Relatório gerencial em inglês RBVA11 de maio de 2026

Management Report RBVA11

Rio Bravo Renda Varejo Fundo de Investimento Imobiliário de Responsabilidade Limitada

Brazilian Real Estate Investment Fund

MAY 2026

FUND INFORMATION

INVESTMENT OBJECTIVE AND POLICY

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

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REGISTRATION DATA

TAX ID (CNPJ) • 15.576.907/0001-70

MANAGEMENT PROFILE • Active

FUND MANAGER • Rio Bravo

Investimentos

ADMINISTRATOR AND REGISTRAR • Rio

Bravo Investimentos

MANAGEMENT AND ADMIN FEE •

0.651% p.a. on Market Value (Monthly Min. BRL 64,170.04 - base date 05/01/2021, adjusted annually by the positive variation of the IGP-M)

NET ASSET VALUE •

BRL 1,668,456,272.99 (ref. April)

FUND INCEPTION • 11/01/2012

NUMBER OF SHARES • 156,143,050

NUMBER OF OFFERINGS COMPLETED • 5

NUMBER OF SHAREHOLDERS • 92,778

(ref. April)

Investment Thesis

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

CORE RETAIL CORE PORTFOLIO

Pioneering construction of a street retail portfolio, focusing on properties suited for retail use, prime locations, and attributes valued by the retail sector.

PROPERTY FLEXIBILITY

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

STRATEGIC SALES

Value extraction through opportunistic asset sales and portfolio recycling.

KEY FIGURES

74 Properties

6.5 % Physical Vacancy

R$ 0.09 per share of income distribution in the month

5,215 Traded value³ R$/m²

305,391 m² GLA

R$ 9.63 Month Closing

R$ 1.50 billion Market Value

R$ 1.97 million Average daily volume Traded

28 Tenants

R$ 1.66 billion Net Equity ¹

11.2% Dividend Yield² annualized

6.5 years Wault⁴

MONTH HIGHLIGHTS

New Leases Ultra

The Fund entered into 2 lease contracts long-term with the Ultra chain for the Paulista 436 and Duque de Caxias properties. The transaction expands exposure to the wellness segment to 5.1% of the portfolio and marks the first simultaneous lease of two assets to the same tenant.

Property Acquisition Flagship Portobello Gabriel

Property acquired for R$ 81 million, premium retail asset. The property is leased under an atypical BTS contract of 20 years with IPCA, ensuring revenue predictability and an estimated cap rate of 8.0% p.a.

Acquisition of Pátio Maria Antônia, Estácio and PBKIDS Properties

The Fund acquired three properties for R$ 111.6 million, at an estimated cap rate of 11.0% p.a., expanding portfolio diversification. The assets reinforce exposure to the educational, retail and food hall segments, with long-term contracts and strategic locations in São Paulo and Rio de Janeiro.

¹Net Equity referring to the previous month. ²Yield annualized considers the distribution per share in the report's reference month multiplied by 12, the result divided by the closing quote of the reference month (proceeds*12/closing price of the share on the last business day of the month). ³Traded value/m² considers the market value at the period's close and the debt value, excluding the prior period's available funds and the amount invested in REITs, divided by the GLA. ⁴WAULT: weighted average of the lease contract terms.

MANAGER'S MESSAGE TO THE INVESTOR

RESULT AND DISTRIBUTION

In the month, the Fund's result was R$0.11/share and the distribution was R$0.09/share, following the guidance for the half-year. The distribution at this level aims to achieve the linearization of distribution of the result over the half-year, which includes extraordinary results. Investors can track the accumulated result per share for the half-year in the income statement table (DRE) on page 08.

NEW LEASES AT THE PAULISTA 436 AND DUQUE DE CAXIAS PROPERTIES

In the month, the Fund entered into two lease contracts of long term with the Ultra gym chain to occupy the properties located on Avenida Paulista and on Avenida Duque de Caxias, both in São Paulo (SP). The contracts have a 20-year term, annual adjustment by the IPCA and a compensation structure composed of minimum rent plus a share of the operations' revenue and parking revenue.

