Relatório gerencial em inglês RBVA11 de agosto de 2026

Management Report RBVA11

Rio Bravo Renda Varejo Fundo de Investimento Imobiliário de Responsabilidade Limitada

Brazilian Real Estate Investment Fund

AUGUST 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. Click and access:

FUND REGULATIONS

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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)

SHAREHOLDERS' EQUITY •

R$ 1,761,993,977 (ref. July)

START OF THE FUND • November 1, 2012

NUMBER OF QUOTAS • 165,268,143

NUMBER OF OFFERINGS

COMPLETED• 6

NUMBER OF QUOTA HOLDERS •

96,217

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

8.3% Physical Vacancy

R$ 0.09 in distributions per quota in the month

5,402 Traded value³ R$/m²

299,783 m² GLA

R$ 8.79 Closing Price

R$ 1.45 billion Market Value

R$ 1.75 million Average daily volume Traded (ADTV)

28 Tenants

R$ 1.76 billion Net Equity ¹

12.3% Annualized Dividend Yield²

6.4 years WAULT⁴

HIGHLIGHTS OF THE MONTH

GROWTH IN THE INVESTOR BASE

Over the last 12 months, the Fund's quota holder base grew 12.2%, from 85,769 to 96,217 investors.

RECEIPT OF THE SETTLEMENT WITH SANTANDER

The Fund received R$ 5 million related to the settlement entered into with Santander. This receipt had a positive impact on the Fund's result.

REF-2.BR RATING BY MOODY'S

RBVA11 received the REF-2.br rating from Moody's Local Brasil, indicating aboveaverage quality characteristics relative to market peers. This is the first rating of this kind assigned to a real estate fund in Brazil.

¹Shareholders' equity for the previous month. ²Yield annualized 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 .10/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 statement table (P&L) on page 9.

RECEIPT OF SETTLEMENT - SANTANDER JUNDIAÍ

In the month , the Fund received R $ 5 million related to the settlement entered into with Santander, which covers the vacating of the Jundiaí property , the contractual penalty and related compensation . After the handover , the property was partially leased to Geo Cosméticos, as previously disclosed and detailed in the July report .

SMOOV LEASE TERMINATION

During the month, the termination of Smoov’s lease agreement for an 11.7 m² area at Pátio Maria Antônia was formalized .The lease revenue represented only 0 .04 % of the Fund's contracted revenue , while the occupied area corresponded to 0 .004 % of total GLA . Accordingly , the termination had a marginal impact on both contracted revenue and physical vacancy .

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

LEASING UPDATES

Management continues to act actively in the commercialization of vacant spaces , with fronts 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 support s the strategy of gradual reduction of vacancy , with a focus on quality of occupancy , income generation and portfolio diversification .

FROM THE PORTFOLIO MANAGEMENT TEAM

RECEIVABLES

In the month, the Fund received installments related to the sale of the Haddock Lobo (R$ 4.99 million), Senador Queirós (R$ 1 million), São Gonçalo Alcântara (R$ 150 thousand) and Nilo Peçanha (R$ 311 thousand) properties. Below, we present the schedule of installments receivable expected for the coming months:

Schedule of Installments Receivable from Real Estate Sales

MOODY’S LOCAL BRASIL RATING REPORT

On September 11, Moody's Local Brasil released a Rating Report on the RBVA11 Fund. In this assessment, the agency assigned the Fund the REF-2.br rating, reflecting above-average characteristics relative to market peers. This was the first rating of its kind assigned to a Brazilian real estate investment Fund and positively reflects the work management has been carrying out, in addition to reinforcing the transparency and high governance standards adopted by management. According to the report, the Fund has a qualified team and a disciplined investment process, based on qualitative and quantitative analyses, with continuous management of credit, market, liquidity, operational and legal risks. To read the full Rating Report, click here.

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 vacated.

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 Aug 31 / paid Sep 15)

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$

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

FUND EQUITY

¹“Other” includes: Allocation in malls, Retail, Investment, Well-being, Incorporation, Self-storage, Convenience, Corporate, Food and position in FIIs.²“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 PORTFOLIO

FUND PORTFOLIO

RIO BRAVO

Here, the future is concrete.

RIO BRAVO

riobravo.com.br

Av. Chedid Jafet, 222 - Bloco B, 3o andar, CJ.32 04551-065, São Paulo - SP - Brazil +55 11 3509 6600 | +55 11 2107 660

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M Autorregulação ANBIMA

Gestão de Recursos

Investors are advised to carefully read the prospectus and the investment fund's regulations when investing their resources. • This material is for informational purposes only and should not be considered as an offer to acquire shares of investment funds. •Past performance is not a guarantee of future gains . Investments in funds are not guaranteed by the administrator or by any insurance mechanism or by the Credit Guarantee Fund - FGC. •Rio Bravo Investimentos DTVM Ltda . is not responsible for any decisions made based on the data on this material . •All material contained herein, including texts, graphics, images and any other audiovisual communication material are the sole and exclusive property of Rio Bravo, as well as any information, reports, products and services, which together make up valuable intellectual property of Rio Bravo. •Any type of tampering is not allowed without the express and written consent of Rio Bravo, under penalty of being a clear violation of Rio Bravo's property rights, resulting in the appropriate legal sanctions . •The information contemplated herein does not constitute any type of investment offer or recommendation . • Rio Bravo is not responsible for any unauthorized use of the material and information provided herein.

The translation of this material was generated by AI and reviewed by Rio Bravo.

Customer Service / Ombudsman : 0800 722 9910 | [email protected] .