Relatório gerencial em inglês TEPP11 de junho de 2026

TELLUS PROPERTIES FII TEPP11

MONTHLY MANAGEMENT REPORT June | 2026

TABLE OF CONTENTS

• FUND PERFORMANCE 3
• MANAGER’S LETTER 4
• DISTRIBUTION PROJECTIONS 5
• PORTFOLIO 6
• FINANCIAL STATEMENTS 9
• PROJECTED CASH FLOW 10
• PORTFOLIO – CONSOLIDATED OVERVIEW 11
• PORTFOLIO – OPERATIONAL INDICATORS 12
• SECUNDARY MARKET 15
• PERFORMANCE 16
• TIMELINE – ACQUISITIONS AND DISPOSALS 17
• THE MANAGER 18

TELLUS PROPERTIES FII

FUND CHARACTERISTICS

ABOUT THE FUND

TICKER

TEPP11

MANAGEMENT

Tellus Investimentos e Consultoria Ltda.

ADMINISTRATOR

BTG Pactual Serviços Financeiros S.A. Distribuidora de Títulos e Valores Mobiliários.

CNPJ

26.681.370/0001-25

AUDITOR

Ernest & Young Auditores Independentes

TRADING START DATE ON B4

26/09/2019

MANAGEMENT FEE

0,90% a 1% a.a.

ADMINISTRATION FEE

0,13% a.a.

TAX

In accordance with the Fund’s by laws, offering memorandum, and laws nº. 8,668/93 and nº. 9,779/1999.

TEPP11 is an office-focused real estate fund dedicated to acquiring well-located properties with transformation and valueadd potential. The transformation process involves assessing each building’s potential, taking into account factors such as average rental levels, services offered to tenants, accessibility, and improvements that may enhance the asset’s value, ultimately driving revenue growth for the Fund. This process is led by Management, which carefully evaluates costs, timelines, and implementation stages of the proposed improvements, often involving refurbishment works. Management is committed to providing transparency throughout the process, regularly reporting on the progress of each initiative.

GENERAL INDICATORS

Net Asset Value

Fund Market Capitalization

P/B

Dividend Yield (Monthly)

BRL 471,860,650.53

BRL 400,904,737.84

1.62%

0.85

Net Asset Value per Share

Market Share Price

Dividend Yield (Annualized)

ADTV (30 days)

BRL 9.51

BRL 8.08

21.29%

BRL 1,558,804

OPERATING INDICATORS

Number of Assets

Leasable Area ( per sqm)

Physical Vacancy

Number of Shareholders

6

52,514

5.69%

45,240

Number of Tenants

WAULT (Years)

Financial Vacancy

Asset Value ( per sqm)

47

5.4

1.27%

BRL 0.526

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MARKET OVERVIEW

Global markets remained highly volatile in June, still influenced by the trajectory of interest rates in the United States and ongoing geopolitical uncertainties. The Federal Reserve held its benchmark rate in the 3.50%–3.75% range, reaffirming its data-dependent stance, while some officials signaled increased caution in light of persistent inflationary pressures. At the same time, a reduction in the oil risk premium — following signs of easing tensions in the Middle East — helped relieve part of the external pressure, although the environment for risk assets remained selective.

In Brazil, inflation eased in June, with the IPCA rising 0.16% month-over-month and bringing the 12-month reading to 4.64%, down from 4.72% recorded in May. Despite the marginal improvement in current inflation, expectations remained above the midpoint of the target, keeping the Central Bank in a cautious stance. At its June meeting, the Copom cut the Selic rate by 25 basis points to 14.25% p.y., while reinforcing that future steps will depend on incoming data, inflation expectations, and the external environment.

In terms of domestic asset performance, the Ibovespa fell 1.01% in June, closing the month at 172,024 points, pressured by foreign capital outflows, still-elevated interest rates, and heightened caution around the fiscal outlook. In the currency market, the U.S. dollar advanced 2.32%, closing at BRL 5.16. Finally, the IFIX — Brazil's main real estate investment fund index — closed June at 3,830.59 points, slightly below its May closing level.

