Batista de Lima Filho Pedro 4
4 · AXIA Energia S.A. · Filed Jul 6, 2026
Research Summary
AI-generated summary of this filing
AXIA Director Pedro Batista de Lima Filho Sells Net 437,400 Shares
What Happened
- Pedro Batista de Lima Filho, a director of AXIA Energia S.A. (AXIA3), executed multiple open-market transactions on July 1, 2026. He sold a total of 855,500 shares for aggregate proceeds of about $8.75M and purchased a total of 418,100 shares for about $4.28M, resulting in a net disposition of ~437,400 shares and net cash received of roughly $4.47M.
- Transactions included both equity and derivative securities (several entries are labeled as "Derivative"). Reported per-share amounts are weighted-average prices converted from BRL to USD in the filing.
Key Details
- Transaction date: 2026-07-01; Form 4 filed: 2026-07-06 (appears late; Form 4 is normally due within 2 business days).
- Sales (selected): 498,300 @ $10.23 = $5.10M; 174,900 @ $10.27 = $1.80M; 126,800 @ $10.22 = $1.30M; plus smaller derivative disposals at ~$10.05.
- Purchases (selected): 95,000 @ $10.24 = $972.8k; 172,100 @ $10.27 = $1.77M; 92,700 @ $10.27 = $952.0k; plus derivative purchases at ~$10.05.
- Shares owned after transaction: not disclosed in the provided excerpt of the filing.
- Notable footnotes: weighted-average prices were converted from BRL to USD using a Treasury exchange rate (footnotes F1, F3–F6, F9, F13–F14). Multiple footnotes (F2–F11) state Mr. Filho is a partner at Radar Gestora and that some reported holdings may be held by funds managed by Radar (Radar, Infrad, Maliko, Manuka, Tucurui, Xingo, etc.); each fund and Mr. Filho disclaim beneficial ownership except to the extent of pecuniary interest. Footnote F12 describes automatic conversion mechanics for certain PNC shares into common shares over future years.
- Filing timeliness: The Form 4 was filed five calendar days after the trades; this appears late relative to the two-business-day filing requirement and is flagged in the filing.
Context
- The net result is a material disposition (net sell) on the reported date. Purchases that occurred the same day reduce—but do not eliminate—the net sale. Retail investors typically view purchases by insiders as a stronger bullish signal than sales; here the activity shows both but is net selling.
- Derivative entries: the filing lists several transactions as derivatives. These may reflect conversions or transactions in derivative instruments (including PNC shares described in footnote F12); the filing does not identify them as option exercises or cashless sales specifically.
- No 10b5-1 plan, tax-withholding sale, or other trade-plan language is disclosed in the provided excerpt.
Insider Transaction Report
Form 4
AXIA Energia S.A.AXIA3
Batista de Lima Filho Pedro
Director
Transactions
- Sale
Common Shares
[F1][F2]2026-07-01$10.23/sh−498,300$5,097,609→ 14,489,519 total(indirect: By managed account) - Sale
Common Shares
[F3][F4]2026-07-01$10.27/sh−174,900$1,796,223→ 6,825,717 total(indirect: By managed account) - Purchase
Common Shares
[F5][F4]2026-07-01$10.24/sh+95,000$972,800→ 6,920,717 total(indirect: By managed account) - Purchase
Common Shares
[F6][F7]2026-07-01$10.27/sh+1,200$12,324→ 368,485 total(indirect: By managed account) - Purchase
Common Shares
[F6][F8]2026-07-01$10.27/sh+1,600$16,432→ 484,809 total(indirect: By managed account) - Sale
Common Shares
[F9][F10]2026-07-01$10.22/sh−126,800$1,295,896→ 4,504,719 total(indirect: By managed account) - Purchase
Common Shares
[F6][F10]2026-07-01$10.27/sh+92,700$952,029→ 4,597,419 total(indirect: By managed account) - Purchase
Common Shares
[F6][F11]2026-07-01$10.27/sh+172,100$1,767,467→ 4,823,184 total(indirect: By managed account) - Purchase
Class "C" Preferred Shares
[F12][F13][F2]2026-07-01$10.05/sh+2,400$24,120→ 4,813,951 total(indirect: By managed account)→ Common Shares (2,400 underlying) - Sale
Class "C" Preferred Shares
[F12][F14][F4]2026-07-01$10.05/sh−49,800$500,490→ 1,661,938 total(indirect: By managed account)→ Common Shares (49,800 underlying) - Purchase
Class "C" Preferred Shares
[F12][F13][F4]2026-07-01$10.05/sh+3,300$33,165→ 1,665,238 total(indirect: By managed account)→ Common Shares (3,300 underlying) - Sale
Class "C" Preferred Shares
[F12][F14][F7]2026-07-01$10.05/sh−1,400$14,070→ 60,740 total(indirect: By managed account)→ Common Shares (1,400 underlying) - Sale
Class "C" Preferred Shares
[F12][F14][F8]2026-07-01$10.05/sh−1,900$19,095→ 79,809 total(indirect: By managed account)→ Common Shares (1,900 underlying) - Sale
Class "C" Preferred Shares
[F12][F14][F10]2026-07-01$10.05/sh−2,400$24,120→ 1,527,552 total(indirect: By managed account)→ Common Shares (2,400 underlying) - Purchase
Class "C" Preferred Shares
[F12][F13][F11]2026-07-01$10.05/sh+49,800$500,490→ 1,389,138 total(indirect: By managed account)→ Common Shares (49,800 underlying)
Holdings
- 51,115
Common Shares
Footnotes (14)
- [F1]The price reported in column 4 is a weighted average price. 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. The weighted average price, $53.74 Brazilian reals ("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 at the time of filing), 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.
- [F10]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. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Radar. 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.
- [F11]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. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Infrad. 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.
- [F12]Pursuant to Article 11 of the Bylaws of the Company, the PNC Shares shall be automatically converted into Common Shares, assuming such PNC 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 PNC Shares, allocated proportionally among all holders, in each of the fiscal years 2026, 2027, 2028, 2029 and 2030; and all PNC Shares remaining, in fiscal year 2031.
- [F13]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $52.80 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 at the time of filing), 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.
- [F14]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $52.80 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 at the time of filing), 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.
- [F2]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. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Maliko. 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 of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise.
- [F3]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.97 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 at the time of filing), 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.
- [F4]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. 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.
- [F5]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $53.80 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 at the time of filing), 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.
- [F6]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price. The weighted average price, $53.97 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 at the time of filing), 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.
- [F7]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. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Tucurui. 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.
- [F8]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. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Xingo. 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.
- [F9]The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $53.69 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 at the time of filing), 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.
Signature
/s/ Pedro Batista de Lima Filho|2026-07-06