Relatório gerencial em inglês RBVA11 de julho de 2026

Management Report RBVA11

Rio Bravo Renda Varejo Fundo de Investimento Imobiliário de Responsabilidade Limitada

Brazilian Real Estate Investment Fund

JULY 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$ 1,763,626,741.64 (ref. June)

START OF THE FUND • November 1, 2012

NUMBER OF QUOTAS • 165,268,143

NUMBER OF OFFERINGS

COMPLETED• 6

NUMBER OF QUOTA HOLDERS •

92,794

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

7.1% Physical Vacancy

R$ 0.09 in distributions per quota

5,512 Traded value³ R$/m²

299,783 m² GLA

R$ 8.94 Closing Price

R$ 1.47 billion Market Value

R$ 1.95 million Average daily volume Traded (ADTV)

29 Tenants

R$ 1.76 billion Net Equity ¹

12.1% Annualized Dividend Yield²

5.9 years WAULT⁴

HIGHLIGHTS OF THE MONTH

1

NEW LEASE

Jundiaí Center Property

• Lease agreement signed with Geo Cosméticos.

• Leased area of 2,988 m².

• Contract term of 10 years.

• Property located in a strategic region of Jundiaí.

2

PAYMENT RECEIVED Santo André

Receipt of the second installment of the indemnity for vacating the property.

• Payment made by Santander.

• Amount received: R$ 2.75 million.

Continuity of the previously established compensation agreement.

3

ASSET REVALUATION

Portfolio Update

Revaluation conducted by independent consultants.

• Update of market assumptions for the assets.

• Reflects new leases and portfolio movements.

• Asset appreciation with favorable occupancy outlook.

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.

PORTFOLIO MANAGER'S MESSAGE

RESULT AND DISTRIBUTION

In the month, the Fund's result was R$0.088/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 share in the semester in the income statement table (P&L) on Page 8.

NEW LEASES IN THE CENTRO JUNDIAÍ PROPERTY

In the month, the Fund entered into a lease agreement with Geo Cosméticos for the occupation of two floors of Centro Jundiaí Property, which add up to approximately 2,988 m² of leased area. With more than 30 years of experience in the beauty and personal care segment, the company will occupy spaces with direct access and wide visibility to Barão de Jundiaí and Rangel Pestana streets. The contract has a ten-year term, with an expected term until July 2036, and annual adjustment by the IPCA. The effective start of the lease is conditional on the completion of the handover / vacating of the property and the delivery of the property by Santander.

Located in one of the most traditional and busy commercial areas of Jundiaí, the Property has a differentiated configuration, with two active facades and two accesses on the ground level, benefiting from both the intense flow of pedestrians on the sidewalk and the circulation of vehicles. The new lease took place even before the definitive vacancy by the current tenant and without the need for investments by the Fund to make the new occupation viable, reinforcing the liquidity, construction quality and commercial attractiveness of the property. The operation also preserves the potential for value generation with the future lease of the remaining floors.

With the new lease, RBVA expands its exposure to the Health & Wellness sector. The transaction represents another step forward in the portfolio repositioning strategy and reinforces that the value of RBVA's properties transcends their original uses and occupants, combining consolidated locations, flexibility of use and sustainable generation of real estate income for quota holders.

FROM THE PORTFOLIO MANAGEMENT TEAM

STRATEGY AND POSITIONING

Over the last few cycles, the Fund has already demonstrated, in practice, the versatility and intrinsic quality of its assets. In the same property previously occupied by a bank branch, for example, it was possible to enable successful conversions to a self-storage operator, restaurant, gym, Real Estate sales showroom, supermarket, pharmacy and office.

SANTO ANDRÉ PROPERTY – VACANCY INDEMNITY | SANTANDER

As reported in the May 2026 management report, the Fund received, in the period, the second installment of the indemnity related to Santander’s surrender of the Santo André property, in the amount of R$ 2.75 million. The receipt can be seen in the Fund's income statement (P&L), on page 8, and will contribute to the distributable result for the semester.

ASSET REVALUATION

The Fund updated the portfolio's appraisal reports, conducted by the independent consultancy Binswanger, and aimed to incorporate new acquisitions, new leases and vacancies, reflect the evolution of vacant assets, and to reposition and update the assumptions to the current conditions of the real estate market. Considering only the assets that were already part of the portfolio in 2025, the appraisal showed a slight positive change of 0.02%.

Among the blocks that showed appreciation, Caixa, with an increase of 14.5%, mainly influenced by the update of the market values of the properties and the prospects for renewal or re-leasing of assets; Cogna, with 7.4%; GPA, with 3.1%; and Assaí, with 0.2%.

FROM THE PORTFÓLIO MANAGEMENT TEAM

Among the devaluations, vacant assets fell 35.2%, due to the revision of the assumptions of commercialization, occupation period and necessary investments, the assets leased to Santander fell 20.5%, mainly reflecting the reduction of the remaining contractual terms, the vacancy notices and the consequent incorporation of a higher risk of vacancy and repositioning in the reports, while the Pernambucanas block showed a slight decrease of 1.7%.

As part of this process, a review of the areas of the properties in the portfolio was also carried out, conducted by an independent evaluator. The measurement criteria were standardized based on a hierarchy of sources that prioritizes, in this order, the floor plan of the properties, the lease agreement, the property tax and the registration. The update is exclusively a records and documentation update. It does not represent a physical reduction of the portfolio or change in the spaces of the properties, nor does it generate an impact on the lease contracts, contracted revenues, results or distributions of the Fund. The updated areas can be consulted on the "Fund Portfolio" page.

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 advances observed reinforce the ability to reposition assets and support the strategy of gradual reduction of vacancy, with a focus on quality of occupancy, income generation and portfolio diversification.

RECEIVABLES

Below, we present the schedule of installments receivable related to the sales made by the Fund (Amounts in BRL)

FROM THE PORTFÓLIO MANAGEMENT TEAM

Schedule Installments Receivable for Real Estate Sales

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 "everything else constant" and should not be interpreted as a promise or guarantee of future results.

RESULTS AND DISTRIBUTION

Monthly distribution normalization R$ 0.09 (announced Jul 31 / paid Aug 14)

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

Shareholders' Equity Composition

Amounts in R$ million

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

FUND EQUITY

Tenants (% of Assets)²

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, Smoov, Oakberry, Santa Gula, Subway, Smart fit, Mamoru, McDonald'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] .