FUND HIGHLIGHTS

The Fund closed June with a NAV per share of BRL 8.08 and distributed BRL 0.131 per share, representing a Fund Market Capitalization of 1.62% per month (equivalent to 21.29% on an annualized basis).

As disclosed in the Material Fact regarding the exercise of Pre-emptive Rights under the Fund's 5th issuance of new units, 12,090 new units were subscribed and paid in

Management also disclosed a Material Fact regarding the acquisition of 5,033.58 sqm of BOMA area at Ed. Parque Cultural Paulista. One of the current tenants elected to exercise its Right of First Refusal over units no. 82, 111, 112, 121, 122, 141, 142, 151, and 152. As a result, the acquisition agreement was terminated between the parties, with no material change to the portfolio or financial impact on the Class. It is worth noting that, under Brazilian real estate law, a tenant holds a right of first refusal to acquire the property under the same terms and conditions offered to third parties Number

Regarding the previously announced sale of one of the portfolio assets, discussions on the definitive transaction documents are ongoing. The transaction is expected to be completed by September of this year, subject to the satisfaction of the precedent conditions agreed upon between the parties. Management will continue to keep the market and investors informed of any new developments.

At Edifício Fujitsu, the termination of the lease for the four floors previously occupied by Fujitsu has been formalized. As a result, the Fund's physical vacancy is expected to increase from 5.7% to 11.3%. It is worth noting that the Fund's distribution guidance already factored in the potential vacation of these areas; therefore, there is no change to the guidance currently disclosed.

_ DIVIDEND YIELD AND DISTRIBUTION PER SHARE

Dividend² per Share BRL 0.131 per share for the month

Distribution Equivalent to 170.52% of net CDI¹

Dividend Yield 1.62% p.m. or 21.29% p.y. based on month-end share price

PERFORMANCE

The distribution projection disclosed does not constitute a promise or guarantee of returns. It is an estimate based on Management’s current assumptions and may be revised at any time in light of new facts, events, or changes in market conditions. ² Value weighted by Net Asset Value

¹ Assumed tax rate of 15% ² Dividends based on June /2026

ED. TORRE SUL

Location: R. James Joule, 65 | Berrini% Ownership: 49.5% Leasable Area (sqm): 9,950 LEED Certification: Platinum Classification: A

Torre Sul is a Class A office building located in the Berrini submarket of São Paulo, integrated into the Centro Empresarial Nações Unidas (CENU) complex. Delivered in 2004, the property comprises 16 typical office floors, with floor plates ranging from approximately 865 sqm to 1,081 sqm of Gross Leasable Area (GLA).The building features five underground parking levels, central air conditioning, raised flooring, modular suspended ceilings, building automation systems, and a full-capacity backup generator serving 100% of the property. It offers a clear ceiling height of 2.80 meters and complementary infrastructure including an auditorium, a fully operational helipad, and 24-hour security systems. Additionally, the property is located approximately 800 meters from Berrini Station

PORTFOLIO UPDATE

ED. PASSARELLI

At Edifício Torre Sul, Management continues to advance its studies and evaluation of scenarios to facilitate the leasing of the vacant area, which corresponds to half a floor.

Among the alternatives under review, the plug-and-play layout format stands out as an option that offers greater flexibility and attractiveness for prospective tenants.

Location: R. Paes Leme, 524 | Pinheiros% Ownership: 52.8% Leasable Area (sqm): 7,130 LEED Certification: Platinum Classification: B

Delivered in 1980, Edifício Passarelli is a Class B office building located in the Pinheiros submarket of São Paulo. The property comprises 17 floors, with typical floor plates of approximately 1,019 sqm of Gross Leasable Area (GLA) per floor, subdivided into six office suites. The building features central air conditioning, building automation systems, a backup generator serving the common areas, and LEED Platinum certification. It also includes one underground parking level, ground-level parking, and three upper parking levels. The asset is situated in a well-established office district, with direct access to Pinheiros Station (CPTM/Metro) and close proximity to the Faria Lima and Marginal Pinheiros corridors.

