Alan - 2026 Q3 Letter to Shareholders

Dear Alan Friends, 

Q3 was a quarter of foundations. We delivered in line with our plan, entered a third continent, and launched Health Can’t Wait, the largest brand campaign in Alan’s history. Ten years in, we are now approaching €1 billion of signed ARR.

At the end of September, Alan reached ~€880 million in signed ARR and ~1.18 million signed members. This represents 25% year-on-year growth compared with the end of Q3 2025, when we signed the French Ministry of Finance. With Q4 seasonally our strongest quarter, as most companies sign their contracts ahead of the new year, we are on track to cross €1 billion of signed ARR by the end of the year, and even do a lot better.

In the public sector, we won the Autorité des marchés financiers and signed our first French local authority, the Orne département. This marks our entry into France’s territorial public sector, a significant new market. 

We are investing significantly in our brand. On October 1, we launched Health Can’t Wait in France with Kylian Mbappé, the largest brand campaign in Alan’s history. The launch was supported by a nationwide media plan and a large-scale brand presence at the Stade de France during the France-Italy match on October 2. The campaign went live in Belgium and Spain in mid-October, and Canada will follow. Across all our markets, it conveys one conviction: better health starts with prevention.

Alan is now present on a third continent. On September 2, we announced the acquisition of Tanel, a Dakar-based digital health company operating in Senegal and Côte d’Ivoire. Tanel covers around 70,000 people across more than 400 companies and works with a large network of pharmacies and healthcare providers. It gives us a solid platform to deploy our preventive insurance model in the region, where we launched Afiyah by Alan as our local brand. 

We are preparing our entry into the Middle East. In August, Alan received pre-license approval from the Insurance Authority in Saudi Arabia.

We are building a single global platform so that we can compete effectively in each of our markets and enter new ones faster. 

Mo is at the center of the member experience. It now answers insurance and support questions as well as medical ones, giving members a single point of contact for both their health and their health insurance. 

Mo guides members to the right care. When members open the care tab of the app, they now land directly on Mo. Mo assesses each member’s needs and directs them to the most appropriate option: a medical chat, a teleconsultation, or an in-person appointment. We also simplified teleconsultation booking, so members can now compare the availability of several doctors in one place. Early results show higher engagement with Mo and growing demand for teleconsultations.

Adoption is growing. A new onboarding flow, launched this quarter, doubled the share of members who agree to activate Mo and increased the share of members who start a first conversation with Mo by 50%.

A personal health profile is in testing. As members talk to Mo, it records and updates key health information, such as conditions, treatments, allergies, and family history into its confidential memory. Members can view and edit this information at any time. Mo uses this information to become more personalized and proactive. The feature has been in testing with Alan employees in France since August. 

Prévenir, the occupational health service, is scaling rapidly. In Q3, we opened a second medical center in Paris. Our medical team now counts nearly 20 permanent health professionals, 14 of whom joined this year. Prévenir now covers more than 35,000 employees, including large companies.

Alan Precision, our advanced prevention offer, is now live. It combines a comprehensive blood test, a personalized health plan, and medical follow-up. More than 500 members have already completed it and more than 17,000 have joined the waitlist, a strong signal of demand for proactive and personalized prevention.

Alan Play encourages healthy habits every day. This quarter, we introduced automatic bike-ride detection, now available in every country. We are also piloting a digital detox challenge that rewards members for time spent away from distracting apps.

Optics Shop and network: an integrated pathway from prescription to purchase in the Alan app and in partner stores

Our AI assistant resolves more than half of care contacts in France and around 70% of mobile contacts. This quarter, we also deployed an AI agent on email: it replies instantly, 24/7, and in September it fully resolved 1 in 5 emails without human intervention. 

All French members now have access to our new coverage experience, which presents their benefits more clearly on web and mobile. 

We have strengthened our AI fraud controls. Our fraud detection agent now identifies new types of overbilling, such as overpriced contact lenses. At the same time, it automatically clears 30% of legitimate optical investigations each week, without manual review.

HR administrators have a clearer view of their health plan. In Q3, we launched an analytics platform for companies in France, covering healthcare consumption, absenteeism, and workforce demographics. It helps HR administrators prepare for their plan renewal.

Renewals are simpler for smaller companies. Their HR administrators can now compare all alternative offers without filling out a questionnaire, with the offer that best fits their needs highlighted.

Prospects get answers faster. Self-employed and retired prospects now receive an AI-generated comparison of their current contract in under a minute, compared with up to 48 hours previously.

We redesigned alan.com, with simpler navigation and a single global landing page, launched alongside the brand campaign.

Hopper, our in-house AI platform, is now widely adopted. It is used by 80% of our employees and writes more than 25% of the code changes we ship. As AI agents take on more work in our operations and sales teams, each one now has its own identity, with access limited to the permissions it strictly needs, reducing the risk of unauthorized access. 

In Q3, we put in place what our next phase of acceleration requires: a global platform built to scale across markets, products that bring insurance, prevention, and care closer together, and AI embedded across our operations. 

Q4 will turn the foundations we laid into momentum. We approach it with a team of more than 1,000 people and the same high bar for talent that has served us for ten years. 

Thank you for being part of this journey. 

Jean-Charles, for the Alan team