Demonstrações financeiras em inglês TRXF11 de 31/12/2025

Financial Statements

Trx Real Estate Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ: 28.548.288/0001-52)

Financial statements as at December 31, 2025 with Independent Auditor’s Report

(Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) (Brazilian IRS Registry of Legal Entities - CNPJ: 28.548.288/0001-52) (Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A. - CNPJ: 13.486.793/0001-42)

Financial statements

December 31, 2025 and 2024

Contents

Independent auditor’s report on the financial statements..................................................1

Audited financial statements

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A free translation from Portuguese into English of Independent Auditor’s Report on Financial Statements prepared in Brazilian currency in accordance with the accounting practices adopted in Brazil applicable to Real Estate Investment funds

Independent auditor’s report on the financial statements

To the Shareholders and Administrator of

Trx Real Estate Fundo de Investimento Imobiliário Responsabilidade Limitada (Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) (Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A.) (“Fund Administrator”)

São Paulo -SP

Opinion

We have audited the financial statements of TRX Real Estate Fundo de Investimento Imobiliário Responsabilidade Limitada (the “Fund”), which comprise the statement of financial position as at December 31, 2025, and the statements of operations, of changes in net asset value and of cash flows for the year then ended, and notes to the financial statements, including material accounting policies and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of TRX Real Estate Fundo de Investimento Imobiliário Responsabilidade Limitada as of December 31, 2025 and the performance of its operations and its cash flows for the year then ended, in accordance with the accounting practices adopted in Brazil applicable to Real Estate Investment Funds.

Basis for opinion

We conducted our audit in accordance with the Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the Fund in accordance with the relevant ethical principles set forth in the Code of Professional Ethics for Accountants, the professional standards issued by Brazil’s National Association of State Boards of Accountancy (CFC), applicable to audits of financial statements in Brazil, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each of the matters below, a description of how our audit has addressed them, including any comments on the results of our procedures is presented in the context of the financial statements taken as a whole.

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We have fulfilled the responsibilities described in the “Auditor’s responsibilities for the audit of financial statements” section, including those relating to these key audit matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the Fund’s financial statements.

Existence and measurement of investment properties

As at December 31, 2025, the Fund recorded investment properties measured at fair value in the amount of R$5,233,439 thousand, representing 156,24% of its net asset value. The existence and determination of the fair value of the investment properties were considered a key audit matter due to the representativeness of these assets in relation to the Fund's net asset value, the complexity of the measurement methodology used by the Administrator (discounted cash flows), which engaged an external expert for performing this measurement, and the high level of judgment in determining the assumptions adopted in the valuation of investment properties, as described in Note 8 to the financial statements.

How our audit addressed this matter

Our audit procedures included, among others, verifying the Fund’s ownership of the investment properties by inspecting the property registration records and engaging valuation experts to assist in reviewing the methodology and models used to measure the fair value of the investment properties, including the reasonableness of the assumptions used. We also analyzed the accuracy of the investment property data provided by the Fund Administrator to the external appraiser and used in the measurement. We reviewed information that could contradict the most significant assumptions and methodology selected. Also, we analyzed the sensitivity of these assumptions to assess the behavior of the model with its fluctuations. Additionally, we assessed the adequacy of the Fund’s disclosures on this matter, included in the aforementioned Note 8 to the financial statements.

Based on the result of the audit procedures performed on the existence and on measurement of investment properties, which is consistent with the Fund Administrator’s assessment, we consider that the criteria and assumptions adopted by the Fund Administrator are appropriate in the context of the financial statements taken as a whole.

Investments in real estate investment fund shares

As at December 31, 2025, the Fund held real estate investment fund shares totaling R$1,890,944 thousand, which represented 56.45% of its net asset value. Due to its materiality in relation to the overall financial statements, the investment portfolio in real estate investment fund shares was considered a key audit matter.

How our audit addressed this matter

Our audit procedures to address the risk of existence, ownership, and valuation of investments in real estate investment fund shares included, among others, comparing the unit prices used by the Fund Administrator with market quotations, analyzing the trading volumes of the invested fund shares vis-à-vis quotations on B3, and reconciling the investment position to a statement from the

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custodian, analyzing whether such reports confer ownership of the assets to the Fund. Additionally, we assessed the adequacy of the Fund’s disclosures on this matter, included in the aforementioned Note 6.1.2 to the financial statements.

Based on the result of audit procedures performed, which is consistent with the Fund Administrator’s assessment, we consider the policies on recognition and measurement of investments in the Fund’s real estate investment fund shares to be acceptable to support the judgments, estimates and information included in the context of the financial statements taken as a whole.

Shares of privately held entities

As at December 31, 2025, the balance of investments in shares of privately held companies measured at fair value totaled R$706,190 thousand, which represented 21.08% of the Fund's total net asset value. The methodologies and models used to determine fair value were based on subjective assumptions as per Note 6.1.1 to the financial statements, and include the present value of discounted cash flows, based primarily on the investee companies' business plan.

This was considered a key audit matter due to the significance of the amounts involved in relation to total assets, net asset value, and the effects of fair value adjustments on the surplus (deficit) for the year, in addition to the uncertainties inherent in the fair value estimate, given the high degree of judgment exercised in determining the assumptions for its calculation, which are described in Note 6.1.1. A change in any of these assumptions could have a significant impact on the financial statements.

How our audit addressed this matter

Our audit procedures included, among others, the engagement of experts to assist in reviewing the methodology and models used to measure the fair value of shares of privately held companies, including the reasonableness of the assumptions used, and the accuracy of the company data provided by the Fund Administrator. We analyzed information that could contradict the most significant assumptions and methodology selected. We also analyzed the sensitivity of these assumptions to assess the behavior of the recorded fair value, considering other scenarios and assumptions, based on verified market data. Furthermore, we conducted confirmation procedures in connection with the investees, obtained and analyzed these investees’ most recent audited financial statements, corporate documents, and statements of financial position. Additionally, we assessed the adequacy of the Fund’s disclosures on this matter, included in Note 6.1.2 to the financial statements.

Based on the result of the audit procedures performed on the investment in shares of privately held entities, which is consistent with the Fund Administrator’s assessment, we consider that the criteria and assumptions adopted by the Fund Administrator are acceptable in the context of the financial statements taken as a whole.

Responsibilities of the Fund Administrator for the financial statements

The Fund Administrator is responsible for the preparation and fair presentation of these financial statements in accordance with the accounting practices adopted in Brazil applicable to Real Estate Investment Funds, and for such internal controls as the Administrator determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due

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to fraud or error.

In preparing the financial statements, the Fund Administrator is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Fund Administrator either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Fund Administrator.

• Conclude on the appropriateness of the Fund Administrator's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast substantial doubt as to the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

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• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements, including applicable independence requirements, and communicate all potential relationships or matters that could materially affect our independence, including, where applicable, the respective safeguards.

From the matters communicated with those charged with governance, we determined those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

São Paulo, March 31, 2026.

Ernst & Young Auditores Independentes S/S Ltda. CRC SP-034519/O

Fabricio Aparecido Pimenta Accountant CRC - SP241659/O

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(previously named TRX Real Estate Fundo De Investimento Imobiliario - FII) Brazilian IRS Registry of Legal Entities (CNPJ): 28.548.288/0001-52 (Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A.) Brazilian IRS Registry of Legal Entities (CNPJ): 13.486.793/0001-42

Statement of financial position At December 31, 2025 and 2024

(previously named TRX Real Estate Fundo De Investimento Imobiliario - FII) CNPJ: 28.548.288/0001-52

(Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A.) Brazilian IRS Registry of Legal Entities (CNPJ): 13.486.793/0001-42

Statement of operations

Years ended at December 31, 2025 and 2024

In thousands of reais, except for earnings per paid-in share and net asset value of the share

(previously named TRX Real Estate Fundo De Investimento Imobiliario - FII) Brazilian IRS Registry of Legal Entities (CNPJ): 21.408.063/0001-51

(Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A.) Brazilian IRS Registry of Legal Entities (CNPJ): 13.486.793/0001-42

Statement of changes in net asset value Exercícios findos em 31 de dezembro de 2025 e 2024

(In thousands of reais)

See accompanying notes.

(previously named TRX Real Estate Fundo De Investimento Imobiliario - FII)

(Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A.) Brazilian IRS Registry of Legal Entities (CNPJ): 13.486.793/0001-42

Statement of cash flows (direct method) Years ended December 31, 2025 and 2024

(In thousands of reais)

See accompanying notes.

1. Operations

Trx Real Estate Fundo de Investimento Imobiliário Responsabilidade Limitada (the "Fund"), previously named TRX Real Estate Fundo de Investimento Imobiliário – FII, is a real estate investment fund governed by the Brazilian Securities and Exchange Commission (CVM) Ruling No. 175/22, by CVM Rule No. 516/11, as amended, and by Law No. 8668 of June 25, 1993. The Fund was incorporated on August 21, 2017, for an indefinite term and began operations on October 15, 2019.

The Fund, in accordance with the current provisions and validity of CVM Rule No. 175/22, is classified as a single-class fund (“Class”).

The Fund is intended for the general public i.e., individuals and legal entities resident and domiciled in Brazil, as well as investment funds with a long-term investment objective, pension funds, pension regimes for government workers, entities authorized to operate by the Central Bank of Brazil (“BACEN”), insurance companies, private pension and capitalization entities, and non-resident individuals and legal entities investing in Brazil in accordance with the applicable regulations and that accept the risks inherent to such investment.

According to the investment policy defined in the regulations, the Fund's objective is to acquire any security interest over real estate, related to buildings, corporate, commercial, industrial, retail, or logistics projects, developed or to be developed, for lease under atypical (built-to-suit) or typical contracts.

The Fund is administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A. (the “Administrator”), and the portfolio management services are performed by TRX Gestora de Recursos Ltda. (the “Manager”).

The Administrator's risk management policies adhere to market practices and are in line with the guidelines established by regulatory agencies. The main risks associated with the Fund are detailed in Note 4.

The Fund distributes income to its shareholders pursuant to article 10 of Law No. 8668/93, which is also described in CVM/SIN/SNC Memorandum Circular No. 1/2014, and does not withhold income that would be necessary to pay its obligations for real estate acquisitions and for commitments to contribute resources to a fund of one. The Fund administrator, together with its Manager, periodically assesses the Fund’s ability to honor its obligations and assesses the need to liquidate any asset component of the portfolio or capitalize the Fund through an offering (with a new issue of shares).

The Fund’s investments are not guaranteed by the administrator, the manager or its related parties, or by the Deposit Insurance Fund (DIF or FGC – acronym in Portuguese) The Fund adopts, for its shareholders, a limited liability regime restricted to the amount of the subscribed units, pursuant to article 18 of CVM Rule No. 175/22.

As of December 31, 2025, the Fund’s shares were traded on B3 S.A. under ticker TRXF11. The closing price for the last trading day, December 30, 2025, was R$97.97 (ninety-seven reais and

ninety-seven cents), as compared with R$102.94 (one hundred and two reais and ninety-four cents) on December 29, 2024.

2. Basis of preparation and presentation of the financial statements

The financial statements were prepared in accordance with the accounting practices adopted in Brazil applicable to real estate investment funds (CVM Ruling No. 516), governed by CVM Rule No. 175/22, and other accounting guidelines and standards issued by the CVM, as applicable.

The preparation of the financial statements requires the Administrator to make estimates and assumptions that affect the amounts of assets and liabilities stated, as well as the amounts of revenues and expenses disclosed for the reporting year. The use of estimates extends to the necessary allowance for doubtful accounts, fair value, and measurement of the recoverable value of assets. Actual results may vary from the estimates.

The Fund’s functional currency is the Brazilian Real, which is the same currency used to prepare and present its financial statements.

The financial statements as at December 31, 2025 were approved by the Fund’s administrator on March 31, 2026.

3. Summary of significant accounting policies and calculation criteria

3.1. Classification of current and noncurrent assets and liabilities

The Fund presents assets and liabilities in the statement of financial position based on current/noncurrent classification. An asset is classified as current when: (i) it is expected to be realized, sold or used in the normal operational cycle; (ii) it is primarily held for trading; (iii) it is expected to be realized within 12 months after the reporting period; or (iv) referring to cash and cash equivalents. All other assets are classified as noncurrent. A liability is classified as current when: (i) it is expected to be settled within the normal operating cycle within 12 months after the reporting period; or (ii) there is no unconditional right to defer settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as noncurrent.

3.2. Financial instruments

a) Classification of financial instruments

I. Timing of recognition

All financial assets and liabilities are initially recognized on the trading date.

• II. Initial recognition of financial instruments

The classification of financial instruments upon initial recognition depends on their characteristics and the purpose for which the financial instruments were acquired by the Fund. All financial instruments are initially recognized at fair value plus transaction costs, except in cases where financial assets are recorded at fair value through profit or loss.

III. Classification of financial assets for measurement purposes

The classification of financial instruments upon initial recognition depends on their characteristics and the purpose for which the financial instruments were acquired by the Fund. All financial instruments are initially recognized at fair value plus transaction costs, except in cases where financial assets are recorded at fair value through profit or loss.

For measurement purposes, financial assets are included in the following categories:

• Financial assets for trading (measured at fair value through profit or loss): this category includes financial assets acquired for the purpose of generating short-term income from their trading.

