AXIA Energia Director Discloses $9.63M Indirect Share Sale Across Managed Accounts

Insider Transaction Overview

On October 9, 2026, Pedro Batista de Lima Filho, a director of AXIA Energia S.A. (AXIA3), filed a Form 4 detailing open market dispositions of common shares executed on October 7, 2026.

Transaction Summary

• Security: Common Shares
• Transaction Type: Open Market Sale (S)
• Transaction Date: October 7, 2026
• Aggregated Shares Sold: 837,000 shares
• Weighted Average Price: $11.50 per share (converted from BRL 59.84 at a rate of 5.2050 BRL/USD)
• Total Gross Value: $9,625,500.00
• Ownership Form: Indirect (via managed accounts)

Breakdown of Indirect Holdings Disposed

The sales were distributed across six managed investment vehicles managed by Radar Gestora de Recursos Ltda., in which Mr. Filho serves as a partner:

1. MALIKO INVESTMENTS LLC - BANCO BTG PACTUAL S/A: Sold 476,700 shares; post-transaction holdings of 13,100,131 shares.
2. MANUKA INVESTMENTS LLC - BANCO BTG PACTUAL S/A: Sold 103,000 shares; post-transaction holdings of 6,943,025 shares.
3. RADAR MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES: Sold 158,400 shares; post-transaction holdings of 4,356,369 shares.
4. INFRAD MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES: Sold 91,700 shares; post-transaction holdings of 4,859,531 shares.
5. XINGO MASTER FUNDO DE INVESTIMENTO FINANCEIRO DE ACOES: Sold 4,100 shares; post-transaction holdings of 483,639 shares.
6. TUCURUI MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES: Sold 3,100 shares; post-transaction holdings of 365,856 shares.

Post-Transaction Holdings

• Indirect Holdings (Managed Accounts): 30,108,551 shares
• Direct Holdings: 51,115 shares
• Combined Retained Holdings: 30,159,666 shares

Analysis & Context

While the total dollar proceeds of $9.63M are sizable, the disposition represents less than 3% of the collective 30.9M+ shares held through the managed vehicles prior to the sale. The filing notes that Mr. Filho disclaims beneficial ownership of the securities except to the extent of his pecuniary interest.