[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"documento:SNEL11:8662":3,"seo:\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8662":16,"fii-documento:SNEL11":95},{"id":4,"descricao":5,"assunto":6,"tipo":7,"situacao":8,"texto":9,"link_pdf":10,"estruturado":11,"link_original":12,"data_referencia":13,"data_entrega":14,"versao":15},8662,"(SNEL) Relatório Anual - 31\u002F12\u002F2025","Relatório Anual","Relatórios","(Inativo)","\u003Cp>A S S E T\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0001-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>A N N U A L R E P O R T 2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>ANNUALIZED DY 14.97% based on market price\u003C\u002Fp>\u003Cp>DISTRIBUTION\u002FSHARE (2025) R$ 1.20 BRL\u002FUSD $0.18 (as of Dec. 31, 2025)\u003C\u002Fp>\u003Cp>NET ASSET VALUE R$ 909.4 MM 24 PV Plants – 78.7 MWp\u003C\u002Fp>\u003Ch2>CONTENTS\u003C\u002Fh2>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Executive Summary\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Fth>\u003Cth>\u003Cbr>\u003Cstrong>03\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Investment Thesis\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>04\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Manager’s Letter\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>05\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Portfolio Performance\u003C\u002Fstrong> · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · ·\u003Cbr>\u003Cstrong>06\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Portfolio Summary\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>07\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Asset Details\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>09\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Performance & Results\u003C\u002Fstrong>· · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · · ·\u003Cbr>\u003Cstrong>10\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FAQ\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cem>SNEL11 Annual Report — 2025\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0002-03.png\">\u003C\u002Fp>\u003Ch3>EXECUTIVE SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>Portfolio Manager\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Suno Gestora de Recursos LTDA\u003C\u002Fp>\u003Cp>Performance Fee\u003C\u002Fp>\u003Cp>\u003Cstrong>20% over benchmark (IPCA + 7%)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Administrator\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>QI Corretora de Títulos e Valores Imobiliários S.A. \u003Cstrong>Fund Inception\u003C\u002Fstrong> December 2022\u003C\u002Fp>\u003Cp>Management Fee\u003C\u002Fp>\u003Cp>\u003Cstrong>1.08% p.a.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Administration Fee \u003Cstrong>0.12% p.a.\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>\u003Cstrong>2025 HIGHLIGHTS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>In 2025, the Fund completed its 4th public offering, raising R$ 622.0 million — net worth grew 192% and the shareholder base expanded 82% between June and December. Proceeds are being deployed into 20 signed acquisition agreements for solar DG assets totaling 87.5 MWp (R$ 436.2 million, projected real IRR of 14.44% p.a.), of which 16.9 MWp had already completed closing by December: Paramirim, Cruzeiro do Sul, Soleil and Juti.\u003C\u002Fp>\u003Cp>The year was also marked by a sharp drawdown in hydro reservoirs — stored energy (EAR) fell from 69.7% in June to 45.5% in December — driving tariff-flag volatility. In the portfolio, the Fund concluded the full exit of Lemon from the Petrolina project, immediately re-leasing the units to Setta Energia under 10-year Take or Pay agréments.\u003C\u002Fp>\u003Cp>Dividend Yield (annualized) 14.97%\u003C\u002Fp>\u003Cp>No. of Projects 44\u003C\u002Fp>\u003Cp>Net Asset Value R$ 909.4 MM\u003C\u002Fp>\u003Cp>P\u002FBV 1.04x\u003C\u002Fp>\u003Cp>Distribution per Share (2025) R$ 1.20 Market\u002FBook Value per Share R$ 8.55\u002FR$ 8.22\u003C\u002Fp>\u003Cp>\u003Cem>(Including projects under acquisition)\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Installed Capacity\u003C\u002Fp>\u003Cp>166.2 MWp\u003C\u002Fp>\u003Cp>\u003Cem>(Including projects under acquisition)\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Accumulated Earnings per Share R$ 0.012\u003C\u002Fp>\u003Cp>Market Cap R$ 946.3 MM\u003C\u002Fp>\u003Cp>Total Return (Dec\u002F25)\u003C\u002Fp>\u003Cp>13.93%\u003C\u002Fp>\u003Cp>Cash & Equivalents R$ 62.7 MM\u003C\u002Fp>\u003Cp>\u003Cem>(6.7% of Assets)\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Number of Shareholders\u003C\u002Fp>\u003Cp>63,023\u003C\u002Fp>\u003Ch3>INVESTMENT THESIS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SNEL11 is an FII (Brazilian real estate fund) focused on \u003Cstrong>real estate ventures linked to clean energy generation\u003C\u002Fstrong>, with long-term lease agreements that provide \u003Cstrong>predictability and stability\u003C\u002Fstrong> in revenue generation.