• Held-to-maturity investments: this category includes financial assets acquired for the purpose of being held to maturity, for which the Fund has the intention and proven ability to hold them to maturity. These investments are measured at amortized cost less impairment loss, with income recognized based on actual yields.

IV. Classification of financial assets for presentation purposes

Financial assets are classified according to their nature under the following statement of financial position items:

• Cash and cash equivalents;

• Marketable securities: securities that represent debt to the issuer, yield interest, and were issued in physical or book-entry form;

• Rent receivable: represents rental income receivable from investment properties;

• Income receivable: represents investments in real estate investment fund shares.

• V. Classification of financial liabilities for measurement purposes

• Financial liabilities at amortized cost: financial liabilities, regardless of their form and maturity, resulting from fundraising activities carried out by the Fund.

• VI. Classification of financial liabilities for presentation purposes

• Real estate acquisition obligations: these represent funds obtained to finance the acquisition of investment properties, measured at amortized cost, as per the agreed-upon rate.

• b) Measurement of financial assets and liabilities and recognition of changes in fair value

• I. Measurement of financial assets

• Financial assets are measured at fair value, without deducting estimated transaction costs that would be incurred upon their disposal.

• The “fair value” of a financial instrument on a given date is interpreted as the amount at which it could be bought and sold on that date by two knowledgeable parties, acting deliberately and prudently, in a transaction under regular market conditions. The most objective and common reference for the fair value of a financial instrument is the price that would be paid for it in an active, transparent and meaningful market ("quoted price" or "market price").

• If there is no market price for a given financial instrument, its fair value is estimated based on valuation techniques commonly adopted by the financial market, considering the specific characteristics of the instrument being measured, and above all, the various types of risk associated with it.

• Receivables are measured at amortized cost, reduced by any impairment loss, where revenue from this group is recognized based on effective yield using the effective interest rate.

• II. Measurement of financial liabilities

In general, financial liabilities are measured at amortized cost using the effective interest method.

The “effective interest rate” is the discount rate that exactly corresponds to the initial value of the financial instrument in relation to all of its estimated cash flows, of all types, over its remaining useful life. In the case of fixed-rate instruments, the effective interest rate coincides with the contractual interest rate defined on the contracting date, plus, as applicable, commissions and transaction costs that, by their nature, are part of their financial return. In the case of variable-rate financial instruments, the effective interest rate coincides with the return in effect on all commitments up to the next interest renewal reference date.

III. Recognition of changes in fair value

As a rule, changes in the fair value of trading financial assets and liabilities are recognized in the statement of operations, in their respective source accounts.

3.3. Investment properties

Investment properties are stated at their respective fair values, which were obtained through

appraisal reports prepared by professional entities with recognized qualifications and formally approved by the Fund Administrator. Changes in the fair value of investment properties are recognized in the statement of operations for the period in which they are recorded.

3.4. Provisions and contingent assets and liabilities

When preparing its financial statements, the Fund segregates between:

• Provisions: credit balances covering (legal or presumed) present obligations at the statement of financial position date arising from past events that could give rise to a loss or disbursement for the Fund, the occurrence of which is considered probable and the nature of which is certain, but the amount and/or timing of which are uncertain.

• Contingent liabilities: potential obligations arising from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events not entirely within the Fund’s control. These are recognized in the statement of financial position when, based on the opinion of legal advisors and the Administrator, the risk of loss in a legal or administrative action is considered probable, with a probable outflow of resources to settle the obligations. Contingent liabilities classified as possible losses by legal counsel and the administrator are only disclosed in notes, while those classified as remote losses do not require disclosure.

• Contingent assets: assets originated from past events and whose existence depends on, and can only be confirmed by, the occurrence or non-occurrence of events beyond the Fund’s control. These are not recognized in the statement of financial position or statement of profit or loss.

3.5. Determination of profit or loss

Revenues and expenses are recognized in profit or loss on an accrual basis.

3.6. Cash and cash equivalents

Cash and cash equivalents are represented by bank deposits and highly liquid marketable securities, which basically correspond to fixed-income investment funds, remunerated by reference to the Interbank Deposit Certificate (CDI) variation, with a liquidity term of less than 90 days.

3.7. Critical accounting estimates and judgments

The Fund’s administrator makes accounting estimates and judgments based on assumptions that may not be exactly the same as actual results in the future. The estimates and judgments that, in the Administrator’s opinion, may be considered more relevant and may change in the future, potentially impacting the Fund’s assets and liabilities are described below:

• I. Fair value of financial instruments: the fair value of financial instruments whose quotations are not available on the market, such as the stock exchange, are measured using valuation techniques, considering methods and assumptions based primarily on market conditions and information available at the reporting date. The accounting policies described in Note 3.2 provide detailed information on “classification of financial instruments” and “measurement of financial assets and liabilities and recognition of changes in fair value.”

• II. Fair value of investment properties: as described in Note 3.3, the fair value of investment properties is determined through appraisal reports prepared by recognized professional entities, using valuation techniques such as projections of future performance of revenue and expense flows discounted to present value. Information on these investment properties is described in Note 8.

3.8. Earnings per share

Earnings per share presented in the statement of profit or loss are determined by dividing net income for the year by the total number of Fund shares paid in at the end of each year.

3.9. Shares of privately held companies

The value of shares of Investee companies (“investees’) that are not listed on the market is measured using the following criteria:

• I. Investees in the pre-operational phase, where the projects do not yet have any lease or construction contract: acquisition cost;

• II. Investees in the pre-operational phase, but whose projects include, among others, a lease and construction contract: equity method; and

• III. Investees with completed projects: equity method.

Shares with market quotations – these will be recorded at the closing price of the day’s quoted share traded on B3 – Brasil, Bolsa, Balcão (“B3”).

4. Risks associated with the Fund

4.1. Market risks

4.1.1 Credit Risk of financial assets in the Fund’s portfolio

The public and/or private debt securities that may comprise the Fund’s portfolio are subject to the ability of their issuers to honor their interest and principal payment commitments. Events that affect the financial condition of the issuers of the securities, as well as changes in economic, legal, and political conditions that may compromise their payment capacity may have significant impacts on the prices and liquidity of these issuers’ assets. Changes in the perception of the issuers’ creditworthiness, even if unfounded, may impact the prices of the securities, also compromising their liquidity.

4.1.2 Relevant macroeconomic factors

Exogenous variables such as the occurrence, in Brazil or abroad, of extraordinary events or special market situations, or even political, economic, or financial events that modify the current order and significantly influence the Brazilian financial and/or capital markets, including interest rate fluctuations, currency depreciation events, and significant legislative changes, may negatively affect the prices of the assets in the Fund’s portfolio and the value of the shares, as well as result in (a) an extension of the amortization period for shares and/or the distribution of the Fund’s results, or (b) the liquidation of the Fund, which may result in the loss of the principal amount of their investments by the respective shareholders. The Fund, its shareholders, the administrator, and the coordinators shall not be liable for any fine or penalty of any nature, should it occur, for any reason, (c) if the shareholders are subjected to any damage or loss resulting from such events. The Federal Government frequently intervenes in the country’s economy and occasionally makes significant changes to its policies and regulations, causing a wide range of impacts on various sectors and segments of the economy. The Fund’s activities, financial condition and results may be significantly

affected by changes in policies or regulations involving or affecting factors such as:

• a. Interest rates;

• b. exchange controls and restrictions on remittances abroad;

• c. exchange rate fluctuations;

• d. inflation;

• e. liquidity of domestic financial and capital markets;

• f. fiscal policy;

• g. social and political instability; and

• h. other political, social, and economic events that may occur in or affect Brazil.

Uncertainty regarding the implementation of changes by the Federal Government in policies or regulations that may affect these or other factors may contribute to economic uncertainty in Brazil and increase volatility in the Brazilian securities and real estate markets. Therefore, future developments in the Brazilian economy may jeopardize the Fund’s activities and results, and may even adversely affect the profitability of shareholders.

4.1.3 Risk of changes in markets in other countries

The market price of securities issued in Brazil is influenced, to varying degrees, by economic and market conditions in other countries, including, but not limited to, the United States of America, European countries, and emerging market countries. Investors’ reactions to developments in these other countries may adversely affect the market price of assets and securities issued in Brazil, reducing investor interest in these assets, including investment fund shares. Any developments in these other countries could harm the Fund’s activities and the trading of its shares, in addition to hindering the Fund’s potential access to the financial and capital markets on acceptable or absolute terms.

4.1.5 Risk of tax changes and changes in tax legislation

Although the tax rules for real estate investment funds have been in effect for years and are not expected to change, there is a risk that these rules will be modified in the context of a potential tax reform. Therefore, tax risk encompasses the risk of losses arising from the creation of new taxes, an interpretation of the levy of any taxes different than the current one, or the revocation of existing exemptions, subjecting the Fund or its Shareholders to new, unforeseen tax payments.

4.1.6 Legal risks

The entire architecture of the Fund’s financial, economic, and legal model considers a set of strict requirements and obligations stipulated by means of public or private contracts, guided by current legislation. However, due to the lack of maturity and tradition and case law in the Brazilian capital markets regarding this type of financial transaction, in atypical or conflicting situations, investors may incur losses due to the time and resources consumed to ensure the effectiveness of the contractual framework.

Furthermore, the Fund may become a party to legal proceedings related to its assets, especially, but not limited to, the properties in its portfolio, both as plaintiff and defendant. For example, such lawsuits could involve disputes regarding compensation in the event of property expropriation, disputes related to lessees’ failure to purchase and/or renew insurance policies required under rental contracts, and compensation in the event of property damage, among others. Due to the recognized sluggishness of the Brazilian judicial system, the resolution of any lawsuits may not be achieved within a reasonable timeframe, which may result in additional expenses for the Fund and delay or even partial interruption of the Fund’s business development, which would impact the Fund’s profitability.

4.2. Risks related to the real estate market

4.2.1 Risks of fluctuations in the value of the Fund’s properties

The value of the properties in the Fund’s portfolio may increase or decrease based on price fluctuations, market quotes, and any appraisals carried out in compliance with applicable regulations and/or the Fund’s bylaws. If real estate values decline, the Fund’s earnings from potential property sales, as well as the trading price of shares on the secondary market may be adversely affected.

4.2.2 Property depreciation risk

Since the Fund’s resources are invested in real estate, a factor that must be considered regarding the Fund’s profitability is the economic potential, including in the medium and long term, of the region where the properties are located. The analysis of the region’s economic potential should be limited not only to current economic potential but also consider the evolution of this economic potential in the future, considering the possibility of a possible economic decline in the region, with a direct impact on the value of the Properties, and consequently, on the shares.

4.2.3 Risks related to the most significant revenues

The main risks related to the Fund’s most relevant revenues are:

• i) Rental revenue: default in rent payments will result in the Fund not receiving revenue, since rent is its primary source of revenue. Moreover, in such cases, the Fund may be unable to meet its obligations on the agreed-upon dates, which would require shareholders to bear the Fund’s expenses;

• ii) Changes in rental values: The Fund may not receive full rental revenue, as the terms of the contracts may be renegotiated at each annual maturity date, resulting in changes to the originally agreed-upon amounts. It is also worth highlighting that, as provided for in article 51 of the Tenancy Law, “in the lease of non-residential properties, the lessee shall have the right to renew the contract, for the same term, provided that, cumulatively: I - the contract to be renewed has been concluded in writing and with a fixed term; II - the minimum term of the contract to be renewed or the sum of the uninterrupted terms of written contracts is five years; III - the lessee has been operating its business in the same field for a minimum uninterrupted

term of three years”. Therefore, even if the Fund is not interested in renewing the leases at the end of the lease term, lessees may request compulsory renewal of the lease, provided the legal requirements are met and the deadline for filing the renewal action is observed.

Regarding rental contracts, if, after three years of the lease or a previous agreement, no agreement is reached between lessor and lessee on the rent, a judicial review of the rent may be requested to adjust it to market prices. As such, rent values may vary depending on market conditions at the time of the review action. Rental revenue: default in rent payments will result in the Fund not receiving revenue, since rent is its primary source of revenue. Moreover, in such cases, the Fund may be unable to meet its obligations on the agreed-upon dates, which would require shareholders to bear the Fund’s expenses;

• iii) In cases of termination of rental contracts, including by one-sided decision of the lessee, before the expiration of the term established in their rental contract without payment of the due compensation, the Fund’s revenues may be compromised, with a negative impact on shareholder compensation.

4.2.4 Risk of changes in tenancy law

The Fund’s revenues derive substantially from rental receipts, under the terms of each rental contract entered into by the Fund. Therefore, if the Tenancy Law is changed in a manner favorable to lessees (including, for example and without limitation, regarding alternatives for renewing rental contracts and defining rent values or changing the frequency of adjustments), the Fund may be adversely affected.

4.2.5 Risk of expropriation

Partial or total expropriation of the Fund’s property is possible, by unilateral decision of the government, to serve purposes of public interest and utility, which may result in losses for the Fund. Other restrictions on real estate may also be applied by the government, thus restricting its use, such as the listing of the property itself or its surrounding area, the imposition of preemption rights, and/or the creation of special cultural preservation zones, among others.

