Pictet Asset Management (ESTC) reports 6.2% Elastic stake and active engagement

Rhea-AI Filing Summary

Pictet Asset Management, a Swiss investment adviser, reports beneficial ownership of 6,412,736 shares of Elastic N.V. common stock, representing 6.2% of the company. It holds sole voting power over 6,397,478 shares and sole dispositive power over all 6,412,736 shares.

Pictet bought Elastic shares for approximately USD 489,255,713.20 using assets of its institutional clients, without leverage or borrowing. The firm describes the stake as part of its broader active-ownership strategy, engaging management on governance, long-term strategy, financial strength, valuation, and sustainability, while stating it has no current plans to seek control of Elastic.

Insights

Institutional ownership and governance analyst

Pictet reports a 6.2% Elastic stake tied to client assets and active engagement.

Pictet Asset Management now reports beneficial ownership of 6,412,736 Elastic N.V. shares, or 6.2% of the common stock. The position was acquired for about USD 489,255,713.20 on behalf of institutional clients, who provide the underlying capital and receive economic benefits.

Pictet holds sole voting power over 6,397,478 shares and sole dispositive power over the full position, but clarifies it earns only management and performance fees. It explicitly states no current intention to change control, yet reserves the right to adjust its stance as circumstances evolve.

The filing emphasizes an investment approach focused on long-term strategy, governance quality, financial strength, valuation, and financially material sustainability risks and opportunities. Pictet describes ongoing engagement with Elastic’s board and management to promote practices it believes may enhance long-term shareholder value, consistent with an active stewardship style rather than a control-seeking campaign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Elastic N.V.