\u003C\u002Fp>\u003Cp>Its scope ranges from the \u003Cstrong>technical analysis and initial evaluation of the projects\u003C\u002Fstrong>, through legal due diligence conducted by specialized third-party law firms, to the \u003Cstrong>ongoing monitoring and operation\u003C\u002Fstrong> of the assets.\u003C\u002Fp>\u003Ch6>\u003Cstrong>PROJECT STRUCTURE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0004-05.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>INVESTMENT PROCESS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0004-07.png\">\u003C\u002Fp>\u003Cp>Pipeline Asset Investment Negotiation \u002F Investment Asset\u003Cbr>Origination Analysis Committee Structuring Management\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>THESIS ADVANTAGES\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Double-Digit Real Returns Income Tax Exemption (FII)\u003C\u002Fstrong> Projects leased to consortia or end FII structure with potential income tax consumers with projected double-digit real exemption on revenues returns \u003Cstrong>Sector Specialists Energy Transition\u003C\u002Fstrong> Energy sector consultants and specialists Contribution to the country’s energy directly involved in the thesis. transition, reducing GHG emissions and increasing energy security\u003C\u002Fp>\u003Ch3>MANAGER’S LETTER\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>MARKET PERFORMANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cem>Regarding December results, the Fund distributed R$ 0.10 per share — completing R$ 1.20 for 2025 — an annualized Dividend Yield of 14.97% at the December close. Shares moved from R$ 8.48 to R$ 8.55 (total return 2.02%; CDI 1.22%; benchmark 0.90%). Monthly volume reached R$ 29.6 million (ADTV R$ 1.48 million), and the shareholder base ended the year at 63,023 investors.\u003C\u002Fem>\u003C\u002Fp>\u003Ch6>\u003Cstrong>MANAGER’S COMMENTS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Dear investors, 2025 was shaped by a sharp drawdown in Brazil’s hydro reservoirs: stored energy (EAR) fell from 69.7% in June to 45.5% in December — a retraction of 24.2 p.p. — driving tariff-flag volatility and the dispatch of more expensive generation sources. Monthly declines peaked above 10% in September and October, but slowed to -1.9% in December, when ANEEL moved the tariff flag back to yellow (R$ 1.885 per 100 kWh, vs. R$ 4.46 under the red flag), suggesting the beginning of a hydrological recovery with the first year-end rains.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0005-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>2025 CAPITAL DEPLOYMENT\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>The Fund closed its 4th public offering with proceeds of R$ 622.0 million (net worth +192% vs. June) and signed 20 acquisition agreements totaling 87.5 MWp — R$ 436.2 million, projected real IRR of 14.44% p.a., across 22 cities in 8 states \u003Cu>(material fact\u003C\u002Fu> of Jan\u002F26). Key portfolio events of the year, beyond the assets that completed closing, are summarized below:\u003C\u002Fp>\u003Ch6>\u003Cstrong>Petrolina Re-tenanting\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>The Fund formalized the full exit of Lemon from the Petrolina project (PV Plants 1– 4). Over 60 months, the former tenant will still pass through the residual amounts due as rent, related to credits accrued and not used during the lease. The units were immediately re-leased to Setta Energia under 10-year Take or Pay agreements (termination penalty of 12 rents; 12-month prior notice), with rent deferrals of 6 and 12 months repayable between the 20th and 31st month of the lease.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Annual Appraisals (CVM 516)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>As required by CVM Instruction 516\u002F11, the San Remo, Petrolina, Amontada 2 and Itabira assets were re-appraised at fair value by independent experts: San Remo +22% (lease step-up and operating efficiency gains), Amontada 2 +1%, Petrolina -5% and Itabira -12% (tenant replacements at slightly lower rents). Combined value rose 2%, from R$ 80.3 million to R$ 81.9 million. (Pictured: PV Plant San Remo)\u003C\u002Fp>\u003Ch6>\u003Cstrong>December Closings — 16.9 MWp\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Among the new acquisitions, PV Plant Paramirim (5 MW \u002F 6.72 MWp), PV Plant Cruzeiro do Sul and PV Plant Soleil (2.5 MW \u002F 3.4 MWp each) and PV Plant Juti (2.5 MW \u002F 3.37 MWp) cleared all conditions precedent and completed closing, being fully integrated into the portfolio. Details are available in the “PV Plant Portfolio” section of this report. (Pictured: PV Plant Mundo Melhor)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0005-15.