Alan - 2026 Q1 Letter to shareholders

Dear Alan Friends,

I am delighted to share Alan's Q1 2026 performance as we celebrate our 10th anniversary.

This quarter represents the beginning of our next chapter with unprecedented momentum: significant strategic wins, robust financial performance, and product innovations at scale that position us powerfully for 2026 and the decade ahead.

Ten years ago, we started Alan with a simple conviction: health can’t wait, and a system centered around sickness management keeps people sick. 

This quarter, we marked our 10th anniversary not as a celebration of the past, but as a launchpad for what comes next. 

The 🔗Alan10 keynote we delivered at the end of March was a crystallizing moment for our positioning, our vision, our strategy, and the products that embody all of this.

Alan is proof that a prevention-first integrated model can reach scale and endure. 

The company today looks nothing like it did even three years ago. Considering the trajectory ahead, we have so much more growth in front of us than behind us.

We finished Q1 with €804m in signed ARR with 1.1 million members. This performance reflects the strength of our model and the quality of execution across every team.

We increased our new business acquisition by 60% versus last year, with roughly similar investments, showing a significant improvement in our sales and marketing productivity. 

Our financial discipline and strong operational efficiency are paying off. 

Along with our 2025 results which showed that our France business is profitable on an EBITDA basis, it's proof that we are building a sustainable business and what gives us confidence to continue to invest in growth, both in France and internationally.  

Mo is our AI health companion who understands your coverage, your care journey, checks on you proactively, flags sensitive situations to a doctor, and navigates care pathways on your behalf. 

Mo is now live for 500k+ members in France. The early signals - four times the engagement of our human-powered Clinic - confirm that what we're building is genuinely different from anything else in the market.  

The member stories say it best: 81% of our members choose Mo even when they originally came looking for a doctor. One member went from a simple insurance question to a booked specialist appointment in 48 hours, with Mo guiding every step. 

Most AI tools can answer a question. Mo can actually do something about it. 

Our partnership with Kylian Mbappé is the first step towards building a generational brand. It is centered around our joint belief that health is built daily - not only when you’re sick - and that the small choices that make a champion (sleep, nutrition, recovery, mindset) should be accessible to everyone, not just elite athletes. 

Since April, Kylian’s avatar has become a "teammate" in company step leagues. Members can challenge him in 24-hour duels, with winners entering draws to meet him. Weekly quizzes reveal his health routines, which Mo translates into personalized recommendations.

The impact is real: pilot programs showed +70% lift in daily active users during Team Challenges. Prevention is becoming a daily habit.

Alan Shop revenue grew by 80% year-over-year, powered by an expanding optical range - including a new French-manufactured premium line and Luxottica brands (Polo Ralph Lauren, Vogue, Emporio Armani) - alongside lenses and wellbeing products. 

Today, 14,000 employees across 100 companies are covered through Prévenir, Alan’s Occupational Health partner. Occupational health is becoming a meaningful pillar of our integrated model, and gives us a direct line into workplace prevention at scale. Prévenir’s medical center - at Alan’s Paris HQ - opened its doors just a few days ago.

With Alan Précision (following our acquisition of Aro), we are building the longitudinal health data layer that will power increasingly personalized prevention at scale. It analyzes 80+ biomarkers, translates them into a concrete, personalized action plan supervised by physicians, and tracks progress through regular tests. This moves us upstream in the prevention value chain, enabling earlier intervention and stronger health outcomes that directly improve our unit economics.

Over 1,500 members have already joined the waitlist with zero marketing push. 

Connected to Mo, Play, and insurance, it's the foundation for health profiles that don't just describe what happened, but anticipate what comes next.

The Ministry of Finance affiliation campaign, covering 130,000 civil servants across France, closed with a 96% affiliation rate. This is proof that our member experience converts at scale - even in the most complex institutional environments.

What makes this possible is the infrastructure being built underneath it, day after day. 

 AI is our operating model: 40% of care conversations are now automated, and the experience keeps getting better: as of this month, Mo and our Care team operate as one seamless conversation, from AI to human, without any friction or context loss. 

Beyond care, agentic processes are systematically eliminating manual work across claims, fraud detection, underwriting and operations.

We’ve also seen a 20-30% increase in Pull Requests per engineer. And it goes further: we launched Hopper, our autonomous coding agent that lets anyone - from designers to ops teams - to go from idea to production without writing a line of code. The number of pull requests merged to production by non-engineers keeps growing.

Sales AI is on track to deliver ~30% productivity gains in 2026, and we're moving toward a single personal AI assistant per rep by 2027 that will run prospection end-to-end autonomously. AI isn't augmenting our go-to-market, it's fundamentally transforming it.

Our conviction has never been stronger: with prevention and technology working together, we can transform the unit economics of an entire industry, while delivering a genuinely better health experience to every member. We've proven it works at scale. Now it's time to make it the global standard.

To get there, we are making the foundational investments now: rebuilding our technical stack into a global, multi-country architecture that will make Alan 10x faster than any player in the world at entering new markets, and reaching new segments.

Most companies slow down as they scale. Alan is doing the opposite. The bigger we get, the faster we move. That compounding velocity is what separates category-defining companies from everyone else. And it’s what makes our next 10 years dramatically more exciting than the first 10.

Jean-Charles, for the Alan team