Managed accounts tied to AXIA Energia (EBR) director report 861,500-share sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director-associated investment vehicles managed by Radar Gestora de Recursos reported net open-market sales of 861,500 shares of AXIA Energia securities on May 15, 2026. The trades involved both Class “B1” preferred shares and common shares, executed at reported weighted average prices in Brazilian reals converted into U.S. dollars.
These positions are held in managed accounts such as Maliko, Manuka, Radar, Infrad, Tucurui and Xingo, where Pedro Batista de Lima Filho is a partner of Radar Gestora and receives performance-based compensation. The filing states that both the vehicles and Mr. Filho disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest.
Positive
- None.
Negative
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Insights
Managed accounts linked to a director reported net sales of AXIA Energia shares.
The filing shows net open-market sales of 861,500 AXIA Energia shares across multiple managed accounts on May 15, 2026. Transactions cover both Class “B1” preferred and common shares, with prices reported as weighted averages converted from Brazilian reals to U.S. dollars.
Footnotes explain that the shares are held by investment vehicles such as Maliko, Manuka, Radar, Infrad, Tucurui and Xingo, which are portfolio-managed by Radar Gestora. Pedro Batista de Lima Filho is a partner there and earns performance-based compensation, but all parties expressly disclaim beneficial ownership beyond their pecuniary interest.
Because the sales are executed by managed accounts rather than directly by the individual director, and no ownership percentage or company-wide share count is provided, the filing mainly clarifies the structure and scale of indirect holdings rather than signaling a clear shift in insider conviction.
Insider Trade Summary
Net Seller: 861,500 shares ($9,025,523)
Net Sell
13 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
861,500 shs ($9.03M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 426,900 | $10.39 | $4.44M |
| Sale | Common Shares | 103,900 | $10.39 | $1.08M |
| Sale | Common Shares | 131,700 | $10.39 | $1.37M |
| Sale | Common Shares | 125,200 | $10.39 | $1.30M |
| Sale | Class "B1" Preferred Shares | 39,900 | $11.40 | $455K |
| Sale | Class "B1" Preferred Shares | 9,800 | $11.40 | $112K |
| Sale | Class "B1" Preferred Shares | 12,300 | $11.40 | $140K |
| Sale | Class "B1" Preferred Shares | 11,800 | $11.40 | $135K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 3,052,600 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,281,500 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, $54.60 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, $59.88 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
Net shares sold: 861,500 shares
Class B1 sale price: $11.40 per share
Common share sale price: $10.39 per share
+5 more
8 metrics
Net shares sold
861,500 shares
Net open-market sales on May 15, 2026 across managed accounts
Class B1 sale price
$11.40 per share
Reported price for Class "B1" preferred share sales
Common share sale price
$10.39 per share
Reported price for common share sales
Post-sale Class B1 holding
15,281,500 shares
Class "B1" preferred shares held in one managed account after sales
Post-sale common holding
3,052,600 shares
Common shares held in one managed account after sales
Weighted average BRL price
54.60 BRL per share
One weighted average sale price before conversion to USD
Weighted average BRL price
59.88 BRL per share
Another weighted average sale price before conversion to USD
FX rate used
5.2540 BRL per USD
Treasury reporting rate as of March 31, 2026 used for conversion
Key Terms
open-market sale, beneficial ownership, weighted average price, performance-based compensation, +2 more
6 terms
open-market sale financial
"Sale in open market or private transaction"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
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.
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
"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).
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.
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein."
FAQ
What insider activity did AXIA Energia (EBR) report in this Form 4?
AXIA Energia reported that managed accounts linked to director Pedro Batista de Lima Filho executed open-market sales totaling 861,500 shares on May 15, 2026. These transactions involved both Class "B1" preferred and common shares of AXIA Energia S.A.
How large were the AXIA Energia (EBR) positions after the reported sales?
After the transactions, individual managed accounts still held sizable positions, including 15,281,500 Class "B1" preferred shares in one vehicle and 3,052,600 common shares in another. These figures describe holdings of specific accounts, not aggregate ownership for the director personally.
What does the exchange-rate disclosure mean in the AXIA Energia (EBR) Form 4?
Footnotes explain that reported weighted average prices, such as 54.60 BRL and 59.88 BRL per share, were converted to U.S. dollars using a U.S. Treasury rate of 5.2540 BRL per USD. Brokerage commissions and execution costs are excluded from these prices.