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

Mathieu CORNU
Route des Acacias 60,
Geneva, V8, 1211
0041583234506

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

PICTET ASSET MANAGEMENT SA

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,397,478.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,412,736.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,412,736.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.2 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: COMMON STOCK
(b)	Name of Issuer: Elastic N.V.
(c)	Address of Issuer's Principal Executive Offices: KEIZERSGRACHT 281, KEIZERSGRACHT 281, AMSTERDAM, NETHERLANDS , 1016 ED.
Item 2.	Identity and Background
(a)	Pictet Asset Management SA
(b)	60 ROUTE DES ACACIAS GENEVA 73 1211 SWITZERLAND
(c)	Investment Adviser
(d)	The Reporting Person has not been, during the last five years, convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Person has not been, during the last five years, a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding of any violation with respect to such laws.
(f)	SWITZERLAND
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Person acquired the shares of common stock of ELASTIC NV on behalf of its institutional clients who are managed on a discretionary basis. The purchase cost is approximately USD 489,255,713.20. The source of the funds comes from our institutional clients' assets The funds used for the acquisition did not involve any financing or borrowing.
Item 4.	Purpose of Transaction
	The Reporting Person acquired shares of ELASTIC NV as part of its investment strategy, which includes considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial strength and performance of issuers and the fair valuation of underlying securities; and financially-material sustainability risks & opportunities. The Reporting Person is therefore actively engaging with the Issuer to discuss and promote initiatives that align with these business practices. This engagement is part of the Reporting Person's broader strategy to support companies in enhancing their approach, thereby potentially improving long-term shareholder value. As such, the Reporting Person may seek to influence the Issuer's policies and practices through discussions with the Boards and management of the companies in which we invest. The Reporting Person does not currently have any plans or proposals that would result in a change in control of the Issuer, nor does it intend to acquire additional shares for the purpose of gaining control. However, the Reporting Person reserves the right to change its intentions and take any actions that it deems appropriate in light of its ongoing engagement and evaluation of the Issuer's policies and practices.
Item 5.	Interest in Securities of the Issuer
(a)	Pictet Asset Management SA manages 6,412,736 shares of ELASTIC NV , which represents 6.20% of the total number of shares.
(b)	Pictet Asset Management SA has the Sole power to vote on 6,397,478 shares out of the 6,412,736 shares under management.
(c)	Trade Date Type Quantity Price Exchange 02.27.2026 BUYL 254 52.07 New York Stock Exchange 02.27.2026 BUYL 187 52.07 New York Stock Exchange 02.27.2026 BUYL 1'827 52.07 New York Stock Exchange 02.27.2026 BUYL 50 52.07 New York Stock Exchange 02.27.2026 BUYL 203 52.07 New York Stock Exchange 02.27.2026 BUYL 62'584 52.01 New York Stock Exchange 02.27.2026 BUYL 144'481 52.01 New York Stock Exchange 02.27.2026 BUYL 1'305 52.01 New York Stock Exchange 02.27.2026 BUYL 413'302 53.26 New York Stock Exchange 02.27.2026 BUYL 39'741 52.09 New York Stock Exchange 02.27.2026 BUYL 3'732 53.26 New York Stock Exchange 02.27.2026 BUYL 359 52.09 New York Stock Exchange 02.25.2026 SELLL 56 58.00 New York Stock Exchange 02.23.2026 SELLL 495 53.34 New York Stock Exchange 02.17.2026 BUYL 55 60.44 New York Stock Exchange 02.13.2026 SELLL 65 61.57 New York Stock Exchange 02.13.2026 BUYL 107 61.57 New York Stock Exchange 02.13.2026 SELLL 242 61.57 New York Stock Exchange 02.11.2026 SELLL 195 61.85 New York Stock Exchange 02.11.2026 BUYL 3'561 62.67 New York Stock Exchange 02.10.2026 BUYL 19'567 63.68 New York Stock Exchange 02.05.2026 SELLL 235 57.16 New York Stock Exchange 02.05.2026 BUYL 272 57.16 New York Stock Exchange 02.04.2026 SELLL 143 60.38 New York Stock Exchange 02.03.2026 BUYL 181'099 59.83 New York Stock Exchange 02.03.2026 BUYL 1'522 59.83 New York Stock Exchange 02.03.2026 BUYL 19'740 60.12 New York Stock Exchange 01.30.2026 SELLL 294 65.93 New York Stock Exchange 01.29.2026 SELLL 6'074 67.30 New York Stock Exchange 01.29.2026 SELLL 814 67.72 New York Stock Exchange 01.28.2026 BUYL 11'255 74.77 New York Stock Exchange 01.28.2026 BUYL 12'075 74.77 New York Stock Exchange 01.27.2026 BUYL 17 74.22 New York Stock Exchange 01.27.2026 BUYL 15'881 74.59 New York Stock Exchange 01.27.2026 BUYL 18'599 74.24 New York Stock Exchange 01.27.2026 BUYL 19'961 74.24 New York Stock Exchange 01.27.2026 BUYL 1'016 74.22 New York Stock Exchange 01.27.2026 BUYL 7'235 74.22 New York Stock Exchange 01.27.2026 BUYL 24'118 74.35 New York Stock Exchange 01.27.2026 BUYL 7'765 74.22 New York Stock Exchange 01.27.2026 BUYL 25'882 74.35 New York Stock Exchange 01.26.2026 BUYL 95'335 75.02 New York Stock Exchange 01.23.2026 BUYL 103'174 71.74 New York Stock Exchange 01.23.2026 BUYL 55'798 71.71 New York Stock Exchange 01.23.2026 BUYL 36'287 71.70 New York Stock Exchange 01.23.2026 BUYL 27'188 71.77 New York Stock Exchange 01.22.2026 BUYL 1'246 70.60 New York Stock Exchange 01.20.2026 BUYL 28'923 70.42 New York Stock Exchange 01.20.2026 BUYL 26'241 70.42 New York Stock Exchange 01.16.2026 SELLL 60 71.38 New York Stock Exchange 01.15.2026 BUYL 63'678 74.19 New York Stock Exchange 01.15.2026 BUYL 1'622 74.19 New York Stock Exchange 01.15.2026 BUYL 205'067 74.19 New York Stock Exchange 01.15.2026 BUYL 64'215 73.88 New York Stock Exchange 01.15.2026 BUYL 601 73.88 New York Stock Exchange 01.15.2026 BUYL 52 72.81 New York Stock Exchange 01.15.2026 BUYL 13'448 74.27 New York Stock Exchange 01.15.2026 BUYL 448 74.27 New York Stock Exchange 01.15.2026 BUYL 43'204 74.27 New York Stock Exchange 01.15.2026 BUYL 586 74.25 New York Stock Exchange 01.15.2026 BUYL 62'194 74.25 New York Stock Exchange 01.15.2026 BUYL 19'341 74.25 New York Stock Exchange 01.12.2026 SELLL 426 76.69 New York Stock Exchange 01.08.2026 SELLL 1'996 74.53 New York Stock Exchange 01.06.2026 BUYL 1'380 75.61 New York Stock Exchange 01.05.2026 BUYL 1'568 74.31 New York Stock Exchange 12.31.2025 SELLL 4'775 76.07 New York Stock Exchange
(d)	The securities reported herein come from the assets of our institutional clients who are managed by the Reporting Person on a discretionary basis. Consequently, our clients have the right to receive dividends and any proceeds from the sale of the Issuer's securities, in proportion to their respective managed assets. The Reporting Person itself does not have any direct economic interest in the dividends or sale proceeds from the securities of ELASTIC NV, other than its entitlement to management fees and / or performance-based compensation, as agreed upon with its clients. The Reporting Person's role is limited to managing the investments in accordance with the investment objectives and strategies set forth by each of its institutional clients.
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Reporting Person's exposure to ELASTIC NV is solely through direct stock investments held by its managed institutional clients. There are no contracts, arrangements, understandings, or relationships with any third parties regarding the securities of ELASTIC NV, other than those arising from the ordinary course of discretionary management of our client assets. The Reporting Person does not have any derivative positions, options, or other financial instruments related to the securities of the Issuer. Furthermore, there are no agreements or understandings that would influence the voting or disposition of these securities beyond the Reporting Person's discretionary investment authority as an asset manager.
Item 7.	Material to be Filed as Exhibits.
	N/A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PICTET ASSET MANAGEMENT SA