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0005-16.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0005-17.png\">\u003C\u002Fp>\u003Ch3>PORTFOLIO PERFORMANCE\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0006-02.png\">\u003C\u002Fp>\u003Cp>6,554 119.4 +219% ↑\u003Cbr>Total Generation (MWh) MWh \u002F MWp Annual generation growth\u003Cbr>Consolidated portfolio — Dec\u002F25 Efficiency Indicator — Dec\u002F25 2025 (54,881 MWh) vs. 2024\u003Cbr>↑\u003Cbr>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0006-04.png\">\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0006-06.png\">\u003C\u002Fp>\u003Cp>16 7\u003Cbr>135 94 6,554\u003Cbr>421\u003Cbr>435\u003Cbr>450\u003Cbr>450\u003Cbr>452\u003Cbr>490\u003Cbr>549\u003Cbr>640\u003Cbr>674\u003Cbr>747\u003Cbr>994\u003Cbr>Petrolina Mundo Melhor Carmo FE SBA San Remo Carmo RBE Catena Pains Angra Pirassununga Itabira Amontada Malbec Rutini Eloi Consolidated\u003Cbr>\u003C\u002Fp>\u003Cp>Following completion of the title transfer of the Catena and Malbec PV Plants to NUV Energia, their performance is included in the figures above as from November 2025\u003C\u002Fp>\u003Ch3>PORTFOLIO SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SUNO( AsseT)\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>24\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cstrong>Projects in the Portfolio\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>20 assets under acquisition\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>78.7 MWp\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cstrong>Installed Capacity\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>87.5 MWp under acquisition\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>Jul\u002F2037\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cstrong>Weighted Avg. Maturity.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>of the lease agreements\u003C\u002Fp>\u003Ch6>\u003Cstrong>ASSET PORTFOLIO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Asset\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Asset Type\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>SNEL Stake\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>SNEL Vol. (R$ MM)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Assets under Acquisition\u003C\u002Ftd>\u003Ctd>PF Plants\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 254.40\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GD Liquidity FII*\u003C\u002Ftd>\u003Ctd>Liquidity FII\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 226.56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Holding FII (Projects)**\u003C\u002Ftd>\u003Ctd>GD FII\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 217.82\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash & Equivalents\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 62.73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1,2,3,4\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 32.79\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo 1 & 2\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 28.78\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 21.63\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 18.56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15.93\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15.60\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 14.11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Platão\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 13.25\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>90%\u003C\u002Ftd>\u003Ctd>R$ 5.59\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Pirelli\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3.81\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Fametro\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3.74\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brunello\u003C\u002Ftd>\u003Ctd>PF Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 0.85\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Total\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 936.14\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>Tactical FII used to earn a return on cash while proceeds are pending deployment into the ongoing acquisitions.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>** Structural FII holding the assets acquired in SNEL’s 2nd and 3rd offerings, except the Micro-GD assets.\u003C\u002Fp>\u003Ch6>\u003Cstrong>EXPOSURE BY ASSET\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0007-16.png\">\u003C\u002Fp>\u003Cp>03% 02% 02% 02% 02% 02% 01% 01% 00% 00% 00% 100%\u003Cbr>04%\u003Cbr>07% me m m — -\u003Cbr>23%\u003Cbr>24%\u003Cbr>27%\u003Cbr>| . |\u003Cbr>Sp RN Y £ ? 