AXIA Energia (EBR) director-linked funds net sell 1.01M shares, retain sizable stakes
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho reported mixed trades in AXIA common and preferred shares through multiple managed accounts on May 29, 2026. Accounts managed by Radar Gestora bought 1,448,500 shares and sold 2,462,800, a net sale of 1,014,300 shares overall. Filho holds 51,115 common shares directly, while the managed accounts continue to hold large indirect positions. Footnotes state the accounts and Filho disclaim beneficial ownership except for their pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,014,300 shares ($25,515,062)
Net Sell
21 txns
Insider
Batista de Lima Filho Pedro
Role
null
Bought
1,448,500 shs ($15.36M)
Sold
2,462,800 shs ($25.52M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class "C" Preferred Shares | 68,200 | $9.58 | $653K |
| Purchase | Class "C" Preferred Shares | 145,400 | $9.58 | $1.39M |
| Sale | Class "C" Preferred Shares | 16,700 | $9.58 | $160K |
| Sale | Class "C" Preferred Shares | 22,000 | $9.58 | $211K |
| Purchase | Class "C" Preferred Shares | 68,200 | $9.58 | $653K |
| Sale | Class "C" Preferred Shares | 106,700 | $9.58 | $1.02M |
| Sale | Common Shares | 717,800 | $9.93 | $7.13M |
| Purchase | Common Shares | 69,700 | $9.98 | $696K |
| Sale | Common Shares | 14,500 | $9.98 | $145K |
| Sale | Common Shares | 19,000 | $9.98 | $190K |
| Sale | Common Shares | 219,900 | $9.93 | $2.18M |
| Purchase | Common Shares | 19,200 | $9.98 | $192K |
| Sale | Common Shares | 36,200 | $9.98 | $361K |
| Sale | Class "B1" Preferred Shares | 893,600 | $10.84 | $9.69M |
| Purchase | Class "B1" Preferred Shares | 1,056,700 | $10.84 | $11.45M |
| Purchase | Class "B1" Preferred Shares | 32,800 | $10.84 | $356K |
| Purchase | Class "B1" Preferred Shares | 43,200 | $10.84 | $468K |
| Sale | Class "B1" Preferred Shares | 13,900 | $10.89 | $151K |
| Purchase | Class "B1" Preferred Shares | 13,300 | $10.84 | $144K |
| Sale | Class "B1" Preferred Shares | 334,300 | $10.84 | $3.62M |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Class "C" Preferred Shares — 4,794,630 shares (Indirect, By managed account);
Common Shares — 756,600 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 14,233,800 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, $52.19 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. 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 purchased at each separate price. The weighted average price, $52.43 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. 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. 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, $52.43 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. 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. 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 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, $56.96 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. 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 purchased at each separate price. The weighted average price, $56.93 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. 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, $57.23 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. 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, $56.93 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. 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, $50.35 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. 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 purchased at each separate price. The weighted average price, $50.35 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. Pursuant to Article 11 of the Bylaws of the Company, the Class "C" Preferred Shares shall be automatically converted into Common Shares, assuming such Class "C" Preferred Shares are not earlier mandatorily redeemed by the Company in accordance with its Bylaws, at a ratio of 1:1, as follows: 4% of the total volume of originally-issued Class "C" Preferred Shares, allocated proportionally among all holders, in each of the fiscal years 2026, 2027, 2028, 2029 and 2030; and all Class "C" Preferred Shares remaining, in fiscal year 2031.
Key Figures
Shares purchased: 1,448,500 shares
Shares sold: 2,462,800 shares
Net shares sold: 1,014,300 shares
+5 more
8 metrics
Shares purchased
1,448,500 shares
Total buys across AXIA common and preferred on May 29, 2026
Shares sold
2,462,800 shares
Total sales across AXIA common and preferred on May 29, 2026
Net shares sold
1,014,300 shares
Net difference between buys and sells in the filing
Direct common holding
51,115 shares
Common shares held directly after transactions
Exchange rate
5.2540 BRL per USD
Rate used to convert weighted average BRL prices to USD
Weighted average price example
52.19 BRL per share
Sample weighted average sale price converted using Treasury exchange rate
Class C conversion ratio
1:1
Each Class C Preferred Share converts into one common share
Annual Class C conversion
4% per year
Of originally issued Class C Preferred, from 2026 through 2030
Key Terms
weighted average price, beneficial ownership, pecuniary interest, performance-based compensation, +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.
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
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein"
performance-based compensation financial
"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).
derivative financial
"transaction_type": "derivative" for Class "C" Preferred Shares linked to Common Shares"
A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.
automatically converted financial
"Class "C" Preferred Shares shall be automatically converted into Common Shares"
FAQ
What insider transactions did AXIA Energia (EBR) report for Pedro Batista de Lima Filho?
The filing shows accounts associated with director Pedro Batista de Lima Filho both bought and sold AXIA common and preferred shares, totaling 1,448,500 shares purchased and 2,462,800 shares sold on May 29, 2026, resulting in a net sale position overall.
Are the AXIA Energia (EBR) trades attributed directly to Pedro Batista de Lima Filho?
Most trades are attributed to managed accounts such as Maliko, Manuka, Tucurui, Xingo, Radar and Infrad, overseen by Radar Gestora. Footnotes state both these vehicles and Filho disclaim beneficial ownership except for their pecuniary interest in the securities.
What prices were used for AXIA Energia (EBR) insider trades and how were they reported?
Footnotes explain that prices are weighted averages in Brazilian reals, such as 52.19 BRL and 52.43 BRL per share, converted to U.S. dollars using a 5.2540 BRL per USD exchange rate. Brokerage commissions and execution costs are excluded from reported prices.