4.3. Risks related to the Fund

4.3.1 No guarantee of risk elimination

Investing in the Fund subjects the investor to the risks to which the Fund and its portfolio are subject, which may result in losses of the capital invested by shareholders in the Fund. The Fund does not have guarantees from the administrator or third parties, any insurance mechanism, or the Deposit Insurance Fund (DIF) to reduce or eliminate the risks to which it is subject, and consequently, to which shareholders may also be subject. Under adverse market conditions, this risk management system effectiveness may be reduced. The Fund’s potential asset losses are not limited to the amount of subscribed capital, which means that shareholders may be called upon to contribute additional resources to the Fund in the future, beyond their commitments.

4.3.2 Past performance

When analyzing any information provided in the prospectus and/or any other Fund promotional material that may be made available regarding past performance in any markets, similar investment funds, or any investments in which the administrator and coordinators have participated in any way, potential shareholders should consider that any past performance is not indicative of possible future results, and there is no guarantee that similar results will be achieved by the Fund in the future. Investments are subject to various risks, including, but not limited to, fluctuations in interest rates and inflation rates.

4.3.3 Tax risk

Law No. 9779 of January 19, 1999, as amended, establishes that real estate investment funds must distribute at least ninety-five percent (95%) of profits earned, on a cash basis, based on the statement of financial position or semiannual trial balance ended June 30 and December 31 of each year.

Also according to the aforementioned law, the real estate investment fund that invests resources in real estate projects whose developer, builder or partner is a shareholder who holds, individually or jointly with related persons, a percentage greater than twenty-five percent (25%) of the shares issued by the Fund is subject to the taxation applicable to legal entities, for purposes of applicable corporate tax levies (Corporate Income Tax - IRPJ, Social Contribution Tax on Net Profit - CSLL, and Contribution Taxes on Gross Revenue for Social Integration Program - PIS and for Social Security Financing - COFINS).

Net income and gains earned by the Fund on fixed-income financial investments are subject to withholding income tax, in accordance with the same rules applicable to legal entities. This tax may be offset against the tax withheld by the Fund when distributing income and capital gains to shareholders.

Income earned by the Fund, when distributed to shareholders, is subject to withholding income tax at a maximum rate of twenty percent (20%).

Capital gains earned by shareholders on the sale or redemption of shares upon termination of the Fund are subject to withholding income tax at a maximum rate of twenty percent (20%).

However, pursuant to article 3, item III, combined with sole paragraph, item II of Law No. 11033/04, as worded by Law No. 11196/05, income distributed by a Fund whose shares are admitted for trading exclusively on stock exchanges or in the organized over-the-counter market are exempt from income tax withheld at source and at the annual individual income tax return.

The aforementioned legal provision further clarifies that the tax benefit in question will only be granted in cases where the Fund has at least fifty (50) shareholders and that it will not be granted to individual shareholders holding shares representing ten percent (10%) or more of the total shares issued by the Fund or whose shares entitle them to receive income exceeding ten percent (10%) of

the total income earned by the Fund. However, even if the Administrator were interested in creating an organized market for trading the Fund’s shares, a situation could arise in which a single shareholder would pay a substantial portion of the issuance or even all of the Fund’s shares, resulting in such a shareholder holding a significantly concentrated position, thus subjecting the other shareholders to taxation.

4.3.4 Risks related to the investment liquidity in respect of real estate investment fund shares

Since real estate investment funds correspond to an investment type under development in the Brazilian market, where they do not yet handle significant volumes of resources and with a limited number of interested parties buying and selling shares, their investors may encounter difficulty conducting transactions in the secondary market. In this connection, investors should be aware that real estate investment funds are established as closed-end condominiums, and their shares cannot be redeemed except upon the Fund’s termination, a factor that may influence the liquidity of the shares when they are eventually traded in the secondary market.

Even though the shares are traded on the stock exchange, organized over-the-counter, and nonorganized (private) markets, investors who acquire shares in the Fund must be aware that investing in the Fund is a long-term investment.

5. Cash and cash equivalents

As at December 31, 2025 and 2024, the balance of the “Banks – checking account” is represented by a demand deposit at Itaú Unibanco S/A and BRL DTVM, and marketable securities, as follows:

• (a) Itaú Soberano Renda Fixa Simples Fundo de Investimento Financeiro da Classe de Investimento em Cotas Responsabilidade Limitada (formerly named Itaú Soberano Renda Fixa Simples Fundo de Investimento em Cotas de Fundos de Investimento), CNPJ: 06.175.696/0001-73, administered by Itaú Unibanco S.A., was established as an open-ended special-purpose fund with an indefinite term, commenced its operations on July 2, 2004, and is intended for the general public. Its objective is to invest its resources in shares

of investment fund classes classified as “fixed income”, which invest exclusively in federal government securities that are subject to a fixed rate or indexed to CDI fluctuations, or, alternatively, in repurchase agreements backed by federal government securities.

The financial statements for the year ended October 31, 2025 were duly audited, and the independent auditor’s report was issued on January 15, 2026, containing an unmodified opinion.

In the year ended December 31, 2025, revenues amounting to R$14,813 (R$16,056 in 2024) were recognized under “Revenue from fixed-income fund shares”, in addition to expenses amounting to R$3,334 (R$5,669 in 2024), recorded under “Income tax expenses on redemptions of fixed-income securities”.

6. Marketable securities

6.1. Real estate-related

6.1.1 Shares of privately held entities

*() This amount refers to the total assets of R$795,780 less the remaining balance to be paid in liabilities of R$ R$127,109.

*() This amount refers to the total assets of R$687,743 less the remaining balance to be paid in liabilities of R$61,793.

a) TR1 Empreendimentos Imobiliários Ltda. (formerly named Lewini 52 Empreendimentos Imobiliários Ltda.) is a limited liability company established on March 28, 2014, operating under the sole proprietorship model, for an indefinite term. The company’s corporate purpose comprises (a) marketing and operation of its own real estate projects; (b) holding interest in other companies as a partner, shareholder, or member; and (c) management of its own assets.

In the year ended December 31, 2024, the company sold its interests for R$57,297.

As of December 31, 2023, the company owns one property registered for R$71,195. The property owned by the company has the following characteristics:

Corporate documents

Pursuant to the third amendment to the articles of organization of Lewini 52, made on January 4, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to change the company’s business name from Lewini 52 Empreendimentos Imobiliários Ltda. to TR1 Empreendimentos Imobiliários Ltda.

As per the fourth amendment to TR1’s articles of organization, made on March 15, 2022, the following was approved:

• A R$200 increase in capital through the issue of 200,000 new shares of R$1.00 each, which were fully subscribed for and paid in.

Corporate documents – subsequent event

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2023, the company’s fully subscribed for and paid-in capital is R$57,498, divided into 57,497,500 identical shares of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR10 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2023, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$71,336 invested in the SPE is represented primarily by R$71,195 in real estate projects and R$146 in cash and cash equivalents.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2023 and approved by the Administrator in December 2023. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

b) TR2 Empreendimentos Imobiliários Ltda. is a limited liability company established on March 28, 2014, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Gomes de Carvalho, No. 1507, 6th floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital. The company’s corporate purpose comprises: (a) the development, marketing and operation of its own real estate projects; (b) holding interest in other companies as a partner, shareholder, or member; and (c) management of its own assets.

As at December 31, 2025, the Company owns 31 registered properties with the following characteristics:

As at December 31, 2024, the Company owns 33 registered properties with the following characteristics:

Corporate documents

Pursuant to the sixth amendment to the articles of organization of Cookei 53, made on January 04, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to change the company’s business name from Cookei 53 Empreendimentos Imobiliários Ltda. to TR2 Empreendimentos Imobiliários Ltda.

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

According to the minutes of the shareholders’ meeting held on September 09, 2024, the shareholders approved the reduction in capital by R$33,239, as a result of the sale of the land/property rights held by the company in relation to the following properties: (i) subject to registration No. 88.947 with the 2^nd Real Estate Registrar Office of Bauru, State of São Paulo, and together with the surface rights held by TRXB11; (ii) subject to registration No. 150.965 with the Real Estate Registrar Office of the Judicial District of Dourados, state of Mato Grosso do Sul, and together with the surface rights held by TRXB11; and (iii) subject of registration No. 141.145 of the 3^rd Real Estate Registrar Office of the Federal District and together with the surface right held by TRXF11, with anticipation of the expectation of enjoyment by the Company of the benefits generated by the Properties before the end of the term of the surface right of the respective surface owners. As such, capital in excess of the corporate purpose of the company, i.e., share capital, was fully subscribed for and paid in, and decreased from the current R$588,427 to R$555,188, through the cancellation of up to 33,239,482 shares of the Company, with par value of one real (R$1.00) each, of which 3,637,820 shares are held by TRXF11, and 29,601,662 shares are held by TRXB11. These shares will be reimbursed through payment in domestic currency, to be made by the purchasers of the Properties, on behalf and by order of the Company, directly to the Partners.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$588,427 (R$588,427 in 2024), divided into 588,427,177 identical shares (588,427,177 in 2024) of one real (R$1.00), in which the Fund holds 58.28% interest (58.28% in 2024).

The financial statements of TR2 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$275,073 (R$294,794 in 2024) invested in the SPE is represented primarily by

R$615,945 (R$644,695 in 2024) in real estate projects and R$6 (R$ 11 in 2024)) in cash and cash equivalents.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

c) TR3 Empreendimentos Imobiliários Ltda. is a limited liability company established on July 14, 2021, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Iguatemi, No. 151, 19th floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital. The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 1 registered property with the following characteristics:

As at December 31, 2024, the Company owns 2 registered properties with the following characteristics:

Corporate documents

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

Pursuant to the fourth amendment to the articles of organization of TR3, made on January 9, 2025, the following acts were approved:

• The sole partner resolved, on October 2, 2024, to decrease capital by R$45,848, for considering capital in excess of the corporate purpose of the company, under the terms of

article 1082, II, of the Civil Code, by cancelling 45,848,213 shares, at par value of R$1.00 each, all held by the partner. Accordingly, capital increased from R$132,001 to R$86,153, and is fully subscribed for and paid in. As a result of these resolutions and other adjustments, the partner decided to amend, restructure, and consolidate the Company’s articles of organization, which are now effective under a new wording.

Pursuant to the amendment to the articles of organization of TR3 made on October 02, 2025, the following acts were approved:

• The sole partner decides to reduce the Company’s capital by R$45,848, as it is excessive in relation to the Company’s corporate purpose, pursuant to article 1082 of the Civil Code, with the respective cancellation of 45,848,213 shares, waiving the cents, with a par value of one real (R$1.00) each, held by the sole partner.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$66,253 (R$96,136 in 2024), divided into 66,253,000 identical shares (96,136,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR3 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2024, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$56,341 (R$80,001 in 2024) invested in the SPE is represented primarily by R$36,400 (R$73,980 in 2024) in real estate projects and R$20 (R$36 in 2024) in cash and cash equivalents.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

d) TR4 Empreendimentos Imobiliários Ltda. is a limited liability company established on April 25, 2022, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Iguatemi, No.

151, 19th floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 2 registered properties with the following characteristics:

As at December 31, 2024, the Company owns 2 registered properties with the following characteristics:

Corporate documents

Pursuant to the first amendment to the articles of organization of TR4, made on September 20, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR4’s capital by R$13,650 with the issue of 13,650,000 shares at a par value of one real (R$1.00) each.

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

Pursuant to the fifth amendment to the articles of organization of TR4, made on January 12, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR4’s capital by R$160 with the issue of 160,000 shares at a par value of one real (R$1.00) each.

Pursuant to the sixth amendment to the articles of organization of TR4, made on February 05, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to allocate RT9’s capital for lien purposes in favor of Bari Securitizadora S.A.

Pursuant to the seventh amendment to the articles of organization of TR4, made on February 04, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR4’s capital by R$90 with the issue of 90,000 shares at a par value of one real (R$1.00) each.

Pursuant to the eighth amendment to the articles of organization of TR4, made on August 05, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to cancel TR4’s capital allocation for lien purposes in favor of Bari Securitizadora S.A.

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

No subsequent events occurred.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and partially paid-in capital is R$26,951 (R$26,951 in 2024), divided into 26,951,000 identical shares (26,651,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR4 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$29,661 (R$28,199 in 2024) invested in the SPE is represented primarily by R$29,892 (R$28,198 in 2024) in real estate projects, R$107 (R$4 in 2024) in cash and cash equivalents, and R$383 in capital to be contributed.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

e) TR5 Empreendimentos Imobiliários Ltda. is a limited liability company established on June 28, 2022, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Iguatemi, No. 151, 19th floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 1 registered property with the following characteristics:

As at December 31, 2024, the Company owns 1 registered property with the following characteristics:

Corporate documents

Pursuant to the first amendment to the articles of organization of TR5, made on September 16, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR5’s capital by R$10 with the issue of 10,000 shares at a par value of one real (R$1.00) each.

Pursuant to the first amendment to the articles of organization of TR5, made on December 14, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR5’s capital by R$23,700 with the issue of 23,700,000 shares at a par value of one real (R$1.00) each.

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

Pursuant to the fourth amendment to the articles of organization of TR4, made on February 05, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to allocate TR4’s capital for lien purposes in favor of Bari Securitizadora S.A.

