Relatório gerencial em inglês TEPP11 de setembro de 2026

TELLUS PROPERTIES FII TEPP11

MONTHLY MANAGEMENT REPORT September | 2026 7 years

TABLE OF CONTENTS

FUND CHARACTERISTICS

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.

ABOUT THE FUND

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

OPERATING INDICATORS

Watch Management's report presentation on YouTube channel , YouTube channel or listen on Spotify . TEPP11's new website

Manager's Letter

MARKET OVERVIEW

Global markets maintained high volatility in September, as investors remained attentive to persistent inflationary pressures and the trajectory of monetary policy in major economies. In the United States, the Federal Reserve raised interest rates by 25 basis points to the 3.75%–4.00% range, reflecting the resilience of economic activity and elevated inflation. In Europe, the European Central Bank also increased rates by 25 basis points, reflecting inflationary risks associated with tensions in the Middle East. Meanwhile, Chinese industrial activity showed signs of recovery, although weak domestic consumption and the real estate sector maintained uncertainties regarding the pace of economic growth.

In Brazil , the IPCA accelerated again in September, rising 0.82% for the month, following the 0.32% deflation recorded in August, bringing the 12-month cumulative reading to 4.58%, once again above the inflation target ceiling. On the monetary front, the Copom continued its easing cycle, cutting the Selic rate by 25 basis points to 13.75% per annum, but reinforced the need for caution given that inflation expectations remain unanchored. Meanwhile, fiscal uncertainties and the proximity of presidential elections continued to influence investor expectations.

In terms of domestic asset performance , the Ibovespa posted gains of 5.03% in September, closing the month at 186,340 points, driven primarily by the performance of banking stocks and companies tied to the domestic economy. In the currency market, the spot dollar posted a slight decline of 0.15% for the month, closing near BRL 5.17, following swings related to the external backdrop and electoral uncertainties. Finally, the IFIX — the main real estate investment fund index — ended September at 3,755.22 points, down 0.20%, marking the fifth consecutive month of negative performance.

FUND HIGHLIGHTS

The Fund closed September with its share price valued at BRL 7.70 and distributed BRL 0.068 per share, representing a monthly Dividend Yield of 0.88% (equivalent to 11.13% annualized).

The main highlight of the month was the completion of the divestment of Ed. Passarelli, as disclosed in a Material Fact . The transaction was executed at BRL 114 million, equivalent to BRL 13,997 per sqm, representing a price 32% higher than the historical acquisition cost and a cap rate of 8.08% per annum. This operation reinforces the Fund's portfolio recycling strategy, with the realization of gains from assets that have reached a more mature stage. Details of the transaction are presented throughout this report, including a sensitivity analysis related to the sale of shares in the secondary market. From the next Monthly Report onward, Management will provide updates on the trading of shares in the secondary market.

On the portfolio front, Management has contracted for the refurbishment of the 1st floor of Ed. Top Center, whose commercialization strategy will be based on a plug-and-play model, seeking to increase the space's attractiveness and accelerate occupancy. At Ed. Fujitsu, negotiations remain in draft stage with potential tenants for the occupation of four floors. Should these leases be executed, they would allow the property to reach zero vacancy, representing a meaningful advance in the building's commercial strategy.

On the new business front, Management continues commercial discussions to increase the Fund's participation in one of the assets already in its portfolio. In parallel, negotiations are advancing for potential acquisitions in another class of real estate assets, as permitted by the Fund's current investment policy. It is noted that any acquisitions in other asset classes will be tactical and opportunistic in nature, seeking to capture value creation opportunities and revenue diversification, without altering TEPP11's predominant characteristic, whose investment strategy remains primarily concentrated in the office segment.

Evolution of Fund Indicators

7 years of TEPP11. A comparison between 2019 (trading start) and 2026.

Ed. Passarelli | Sale

Full sale of participation for BRL 114 million, with capital gain and gradual Fund deleveraging

SALE VALUE

BRL 114,0 mi

PRICE PER SQM

BRL 13,997

CAP RATE AT SALE

8.08% a.a.

ESTIMATED IRR¹

10.4- 12.11% a.a.

