Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering market-linked notes tied to the S&P 500® Futures Excess Return Index. Each $1,000 note pays no interest and returns at maturity depend on the final underlier level versus the initial level measured from March 23, 2026 to March 24, 2031. If the final level is above the initial level, holders receive $1,000 plus $1,000 times an 185% upside participation rate times the underlier return. If the final level is between 50% and 100% of the initial level, holders receive the face amount. If the final level is below 50% of the initial level, losses are pro rata to the underlier decline (you could lose your entire investment). Aggregate face amount shown is $250,000; original issue price is 100% of face amount.

GS Finance Corp. is offering Trigger Autocallable GEARS due, guaranteed by The Goldman Sachs Group, Inc., linked to the common stock of SLB N.V. (SLB Limited). The terms set the autocall barrier at 100.00% of the initial index stock price, an upside gearing expected between 1.70 and 1.80, a downside threshold of 60.00% and a call return of 20.00%.

Key dates: trade date March 25, 2026, original issue date March 30, 2026, call observation date April 1, 2027, call payment date April 6, 2027, determination date March 26, 2029, and stated maturity date March 29, 2029. Estimated value on the trade date is between $9.25 and $9.55 per $10 face amount; original issue price is 100.00% of face amount and underwriting discount is 2.50%. Minimum purchase is $1,000.

The notes pay no coupons, may be automatically redeemed if the index stock meets the autocall condition, and at maturity offer payoff tied to the final stock price: full face amount if final price is at or above the downside threshold, enhanced upside by the upside gearing if the final price is above the initial price, and pro rata losses (potentially total loss) if the final price is below the downside threshold. All payments are subject to the issuer’s and guarantor’s creditworthiness.

GS Finance Corp. offers $8,517,720 of Capped GEARS linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The securities have an initial index level of 6,581.00, upside gearing 3.00, and a maximum return of 14.40% (maximum settlement amount $11.44 per $10 face amount). Trade date is March 23, 2026, original issue date March 26, 2026, determination date April 23, 2027, and stated maturity date April 28, 2027.

Payments at maturity: if the final index level is below the initial level, investors lose proportionally (possible loss of all principal); if index rises, payoff = index return × gearing up to the cap. Original issue price is 100.00% of face, underwriting discount 2.00%, estimated value at term-setting ~$9.68 per $10 face. All payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers principal-protected-like callable notes linked to five stocks: Apple, NVIDIA, Walmart, Tesla and Exxon Mobil. The notes carry monthly observation dates, an automatic call feature beginning in March 2027, and an expected maturity of April 3, 2031.

Each $1,000 face amount pays either a $7.834 maximum monthly coupon (0.7834% monthly; ~9.4% annualized) if every index stock on an observation date is ≥ 75% of its initial price, or a minimum coupon of $0.209 (0.0209% monthly). Trade date is expected to be March 27, 2026. The estimated value at issuance is between $885 and $925 per $1,000 face amount and payments remain subject to the issuer’s and guarantor’s credit risk.

GS Finance Corp. is offering Buffered Digital Equity-Linked Notes due 2027, fully guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the common stock of Caterpillar Inc. (ticker “CAT UN”) and do not pay interest.

Key terms: trade date March 26, 2026, original issue date March 31, 2026, determination date April 26, 2027, stated maturity date April 29, 2027. The notes provide a 20% buffer (buffer level = 80% of the initial underlier level) and a buffer rate of 125%. If the final underlier level is at or above the buffer level, holders receive a capped maximum settlement of at least $1,162.50 per $1,000 face amount. If the final underlier level is below the buffer level, losses are magnified by the buffer rate and investors could lose their entire investment.

The Goldman Sachs Group, Inc. proposes a primary issuance of fixed rate senior notes due 2036. The pricing supplement describes Fixed Rate Notes with an interest rate of 5.15% per annum, a trade date of April 15, 2026, original issue date April 17, 2026, and stated maturity April 17, 2036. The notes will be issued in denominations of $1,000, will not be listed, and will be represented by a master global note (CUSIP 38151FXB4). The supplement states final terms will be set on the trade date and that the offering may terminate if there is a significant adverse movement in the issuer's credit spread prior to the trade date.

