Director-linked vehicles at AXIA Energia (EBR) net sell 1.98M shares in managed accounts
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho reported indirect open-market sales of AXIA securities by investment vehicles managed by Radar Gestora, where he is a partner. Managed accounts sold a total of 1,980,500 shares across Common, Class "B1" Preferred and Class "C" Preferred shares. One transaction involved 360,600 Class "B1" Preferred Shares at $13.39 per share, and another 1,280,000 Common Shares at $12.20 per share, both listed as indirect holdings "by managed account." A further 339,900 Class "C" Preferred Shares, linked to 339,900 underlying Common Shares, were also sold. Footnotes state that entities such as MANUKA INVESTMENTS LLC directly hold 1,146,032 Common Shares, 7,685,300 Class "B1" Preferred Shares and 2,411,966 Class "C" Preferred Shares after these transfers, which Filho may be deemed to indirectly beneficially own but for which he and the entities disclaim beneficial ownership except to the extent of pecuniary interest. Reported BRL prices were converted to U.S. dollars using a 5.2540 BRL per USD exchange rate as of March 31, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,980,500 shares ($24,438,259)
Net Sell
19 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
1,980,500 shs ($24.44M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class "C" Preferred Shares | 339,900 | $11.75 | $3.99M |
| Sale | Common Shares | 1,280,000 | $12.20 | $15.62M |
| Sale | Class "B1" Preferred Shares | 360,600 | $13.39 | $4.83M |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Class "C" Preferred Shares — 2,411,966 shares (Indirect, By managed account);
Common Shares — 1,146,032 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 7,685,300 shares (Indirect, By managed account);
Common Shares — 51,115 shares (Direct, null)
Footnotes (1)
- 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. 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. These shares were sold in multiple transactions at prices from $63.45 to $63.82 Brazilian reals ("BRL"), inclusive. 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 within the ranges set forth in footnotes 2, 9 and 11 to this Form 4. The weighted average sales price, $64.11 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. 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, which directly holds 1,146,032 Common Shares, 7,685,300 Preferred "B1" Shares and 2,411,966 Class "C" Shares of AXIA after giving effect to the transfer in this Report. 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 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. 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. 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. Represents RSUs held by the reporting person. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $69.74 to $71.06, inclusive. The weighted average sales price of the common shares, $70.36 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 occurring 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, have been 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. The price reported in Column 8 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $61.29 to $62.65, inclusive. The weighted average sales price of the common shares, $61.72 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 occurring 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, have been excluded from the reported price.
Key Figures
Total shares sold: 1,980,500 shares
Class "B1" Preferred sold: 360,600 shares at $13.39/share
Common Shares sold: 1,280,000 shares at $12.20/share
+5 more
8 metrics
Total shares sold
1,980,500 shares
Net open-market sales reported in this Form 4
Class "B1" Preferred sold
360,600 shares at $13.39/share
Indirect holding by managed account, open-market sale
Common Shares sold
1,280,000 shares at $12.20/share
Indirect holding by managed account, open-market sale
Class "C" Preferred sold
339,900 shares at $11.75/share
Derivative position linked to 339,900 underlying Common Shares
Manuka post-transaction holdings
1,146,032 common; 7,685,300 B1; 2,411,966 C
Direct holdings of MANUKA INVESTMENTS LLC after transfer
FX rate used
5.2540 BRL per USD
Conversion rate as of March 31, 2026 for price translation
Weighted average BRL price (F2)
64.11 BRL/share
One set of sales prices converted to USD for reporting
Class C conversion ratio
1:1 into Common Shares
Automatic conversion schedule 2026–2031 under bylaws
Key Terms
beneficial ownership, performance-based compensation, weighted average price, Class "C" Preferred Shares, +2 more
6 terms
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.
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).
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.
Treasury Reporting Rates of Exchange financial
"using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange"
RSUs financial
"Represents RSUs held by the reporting person"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
FAQ
What insider transactions did AXIA Energia (EBR) disclose for Pedro Batista de Lima Filho?
AXIA Energia disclosed that investment vehicles managed by Radar Gestora, where director Pedro Batista de Lima Filho is a partner, sold 1,980,500 AXIA shares. The sales covered Common, Class "B1" Preferred and Class "C" Preferred shares, all reported as indirect holdings through managed accounts.