AXIA Energia (NYSE: EBR) managed accounts tied to director sell 714,500 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A.-related investment vehicles managed by Radar Gestora reported open-market sales of a total of 714,500 shares of AXIA Energia stock on May 22, 2026. The trades involved both Class “B1” preferred and common shares and were executed through managed accounts.
These positions are held by entities such as Maliko, Manuka and several Brazilian investment funds, which are portfolio-managed by Radar Gestora. Director Pedro Batista de Lima Filho, a partner at Radar Gestora, may be deemed to indirectly benefit economically, but both he and the entities disclaim beneficial ownership beyond their pecuniary interest.
Positive
- None.
Negative
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Insights
Managed accounts tied to AXIA Energia’s director report net share sales.
Investment vehicles managed by Radar Gestora and associated with director Pedro Batista de Lima Filho reported net open-market sales of 714,500 shares of AXIA Energia on May 22, 2026. Transactions covered both Class “B1” preferred and common shares.
The filing specifies that these holdings sit in managed accounts for entities including Maliko and several Brazilian equity funds, with Filho receiving performance-based compensation via Radar Gestora. Both the entities and Filho formally disclaim beneficial ownership beyond their pecuniary interest, so the sales reflect activity by professionally managed funds rather than purely personal trading.
The filing notes weighted-average prices of 53.94 BRL and 59.14 BRL per share, converted using a 5.2540 BRL per USD rate as of March 31, 2026. Without visibility into AXIA Energia’s total share count or these funds’ overall strategies, the informational value for long-term fundamentals appears limited, and the event is best viewed as a routine portfolio adjustment by institutional managers.
Insider Trade Summary
Net Seller: 714,500 shares ($7,429,886)
Net Sell
13 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
714,500 shs ($7.43M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 341,000 | $10.27 | $3.50M |
| Sale | Common Shares | 81,100 | $10.27 | $833K |
| Sale | Common Shares | 99,100 | $10.27 | $1.02M |
| Sale | Common Shares | 100,400 | $10.27 | $1.03M |
| Sale | Class "B1" Preferred Shares | 59,400 | $11.26 | $669K |
| Sale | Class "B1" Preferred Shares | 12,200 | $11.26 | $137K |
| Sale | Class "B1" Preferred Shares | 6,300 | $11.26 | $71K |
| Sale | Class "B1" Preferred Shares | 15,000 | $11.26 | $169K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 1,896,400 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,167,100 shares (Indirect, By managed account);
Common Shares — 51,115 shares (Direct, null)
Footnotes (1)
- The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA Energia S.A. ("AXIA"), any security holder of AXIA, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.94 Brazilian reals ("BRL") per share, has been converted to U.S. dollars ("USD") using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate, applicable to transactions through June 30, 2026), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Pedro Batista de Lima Filho ("Mr. Filho") is a partner at Radar Gestora de Recursos Ltda. ("Radar Gestora"), which is responsible for the portfolio management of MALIKO INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Maliko") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Maliko. For the purposes of this filing, each of Maliko and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Maliko or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of MANUKA INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Manuka") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Manuka. For the purposes of this filing, each of Manuka and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Manuka or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of RADAR MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Radar") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Radar. For the purposes of this filing, each of Radar and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Radar or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of INFRAD MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Infrad") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Infrad. For the purposes of this filing, each of Infrad and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Infrad or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherw Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of TUCURUI MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Tucurui") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. For the purposes of this filing, each of Tucurui and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Tucurui or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of XINGO MASTER FUNDO DE INVESTIMENTO FINANCEIRO DE ACOES ("Xingo") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. For the purposes of this filing, each of Xingo and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Xingo or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $59.14 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate, applicable to transactions through June 30, 2026), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price.
Key Figures
Net shares sold: 714,500 shares
Common shares sold (largest block): 341,000 shares
Preferred shares sale block: 59,400 shares
+5 more
8 metrics
Net shares sold
714,500 shares
Total open-market sales reported on May 22, 2026
Common shares sold (largest block)
341,000 shares
Single common-share sale entry via managed account
Preferred shares sale block
59,400 shares
Class “B1” preferred shares sold in one transaction
Common share sale price
$10.27 per share
Reported transaction price for several common-share sales
Preferred share sale price
$11.26 per share
Reported transaction price for several Class “B1” sales
Weighted-average BRL price
53.94 BRL per share
One group of sales, converted to USD using 5.2540 BRL/USD
Alternative weighted BRL price
59.14 BRL per share
Additional sale group, converted to USD at same 5.2540 rate
FX rate used
5.2540 BRL per USD
Treasury reporting rate as of March 31, 2026
Key Terms
weighted average price, portfolio management, performance-based compensation, beneficial ownership, +2 more
6 terms
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
portfolio management financial
"Radar Gestora, which is responsible for the portfolio management of MALIKO INVESTMENTS LLC"
Portfolio management is the process of selecting, organizing, and overseeing a collection of investments to achieve specific financial goals. It involves making decisions about where to put money, balancing risk and reward, and adjusting the mix of investments over time, much like a gardener tending to different plants to ensure a healthy, thriving garden. This helps investors grow their wealth steadily while managing potential losses.
performance-based compensation financial
"and receives a performance-based compensation in his capacity as a partner of Radar Gestora."
Pay that rises or falls with measurable results, where employees or executives receive bonuses, stock, or other rewards only if specific performance goals are met. Investors care because it aligns the interests of managers with owners—like paying a driver by miles driven rather than time—so it can encourage stronger company results, affect future earnings and risk-taking, and signal confidence (or potential incentives for short-term decisions).
beneficial ownership financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his or its pecuniary interest therein."
Section 16 of the Exchange Act regulatory
"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"
FAQ
What did AXIA Energia (EBR) insider-linked funds report in this Form 4?
They reported net open-market sales of 714,500 AXIA Energia shares on May 22, 2026. The transactions involved both Class “B1” preferred and common shares held in institutional managed accounts overseen by Radar Gestora, rather than direct personal trading by the director.
Who is Pedro Batista de Lima Filho in relation to AXIA Energia (EBR)?
Pedro Batista de Lima Filho is a director of AXIA Energia S.A. and a partner at Radar Gestora. Radar Gestora manages the investment vehicles that hold AXIA Energia shares, and Filho receives performance-based compensation tied to this portfolio management role.
Were the AXIA Energia (EBR) sales made directly by Pedro Batista de Lima Filho?
No, the trades were executed by managed accounts for entities such as Maliko, Manuka and several Brazilian investment funds. The filing states that both these entities and Filho disclaim beneficial ownership beyond their pecuniary interest in the AXIA Energia shares.
What is Radar Gestora’s role in the AXIA Energia (EBR) transactions?
Radar Gestora acts as portfolio manager for multiple investment vehicles that hold AXIA Energia shares. It executes trades, including the reported 714,500-share net sale, and compensates partner Pedro Batista de Lima Filho based on performance, linking him economically to the managed accounts’ results.