PORTFOLIO UPDATE

No material updates were recorded for this asset during the month.

Regarding the sale of this property, the Fund and the prospective buyer continue to discuss the definitive transaction documents. The agreements are expected to be signed in August, with a settlement deadline in September, subject to the fulfillment of the precedent conditions agreed upon between the parties.

ED. FUJITSU

Location: R. Treze de Maio, 1633 | Paulista% Ownership: 52% Leasable Area (sqm): 4,985 LEED Certification: Gold Classification: B

Developed in 1994, Edifício Fujitsu is a Class B office building located in the Paulista submarket of São Paulo. The property comprises 14 floors, with typical floor plates of approximately 681 sqm of Gross Leasable Area (GLA).

The building features central air conditioning, raised flooring, a clear ceiling height of 2.60 meters, a backup generator serving the common areas, and LEED Gold certification.

The asset is located near Brigadeiro and Vergueiro metro stations, close to Shopping Pátio Paulista, and offers convenient access to Paulista, 23 de Maio, Bernardino de Campos, and 9 de Julho avenues.

PORTFOLIO UPDATE

During the month, the partial termination of the lease agreement with Fujitsu was formalized, with the surrender of four floors and the tenant's continued occupancy of one floor of the building.

The lease agreement for the remaining floor was renewed at a rental rate 16% above the previously contracted level. As a result of the partial surrender, the Fund's physical vacancy is expected to reach approximately 11.3% starting in July.

Management continues to actively pursue the commercialization of the vacant spaces, including through the evaluation of leasing opportunities in the turn-keyformat, with the aim of accelerating absorption and maximizing revenue generation for the Fund.

ED. BRIGADEIRO FARIA LIMA (BFL)

Location: Av. Brigadeiro Faria Lima, 1355 | Faria Lima% Ownership: 25.7% Leasable Area (sqm): 5,761 LEED Certification: In process Classification: B

Edifício Brigadeiro Faria Lima is a Class B office building located in the Faria Lima submarket of São Paulo. Developed in 1986, the property comprises 23 floors, with typical floor plates of approximately 951 sqm of Gross Leasable Area (GLA).

The building features central air conditioning, raised flooring, a clear ceiling height of 2.65 meters, and a full-capacity backup generator serving 100% of the property. It is currently undergoing the LEED certification process.

Located just a few meters from Eldorado and Iguatemi shopping centers, the building is approximately 350 meters from Faria Lima metro station and offers convenient access to Rebouças Avenue and Marginal Pinheiros.

PORTFOLIO UPDATE

At Edifício Brigadeiro Faria Lima, the Condominium Assembly approved the allocation of funds for the development of the retrofit's legal project, including the architectural design and cost estimation.

The project entails the installation of an active façade, the renovation of the ground floor area, lobby, and building façade, as well as the refurbishment of technical areas. As the investments will still require assembly approval, Management will keep the market informed of further developments.

Negotiations with one of the building's tenants regarding a rent review are ongoing, with a minimum increase of 27% expected over the currently contracted rent.

ED. GPA

Location: Av. Brigadeiro Luís Antônio, 3172 | Jardins% Ownership: 100% Leasable Area (sqm): 11,224 LEED Certification: Not Certified Classification: B

Ed. GPA is a Class B, single-tenant office building constructed in the 1990s. The asset is located on one of São Paulo’s main thoroughfares, at the intersection of Avenida Brigadeiro Luís Antônio and Alameda Lorena.

The property benefits from a wide range of public transportation options, being approximately 900 meters from Brigadeiro metro station, and offers convenient access to the city’s main avenues.