GS Finance Corp. offers contingent quarterly coupon, buffered, auto-callable notes linked to NVIDIA Corporation stock, guaranteed by The Goldman Sachs Group, Inc. The notes have a $1,100,000 aggregate face amount, an 100% original issue price, and pay contingent quarterly coupons if the underlier closes at or above 60% of the initial level on observation dates. The notes are callable if the underlier closes at or above the initial level on any call observation date and mature on March 28, 2029. The cash settlement at maturity caps returns at 100% of face amount and can decline to as little as the final underlier return (potentially 0%), meaning investors could lose their entire investment if the final underlier level is sufficiently low.

GS Finance Corp. is offering autocallable EURO STOXX 50® index-linked notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an upside participation rate of 150% and a trigger buffer level of 80%. If the closing level of the underlier on the call observation date is greater than or equal to the initial level, the notes will be automatically called and pay at least $1,208 per $1,000 on the call payment date. If not called, maturity payoff depends on the final underlier level: above initial level pays $1,000 + $1,000×150%×underlier return; between 80% and 100% pays $1,000; below 80% pays $1,000 + $1,000×underlier return, which can result in a total loss. Key dates: trade date April 17, 2026, original issue date April 22, 2026, call observation date April 19, 2027, determination date April 17, 2029, stated maturity April 20, 2029.

GS Finance Corp. is offering structured notes linked to the S&P 500® Index that mature in March 2033. The notes pay no interest and return at maturity depends on the final index level versus a buffer level of 85% of the initial index. If the final level is ≥ the buffer level, each $1,000 face amount pays the capped $1,598. If the final level is below the buffer level, holders lose 1% of face for each 1% decline below the buffer (subject to the stated formula), exposing investors to substantial principal loss. Trade date was March 23, 2026, original issue date March 26, 2026, stated maturity date March 31, 2033. The offering aggregate face amount shown is $1,347,000, the underwriting discount is 4.25%, and net proceeds to issuer are 95.75% of face. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., so investors bear the credit risk of both entities.

GS Finance Corp. is offering S&P 500® Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and on the stated maturity will deliver for each $1,000 face amount either the face amount or a cash payment equal to $1,000 plus the underlier return, capped at a $1,465 maximum settlement amount. The trade date is April 17, 2026, the original issue date is April 22, 2026, the determination date is October 17, 2030 and the stated maturity date is October 22, 2030. The underlier is the S&P 500® Index (Bloomberg: "SPX Index"). The pricing supplement highlights that the original issue price exceeds the model-estimated value (reflecting underwriting discounts and a structuring fee) and that holders bear the credit risk of the issuer and guarantor, potential illiquidity, capped upside and complex U.S. tax treatment as a contingent payment debt instrument.

GS Finance Corp. is offering Autocallable Participation Notes linked to the S&P 500® Index. The notes trade in $10 principal units, have an approximate three-year term to April, 2029, and may be automatically called on an observation roughly one year after pricing (Call Observation Date around April, 2027).

The notes pay no periodic interest, provide a 100.00% participation rate above a 90.00% Threshold Value, and, if called, would pay a Call Payment of approximately $10.95 to $11.10 per unit. Estimated initial value is between $9.25 and $9.55 per $10 principal amount. Minimum initial purchase is $100,000, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering structured, non‑interest bearing notes linked to the S&P 500® Index. The notes measure performance from March 20, 2026 (initial underlier level 6,506.48) to the determination date and mature on April 8, 2027.

The notes feature a 15% buffer (buffer level = 85% of the initial level). If the final underlier level is ≥ the buffer level, holders receive the capped maximum settlement of $1,087.70 per $1,000 face amount. If the final underlier level is below the buffer level, the investor loses approximately 1.1765% of face amount for each 1% decline below the buffer and could lose the entire investment. The notes pay no interest.

Key commercial terms: aggregate face amount $10,850,000; original issue price 100% of face; underwriting discount 1%; net proceeds to issuer 99%. Trade date was March 23, 2026 and original issue date March 26, 2026. Cash‑flow treatment, credit risk, tax treatment, limited secondary market liquidity and other risks are described in the supplement.

GS Finance Corp. offers leveraged buffered S&P 500® Futures Excess Return Index‑linked notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500® Futures Excess Return Index with an upside participation rate of 190%, a buffer amount of 20% (buffer level 80%) and a face amount calculation per note of $1,000. The trade date is March 25, 2026, original issue date March 30, 2026, determination date February 25, 2031 and stated maturity date February 28, 2031. The notes pay no interest and are cash‑settled at maturity based on the underlier return. If the final underlier level is below the buffer level, investors suffer a leveraged loss tied to the decline; hypothetical examples show losses up to 60% of face amount at very low underlier levels. The underlier tracks E‑mini S&P 500 futures (not the equity index), exposing holders to roll yield, futures/contango effects, market disruption rules and the credit risk of the issuer and guarantor.

