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Press release May 7 , 2021 Q1 2021 financial results Highlights amaDEUs Amadeus makes progress on efficiency plan as traveler sentiment slightly improves First quarter highlights ( three months ended March 31 , 2021 compared to Q1 2020 ) Revenue contracted by 51.4 % , to € 496.7 million – EBITDA¹ decreased by 84.6 % , to € 53.7 million – Adjusted profit² contracted by 158.6 % , to a loss of € 83.1 million In Distribution , our travel agency air bookings decreased by 60.3 % , to 33.8 million - In IT Solutions , our passengers boarded declined by 66.9 % , to 127.2 million - Free Cash Flow³ amounted to - € 11.9 million , or + € 31.4 if we exclude implementation costs from the cost - saving program - Net financial debt was € 3,045.4 million , while liquidity available amounted to c . € 3.8 billion at March 31 , 2021 Luis Maroto , President & CEO of Amadeus , commented : " In January , the resurgence of the pandemic brought new movement restrictions in many parts of the world . However , as vaccination programs gathered pace in certain regions throughout the quarter , we saw an uptick in air bookings and passengers boarded in March . Volume - wise it was the best performing month since February 2020. Into April , we have seen further improvement . " Despite this , we remain cautious as we focus on delivering planned efficiencies and our on - going commercial efforts . During the quarter , we launched new solutions to support the recovery of travel , such as adding health capabilities to our Traveler ID solution , or offering new biometrics boarding at airports , simplifying processes and helping our customers comply with social distancing rules " . " Moving forward , we expect to maintain commercial momentum . This , alongside improving traveler sentiment and the continued progression of vaccination programs around the world , should help us navigate the current situation and will hopefully translate into a more consistent and stronger recovery " . 1 Adjusted to exclude costs incurred in the first quarter of 2021 , related to the implementation of the cost saving program announced in the second quarter of 2020 . These costs relate mostly to severance payments and amounted to € 15.1 million in the first quarter of 2021 ( € 10.9 million post tax ) . 2 Excluding after - tax impact of the following items : ( i ) accounting effects derived from PPA exercises and impairment losses , ( ii ) non - operating exchange gains ( losses ) , ( iii ) costs related to the implementation of the cost savings programs and ( iv ) other non - operating , non - recurring effects . 3 Defined as EBITDA , minus capex , plus changes in our operating working capital , minus taxes paid , minus interests and financial fees paid . 4 Based on our credit facility agreements ' definition . 5 Composed of cash ( € 1,908.6 million ) , short term investments ( € 929.6 million ) and an undrawn revolving credit facility ( € 1,000 million ) .