Pictet Asset Management reports 5% Elastic N.V. (ESTC) ownership stake

Rhea-AI Filing Summary

Pictet Asset Management has filed a Schedule 13D disclosing beneficial ownership of 5,288,262 shares of Elastic N.V. common stock, representing 5.02% of the company. Pictet reports sole voting power over 5,274,370 of these shares and sole dispositive power over all 5,288,262 shares.

The shares were acquired on behalf of institutional clients managed on a discretionary basis, at an aggregate purchase cost of approximately USD 423,217,533, funded from client assets without borrowing. Pictet describes the holding as part of its broader investment strategy, focusing on issuers’ long-term strategy, governance, financial strength and financially material sustainability factors.

Pictet states it is actively engaging with Elastic’s leadership to promote practices aligned with these priorities and may seek to influence policies through dialogue, but it currently has no plans to change control of the company. Economic benefits from dividends and sale proceeds belong to its clients, while Pictet earns agreed management and performance fees.

Insights

Equity ownership and governance analyst

Pictet discloses a 5.02% Elastic stake with active but non-control engagement.

Pictet Asset Management reports managing 5,288,262 Elastic N.V. shares, equal to 5.02% of the outstanding stock, on a discretionary basis for institutional clients. It holds sole voting power over 5,274,370 shares, meaning it can vote most of the position without needing client consent.

The filing explains that the position, costing about USD 423,217,533, reflects a strategy that evaluates long-term business plans, governance quality, financial strength and financially material sustainability risks and opportunities. Pictet describes ongoing engagement with Elastic’s board and management to encourage practices it views as supportive of long-term shareholder value.

Pictet explicitly states it has no current plans to seek control or effect major corporate changes, though it reserves the right to adjust its intentions. The economic upside from dividends and sales goes to clients, with Pictet compensated via management or performance fees, so actual impact will depend on how this stewardship-style engagement influences Elastic’s decisions over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Elastic N.V.

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

N14506104

(CUSIP Number)

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

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

01/23/2026

(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 No. N14506104

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 5,274,370.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,288,262.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,288,262.00

12

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

13

Percent of class represented by amount in Row (11)

5.0 %

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, 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 423'217'533. 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 5'288'262.00 shares of ELASTIC NV , which represents 5.02% of the total number of shares.
(b)	Pictet Asset Management SA has the Sole power to vote on 5'274'370 shares out of the 5'288'262 shares under management.
(c)	In the past sixty days, the following transactions have been done : Date Type Quantity Price Exchange 23.01.2026 BUY 55'798 71.71 New York Stock Exchange 23.01.2026 BUY 36'287 71.70 New York Stock Exchange 23.01.2026 BUY 103'174 71.74 New York Stock Exchange 23.01.2026 BUY 27'188 71.77 New York Stock Exchange 22.01.2026 BUY 1'246 70.60 New York Stock Exchange 20.01.2026 BUY 26'241 70.42 New York Stock Exchange 20.01.2026 BUY 28'923 70.42 New York Stock Exchange 16.01.2026 SELL 60 71.38 New York Stock Exchange 15.01.2026 BUY 205'067 74.19 New York Stock Exchange 15.01.2026 BUY 43'204 74.27 New York Stock Exchange 15.01.2026 BUY 62'194 74.25 New York Stock Exchange 15.01.2026 BUY 64'215 73.88 New York Stock Exchange 15.01.2026 BUY 1'622 74.19 New York Stock Exchange 15.01.2026 BUY 586 74.25 New York Stock Exchange 15.01.2026 BUY 448 74.27 New York Stock Exchange 15.01.2026 BUY 601 73.88 New York Stock Exchange 15.01.2026 BUY 52 72.81 New York Stock Exchange 15.01.2026 BUY 13'448 74.27 New York Stock Exchange 15.01.2026 BUY 63'678 74.19 New York Stock Exchange 15.01.2026 BUY 19'341 74.25 New York Stock Exchange 12.01.2026 SELL 426 76.69 New York Stock Exchange 08.01.2026 SELL 1'996 74.53 New York Stock Exchange 06.01.2026 BUY 1'380 75.61 New York Stock Exchange 05.01.2026 BUY 1'568 74.31 New York Stock Exchange 31.12.2025 SELL 4'775 76.07 New York Stock Exchange 23.12.2025 SELL 7'721 76.86 New York Stock Exchange 19.12.2025 BUY 341 76.42 New York Stock Exchange 18.12.2025 SELL 1'944 76.17 New York Stock Exchange 17.12.2025 SELL 106 74.52 New York Stock Exchange 17.12.2025 SELL 437 74.52 New York Stock Exchange 16.12.2025 BUY 67 74.98 New York Stock Exchange 12.12.2025 SELL 17 76.31 New York Stock Exchange 11.12.2025 SELL 8'587 78.55 New York Stock Exchange 09.12.2025 BUY 17'817 74.97 New York Stock Exchange 09.12.2025 BUY 88 75.55 New York Stock Exchange 01.12.2025 SELL 2'065 71.09 New York Stock Exchange 28.11.2025 BUY 1'343 70.53 New York Stock Exchange 28.11.2025 BUY 242 70.53 New York Stock Exchange 25.11.2025 BUY 714 69.53 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:	01/26/2026

FAQ

What stake in Elastic N.V. (ESTC) did Pictet Asset Management report?

Pictet Asset Management reported beneficial ownership of 5,288,262 shares of Elastic N.V. common stock, representing 5.02% of the total shares.

Who actually owns the economic interest in the Elastic N.V. shares managed by Pictet?

The economic interest in the Elastic N.V. shares belongs to Pictet’s institutional clients, who receive dividends and sale proceeds. Pictet earns agreed management and/or performance fees.

How much did Pictet’s institutional clients pay in total for the Elastic N.V. position?

The filing states that the purchase cost of the Elastic N.V. common stock managed by Pictet is approximately USD 423,217,533, funded from client assets without borrowing.

What is Pictet Asset Management’s purpose in holding Elastic N.V. shares?

Pictet says it acquired Elastic N.V. shares as part of its investment strategy, which considers long-term strategy, governance quality, financial strength, valuation, and financially material sustainability risks and opportunities.

Does Pictet intend to take control of Elastic N.V. or push for major changes?

Pictet states it does not currently plan any actions to change control of Elastic N.V. and is not acquiring shares for that purpose, though it may seek to influence policies through engagement and reserves the right to change its intentions.

How is Pictet engaging with Elastic N.V. management and the board?

The filing notes that Pictet is actively engaging with Elastic N.V. to discuss and promote initiatives related to long-term strategy, governance, financial performance, and sustainability practices, aiming to support improved long-term shareholder value.

Does Pictet hold any derivatives or options on Elastic N.V. securities?

No. Pictet states it does not have any derivative positions, options, or other financial instruments related to Elastic N.V. securities beyond direct stock investments held for its clients.