5 5 q q vos o e >\u003Cbr>é $ 9 » É > 2 2 x g o 8 £ x 2\u003Cbr>Cs Es LES e e $$ E E &\u003Cbr>SSL ss gs La Ê [o\u003Cbr>Zoo e FÊ Ê & “ n\u003Cbr>Ed\u003Cbr>\u003C\u002Fp>\u003Ch3>PORTFOLIO SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SUNO ( AsseT)\u003Cbr>\u003C\u002Fp>\u003Ch6>Exposure by Lease Maturity (% MWp)\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0008-03.png\">\u003C\u002Fp>\u003Ch6>Exposure by Distributor (% MWp)\u003C\u002Fh6>\u003Ch6>Geographic Exposure (% MWp)\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0008-06.png\">\u003C\u002Fp>\u003Cp>2%\u003Cbr>EQTL - GO; 18%\u003Cbr>6%\u003Cbr>9%\u003Cbr>CEMIG - MG; 29% 18%\u003Cbr>COPEL - PR; COELBA - BA; 29%\u003Cbr>9% 9% 4%\u003Cbr>4% 19%\u003Cbr>9%\u003Cbr>ELEKTR\u003Cbr>ENERGISA - O - SP;\u003Cbr>CELPE - MS; 4% 4%\u003Cbr>E LIGHT - RJ; 19% PE; 6% ER ENEL - CE; 2% © Microsoft, OpenStreetMap, Overture Maps FundationPowered by Bing\u003Cbr>S N E L 1 1 - S U N O A S S E T 0 8\u003Cbr>o\u003Cbr>\u003C\u002Fp>\u003Ch3>ASSET DETAILS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>PV Plant Portfolio — December 2025\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Asset\u003C\u002Fstrong>\u003Cbr>San Remo 1\u003C\u002Fth>\u003Cth>\u003Cstrong>Distributor\u003C\u002Fstrong>\u003Cbr>CEMIG-MG\u003C\u002Fth>\u003Cth>\u003Cstrong>Status\u003C\u002Fstrong>\u003Cbr>Operational\u003C\u002Fth>\u003Cth>\u003Cstrong>Conn.\u003C\u002Fstrong>\u003Cbr>06\u002F2024\u003C\u002Fth>\u003Cth>\u003Cstrong>MWp\u003C\u002Fstrong>\u003Cbr>1.40\u003C\u002Fth>\u003Cth>\u003Cstrong>Lease Type\u003C\u002Fstrong>\u003Cbr>Take or Pay\u003C\u002Fth>\u003Cth>\u003Cstrong>Tenant\u003C\u002Fstrong>\u003Cbr>Matrix\u003C\u002Fth>\u003Cth>\u003Cstrong>Maturity\u003C\u002Fstrong>\u003Cbr>02\u002F2039\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>San Remo 2\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>03\u002F2024\u003C\u002Ftd>\u003Ctd>3.36\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Matrix\u003C\u002Ftd>\u003Ctd>02\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>ENEL-CE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>02\u002F2024\u003C\u002Ftd>\u003Ctd>1.20\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>9Energia\u003C\u002Ftd>\u003Ctd>01\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.26\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 2\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.26\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 3\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.26\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 4\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.26\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira 1\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>09\u002F2023\u003C\u002Ftd>\u003Ctd>3.06\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Serena\u003C\u002Ftd>\u003Ctd>08\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Liberdade\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Connection\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>7.00\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mundo Melhor\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>7.00\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>São Bento\u003Cbr>Abade\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>7.00\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>07\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pirassununga\u003C\u002Ftd>\u003Ctd>ELEKTRO-SP\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2024\u003C\u002Ftd>\u003Ctd>3.34\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Safira\u003C\u002Ftd>\u003Ctd>12\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pains\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2023\u003C\u002Ftd>\u003Ctd>3.67\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo RBE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5.33\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo FE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5.33\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Angra\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2023\u003C\u002Ftd>\u003Ctd>4.62\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Catena\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3.65\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Malbec\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.76\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Rutini\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.11\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Elói Mendes\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.06\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>COELBA-BA\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>6.72\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>01\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>3.37\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3.37\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003Cbr>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>ENERGISA-MS\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>09\u002F2025\u003C\u002Ftd>\u003Ctd>3.37\u003Cbr>\u003Cstrong>78.7\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003Cbr>\u003Cstrong>Jul\u002F2037\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>PERFORMANCE & RESULTS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SUNO( AsseT)\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>INCOME STATEMENT (R$)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>2024\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>2025\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>1. Revenues\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>22,816,373\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>54,152,495\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.a. Lease Revenue (PV Plants)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3,801,026\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>31,124,392\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.b. Cash Mgmt \u002F Investments\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,015,344\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23,028,103\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2. Expenses\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,817,863\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-8,023,587\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.a. Fund Expenses\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,989,070\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-6,490,672\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.b. Non-recurring Expenses\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-828,794\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,532,915\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3. Net Income (1+2)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,998,509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,128,908\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4. Distributable Result\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>21,354,541\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>47,484,938\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.a. Net Income (3)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.998.509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,128,908\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.b. Retained Earnings*\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,356,032\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,356,030\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5. Distributed Income\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,792,528\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,308,823\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.a. Distribution – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,459,475\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>40,170,237\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.b. Distribution – Receipts\u003C\u002Ftd>\u003Ctd>\u003Cstrong>333,053\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,138,585\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.c. Distribution R$\u002Fshare – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8.45\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.20\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>S o u r c e : S i n g u l a r e \u002F S u n o A s s e t\u003C\u002Fp>\u003Ch6>\u003Cstrong>ACCUMULATED EARNINGS vs. DISTRIBUTION (R$\u002FSHARE)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0010-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>DETAILED MONTHLY RESULT — DEC\u002F25 (R$\u002FSHARE)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0010-08.png\">\u003C\u002Fp>\u003Cp>R$ .0890000 R$ .00000 R$ .0010000 R$ .00000 R$ .0050000 R$ .08700\u003Cbr>-R$ .0070000\u003Cbr>FIIs Other Revenues Retained Earnings\u003Cbr>UFV Cash Mgmt \u002F … Expenses Distributable Result\u003Cbr>\u003C\u002Fp>\u003Ch3>PERFORMANCE & RESULTS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>↑\u003Cbr>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>72.39 %\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Cum. Return – SNEL11 Cum. Return – IPCA+7%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Since SNEL11 listing (as of Dec 13, 2023)\u003C\u002Fp>\u003Cp>Since SNEL11 listing (as of Dec 13, 2023)\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>Cum. Return – IFIX\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Since SNEL11 listing (as of Dec 13, 2023)\u003C\u002Fp>\u003Ch6>\u003Cstrong>CUMULATIVE RETURN — SNEL vs. BENCHMARKS SINCE LISTING (Base 100)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0011-13.