The building is situated in Jardim Paulista, one of São Paulo’s most prestigious and traditional neighborhoods. The headquarters is located next to the first Pão de Açúcar store, inaugurated in 1959, a landmark of historical relevance to the area.

PORTFOLIO UPDATE

Regarding Phase 2 of the structural repairs, progress has been made in the preparation of technical reports by the engaged consultants. The expectation is that during August, an amendment to the lease agreement will be formalized establishing the timeline for the execution of the repairs, after which the tenant will commence the planned works.

ED. TOP CENTER

Location: Av. Paulista, 854 | Paulista% Ownership: 100% Leasable Area (sqm): 13,463 LEED Certification: Not Certified Classification: B

Top Center is a mixed-use complex comprising a Commercial Tower integrated with a shopping center, as well as a standalone parking structure serving the entire development.

The Commercial Tower features 17 floors, with typical floor plates of approximately 792 sqm, allowing for multiple occupancy configurations and accommodating different tenant profiles.

Located between Avenida Paulista, Alameda Joaquim Eugênio de Lima, and Rua São Carlos do Pinhal, Top Center occupies a 3,948 sqm site and is close to key urban mobility hubs: approximately 500 meters from Brigadeiro station, 400 meters from Trianon-Masp station, and 1,300 meters from Consolação station.

PORTFOLIO UPDATE

At Edifício Top Center, the formalization of rent review adjustments for two lease agreements is ongoing, with expected increases of 92% and 40%, respectively, over currently contracted rents. Management believes the asset continues to offer potential for the gradual repositioning of rental rates, with a significant portion of existing contracts expected to be adjusted to market levels over the next two years.

In parallel, Management continues to work alongside the property management company to map out potential improvements for the development, including the definition of scopes, timelines, and resources required for their implementation.

INCOME STATEMENT

¹ During the month, net income was negatively impacted due to the receipt of one rental payment only in the following month.

FUND NET ASSET VALUE COMPOSITION¹

CLICK HERE TO ACCESS TEPP11’S FUNDAMENTALS DATA SHEET

ACQUISITIONS AND DISPOSALS

Projections indicate that the Fund has sufficient financial capacity to fully meet its obligations through August 2027, without the need for new unit issuances or asset divestments. During this period, Management continues to evaluate the execution of a new issuance aimed at expanding the Fund's asset base, enabling capital raising at a more opportune moment. Additionally, a portion of the portfolio assets has already reached a maturation stage, which may enable strategic divestments with cash generation for the Fund.

Management highlights that the variations observed in the cash flow are a result of updated assumptions, revised income projections, and adjustments to the projected balances of the Fund's liabilities. It is further noted that the figures presented refer exclusively to the net cash position, excluding illiquid assets such as real estate investment fund units. Finally, projections may be adjusted over time as new strategies are adopted, or material events occur.

¹Cash inflows already reflect the net capital gain amount. Future contractual adjustments to receivables and payables are not considered.

Ed. Passarelli

Ed. Top Center

Ed. Brigadeiro Faria Lima

Ed. Fujitsu

Ed. GPA

TEPP11’s portfolio is 100% located in São Paulo’s prime office submarkets

LEASE ADJUSTMENT INDEX

WAULT (YEARS)

TENANT INDUSTRY SECTOR (AS % OF REVENUE)

_ LEASE READJUSTMENT (% OF RENTAL REVENUES)

1 FINANCIAL & PHYSICAL VACANCY EVOLUTION

LEASE EXPIRATIONS (% OF RENTAL INCOME)

DISTRIBUTION OF RENT REVIEWS (NUMBER OF CONTRACTS)

OUTSTANDING FINANCIAL DEBT

FUND LEVERAGE TREND (% OF NAV)

DEBT AMORTIZATION SCHEDULE (BRL MM)

