The number of passengers transported by GNV in 2025 was approximately 2.45 million, which is a 5.3% increase on the 2.3 million carried in 2024

The freight sector saw even more growth, with transported linear metres rising to approximately 5.5 million, representing an increase of 15.4%. Revenues increased by 15.8% for passengers, 28.2% for freight, 21.9% for onboard services, and 34.6% for active charter.

The MSC Group continues to support GNV (Grandi Navi Veloci), a Genoa-based ferry operator with a fleet of 29 vessels. GNV recently received a further €400 million capital injection from its parent company, Shipping Agencies Services, which is based in Luxembourg.

 Technical issues across the fleet

A turning point was marked in the year, according to the senior management led by CEO Matteo Catani. The year 2024 was heavily impacted by technical issues across the fleet. Now that its vessels are fully operational again, the company has achieved double-digit growth in transport volumes and revenue, and improved profitability.

The company's production value

The company's production value hit €752 million, while EBITDA remained in the red at €75 million (a significant improvement from the -€148 million loss recorded in 2024). The operating loss shrank by 21%, but the company still reported a deficit of €201.5 million, down from around €255 million the previous year.

 The most relevant figure relates to adjusted EBITDA

However, according to GNV, the most significant figure relates to adjusted EBITDA. This is calculated by anticipating the effects of IFRS 16, which was officially adopted with effect from the 2026 financial statements. It reflects a scenario in which GNV directly owns the entire fleet, including vessels chartered by the MSC Group via bareboat agreements, such as the four newly built ships. 'Under this configuration, adjusted EBITDA for 2025 approaches break-even at approximately €-14 million, compared to €-107 million in 2024 — a recovery of €93 million in a single fiscal year,' the company notes, identifying this as a turnaround in the trend.h

The number of passengers transported by GNV in 2025 

The number of passengers transported by GNV in 2025 was approximately 2.45 million, which is a 5.3% increase on the 2.3 million carried in 2024.  The freight sector saw even more growth, with transported linear metres rising to approximately 5.5 million, representing an increase of 15.4%. Revenues increased by 15.8% for passengers, 28.2% for freight, 21.9% for onboard services, and 34.6% for active charter, according to Shipping Italy 

Fuel expenditure increased by 4.2% to €273 million 

In terms of costs, fuel expenditure increased by 4.2% to €273 million — a moderate rise thanks to hedging contracts entered into by the MSC Group — while labour costs grew by 19.1%, reflecting the expansion of crews and shore-based operations. European ETS regulations on maritime emissions are also weighing on the bottom line; these are expected to cost GNV approximately €40 million in 2025, compared to €22.4 million in 2024.

 Invest over €60 million in 2026 to retrofit ferries currently

The company plans to invest over €60 million in 2026 to retrofit ferries currently in service, pending the arrival of four additional new ro-pax vessels from China over the coming years, which will join the four already in the fleet, and alongside the decommissioning of older, less efficient ships.

Matteo Catani

The Company is entering a new phase of its history, 

Matteo Catani states that the company is not just making a numerical improvement; it is entering a new phase of its history, where the investments made – starting with the €400 million injected by shareholder SAS – are finally beginning to generate value. The 2026 financial year will be pivotal in consolidating this trajectory and transforming investments into sustainable, long-term growth”.

Related: MSC Cruises' Explora IV launched in Genoa

A future capital increase.

The €400 million capital injection (in addition to over €500 million already invested in recent years) was structured in two phases. Firstly, a portion of the shareholder loan owed to the parent company (€92.96 million) and receivables acquired from other group companies (€127.04 million) were converted into payments towards a future capital increase. Secondly, an additional payment of €180 million towards a future capital increase has already been made. 

The MSC Group views the ferry sector as an infrastructure-related business 

The accounts were impacted immediately and significantly: the company's net equity increased from €137 million in 2024 to €304 million in 2025 — a capital strengthening of over €167 million that reshaped the group's financial solidity. As CEO Catani emphasised, 'The MSC Group views the ferry sector as an infrastructure-related business with significant growth prospects, and supports GNV’s development project through investments of this magnitude aimed at fleet renewal and restructuring the company’s capital base.' Whatever it takes.

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