GS Finance Corp. is offering $5,500,000 aggregate face amount of leveraged, non‑interest bearing notes due March 27, 2028, linked to the iShares MSCI USA Quality Factor ETF (QUAL), with trade date March 23, 2026 and original issue date March 26, 2026.

For each $1,000 face amount, holders receive at maturity either (a) $1,000 + 3× ETF return (up to a $1,255.9 cap) if the ETF finishes above the initial level of $193.95, or (b) $1,000 + ETF return if the ETF is flat or down. The notes do not pay interest, are unsecured, and are guaranteed by The Goldman Sachs Group, Inc.. The estimated value at issuance is approximately $975 per $1,000. The offering includes a 1.5% underwriting discount.

GS Finance Corp. is offering callable, cash‑settled notes linked to the common stock of Advanced Micro Devices, Inc. (underlier). The offering has an aggregate face amount of $2,000,000 and an original issue price equal to 100% of face amount.

The notes pay no interest and feature an automatic call on the call observation date (March 23, 2027) if the closing level of the underlier is ≥ the initial underlier level; in that case each $1,000 face amount pays $1,298 on the call payment date. If not called, maturity payoff (determination date March 23, 2028, stated maturity March 30, 2028) depends on the final underlier level: 100% upside participation, a 20% buffer (buffer level = 80% of initial), and examples showing downside losses up to 60% of face amount. Investors bear credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are not bank deposits or FDIC insured.

GS Finance Corp. is offering autocallable S&P 500® Index‑linked notes guaranteed by The Goldman Sachs Group, Inc. The notes have an expected trade date of March 27, 2026, an expected call observation date of April 9, 2027 (automatic call pays $1,117.50 per $1,000 face amount) and an expected stated maturity date of March 30, 2028.

The notes pay no interest, have an upside participation rate of 150%, and a trigger buffer level equal to 80% of the initial index level. If not called, the cash payment at maturity depends on the S&P 500® performance from the initial level to the determination date: positive returns pay 150% of the index return, declines up to 20% pay the absolute value of the decline, and declines greater than 20% produce a negative return (investors can lose up to or all of invested principal). The estimated value at the terms' setting is between $900 and $930 per $1,000 face amount.

GS Finance Corp. is offering structured, S&P 500®-linked notes due March 27, 2031, fully guaranteed by The Goldman Sachs Group, Inc. The pricing supplement states an aggregate face amount of $431,000 with an original issue price of 100% of face and a net proceed of 98.875% of face.

Amount payable at maturity depends on the S&P 500 closing level on the March 24, 2031 determination date: holders get the face amount if the final level is ≥80% of the initial level, upside participation of 105% subject to a $1,900 maximum if the index rises, or a pro rata loss below the 80% buffer (losses measured by the buffer rate of 100% and buffer amount of 20%). The notes pay no interest and are senior unsecured obligations of GS Finance Corp., guaranteed by Goldman Sachs.

GS Finance Corp. offers principal-at-risk, non-interest bearing notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes have an original issue date of March 26, 2026, a trade date of March 23, 2026, and a stated maturity date of March 31, 2031. The issuer may automatically redeem the notes on specified call observation dates beginning September 23, 2026 if the underlier closes at or above 90% of the initial underlier level of 407.42, paying the face amount plus a call premium. If not called, the maximum cash at maturity is $1,915 per $1,000 face amount; downside exposure can result in loss of principal, including total loss if the final underlier level is sufficiently low. The aggregate face amount at original issue was $747,000. The estimated value on pricing was approximately $929 per $1,000 face amount and the original issue price equals 100% of face amount with an underwriting discount of 4.3%.

GS Finance Corp. is offering medium-term notes linked to the S&P 500® Index with payoff measured from March 20, 2026 to the determination date. For each $1,000 face amount, holders receive $1,105 if the final index level is at or above 90% of the initial level. If the final level is below 90%, holders suffer losses equal to approximately 1.1111% of face value for every 1% decline below the buffer; holders could lose their entire investment. The notes pay no interest, are guaranteed by The Goldman Sachs Group, Inc., and were issued at 100% of face with a 1% underwriting discount and net proceeds of 99%. The pricing supplement lists an aggregate face amount of $2,250,000 and key dates including a trade date of March 23, 2026, original issue date March 26, 2026, determination date April 5, 2027, and stated maturity date April 8, 2027.

