Relatório gerencial em inglês RBVA11 de junho de 2026

Management Report RBVA11

Rio Bravo Renda Varejo Fundo de Investimento Imobiliário de Responsabilidade Limitada

Brazilian Real Estate Investiment Fund

JUNE 2026

NAVIGABLE INDEX

• Fund Information 03
• Investment Thesis 03
• Key figures 05
• Message from the Manager to the Investor 06
• Results and Distribution 09
• Balance Sheet Breakdown 11
• Quota and Volume Performance 12
• Fund Equity 14
• Leverage 20
• Timeline 21
• Attachments 22
• Fund Portfolio 23
• Media 25
• Fundamentals Worksheet

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INFORMATION ABOUT THE FUND

INVESTMENT OBJECTIVE AND POLICY

The Fund's main objective, in the long term, is to generate income through commercial exploitation through the leasing of Real Estate Assets, and, consequently, to provide its Quotaholders with the appreciation of their Quotas.

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REGULATION OF THE FUND

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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 05/01/2021, adjusted annually by the positive variation of the IGP-M)

SHAREHOLDERS' EQUITY •

R$ 1,667,803,737.09 (ref. May)

START OF THE FUND • 11/01/2012

NUMBER OF SHARES • 165,268,143

NUMBER OF EMISSIONS MADE • 6

NUMBER OF SHAREHOLDERS • 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 POTFOLIO

Pioneering construction of a portfolio focused on street retail, focusing on the vocation of properties for retail use, exclusive locations and attributes valued by retail.

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

6.9% Physical Vacancy

R$ 0.09 by share of income distribution in the month

5,473 Trade value³ R$/m²

305,391 m² GLA

R$ 9.11 Month Closing

R$ 1.50 billion Market Value

R$ 2.37 million Average daily volume Negotiated

28 Tenants

R$ 1.66 Shareholders ' equity ¹

11.9% Annualized Dividend Yield²

6.5 years Wault⁴

HIGHLIGHTS OF THE MONTH

NEW LEASES Santos and Bom Retiro

0 2 contracts with M3 Storage.

0 5,026 sq m leased in properties that were vacant.

0 Expanded exposure to the self-storage segment to 1.4% of the portfolio.

REPOSITIONING Asset Versatility

0 New lease reinforces the portfolio repositioning strategy and the flexibility of the assets.

Properties previously occupied by bank branches have already been converted to different uses: gyms, supermarkets, pharmacies, offices, self storage, among others.

CONTRACT RENEWAL Cipó-Guaçu Property

0 Renewal of the lease agreement for the Cipó-Guaçu property with Caixa Econômica Federal.

0 Contract extended to Aug/2030.

0 Represents 0.15% of the Fund's contracted revenue.

¹Shareholders' equity for the previous month. ²Yield annualized considers the distribution by share in the reference month of the report multiplied by 12, 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 market value at the end of the period and the value of the debt, excluding the cash equivalents of the previous period and the amount invested in FIIs, divided by the GLA. ⁴WAULT: weighted average of the term of the rental contracts.

MESSAGE FROM THE MANAGER TO THE INVESTOR

RESULT AND DISTRIBUTION

In the month, the Fund's result was R$0.070/share and the distribution was R$0.09/share, following the guidance for the semester. The distribution at this level aims to linearize the distribution of the result throughout the semester, which has extraordinary results. The investor can follow the accumulated result per share in the semester in the income statement table (P&L) on page 9.

NEW LEASES IN SANTOS AND BOM RETIRO PROPERTIES

In the month, the Fund entered into two lease agreements with M3 Storage, a self-storage company that is already part of the portfolio's tenant base, for the occupation of properties located in Santos/SP and Bom Retiro, in São Paulo/SP. The contracts have a term of 5 years and a variable compensation structure, linked to a percentage of the monthly gross revenue of the operations.

The transaction represents the second simultaneous lease of two assets in the portfolio to the same tenant, reinforcing the complementarity of the Fund's properties and the management's ability to offer integrated real estate solutions to operators with an expansion strategy. The properties, which were vacant, add up to approximately 5,026 m² of leased area, with 4,505 m² in Santos and 521 m² in Bom Retiro.

