Elastic N.V.

Except as set forth below, there have been no material changes to the risk factors disclosed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K. The risks described in the Company’s Annual Report on Form 10-K and our subsequent SEC reports are not the only risks facing us. There are additional risks and uncertainties not currently known to us or that we currently deem to be immaterial that also may materially adversely affect our business, operating results, financial condition, or prospects.

Our plan to align our investments more closely with our strategic priorities that we announced on June 24, 2026 may not result in the anticipated benefits or operational efficiencies, could result in total costs and expenses that are greater than expected, and could disrupt our business.

On June 24, 2026, we announced a plan to reduce our workforce by approximately 7% and to align our investments more closely with our strategic priorities. We adopted this plan to simplify team structures, reduce organizational complexity, improve decision-making speed, reallocate resources towards key growth areas, and invest in the skills and capabilities needed to support our ongoing growth. We may incur additional expenses associated with the reduction in our workforce not contemplated by our plan, which may have an impact on other areas of our liabilities and obligations and contribute to losses in future periods. We may not realize, in full or in part, the anticipated benefits and savings from our plan due to unforeseen difficulties, delays, or unexpected costs. If we are unable to realize the expected benefits and operational efficiencies, our operating results and financial condition would be adversely affected.

Furthermore, implementation of our plan may be disruptive to our operations. For example, our workforce reduction could result in voluntary attrition beyond planned staff reductions, increased difficulties and workloads in our day-to-day operations, and reduced employee morale. If employees who were not affected by the reduction in force seek alternative employment, we could incur unplanned additional expenses to ensure adequate resourcing and fail to attract and retain qualified management, engineering, sales, and marketing personnel who are critical to our business. Our failure to do so could harm our business and our future performance. In addition, implementation of the plan may require more than anticipated management time and resources, which may divert attention away from core business objectives and strategic growth initiatives and negatively impact our business.