Director-linked funds sell 941,500 AXIA Energia (NYSE: EBR) shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho reported multiple open-market sales in accounts he is associated with through his role at Radar Gestora de Recursos Ltda. On May 20, 2026, managed accounts sold a combined 941,500 shares of AXIA Energia, including Class “B1” preferred and common shares.
Class “B1” preferred share sales included blocks of 10,400, 12,800, 12,900 and 43,700 shares at a reported price of $11.53 per share. Common share sales included blocks of 112,000, 138,700, 139,200 and 471,800 shares at $10.51 per share. Footnotes state these prices reflect weighted averages originally in Brazilian reals and converted to U.S. dollars using a 5.2540 BRL per USD exchange rate as of March 31, 2026.
The filing explains that the shares are held in managed accounts such as Maliko Investments LLC and several Brazilian investment funds overseen by Radar Gestora. Filho is a partner of Radar Gestora and receives performance-based compensation, and he and the related entities disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 941,500 shares ($9,976,561)
Net Sell
13 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
941,500 shs ($9.98M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 471,800 | $10.51 | $4.96M |
| Sale | Common Shares | 139,200 | $10.51 | $1.46M |
| Sale | Common Shares | 138,700 | $10.51 | $1.46M |
| Sale | Common Shares | 112,000 | $10.51 | $1.18M |
| Sale | Class "B1" Preferred Shares | 43,700 | $11.53 | $504K |
| Sale | Class "B1" Preferred Shares | 12,900 | $11.53 | $149K |
| Sale | Class "B1" Preferred Shares | 12,800 | $11.53 | $148K |
| Sale | Class "B1" Preferred Shares | 10,400 | $11.53 | $120K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 2,237,400 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,226,500 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, $55.23 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 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 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 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, $60.58 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: 941,500 shares
Preferred share price: $11.53 per share
Common share price: $10.51 per share
+5 more
8 metrics
Total shares sold
941,500 shares
Net open-market sales on May 20, 2026
Preferred share price
$11.53 per share
Class “B1” preferred open-market sales on May 20, 2026
Common share price
$10.51 per share
Common share open-market sales on May 20, 2026
FX rate used
5.2540 BRL per USD
Treasury Reporting Rate as of March 31, 2026
Post-sale B1 holding (example)
15,226,500 shares
Class “B1” preferred in one managed account after a sale
Post-sale common holding (example)
2,237,400 shares
Common shares in one managed account after a sale
Direct common holding
51,115 shares
Common shares held directly as of May 20, 2026
Weighted average BRL price
55.23 & 60.58 BRL per share
Footnoted BRL prices for certain sales, converted to USD
Key Terms
weighted average price, beneficial ownership, pecuniary interest, managed account, +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"
managed account financial
"nature_of_ownership": "By managed account""
portfolio management financial
"Radar Gestora, 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.
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).
FAQ
What insider activity did AXIA Energia (EBR) disclose in this Form 4?
AXIA Energia disclosed open-market sales totaling 941,500 shares on May 20, 2026. The trades involved both Class “B1” preferred and common shares, executed through managed accounts associated with director Pedro Batista de Lima Filho via Radar Gestora de Recursos Ltda.
Which AXIA Energia securities were sold by the managed accounts?
The managed accounts sold AXIA Energia Class “B1” preferred shares and common shares. Preferred share sales occurred at a reported $11.53 per share, while common share sales were reported at $10.51 per share, based on weighted average prices for each block.