FUND UNITS TRADING ON B3

HISTORICAL SHARE PRICE AND TRADING VOLUME

SHAREHOLDER BASE GROWTH

HISTORICAL P/B

DISTRIBUTION HISTORY

¹ Source: Broadcast

IPO Tellus Properties (TEPP11)

Aquisition - Ed. Cond. São Luiz BRL 145M (BRL 12.833/sqm)

Aquisition - Ed. Cond. São Luiz BRL 26,5M (BRL 14.100/sqm)

Aquisition - Ed. Fujitsu BRL 50M (BRL 10.030/sqm)

Aquisition - Ed. Passarelli BRL 63,42M (BRL 8.895/sqm)

Aquisition - Ed. Torre Sul BRL 115M (BRL 11.176/sqm)

Disposal - Ed. Cond. São Luiz BRL 215,0M (BRL 16.314/sqm) Capital Gain: BRL 39.4M

Aquisition - Ed. Brigadeiro Faria Lima BRL 95.0M (BRL 19.969/sqm)

Aquisition - Ed. GPA BRL 109,0M (BRL 9.710/sqm)

2019

2020

2021

2023

2024

2025

Aquisition - Ed. Timbaúba BRL 26.5M (BRL 11.313/sqm)

Disposal - Ed. Timbaúba BRL 30.6M (BRL 13.072/sqm) Capital Gain: BRL 1.8M

Aquisition - Ed. Brigadeiro Faria Lima BRL 12.6M (BRL 12.562/sqm) Aquisition - Ed. Top Center BRL 167,4M (BRL 12.435/sqm)

TELLUS is an independent asset management firm, with more than R$6.3* billion under management on real estate private equity. Since 2007, TELLUS has been active in all real estate sectors, with proven expertise in land entitlement, acquisition, development, redevelopment and value creation of office, industrial, mixed-use and for rent and for sale residential projects. We are committed with the transparency and fully integrated with our stakeholders. With an experienced and multidisciplinary team of professionals, TELLUS builds the capacity and agility to select assets to invest according to the different moments of the real estate market.

ASSET UNDER MANAGEMENT¹

AuM BY TYPE

PRIVATE FUNDS

FII/REIT

¹Source: TELLUS. Database: Dec./25

JK Square Itaim

Mixed-use project in a very well-located land plot at one of the best neighborhoods of São Paulo.

Sustainability Commitment

Tellus became a signatory to the PRI (Principles for Responsible Investment) in 2021, reflecting its commitment to understanding and addressing the environmental, social, and governance (ESG) implications of its investment activities. Tellus’ assets incorporate a set of principles, values, and guidelines that support the management of its investments.Tellus believes that, in the management of third-party capital, the consideration of ESG factors in investment decisions contributes to improved risk management and the creation of long-term value for clients and society as a whole. The PRI is an investor initiative in partnership with the United Nations Environment Programme Finance Initiative (UNEP FI) and the UN Global Compact. It works alongside its international network of signatories to implement the six Principles for Responsible Investment. These Principles aim to promote the integration of ESG considerations into investment and ownership decisions and to support signatories in this process. In addition, Tellus incorporates relevant responsible investment practices as part of its fiduciary duty.

Tellus conducts ESG assessments across its investment portfolio, enabling a broader view of associated risks and opportunities. The Tellus ESG assessment framework combines both an integration approach and a best-in-class methodology.

The integration approach consists of the systematic inclusion of ESG considerations in investment analyses and decision-making processes. Tellus performs this analysis through its due diligence procedures. If any environmental or other liabilities are identified, such as soil contamination, Tellus commits to implementing appropriate mitigation measures.

The best-in-class analysis is based on the Tellus ESG Score, which incorporates both ESG and financial criteria to evaluate each asset’s performance against environmental, social, and governance benchmarks. Tellus applies specific methodologies tailored to new developments, major refurbishments, and stabilized assets. After passing through these evaluation filters, each asset receives a final score with a corresponding adherence classification.

Additional Information

TEPP11

Tellus Investimentos

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