Pursuant to the fifth amendment to the articles of organization of TR4, made on August 05, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to cancel TR4’s capital allocation for lien purposes in favor of Bari Securitizadora S.A.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$23,711 (R$23,711 in 2024), divided into 23,711,000 identical shares (23,711,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR5 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$30,364 (R$29,383 in 2024) invested in the SPE, amount that already considers the balance of R$37 to be paid up (R$13 in 2024) is represented primarily by R$30,384 (R$29,377 in 2024) in real estate projects and R$5 (R$6 in 2024) in cash and cash equivalents.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

f) TR6 Empreendimentos Imobiliários Ltda. is a limited liability company established on September 19, 2022, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Iguatemi, No. 151, 19th floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 3 registered properties with the following characteristics:

As at December 31, 2024, the Company owns 3 registered properties with the following characteristics:

Corporate documents

Pursuant to the first amendment to the articles of organization of TR6, made on December 07, 2022, the following acts were approved:

• TRX Real Estate Investment Fund decides to increase TR6’s capital by R$94,100 with the issue of 94,100,000 shares at a par value of one real (R$1.00) each.

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

Pursuant to the third amendment to the articles of organization of TR4, made on March 15, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to allocate RT9’s capital for lien purposes in

favor of Bari Securitizadora S.A.

Pursuant to the fourth amendment to the articles of organization of TR4, made on October 30, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to cancel TR4’s capital allocation for lien purposes in favor of Bari Securitizadora S.A.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$66,253 (R$96,136 in 2024), divided into 66,253,000 identical shares (96,136,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR6 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$120,887 (R$120,858 in 2024) invested in the SPE, amount that already considers the balance of R$400 to be paid up (R$314 in 2024), in the SPE, is represented primarily by R$121,270 (R$120,855 in 2024) in real estate projects and R$4 (R$4 in 2024) in cash and cash equivalents.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

g) TR7 Empreendimentos Imobiliários Ltda. is a limited liability company established on December 1, 2022, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves Guimarães, No. 1212, 2nd floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital .

The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025 and 2024, the company had no properties registered on its statement of financial position because it was in the process of raising capital for future investments in real estate projects.

Corporate documents

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2024, the company’s fully subscribed-for and paid-in capital is R$20 (R$20 in 2024), divided into 20,000 identical shares (20,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR7 Empreendimentos Imobiliários Ltda. as at December 31, 2025 have not been audited.

Measurement at cost

As at December 31, 2025, the Fund’s investment in the SPE is recorded at cost in the amount of R$50 (R$20 in 2024). The SPE was newly established and is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

h) TR8 Empreendimentos Imobiliários Ltda. is a limited liability company established on December 17, 2023, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves Guimarães, No. 1212, 2nd floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital. The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 1 registered property with the following characteristics:

As at December 31, 2024, the company had no properties registered on its statement of financial position because it was in the process of raising capital for future investments in real estate projects.

Corporate documents

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$36,824 (R$20 in 2024), divided into 36,824,000 identical shares (20,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR8 Empreendimentos Imobiliários Ltda. as at December 31, 2024 have not been audited.

Measurement at cost

As at December 31, 2025, the Fund’s investment in the SPE is recorded at cost in the amount of R$ 36,824 (R$ 20 in 2024). The SPE was newly established, is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

i) RT9 Empreendimentos Imobiliários Ltda. is a limited liability company established on May 04, 2023, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves

Guimarães, No. 1212, 2nd floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital. The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 5 registered properties with the following characteristics:

As at December 31, 2024, the Company owns 5 registered properties with the following characteristics:

Corporate documents

According to the minutes of the shareholders’ meeting held on May 06, 2024, the audited financial statements for the year ended December 31, 2023 were approved.

Pursuant to the fourth amendment to the articles of organization of RT9, made on February 08, 2023, the following acts were approved:

• TRX Real Estate Investment Fund decides to change the company’s business name from TR9 Empreendimentos Imobiliários Ltda. to RT9 Empreendimentos Imobiliários Ltda.

Pursuant to the fifth amendment to the articles of organization of RT9, made on November 19, 2024, the following acts were approved:

• TRX Real Estate Investment Fund decides to extend the term for paying in the capital of R$10,029 to December 31, 2025.

• TRX Real Estate Investment Fund decides to allocate RT9’s capital for lien purposes in favor of Bari Securitizadora S.A.

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$65,627 (R$65,627 in 2024), divided into 65,627,000 identical shares (65,627,000 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR9 Empreendimentos Imobiliários Ltda. as at December 31, 2024 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$74,068 (R$68,308 in 2024) invested in the SPE is represented primarily by R$7 (R$6 in 2024) in in cash and cash equivalents, R$74,065 (R$68,303 in 2024) in real estate projects, and R$8,982 (R$1,135 in 2024) in capital to be paid up.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

• j) TR10 Empreendimentos Imobiliários Ltda. is a limited liability company established on December 15, 2023, with its headquarters and legal jurisdiction in the city and state of São Paulo, Pinheiros district, at Rua Alves Guimarães, No. 1212, 2nd floor. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners

representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025, the Company owns 1 registered property with the following characteristics:

As at December 31, 2024, the Company owns 1 registered property with the following characteristics:

Corporate documents

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$23,058 (R$23,058 in 2024), divided into 23,058,000 identical shares of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR10 Empreendimentos Imobiliários Ltda. as at December 31, 2025 were audited by Ernst & Young Auditores Independentes S/S Ltda., which issued an unmodified audit report thereon dated March 31, 2026.

Measurement under the equity method of accounting

As at December 31, 2025, the Fund’s investment in the SPE is recorded using the equity method. The amount of R$12,861 (R$13,171 in 2024) invested in the SPE is represented primarily by R$12,859 (R$8,913 in 2024) in real estate projects, R$2 (R$5 in 2024) in cash and cash equivalents, and R$18,607 (R$3,479 in 2024) in capital to be paid up.

The SPE’s real estate projects are recorded at their fair value, which is supported by an appraisal report prepared by Amaral D’Avila professional services firm, issued in December 2025 and approved by the Administrator in December 2025. The fair value corresponding to the properties is supported by an appraisal report, which was estimated using valuation techniques, considering methods and assumptions based primarily on market conditions, projected cash flow, and comparative data for the projects and information available at the date of the financial statements.

k) TR12 Empreendimentos Imobiliários Ltda. is a limited liability company established on April 25, 2024, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves Guimarães, No. 12. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025 and 2024, the company had no properties registered on its statement of financial position because it was in the process of raising capital for future investments in real estate projects.

Corporate documents

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$30 (R$30 in 2024), divided into 30,000 identical shares of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR12 Empreendimentos Imobiliários Ltda. as at December 31, 2024 have not been audited.

Measurement at cost

As at December 31, 2024, the Fund’s investment in the SPE is recorded at cost in the amount of R$30 (R$30 in 2024). The SPE was newly established and is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its

statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

l) RT13 Empreendimentos Imobiliários Ltda. is a limited liability company established on April 25, 2024, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves Guimarães, No. 12. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

As at December 31, 2025 and 2024, the company had no properties registered on its statement of financial position because it was in the process of raising capital for future investments in real estate projects.

Corporate documents

According to the minutes of the shareholders’ meeting held on July 21, 2025, the audited financial statements for the year ended December 31, 2024 were approved, and allocation of profits and other matters concerning the company were addressed.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$7,548 (R$7,548 in 2024), divided into 7,548,217 identical shares (7,548,217 in 2024) of one real (R$1.00), in which the Fund holds 100% interest.

The financial statements of TR12 Empreendimentos Imobiliários Ltda. as at December 31, 2024 have not been audited.

Measurement at cost

As at December 31, 2025, the Fund’s investment in the SPE is recorded at cost in the amount of R$7,548 (R$7,548 in 2024). The SPE was newly established and is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

m) RT14 Empreendimentos Imobiliários Ltda. is a limited liability company established on October 18, 2024, with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Alves Guimarães, No. 1212. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital . The

company’s corporate purpose comprises (a) the development, marketing and operation of its own real estate projects; and (b) holding interest in other companies as a partner, shareholder, or member.

Corporate documents

On December 19, 2025, through the First Amendment and Consolidation of the Articles of Organization, the sole partner resolved to increase share capital through issue, subscription and full payment of 64,000 new shares, at R$1.00 each, fully paid in domestic currency, totaling R$64,000. As such, capital increased from R$50,000, divided into 50,000 shares, to R$64,050, divided into 64,050 shares, all at par value of R$1.00 each, fully paid in.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$64,050, divided into 64,050 identical shares of one real (R$1.00), in which the Fund holds 100% interest. Unpaid capital amounts to R$57,417.

The financial statements of TR14 Empreendimentos Imobiliários Ltda. as at December 31, 2025 have not been audited.

Measurement at cost

As at December 31, 2025, the Fund’s investment in the SPE is recorded at cost in the amount of R$64,000. The SPE was newly established and is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

n) Corporate Garden Empreendimentos Imobiliários Ltda. is a limited liability company with its headquarters and legal jurisdiction in the city of São Paulo, at Rua Pequetita, nº 179, conjunto 42, sala 35, Vila Olímpia, CEP 04552-060, enrolled with CNPJ/MF under No. 45.448.983/0001-61. It may open branches, offices, and representations anywhere in Brazil or abroad, upon resolution of a partner or partners representing more than half of its capital.

Corporate documents

On December 22, 2025, through a Share Purchase and Sale Agreement and Other Covenants, the Fund became a partner in Corporate Garden, by acquiring all shares held by the Seller.

On the transaction date, the Seller was the lawful holder of 58,848,328 shares, with par value of R$1.00 each, fully subscribed and paid in, which represented 90% of Corporate Garden capital.

Corporate Garden, together with BENX and Ponta Negra, held 100% of the capital of M.A.R Mônaco, divided into 100,000,000 shares, partially paid in. M.A.R Mônaco is the owner of the Corporate Garden building, located at Avenida Brigadeiro Luís Antônio, No. 5.083, bairro Itaim Bibi, São Paulo, state of São Paulo, with leasable area, according to Building Owners and Managers Association (BOMA) standards, of 8,344.46 sqm and total built area of 9,628.15 sqm, registered under No. 208.164 to 208.173 at the 4^th Real Estate Registrar Office of São Paulo, state of São Paulo.

Total fixed and agreed purchase price for the acquisition of the shares was R$153,324,982.39 (the “Purchase Price”), subject to adjustment, to be paid in three installments, as follows:

• (i) R$104,276, paid in cash at execution date, comprising settlement of Corporate Garden’s debts; direct payment to the Seller; payment of the brokerage commission on behalf of the Seller; and assumption by the Buyer of part of the outstanding balance of the financing agreement entered into with Banco Itaú, in the amount of R$35,974;

• (ii) R$24,524, to be paid on the 1^st anniversary of the agreement (“12M installment”); (iii) R$24,524, to be paid on the 2^nd anniversary of the agreement (“24M installment”).

The installment amounts will be adjusted annually by reference to the positive accumulated variation of the Extended Consumer Price Index (IPCA), plus a surcharge of 4.5% p.a., from the agreement date to the effective payment date.

Corporate documents – subsequent events

There was no subsequent event subject to disclosure.

Capital and Financial Statements

As at December 31, 2025, the company’s fully subscribed-for and paid-in capital is R$90,000, divided into 90,000,000 identical shares of one real (R$1.00), in which the Fund holds 100% interest. Unpaid capital amounts to R$9,768 and acquisition amount payable is R$85,022.

The financial statements of Corporate Garden Empreendimentos Imobiliários Ltd. as at December 31, 2025 have not been audited.

Measurement at cost

As at December 31, 2025, the Fund’s investment in the SPE is recorded at cost in the amount of R$90,000. The SPE was newly established and is in the pre-operational phase of raising funds from its sole shareholder, the Fund, and does not yet have any assets recorded on its statement of financial position. Due to this context, the SPE within the Fund is initially measured at cost, with its assets subsequently stated at fair value and measured using the equity method.

6.1.2 Investment fund shares - FIIs

Investments in Real Estate Investment Fund shares totaling R$1,890,944 (R$695,995 in 2024) are classified as trading financial assets and initially recorded at acquisition cost. Their value is adjusted monthly based on the change in the value of the fund shares invested on the last business day of each month, as reported on B³ S.A. Brasil, Bolsa, Balcão, regardless of the volume of shares traded.

Financial investments as at December 31, 2025 and 2024 are as follows:

• (i) VBI Crédito Multiestratégia Real Estate Investment Fund, CNPJ: 51.802.350/000102, administered by BTG Pactual Serviços Financeiros S.A. DTVM, was established as a closed-end special-purpose condominium with an indefinite term, commenced its operations on October 5, 2023, and is intended for investors in general. The Fund’s objective is to generate income from the target assets that it may acquire and to realize capital gains from trading of such target assets, including from the subsequent disposal of these assets.

The financial statements for the year ended December 31, 2024 were duly audited, and the independent auditor’s report was issued on February 27, 2025, containing an unmodified opinion.

