The foundations supporting Endo Group’s maritime growth

For most people, a ship is something seen on the horizon or entering port. For a shipping operator, however, every vessel is a working asset that must be crewed, maintained, inspected and kept in productive service. The strength of the business is measured not only by the number of vessels it owns, but by how consistently and responsibly they are operated.

This practical approach is central to the Endo Group, a Malta-based maritime group focused on the acquisition, financing, management and chartering of commercial vessels. The current Group structure began taking shape in 2018, when Endo Ventures Ltd and Endo Tankers Ltd were established, drawing on decades of maritime experience developed by the Frendo family.

Its core tanker portfolio includes Endo Ponente, Endo Gregale and Endo Ostro, all chartered to third-party clients. Under a time charter, the vessel owner provides and manages the ship while the charterer pays an agreed daily hire. The arrangement enables the Group to generate revenue by keeping its vessels available and operational.

This requires experienced crews, technical oversight, insurance, repairs and regulatory compliance. Endo Ponente, Endo Gregale and Endo Ostro are managed by Bernhard Schulte Shipmanagement Ltd, which oversees their crews, navigation, maintenance, repairs and dry-docking.

The results of this approach could be seen during 2025. Following fleet expansion in 2023 and 2024, the Group concentrated on consolidating and optimising its operations. Its vessels maintained strong utilisation without material idle time, scheduled maintenance and regulatory work continued as planned, and no major operational incidents were reported during the year.

In shipping, consistency matters. A vessel must be properly managed, maintained and employed if it is to deliver value over the long term

Endo Sirocco, acquired in 2020, entered into a two-year bareboat charter arrangement with a third party in June 2025, including an option to purchase the vessel at the end of the term. This formed part of management’s continuing focus on optimising the fleet, while Endo Ponente, Endo Gregale and Endo Ostro continued contributing to chartering activities.

Financially, the Endo Group generated revenue of €17.105 million in 2025, with EBITDA of €5.202 million and profit after tax of €543,000.

Management forecasts revenue of €17.660 million, EBITDA of €6.387 million and profit after tax of €1.675 million for 2026. These forecasts are based on management assumptions and actual results may differ.

Christopher Frendo, Executive Director of Endo Finance p.l.c., said the Group’s focus remains on building a sustainable operation rather than pursuing growth for its own sake.

“In shipping, consistency matters. A vessel must be properly managed, maintained and employed if it is to deliver value over the long term,” he said.

“Following the investments made in our fleet, our priority has been to strengthen operations, maximise utilisation and place the Group’s financing on a longer-term footing. The new Bond Issue forms part of that disciplined approach.”

Endo Finance p.l.c. is issuing up to €23 million in 5.75% Bonds maturing in 2036. The net proceeds will principally be used to refinance existing notes, settle the lease liability relating to Endo Gregale and provide general corporate funding. The Bond Issue is primarily intended to consolidate existing financing and support the Group’s continuing operations.

The Bonds are guaranteed by Endo Ventures Ltd and partially secured through first-priority mortgages over Endo Gregale and Endo Ostro, together with pledges over the proceeds of their respective insurance policies.

The Issuer has also committed to establishing a Reserve Account that will be segregated from the Group’s other assets and maintained under the control of the Security Trustee. The first contribution must amount to at least €400,000 by 31 December 2027. The balance is required to 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 subscription of €2,000. Interest is payable annually, and the Offer Period is scheduled to close at 12:00 CET on August 7, 2026, unless closed earlier.

The Prospectus and further information are available at www.endofinance.com.

Important notice

This is an advertisement issued by Endo Finance p.l.c., C 89481. Prospective investors should read the Prospectus dated 15 July 2026 in full before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. Investment in the Bonds involves risks, including the potential 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 constitute investment advice or a recommendation. Investors should seek financial, legal and tax advice if in doubt as to the suitability of the investment.