If You Invested in AXIA Energia (AXIA)

AXIA Energia American Depositary Shares (each representing one common share) relate to Centrais Elétricas Brasileiras S.A. – AXIA Energia, also referred to in English as Brazilian Electric Power Company. According to its SEC filings, the company is a Brazilian electric power company that reports as a foreign issuer under Form 20-F and is associated with Centrais Elétricas Brasileiras S.A. – Eletrobrás. The business operates in the electric power sector in Brazil, with activities that include power generation and transmission as described in available summaries.

In its regulatory communications, AXIA Energia describes itself as having a trajectory of investments in generation and transmission assets and participation in transmission auctions in Brazil. The company reports on projects and licenses related to the national power system, highlighting transmission lots awarded in public auctions and licenses that enable the construction and operation of transmission infrastructure. These disclosures indicate a focus on expanding and modernizing Brazil’s electric grid and supporting the integration of power plants into the national system.

AXIA Energia also discloses information about corporate governance and shareholder decisions. SEC filings reference an Extraordinary General Meeting (EGM) of shareholders of AXIA Energia where a new class of preferred shares, class A1 (PNA1), was created. This class is described as registered, book-entry, with no par value and with the same rights, preferences and privileges as the existing class A preferred shares, plus specific rights in the context of a public tender offer resulting from the sale of control. Detailed voting maps in the filings show how shareholders voted on this capital structure change.

The company further reports on corporate legal matters. One filing describes a corporate demand involving AXIA Energia and other parties, related to a contribution made by Furnas Centrais Elétricas S.A., then a subsidiary of the company, to Madeira Energia S.A. (MESA), the sole shareholder of Santo Antônio Energia S.A., responsible for operating the Santo Antônio Hydroelectric Plant in Rondônia. The filing explains that plaintiffs challenged this contribution and that a court decision on jurisdiction resulted in the case being returned to a federal court.

AXIA Energia communicates on its investment and operational plans through SEC reports. It notes participation in multiple transmission auctions over several years and highlights that, after a period without new wins, it once again secured lots in auctions held in different years. The company associates these wins with growth in its transmission segment and with the expansion of the Basic Grid to allow energy evacuation from contracted power plants and to increase connection capacity for new generation projects.

The filings also describe specific projects that AXIA Energia considers strategic. These include the Coxilha Negra Wind Farm, which is described as having an installed capacity of 302.4 MW and an associated exclusive transmission system, and Transnorte Energia (TNE), responsible for the Manaus–Boa Vista transmission line, which connected the state of Roraima to Brazil’s National Interconnected System (SIN). AXIA Energia also reports on the revitalization of the Itaipu High Voltage Direct Current (HVDC) System, noting that it is responsible for execution under a technical and financial cooperation agreement with Itaipu.

In addition to project-related disclosures, AXIA Energia provides information on capital allocation and share repurchase programs. A filing dated December 22, 2025, explains that the company’s board of directors ended a 2024 share repurchase program and approved a new repurchase program for ordinary shares and certain classes of preferred shares. The stated objective is to acquire shares for potential cancellation, sale or maintenance in treasury, with the goal of applying available cash resources efficiently and optimizing capital allocation. The filing also notes that treasury shares may be used to satisfy stock-based compensation plans and to settle certain judicial obligations, in accordance with Brazilian securities regulations.

AXIA Energia’s SEC disclosures include details on the quantities of shares in circulation and in treasury for its various share classes, the maximum number of shares that may be acquired under the repurchase program, the intended funding sources for the program, and the assessment by the board of directors that the repurchase program is compatible with the company’s financial situation and obligations. The company identifies several financial institutions that may act as intermediaries for share purchases on the Brazilian stock exchange.

From a listing perspective, a Form 25 (25-NSE) filed with the SEC indicates that American Depositary Shares (each representing one preferred share) of Brazilian Electric Power Company were removed from listing and/or registration on the New York Stock Exchange LLC under Section 12(b) of the Securities Exchange Act of 1934. The form states that the exchange complied with its rules to strike the class of securities from listing and registration. This filing confirms that this class of American Depositary Shares has been delisted from the NYSE.

AXIA Energia continues to report to the SEC as a foreign issuer on Form 6-K, providing updates on corporate events, legal matters, investment projects, auctions, and share repurchase programs. These filings offer investors and analysts insight into the company’s activities in Brazil’s electric power sector, its capital structure decisions, and its role in transmission and generation projects that support the country’s power system.

Business focus and activities

Based on the available descriptions and filings, AXIA Energia is associated with the generation and transmission of electricity in Brazil. Its communications emphasize investments in new and existing transmission assets, participation in regulatory auctions for transmission lots, and the execution and completion of large-scale infrastructure projects such as wind farms and long-distance transmission lines. The company presents these activities as part of a broader effort to expand the Brazilian power grid and support energy evacuation from power plants.

Capital structure and shareholder decisions

The creation of the preferred share class A1 (PNA1) and the detailed voting map disclosed in SEC filings illustrate how AXIA Energia uses shareholder meetings to adjust its capital structure. The new class is described as having rights equivalent to existing class A preferred shares, with additional rights in the context of a public tender offer resulting from a sale of control. This reflects a focus on shareholder treatment in potential control transactions.

Legal and regulatory environment

AXIA Energia’s filings show that the company operates within a legal and regulatory framework that includes Brazilian corporate law, securities regulation by the Comissão de Valores Mobiliários (CVM), and oversight by the Brazilian electricity regulator ANEEL in relation to auctions and licenses. The corporate demand described in one 6-K filing, and the reference to CVM resolutions governing disclosures and share repurchase programs, illustrate the importance of regulatory compliance and judicial processes for the company.

Delisting of American Depositary Shares

The Form 25 filing regarding Brazilian Electric Power Company confirms that American Depositary Shares (each representing one preferred share) were removed from listing on the New York Stock Exchange. While the filing does not provide reasons for the delisting beyond citing the applicable SEC rules, it establishes a historical fact about the trading status of this class of securities. Investors researching AXIA Energia’s American Depositary Shares should be aware that this specific class has been delisted from the NYSE.