GS Finance Corp. is offering leveraged buffered S&P 500® Index‑linked notes due April 3, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return a cash amount at maturity tied to the S&P 500® performance from the trade date (March 31, 2026) to the determination date (March 31, 2031).

Key economics shown: upside participation rate 100.8%; buffer level 80% (a 20% buffer); buffer rate 100%. If the final index level exceeds the initial level, you receive $1,000 plus participation × index return. If the final level is down but ≥80% of the initial level, you receive $1,000. If the final level is below the buffer, losses are pro rata to the decline below the buffer; principal can be substantially lost. The notes are cash‑settled and not interest‑bearing.

GS Finance Corp. is offering $2,000,000 aggregate face amount of principal-protected-but‑structured notes linked to the MSCI EAFE Index. The notes pay no interest, carry an upside participation rate of 140%, a buffer level of 80% and may be automatically called on the call observation date with a cash payment of $1,159 per $1,000 on the call payment date. If not called, maturity cash depends on final index performance versus the initial index level of 2,831.73, with the issuer’s calculation agent being Goldman Sachs & Co. LLC. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. and may result in a loss of up to the entire investment if the final underlier level falls below the buffer threshold.

Goldman Sachs published an index supplement describing the S&P 500® Volatility Plus Daily Risk Control Index, a rules-based index that seeks leveraged exposure to the S&P 500® Index with a dynamic volatility target and a minimum exposure of 100% and maximum exposure of 200%.

The supplement notes the index launched on March 21, 2022, uses hypothetical performance data before launch, and states the index exposure on March 2, 2026 was 186.39%. It highlights annualized returns and volatilities through March 2, 2026 and lists detailed risk factors, including leverage, lag in volatility measurement, limited operating history, and issuer credit risk.

GS Finance Corp. is offering equity-linked, auto-callable Medium-Term Notes, Series F, guaranteed by The Goldman Sachs Group, Inc., linked to the common stock of Blackstone Inc. The securities have an original offering price of $1,000 per security and an estimated value at pricing of $885–$915 per $1,000 face amount. The notes pay no interest, may be automatically called on multiple scheduled call dates for a rising fixed call premium, and, if not called, expose holders 1-to-1 to declines in the underlying stock with a 40.00% downside threshold; investors may lose up to 100.00% of principal. Payments are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to issuer and guarantor credit risk.

GS Finance Corp. publishes an index supplement for the S&P 500® Daily Risk Control 5% USD Excess Return Index dated March 25, 2026. The supplement describes the Excess Return index methodology—measuring the Risk Control index performance net of borrowing at SOFR plus 0.02963%—and provides historical annualized returns and volatilities through March 2, 2026. Key figures include a 1-year annualized return of 1.08% with annualized volatility of 5.00%, and a since‑January‑4‑2021 return of 3.14% with volatility of 4.96%. The supplement highlights that the indices discontinued use of overnight USD LIBOR on December 20, 2021, that SOFR-based borrowing costs apply, and that historical performance may be limited after the LIBOR transition. It also lists selected risk factors related to credit exposure, borrowing costs, volatility-target limitations, and lack of shareholder rights.

GS Finance Corp. is offering medium-term, equity-linked, auto-callable notes (face $1,000) guaranteed by The Goldman Sachs Group, Inc. The securities are linked to the common stock of Blackstone Inc. (pricing date April 7, 2026; original issue date April 10, 2026; stated maturity April 13, 2034).

The notes pay no interest, are automatically called if the stock closing price meets call thresholds on scheduled call dates (first call date April 10, 2028; final calculation day April 10, 2034), and, if called, pay the face amount plus a fixed call premium (listed per call date and at least 32.70% on the first date up to 130.80% on the final date). If not called, holders have 1-to-1 downside exposure to the underlying stock from the starting price; the downside threshold is 60.00% of the starting price (a 40.00% decline), and investors may lose up to 100.00% of their investment.

