Lastminute.com Group says it experienced a "strong rebound" during the May to August months of 2020, as border restrictions eased for travelers in Europe.
The online travel business says all its main performance metrics increased significantly over that period compared to the mass lockdown-hit months of March and April.
This lasted until mid-August, it says, when a surge in infections of the coronavirus outbreak formed into a second wave across many parts of Europe.
Revenues for the first nine months of 2020 were 55% down on the corresponding three quarters of 2019 to €115 million.
EBITDA for the January to September period was down 87% to €7.4 million.
Cash available for ongoing operations stands at €147 million, an increase of 10% on the first nine months of 2019, the owner of the Lastminute.com, Bravofly, Rumbo and Hotelscan brands says.
A statement to support the release of company's earnings says: "Despite the relatively good performance registered in the summer season, the situation remains unclear and fluid, from September we suffered with the rise of the second wave of the pandemic and the business showed signs of a slowdown, driving volumes down to -65% compared to the same period of last year.
"As a result of new restrictions and the drop in traveller confidence, the company expects such a slowdown to continue over the winter season."
A cost reduction plan put in place early in the crisis has allowed the business to save around €35 million on fixed costs up to the end of 2020.
Lastminute.com Holdings CEO, Fabio Cannavale, says the industry is still "experiencing an unprecedented crisis."
"While the uncertainty is still a key issue for investors, on the other hands the fundamentals and the strong balance sheet of the group are reliable indicators of our capability to navigate the waves of the pandemic and a solid asset to consolidate our positioning as a European leader, being a winner in such a difficult context."
* Check out this interview with Lastminute.com Holdings CEO, Fabio Cannavale, recorded for the How I Got Here podcast in October this year.