Issue link: https://maltatoday.uberflip.com/i/1545966
maltatoday | SUNDAY • 26 JULY 2026 How Endo Group is strengthening its foundations for long-term growth GROWTH is often measured by more people, assets and reach. Yet in capital-intensive ship- ping, long-term strength also depends on how that growth is financed. This is the thinking behind Endo Finance p.l.c.'s issue of up to €23 million in 5.75% Bonds maturing in 2036. The Bond Issue is intended to consoli- date part of the Endo Group's existing financing, settle a ves- sel-related lease liability and provide funding for continuing operations. Building the business step by step The current Endo Group structure began taking shape in 2018, when Endo Ventures Ltd and Endo Tankers Ltd were established, drawing on dec- ades of maritime experience developed by the Frendo fam- ily. Christopher and Nicholas Frendo joined the family busi- ness in 1997 and 1999 respec- tively, learning the industry through operational and man- agement roles. The Group acquired Endo Si- rocco in 2020 and later added Endo Ponente, Endo Gregale and Endo Ostro between 2023 and 2024. In June 2025, Endo Sirocco entered into a two-year bareboat charter arrangement with a third party, including an option to purchase the vessel at the end of the term. Following fleet expansion, management's priority during 2025 was consolidation. The Group reported strong vessel utilisation without material idle time, completed planned maintenance and regulatory work, and recorded no major operational incidents during the year. A longer-term financing structure Net proceeds are expected to amount to approximately €22.54 million. Around €4.8 million will be used to purchase or redeem the 2022 Notes, €7 million will redeem the 2023 Notes, and €6 million will set- tle the lease liability relating to Endo Gregale. Around €4.74 million is intended for general corporate funding. Much of the transaction therefore replaces existing ob- ligations with financing that runs to 2036, giving the Group a longer planning horizon. "Responsible growth is not only about acquiring assets. It is also about making sure that the financing behind those assets supports the business over time," Christopher Fren- do, Executive Director of Endo Finance p.l.c., said. "This Bond Issue allows us to address existing commit- ments, strengthen our longer- term financial foundations and remain focused on running our vessels efficiently. Disciplined financing and disciplined op- erations must always go hand in hand." The Financial Analysis Sum- mary accompanying the Pro- spectus reported Group reve- nue of €17.105 million in 2025, EBITDA of €5.202 million and profit after tax of €543,000. For 2026, management fore- casts revenue of €17.660 mil- lion, EBITDA of €6.387 million and profit after tax of €1.675 million. Forecasts are based on management assumptions and actual results may differ. Features built into the bond issue The Bonds are guaranteed by Endo Ventures Ltd and partial- ly secured through first-priority mortgages over Endo Gregale and Endo Ostro, together with pledges over the proceeds of their respective insurance pol- icies. The Issuer has also commit- ted to establishing a Reserve Account, segregated from the Group's other assets and maintained under the control of the Security Trustee. Annu- al contributions will be made throughout the term. The ac- count must reach at least 20% of the outstanding nominal value of the Bonds by the end of 2031 and at least 50% by maturity. The Bonds are issued at €100 each, with a minimum sub- scription of €2,000. Interest is payable annually, and the Of- fer Period is scheduled to close at 12:00 CET on 7 August 2026, unless closed earlier. The Prospectus and further information are available at www.endofinance.com. IMPORTANT NOTICE This is an advertisement is- sued by Endo Finance p.l.c., C 89481. Prospective investors should read the Prospectus dated 15 July 2026 in full be- fore making any investment decision in order to fully un- derstand the potential risks and rewards associated with an investment in the Bonds. Investment in the Bonds in- volves risks, including the po- tential loss of capital. Approval of the Prospectus by the MFSA should not be considered an endorsement of the Issuer or the Bonds. The value of investments may go down as well as up. This advertisement does not con- stitute investment advice or a recommendation. Investors should seek financial, legal and tax advice if in doubt as to the suitability of the investment. THIS IS A PAID COLLABORATION