• (ii) BTG Pactual Prime Offices I - FII Real Estate Investment Fund, CNPJ: 18.312.285/0001-61, administered by BTG Pactual Serviços Financeiros S.A. DTVM, was established as a closed-end special-purpose condominium with an indefinite term, commenced its operations on September 21, 2017, and is intended for accredited investors. The Fund aims to provide shareholders with appreciation and returns on their shares, in accordance with the investment policy defined below, by (i) investing in real estate developments, primarily through the acquisition of completed and duly constructed real estate projects, land, or properties under construction, intended for institutional or commercial use, whether through the acquisition of the entirety or undivided interest of each asset, preferably for subsequent disposal, leasing through “atypical” agreements, under “built to suit” or “sale and leaseback” arrangements, or lease agreements, including assets and rights related thereto; (ii) commercially operating target assets through lease; and (iii) disposing of target assets, in accordance with the terms and conditions set forth in applicable laws and regulations.

The financial statements for the year ended December 31, 2024 were duly audited, and the independent auditor’s report was issued on March 28, 2025, containing an unmodified opinion.

• (iii) CITLOG Sul de Minas Fundo de Investimento Imobiliário de Responsabilidade Limitada, CNPJ: 63,811,693/0001-12, administered by Hedge Investments Distribuidora de Títulos e Valores Mobiliários LTDA., was established as a closed-ended specialpurpose condominium with an indefinite term and commenced operations on December 15, 2025. This company is intended for professional investors. The Fund’s objective is to provide its shareholders with long-term capital appreciation and share income, in accordance with the Fund’s investment policy set forth in its articles of organization, primarily through generation of income by investing at least 80% of the Fund’s net assets, directly or indirectly, in assets located in the Citlog Sul de Minas complex, in Varginha, state of Minas Gerais.

At this reporting date, the fund’s financial statements were not audited or issued.

• (iv) Mauá Capital Desenvolvimento Urbano Responsabilidade Limitada Real Estate Investment Fund, CNPJ: 40.011.234/0001-59, administered by BTG Pactual Serviços Financeiros S.A. DTVM, was established as a closed-end special-purpose condominium with an indefinite term, commenced its operations on October 24, 2021, and is intended for investors in general. This fund’s purpose is to provide shareholders with capital appreciation and share income, in accordance with the investment policy set forth below, primarily through investments in completed real estate developments or projects to be developed, by acquiring security interest over real estate, directly or indirectly, including through subscription or acquisition of shares of entities whose corporate purpose falls within the activities permitted for real estate investment funds. The aim is to develop real estate projects that generate or may generate income through leases, assignment or disposal of surface rights, in compliance with the class investment policy. This may include development of new projects or acquisition of properties that require refurbishment for subsequent active asset management, through lease agreements such as built-to-suit or sale and leaseback arrangements, as well as standard commercial leases pursuant to the Brazilian Tenancy Law, or through other forms of lease or disposal, including of related assets and rights.

The financial statements for the year ended June 30, 2025 were duly audited, and the independent auditor’s report was issued on September 19, 2025, containing an unmodified opinion.

• (v) BTG Pactual Prime Offices I - FII Real Estate Investment Fund, CNPJ: 50.718.891/0001-94, administered by BTG Pactual Serviços Financeiros S.A. DTVM, was established as a closed-end special-purpose condominium with an indefinite term, commenced its operations on June 5, 2023, and is intended for professional investors. The fund’s objective is to invest in shares issued by Cidade Jardim Real Estate Investment Fund and, additionally, in other real estate and financial assets permitted under CVM Ruling No. 175.

The financial statements for the year ended December 31, 2025 were duly audited, and the independent auditor’s report was issued on March 27, 2026, containing an unmodified opinion.

(vi) Oportunidades Imobiliárias I Fundo de Investimento Imobiliário Responsabilidade Limitada, CNPJ: 59.678.443/0001-89, administered by XP Investimentos Cctvm S.A., was established as a closed-end special-purpose condominium with an indefinite term, commenced its operations on March 10, 2025, and is intended for accredited investors. The fund’s objective is to provide shareholders with appreciation and share income through investments in real estate developments located in Brazil, at the discretion of the administrator, in accordance with the manager’s guidance and subject to the competences of the investment committee, and without the need for approval at a shareholders’ meeting, through the acquisition of (i) shares or units of interest of entities whose purpose falls within the activities permitted for real estate investment funds; (ii)

shares of private equity investment funds whose investment policy involves investments in entities whose purpose consists of investing in security interest over real estate; (iii) shares of other real estate investment funds; (iv) real estate receivables certificates and credit receivables investment fund shares whose investment policy is exclusively focused on activities permitted for real estate investment funds, provided that such certificates and shares have been subject to a public offering registered with the Brazilian Securities and Exchange Commission (CVM) or have had such registration omitted in accordance with applicable regulations; and (v) other securities, provided that such instruments enable the fund to invest in any security interest over real estate, and that their issue or trading has been registered with or authorized by the CVM, and that the issuers’ predominant activities are permitted for real estate investment funds.

At this reporting date, the fund’s financial statements were not audited or issued.

Changes in the year

The Fund recognized revenue in the amount of R$125,124 (R$80,239 in 2024) as income received through the distribution of income from the Funds invested in the year ended December 31, 2024.

6.1.3 Certificates of real estate receivables

Investments in Real estate receivable certificates in the amount of R$553,436 (R$22,028 in 2024) are classified as trading assets with monthly amortization of interest; monetary restatement and principal are adjusted daily at market rates.

Changes in the year

6.1.4 Certificates of real estate receivables subject to repurchase agreements

Repurchase transactions in the amount of R$108,600 (R$0 in 2024), classified as liabilities and including a commitment to repurchase, are adjusted daily based on market rates. Corresponding financial charges are accrued on a monthly basis. <0}

Changes in the year

Balance at December 31, 2023 - Acquisition of certificates of real estate receivables subject to repurchase agreements 200,000

6.2. Not real estate-related

6.2.1. Bank Deposit Certificates (CDB)

In December 2025 and 2024, the Fund recorded no bank deposit certificates.

In the year ended December 31, 2024, changes in bank deposit certificates are as follows:

7. Accounts receivable

7.1. Rentals receivable

As at December 31, 2025, the amounts comprising accounts receivable of R$33,564 (R$14,909 in 2024) include rent related to occupied areas, due as follows:

Rent is adjusted annually based on the positive variation of the IPCA-IBGE index.

8. Investment properties

8.1. Description of investment properties

8.1.1. Surface rights - GPA

According to a bargain and sale agreement for real estate and the establishment of security interest and surface rights under suspensive conditions and other covenants, the Fund, as the surface promissory note holder, acquired from Companhia Brasileira de Distribuição e Sendas Distribuidora S.A. the real surface rights, which will include its land, soil, subsoil, and airspace, so that the surface holder may freely use and enjoy them in the course of its activities. The table in Note 8.2 presents real surface right deeds and other covenants.

On August 14, 2025, pursuant to a Commitment for the Assignment of Rights over Ownership of Real Estate Properties Subsequently Acquired and Other Covenants, the Fund acquired acquisition rights referring to three (3) real estate properties, two (2) of which are located in São Paulo, state of São Paulo, at Rua Augusto Tolle, Santana district (“GPA Santana”) and at Rua Tito, Lapa district (“GPA Tito”), and one (1) of which located in Cotia, state of São Paulo, at Avenida São Camilo, Granja Viana district, (“GPA Cotia” and, together with GPA Tito and GPA Santana, the “Properties”). The Properties are leased to Companhia Brasileira de Distribuição (“Pão de Açúcar”) under atypical lease agreements, with terms ranging from fifteen (15) to twenty (20) years (the “Lease Agreements”). The Properties are fully completed and operational, and Pão de Açúcar regularly conducts its business activities therein. From total consideration of R$98,850, R$55,342 refers to the outstanding balance of the CRIs, assumed by the Fund as the new assignor, and R$43,509 corresponds to the portion paid on the transaction date, which is the difference between acquisition price and the outstanding balance of the CRIs.

On June 6, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund made a payment in shares of the 11th issue in the amount of R$108,600, corresponding to the acquisition of the Surface Right described below. On referred to date, pursuant to the aforementioned agreement, the Fund also acquired thirteen (13) real estate properties for the total, fixed, certain price of R$543,478, agreed and freely established between the parties.

8.1.2. Carrefour store - Jaboatão dos Guararapes

By means of the Final Public Deed of Sale and Purchase signed on April 30, 2021, the Fund acquired from the Banco do Brasil Employee Pension Fund the property comprised of Store 05, also known as Âncora I store, located in the Guararapes Shopping Mall, which, in turn, is located in the city of Jaboatão dos Guararapes, state of Pernambuco, at Avenida Barreto de Menezes, No. 800, for R$52,300. The property acquired is a Big Box store, leased to Bompreço Supermercados Do Nordeste Ltda. since 1995, with a term until 2036.

8.1.3. Delboni - Ricardo Jafet

On June 6, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund made a payment in shares of the 11th issue in the amount of R$67,687, corresponding to the acquisition of the property currently leased to Delboni - Ricardo. On referred to date, pursuant to the aforementioned agreement, the Fund also acquired thirteen (13) real estate properties for the total, fixed, certain price of R$543,478, agreed and freely established between the parties.

Detailed information on the real properties mentioned above is as follows:

8.1.4. Assaí stores

a) Acquisition of 5 Assaí stores

On July 19, 2021, the Fund, on its own and through another investment vehicle controlled by it, entered into a private real estate investment agreement, a real estate bargain and sale agreement, and the establishment of real surface rights, subject to suspensive conditions and other covenants, with Sendas Distribuidora S.A., for the purpose of purchasing, developing, and leasing five (5) properties located in the states of São Paulo, Rio de Janeiro, Minas Gerais, and Rondônia.

Araçatuba/SP and Porto Velho/RO

On September 1, 2021, the Fund completed the acquisition of two (02) properties owned by Sendas Distribuidora S.A. The properties acquired by the Fund are wholesale stores operated by Sendas under the “Assaí Atacadista” banner, one located in the city of Araçatuba, São Paulo State, and the other in Porto Velho, Rondônia State. The properties were leased to Sendas for a term of twenty (20) years, under the terms of the respective lease agreements. The total acquisition price of the properties is R$81,664.

In the year ended December 31, 2024, the Fund sold these real properties, as described in Note 8.3.

Macaé/RJ

On September 24, 2021, the Fund completed the acquisition of one (01) property owned by Sendas Distribuidora S.A. The property acquired by the Fund is a wholesale store operated by Sendas under the “Assaí Atacadista” banner, located in the city of Macaé, State of Rio de Janeiro. The Macaé property was leased to Sendas for a term of twenty (20) years, under the terms of the respective lease agreement. The total acquisition price of the property is R$51,259.

In the year ended December 31, 2024, the Fund sold this property, as described in Note 8.3.

Cidade Alta/RJ and Ipatinga/MG

On November 17, 2021, the Fund completed the acquisition of two (02) additional properties owned by Sendas Distribuidora S.A., bringing the total to five (05) properties acquired under the Private Real Estate Investment Commitment Agreement, Real Estate Bargain and Sale Agreement, and Real Estate Rights of Surface Establishment Agreement, Subject to Suspensive Conditions and Other Covenants, entered into between the Fund and Sendas. The properties acquired by the Fund are wholesale stores that will be operated by Sendas under the “Assaí Atacadista” banner. One is located in Ipatinga, Minas Gerais, and the other is located in Rio de Janeiro, Rio de Janeiro. Both are in the initial construction phase. Construction works will be overseen by the Fund’s Manager and Real Estate Consultant, with estimated completion dates for April and May 2022, respectively. The properties were leased to Sendas for a term of twenty (20) years, under the terms of the respective lease agreements. The total acquisition price of the properties is R$107,386.

As at December 31, 2021, the Fund had R$104,555 payable for the installment purchases of four (04) of the five (05) properties acquired from Sendas, mentioned above i.e., R$16,415 for the Porto Velho store, R$690 for the Macaé store, R$42,070 for the Ipatinga store, and R$45,380 for the Cidade Alta store. All installments described above have a final settlement deadline in the year ended December 31, 2022.

In the years ended December 31, 2025 and 2024, the Fund sold these real properties, as described in Note 8.3.

b) Assaí Aparecida/GO

On September 12, 2025, pursuant to a Commitment to Purchase and Sale of Real Estate Property and Other Covenants, the Fund acquired the property located at Avenida Vicente de Paula Souza, No. S/N, alongside BR-153, in the Araguaia district, in Aparecida de Goiânia, State of Goiás, for a total purchase price of R$59,780, subject to monetary adjustment based on the IPCA, if positive, from May 2025 onwards. This amount will be paid in installments to wit, R$8,000 upon execution of the agreement and the remaining balance of R$51,780 subject to the fulfillment of conditions precedent, to be disbursed in accordance with construction progress, upon establishment of guarantees to ensure completion of the works and delivery to the lessee.

c) Caldas Novas/GO

On June 24, 2025, the Fund entered into a Private Instrument of Commitment of Purchase and Sale of Real Estate and Other Covenants with R1 Engenharia Group, referring to acquisition of a property already completed and in operation, located in Caldas Novas, state of Goiás, currently leased to Sendas Distribuidora S.A. (Assaí Atacadista) under a long-term atypical lease agreement with a 20year term. The total amount is R$47,127, to be paid in three installments. The first installment, amounting to R$38,832, comprised R$6,607 paid in domestic currency and R$32,226 offset against receivables linked to the 11^th public offering of the Fund. The second and third installments, each of which amounting to R$4,148, will be paid in domestic currency, adjusted by the IPCA from May 2025

onwards, and mature in December 2025 and January 2026. The last installment is subject to compliance with contractual conditions precedent.

d) São Bernado/SP

On November 10, 2025, by means of the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund purchased the real property located at Rua Anibal Machado s/nº, São Bernardo do Campo – SP CEP: 09892-070, registered under No. 39.515 with the 1st Real Property Registrar Office of São Bernardo do Campo, state of São Paulo. The Fund purchased this property for R$92,800, settled on transaction date. This amount was mostly paid through offset of receivables relating to subscription of shares of the 12^th public offering of the Fund, with a residual installment in domestic currency, considered immaterial, from funds obtained from shareholders and the market.

e) Teotonio Vilela/SP , Diadema Piraporinha/SP and Cotia/SP

On June 6, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund made a payment in shares of the 11th issue in the amount of R$235,066, corresponding to purchase of the property currently leased to Lojas Assaí, as described below. On referred to date, pursuant to the aforementioned agreement, the Fund acquired thirteen (13) real estate properties for the total, fixed, certain price of R$543,478, agreed and freely established between the parties.

