AXIA Energia (NYSE: EBR) director-linked funds net sell AXIA shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho reported multiple portfolio trades in AXIA shares by Brazilian investment vehicles he is associated with. On May 18, 2026, managed accounts executed open‑market purchases and sales of Class "B1" Preferred Shares, Common Shares, and Class "C" Preferred Shares, resulting in a net sale of 701,600 shares across the reported transactions.
The filing shows 6 open‑market purchases and 10 open‑market sales, with example prices of $11.38 per Class "B1" Preferred Share, $10.35 and $10.34 per Common Share, and $9.98 per Class "C" Preferred Share. Footnotes state these are weighted average prices in Brazilian reais, converted to U.S. dollars using a 5.2540 BRL per USD rate.
Filho is a partner at Radar Gestora de Recursos Ltda., which manages entities including Maliko, Manuka, Radar, Infrad, Tucurui, and Xingo. The filing explains that these entities and Filho may be deemed to indirectly beneficially own the reported securities, but each disclaims beneficial ownership except to the extent of pecuniary interest. The report also notes remaining indirect holdings of Class "C" Preferred Shares that are automatically convertible into Common Shares at a 1:1 ratio under the company’s bylaws.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 701,600 shares ($7,976,854)
Net Sell
23 txns
Insider
Batista de Lima Filho Pedro
Role
null
Bought
57,800 shs ($641K)
Sold
759,400 shs ($7.98M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class "C" Preferred Shares | 7,700 | $9.98 | $77K |
| Purchase | Class "C" Preferred Shares | 500 | $9.98 | $5K |
| Sale | Class "C" Preferred Shares | 7,700 | $9.98 | $77K |
| Sale | Class "C" Preferred Shares | 500 | $9.98 | $5K |
| Sale | Common Shares | 344,600 | $10.35 | $3.57M |
| Purchase | Common Shares | 1,200 | $10.34 | $12K |
| Sale | Common Shares | 81,800 | $10.35 | $847K |
| Purchase | Common Shares | 3,900 | $10.34 | $40K |
| Sale | Common Shares | 103,000 | $10.35 | $1.07M |
| Sale | Common Shares | 105,200 | $10.35 | $1.09M |
| Sale | Class "B1" Preferred Shares | 39,000 | $11.38 | $444K |
| Purchase | Class "B1" Preferred Shares | 27,700 | $11.38 | $315K |
| Sale | Class "B1" Preferred Shares | 26,300 | $11.38 | $299K |
| Sale | Class "B1" Preferred Shares | 39,800 | $11.38 | $453K |
| Sale | Class "B1" Preferred Shares | 11,500 | $11.38 | $131K |
| Purchase | Class "B1" Preferred Shares | 16,800 | $11.38 | $191K |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Class "C" Preferred Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Class "C" Preferred Shares — 4,862,830 shares (Indirect, By managed account);
Common Shares — 2,708,000 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,242,500 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, $54.36 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, any security holder of 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, $54.31 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, $59.78 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, $59.80 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, $59.79 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, $59.80 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. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, any security holder of 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, $52.41 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, any security holder of 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, $52.41 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: 57,800 shares
Shares sold: 759,400 shares
Net share change: -701,600 shares
+5 more
8 metrics
Shares purchased
57,800 shares
Total open-market buys on May 18, 2026
Shares sold
759,400 shares
Total open-market sales on May 18, 2026
Net share change
-701,600 shares
Net-buy/sell shares across all reported trades
Class "B1" trade price
$11.38 per share
Example transaction price for Class "B1" Preferred Shares
Common share sale price
$10.35 per share
Example open-market sale price for Common Shares
Class "C" trade price
$9.98 per share
Example open-market price for Class "C" Preferred Shares
FX rate used
5.2540 BRL per USD
Treasury Reporting Rates of Exchange as of March 31, 2026
Direct common holding
51,115 shares
Common Shares held directly after one reported holding entry
Key Terms
weighted average price, performance-based compensation, indirectly beneficially own, pecuniary interest, +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.
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).
indirectly beneficially own financial
"Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Maliko."
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein."
Treasury Reporting Rates of Exchange financial
"using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026"
FAQ
What does the AXIA Energia (EBR) Form 4 by Pedro Batista de Lima Filho report?
The Form 4 reports multiple open‑market purchases and sales of AXIA Energia Class "B1" Preferred, Common, and Class "C" Preferred Shares on May 18, 2026, by managed accounts associated with director Pedro Batista de Lima Filho.