The Board of Directors of Azevedo & Travassos Energia (AZTE3) approved, on November 3, 2026, a private capital increase of at least R$ 15,804,928.81 and at most R$ 31,609,857.62, within the authorized capital limit. Between 20,006,239 and 40,012,478 common shares will be issued, at a price of R$ 0.79 per share. The increase will be partially ratified if at least the minimum amount is subscribed.
The issue price corresponds to the share price on the B3 at the close of October 30, 2026, with no premium or discount. Management stated that the share price was the criterion that best reflects the company's market value. The net asset value per share would be R$ 7.15, but it was discarded because it considers only accounting criteria. The profitability outlook criterion was discarded because of uncertainties about interest rates and inflation.
The funds will come from the capitalization of credits and/or payment in cash. The capitalized credits will be used to reduce the liabilities of the company and its subsidiaries, with no cash disbursement. The cash will be allocated to the production increase program, operational expansion and working capital reinforcement.
Shareholders have preemptive rights to subscribe up to 1 new share for each share held at the close of November 4, 2026 (record date). Shares bought from November 5 onward trade without this right. The period to exercise it runs from November 5 to December 4, 2026, until 4 p.m. (Brasília time). The right may be transferred to third parties.
Currently, the share capital is R$ 339,404,774.68, divided into 40,012,478 common shares. After the increase, it will be R$ 355,209,703.49 (60,018,717 shares) in the minimum scenario, or R$ 371,014,632.30 (80,024,956 shares) in the maximum. Shareholders who do not subscribe any shares will have their stake diluted by 33.33% to 50.00%. Shareholders Forseti Investimentos and Nemesis Brasil Participações indicated a non-binding intention to subscribe up to R$ 15,804,928.81 and to participate in the leftover shares.