The estimated model value at pricing is between $885 and $915 per $1,000 face amount, below the original offering price. All payments are subject to the issuer and guarantor credit risk.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc., linked to the Class A common stock of Coinbase Global, Inc. (ticker “COIN UW”). The initial underlier level is $181.04 (closing level on March 24, 2026). The notes pay a contingent monthly coupon of $23.334 per $1,000 face amount when the underlier is at or above the coupon trigger level of 50% of the initial level on each coupon observation date, and they will be automatically called on scheduled quarterly call observation dates if the underlier closes at or above the initial level. If not called, maturity is March 29, 2029, and the cash settlement at maturity equals $1,000 if the final underlier level is at or above the trigger buffer level (50%); if below, the cash settlement equals $1,000 plus $1,000 times the underlier return, meaning investors could lose their entire investment if the final underlier level is sufficiently low. The notes are not shares, carry issuer/guarantor credit risk, and have limited secondary‑market liquidity.

GS Finance Corp. is offering autocallable, buffered notes linked to the Nasdaq-100 Index®, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an expected trade date of March 25, 2026, an expected original issue date of March 30, 2026, an expected call observation date of April 1, 2027, and an expected stated maturity date of March 28, 2031.

If the index is ≥105% of the initial level on the call observation date, the notes are automatically called for $1,100 per $1,000 face amount. If not called, upside participation is 187.25% of any positive index return; a 10% buffer applies (you receive face amount if final index ≥ 90% of initial), and losses below the buffer are multiplied by ~111.11%. The notes are subject to issuer and guarantor credit risk; estimated initial value is $885–$915 per $1,000, while the original issue price is $1,000 per face amount.

GS Finance Corp. is offering buffered digital S&P 500® Index-linked notes due March 28, 2028, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 face‑amount note pays no interest and returns either a capped gain of up to $1,194.20 at maturity if the final index level is ≥ the 90% buffer level, or suffers amplified downside where investors lose about 1.1111% of face amount for each 1% decline below the buffer level, potentially losing the entire investment.

The notes are priced on the trade date March 25, 2026 with an original issue date of March 30, 2026. Payment depends on the S&P 500® performance from March 24, 2026 to the determination date March 24, 2028. The offering is subject to issuer and guarantor credit risk and limited secondary‑market liquidity.

GS Finance Corp. is offering index-linked, principal-at-risk notes guaranteed by The Goldman Sachs Group, Inc. The notes reference the Dow Jones Industrial Average and the S&P 500, trade date April 17, 2026, original issue date April 22, 2026, and stated maturity April 20, 2029.

Each $1,000 note pays no interest. The cash settlement at maturity depends on the lesser performing underlier: if both underliers finish above initial levels you receive $1,000 plus the upside participation (at least 100%) times the lesser return; if the lesser return is between the initial level and the 82% buffer level you receive $1,000; if the lesser return is below the 82% buffer you suffer a loss equal to each 1% below the buffer reducing principal by 1% (buffer amount 18%, buffer rate 100%).

The notes may be sold initially by Goldman Sachs & Co. LLC; estimated model value is less than the original issue price; investors bear the credit risk of the issuer and guarantor and may face limited liquidity and secondary-market discounts.

GS Finance Corp. is offering Leveraged EURO STOXX 50® Index-Linked Notes due 2032, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount, does not bear interest, and is a cash‑settled instrument whose maturity payment depends on the EURO STOXX 50® performance measured from the trade date (April 1, 2026) to the determination date (April 1, 2032), with stated maturity on April 6, 2032.

If the final underlier level is above the initial level, holders receive $1,000 + $1,000 × 179% × underlier return. If the final level is between the initial level and the trigger buffer level (70% of initial), holders receive $1,000. If the final level is below the trigger buffer level, holders receive $1,000 + $1,000 × underlier return, exposing them to potential loss up to the full principal.

GS Finance Corp. is offering callable contingent coupon notes linked to the SPDR® Gold Trust (GLD), guaranteed by The Goldman Sachs Group, Inc. The notes mature on March 29, 2028 unless earlier redeemed and pay discretionary quarterly coupons when GLD closes at or above 87.5% of an initial level of $404.13.

If not redeemed, principal at maturity varies by the underlier return measured from March 24, 2026 to the determination date: investors receive $1,000 if the final level is at or above the buffer (87.5%), or a reduced cash settlement that applies a buffer rate of approximately 114.29% to losses below the buffer. Estimated model value at pricing is between $925 and $955 per $1,000 face amount.

