Cenovus (NYSE: CVE) to redeem $300M Series 1 & 2 preferreds

Rhea-AI Filing Summary

Cenovus Energy Inc. plans to redeem all of its 2.577% Series 1 and 3.948% Series 2 preferred shares on March 31, 2026. The redemption price is $25.00 per share, for a total of $300 million, funded primarily from cash on hand.

The Board has declared final quarterly dividends of $0.16106 per Series 1 share and $0.24337 per Series 2 share, payable on March 31, 2026 to shareholders of record on March 13, 2026. After these payments and the redemption, the Series 1 and 2 preferred shares will be fully retired.

Insights

Energy equity analyst

Cenovus is retiring $300M of preferred shares using cash on hand.

Cenovus Energy will redeem all Series 1 and 2 preferred shares for a total of $300 million at $25.00 per share on March 31, 2026. This removes two series of fixed-dividend securities from its capital structure.

The company states the redemption will be funded primarily from cash on hand, suggesting available liquidity to retire this layer of capital while continuing to pay final dividends of $0.16106 and $0.24337 per share on the two series. Actual balance sheet impact will depend on Cenovus’s broader financing and investment plans described in other disclosures.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 

under the Securities Exchange Act of 1934

For February 2026

Commission File Number:  1-34513

CENOVUS ENERGY INC.

(Translation of registrant’s name into English)

4100, 225 6 Avenue S.W.

Calgary, Alberta, Canada T2P 1N2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☐    Form 40-F  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ☐

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit Index to this Form 6-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:  February 26, 2026

CENOVUS ENERGY INC.

(Registrant)

By:

/s/ Amanda D. Pankiw

Name:

Amanda D. Pankiw

Title:

Assistant Corporate Secretary

Form 6-K Exhibit Index

Exhibit No.
99.1						News release dated February 26, 2026

Exhibit 99.1

News Release

Cenovus Energy announces redemption of Series 1 & 2 Preferred Shares

Calgary, Alberta (February 26, 2026) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it will exercise its right to redeem its 2.577% Series 1 Preferred Shares (the “Series 1 Preferred Shares”) and its 3.948% Series 2 Preferred Shares (the “Series 2 Preferred Shares”, collectively, the “Series 1 & 2 Preferred Shares”) on March 31, 2026 (the “Redemption”). All of the Series 1 & 2 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $300 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared quarterly dividends of $0.16106 per Series 1 Preferred Share and $0.24337 per Series 2 Preferred Share, each payable on March 31, 2026, to shareholders of record as of March 13, 2026. These will be the final dividends paid on the Series 1 & 2 Preferred Shares.

Inquiries from registered holders of Series 1 & 2 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 1 & 2 Preferred Shares, should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

Advisory

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”), within the meaning of applicable securities legislation, about Cenovus’s current expectations, estimates and projections about the future, based on certain assumptions made in light of the Company's experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “payable”, “should”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the completion of the Redemption, including the timing and funding thereof and the dividend payments with respect to the Series 1 & 2 Preferred Shares.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual

CENOVUS ENERGY NEWS RELEASE | 1

results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis for the period ended December 31, 2025, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, which are available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.

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 sustainability considerations into its business plans. Cenovus common shares 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

CENOVUS ENERGY NEWS RELEASE | 2

FAQ

What did Cenovus Energy (CVE) announce regarding its Series 1 and 2 preferred shares?

Cenovus Energy announced it will redeem all Series 1 and 2 preferred shares on March 31, 2026. Holders will receive $25.00 per share, with total payments of $300 million funded primarily from cash on hand, fully retiring both preferred share series.

What is the Cenovus Energy (CVE) preferred share redemption price and total amount?

Each Series 1 and Series 2 Cenovus preferred share will be redeemed at $25.00 per share. The aggregate amount payable to holders is $300 million, subject to required withholdings, and will be funded primarily from Cenovus’s existing cash on hand.

When will Cenovus (CVE) complete the redemption of its Series 1 and 2 preferred shares?

Cenovus plans to complete the redemption of all Series 1 and 2 preferred shares on March 31, 2026. Shareholders of record on March 13, 2026 will also receive the final quarterly dividend payments on that same March 31, 2026 date.

What final dividends will Cenovus (CVE) pay on its Series 1 and 2 preferred shares?

Cenovus will pay a final quarterly dividend of $0.16106 per Series 1 preferred share and $0.24337 per Series 2 preferred share. These dividends are payable March 31, 2026 to shareholders of record as of March 13, 2026, coinciding with the redemption date.

How will Cenovus Energy (CVE) fund the $300 million preferred share redemption?

Cenovus states the $300 million payable for redeeming its Series 1 and 2 preferred shares will be funded primarily from cash on hand. This indicates the company expects to use existing liquidity rather than new financing specifically for this redemption transaction.

Will Cenovus (CVE) Series 1 and 2 preferred shares continue trading after March 31, 2026?

After the March 31, 2026 redemption, Cenovus’s Series 1 and 2 preferred shares will be fully redeemed. Holders will receive $25.00 per share plus the final declared dividends, and those preferred share series will cease to remain outstanding following completion of the redemption.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 13.1 KB