Outros Documentos RBVA11 de 30/04/2026

Management Report

RBVA11

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FUND INFORMATION

INVESTMENT OBJECTIVE AND POLICY

REGISTRATION DATA

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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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. March) FUND INCEPTION • 11/01/2012 NUMBER OF SHARES • 156,143,050 NUMBER OF OFFERINGS COMPLETED • 5 NUMBER OF SHAREHOLDERS • 92,778

(ref. April)

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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.

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KEY FIGURES

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Fundamentals

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sqm GLA

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Physical Vacancy Month-End Close

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Net Asset Value ¹

per share income distribution for the month

BRL 1.55 b illion Market Value

Dividend Yield² annualized

Market Value³ BRL/sqm

Average Daily Traded Volume

5.2 years Wault⁴

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Sale of Senador Queiróz Property (SP)

Asset sold for BRL 10.5 million, with a book profit of BRL 3.6 million (BRL 0.02/share) and IRR of 15.4% per year.

Portfolio Recycling

32nd disposal since 2019 reinforces portfolio recycling, totaling over BRL 309.6 million in sales and BRL 104 million in profit, with reduced banking exposure and greater liquidity for new allocations.

¹Net Asset Value refers to the prior month. ²Y ield annualized considers the per-share distribution in the report's reference month multiplied by 12, divided by the closing price of the reference month (dividends*12/share closing price on the last business day of the month). ³Market value/sqm considers the market value at period close and debt value, excluding cash from the prior period and amounts invested in REITs, divided by the GLA. ⁴WAULT: weighted average unexpired lease term.

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MESSAGE FROM THE MANAGER TO THE

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INVESTOR

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This month, the Fund's result was BRL 0.084/share and the distribution was BRL 0.09/share, following the guidance for the semester. The distribution at this level aims to achieve distribution smoothing of results throughout the semester, which includes extraordinary results. Investors can track the accumulated result per share for the semester in the income statement table on page 09.

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In April 2026, the Fund signed the Public Deed of Purchase and Sale for the disposal of the property located at Av. Senador Queiróz, in São Paulo (SP), leased to Caixa and a Convenience Store, for a total value of BRL 10.5 million, equivalent to BRL 7,256.39/sqm. The payment was structured with a down payment of BRL 5.0 million upfront and the balance in 5 monthly installments of BRL 1.0 million and a final installment of BRL 0.5 million, secured by fiduciary alienation of the property.

The transaction was carried out at a value approximately 63% above the acquisition cost and in line with the current appraisal, generating an accounting profit of BRL 3.6 million, equivalent to approximately BRL 0.02/share. Considering the entire investment period, the operation achieved an IRR of 15.4% per year, over nearly 14 years, reflecting significant value capture in the asset cycle. The sale reinforces the ongoing portfolio recycling process, reaching the 32nd divestiture since 2019, with total sales volume exceeding BRL 309.6 million and accumulated profit of BRL 104 million. With this transaction, the Fund reduced its exposure to the banking sector, while also strengthening liquidity for new allocations and capital structure optimization.

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Management continues to actively market vacant spaces, with initiatives at different stages of the commercial pipeline, including signed contracts, drafts in preparation, proposals under negotiation, technical visits, and ongoing discussions. The progress observed reinforces the ability to reposition assets and supports the strategy of gradual vacancy reduction, focusing on occupancy quality, income generation, and portfolio diversification.

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MESSAGE FROM THE MANAGER TO THE

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INVESTOR

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The Fund signed the termination of the lease agreement for the Italianos property with Caixa Econômica Federal, formalizing the end of the lease relationship. As contractually provided, the tenant will make the payment of the early termination penalty for the property return. The event does not change the assumptions already considered by management, which continues conducting commercial actions aimed at repositioning the asset.

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In April, the 6th share offering of RBVA11 continued in progress, with the rationale remaining focused on acquiring assets with a capitalization rate higher than the Fund's current implied rate, contributing to increasing recurring income, improving the contract profile, and greater diversification of tenants, sectors, and regions. As communicated to the market, there was an expansion of the offering's additional lot, expanding fundraising flexibility in accordance with investor demand. The measure allows the Fund to accelerate the execution of acquisitions currently under review, maintaining allocation discipline and alignment with the medium and long-term value creation strategy.

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RESULTS AND DISTRIBUTION

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1st Half
Income Statement Feb - 26 Mar - 26 Apr - 26 Accumulated Year - to- Date

Distribution Smoothing

BRL 0.09

(announced: 04/30 paid: 05/15)

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

¹ Comparison between 2025 and 2026.

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FUND’S ASSETS FUND'S ASSETS

Lease Expiration Schedule by Revenue Lease Expiration Schedule by Revenue
44,9% 44,9% Sector (% of Sector (% of
Assets)" Assets)¹
17,6% 17,6% 8,4% HO Others thers
7,6% 7,6% 9,2% 9,2% 7,9% 7,9% 9,6% 9,6% 6,1%
0,0% 0,0% | 0,8% 0,8% 0,8% 0,8% 1,7% 1,7% | E | 7,5% E Sports Sports
12,2%
2025 2025 2027 2027 2028 2028 2029 20729 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 >2034 >2034 HA Apparel pparel
Revenue Expiration Schedule Revenue Expiration Schedule 20,9% b e vacant Vacant
E Education Education
E 34,7% 20,8% 20,8%
Banking Banking
2,6% 3,3% 34,1% 2,4% 0,0% 15,6% 43,9%
= 0,… 14,0% 2,4% = 1,7% 5,2%4,2% su 1,4% 0,8% =" 15,6% 17,7% e 24,0% L109 Food &
[e] o ubéca «mt ) E Food&
Jan Jan Feb Feb Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug Sep Sep Oct Oct Nov Nov Dec Dec Beverage Beverage
E IPCA/IBGE IPCA/IBGE IGP-M/FGV IGP-M/FGV

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¹“Others” includes: Shopping mall allocation, Home & Construction, Investment, Wellness, Real Estate Development, Self-storage, Convenience, Corporate, Food & Beverage, and positions in REITs.

²“Others” includes: Portobello, Super Nosso, Itaú, Plano&Plano, Ânima, Grupo Ultra, M3Storage, Goodbe, Conveniência, Fan Food, Confialtiva, Panvel, and positions in REITs.

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FUND’S ASSETS FUND'S, ASSETS

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Revenue by Tenant Revenue by Tenant

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FUND’S ASSETS

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FUND’S ASSETS

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Here, the future is concrete.

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 6600

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DA ANBIMAAutorregulação
Gestão de Recursos

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Investors Investors

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12 E)