Elastic NV at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Maybe let's start like to get everyone grounded, like Ash, you reported some really good numbers last week. From -- a couple of weeks ago, yeah, what was the highlight from your perspective? Like just -- what you saw?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yeah. And then the -- how does -- it does look like it's for you guys kind of coming together really nicely. How does it feel in terms of end demand in general though? Because like we had at the beginning of the year, the tariffs and all the uncertainties, et cetera. When you talk to customers, where are they in the head in terms of thinking -- in terms of spending.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : On that, that was my next question on US federal. Obviously, at the beginning of the year, you had DoD but like it's all about efficiencies, doing stuff better, getting -- doing it more cost effectively as well. And you guys have a good solution, but you've always had like a good pricing model. Like does that, in theory, mean like there's more discussions going on with them?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Okay. Perfect. And then I wanted to switch gears a little bit. Obviously, AI is a big topic for everyone at the moment. I remember when in the early days of then that team came up, it was all about vector and vector database and who are the vector database and who can do more and stuff like that. How has that discussion evolved?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And remember like a year ago, there was like POCs left, right and center. Someone talks about POC graveyard as like the new term. Like where are we in terms of taking these kind of POCs and then just getting them in production? Like -- and you gave a couple of examples already, but do you see that as a trend that we just need to be aware of the time line? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 4:05PM, ESTC.N - Elastic NV at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then maybe one for Eric, like as you think about more AI adoption, like how do we think about pricing? And I think it's different for you, like for some of the other guys, it's like token usage, but you're more of the provider for data, et cetera, for that. Like -- but how does pricing fit into that AI story?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yeah, okay. Perfect. And then at the Analyst Day, you talked about the opportunity in the different segments. The one question I get from investors a lot is like you -- in a way, if you think about your product evolution, product development, you have like the platform capabilities, but then you also have like the capabilities in the observability, security. I'm missing one search. How do you prioritize that? That's kind of the one thing for me all the time, like how do you go about that in terms of like, okay, 20% needs to go here and 20% somewhere else? Or like how do you go about that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 4:05PM, ESTC.N - Elastic NV at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then related to that is then like how do you think about the growth you get from that? And like -- and yes, maybe we go by the three groups like observability, security, search. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 4:05PM, ESTC.N - Elastic NV at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And the -- as part of that on the Analyst Day, there was like -- I think it was like, if I remember correct, like 15%, close to 5% from AI. Is that just going back to that 5% point that you mentioned earlier that people that are using you are kind of just using more? Or is there other factors that we should consider?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then you mentioned the changes on go-to-market already as well. Like one of the other thing was just to be if I remember correctly from last year, like deeper on account coverage and how many accounts per sales rep. Like last year, that caused some disruption, like now that everything is settled down, like what do you see there in terms of results? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 4:05PM, ESTC.N - Elastic NV at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Yeah. So that should be exciting because you have now have hunters, which you didn't -- so that gives you new accounts and you have like the more coverage there on the sales. On that note, how do you think about -- how do you think about like investments then going forward? Is that -- like is it -- are you looking at the signals on productivity and that just drives where you want to go? Or do you -- is it more driven on the growth that you want to achieve the old sales force model I just throw bodies at it? Like how do you think about that kind of dynamic there?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And how long does it take -- like in theory, I would assume there's also some even more productivity gains because if I remember correctly, you kind of reduced the number of accounts per senior sales rep, but those that they lost went to someone else, but that person needs to ramp up, build pipeline, et cetera. So in theory, we should have like even the secondary effect coming at some point -- while it should be pretty much now.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : And then I realize like we could have gone on for a longer. We have like a minute left, Eric, for you. On the margin side, the -- we've seen the improvements as an organization, like on the other hand, you're kind of investing into growth and want to do more stuff. Like how do you do that? It sounds almost too good to be true.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Perfect. That's a great summary as well. Ash, Eric, really enjoyed our conversation. Thank you.