AXIA Energia (NYSE: EBR) director-linked funds report sizable share sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
AXIA Energia S.A. director Pedro Batista de Lima Filho reported indirect share sales executed by managed investment vehicles he is associated with. On April 20, 2026, accounts managed by Radar Gestora de Recursos Ltda. sold 400,000 Class "B1" Preferred Shares at $13.40 per share and 997,982 Common Shares at $12.20 per share in open-market or private transactions. They also sold 1,084,200 Class "C" Preferred Shares, linked to Common Shares, at $11.70 per share. Footnotes explain that entities such as Maliko and Manuka are portfolio vehicles of Radar Gestora and that both these entities and Mr. Filho disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest. After the transactions, Manuka directly holds 148,050 Common Shares, 7,285,300 Preferred "B1" Shares and 1,327,766 Class "C" Shares of AXIA Energia.
Positive
- None.
Negative
- None.
Insights
Indirect fund-managed sales reduce exposure but are framed as portfolio activity.
The filing shows managed accounts associated with Pedro Batista de Lima Filho, a director of AXIA Energia S.A., executing open-market sales of Class "B1" Preferred, Common, and Class "C" Preferred Shares on April 20, 2026. Total reported sales reach 2,482,182 shares across these classes.
Footnotes clarify that funds such as Maliko and Manuka are managed by Radar Gestora, where Mr. Filho is a partner receiving performance-based compensation. The entities and Mr. Filho formally disclaim beneficial ownership beyond their pecuniary interest, emphasizing these as portfolio-level trades rather than purely personal decisions.
After the transactions, Manuka still holds 148,050 Common Shares, 7,285,300 Class "B1" Preferred Shares and 1,327,766 Class "C" Preferred Shares, indicating a continued sizeable position. The filing does not reference a Rule 10b5-1 plan, so the timing context remains unclear, and the disclosure mainly documents updated indirect holdings for Section 16 purposes.
Insider Trade Summary
Net Seller: 2,482,182 shares ($30,220,520)
Net Sell
19 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
2,482,182 shs ($30.22M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class "C" Preferred Shares | 1,084,200 | $11.70 | $12.69M |
| Sale | Common Shares | 997,982 | $12.20 | $12.18M |
| Sale | Class "B1" Preferred Shares | 400,000 | $13.40 | $5.36M |
| 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 — 1,327,766 shares (Indirect, By managed account);
Common Shares — 148,050 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 7,285,300 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 ofany 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 $64.02 to $64.19 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, $64.12 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 148,050 Common Shares, 7,285,300 Preferred "B1" Shares and 1,327,766 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 $70.19 to $70.48, inclusive. The weighted average sales price of the common shares, $70.40 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 $61.38 to $62.56, inclusive. The weighted average sales price of the common shares, $61.46 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
Class B1 shares sold: 400,000 shares at $13.40
Common shares sold: 997,982 shares at $12.20
Class C preferred sold: 1,084,200 shares at $11.70
+5 more
8 metrics
Class B1 shares sold
400,000 shares at $13.40
Open-market sale on April 20, 2026
Common shares sold
997,982 shares at $12.20
Open-market sale on April 20, 2026
Class C preferred sold
1,084,200 shares at $11.70
Derivative transaction on April 20, 2026
Net shares sold
2,482,182 shares
Net sell direction in transaction summary
Manuka post-transaction common
148,050 shares
Common Shares held after transfers per footnote
Manuka post-transaction Class B1
7,285,300 shares
Preferred "B1" Shares held after transfers
Manuka post-transaction Class C
1,327,766 shares
Class "C" Preferred Shares held after transfers
BRL to USD rate
5.2540 BRL per USD
Exchange rate used for price conversion as of March 31, 2026
Key Terms
Class "B1" Preferred Shares, Class "C" Preferred Shares, weighted average price, performance-based compensation, +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
"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).
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest"
Section 16 of the Securities Exchange Act of 1934 regulatory
"beneficial owner of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934"
A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.
FAQ
What did AXIA Energia (EBR) director Pedro Batista de Lima Filho report in this Form 4?
He reported indirect open-market sales executed by managed accounts he is associated with, involving Class "B1" Preferred, Common, and Class "C" Preferred Shares on April 20, 2026. The filing updates his and related funds’ positions under Section 16 disclosure rules.
What AXIA Energia (EBR) holdings remain after the reported sales?
One key vehicle, Manuka, directly holds 148,050 Common Shares, 7,285,300 Preferred "B1" Shares, and 1,327,766 Class "C" Shares after the transactions. These figures show that, despite the sales, the Radar Gestora-managed structure retains a substantial indirect stake in AXIA Energia.