AXIA Energia (NYSE: EBR) managed accounts net-sell 355K shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Entities managed by Radar Gestora and associated with AXIA Energia S.A. director Pedro Batista de Lima Filho reported multiple open-market trades in AXIA Energia securities on June 3, 2026. The managed accounts bought and sold both Common Shares and Class “B1” Preferred Shares, resulting in net selling activity.
Across all reported trades, the managed accounts bought 45,000 shares and sold 400,000 shares, a net sale of 355,000 shares. Reported transaction prices use weighted average prices, stated in Brazilian reals and converted to U.S. dollars at 5.2540 BRL per USD using a U.S. Treasury exchange rate as of March 31, 2026.
After these trades, selected managed accounts held large residual positions, including 14,124,400 Class “B1” Preferred Shares and 799,250 Common Shares. The director is also shown with a direct holding of 51,115 Common Shares. Footnotes state that the entities and Mr. Filho disclaim beneficial ownership beyond their pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Managed accounts linked to an AXIA Energia director show net selling but retain large positions.
Entities managed by Radar Gestora and associated with director Pedro Batista de Lima Filho executed both purchases and sales of AXIA Energia Common and Class “B1” Preferred Shares on June 3, 2026. Open-market trades totaled 45,000 shares bought and 400,000 shares sold, using weighted-average pricing in Brazilian reals.
The filing shows a net sale of 355,000 shares, but these managed accounts still hold substantial positions, including 14,124,400 Class “B1” Preferred Shares and 799,250 Common Shares in certain vehicles, plus 51,115 Common Shares held directly. Footnotes emphasize that the entities and Mr. Filho disclaim beneficial ownership except for their pecuniary interest, suggesting these are portfolio management moves by investment vehicles rather than purely personal trading.
Insider Trade Summary
Net Seller: 355,000 shares ($3,959,997)
Net Sell
14 txns
Insider
Batista de Lima Filho Pedro
Role
null
Bought
45,000 shs ($477K)
Sold
400,000 shs ($3.96M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 228,800 | $9.68 | $2.21M |
| Sale | Common Shares | 3,800 | $9.69 | $37K |
| Sale | Common Shares | 69,400 | $9.68 | $672K |
| Sale | Common Shares | 3,900 | $9.69 | $38K |
| Sale | Class "B1" Preferred Shares | 54,600 | $10.61 | $579K |
| Sale | Class "B1" Preferred Shares | 600 | $10.63 | $6K |
| Purchase | Class "B1" Preferred Shares | 33,900 | $10.60 | $359K |
| Purchase | Class "B1" Preferred Shares | 4,800 | $10.60 | $51K |
| Purchase | Class "B1" Preferred Shares | 6,300 | $10.60 | $67K |
| Sale | Class "B1" Preferred Shares | 38,300 | $10.62 | $407K |
| Sale | Class "B1" Preferred Shares | 600 | $10.63 | $6K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 161,700 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 14,124,400 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, $50.88 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 sold at each separate price. The weighted average price, $50.89 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. 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. 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, $55.74 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, $55.85 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, $55.67 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, $55.81 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, $55.85 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
Shares purchased: 45,000 shares
Shares sold: 400,000 shares
Net shares sold: 355,000 shares
+5 more
8 metrics
Shares purchased
45,000 shares
Open-market purchases on June 3, 2026 by managed accounts
Shares sold
400,000 shares
Open-market sales on June 3, 2026 by managed accounts
Net shares sold
355,000 shares
Net of buys and sells in transaction summary (net-sell)
FX rate used
5.2540 BRL per USD
Treasury reporting rate as of March 31, 2026 for conversions
Weighted avg price example
50.88 BRL/share
Weighted average price for certain trades, converted to USD in filing
Largest preferred holding
14,124,400 shares
Class “B1” Preferred Shares held after a reported transaction
Common shares in one account
799,250 shares
Common Shares in a managed account after a reported sale
Direct common holding
51,115 shares
Common Shares held directly by the director after the transactions
Key Terms
weighted average price, performance-based compensation, beneficial ownership, pecuniary interest, +1 more
5 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.
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 therein."
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."
portfolio management financial
"which is responsible for the portfolio management of MALIKO INVESTMENTS LLC - BANCO BTG PACTUAL S/A"
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.
FAQ
What insider activity did AXIA Energia (EBR) report in this Form 4 filing?
AXIA Energia reported that managed accounts associated with director Pedro Batista de Lima Filho traded both Common and Class “B1” Preferred Shares on June 3, 2026. They bought 45,000 shares and sold 400,000 shares in open-market transactions, resulting in a net sale of 355,000 shares overall.
Were the AXIA Energia (EBR) transactions direct trades by the director?
The trades were executed by entities whose portfolios are managed by Radar Gestora, not solely by the director personally. Footnotes state Maliko, Manuka, Radar, Infrad, Tucurui, Xingo and Mr. Filho may be deemed indirect owners but all disclaim beneficial ownership beyond their pecuniary interest in these securities.
What prices were used for the AXIA Energia (EBR) insider trades?
The filing reports weighted-average transaction prices in Brazilian reals, such as BRL 50.88, 50.89, 55.74 and 55.85 per share. These values were converted to U.S. dollars using a U.S. Treasury exchange rate of 5.2540 BRL per USD as of March 31, 2026.