GS Finance Corp. supplement describes the S&P 500® Futures Volatility Plus Daily Risk Control Index (Bloomberg: SPXFVPRE), which targets leveraged exposure to the S&P 500® Futures Excess Return Index with a dynamic volatility target and a minimum exposure of 100% and maximum of 200%.

The dynamic volatility target equals the realized volatility of the S&P 500® Futures Excess Return Index plus 10%, with a two-index‑day lag in the leverage calculation. The index launched on April 25, 2022, uses hypothetical pre‑launch data, and shows an index exposure of 186.70% on March 2, 2026. Annualized returns and volatilities to March 2, 2026 include 1‑year return 12.01% with volatility 28.45% and 3‑year return 22.77% with volatility 24.77%. The supplement emphasizes reliance on sponsor data and lists standard market, leverage, futures‑roll, and credit risks.

GS Finance Corp. and Goldman Sachs & Co. LLC published an index supplement for the Dow Jones Industrial Average Futures Excess Return Index. The supplement describes the index methodology, historical performance through March 2, 2026, and risks for securities linked to the index. It lists a launch date of April 8, 2015 and a base date of June 14, 2002. The supplement reports annualized returns of the index of 8.12% (1 year) and 7.73% (since January 4, 2021), and compares those returns to the Dow Jones Industrial Average and the S&P 500. It emphasizes that past performance is not indicative of future results and details selected risk factors, including negative roll yields, credit risk of the issuer/guarantor, and differences between futures linkage and direct equity ownership.

GS Finance Corp. issues an index supplement dated March 25, 2026 for its Medium-Term Notes, Series F, describing the S&P 500® Futures Excess Return Index (Bloomberg: SPXFP). The supplement defines the index methodology, shows comparative annualized returns (e.g., 11.51% one-year for SPXFP versus 15.57% for the S&P 500®), and lists historical volatility metrics and launch/history dates. It summarizes notable risks for securities linked to the index, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., negative roll yield on futures, absence of dividend capture, and market‑disruption risks. The supplement states the index data sources, sponsor (S&P Dow Jones Indices LLC), calculation agent, and that past performance is not indicative of future results.

Goldman Sachs is using the BlackRock® Dynamic Factor Index as the reference for the offered notes. The addendum describes an index that combines an equity ETF basket, a fixed income ETF basket and a cash constituent and measures their performance less the sum of the return on SOFR plus 0.26161% and an additional 0.65% per annum fee (accruing daily).

The index allocates among equities, fixed income and cash to target a volatility cap of 5%, rebalances equity positions monthly and fixed income daily, and in the recent past allocated up to 85.5% to cash. The index discontinued use of 3-month USD LIBOR and replaced it with SOFR+0.26161% on December 28, 2021. Historical performance since January 1, 2021 shows an annualized index return of -2.31% with realized volatility of 4.91%, versus the S&P 500 ETF annualized return of 14.38%.

GS Finance Corp. is offering medium-term notes (Series F) whose payments are linked to the BlackRock® Dynamic Factor Index. The index combines an equity ETF basket (five ETFs), a fixed income ETF basket (three ETFs) and a cash constituent and measures outperformance versus SOFR plus 0.26161% plus an additional 0.65% per annum fee (accruing daily). The index dynamically reweights components to target a 5% volatility limit and has allocated up to 85.5% to its cash constituent in the recent past, increasing the ETFs' hurdle to drive index gains. The index replaced 3-month USD LIBOR with SOFR on December 28, 2021, and limited post-LIBOR performance history is available. The notes will be fully guaranteed by The Goldman Sachs Group, Inc.; specific economic terms, pricing and settlement will appear in the applicable pricing supplement and any applicable product supplement. The supplement highlights ETF-specific risks, liquidity and tracking differences, and hedging and distribution practices by GS affiliates.

GS Finance Corp. and Goldman Sachs & Co. LLC published a Nasdaq-100 Technology Sector Index Supplement dated March 25, 2026 describing the Nasdaq-100 Technology Sector Index (Bloomberg: NDXT) as the underlier for certain medium-term notes and warrants.

The supplement presents index characteristics (equal-weighted, price return, base date February 22, 2006), historical performance through March 2, 2026 and annualized returns of 17.78% (1 year), 22.67% (3 years), 9.07% (5 years) and 10.12% (since January 4, 2021). It also compares the index to the Nasdaq-100 and the S&P 500 and lists selected risk factors, including issuer and guarantor credit risk, concentration in the technology sector, and sponsor discretion.