The transaction represents the first simultaneous lease of two portfolio assets to the same tenant and expands the Fund's exposure to the wellness sector, which now represents 5.1% of the portfolio.

STRATEGY AND POSITIONING

Over the last cycles, the Fund has already demonstrated, in practice, the versatility and intrinsic quality of its assets. In a single property previously occupied by a bank branch, for example, it was possible to carry out successful conversions into a restaurant, a developer's sales stand, a supermarket, a self-storage, pharmacy and office.

Banking Operations

Self-storage

Banking Operations

Supermarket

Locker Room

Investment Platfomm

Banking Operations

Real Estate Sales Center

Banking Operations

Pilates Shidio

Banking Operations

Pharmacy

Banking Operations

Restaurant

Banking Operations

Gym

MANAGER'S MESSAGE TO THE INVESTOR

These moves reinforce a central thesis of the management: RBVA's properties hold a value that transcends their original tenants, being mostly located in consolidated regions, with liquidity and multiple alternative uses. The repositioning strategy not only reduces vacancy, but also expands the sector diversification of the portfolio and strengthens the average credit quality of the portfolio.

ACQUISITION OF THE FLAGSHIP PORTOBELLO GABRIEL PROPERTY (material fact )

In the month, the Fund completed the acquisition of the entire Flagship Portobello Gabriel property, located on Alameda Gabriel Monteiro da Silva, in São Paulo (SP), coming to hold 100% of the asset. The total investment was approximately R$ 81 million, carried out through a cash payment, amortization of senior shares held in the SPGM REIT and the offset of credits related to the Fund's 6th issuance.

The property has a built area¹ of 1,771.28 m² and is leased to Portobello through a Built to Suit (BTS) atypical contract with a term of 20 years and annual adjustment by the IPCA. Located in one of the main architecture, design and decoration corridors of the city of São Paulo, the asset reinforces the Fund's exposure to urban high-end retail properties, in a consolidated region and with high real estate liquidity.

The transaction consolidates RBVA's stake in an asset already present in the portfolio, expanding exposure to a tenant that is a leader in its segment and contributing to the generation of long-term revenue. The estimated stabilized cap rate of the acquisition is 8.0% p.a.

Click here to access the website of the flagship Portobello acquired by the Fund.

ACQUISITION OF THE PÁTIO MARIA ANTÔNIA, ESTÁCIO AND PBKIDS PROPERTIES (material fact )

In the month, the Fund completed the acquisition of three properties: Estácio, in Rio de Janeiro (RJ), PBKids Rebouças, in São Paulo (SP), and Pátio Maria Antônia, in Higienópolis, São Paulo (SP), totaling an investment of R$ 111.6 million. The acquisitions were carried out at an estimated capitalization rate of 11.0% p.a. and expanded the portfolio's diversification by region, sector, tenant and contractual profile.

The assets incorporate characteristics complementary to the Fund's portfolio. The Estácio property adds exposure to the educational sector through an atypical contract long-term with one of the largest higher education institutions in the country. The PBKids property reinforces the Fund's presence in one of the most dynamic regions of the city of São Paulo, through a retail asset located on Avenida Rebouças. The Pátio Maria Antônia property marks RBVA's entry into the food hall segment, with a fully leased asset, located in Higienópolis and occupied by tenants such as Smart Fit, McDonald's, Subway, Oakberry, Smoov, Santa Gula and Mamoru.

¹ The property's final leasable area is 1,771.28 m², replacing the 1,838 m² previously disclosed, reflecting the completion of construction and documentary regularization. The update does not change the values nor the other conditions of the lease contract.

