MSC Group has strengthened its commitment to ferry operator GNV (Grandi Navi Veloci) by injecting an additional EUR 400 million into the Genoa-based company through its Luxembourg holding company, Shipping Agencies Services (SAS).
According to CEO Matteo Catani, 2025 marked a turning point for GNV after a difficult 2024, which was affected by technical issues across the fleet. With all vessels back in service, the company achieved double-digit growth in cargo and passenger revenues while significantly improving profitability.
GNV generated EUR 752 million in revenue in 2025. EBITDA remained negative at EUR 75 million but improved substantially from negative EUR 148 million in 2024, while the net loss narrowed by 21% to EUR 201.5 million.
On an adjusted basis, assuming the entire fleet, including vessels bareboat-chartered from MSC, is treated as owned in accordance with IFRS 16 accounting principles, adjusted EBITDA improved to around negative EUR 14 million, compared with negative EUR 107 million the previous year, highlighting a strong operational recovery.
The company carried 2.45 million passengers (+5.3%) and transported 5.5 million lane metres of freight (+15.4%). Passenger revenue increased by 15.8%, freight revenue by 28.2%, onboard services by 21.9%, and charter income by 34.6%.
Fuel costs rose moderately to EUR 273 million thanks to MSC’s hedging strategy, while labour costs increased by 19.1% following workforce expansion. The EU Emissions Trading System (ETS) added approximately EUR 40 million in costs during 2025.