Axia Energia disclosed two major financial updates on Friday. The company has reached a R$ 1.3 billion agreement with the Union and the State of Piauí to conclude a civil action in the Supreme Federal Court (STF). The lawsuit pertains to alleged damages from delays in the privatization of the former state energy distributor, Cepisa. The settlement involves two payments of R$ 650 million, which the company stated are already provisioned for.
In a separate announcement, Axia approved the transfer of over 23 million treasury shares to settle judicial processes related to compulsory energy loans. This maneuver will allow the company to write off approximately R$ 1.1 billion in liabilities. The company clarified that this accounting move will not impact its financial results but will mitigate volatility linked to the share price fluctuations.