MANAGER'S MESSAGE TO THE INVESTOR

HOW THESE ACQUISITIONS CONTRIBUTE TO RBVA

The acquisitions completed over the month combine different vectors of value generation for the Fund. On one hand, assets such as Estácio were acquired at capitalization rates higher than the portfolio's implicit return, contributing to the growth of recurring cash generation. On the other, acquisitions such as Portobello Gabriel, Pátio Maria Antônia and PBKids reinforce the quality and strategic positioning of the portfolio, through the incorporation of premium assets, located in consolidated regions and occupied by relevant tenants in their respective segments. Together, the transactions strengthen the portfolio's diversification, enhance the average quality of the assets and contribute to building sustainable value for shareholders over time.

CONCLUSION OF THE 6TH SHARE ISSUANCE

In the month, the Fund completed its 6th share issuance, raising approximately R$ 96.5 million. The offering exceeded the volume initially offered, with partial exercise of the additional lot, reflecting investor demand for RBVA's strategy and portfolio. The funds raised were used to support the recently completed acquisition cycle and strengthen the Fund's capital structure.

AGREEMENTS AND INDEMNITIES

In the month, the Fund received approximately R$ 6.25 million related to vacancy agreements, contractual penalties and indemnities. The main receipts were: (i) R$ 3.39 million related to the agreement entered into with Santander for the vacancy of the Santo André property, composed of a contractual penalty of R$ 644,653.32 and the first installment of the indemnity for the restoration of the property, in the amount of R$ 2.75 million; (ii) R$ 1,513,808.35 related to the indemnity of the Mutinga property (Caixa); (iii) R$ 986,124.81 related to the indemnity of the Italianos property (Caixa); and (iv) R$ 354,053.45 related to the contractual penalty of the Santos property, previously leased to Santander.

Additionally, the Fund has the receipt of a further R$ 2.75 million scheduled for July 2026, related to the remaining installment of the indemnity for the Santo André property. Together, these receipts positively impacted the period's result and reinforced the Fund's cash generation.

The management team, which had already been working on the commercialization of the returned properties, continues to intensify the leasing efforts for these assets, seeking to restore occupancy and capture new income-generation opportunities. The guidance for distribution of R$ 0.09 per share remains unchanged.

LEASING 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 progress observed reinforces the assets' repositioning capacity and supports the strategy of gradually reducing vacancy, with a focus on occupancy quality, income generation and portfolio diversification.

RESULTS AND DISTRIBUTION

Distribution Linearization R$ 0.09 (announced: 05/29 paid: 06/15)

¹Result considers only the total profit from the sale, not the total value of the transaction.² Result presented on a cash basis and unaudited. ³Accumulated result for the period. ¹ Comparison between 2025 and 2026.

RESULTS AND DISTRIBUTIO N

Net Equity Composition

Values in R$ million

¹Receivables include amounts receivable from property rentals, amounts receivable from property sales and other receivables. Base date April 2026

FUND ASSETS

Tenants (% of Assets)²

¹“Others” includes: Allocation in malls, Home & Construction, Investment, Wellness, Real Estate Development, Self-storage, Convenience, Corporate, Food and position in REITs. 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 REITs.

FUND PORTFOLIO

FUND PORTFOLIO

RIO BRAVO

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RIO BRAVO

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Investors are advised to carefully read the prospectus and the fund’s bylaws before investing their resources . •This material is for informational purposes only and should not be considered as an offer to acquire shares of any investment funds. • Past performance is not indicative of future results. Investments in funds are not guaranteed by the administrator, by any insurance mechanism, or by the Brazilian Deposit Insurance Fund (FGC). •Rio Bravo Investimentos DTVM Ltda . is not responsible for any decisions made based on the information contained on this website. •All material contained herein, including texts, charts, images, and any other audiovisual communication materials, are the sole and exclusive property of Rio Bravo, as well as any information, reports, products, and services, which together constitute valuable intellectual property of Rio Bravo. • Any alteration is prohibited without the express prior written consent of Rio Bravo, under penalty of constituting a clear infringement of Rio Bravo’s property rights, subject to applicable legal sanctions . •The information provided herein does not constitute any type of offer or investment recommendation . • Rio Bravo is not responsible for any unauthorized use of the materials and information presented herein.

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