Alan - 2025 Q3 Letter to Shareholders

Dear Alan Friends,

I am delighted to share Alan's exceptional Q3 2025 performance, which demonstrates our continued momentum toward becoming the leading-integrated healthcare system.

This quarter has been transformative, marked by significant strategic wins, robust financial performance, and product innovations that position us strongly for the remainder of 2025 and beyond.

We are approaching the symbolic milestone of one million members, while accelerating our financial trajectory towards group profitability in 2027. 

We are over-performing our plan in terms of gross margin and net income and our OPEX is in line with the budget. 

This year, we expect France business to break-even on an EBITDA basis. 

Across all our markets, the momentum remains robust, and the discipline on burn is allowing us to reinvest in growth and innovation without compromising our path to profitability. 

Q3 2025 confirms that Alan can now compete and win at the highest level of the market.

In the Public Sector, we reinforced our leadership with the Civil Aviation Regulator contract (10k agents), and the launch of Alan Proxima for the Fonction Publique Territoriale, with first contracts sold on day one, signaling strong market traction. We also won several appeals regarding the Finance Ministry contracts, reinforcing the legitimacy of the Ministry’s decision. Our hands-on deployment approach has since strengthened our credibility and deepened confidence among public stakeholders, including unions.

Together, these achievements reinforce Alan’s position as a trusted partner of choice for large organizations worldwide.

Alan’s international footprint continues to expand rapidly. 🇧🇪 In Belgium, we are ahead of our growth plan while deepening our partnership with Belfius. 🇪🇸 In Spain, we are on track to double the ARR YoY,  fueled by new leadership, optimized pricing, and strong traction of our Flex and Health products. 🇨🇦 In Canada, we continue to make strong progress, securing a new license in Quebec.

We are proud to partner on the creation of a collective health at work initiative, bringing together employer representatives (CPME), employers (Alan, Vitalliance, Sorella, etc.), and trade unions (CFDT, CFTC). This new inter-company Occupational Health and Prevention Service (SPSTI) will begin its deployment in Île-de-France in the first quarter of 2026.

After a rigorous approval process, Prévenir, an association we co-founded with unions,  obtained its operational license for the Ile de France territory on  October 2, 2025.

Prévenir reimagines workplace health by combining prevention, medical follow-up, and digital care coordination in a seamless, integrated experience.

Alan will act as the tech partner, building innovative tools and software to improve workers’ experience, focusing on prevention and accessibility, while increasing the attractiveness for healthcare professionals.

As we close 2025, Alan stands stronger than ever, growing fast, scaling efficiently, and deepening its impact on how people experience health. This quarter confirms again that our integrated model is the winning one.

With nearly one million members, we’re entering the next phase of our journey,  with 10m members in sight. 

Our mission remains to help people live in good health to 100 while helping employers feel proud, turning health benefits from a cost center into their most valuable investment.

Jean-Charles, for the Alan team