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>AVG. DAILY TRADED VOLUME x NO. OF SHAREHOLDERS (JUN–DEC\u002F25)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0011-15.png\">\u003C\u002Fp>\u003Cp>63,023\u003Cbr>60,050\u003Cbr>56,343\u003Cbr>47,242\u003Cbr>41,446\u003Cbr>37,520\u003Cbr>34,559\u003Cbr>R$1.66 R$1.38 R$1.59 R$1.48\u003Cbr>R$1.17 R$1.09 R$1.14\u003Cbr>Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25\u003Cbr>ADTV (R$ million) No. of Shareholders\u003Cbr>\u003C\u002Fp>\u003Ch3>SUNO ASSET\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SUNO ( AsseT)\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-02.png\">\u003C\u002Fp>\u003Cp>A;SNAGnI\u003Cbr>(& SNELT\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-03.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-06.png\">\u003C\u002Fp>\u003Ch5>LEARN MORE\u003C\u002Fh5>\u003Cp>\u003Cu>IG SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>YT SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>SNEL11 - SITE SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8662\u002F8662.pdf-0012-11.png\">\u003C\u002Fp>\u003Ch5>FAQ\u003C\u002Fh5>\u003Ch6>\u003Cstrong>What is SNEL11?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A Suno Asset FII (Brazilian real estate fund) focused on developing and acquiring photovoltaic plants (PF Plants) under the distributed generation model, producing clean energy and recurring income.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Where does the fund invest?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>In distributed-generation photovoltaic plants (PV Plants): 24 projects and 78.7 MWp of installed capacity across 9 Brazilian states (MG, RJ, GO, PR, PE, BA, SP, CE, MS), plus 87.5 MWp under acquisition.\u003C\u002Fp>\u003Ch6>\u003Cstrong>How does the fund make money?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Through PV Plant lease agreements under the Take or Pay or energy compensation (“compensada”) models — the latter a variable rent tied to the tenant’s realized benefit.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Are the shares liquid?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Yes. Traded daily on B3 (ticker: SNEL11), with volume averaging around R$ 1.5 million\u002Fday in Dec\u002F25 and more than 63 thousand shareholders.\u003C\u002Fp>\u003Ch6>\u003Cstrong>How are distributions paid?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>Are distributions taxed?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>For individuals, distributed income is exempt from income tax under Brazilian FII legislation. The FII structure also allows potential tax exemption on project revenues.\u003C\u002Fp>\u003Cp>Monthly payments. The Fund distributed R$ 0.10\u002Fshare in every month of 2025 — R$ 1.20 in the year — with an annualized DY of 14.97% in December.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What does P\u002FBV mean?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>What is the fund’s current strategy?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>The fund evolved from greenfield development to acquiring operational PV Plants, prioritizing earnings stability and distribution predictability.\u003C\u002Fp>\u003Cp>The ratio between market price and book value per share. The fund closed 2025 at 1.04x — a ~4% premium to book value.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What is distributed generation (GD)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>What is the status of PV Plant Liberdade (GO)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Construction is complete; the 7 MWp plant awaits grid connection by Equatorial Goiás. The manager is pressing all parties, including possible litigation, to accelerate the connection.\u003C\u002Fp>\u003Cp>A model in which plants connected to the local grid generate energy credits for consumers, who pay rent to the fund.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FSNEL11\u002Fdocumentos\u002F8662\u002Fpdf",false,"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1251559","2025-12-31","2026-07-16 20:01:00",1,{"title":17,"description":18,"canonical":19,"image":20,"json_ld":21,"nome":46,"resumo":87},"Relatório Anual SNEL11 de 31\u002F12\u002F2025 | Kartac","Relatório Anual de 31\u002F12\u002F2025 do SNEL11 (Suno Energias Limpas IS), entrega em 16\u002F07\u002F2026. DY 12 meses de 14,63% e P\u002FVP 0,94 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8662","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":22,"@graph":23},"https:\u002F\u002Fschema.org",[24,30,35,44,58,73],{"@type":25,"@id":26,"name":27,"url":28,"logo":29},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":31,"@id":32,"name":27,"url":28,"inLanguage":33,"publisher":34},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":26},{"@type":36,"@id":37,"url":19,"name":17,"description":18,"inLanguage":33,"isPartOf":38,"dateModified":39,"mainEntity":40,"breadcrumb":42},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8662#pagina",{"@id":32},"2026-10-19",{"@id":41},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8662#documento",{"@id":43},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8662#migalhas",{"@type":45,"@id":41,"name":46,"alternateName":5,"url":19,"inLanguage":33,"about":47,"genre":7,"datePublished":49,"temporalCoverage":13,"author":50,"publisher":56,"isBasedOn":12},"Report","Relatório