With the operation, the Fund will expand its exposure to the self-storage segment, which represents about 1.4% of the portfolio.

STRATEGY AND POSITIONING

This new lease for a totally different operation from the immediately previous operation (retail banking) is part of the Fund's repositioning strategy. Over the last few cycles, the Fund has already demonstrated, in practice, the versatility and intrinsic quality of its assets with this type of change in occupancy. In the same property previously occupied by a bank branch, for example, it was possible to enable successful conversions to a restaurant, a developer's sales stand, gyms, supermarket, self-storage operator, pharmacy, office, among others.

MESSAGE FROM THE MANAGER TO THE INVESTOR

These movements reinforce a central thesis of the management: RBVA's properties have a value that transcends their original tenants, being mostly inserted in consolidated locations, with liquidity and multiple alternatives of use. The repositioning strategy not only reduces vacancy, but also expands the sectoral diversification of the portfolio and strengthens the average credit quality of the portfolio.

In addition, active management in portfolio turnover allows the fund to unlock gains for shareholders with the appreciation of assets. This is because the profit from the operation is distributable and becomes part of the extraordinary distribution month by month. 32 disposals have already been carried out since 2019, with a total sales volume of around R$ 310 million and accumulated profit of R$ 104 million.

It is a thesis of flexibility and maturity.

Flexibility because management looks at the brick and its ability to keep up with the dynamism of retail - which generates long-term value in the real estate thesis. It is the ability to generate income in different scenarios.

Maturity because a 14-year fund has already gone through many tests, such as contract cycles, and real estate cycles that allow the fund to sell properties with excellent rates of return. Thus, the management generates a return that goes directly to the shareholder's pocket, in addition to freeing up cash for other destinations and new real estate allocation options, always looking for entry into new cycles.

Other Events

In the month, the Fund formalized the renewal of the lease agreement of the Cipó-Guaçu property with Caixa Econômica Federal, in the typical modality, with maturity until August 2030. Leasing represents 0.15% of contracted revenue.

The Fund also informs that the lessee Goodbe, of the Monções property, located at Av. Santo Amaro, 3332, is in default. Due to the persistence of the delay, an eviction action was filed to repossess the property. Leasing represents 0.25% of contracted revenue, with no expected relevant impact on income.

Additionally, as already disclosed, with the departure of Santander from the property located at Av. Senador Flaquer, 305, in Santo André, the physical vacancy of the Fund is now 6.9% at the end of June.

MESSAGE FROM THE MANAGER TO THE INVESTOR

RENTAL EFFORTS

The 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 occupancy quality, income generation and portfolio diversification.

GUIDANCE

For the second half of 2026, management maintains the estimated monthly distribution guidance of R$0.09/share, 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/share, mainly reflecting the vacancies of bank branches already announced to the market, as well as the existence of properties that remain vacant or in the process of being resold.

During 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, its positive effects on recurring results tend to be captured gradually over the next few months.

The management continues to work on 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 on sale, the Fund's recurring result could reach a level close to R$ 0.075/share.

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

Linearization of Distribution

R$ 0.09 (announced: 06/30 paid: 07/15)

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. ³Cumulative result for the period.

BREAKDOWN OF THE BALANCE SHEET

Amounts in R$ million

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

FUND EQUITY

¹"Other" includes: Allocation to malls, Home & Construction, Investment, Wellness, Development, Self-storage, Convenience, Corporate, Food and position in FIIs. ²"Others" includes: PBKids, Super Nosso, Itaú, Fan Food, Smoov, Oakberry, Santa Gula, Subway, Smartfit, Mamoru, Mc Donald's, Plano&Plano, Goodbe, M3Storage, Ânima, Panvel, Confialtiva and Position in FIIs.

FUND PORTFOLIO

FUND PORTFOLIO

RIO BRAVO

Aqui, o futuro é concreto.

RIO BRAVO

riobravo.com.br

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

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