MULTIPLE · PERIOD

1.8-1.97x · 7 years

CAPITAL GAIN¹

BRL35 mi

PAYMENT SCHEDULE

COMPENSATED INSTALLMENT (BRL 55.8 M) AND MONETIZATION

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SENSITIVITY · SECONDARY MARKET SHARE SALES

TRXF11 share price (BRL). Last line: base case scenario

USE OF PROCEEDS AND DELEVERAGING

28,5%

→ 8,4%

Leverage in Q3 2026

Projected in Q2 2029

Gradual deleveraging while preserving liquidity to meet obligations and fund the Fund's investment needs.

Extraordinary amortizations of debt when there is an economic benefit (discounts or a meaningful reduction in financial costs).

Investment in portfolio properties: retrofits and turnkey and plug-and-play improvements to accelerate occupancy of vacant areas.

Selective and targeted acquisitions, with returns adjusted for risk, and tactical evaluation of other real estate asset classes.

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Assumes inflation of 4% p.a.; IPCA and CDI equivalence considers the investment made in Sep/2029.

Distribuições e Performance

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The disclosed distribution projection does not constitute a promise or guarantee of returns. It is an estimate based on Management's current assumptions, which may be revised at any time in light of new facts, events, or changes in market conditions.

^& lt;sup>1</sup> Source: Broadcast

^& lt;sup>2</sup>Date between 09/26/2019 and 08/30/2026

Portfolio

Ed. Torre Sul

R. James Joule, 65 · Berrini

Classification A LEED Platinum

% OWNERSHIP

55.0%

PHYSICAL VACANCY

4.9%

WAULT

3.5 years

LEASABLE AREA (SQM)

11,034

FINANCIAL VACANCY

1.55%

% OF ASSET VALUE

18.8%

ABOUT THE ASSET

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

At Ed. Torre Sul, as mentioned in the previous report, studies continue on modernizing the air conditioning system, with the goal of improving operational efficiency and the building's infrastructure.

Regarding leasing, the property continues to receive visits from potential interested parties, although no meaningful advances in commercial negotiations have occurred to date.

Ed. Fujitsu

R. Treze de Maio, 1633 · Paulista

Classification B LEED Gold

% OWNERSHIP

52%

PHYSICAL VACANCY

59.6%

WAULT

4.9 years

LEASABLE AREA (SQM)

4,985

FINANCIAL VACANCY

34.78%

% OF ASSET VALUE

7.7%

ABOUT THE ASSET

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

At Ed. Fujitsu, Management continued discussions with other building owners, aiming at defining and planning a new phase of interventions and improvements at the asset, focusing on modernization and strengthening its commercial appeal.

Regarding leasing, negotiations for the lease of four floors to two new tenants remain in the draft contract stage. Should these transactions be executed, they would allow the building to reach zero vacancy, representing an important advance in the occupancy strategy.

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Tellus Properties FII | TEPP11

Portfólio

Ed. Brigadeiro Faria Lima (BFL)

Av. Brig. Faria Lima, 1355 · Faria Lima

25.7% 5,761

1.9 years 16.4%

LEED em obtenção

% OWNERSHIP LEASABLE AREA (SQM)

PHYSICAL VACANCY FINANCIAL VACANCY

0.0% 0.00%

WAULT % OF ASSET VALUE

ABOUT THE ASSET

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

No Ed. BFL, seguem em andamento os estudos para o retrofit do edifício, contemplando a avaliação das intervenções necessárias para sua modernização e requalificação.

Conforme mencionado no relatório anterior, foram contratados especialistas em projetos de prevenção e combate a incêndio e em engenharia estrutural, com o objetivo de subsidiar as análises técnicas e assegurar a viabilidade das intervenções previstas para o ativo.

Ed. GPA

Av. Brig. Luís Antônio, 3172 · Jardins

12.8 years 24.4%

Sem LEED

% OWNERSHIP LEASABLE AREA (SQM)

100% 11,224

PHYSICAL VACANCY FINANCIAL VACANCY

0.0% 0.00%

WAULT % OF ASSET VALUE

ABOUT THE ASSET

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

No significant updates were provided for the asset during the month.

Portfólio

Ed. Top Center

Av. Paulista, 854 · Paulista

100.0% 15,574

4.5 anos 24.4%

% OWNERSHIP LEASABLE AREA (SQM)

PHYSICAL VACANCY FINANCIAL VACANCY

18.2% 5.69%

WAULT % OF ASSET VALUE

ABOUT THE ASSET

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

No Ed. Top Center, a Gestão segue avançando na implementação das melhorias previstas para o ativo.

