Alan - 2025 Q1 Letter to Shareholders

Dear Alan community,

I am pleased to share with you the results of our first quarter of 2025, which has exceeded our expectations and laid very strong foundations for what promises to be a transformative year for Alan.

Our core business continues to demonstrate remarkable robustness, with outstanding performance across all key metrics:

Those numbers represent the real impact we're making in transforming healthcare for hundreds of thousands of people while building a sustainable and profitable business.

The success of Alan is closely tied to our ability to align health and prevention incentives for our members and companies with Alan's financial incentives. This virtuous cycle is at the heart of our business model and our mission.

We're focused on three main levers:

This quarter marked the final preparations for the global launch of Alan Play on May 12th—a major innovation that will transform health prevention into an engaging, social experience. Alan Play is reimagining how people engage with their health. You can watch the keynote here !

Based on proven principles of behavioral psychology and game design mechanics, Alan Play includes:

The first results from our beta tests are exceptional: up to 70% of employees engage in the program, with a third remaining active each week after 6 months. 

This represents a profound change in habits, beneficial for the health of Alan members. Active users increase their activity by an average of 20,000 steps per month. Additionally, 80% of HR managers report improved team cohesion.

Based on these tests, we expect Alan Play to increase our daily active users to 18%—a dramatic improvement in engagement that will help us build deeper relationships with our members.

Alongside Alan Play, we've also launched Dolce Vita, our offering designed specifically for retirees. This demographic faces unique challenges: diminishing income coupled with increasing healthcare needs, and 60% of common health problems among seniors could be prevented through personalized prevention. 

Dolce Vita extends our vision to a population that deserves more than ever our attention and innovation, offering them the modern, simple, and transparent experience that our members praise. 

A significant milestone this quarter was the full internalization of our Prévoyance risk. Starting March 2025, all our new Prévoyance customers are equipped with Alan offers, providing us much greater flexibility and velocity to iterate on our standard offers for small and medium companies, and more control and pace when negotiating tailored contracts for enterprises.

Our Shop continues to see solid growth, doubling its orders each month since its launch. Beyond direct revenue, our Optics products also reduce our cost of claims.

We are on track on our gross margin. To address the medical inflation we’re seeing across verticals, we are working on three different levers:

Our international growth story continues to deliver strongly:

Our investments in globalization are creating a proven international go-to-market playbook, enabling us to expand into new regions with lower and lower initial investment. We can be the #1 player in a world where health systems differ but needs are the same.

Our operational efficiency continues to improve. We reimbursed 98% of our claims within one business day and 46% of our claims within just 5 minutes—industry-leading service levels that delight our members.

We're making significant strides in leveraging artificial intelligence to enhance our operations:

Looking ahead, we see Alan becoming the leading integrated health partner where prevention generates profitability, combined with extraordinary customer satisfaction. 

It is possible to create a positive impact on the physical, mental, and social health of our members while building a virtuous economic model.

Q1 2025 has shown that we're on the right track with our strategy. We're growing efficiently, improving our margins, and continuing to build a product that delivers exceptional value to our members and customers.

With Alan Play and Dolce Vita, we're demonstrating that health is not just the absence of illness but a state of complete well-being: physical, mental, and social. We're building a world where health is no longer a constraint but a source of daily joy, accessible to all.

I want to thank you all for your continued support and belief in our mission. Together, we're transforming healthcare and building something truly special that will improve millions of lives while creating substantial value.

Jean-Charles