The company, which received three “stabilisation packages” worth a total of €4.3 billion from the German government’s Economic Stabilisation Fund (WSF), confirmed that it had now made the final repayment of €750 million after raising €1.8 billion in a rights issue of new shares earlier this month.

Tui’s CEO Sebastian Ebel said: “This is a very important day for Tui – the roadmap to repay the state aid has been implemented consistently and swiftly. Today we are repaying the remaining aid from the WSF including interest. 

“The confidence of the capital market and the state, as well as the support of shareholders and Tui employees have made this possible. We are very grateful to all those involved. Tui is strengthened and on course, now the focus is on profitable growth."

The company also revealed that it had made payments to the German government of €381 million to cover interest and other costs of the state aid during the pandemic. Tui will also “significantly” reduce its undrawn credit line from German state lender KfW to €1.1 billion.

Mathias Kiep, chief financial officer of Tui Group, added: “We have thus strengthened our balance sheet and gain more financial flexibility in implementing our strategy.”