Até o final do ano, está prevista a conclusão da reforma das lixeiras dos subsolos, bem como o início do retrofit dos três pavimentos de subsolo e do hall dos elevadores. As intervenções contemplarão também a modernização integral do sistema elétrico dos subsolos

Adicionalmente, diversas outras iniciativas de melhoria e requalificação encontram-se em desenvolvimento e serão comunicadas oportunamente pela Gestão.

Classification B LEED em obtenção Classification B Sem LEED

Ed. Parque Cultural Paulista

Av. Paulista, 37 · Paulista

5.1 anos 2.4%

% OWNERSHIP LEASABLE AREA (SQM)

5% 1,118

PHYSICAL VACANCY FINANCIAL VACANCY

0.0% 0.00%

WAULT % OF ASSET VALUE

ABOUT THE ASSET

Built in 1990, Edifício Parque Cultural Paulista is a commercial office building with 20 floors, floor plates of approximately 1,118 m² (BOMA) and a land area of 5,500 m², located between Avenida Paulista and Alameda Santos. The transaction involves the acquisition of 11 units, equivalent to 6,152 m² and 27.5% of the building's total area, making TEPP11 the largest individual owner in an asset with a fragmented ownership structure. Parque Cultural stands out within its competitive set: over the past four years, it has maintained a minimum occupancy rate of 93%, reaching 100% in more recent quarters. With only 8 Class B assets on Avenida Paulista offering floor plates above 1,000 m² and vacancy below 1% among Class A/A+ buildings, the scarcity of quality supply underpins the structural demand for the asset.

PORTFOLIO UPDATE

No significant updates were provided for the asset during the month.

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Financial Statements

INCOME STATEMENT FUND NET ASSET VALUE COMPOSITION¹

¹ Portfolio composition as of 08/31/2026

CLICK HERE TO ACCESS TEPP11'S FUNDAMENTALS DATA SHEET

Cash Flow and Leverage

FUND'S PROJECTED CASH BALANCE (BRL Millions) ACQUISITIONS AND DISPOSALS FLOW

PROJECTION: FUND LEVERAGE (LIABILITY / ASSET %)

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

Cash Flow Projection

Additionally, Management considers in the cash flow projection the full disposal, by December 2026, of TRXF11 shares received by the Fund in connection with the Passarelli Building sale transaction. The execution of these disposals will be subject to market conditions and the disposal strategy adopted by Management, and may result in changes to the projection presented.

Leverage Projection

The financial leverage projection includes all of the Fund's financial obligations, including contracted acquisition and sale installments and scheduled CRI amortizations. The projection does not consider potential extraordinary debt amortizations, whose execution may alter the leverage levels presented.

Financial Leverage

LEVERAGE (% OF NAV) UPDATED CRI BALANCE

19.0%

BRL 96.2 M

CONTRACTED FINANCIAL LIABILITIES DEBT AMORTIZATION SCHEDULE (BRL M)

Consolidated Portfolio Overview

Ed. Torre Sul

Ed. Parque Cultural

Paulista

GPA B 11,224 0.0% 0.00% 17.2% 1

Top Center B 15,574 18.2% 5.69% 24.4% 18

Total 57,845 10.96% 4.07% 100% 48

B 1,118 0.0% 0.00% 2.4% 1

Porfolio – Operating Indicators

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WAULT (YEARS) TENANT INDUSTRY SECTOR (AS % OF REVENUE)

Porfolio – Operating Indicators

LEASE READJUSTMENT (% OF RENTAL REVENUES) LEASE EXPIRATIONS (% OF RENTAL INCOME)

FINANCIAL & PHYSICAL VACANCY EVOLUTION DISTRIBUTION OF RENT REVIEWS (NUMBER OF CONTRACTS)