Anual SNEL11 de 31\u002F12\u002F2025",{"@id":48},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11#fundo","2026-07-16",{"@type":25,"name":51,"identifier":52},"SUNO GESTORA DE RECURSOS LTDA",{"@type":53,"propertyID":54,"value":55},"PropertyValue","CNPJ","11.304.223\u002F0001-69",{"@type":25,"name":57},"QI CORRETORA DE TITULOS E VALORES MOBILIARIOS S.A",{"@type":59,"@id":48,"name":60,"alternateName":61,"url":64,"category":65,"identifier":66,"provider":71},"InvestmentFund","Suno Energias Limpas IS",[62,63],"SNEL11","SUNO ENERGIAS LIMPAS FUNDO DE INVESTIMENTO IMOBILIÁRIO IS RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11","Fundo de fundos",[67,69],{"@type":53,"propertyID":68,"value":62},"Ticker B3",{"@type":53,"propertyID":54,"value":70},"43.741.171\u002F0001-84",{"@type":25,"name":51,"identifier":72},{"@type":53,"propertyID":54,"value":55},{"@type":74,"@id":43,"itemListElement":75},"BreadcrumbList",[76,79,83,85],{"@type":77,"position":15,"name":78,"item":28},"ListItem","Início",{"@type":77,"position":80,"name":81,"item":82},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":77,"position":84,"name":62,"item":64},3,{"@type":77,"position":86,"name":5,"item":19},4,{"atualizado_em":88,"frases":89},"2026-11-05",[90,91,92,93,94],"Relatório Anual do Suno Energias Limpas IS (SNEL11), fundo imobiliário de fundos (FoF), com data de referência em 31\u002F12\u002F2025, com entrega no FundosNet (B3) em 16\u002F07\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do SNEL11 fechou a R$ 7,52, com P\u002FVP de 0,94 (valor patrimonial de R$ 7,99 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,10 por cota, com pagamento em out\u002F2026, e o dividend yield dos últimos 12 meses é de 14,63% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 1,8 bilhão no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":96,"empresa":97,"gestor":101,"cotacoes":107,"patrimonio":211,"vpa":158,"p_vpa":212,"tipo_gestao":213,"mandato":214,"segmento":215,"categoria":65,"grupo":65,"preco_atual":209,"cotacao_atualizada_em":216,"ultima_variacao_cotacao_24h":217,"variacao_cotacao_7d":218,"variacao_cotacao_1m":219,"variacao_cotacao_3m":220,"variacao_cotacao_6m":221,"variacao_cotacao_12m":222,"vacancia_fisica":214,"liquidez_atual":223,"ultimo_dividendo":224,"ultimo_dividend_yield":225,"mes_pagamento_ultimo_dividendo":226,"dividend_yield_3m":227,"dividend_yield_6m":228,"dividend_yield_12m":229,"dividend_yield_medio_12m":230,"qtd_dividendos_pagos_ano_passado":231,"data_ultima_cotacao":208,"pregoes_com_negocio_21":232,"alertas":233,"updated_at":234,"liquidez_media_reais":235,"administrador":57,"taxa_administracao_paga":236,"balanco":237,"resultado_distribuido":245,"publico_alvo":250,"mercados_negociacao_cotas":251,"data_funcionamento":253,"data_final":214,"quantidade_cotas":254,"quantidade_cotistas":255,"detalhes_cotistas":256,"total_investido":259,"investimentos_fundo":260,"imoveis":264,"contratos":214,"custodiante":266,"auditor_independente":272,"formador_mercado":214,"distribuidor_cotas":278,"consultor_especializado":214,"administrador_locacoes":214,"relatorio_anual":279,"analise_administrador":282},479,{"nome":63,"nome_simplificado":98,"nome_comercial":60,"ticker":62,"nome_ticker":99,"nome_pregao":100,"cnpj":70},"SUNO ENERGIAS LIMPAS  IS RESPONSABILIDADE LIMITADA","SNEL11 - SUNO ENERGIAS LIMPAS FUNDO DE INVESTIMENTO IMOBILIÁRIO IS RESPONSABILIDADE LIMITADA","FII SUNO EL",{"id":102,"nome":51,"cnpj":103,"endereco":104,"telefone":105,"created_at":106,"updated_at":106},152,"11304223000169","AV PRES JUSCELINO KUBITSCHEK, 2041, BL D AND 23 COND W TORRE JK - VILA NOVA CONCEICA, SAO PAULO - SP - 04543-011","(11) 996648349","2026-10-03T19:10:40.000000Z",[108,114,119,124,130,136,142,148,152,155,160,164,168,172,177,183,188,194,200,206],{"id":109,"data":110,"abertura":111,"ultimo":112,"volume":113},3288930,"2026-10-06",7.92,7.95,2021893,{"id":115,"data":116,"abertura":117,"ultimo":112,"volume":118},3289850,"2026-10-07",7.97,1795892,{"id":120,"data":121,"abertura":112,"ultimo":122,"volume":123},3290269,"2026-10-08",7.96,1500872,{"id":125,"data":126,"abertura":127,"ultimo":128,"volume":129},3291145,"2026-10-09",7.98,8.03,1765314,{"id":131,"data":132,"abertura":133,"ultimo":134,"volume":135},3356995,"2026-10-13",8.04,8,1706158,{"id":137,"data":138,"abertura":139,"ultimo":140,"volume":141},3375729,"2026-10-14",8.02,8.05,1252034,{"id":143,"data":144,"abertura":145,"ultimo":146,"volume":147},3376172,"2026-10-15",8.06,8.07,1426629,{"id":149,"data":150,"abertura":139,"ultimo":117,"volume":151},3377185,"2026-10-16",1518622,{"id":153,"data":39,"abertura":117,"ultimo":112,"volume":154},3445213,1233714,{"id":156,"data":157,"abertura":122,"ultimo":158,"volume":159