GS Finance Corp. offers structured notes and warrants linked to one or more indices (the “underliers”), as described in Underlier Supplement No. 48 dated March 24, 2026. The supplement warns that the estimated value on the trade date (per GS&Co.’s pricing models) is less than the original issue price, and secondary-market values may differ materially. Payments on the securities are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor). The document lists many investor risks: market volatility, lack of shareholder or dividend rights, currency and foreign-market risks, limited operating histories for certain indices, index‑methodology and sponsor discretion, futures roll/financing costs, SOFR replacement effects, and the mechanics/risks of risk‑control and leveraged (Volatility Plus) indices.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity-Linked Notes due May 12, 2027 (guaranteed by The Goldman Sachs Group, Inc.) linked to the common stock of Eli Lilly and Company (Bloomberg: LLY UN). The notes pay a contingent monthly coupon of $8.50 per $1,000 (0.85% monthly; up to 10.20% per annum) if the underlier is at or above the coupon trigger level (60% of the initial underlier level) on each coupon observation date. The notes are automatically called if the underlier's closing level on a call observation date is greater than or equal to the initial underlier level; in that case holders receive $1,000 plus any coupon then due. At maturity (determination date May 7, 2027), if not called, cash settlement per $1,000 face amount equals $1,000 if the final underlier level is at or above the trigger buffer level (60%), or equals $1,000 × the underlier return if below that level. The prospectus warns investors they could lose their entire investment if the final underlier level is sufficiently low. Terms and fees are set on the trade date (April 7, 2026; original issue date April 10, 2026), and the notes are subject to issuer and guarantor credit risk and limited secondary-market liquidity.

GS Finance Corp. offers leveraged S&P 500® Futures Excess Return Index-Linked Notes due 2032, guaranteed by The Goldman Sachs Group, Inc. The notes pay at maturity based on the S&P 500 Futures Excess Return Index performance with an upside participation rate of 213.5%, a 30% trigger buffer (trigger buffer level 70%), no interest payments, and cash settlement per $1,000 face amount. The trade date is April 1, 2026 and stated maturity is April 6, 2032; final payment depends on the determination date level and is subject to adjustments and the issuer/guarantor credit risk.

The Goldman Sachs Group, Inc. is offering fixed-rate senior notes maturing in 2033 under its Medium-Term Notes, Series N program. The notes carry a stated interest rate of 5.00% per annum, pay interest semiannually on April 2 and October 2 (with maturity-date payment on April 4, 2033), and will be issued in book-entry form through DTC.

Key commercial details (principal amount and original issue price) will be set on the trade date; the pricing supplement notes the original issue price may vary for certain fee-based advisory accounts. The notes will not be listed on an exchange, use a 30/360 (ISDA) day‑count convention for interest, are subject to FATCA withholding, and the underwriting is led by Goldman Sachs & Co. LLC, an affiliate with a disclosed conflict of interest.

GS Finance Corp. offers structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay a monthly coupon of $12.375 per $1,000 (1.2375% monthly; potential up to 14.85% per annum) only if the index on an observation date is at least 50% of the initial underlier level. The initial underlier level is 394.46 (trade date March 20, 2026). Observation dates occur monthly from April 2026 through March 2031. Notes mature on March 25, 2031 unless automatically called on any call observation date from March 2027 through February 2031 when the index closing level is greater than or equal to 394.46, in which case holders receive the face amount plus the coupon on the subsequent payment date. The index applies a fixed daily decrement of 6.0% per annum, may employ up to 500% leverage with a maximum daily leverage change of 100%, and may be significantly uninvested on given days. The estimated value at pricing was approximately $966 per $1,000 face amount. Aggregate original face amount was $660,000. Payments are subject to issuer and guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable index-linked notes tied to the S&P 500, Dow Jones Industrial Average and Russell 2000. Trade date and initial levels are expected on April 14, 2026, with an original issue date expected on April 17, 2026 and a stated maturity date expected on April 21, 2031.

If a call observation date (first expected April 14, 2027) shows each index ≥ 90% of its initial level, the notes are automatically redeemed and pay the face amount plus the applicable call premium (call premiums rise over time; first call premium 8.6%). If not called, the maturity payoff depends on the lesser performing underlier: full face amount if the lesser underlier ≥ 70%, capped upside at 143% of face amount, and downside exposure to the lesser underlier below 70% (investors may lose a substantial portion or all of principal). The pricing supplement shows an estimated value of $885 to $935 per $1,000 face amount on the trade date and a maturity premium amount of 43%.