Secundary Market

TELLUS

FUND UNITS TRADING ON B3

HISTORICAL SHARE PRICE AND TRADING VOLUME

SHAREHOLDER BASE GROWTH

HISTORICAL P/B

Performance

DISTRIBUTION HISTORY

CAGR = 21.0%

Timeline – Acquisitions and Disposals

2019 IPO do TEPP11 Aquisition Ed. São Luiz BRL 145 M BRL 12.833/sqm Aquisition Ed. Passarelli BRL63,4 M BRL 8.895/sqm Aquisition Ed. Torre Sul BRL 115 M BRL 11.176/sqm 2020 Aquisition Ed. Timbaúba BRL 26,5 M BRL 11.313/sqm 2021 Aquisition Ed. São Luiz BRL26,5 M BRL 14.100/sqm Aquisition Ed. Fujitsu BRL50 M BRL 10.030/sqm 2023 Disposal Ed. Timbaúba BRL 30,6 M BRL 13.072/sqm Capital Gain: BRL 1,8 M 2024 Disposal Ed. São Luiz BRL 215 M BRL 16.314/sqm Capital Gain: BRL 39,8 M Aquisition Ed. BFL 1355 BRL95 M BRL 19.969/sqm Aquisition. GPA BRL 109 M BRL 9.710/sqm 2025 Aquisition Ed. BFL 1355 BRL12,6 M BRL12,562/sqm Aquisition Ed. Top Center BRL 167,4 M BRL 10.748/sqm 2026 Compra Ed. Passarelli BRL 13,4 M BRL13.211/sqm Aquisition Ed. Parque Cultural Paulista BRL 15,9 M BRL 14.249/sqm Aquisition Ed. Torre Sul BRL 10,7 M BRL 9.935/sqm Disposal Ed. Passarelli BRL 114 M BRL 13.997/sqm capital Gain: BRL 35,0 M

19

Aquisition Disposal Amount of transaction (BRL millions) and price per sqm. Gain = capital gain, the profit obtained from the sale.

TELLUS | The Manager

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.

PRIVATE FUNDS (TREI II a TREI VII)

Development of corporate, healthcare, residential, logistics, and mixed-use projects, primarily focused on the São Paulo market.

REITs

JK Square Itaim

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

Autorregulação ANBIMA

^& lt;sup>1</sup> Source: TELLUS. Date base 12/30/2026

TELLUS | Gestora

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.

Legal Disclaimer

Read the Regulations and Prospectus before investing, especially the risk factors section. Terms and definitions in the Glossary.

This material was prepared based on public information, internally developed data, and other external sources. TELLUS does not guarantee the accuracy and integrity of the information and data, nor does it guarantee that they are free of errors or omissions. This material presents return projections, analyses, and scenarios based on certain assumptions. Although TELLUS Investimentos believes these assumptions are reasonable and feasible, it cannot assure that they are accurate or valid under future market conditions, or that all relevant factors have been considered in determining these projections, analyses, and scenarios.

Projections do not mean future returns. The projected returns, analyses, scenarios, and assumptions are based on current and past market conditions and economic scenarios, which may vary significantly in the future. The analyses presented here are not intended to contain all relevant information and, therefore, represent a limited view of the market. TELLUS is not responsible for damages arising from errors, omissions, or changes in market factors. Past returns do not guarantee future returns. It is forbidden to copy, distribute, or reproduce this material in whole or in part without prior and express consent from TELLUS.

Additional Information

TEPP11

Tellus Investimentos

Contact and Social Media

Email: [email protected]

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Glossário

Dividend yield (DY)

How much the fund paid in returns relative to the share price. Annualized is the monthly value projected for 12 months.

CDI and IFIX

CDI is the fixed income reference rate. IFIX is the index that measures the performance of real estate funds on B3.

WAULT

Weighted average term of existing lease contracts, weighted by contracted revenue.

Retrofit and rental adjustment

Retrofit: building modernization. Rental adjustment: renegotiation of rent according to market price.

P/B

Share price on the exchange divided by net asset value. Below 1, the share trades at a discount to net asset value.

ABL and BOMA area

ABL is the gross leasable area. BOMA is the North American standard that adds private area and allocation of common areas, excluding stairs, elevator shafts, and technical areas.

Cap rate

Property capitalization rate: annual rent ÷ property price.

LEED

International sustainable building certification (Gold, Platinum, among other levels).

NAV × Market share price

NAV: net asset value ÷ number of shares. Market: price traded on B3.

Physical and financial vacancy

Physical: space without tenant. Financial: revenue not collected due to vacancies and discounts on existing contracts, relative to potential revenue.

CRI and leverage

CRI is a debt security backed by real estate receivables. Leverage is debt relative to net asset value.

Turnover

Percentage of fund shares traded on the exchange during the month.

Thank you!

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