Signature:	Karine Valtanen
Name/Title:	Karine Valtanen Global Head of Compliance
Date:	03/03/2026

FAQ

How many Elastic (ESTC) shares does Pictet Asset Management report owning?

Pictet Asset Management reports beneficial ownership of 6,412,736 shares of Elastic N.V. common stock, representing 6.2% of the company’s outstanding shares. It holds sole voting power over 6,397,478 of those shares and sole dispositive power over the entire 6,412,736-share position.

What is the value of Pictet’s investment in Elastic (ESTC) according to the filing?

The filing states that Elastic N.V. shares were acquired for approximately USD 489,255,713.20. This purchase cost reflects investments made on behalf of Pictet Asset Management’s institutional clients, using their assets and without any financing or borrowing, consistent with a fully funded, long-only investment position.

Is Pictet Asset Management seeking control of Elastic (ESTC)?

Pictet Asset Management explicitly states it does not currently have plans or proposals that would result in a change in control of Elastic N.V. It also notes it does not intend to acquire additional shares for the purpose of gaining control, while reserving the right to change its intentions in future.

Whose assets are used for Pictet’s Elastic (ESTC) share purchases?

The Elastic N.V. shares were acquired using assets of Pictet Asset Management’s institutional clients, managed on a discretionary basis. Those clients are entitled to dividends and sale proceeds in proportion to their managed assets, while Pictet earns agreed management and performance-based fees but no direct economic interest in the securities themselves.

Does Pictet use derivatives or options for its Elastic (ESTC) exposure?

The filing states Pictet Asset Management’s exposure to Elastic N.V. is solely through direct stock investments held for institutional clients. It reports no contracts, arrangements, understandings, derivatives, options, or other financial instruments related to Elastic’s securities beyond ordinary-course discretionary asset management agreements with those clients.

How is Pictet engaging with Elastic (ESTC) as a shareholder?

Pictet describes an active engagement strategy with Elastic N.V., focusing on long-term strategy clarity, governance quality, leadership effectiveness, financial strength, fair valuation, and financially material sustainability risks and opportunities. It may seek to influence policies and practices through discussions with the company’s board and management over time.