Alan - 2026 Q2 Letter to Shareholders

Dear Alan Friends,

After celebrating ten years of Alan in Q1, Q2 was about turning that momentum into greater capacity for the next phase of growth.

In June, Prosus led our €480 million Series G funding round, valuing Alan at €5.5 billion. It was our largest funding round to date, and a strong vote of confidence in our model. Beyond the funding, Prosus is an incredible partner for our next stage of growth with their international presence and consumer ecosystem. 

We are putting that capacity to work, investing heavily in our product and business growth, across both established and new markets. On the international expansion front, we have made significant headway, with a series of major announcements to be made soon. 

These developments build on more than ten years of momentum, the trust of more than one million members, the credibility we have earned with regulators across our markets and the team we have built together.

At the end of Q2, Alan reached ~€840m in signed ARR and ~1.14 million members, representing 55% year on year growth. 

This is a result of our strong ability to anticipate and control our cost of claims and continuously improve our operating efficiency, particularly through at scale deployment of AI. 

We have been building over the past years a powerful global tech platform and gaining experience in running businesses in various health systems, which allows us now to scale much faster internationally. 

Beyond Europe and Canada, our international expansion is gathering pace, with several new markets already at an advanced stage. We look forward to sharing more announcements soon.

Our ambition is to make Alan the new standard in prevention insurance: the first company to integrate insurance, prevention and care into one experience.

The logic is simple. When we help members prevent illness, navigate care earlier and make better health decisions, they experience better outcomes and our cost of claims improves. When our economics improve, we can reinvest in the products and services that make prevention even more accessible. This alignment between member health and company performance is the foundation of our model.

We are building it around three structural advantages: vertical integration, a global-first platform and an AI-native operating model. Together, they allow us to connect insurance, prevention, care and member support more closely, while giving us the technology and operating leverage to extend the model across markets.

As we expand into new markets, we are consolidating and scaling a focused suite of products across prevention, access and everyday wellbeing, integrating them more deeply with our insurance offering.

During Q2, Mo, our AI health companion, became available to all insured adults in France. Mo understands each member’s coverage and care journey, proactively checks in, identifies situations that may require medical attention and helps members navigate to the right care pathway. Engagement is already around 4x higher than with our human-powered Clinic, with 10% of members who have tried Mo now using it weekly.

Our advanced-prevention service combines a blood test covering more than 80 biomarkers with AI-supported analysis, a personalised health plan and doctor-supervised follow-up. The waitlist has reached approximately 11,000 members.

We launched the Alan Cup, a five-week health competition bringing together employees across France, Belgium, Spain and Canada during the FIFA World Cup. The initiative turned Alan Play into a collective engagement engine, with daily active players increasing by 18% in the first week. We are now extending Alan Play beyond walking and structured challenges with the rollout of cycling as a new daily activity. Once activated, the feature detects rides automatically and turns them into activities that earn Berry rewards, making it easier for members to track healthy movement without manually starting a session.

In Spain, Concierge AI, our autonomous voice booking agent, is live in Beta with a selected cohort of members. Early results are great: an appointment is found in 70–80% of requests.

Following the completion of the clinic at our office in Paris at the end of last quarter, Prévenir is now conducting more than 200 medical visits per week.

Q2 marked the beginning of Alan’s next brand chapter. We finalized ‘Health Can’t Wait’, our new global brand platform, and made it available across all our markets. It gives a clear expression to what Alan is here to change: healthcare should move earlier, feel simpler and help people stay one step ahead. As we expand across countries, products and segments, ‘Health Can’t Wait’ gives the company one idea to carry everywhere. It will shape how we speak to members, employers, partners and regulators, and help establish Alan as the new standard in prevention insurance. Our first global campaign will bring the platform to life later this year. We will share more in due course.

Our goal is not only to increase brand awareness, but to make Alan the first name you think of when talking about Prevention. We are the defining leader of our Prevention Insurance category and we want this to be clear to all our stakeholders.

Q2 combined scale with investment. We are extending our model into new markets, expanding the ways we serve members and building the technology and brand to support our next stage of growth. We have more growth in front of us than behind us, and we intend to use every drop of our momentum to build the most meaningful, most loved and most enduring health company on the planet.

Thank you for being part of this journey, 

Jean-Charles, for the Alan team