The amounts were mainly paid through offset of receivables deriving from subscription of shares of the 11^th public offering of the Fund.

8.1.5. Leroy Merlin store

a) Salvador/BA

On December 20, 2022, the Fund completed the acquisition of the property located in the city of Salvador, state of Bahia, which is the subject of the Private Instrument of Promise of Sale and Purchase dated September 01, 2022, in the Built-to-Suit format, entered into between the Fund and Leroy Merlin Companhia Brasileira de Bricolagem, with BMB Material De Construção S.A. as guarantor. The property will be a home improvement center operated by Leroy Merlin. The Lease agreement will be in effect for a period of twenty (20) years, according to the respective lease agreements. The total amount to be disbursed for the land acquisition is R$30,000, to be paid in two (2) installments: the first of R$10,000, to be paid by December 31, 2022, and the second of R$20,000, to be paid by December 01, 2023, or within 10 (ten) days from the store’s opening date, whichever comes first.

b) Jundiai/SP

On May 14, 2024, the Fund completed the acquisition of the property located in the city of Jundiaí, sate of São Paulo, which is the subject of the Private Instrument of Promise of Sale and Purchase dated December 09, 2023, in the Built-to-Suit format, entered into between the Fund and Leroy Merlin Companhia Brasileira de Bricolagem. The property will be a home improvement center operated by Leroy Merlin. The Lease agreement will be in effect for a term of twenty (20) years, under the terms of the respective lease agreements. The total amount to be disbursed for the land acquisition is R$21,271, to be paid in two (2) installments: the first of R$11,000, to be paid as down payment, and the second of R$5,830, to be paid within three (03) working days from the store’s opening date, and R$4,442 to be paid upon the lease agreement signatures.

8.1.6. Obramax store

a) Piracicaba/SP

On September 20, 2022, the Fund completed the acquisition of the property located in the city of Piracicaba, State of São Paulo. The property will be a retail and wholesale construction materials store, which will be operated by BMB under the “Obramax” banner. The Lease agreement will be in effect for a period of twenty (20) years, according to the respective lease agreements. The amount disbursed by the Fund for the acquisition of the land was R$12,675. On December 31, 2024, the fund had an outstanding balance of R$74.

b) Suzano/SP

On May 26, 2023, the Fund completed the acquisition of the property located in the city of Suzano, state of São Paulo. The property will be a retail and wholesale construction materials store, which will be operated by BMB under the “Obramax” banner. The Lease agreement will be in effect for a period of twenty (20) years, according to the respective lease agreements. The amount disbursed by the Fund for the acquisition of the land was R$33,049. Currently, the fund had an outstanding balance of R$19,656 referring to acquisition of the real property and incremental costs.

c) São Gonçalo/RJ

On August 08, 2024, the Fund completed the acquisition of the property located in the city of São Gonçalo, state of Rio de Janeiro. The property will be a retail and wholesale construction materials store, which will be operated by BMB under the “Obramax” banner. The Lease agreement will be in effect for a period of twenty (20) years, according to the respective lease agreements. The amount disbursed by the Fund for the acquisition of the land was R$31,069. The sale of the remaining property (excluding the Surface) of the Properties will be made for the total amount of R$ 2,93, paid via electronic transfer (TED), to the checking accounts indicated above.

8.1.7. Albert Einstein

On July 24, 2024, the Fund completed the acquisition of undivided interest of 70% of a property located on Avenida Marginal Pinheiros, in the city of São Paulo, SP. The property is currently leased to Hospital Israelita Albert Einstein (“Einstein”), through an atypical built-to-suit lease agreement (“Lease Agreement”), with a term of twenty (20) years. Construction works are already underway, in the initial stages, and Einstein will operate a new benchmark hospital there. The correct and previously adjusted price for the sale and purchase of the Undivided Interest is R$320,292, which will be paid with a down payment of R$ 22,900, the amount of R$114,500 in five (05) semiannual installments of R$22,900, the amount of R$129,000 in twenty-six (26) monthly installments of R$4,962, with the 1^st and 2^nd installments due by 08/10/2024, the 3^rd on 08/10/2024, and the other installments in subsequent months; and the amount of R$53,892 in ten (10) quarterly installments. The outstanding balance payable is R$228,983 for the property at December 31, 2024.

8.1.8. Albert Einstein Medical Center

On November 28, 2025, by means of the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund purchased the real property located at KM 14 Avenida Major Sylvio de Magalhães Padilha, São Paulo, state of São Paulo, registered under No. 297.584 with the 15^th Real Estate Registrar Office of São Paulo. This real property comprises six (6) towers (the “Towers”) and a large common area that contains a square and parking garages. The total price paid by the Fund for the 70% interest in the units described in the agreement is R$226,293, of which R$196,188 corresponds to the fixed portion of the purchase price and up to R$30,105 corresponds to the variable portion of the price, in accordance with the contractual terms.

8.1.9. Carrefour

a) Jabaquara / SP

On October 19, 2024, the Fund completed the acquisition of a property registered under No. 137.735, No. 142.507, and No. 142.508 with the 8th Real Estate Registrar Office of the Judicial District of São Paulo. . The property was acquired for R$ 73,000. Of this amount, R$ 40,000 is payable in cash, within 5 days after fulfilling the following conditions: expiration of the Conditions Precedent and registration of the Agreement with the appropriate real estate registrar office. The balance of R$33,000 will be divided into 12 monthly installments of R$2,750, with the first installment due 30 days after payment of the cash installment, and the remaining installments due on the same day of the following months. The 12th installment will be paid simultaneously with the presentation of the updated registration by the Promising Seller, reflecting compliance with the Obligation of Unification. The outstanding balance payable is R$2,653 for the property at December 31, 2024.

(Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) CNPJ: 28.548.288/0001-52

8.1.10. Decatlon

a) Joinville/SC

On August 20, 2024, the Fund completed the acquisition of a property registered under registration No. 36883 at the 2nd Real Estate Registrar Office of Joinville/SC, located at Rua Quinze de Novembro, 2805, Joinville, state of Santa Catarina (SC). The Fund acquired all the acquisition rights held by the HBCR over the Properties, namely the real surface rights attributed to the Surface owner and the remaining property security interest attributed to the Property owner, and (ii) all acquisition rights, duties, and obligations related to the Properties. The Property was acquired for R$19,485. Of this amount, R$4,871 were paid as a down payment, and R$14,614 will be paid in 3 semiannual installments of R$4,871 each, adjusted by reference to the IPCA-IBGE index. The first installment is due within 180 days after the initial installment is paid, and the remaining installments are due in subsequent semiannual periods. The outstanding balance payable is R$11,993 for the property at December 31, 2024.

b) Campinas/SP

On August 20, 2024, the Fund completed the acquisition of a property registered under registration No. 91.414 at the 1st Real Estate Registrar Office of Campinas/SP, located at Av. Adhemar Ferreira da Silva, 129, Campinas/SP. The Fund acquired all the acquisition rights held by the HBCR over the Properties, namely the real surface rights attributed to the Surface owner and the remaining property security interest attributed to the Property owner, and (ii) all acquisition rights, duties, and obligations related to the Properties. The Property was acquired for R$43,438. Of this amount, R$10,860 were paid as a down payment. The Second Installment will be paid up to 180 days after the Initial Installment, the Third Installment up to 180 days after the Second Installment, and the Fourth Installment up to 180 days after the Third Installment, each installment in the amount of R$10,860. The outstanding balance payable is R$32,579 for the property as at December 31, 2024.

c) Goiânia / GO

On August 20, 2024, the Fund completed the acquisition of a property registered under No. 115.246 (resulting from the separation of registration No. 34.710) at the Real Estate Registrar Office of the 4th District of Goiânia/GO. located at BR-153, Avenida I and Rua 106, “Jardim Goiás – Extensão” subdivision, Goiânia, state of Goiás (GO). The Property was acquired for R$32,176. Of this amount, R$15,543 were paid in cash upon signing the agreement, and the outstanding balance of R$46,632 in 3 semiannual installments of R$15,544 each, adjusted by reference to the IPCA-IBGE index since the agreement signature date. The outstanding balance payable is R$42,554 for the property at December 31, 2024.

8.1.11. Mateus Group store

a) Juazeiro/BA and Petrolina/PE

On October 05, 2022, the Fund, on its own and through another investment vehicle controlled by it, entered into a private real estate investment agreement, a real estate bargain and sale agreement, and the establishment of real surface rights, subject to suspensive conditions and other covenants, with Sendas Distribuidora S.A., for the purpose of purchasing and leasing three (3) properties located in the cities of Belém – state of Pará, Juazeiro – state of Bahia, and Petrolina – state of Pernambuco.

On December 26, 2022, the Fund completed the acquisition of two (02) properties located in the cities of Juazeiro - Bahia, and Petrolina - Pernambuco. The properties acquired by the Fund are wholesale and retail stores operated by MATEUS under the “Mix Mateus” banner. The Lease agreements will be executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The total acquisition price of the properties is R$122,300.

b) Belém/PA

On June 30, 2023, the Fund completed the acquisition of a property located in the city of Belém, State of Pará. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The total acquisition price of the properties is R$60,573.

c) Aracaju/SE

On September 24, 2024, the Fund completed the acquisition of a property registered under No. 29.456, with the 11th Real Estate Registrar Office of Aracaju, located at Avenida João Rodrigues, Rua Sabino Ribeiro, and Avenida General Galazans, Industrial District, in Aracaju, state of Sergipe. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property was acquired together with properties registered under No. 29.456, No. 13.224, No. 35.608, No. 66.922, and No. 13.005 for the amount of R$234,777. The property registered under No. 29.456 was acquired for the amount of R$75,247. Of the total R$234,777, R$100,000 were paid as a down payment, and the remaining amount will be paid on the 10th day of the month following expiration of the Suspensive Condition. The difference between the down payment and the amount spent by the Sellers on the acquisition of the properties will be paid in monthly installments proportional to the amounts demonstrably spent by the Sellers on ongoing construction.

d) Caruaru / PE

On September 24, 2024, the Fund completed the acquisition of a property registered under No. 35.608 with the Caruaru Real Estate Registrar Office, located at Avenida Portugal, 1110,

Universitário district, in Caruaru, state of Pernambuco. . The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property was acquired together with properties registered under No. 29.456, No. 13.224, No. 35.608, No. 66.922, and No. 13.005 for the amount of R$234,777. The property registered under No. 35.608 was acquired for the amount of R$51,437. Of the total R$234,777, R$100,000 were paid as a down payment, and the remaining amount will be paid on the 10th day of the month following expiration of the Suspensive Condition. The difference between the down payment and the amount spent by the Sellers on the acquisition of the properties will be paid in monthly installments proportional to the amounts demonstrably spent by the Sellers on ongoing construction.

e) Guarabira/PB

On September 24, 2024, the Fund completed the acquisition of a property registered under No. 13.224, with the 1st Real Estate Registrar Office of Guarabira, located on Rodovia PB 075, Urban Zone, in Guarabira, state of Paraíba. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. . The property was acquired together with properties registered under No. 29.456, No. 13.224, No. 35.608, No. 66.922, and No. 13.005 for the amount of R$234,777. The property registered under No. 13.224 was acquired for the amount of R$34,423. Of the total R$234,777, R$100,000 were paid as a down payment, and the remaining amount will be paid on the 10th day of the month following expiration of the Suspensive Condition. The difference between the down payment and the amount spent by the Sellers on the acquisition of the properties will be paid in monthly installments proportional to the amounts demonstrably spent by the Sellers on ongoing construction.

f) Leão Dourado – Caruaru/PE

On September 24, 2024, the Fund completed the acquisition of a property registered under No. 13.005 with the 2nd Real Estate Registrar Office of Caruaru, located at Avenida Leão Dourado, 1409, Kennedy district, in Caruaru, state of Pernambuco. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property was acquired together with properties registered under No. 29.456, No. 13.224, No. 35.608, No. 66.922, and No. 13.005 for the amount of R$234,777. The property registered under No. 13.005 was acquired for the amount of R$38,973. Of the total R$234,777, R$100,000 were paid as a down payment, and the remaining amount will be paid on the 10th day of the month following expiration of the Suspensive Condition. The difference between the down payment and the amount spent by the Sellers on the acquisition of the properties will be paid in monthly installments proportional to the amounts demonstrably spent by the Sellers on ongoing construction.

