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Press release July 30 , 2021 Q2 2021 financial results Highlights amaDEUs Amadeus improves quarterly financial performance as travel gradually recovers Second quarter highlights ( three months ended June 30 , 2021 compared to Q2 2019 ) – In Distribution , our travel agency air bookings decreased by 67.6 % , to 47.1 million , an improvement of 11.6 p.p. over its first quarter of 2021 performance . - In IT Solutions , our passengers boarded declined by 67.7 % , to 164.9 million , an improvement of 3.1 p.p. over its first quarter of 2021 performance . Revenue contracted by 56.0 % , to € 624.4 million , an increase of € 127.7 million relative to the first quarter of 2021 . - EBITDA¹ decreased by 75.3 % , to € 145.3 million , an increase of € 91.6 million relative to the first quarter of 2021 . - Adjusted profit² contracted by 107.2 % , to a loss of € 23.6 million , an improvement of € 59.5 million relative to the first quarter of 2021 . - – Free Cash Flow³ amounted to - € 110.0 million , or - € 78.5 million excluding cost saving program implementation costs paid . Net financial debt was € 3,255.8 million and liquidity available amounted to c . € 3.4 billion , at June 30 , 2021 . In the first half of 2021 , Amadeus Group revenue and EBITDA contracted by 60.3 % and 83.2 % , respectively , vs. the first six months of 2019. Free Cash Flow amounted to a € 121.8 million cash outflow , or a € 47.0 million outflow , excluding cost saving program implementation costs paid . In the six - month period , we had an Adjusted Profit loss of € 106.7 million . Luis Maroto , President & CEO of Amadeus , commented : " Building on the trends already seen in the first quarter , air bookings and passengers boarded have gradually improved each month and accelerated in June , which has been the best performing month since the start of the pandemic . 1 Adjusted to exclude costs incurred in the second 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 € 4.2 million in the second quarter of 2021 ( € 3.0 million post tax ) . See section 3 for more details . 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 saving programs and ( iv ) other non - operating , non - recurring effects . 2 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 ( i ) cash and cash equivalents , net of overdraft bank accounts ( € 1,488.9 million ) , ( ii ) short term investments , net of associated unrealized hedging results ( € 871.1 million ) and an undrawn revolving credit facility ( € 1,000 million ) . 6Adjusted to exclude costs incurred in the first half of 2021 , related to the implementation of the cost saving program announced in the second quarter of 2020 , amounting to € 19.3 million ( € 13.9 million post tax ) in the first half , and € 4.2 million ( € 3.0 million post tax ) in the second quarter of 2021. See section 3 for more details . 7 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 saving programs and ( iv ) other non - operating , non - recurring effects .