Director-linked funds trim 504,000 AXIA Energia (EBR) shares in open-market sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho filed a Form 4 showing net open-market sales of 504,000 shares of AXIA securities on May 27, 2026 through managed accounts. The transactions include sales of Class “B1” preferred shares at $11.07 per share and common shares at $10.06 per share.
The filing attributes these trades to investment vehicles such as MALIKO INVESTMENTS LLC and several Brazilian funds managed by Radar Gestora de Recursos, where Mr. Filho is a partner and receives performance-based compensation. Footnotes state that both Mr. Filho and the funds disclaim beneficial ownership beyond their economic interest.
After these trades, the managed accounts continue to hold sizeable positions, including 15,127,400 Class “B1” preferred shares and 1,474,400 common shares in certain accounts, plus 51,115 common shares held directly. Reported prices are weighted averages in Brazilian reals (BRL), converted to U.S. dollars using a 5.2540 BRL per USD exchange rate.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 504,000 shares ($5,108,822)
Net Sell
13 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
504,000 shs ($5.11M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 308,600 | $10.06 | $3.10M |
| Sale | Common Shares | 29,300 | $10.06 | $295K |
| Sale | Common Shares | 91,500 | $10.06 | $920K |
| Sale | Common Shares | 36,400 | $10.06 | $366K |
| Sale | Class "B1" Preferred Shares | 25,300 | $11.07 | $280K |
| Sale | Class "B1" Preferred Shares | 2,400 | $11.07 | $27K |
| Sale | Class "B1" Preferred Shares | 7,500 | $11.07 | $83K |
| Sale | Class "B1" Preferred Shares | 3,000 | $11.07 | $33K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 1,474,400 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,127,400 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, $52.85 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 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, $58.18 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
Total shares sold: 504,000 shares
Preferred sale price: $11.07 per share
Common sale price: $10.06 per share
+5 more
8 metrics
Total shares sold
504,000 shares
Net open-market sales on May 27, 2026
Preferred sale price
$11.07 per share
Class "B1" Preferred Shares open-market sales
Common sale price
$10.06 per share
Common Shares open-market sales
Post-sale B1 preferred holdings
15,127,400 shares
Indirectly held via managed account after sale
Post-sale common holdings (indirect)
1,474,400 shares
Common Shares in a managed account after sale
Direct common holdings
51,115 shares
Common Shares held directly by reporting person
FX rate
5.2540 BRL per USD
Exchange rate used to convert BRL prices to USD
Weighted average BRL prices
52.85 BRL and 58.18 BRL
Local-currency sale prices for different trade blocks
Key Terms
weighted average price, performance-based compensation, beneficial ownership, portfolio management, +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"
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"
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.
portfolio management financial
"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.
managed account financial
"nature_of_ownership": "By managed account""
pecuniary interest financial
"except to the extent of his or its pecuniary interest therein"
FAQ
What insider activity did AXIA Energia (EBR) disclose for Pedro Batista de Lima Filho?
AXIA Energia disclosed that entities associated with director Pedro Batista de Lima Filho sold 504,000 AXIA shares on May 27, 2026. These were open-market sales of Class “B1” preferred and common shares executed through managed investment accounts.
What AXIA Energia holdings remain after the reported sales in this Form 4?
After the sales, managed accounts still hold large stakes, including 15,127,400 Class “B1” preferred shares and 1,474,400 common shares. In addition, Pedro Batista de Lima Filho is shown with 51,115 AXIA Energia common shares held directly in his own name.
Which investment vehicles are involved in the AXIA Energia insider transactions?
The filing references MALIKO INVESTMENTS LLC, MANUKA INVESTMENTS LLC, and several Brazilian funds, including Radar Master, Infrad Master, Tucurui Master, and Xingo Master. Radar Gestora de Recursos manages these portfolios, and Pedro Batista de Lima Filho is a partner there.