value of Contracts Entered Into During the Period			(74)
Fair Value of Contracts Realized During the Period			93
As at June 30, 2026			30

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			24

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

C) Earnings Impact of (Gains) Losses From Risk Management Positions

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Realized (Gain) Loss			83						(23)						93						(31)
Unrealized (Gain) Loss			(19)						(69)						(20)						(46)
(Gain) Loss on Risk Management			64						(92)						73						(77)

Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.

20. RISK MANAGEMENT

Cenovus is exposed to financial risks, including market risk related to commodity prices, foreign exchange rates, interest rates and commodity power prices, as well as credit risk and liquidity risk.

As at June 30, 2026, the fair value of risk management positions was a net asset of $30 million. As at June 30, 2026, there were foreign exchange contracts with a notional value of US$270 million and no interest rate contracts outstanding. As at December 31, 2025, there were no foreign exchange contracts or interest rate contracts outstanding.

Net Fair Value of Risk Management Positions

As at June 30, 2026

Notional Volumes (1) (2)

Terms

Weighted Average Price (2)

Fair Value Asset (Liability)

WTI Contracts Related to Blending (3)

WTI Fixed – Sell

9.5 MMbbls

July 2026 - December 2027

US$77.57/bbl

128

WTI Fixed – Buy

1.0 MMbbls

July 2026 - June 2027

US$74.25/bbl

(8)

Power Contracts

5

Renewable Power Contracts

5

Other Financial Positions (4)

(96)

Foreign Exchange Rate Contracts

(4)

Total Fair Value

30

(1)    Million barrels (“MMbbls”).

(2)    Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month.

(3)    WTI futures contracts are used to help manage price exposure to condensate used for blending. Includes individual WTI contracts with varying terms, the longest of which is 18 months.

(4)    Includes risk management positions related to heavy oil, light oil and condensate differentials, benchmark delivery location spreads, Belvieu and heating oil fixed price contracts, natural gas basis and fixed price contracts, and reformulated blendstock for oxygenate blending gasoline contracts.

A) Commodity Price and Foreign Exchange Rate Risk

Sensitivities

The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			25

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:

As at June 30, 2026			Sensitivity Range			Increase						Decrease
Crude Oil and Condensate Commodity Price			± US$10.00/bbl Applied to WTI, Condensate and Related Hedges			—						—
Crude Oil and Condensate Differential Price (1)			± US$2.50/bbl Applied to Differential Hedges Tied to Production			4						(4)
WCS (Hardisty) Differential Price			± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production			17						(17)
Refined Products Commodity Price			± US$15.00/bbl Applied to Heating Oil and Gasoline Hedges			(2)						2
Natural Gas Commodity Price			± US$0.50/Mcf (2) Applied to Natural Gas Hedges			1						(1)
Natural Gas Basis Price			± US$0.50/Mcf Applied to Natural Gas Basis Hedges			(2)						2
Power Commodity Price			± C$10.00/MWh (3) Applied to Power Hedges			37						(37)
U.S. to Canadian Dollar Exchange Rate			± $0.05 in the U.S. to Canadian Dollar Exchange Rate			25						(29)

(1)Excluding Western Canadian Select at Hardisty (“WCS”).

(2)One thousand cubic feet (“Mcf”).

(3)One thousand kilowatts of electricity per hour (“MWh”).

B) Credit Risk

Credit risk arises from the potential that the Company may incur a financial loss if a counterparty to a financial instrument fails to meet its financial or performance obligations in accordance with agreed terms. Cenovus assesses the credit risk of new counterparties and continues risk-based monitoring of all counterparties on an ongoing basis. A substantial portion of Cenovus’s accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks.

As at June 30, 2026, approximately 82 percent (December 31, 2025 – 81 percent) of the Company’s accounts receivable and accrued revenues were with investment grade counterparties, and 99 percent of the Company’s accounts receivable were outstanding for less than 60 days. The associated average expected credit loss on these accounts was 0.3 percent as at June 30, 2026 (December 31, 2025 – 0.3 percent).

C) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet all of its financial obligations as they become due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price.

As disclosed in Note 12, over the long term, Cenovus targets a Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times at a WTI price of US$45.00 per barrel to manage the Company’s overall debt position.

Undiscounted cash outflows relating to financial liabilities are:

As at June 30, 2026			Less than 1 Year						Years 2 and 3						Years 4 and 5						Thereafter						Total
Accounts Payable and Accrued Liabilities			6,019						—						—						—						6,019
Long-Term Debt (1)			396						2,256						1,391						9,143						13,186
Lease Liabilities (1)			527						885						659						2,580						4,651

(1)Principal and interest, including current portion, if applicable.