},3446577,"2026-10-20",7.99,938062,{"id":161,"data":162,"abertura":134,"ultimo":112,"volume":163},3459375,"2026-10-21",1133746,{"id":165,"data":166,"abertura":112,"ultimo":122,"volume":167},3473764,"2026-10-22",742985,{"id":169,"data":170,"abertura":122,"ultimo":122,"volume":171},3488273,"2026-10-23",1237268,{"id":173,"data":174,"abertura":111,"ultimo":175,"volume":176},3566273,"2026-10-26",7.83,2370111,{"id":178,"data":179,"abertura":180,"ultimo":181,"volume":182},3580135,"2026-10-27",7.87,7.8,1235814,{"id":184,"data":185,"abertura":175,"ultimo":186,"volume":187},3594195,"2026-10-28",7.59,1437672,{"id":189,"data":190,"abertura":191,"ultimo":192,"volume":193},3609202,"2026-10-29",7.57,7.53,1064574,{"id":195,"data":196,"abertura":197,"ultimo":198,"volume":199},3624869,"2026-10-30",7.61,7.62,774524,{"id":201,"data":202,"abertura":203,"ultimo":204,"volume":205},3682271,"2026-11-03",7.65,7.38,1277059,{"id":207,"data":208,"abertura":204,"ultimo":209,"volume":210},3695607,"2026-11-04",7.52,952637,1814685273.7,"0.94","Ativa",null,"Multicategoria","2026-11-05 09:00","0.0190","-0.0013","-0.0541","-0.0852","-0.1205","-0.1090",10833,"0.1000","0.0124","Out\u002F2026","0.0266","0.0665","0.1463","0.0109",12,21,[],"05\u002F11\u002F2026 06:00",10761084.2,0.000493124930267909,{"data_referencia":238,"ativo":239,"passivo":240,"obrigacoes_imoveis":241,"obrigacoes_securitizacao":242,"liquidez":243,"valores_receber":244},"2026-09-01",1851997393.14,37312119.44,17264814.02,0,133719829.13,4856093.33,{"data_referencia":246,"resultado":247,"rendimentos":248,"percentual":249},"2026-06-30",65351386.67,66397804.4065,1.0160121734185077,"Investidores em Geral",[252],"Bolsa","2022-12-23",227034697,141612,{"Pessoa Física":257,"Pessoa jurídica não financeira":258},141426,186,1713421470.68,{"Ações":261,"Cotas de FIIs":262,"Outros direitos reais":263},861989333.54,767559116.63,83873020.51,{"vacancia_total":242,"lista_imoveis":265,"data_referencia":246,"vacancia_suspeita":11},[],{"id":267,"nome":57,"cnpj":268,"endereco":269,"telefone":270,"created_at":271,"updated_at":271},85,"62285390000140","Av Rebouças , 2942, 7 º ao 12º Andar - Jd Paulistano -SP","(11) 2827-3500","2026-10-03T18:56:59.000000Z",{"id":84,"nome":273,"cnpj":274,"endereco":275,"telefone":276,"created_at":277,"updated_at":277},"PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES LTDA.","61562112000120","Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16º andar - Itaim Bibi, São Paulo - SP, 04538-132","(11) 4004-8000","2026-06-07T17:17:20.000000Z",{"id":267,"nome":57,"cnpj":268,"endereco":269,"telefone":270,"created_at":271,"updated_at":271},{"ano_referencia":280,"data_disponibilizacao":281},"2025","2026-04-01",{"ResultadoFundo":283,"ConjunturaEconomica":284,"PerspectivaPeriodoSeguinte":285},"O Fundo encerrou o ano de 2025 com uma receita total de R$ 54,4 milhões, composta majoritariamente por receitas imobiliárias — o que representa um expressivo crescimento de 138% em relação ao ano anterior. Com a expansão da capacidade instalada, o avanço do ramp-up operacional e a conexão de novos projetos, as receitas financeiras reduziram sua representatividade no resultado total. As despesas do exercício somaram R$ 8,0 milhões, resultando em um lucro de R$ 46,4 milhões e uma margem de 85,2%.","O ano de 2025 foi marcado por uma expressiva expansão do portfólio do Fundo. Por meio da terceira e da quarta emissões de cotas, foram captados R$ 166 milhões e R$ 622 milhões, respectivamente, viabilizando um processo acelerado e disciplinado de alocação em ativos de geração distribuída solar. No acumulado do ano, o Fundo concluiu aquisições que ampliaram significativamente sua capacidade instalada, adentrando em novas praças como Rio de Janeiro, Bahia, Paraná e Mato Grosso do Sul, reforçando a presença em mercados já consolidados, como Minas Gerais e Goiás. O portfólio atual conta com diversificação geográfica em 11 estados, com ativos operacionais, contratos de energia compensada vigentes e taxas internas de retorno reais projetadas em dois dígitos. No campo regulatório, a escala tarifária da Lei 14.300\u002F2022 avança com a não compensação do Fio B atingindo 60% em 2026, o que impacta a economicidade dos sistemas instalados a partir de janeiro de 2023. Esse movimento reforça a relevância dos ativos enquadrados nos regimes GD-0 e GD-1, que preservam condições tarifárias mais favoráveis e representam um diferencial competitivo do portfólio do Fundo frente a projetos mais recentes.","2026 será um ano de atenção redobrada à qualidade e à performance do portfólio existente. O Fundo adotará uma postura de gestão ativa sobre seus ativos, atuando de forma direta e próxima junto aos seus inquilinos com o objetivo de maximizar a geração de receita recorrente, elevar as taxas de ocupação e assegurar que os contratos vigentes estejam performando em linha com as condições econômicas originalmente projetadas no momento de cada aquisição."]