g) Patos/PA

On September 24, 2024, the Fund completed the acquisition of a property registered under No. 66.922, with the 1st Real Estate Registrar Office of Patos, located at Rua Lima Campos, s/n, São Sebastião district, in Patos, state of Paraíba. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property was acquired together with properties registered under No. 29.456, No. 13.224, No. 35.608, No. 66.922, and No. 13.005 for the amount of R$234,777. The property registered under No. 66.922 was acquired for the amount of R$34,697. Of the total R$234,777, R$100,000 were paid as a down payment, and the remaining amount will be paid on the 10th day of the month following expiration of the Suspensive Condition. The difference between the down payment and the amount spent by the Sellers on the acquisition of the properties will be paid in monthly installments proportional to the amounts demonstrably spent by the Sellers on ongoing construction.

h) Ananindeua/PR

On September 19, 2024, the Fund completed the acquisition of a property registered under No. 20.067 with the 1st Real Estate Registrar Office of Ananindeua. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property, valued at R$44,137, was acquired together with properties registered under No. 4.216, No. 12.078, No. 7.316, and No. 20.067 for the amount of R$122,856. . Payment for the Ananindeua property will be made in seven (7) fixed, consecutive monthly installments, to be paid upon the granting of the Deeds and execution of the respective lease agreements. The outstanding balance payable is R$32,582 for the Ananindeua property at December 31, 2024.

i) Maranhão/MA

On September 19, 2024, the Fund completed the acquisition of a property registered under No. 4.216, with the 1st Real Estate Registrar Office of São Mateus, located at BR-135, km-190, s/n, in São Mateus do Maranhão, state of Maranhão (MA). The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property, valued at R$14,229, was acquired together with properties registered under No. 4.216, No. 12.078, No. 7.316, and No. 20.067 for the amount of R$122,856. . Payment for the property was made in cash on the date the Deed was drawn up and the Lease agreement for said property was signed.

j) Marituba/PA

On September 19, 2024, the Fund completed the acquisition of a property registered under No. 12.078, with the 2nd Real Estate Registrar Office of Marituba, located at Rodovia BR-316, Km 14,

s/nº, Parque Verde district, in Marituba, state of Pará (PA). The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. . The property, valued at R$, was acquired together with properties registered under No. 4.216, No. 12.078, No. 7.316, and No. 20.067 for the amount of R$122,856. Payment for the Ananindeua property will be made in seven (7) fixed, consecutive monthly installments, to be paid upon the granting of the Deeds and execution of the respective lease agreements. The outstanding balance payable is R$33,953 for the Marituba property at December 31, 2024.

k) Russas/CE

On September 19, 2024, the Fund completed the acquisition of a property registered under No. 7.316 with the 2nd Real Estate Registrar Office of Russas, located at Av. Ramalho, s/nº, Centro, municipality of Russas, Ceará (CE) state. The property acquired by the Fund is a wholesale and retail store operated by Mateus Group under the “Mix Mateus” banner. The Lease agreement was executed on a sale and leaseback basis and will be in effect for a term of twenty (20) years, as per the respective lease agreements. The property, valued at R$, was acquired together with properties registered under No. 4.216, No. 12.078, No. 7.316, and No. 20.067 for the amount of R$122,856. Payment for the property was made in cash on the date the Deed was drawn up and the Lease agreement for said property was signed.

l) Cametá/PA , Carpina/PE, Estrada do Arroz Imperatriz/MA and Salvador Iguatemi/BA

On November 21, 2025, the Fund acquired four (4) properties located in Cametá – state of Pará (PA), Carpina – state of Pernambuco (PE), Imperatriz – state of Maranhão (MA) and Salvador – state of Bahia (BA), in accordance with the Commitment of Purchase and Sale of Real Properties and Establishment of Real Surface Rights. Total acquisition price was R$379,292, free and clear of encumbrances, as per the contractual provisions. The payment was structured by means of a down payment and the remaining balance in installments, as contractually agreed.

As a down payment, the Fund paid R$232,807, of which (i) R$ 204,807 referring to the acquisition of the Carpina Property and a portion of the Salvador Property, including transfer taxes and registry fees, and (ii) R$ 28,000 was allocated to construction works at the Salvador Property. The remaining balance of R$145,984 will be paid in eight (8) monthly fixed non-adjustable consecutive installments, as follows: (i) R$18,770; (ii) six installments, each of which amounting to R$19,501; and (iii) R$10,711, in accordance with the contractual terms and conditions. The acquisition price was

(Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) CNPJ: 28.548.288/0001-52

allocated as follows: Cametá Property R$42,485, Carpina Property R$32,887, Salvador Property R$285,600 and Estrada do Arroz Property R$18,319.

8.1.12. Atacadão stores

a) Arapiraca/AL, Camaragibe/PR, Tangará da Serra/MT, Duque de Caxias/RJ, Resende /RJ, Sobral/CE and Mossoró/RN.

On September 19, 2025, the Fund entered into a Master Agreement for the Purchase and Sale of Real Estate and Other Covenants with Atacadão S.A. (“Atacadão”), for the acquisition and simultaneous lease of seven (7) properties to Atacadão, located in the cities of Arapiraca – state of Alagoas (AL) (“Arapiraca Property”), Camaragibe – state of Pernambuco (PE) (“Camaragibe Property”), Tangará da Serra – state of Mato Grosso (MT) (“Tangará da Serra Property”), Duque de Caxias – state of Rio de Janeiro (RJ) (“Duque de Caxias Property”), Resende – state of Rio de Janeiro (RJ) (“Resende Property”), Sobral – state of Ceará (CE) (“Sobral Property”), and Mossoró – state of Rio Grande do Norte (RN) (“Mossoró Property”), for a total amount of R$297,159. Of the total amount, R$180,000 will be paid in cash on the closing date of the transaction, and R$117,159 will be paid within up to 90 days after closing, adjusted by the positive variation of the IPCA between the dates, as detailed and allocated below:

8.1.13. Extra stores

On June 6, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund paid R$128,906, corresponding to the acquisition of the property currently leased to Extra stores, as described below. On referred to date, pursuant to the aforementioned agreement, the Fund acquired thirteen (13) real estate properties for the total, fixed, certain price of R$543,478, agreed and freely established between the parties.

Property

Registration number and Real estate registrar office Amount No. 136066, No. 136067 and No. 136068 - 15º RI São Paulo/SP 18,041

Extra Viera de Moraes/SP

The amounts were mainly paid through offset of receivables deriving from subscription of shares of the 11th public offering of the Fund.

In the year ended December 31, 2025, Extra NS Sabará/SP was sold, as described in Note 8.3.

8.1.14. Caixa branches

On November 25, 2025, by means of a Commitment to Purchase and Sale of Real Estate Property and Other Covenants, the Fund acquired thirteen (13) real properties the total, fixed, certain price of R$140,000, agreed and freely established between the parties, paid in cash. Detailed information on the real properties is as follows:

8.1.15. Barreiro Shopping Mall/MG

On November 28, 2025, by means of a Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund purchased the real property located at Avenida Afonso Vaz de Melo, nº 640, Belo Horizonte, state of Minas Gerais, registered under No. 75.150 with the 7th Real Property Registrar Office of Belo Horizonte/MG (“Side A”); and (b) No. 10.521 with the 7th Real Property Registrar Office of Belo Horizonte/MG (“Side B”, together with Side A, referred to as “Properties” or

“Barreiro Shopping Mall”). Total price paid by the Fund is R$170,188, of which R$87,525 will be fully paid on the closing date of the transaction, primarily through the offset of receivables related to the subscription of shares of the Fund’s 12th public offering or, alternatively, with funds raised from shareholders and the market in such offering.

8.1.16. Pampulha Shopping Mall

On November 28, 2025, by means of the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund purchased the real property located at Avenida Dom Pedro I, nº 402, Itapoa, CEP 31710-959 – Belo Horizonte – MG, registered under No. 10.147, No. 10.148, No. 10.150, No. 10.154, No. 16.054, No. 37.347, No. 76.054, No. 38.090, No. 38.097, No. 81.610, No. 81.611, No. 81.612, No. 81.613, No. 81.614, No. 82.634, No. 82.635, No. 82.636, No. 82.637, No. 127.911, No. 69.846, No. 72.888 and No. 10.149 with the 5th Real Property Registrar Office of Belo Horizonte/MG. Total price paid by the Fund was R$87,525, mainly paid through offset of receivables deriving from subscription of shares of the 12th public offering of the Fund.

8.1.17. Cruzeiro Do Sul - Guarulhos/SP

On December 2, 2025, by means of a Commitment for Assignment of Property Acquisition Rights and Other Covenants, the Fund acquired the property located on the corner of Avenida Salgado Filho and Avenida Tiradentes, No. 100 and No. 1379, ZIP Codes 07115-000 and 07113-001, in Guarulhos, state of São Paulo, registered under No. 179.669 and No. 71.252 with the 2nd Real Estate Registrar Office of Guarulhos/SP. Total price paid by the Fund was R$125,000, of which R$21,750 in domestic currency and R$97,000 through offset of receivables relating to subscription of shares of the 12th public offering of the Fund. The amount of R$6,250 will be retained, and paid upon completion of documentary and real estate pending matters under responsibility of the Sellers.

8.1.18. Eleva School – RJ

On December 2, 2025, by means of a Commitment for Assignment of Property Acquisition Rights and Other Covenants, the Fund acquired Lot 2 of PAL 46051 located at Avenida José Silva de Azevedo Neto, nº 309, ZIP Code: 22.775-056, Rio de Janeiro, state of Rio de Janeiro, registered under No. 400.314 of the 9^th Real Estate Registrar Office of Rio de Janeiro, for R$98,679, of which R$ 78,943 was offset between (a) the receivables held by the Seller and R$19,736 in domestic currency.

8.1.19. Diadema Consumption Cooperative

On June 6, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund made a payment in shares of the 11th issue in the amount of R$4,824, corresponding to purchase of the property currently leased to Diadema Consumption Cooperative, as described below. On referred to date, pursuant to the aforementioned agreement, the Fund acquired thirteen (13) real estate properties for the total, fixed, certain price of R$543,478, agreed and freely established between the parties.

8.1.20. Mercado Livre - Araucária

On September 11, 2025, by means of the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund purchased the real property located at Avenida Cézar Hasselmann, 499497 - Fazenda Velha, Araucária, state of Paraná (PR). Total acquisition price of the real property’s undivided interest is R$207,935, paid as follows: R$105,944 in cash on referred to date as a down payment, and R$101,991 in two consecutive semiannual installments of R$50,995 each, the first of which maturing 6 months after the agreement execution date and the second of which 12 months after such date, conditioned upon issue of the Final Deed. The installments will be adjusted by the accumulated variation provided for in the agreement.

8.1.21. Link - Corporate Garden

On September 11, 2025, the Fund, by means of a Share Purchase and Sale Agreement and Other Covenants, completed the acquisition of a property located in São Paulo, state of São Paulo, at Avenida Brigadeiro Luís Antônio, No. 5083, Itaim Bibi, ZIP Code 01401-002, comprising a building with ground floor, six (06) floors, two (02) basements and an attic, intended for mixed use, with total area of 9,628.15 sqm, recorded under registration numbers 208.164 to 208.173 with the 4th Real Estate Registrar Office of São Paulo, state of São Paulo, originating from registration number 119.966 of such Registrar Office, with 8,344.46 sqm of BOMA leasable area and land area of 2,220.78 sqm. The Fund will pay R$153,325, to be settled in three installments: (i) R$104,276 will be paid upfront and will comprise: (i) amounts allocated to the settlement of Corporate Garden’s debts; (ii) direct payment to the Seller; (iii) settlement of the brokerage commission, on behalf of the Seller; and (iv) the assumption by the Buyer of part of the outstanding financing balance with Banco Itaú, in the amount of R$35,974, which will be deducted from the upfront installment and paid directly to the financial institution. The remaining installments, in the amount of R$24,524 each, will be paid on the 1st and 2nd anniversaries of the agreement (“12M Installment” and “24M Installment”), in Brazilian currency, and must be paid on a business day.

8.1.22. Barra / RJ Strip Mall

On December 2, 2025, the Fund, through a Real Estate Sale and Purchase Commitment and Other Covenants, completed the acquisition of the property registered under No. 444.988 with the 9th Real Estate Registrar Office of Rio de Janeiro, with total area of 3,500 sqm. The property comprises four (04) stores and is currently fully leased to: (a) Arcos Dourados Comércio de Alimentos Ltda.; (b) Drogarias Pacheco S.A.; and (c) Colégio Eleva Educação Ltda. The real property is located at Avenida José Silva de Azevedo Neto (Paisagista), nº 185, Rio de Janeiro/RJ. Total acquisition price of the Property’s undivided interest amounts to R$60,381, to be paid as follows: R$12,076 in Brazilian currency, and R$48,304 through the offset of receivables arising from the subscription of shares of the Fund’s 12th public offering.

8.1.23. Maranhão Shopping Mall

On December 11, 2025, a public deed of sale and purchase was executed, by means of which the Fund acquired 17% undivided interest in the property named São Luís Shopping Center, registered under No. 44.551 and No. 44.566 with the 1st Real Estate Registrar Office of the District of São Luís, state of Maranhão (MA). Total acquisition price of the property’s interest amounted to R$85,366, of which R$84,218 refers to registration No. 44.551 and R$1,148 to registration No. 44.566, paid upon issue of a promissory note, with full settlement (“pro soluto”) of the purchase price by the Fund.