21. SUPPLEMENTARY CASH FLOW INFORMATION

A) Working Capital

			June 30,						December 31,
As at			2026						2025
Total Current Assets			11,976						9,890
Total Current Liabilities			7,354						6,314
Working Capital			4,622						3,576

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			26

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

B) Changes in Non-Cash Working Capital

			Three Months Ended												Six Months Ended
For the periods ended June 30,			2026						2025						2026						2025
Accounts Receivable and Accrued Revenues			226						(270)						(962)						(365)
Income Tax Receivable			1						244						324						166
Inventories			(203)						280						(957)						440
Accounts Payable and Accrued Liabilities			(33)						543						275						2
Income Tax Payable			686						48						853						(282)
Total Change in Non-Cash Working Capital			677						845						(467)						(39)
Net Change in Non-Cash Working Capital – Operating Activities			689						923						(454)						62
Net Change in Non-Cash Working Capital – Investing Activities			(12)						(78)						(13)						(101)
Total Change in Non-Cash Working Capital			677						845						(467)						(39)

C) Reconciliation of Liabilities

The following table provides a reconciliation of liabilities to cash flows arising from financing activities:

			Dividends Payable																		Repurchase Agreements Payable												Short-Term Borrowings						Long-Term Debt						Lease Liabilities
As at December 31, 2024			—																		—												173						7,534						2,927
Acquisition			—																		—												—						12						—
Changes From Financing Cash Flows:
Net Issuance (Repayment) of Short-Term Borrowings			—																		—												66						—						—
Repayment of Long-Term Debt			—																		—												—						(12)						—
Principal Repayment of Leases			—																		—												—						—						(177)
Proceeds on Repurchase Agreements			—																		330												—						—						—
Repayment of Repurchase Agreements			—																		(102)												—						—						—
Dividends Paid			(701)																		—												—						—						—
Non-Cash Changes:
Finance and Transaction Costs			—																		—												—						(10)						—
Lease Additions			—																		—												—						—						197
Base Dividends Declared on Common Shares			691																		—												—						—						—
Dividends Declared on Preferred Shares			10																		—												—						—						—
Exchange Rate Movements and Other			—																		(13)												17						(283)						42
As at June 30, 2025			—																		215												256						7,241						2,989
As at December 31, 2025			—																		401												—						11,032						3,175
Changes From Financing Cash Flows:
Repayment of Long-Term Debt			—																		—												—						(2,700)						—
Principal Repayment of Leases			—																		—												—						—						(178)
Proceeds on Repurchase Agreements (1)			—																		1,064												—						—						—
Repayment of Repurchase Agreements (1)			—																		(934)												—						—						—
Dividends Paid			(790)																		—												—						—						—
Non-Cash Changes:
Finance and Transaction Costs			—																		—												—						11						—
Lease Additions			—																		—												—						—						24
Lease Modifications			—																		—												—						—						23
Base Dividends Declared on Common Shares			788																		—												—						—						—
Dividends Declared on Preferred Shares			2																		—												—						—						—
Exchange Rate Movements and Other			—																		(16)												—						215						29
As at June 30, 2026			—																		515												—						8,558						3,073

(1)Includes proceeds and repayments of $803 million and $673 million, respectively, that primarily relate to RINs.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			27

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

All amounts in $ millions, unless otherwise indicated

For the periods ended June 30, 2026

22. COMMITMENTS AND CONTINGENCIES

A) Commitments

Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:

As at June 30, 2026			Remainder of Year						2 Years						3 Years						4 Years						5 Years						Thereafter						Total
Transportation and Storage (1) (2)			1,336						2,651						2,777						3,399						3,123						33,758						47,044
Real Estate			33						66						66						69						71						474						779
Obligation to Fund HCML			52						97						56						44						42						61						352
Other Long-Term Commitments			448						195						158						122						121						496						1,540
Total Commitments			1,869						3,009						3,057						3,634						3,357						34,789						49,715

(1)Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $19.1 billion. Terms are up to 20 years on commencement.

(2)As at June 30, 2026, includes $1.7 billion related to transportation and storage commitments with HMLP.

There were outstanding letters of credit aggregating to $369 million (December 31, 2025 – $341 million) issued as security for financial and performance conditions under certain contracts.

B) Contingencies

Legal Proceedings

Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its interim Consolidated Financial Statements.

Income Tax Matters

The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

Cenovus Energy Inc. – Q2 2026 Interim Consolidated Financial Statements			28