BRAZILIAN ELECTRIC POWER (AXIA) Company Report

Analyst Coverage

Research analysts covering BRAZILIAN ELECTRIC POWER.

Recent press releases and 8-K filings for AXIA.

AXIA Energia Shareholders Approve Share Class Restructuring and Enhanced Shareholder Rights

AXIA

Convertible Preferred Issuance

Proxy Vote Outcomes

M&A

AXIA Energia held an Extraordinary General Meeting (EGM) on December 19, 2025, where shareholders voted on significant changes to the company's share structure and shareholder rights.
Key proposals included the creation of new preferred share classes: Class A1 (PNA1), Class R (PNR), and Class C.
The new PNA1 shares grant existing PNA rights plus the right to sell in a public tender offer (OPA), PNR shares are compulsorily redeemable, and Class C shares are convertible into common shares and redeemable with OPA rights.
The EGM also addressed the mandatory conversion of existing preferred shares (PNA and PNB) into the new PNA1/PNB1 and PNR shares, and the compulsory redemption of all PNR shares.
For the compulsory redemption of PNR shares, shareholders voted 824,242,388 For, 191,949,625 Against, and 35,028,876 abstained.

Dec 30, 2025, 9:22 PM

AXIA Energia EGM Approves Share Class Changes and Bonus Issue

AXIA

Proxy Vote Outcomes

Dividends

Accounting Changes

The Extraordinary General Meeting (EGM) of AXIA Energia, held on December 19, 2025, approved all submitted matters, including the creation of class C preferred shares (PNCs) and the conversion of existing preferred shares.
The company will capitalize R$30,000,000,024.48 of its profit reserves through the issuance of 606,796,117 PNC shares as a bonus issue.
A mandatory redemption of all class R preferred shares (PNR) will occur at a price of R$1.2994705188032 per redeemed PNR share.
The PNC distribution ratio is 0.2628378881074 PNC share for each common, PNA, or PNB share, with the Record Date on B3 being December 19, 2025, and trading of PNC shares on B3 starting December 22, 2025.
ADRs backed by PNC shares will have an Ex-Date and Record Date on the NYSE of December 22, 2025, with delivery scheduled for December 29, 2025.

Dec 19, 2025, 9:18 PM

AXIA Energia Board Approves Capital Increase and Bonus Share Issue

AXIA

Accounting Changes

Convertible Preferred Issuance

Dividends

The Board of Directors of AXIA Energia approved a capital increase of R$30,000,000,024.48 (thirty billion, twenty-four reais and forty-eight cents) through the capitalization of a portion of the Company's Profit Reserves.
This capital increase will result in a bonus issue of 606,796,117 new Class "C" preferred shares (PNC), distributed at a ratio of 0.2628378881074 PNC share for each common, Class 'A' preferred, or Class 'B' preferred share held. The unit value attributed to these bonus shares is R$49.44 (forty-nine reais and forty-four cents).
The Record Date for the bonus issue is December 19, 2025, with shares beginning to trade ex-bonus on December 22, 2025. The PNC shares will be included in shareholders' positions on December 26, 2025.
The Board also set the redemption value for Class "R" preferred shares (PNR) at R$1.2994705188032 per redeemed share.

Dec 9, 2025, 11:30 AM

BRAZILIAN ELECTRIC POWER CO Proposes Share Class Restructuring and Profit Reserve Distribution

AXIA

Convertible Preferred Issuance

Dividends

BRAZILIAN ELECTRIC POWER CO (AXIA) is proposing the creation of new preferred share classes: PNA1, PNB1, PNR, and PNC.
The proposal includes the mandatory conversion of all currently outstanding PNA and PNB preferred shares into PNA1, PNB1, and PNR shares.
The company aims to distribute part or all of its R$39.9 billion profit reserves (as of September 30, 2025) through a "Bonus Issue" of PNC shares and an additional cash "Redemption Amount" for PNR shares.
The new PNA1, PNB1, and PNC shares, along with common shares, will be granted a 100% tag-along right in a public tender offer resulting from a change of control, aligning with a planned migration to B3’s Novo Mercado listing segment in 2026.

Nov 28, 2025, 1:21 PM

Brazilian Electric Power Co. Resumes Novo Mercado Migration Studies

AXIA

Delisting/Listing Issues

Convertible Preferred Issuance

AXIA Energia has resumed studies for a potential migration to the Novo Mercado of B3 S.A., a special listing segment for companies adopting the highest standards of corporate governance.
A Management Proposal was submitted on November 27, 2025, for an Extraordinary General Meeting scheduled for December 19, 2025.
The proposal concerns the capitalization of profit reserves through bonus issuances of a new class of preferred shares (PNC).
These PNC shares will have voting rights and are temporary, with redemption and/or conversion into common shares by 2031, aligning with the principles of the Novo Mercado.

Nov 28, 2025, 11:30 AM

Brazilian Electric Power Reports Q4 2024 Results, Announces BRL 4 Billion Dividend, and Details Investment Strategy

AXIA

Earnings

Dividends

New Projects/Investments

AXIA reported a recurring EBITDA of BRL 5.1 billion and reduced operational costs to BRL 6.784 billion in 2024. The company targets PMSO costs to be below BRL 6 million for 2025.
The company declared BRL 4 billion in dividends for 2024, exceeding the minimum payout. Gross debt stands at BRL 75.6 billion, and the provision for compulsory loan inventory has been reduced by 50% since privatization to BRL 13.6 billion.
AXIA plans BRL 14 billion in total investments for auctions, reinforcement, and enhancement in generation and transmission, with a Capex of BRL 5.6 billion in 2024 for auctions alone. The company's strategy emphasizes M&As for simplification, greenfield projects, and active participation in auctions.
The company is navigating increased energy market volatility with a conservative leverage approach in generation. Key operational milestones include the expected delivery of the Boa Vista wind farm in H2 2025 and the anticipated closing of thermal plant operations beginning Q2.