GS Finance Corp. offers Dow Jones Industrial Average Futures Excess Return Index‑linked notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The offering has an aggregate face amount of $738,000 and a stated maturity date of March 23, 2029

For each $1,000 face amount, at maturity you receive either (a) $1,000 if the final underlier level is equal to or below the initial level of 494.37, or (b) $1,000 plus 95.1% (95.1%) of the positive underlier return if the final underlier level is greater than 494.37. The trade date is March 20, 2026 and the original issue price is 100% of face amount; the estimated value at terms set is approximately $971 per $1,000 face amount. The offering carries an underwriting discount of 1.2% and net proceeds to the issuer of 98.8% of face amount.

GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due 2027, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Freeport-McMoRan Inc. (Bloomberg: FCX UN), have a trade date of March 27, 2026 and an original issue date of April 1, 2026. Coupon payments are contingent and paid quarterly only if the underlier closes at or above a coupon trigger level equal to 70% of the initial level. The notes feature an automatic call if the underlier closes at or above the initial underlier level on any call observation date; called notes pay par plus the coupon then due. The structure includes a buffer of 30% (buffer level = 70% of initial), a buffer rate of approximately 142.86%, and a cash settlement at maturity that can result in loss of up to the entire investment if the final underlier level is sufficiently low. The original issue price is stated as 100% of face, underwriting discount 1%, and net proceeds to the issuer 99% of face amount.

GS Finance Corp. is offering non‑interest‑bearing, autocallable notes linked to an equally weighted basket of six stocks. The notes mature on March 23, 2028 with an automatic call observation on April 2, 2027 that would pay $1,200 per $1,000 face amount if triggered. At maturity the notes pay: (1) if final basket level > initial, $1,000 plus 125% participation in the basket return; (2) if final level ≥ 85% of initial, $1,000; (3) if final level < 85%, a buffered loss using a buffer rate of approximately 117.65%. Estimated value at issuance is approximately $952 per $1,000; original issue price is 100% with a 1.5% underwriting discount and net proceeds of 98.5%. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and determinations (pricing, adjustments, postponements) rest with the calculation agent.

GS Finance Corp. priced a structured note offering backed by a guarantee of The Goldman Sachs Group, Inc., linked to the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Global X Copper Miners ETF. The original issue date is March 25, 2026 with aggregate face amount $757,000 and an original issue price of 100% of face amount (underwriting discount 1%, net proceeds 99%).

The notes pay a conditional monthly coupon of $14.584 per $1,000 (approximately 1.4584% monthly, ~17.5% annualized) only if each underlier’s closing level on a coupon observation date is ≥ the coupon trigger level (70% of its initial level). Early redemption is permitted by the issuer on monthly coupon dates from June 2026 through February 2029 at 100% of face plus any coupon then due. At maturity (March 26, 2029), cash settlement depends on the lesser performing underlier and includes buffer and knock-in thresholds (coupon trigger = 70%, trigger buffer = 60%); estimated value at pricing was approximately $934 per $1,000.

GS Finance Corp. is offering $4,146,000 aggregate face amount of Trigger Autocallable GEARS linked to the Nasdaq-100 Index®, maturing in 2031 and guaranteed by The Goldman Sachs Group, Inc. The notes feature an automatic call on March 29, 2027 (call payment March 31, 2027) at a 14.00% call return and provide 1.50 upside gearing; the downside threshold is 75.00% of the initial index level. Payments, including any principal repayment, depend on index performance and the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering structured, cash‑settled notes linked to the S&P 500® Futures Excess Return Index, with an upside participation rate of 140% and a buffer level equal to 80% (20% buffer). The notes pay no interest and settle on March 23, 2029 (determination date March 20, 2029). For each $1,000 face amount, investors receive $1,000 plus 1,000×(140%×underlier return) if the final underlier level is above the initial level; they receive the face amount if the final level is within the 20% buffer; and they incur a proportional principal loss if the final level is below the buffer. The aggregate face amount shown is $456,000, original issue price is 100% of face (underwriting discount 1%, net proceeds 99%), and the notes are fully guaranteed by The Goldman Sachs Group, Inc. Investors bear issuer/guarantor credit risk and potential substantial principal loss if the underlier declines beyond the buffer.