AXIA Energia Director Converts Preferred Shares to Common Shares via Managed Accounts

Analysis of Form 4 Filing: AXIA Energia S.A. ($AXIA3)

Transaction Overview

On October 2, 2026, Director Pedro Batista de Lima Filho reported the conversion of 1,216,876 Class 'C' Preferred Shares into 1,216,876 Common Shares at $0 per share across multiple indirect managed accounts managed by Radar Gestora de Recursos Ltda. (including Maliko Investments LLC, Manuka Investments LLC, Tucurui Master FIA, Xingo Master FIA, Radar Master FIA, and Infrad Master FIA).

Context and Significance

• Mandatory Conversion Mechanism: As disclosed in Footnote 1, the transaction was completed in connection with the mandatory redemption of 15.46% of AXIA Energia's outstanding Class 'C' Preferred Shares pursuant to the terms of the company's bylaws.
• Pecuniary Interest Disclaimer: Mr. Filho disclaims beneficial ownership of the securities held by the managed funds except to the extent of his pecuniary interest as a partner at Radar Gestora.
• Market Impact: Because this transaction represents a non-discretionary, mandatory corporate conversion of derivative equity into common equity rather than open-market buying or selling, it carries Low trading significance.