AXIA Energia Director Disposes of 106K Common Shares via Managed Accounts

Insider Trading Analysis: AXIA Energia S.A. (AXIA3)

Executive Summary

On October 13, 2026, AXIA Energia S.A. director Pedro Batista de Lima Filho reported the open-market disposition of an aggregate 106,000 Common Shares on October 9, 2026. The sales were executed at a weighted average price of approximately $11.52 per share (converted from ~59.95–59.96 Brazilian Reais per share), generating gross proceeds of approximately $1,221,120.

Transaction Details & Ownership Structure

All transactions reported in this Form 4 were indirect dispositions across various investment vehicles managed by Radar Gestora de Recursos Ltda., in which Mr. Filho serves as a partner receiving performance-based compensation:

• Maliko Investments LLC / BTG Pactual: 68,800 shares sold; 13,031,331 shares held post-transaction.
• Manuka Investments LLC / BTG Pactual: 13,000 shares sold; 6,930,025 shares held post-transaction.
• Radar Master Fundo de Investimento Financeiro em Ações: 11,700 shares sold; 4,344,669 shares held post-transaction.
• Infrad Master Fundo de Investimento Financeiro em Ações: 11,600 shares sold; 4,847,931 shares held post-transaction.
• Xingo Master Fundo de Investimento Financeiro de Ações: 500 shares sold; 483,139 shares held post-transaction.
• Tucurui Master Fundo de Investimento Financeiro em Ações: 400 shares sold; 365,456 shares held post-transaction.
• Direct Ownership: 51,115 Common Shares remain directly owned.

Strategic Context & Significance

• Significance Rating: Medium. Although the gross transaction amount exceeds $1.2 million, it represents approximately 0.35% of the ~30 million shares beneficially held across the affiliated funds.
• The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest.
• The minor trimming across multiple funds is standard for institutional portfolio rebalancing rather than an indicator of a directional sentiment shift by the director.