Relatório gerencial em inglês RBVA11 de setembro de 2026

INFORMATION ABOUT THE FUND

INVESTMENT OBJECTIVE AND POLICY

The Fund's primary long-term objective is to generate income from the leasing of real estate assets and provide its investors with potential capital appreciation.

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REGISTRATION DATA

CNPJ • 15.576.907/0001-70

MANAGEMENT PROFILE • Active

MANAGER • Rio Bravo Investimentos

ADMINISTRATOR and BOOKKEEPER •

Rio Bravo Investimentos

ADMINISTRATION AND MANAGEMENT

FEE • 0.651% p.a. on Market Value (Min. Monthly R$ 64,170.04 - base date May 1, 2021, adjusted annually by the positive variation of the IGP-M)

NET EQUITY•

R$ 1,761,536,439 (ref. August)

START OF THE FUND • November 1,

2012

NUMBER OF QUOTAS • 165,268,143

NUMBER OF OFFERINGS

COMPLETED• 6

NUMBER OF QUOTA HOLDERS •

96,470

Investment Thesis

RBVA11 is an actively managed fund that invests in a diversified portfolio of real estate focused on retail operations with the objective of generating long-term real estate income.

CORE RETAIL PORTFOLIO

A pioneering street-retail portfolio comprising welllocated properties with characteristics suited to retail operations.

REAL ESTATE FLEXIBILITY

Well-located and adaptable assets and active management attentive to retail trends.

STRATEGIC SALES

Extraction of value with opportunistic asset sales and portfolio recycling.

KEY FIGURES

74 Properties 299,783

m² GLA

28 Tenants

9.7%

Physical Vacancy

R$ 8.96 Closing Price

R$ 1.76 billion Net Equity ¹

R$ 0.09

in distributions per quota in the month

R$ 1.48 ^b illion Market Value

12.1% Annualized Dividend Yield²

5,486 Traded value³ R$/m²

R$ 1.33 million Average daily volume Traded (ADTV)

6.4 years WAULT⁴

HIGHLIGHTS OF THE MONTH

FORTALEZA PROPERTY HANDOVER

Santander completed the vacating of the Fortaleza property, with the formalization of the lease termination and expected receipt of R$ 1.49 million, including compensation to restore the property and a termination penalty.

LEASING UPDATES

Management continues to actively pursue the leasing of vacant spaces, with negotiations at different stages of the commercial funnel, including signed contracts, proposals under negotiation and advanced discussions.

RECEIPT OF INSTALLMENTS

In the month, the Fund received R$ 1.1 million related to the sales of the Senador Queirós (R$ 1.0 million) and São Gonçalo Alcântara (R$ 150 thousand) properties, in line with the portfolio recycling strategy.

¹Shareholders' equity for the previous month. ²Annualized dividend yield considers the distribution by share in the reference month of the report multiplied by 12, the result divided by the closing price of the reference month (earnings*12/closing price of the share on the last business day of the month). ³Traded value/m² considers the market value at the end of the period and the amount of debt, excluding the availabilities of the previous period and the amount invested in FIIs, divided by the GLA. ⁴WAULT: weighted average of the term of the rental contracts.

FROM THE PORTFOLIO MANAGEMENT TEAM

RESULT AND DISTRIBUTION

In the month, the Fund's result was R$ 0.084/quota and the distribution was R$0.09/quota , following the guidance for the semester. The distribution at this level is intended to smooth monthly income distributions throughout the semester, which will include projected extraordinary results. Investors can follow the accumulated result per quota in the semester in the income statementtable (P&L) on page 7.

FORTALEZA PROPERTY HANDOVER

As previously reported, during the month the termination of the lease agreement with Santander for the property located on Rua Floriano Peixoto, in Fortaleza, was formalized. The property was vacated and handed back to the Fund on September 15, 2026. Under the settlement, the Fund is entitled to receive R$ 1.49 million , comprising R$ 1.20 million in compensation to restore the property and R$ 291 thousand related to the lease termination penalty.

The space is already being marketed for lease, and any progress will be reported in future reports.

LEASING UPDATES

Management continues to actively pursue the leasing of vacant spaces, with opportunities at different stages of the commercial funnel, including signed contracts, drafts in preparation, proposals under negotiation, technical visits and ongoing negotiations. The progress achieved reinforces management's ability to reposition assets and supports the strategy of gradual reduction of vacancy, with a focus on quality of occupancy, income generation and portfolio diversification.

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FROM THE PORTFOLIO MANAGEMENT TEAM

RECEIVABLES

In the month, the Fund received installments related to the sale of the Senador Queirós (R$ 1 million) and São Gonçalo Alcântara (R$ 150 thousand) properties. Below, we present the schedule of installments receivable expected for the coming months:

Schedule of Installments Receivable from Real Estate Sales (R$)

FROM THE PORTFOLIO MANAGEMENT TEAM

GUIDANCE

For the second half of 2026, management maintains the estimated monthly distribution guidance of R$ 0.09/quota , considering, in addition to the recurring result, the commercial strategy of generating capital gains through opportunistic asset disposals.

The estimated recurring result for the semester was revised to approximately R$ 0.062/quota , mainly reflecting the vacancies of bank branches already announced to the market, as well as properties that remain vacant or are currently being remarketed.

Throughout the first half of the year, the Fund made five new leases , some of which are still subject to grace periods, commercial discounts or early stages of maturation. Thus, their positive effects on recurring income tend to be captured gradually over the next few months.

The management continues to act in the lease of vacant spaces, and investors can follow the evolution of these negotiations in the table presented above. Considering a projection of the leases already signed and the potential occupation of the other properties currently being marketed for lease, the Fund's recurring result could reach a level close to R$ 0.075/quota .

We emphasize that this projection considers "all else being equal" and should not be interpreted as a promise or guarantee of future results.

RESULTS AND DISTRIBUTION

Monthly distribution normalization

R$ 0.09

(announced Sep 30 / paid Oct 15)

MANAGEMENT REPORT RBVA11 7 SEPTEMBER 2026

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¹Result considers only the total profit from the sale, and not the total value of the operation.² Result presented on a cash basis and not audited. ³Accumulated result for the period.

BREAKDOWN OF THE BALANCE SHEET

Holders' Equity Breakdown

Amounts in R$

Equity Value per quota 10.66

¹Receivables include accounts receivable for real estate rentals, accounts receivable for real estate sales, and other receivables. Base date: August/2026

FUND EQUITY

Lease Expiration Schedule (% of Contracted Revenue)

Sector (% of Assets)1

Tenants (% of Assets)²

¹ eOther" includes: Self-storage, Incorporation, Investment, Toys and children's products, Allocation in malls, Corporate, Restaurant, Food hall and position in FIIs.

Base date: August/2026

^& lt;sup>2</sup>"Others" includes: PBKids, Super Nosso, Itaú, Fan Food, Oakberry, Santa Gula, Subway, Smartfit, Mamoru, Mc Donald's, Plano&Plano, Goodbe, M3Storage, Ânima, Panvel, Confialtiva, Geo Cosméticos and Position in FIIs.

FUND EQUITY

Revenue by tenant

LEVERAGE

Annual Amortization Schedule

Above, we show the amortization schedule with projected annual cash requirements for the payments. Management views the cost of leverage as an "asset" for the Fund, as the rates were agreed at a particularly favorable time of lower interest rates. Management does not anticipate prepaying the CRIs.

Inflation adjustments are included through the issuance of the securitization company's monthly report.

FUND PORTFOLIO

FUND PORTFOLIO