Alan - 2025 Q2 Letter to Shareholders

• Key results
• Launching Alan Play globally, making engagement the foundation for prevention
• Coverage of  the Ministry of Finance, our largest contract to date with 130k agents and their beneficiaries
• Growing our Revenue per member through Prévoyance and out of coverage cross-sell
• Growing our margin through smart cost management
• Becoming a Global Health Platform
• Vision for Tomorrow
• Conclusion

Dear Alan community,

I am delighted to share with you the exceptional results of our first half of 2025, which has fundamentally transformed Alan's trajectory: 

Our core business shows exceptional results: 

We are above budget on all of our Key Financial Results. Our gross margin, OPEX and net income are performing above targets. The momentum across all geographies is promising. 

Beyond numbers, we see every day our tangible impact as we transform healthcare for what will soon be a million people, all while building an increasingly sustainable and profitable business. 

Aligning health incentives and financial performance is the virtuous cycle that is at the heart of our business model and our mission. 

The level of opportunity that presents itself to us is growing every day. The question is how we position ourselves to seize as much of it as possible, to increase our innovation footprint, our growth potential, and to capture value. All while maintaining a financial trajectory that aligns with our ambitions.

H1 2025 will be remembered for two transformative achievements that heavily accelerate our competitive position and growth trajectory.

We successfully launched Alan Play across all our markets, our biggest step toward making prevention an engaging, daily experience. The results have been exceeding our expectations:

• 40% of employees activated their step tracking

• Daily active users have increased to x2.3 vs. before the launch of Alan Play, doubling engagement across the entire member base.

• The powerful flywheel effect is already visible: Play users show 3x higher usage of our health services like Alan Clinic and a +100% increase in the well-being Shop. Play is acting as a discoverability tool for other services.

From health insurance to daily health engagement: we believe this shift in usage will be pivotal for retention, cross-sell, and a better cost of claims management as we guide members toward prevention.

As this engagement already shows powerful side effects for Alan, we are already planning on boosting our Play experience to drive even more engagement by:

• Covering more activities with Play 

• Enriching social dynamics and team cohesion 

• Organising events to mobilise around Play 

• Leveraging Play’s gamified incentives across the product 

This now confirmed attribution represents a major milestone in the reform of supplementary social protection (PSC) for the state civil service, and strengthens Alan's position as the health partner of choice for public employers. 

Alan's operational excellence in managing complex collective contracts for large-scale employers across both private and public sectors—including the ministries of Territorial Planning and Ecological Transition and the Prime Minister's services—positions the company for continued acceleration as it consistently delivers on high-stakes deployments that establish new standards in the industry.

We are obsessed with delivering the best experience to agents and HRs for January 1st and show how prevention can work at scale.

Our cross-selling in Prévoyance has reached a strong momentum. Prévoyance grew by +43% since last year following our successful internalization strategy. We now handle almost half of new acquisitions with our internal offers, giving us greater flexibility and control over the customer experience.

We also saw a 3.4x increase in “out-of-coverage” cross-sells revenue. This growth is driven by therapy, contact lenses, well-being Shop, and healthy benefits.

The Shop integration with Play has been particularly successful as 40% of purchases now use earned berries, creating a seamless connection between healthy behaviors and tangible rewards.

In H1, our margin has significantly improved vs. 2024, on both older cohorts and new acquisition and we are trending currently above budget. This proves the long-term profitability of our model.

We have been working on product initiatives as strategic levers to fight medical inflation and they are now ramping up with: 

• Fraud prevention delivering meaningful savings

• Alan Optics generating significant cost reductions on member claims

• Coverage optimizations and ex-employee management tools launched in Q2 will show full impact in coming quarters

While we expect some inflation pressure in the next half of the year, these strategic levers position us to hold the line and potentially reduce that drift further.

Operational expenses remain well-controlled, while our cost to serve per member continues to decline even as we enhance service quality. This operational leverage demonstrates the scalability we've built into our platform.

Our international momentum continues to accelerate across all markets: 

🇧🇪Belgium: our collaboration with Belfius is progressing well. We achieved +153% ARR from acquisition YoY growth, and have over-performed on our own distribution.

🇪🇸Spain delivered exceptional results in ARR signed from acquisition of +206% YoY growth, demonstrating the underlying strength of our market position.

🇨🇦Canada represents a particularly exciting milestone, as we have now obtained insurance licenses for Alberta and British Columbia, bringing our potential coverage to 65% of the Canadian population. This expansion is strategic to serve remote workers from Toronto-based tech companies, our primary target market. 

More broadly, Canada's early successes confirm that we've assembled truly global assets that make expansion progressively faster, at an increasingly lower cost.

🌍As we plant seeds for future growth, our proven international go-to-market playbook enables us to enter new regions with increasingly lower initial investment, positioning Alan to become the leading player in markets where health systems differ, but fundamental needs for accessible care, preventive health engagement, transparent coverage, and seamless digital experiences remain the same.

Our 2026 roadmap reflects our ambition to become the first integrated player at the intersection of insurance and healthcare. We are strategically pursuing three key priorities:

• Expanding our member base:

  • Continue to redefine the insurance experience for Entreprise clients through increased automation

  • Continue expanding into the Public sector (local authorities)

  • Investments in our self-serve offer & growth. The market opportunity is enormous.

• Verticalizing care and impacting cost of claims:

  • Iterations on our engagement engine.

  • Our Dr. AI assistant Mo, setting the foundation for zero marginal cost healthcare.

  • Boosting our telemedicine experience

• Accelerating our cross-sell potential, notably with:

  • Disability insurance expansion to individuals and public sectors

  • Occupational health 

  • Out of coverage revenue through Alan Shop and others

  • Exploring longevity and adjacent topics

H1 2025 has definitively proven that our strategy of integrating prevention, engagement, and healthcare delivery creates unparalleled value for all stakeholders. 

With our latest achievements, we're showing that exceptional member experiences and strong business performance are mutually reinforcing.

As we serve more than 887,000 members while still holding only ~1% market share in our core markets, the potential ahead of us remains extraordinary. Thank you for your unwavering support and belief in our mission. 

Jean-Charles