8.1.24. Ânima Canoas

On December 11, 2025, by means of a Commitment to Purchase and Sale of Real Estate Property and Other Covenants, the Fund acquired five (5) real properties the total, fixed, certain price of R$269,164, agreed and freely established between the parties. Of this amount, R$157,666 were paid upfront, and R$111,498 by means of securitization and receivables.

In connection with the acquisition of the properties, the Fund paid R$32,000, corresponding to the financial obligations assumed, referring to the Ânima Canoas property, as detailed below:

On December 11, 2025, by means of a Commitment to Purchase and Sale of Real Estate Property and Other Covenants, the Fund acquired five (5) real properties the total, fixed, certain price of R$269,164, agreed and freely established between the parties. Of this amount, R$157,666 were paid upfront, and R$111,498 by means of securitization and receivables.

In connection with the acquisition of the properties, the Fund paid R$32,000, corresponding to the financial obligations assumed, referring to the Ânima Canoas property, as detailed below:

On December 11, 2025, under the Commitment of Purchase and Sale of Real Estate and Other Covenants, the Fund paid R$37,134, corresponding to the financial obligations assumed, referring to Grande Center – Cândido Benício, Stores A and B, as described below.

On referred to date, pursuant to the aforementioned agreement, the Fund acquired three (3) real estate properties for the total, fixed, certain price of R$269,164, agreed and freely established

between the parties, of which R$157,666 were paid upfront and R$111,498 by means of receivables securitization operations.

8.1.27. Anhanguera University

On December 11, 2025, by means of a Commitment to Purchase and Sale of Real Estate Property and Other Covenants, the Fund acquired five (5) real properties the total, fixed, certain price of R$269,164, agreed and freely established between the parties. Of this amount, R$157,666 were paid upfront, and R$111,498 by means of securitization and receivables.

In connection with the acquisition of the properties, the Fund paid R$32,000, corresponding to the financial obligations assumed, referring to the Anhanguera University property, as detailed below:

8.2. Changes in investment properties

The transactions related to purchases, sales, investments, incremental costs, and adjustment to fair value of the properties are stated in the table below:

December 31, 2025

December 31, 2024

(*) Fair value of the properties sold corresponds to the reversal of their economic value at the time of sale. As such, since these assets were sold in the course of the year, their fair value was not measured as at December 31, 2025 and 2024.

Fair value measurement

As at December 31, 2025 and 2024, the market values corresponding to the properties are supported by appraisal reports prepared by Amaral D’Avila Engenharia de Avaliações, dated December 2025 and October 2024, formally approved by the Administrator in December 2025 and 2024.

Over its 29 years of existence, Amaral d’Avila Engenharia de Avaliações has prepared more than 37,000 appraisal reports on urban and rural properties, machinery and equipment, and manufacturing plants, for a variety of purposes, from assessing the market value of urban and rural properties to appraisals involving sophisticated mergers and acquisitions (M&A) cases.

Amaral D’Avila Engenharia de Avaliações is located in São Paulo, where the main technical analyses and activities management are carried out. The company operates nationwide with its own multidisciplinary team, sometimes supplemented by a network of over 250 registered and trained surveyors.

Amaral d’Avila Engenharia de Avaliações is an integral part of the International Association of Appraisal Firms (U.I.E.V.A.), an entity that brings together the most relevant and active firms in each country and provides structure and support for international projects.

Amaral D’Avila Engenharia de Avaliações (“the experts”) has a qualified technical team dedicated to the real estate appraisal segment. The report produced by the experts was prepared in accordance with the RICS (Appraisal Institute and Royal Institution of Chartered Surveyors) Valuation Standards by an appraiser acting as an External Appraiser, and in compliance with the practices regulated by Brazilian Standards NBR 14.653-2/2011 and 14.653-2/2004, 14.653-4, issued by ABNT - Brazilian Association of Technical Standards. The experts engaged by the Fund have performed numerous appraisals in the sector, serving major banks, real estate investment funds, pension funds, managers, and investors, both for specific appraisals and for portfolio appraisals covering offices, commercial spaces, and corporate buildings.

The fair value corresponding to the properties is supported by an appraisal report, which was estimated using appraisal techniques, considering methods and assumptions that are mainly based on market conditions, projected cash flow and comparative data of the projects and on the information available on the date of the financial statements. The main assumptions used to obtain the fair value of the properties on the reporting date of the financial statements are as under:

December 31, 2025

(Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) CNPJ: 28.548.288/0001-52

(*) Part of the real estate assets comprising the Fund’s portfolio, including, among others, the properties Assaí – São Bernardo – Store 10 – SP; Medical Center – Einstein – Parque Global – SP; Cruzeiro do Sul – Guarulhos; Eleva School; Strip Mall; Center Pampulha; Via Shopping Barreiro; as well as the group of bank branches comprising the package referred to as “Pacote Caixa Funcef”, Shopping Maranhão and assets linked to the VIUR project (Ânima Porto Alegre, Ânima Canoas, Anhanguera Campinas, Americanas – RJ, Grande Center – MA and Dasa – RJ), had their amounts recognized considering, in addition to the acquisition amounts, economic valuations based on reports issued by independent third parties (“fair opinion”), when applicable. In these cases, the acquisition amounts of the assets and the respective amounts indicated in the independent valuations, whether positive or negative, differ, as shown in the table above, reflecting market conditions, assumptions adopted in the valuations and specific characteristics of each asset. Management analyzed these differences and understands that the amounts used for recognition and/or disclosure purposes appropriately represent the best estimate of the value of the assets at the reference dates, are consistent with applicable market practices, and are supported by the relevant technical documentation.

December 31, 2024

(Previously named TRX Real Estate Fundo de Investimento Imobiliário – FII) CNPJ: 28.548.288/0001-52 (Administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A. - CNPJ: 13.486.793/0001-42)

• (a) Income capitalization method

The methodologies used are described below:

• (a) Income capitalization method - Identifies the value of the property based on the current capitalization of its expected net income, considering viable scenarios. This methodology is based on the assumption that properties are acquired for their income-generating potential. The fundamental tools of this technique are:

• (i) Direct Income: this analyzes the relationship between one year’s stabilized income and the property’s acquisition value, from the investor’s perspective. The value is obtained by capitalizing annual income, considering a rate compatible with the market and real estate risk.

• (ii) Discounted cash flow: the property’s value is measured through a cash flow of revenues and expenses expected over the analysis horizon, considering current lease agreements and market, vacancy, and expense projections associated with its operation and management. The sale value of the property at the end of the flow (perpetuity) is calculated by capitalizing its net revenue, and subsequently, the entire flow is adjusted to

present value using a discount rate consistent with the perceived risk, reflecting the acquisition value of the property from the investor’s perspective.

8.3. Sale of real properties

As of December 31, 2025, the Fund earned income from gains on sale of assets in the amount of R$37,515 (R$80,817 in 2024), of which R$37,152 (R$79,218 in 2024) referred to sales performed in the year and R$363 (R$1,689 in 2024) corresponded to monetary adjustments on installments receivable from prior years’ sales. The amounts receivable from referred to sales are broken down below.

8.3.1. In the year ended December 31, 2025, sales are presented below.

i) Right of Surface – GPA – Santo André-SP

On April 14, 2025, the Fund, through a Real Estate Sale and Purchase Commitment and Other Covenants, completed the sale of the right of surface of the property registered under No. 47.425 and No. 59.795 with the 1^st Real Estate Registrar Office of Santo André, state of São Paulo (SP) (the “Property”), for a term of fifteen (15) years, until August 27, 2035, which is currently fully leased to Companhia Brasileira de Distribuição. . The sale price was R$31,150, of which R$6,230 for TR2 and R$24,920 for the Fund, to be paid as follows:

(i) R$18,000 in a single installment, provided that the conditions precedent are fulfilled and approval for release of the lien is obtained. Of this amount, R$50 will be paid directly to the broker as a commission, and R$17,950 will be allocated to the optional repurchase of real estate receivables. After settlement of the repurchase, any remaining balance will be transferred to the Fund;

(ii) R$13,150 will be paid in 16 consecutive monthly installments of R$822 each, adjusted by the positive variation of the IPCA/IBGE, from the execution of the Final Deed until the date on which the amount is actually paid. The first eight installments will be fully allocated to the Fund. The 9th installment will be split between the Fund (R$345) and TR2 (R$477). The following seven installments will be allocated to TR2, but paid to the Fund on behalf of TR2, due to a future capital reduction. Of the first installment amount, R$262 will be paid directly to the broker as commission.

The profit earned by the Fund in the transaction is stated in the table below:

ii) Assaí store - Ipatinga/MG**

On April 14, 2025, the Fund, through a Real Estate Sale and Purchase Commitment and Other Covenants, completed the sale of the right of surface of the property named Assaí Ipatinga-MG,

located at Avenida José Júlio da Costa, s/n – Ferroviários and currently leased to Sendas Distribuidora S.A. The sale price was R$107,676, of which R$86,141 referring to the right of surface and R$21,535 to the property, to be paid as follows:

(i) R$93,169, of which (i) R$71,409, as assumption of debt by the Buyer concerning the CRI documents; and

(ii) R$21,760 paid in domestic currency.

The profit earned by the Fund in the transaction is stated in the table below:

iii) Extra NS Sabará/SP

On December 16, 2025, through a Hybrid Deed of Purchase and Sale of Real Estate including an Express Termination Clause, the Fund sold the property located in São Paulo, state of São Paulo, at Avenida Nossa Senhora do Sabará, No. 3.015, Vila Emir district, Postal Code 04447020, registered under No. 382,860 with the 11th Real Estate Registrar Office of São Paulo, State of São Paulo, whose detailed description and characterization were omitted from the deed pursuant to article 2 of Law No. 7.433/85, as they are included in the respective registration record. The agreed price was R$5,746, and comprised land, surface, subsoil and airspace. Payment was agreed as follows: (i) R$2,350, paid upfront on the deed execution date, via electronic transfer (TED) to the account held by the Seller, as Installment A, granting the Buyer full, general and irrevocable release; and (ii) R$3,000, corresponding to the remaining balance (Installment B), to be paid in 10 consecutive monthly installments, not subject to adjustment, in the amount of R$300 each, the first installment falling due within 30 days from the date of the deed and the remaining installments on the same day of the subsequent months.

The profit earned by the Fund in the transaction is stated in the table below:

8.3.2. In the year ended December 31, 2024, sales are presented below.

i) Right of Surface - GPA Caucaia-CE

On March 25, 2024, the Fund entered into a Commitment to Sell and Purchase the Right of Surface of the Property, the Company’s Shares, and Other Covenants, for the sale of the GPA Caucaia property for R$80,112, of which R$ 40,000 will be used for acquiring the Surface and R$ 40,112 for acquiring the shares. Payment will be made as follows: initially, the amount of R$ 30,112 will be paid on the date of execution of the contract, with maturity by March 26, 2024. The balance of R$ 50,000 will be paid in 3 semiannual installments of R$ 16,667, with the first installment due 180 days after the signing of the contract and the remaining payments every 180 days thereafter. In addition to paying the Price, the Buyer, by assuming the role of assignor of the credits under the terms of the Assignment of Receivables, will irrevocably and irreversibly assume the obligation to pay the corresponding receivables assigned for the purpose of paying the CRI amount, the outstanding balance of which, on this date, is of approximately R$51,714. The profit earned by the Fund in the transaction is stated as under:

ii) Assaí stores - Araçatuba/SP, Macaé/RJ, and Porto Velho/RO, and Right of Surface - GPA – Brasilia/DF

On August 20, 2024, the Fund entered into a Real Estate Sale and Purchase Commitment and Other Covenants, referring to sale of the Assaí Araçatuba property for the total overall price of R$411,954, that amount corresponding to the Assaí store properties in the cities of Araçatuba, Macaé and Porto Velho. The amount received for Araçatuba property was R$58,208; Macaé property, R$69,577; and Porto Velho property, R$66,134. By virtue of assuming the position of assignor of the credits under the terms of the Assignment of Receivables, the Buyer will also assume, irrevocably and irreversibly, the obligation to pay the corresponding credits assigned for the purpose of payment of the CRI amount, the outstanding balance of which, on this date, is of approximately R$169,555, to wit: the amounts of R$21,547 corresponding to Pão de Açúcar Águas Claras (GPA), R$89,165 to Assaí Bauru, and R$58,843 to Assaí Dourados. Payments are as follows: Total amount of R$317,555, paid as follows: assumption of debt by the Buyer: R$ 175,957, referring to CRIs with no advance payment, advance payment of CRIs subject to advance payment: R$84,575 paid directly to a separate equity account, by the surface owner and direct payment to the Sellers: R$57,024, paid as indicated in the agreement. Second installment: R$47,199, to be paid within 180 days after payment of the initial installment, adjusted by reference to the IPCA/IBGE index. Third installment: R$23,600, to be paid within 180 days after payment of the Second Installment, adjusted by reference to the IPCA/IBGE index, and Fourth Installment: R$23,600, to be paid within 180 days after payment of the Third Installment, adjusted by reference to the IPCA/IBGE index.

The profit earned by the Fund in the transaction is stated in the table below: