Goldman Sachs Group (GS) 424B Filings

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. is offering autocallable contingent coupon equity-linked notes linked to the common stock of UnitedHealth Group Incorporated (UNH) with a trade date of March 31, 2026, original issue date April 6, 2026 and stated maturity May 5, 2027. The notes pay a contingent monthly coupon of $11.292 per $1,000 (approximately 13.55% annualized) on any coupon payment date when the closing level of the underlier is at or above a coupon trigger level equal to 68% of the initial underlier level.

The notes are automatically called if on any call observation date the underlier closes at or above the initial underlier level; called notes pay $1,000 per $1,000 plus the coupon then due. If not called, the cash settlement at maturity depends on the final underlier level: if the final level is at or above the trigger buffer (68%), you receive $1,000; if below, you receive $1,000 adjusted by the underlier return, exposing you to potential loss, including the possibility of losing your entire investment. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

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.

GS Finance Corp. is offering capped, auto-callable notes due September 27, 2027 that pay a fixed monthly coupon of $10.834 per $1,000 face amount (1.0834% monthly, up to approximately 13% per annum) and whose final cash payment is linked to the performances of the Invesco QQQ, Series 1, the State Street SPDR S&P 500 ETF and NVIDIA Corporation.

The notes will be automatically called on a call payment date if, on any annual call observation date, the closing level of each underlier is greater than or equal to its initial level. If not called, at maturity the cash settlement depends solely on the lesser performing underlier: investors keep full principal if each final level is at least 60% of its initial level, but if any underlier is below 60% you may lose more than 40% of principal (payment tied to the worst-performing underlier). The estimated value at pricing was approximately $972 per $1,000 face amount; original issue price was $1,000 per $1,000 face amount.

GS Finance Corp. is offering principal-protected contingent cash-settled notes linked to the EURO STOXX 50® Index with an aggregate face amount of $6,325,000. Each $1,000 note pays no interest and at maturity (stated maturity date March 25, 2030) will settle in cash based on the underlier return and an 182% upside participation rate. If the final underlier level is at or above 70% of the initial level, investors receive at least the face amount; below that trigger buffer level the payout declines one-for-one with index losses and investors could lose the entire investment. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

GS Finance Corp. priced an offering of autocallable, non‑interest bearing buffered basket‑linked notes due March 29, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes reference an equally weighted basket of the EURO STOXX 50® and the S&P 500® Equal Weight Index and carry an automatic call feature on the call observation date expected March 24, 2028.

If the basket closing level on the call observation date is greater than or equal to the initial basket level (set at 100), each $1,000 face amount will be redeemed for $1,110 on the call payment date expected March 29, 2028. If not called, at maturity each $1,000 face amount pays $1,000 plus 100% participation in any positive basket return; if the basket return is zero or negative, investors receive only the $1,000 face amount. The estimated initial value range on the trade date is between $925 and $955 per $1,000 face amount; original issue price is 100% with an underwriting discount of 2.1% (net proceeds 97.9%).

GS Finance Corp. offers $2,178,000 in principal amount of buffered, non‑interestbearing notes linked to the S&P 500® Index. The notes pay cash at maturity based on the index performance from the trade date (March 20, 2026) to the determination date (March 20, 2029), with a 10% buffer (buffer level = 90% of the initial level).

If the final index level is above the initial level, you receive the index return; if the final level is between the buffer level and the initial level, you receive the face amount; if the final level is below the buffer level you incur losses proportional to the decline below the buffer (buffer rate = 100%), and you may lose a substantial portion of principal. The notes do not pay interest and are fully guaranteed by The Goldman Sachs Group, Inc.

GS Finance Corp. offers $23,075,310 aggregate face amount of Trigger Autocallable Notes linked to the Russell 2000® Index due March 25, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no coupons, may be automatically called on quarterly observation dates if the index equals or exceeds the autocall barrier, and provide contingent repayment at maturity tied to a 75.00% downside threshold of the initial index level. The per‑annum call return starts at 11.00% and increases on later call dates; if not called and the final index level is below the downside threshold, investors suffer a principal loss equal to the index decline.

GS Finance Corp. offers structured notes linked to the S&P 500 Index that mature on April 7, 2027. The cash payment at maturity depends on the underlier return from the trade date to the determination date: positive returns are paid up to a $1,100 cap per $1,000 face amount; moderate declines within a 22.05% trigger buffer produce a positive payment equal to the absolute underlier return; declines beyond the buffer produce a proportional loss of principal.

The notes pay no interest, are guaranteed by The Goldman Sachs Group, Inc., carry issuer and guarantor credit risk, and have an original issue price equal to face amount less a 1% underwriting discount. The pricing supplement dates and key terms are provided in the document.

The pricing supplement describes GS Finance Corp. offering $41,116,000 aggregate principal of contingent income auto-callable securities linked to the common stock of NVIDIA Corporation. The securities mature on March 23, 2029, pay contingent quarterly coupons only if NVDA closes at or above a downside threshold of $86.35 (50.00% of the initial share price of $172.70), and are automatically called if NVDA closes at or above the initial share price on any call observation date.

Payments at maturity depend on the final share price: if final share price is at or above the downside threshold, investors receive principal ($1,000) plus any final contingent coupon; if below, payment equals $1,000 multiplied by the share performance factor and investors may lose a significant portion or all principal. The securities are unsecured obligations of GS Finance Corp. guaranteed by The Goldman Sachs Group, Inc., carry an estimated value of $969 per security at issuance, and include an underwriting discount of 2.25%.

GS Finance Corp. is offering contingent quarterly coupon medium-term notes linked to the common stock of NVIDIA Corporation (Bloomberg: "NVDA UW") under a pricing supplement dated March 20, 2026. Each $1,000 note pays a contingent quarterly coupon of $31.875 if the underlier meets a coupon trigger of 50% of the initial level and is subject to automatic call if the underlier closes at or above the initial level on any call observation date.

At maturity (stated maturity March 23, 2029), cash repayment is either 100% of face amount if the final underlier level is at or above the trigger buffer (50%) or $1,000 × (1 + underlier return) if below the buffer, exposing investors to the potential loss of their entire investment. The notes are unsecured obligations of GS Finance Corp. and are fully guaranteed by The Goldman Sachs Group, Inc.; pricing shows an original issue price of $1,000 per note with a 2% underwriting discount.

GS Finance Corp. is offering $19,102,000 of principal-protected contingent buffer notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an upside participation rate of 205%, a buffer level of 85% (buffer amount 15%), and may be automatically called on the call observation date for $1,100 per $1,000 face amount if the underlier is at or above the initial level.

Key dates: trade date March 20, 2026, original issue date March 25, 2026, call observation date April 2, 2027, call payment date April 7, 2027, determination date March 20, 2028, and stated maturity date March 23, 2028.

GS Finance Corp. offers Autocallable Contingent Coupon Equity-Linked Notes due April 15, 2027 under a pricing supplement that references Class A common stock of Meta Platforms, Inc. as the underlier. The notes pay contingent quarterly coupons when the underlier is at or above an 85% coupon trigger and include an 85% buffer level / 15% buffer amount with a buffer rate of approximately 117.65%. The notes are subject to an automatic call if the underlier is at or above the initial level on any call observation date. Trade date is March 27, 2026 and original issue date is April 1, 2026. The offering price is 100% of face amount, underwriting discount up to 1%, and net proceeds to the issuer of 99% of face amount. The notes are senior debt of GS Finance Corp., unlisted, cash‑settled at maturity and fully guaranteed by The Goldman Sachs Group, Inc.; they carry issuer and guarantor credit risk and may result in the loss of the entire investment.

GS Finance Corp. is offering index-linked notes with an aggregate face amount of $1,618,000 due March 25, 2031, guaranteed by The Goldman Sachs Group, Inc.

The notes reference the STOXX® Europe 600 and EURO STOXX 50® indices, measure performance from the trade date March 20, 2026 to the determination date March 20, 2031, and pay at maturity based on the lesser performing index. The notes do not bear interest and feature a 300% participation rate in positive returns up to a $2,132 maximum settlement per $1,000 face amount. A buffer provides full principal return if each index finishes at or above 70% of its initial level; if the lesser performing index finishes below that buffer, principal is exposed to the full negative return of that index. The estimated value on the trade date was approximately $972 per $1,000 face amount and the original issue price is 100% of face amount.

GS Finance Corp. prices $2,800,000 of Enhanced Trigger Jump Securities. The unsecured, principal-at-risk notes are guaranteed by The Goldman Sachs Group, Inc., priced March 20, 2026, issued March 25, 2026 and mature April 2, 2027.

The payoff per $1,000 depends on the S&P 500® Index performance from an initial index value of 6,506.48 to the valuation date. If the final index value is >= the downside threshold (5,205.184, 80.00% of the initial value), holders receive $1,000 plus a fixed 9.60% ($96.00) upside payment. If the final index value is below the downside threshold, payment equals $1,000 × (final/initial), exposing holders on a 1:1 basis to losses, with no minimum payment.

GS Finance Corp. is offering Airbag In‑Digital Securities linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The securities pay a digital return if the final index level is at or above the downside threshold (90.00% of the initial level); otherwise principal is contingent and holders lose approximately 1.1111% of face amount for each 1.00% decline beyond the 10.00% threshold. The digital return is expected to be between 13.70% and 15.70%. Trade date is expected to be March 25, 2026, original issue date March 30, 2026, determination date August 31, 2027, and stated maturity September 3, 2027. The estimated value on the trade date is expected between $9.65 and $9.95 per $10 face amount; original issue price is 100.00% of face amount. All payments are subject to the issuer’s and guarantor’s creditworthiness.

GS Finance Corp. offers medium‑term structured notes guaranteed by The Goldman Sachs Group, Inc. The pricing supplement covers an aggregate face amount of $2,011,000 of notes with a stated maturity of March 25, 2030. Payment at maturity depends on the performance of the S&P 500® Futures Excess Return Index from the trade date to the determination date. The notes pay no interest and provide an upside participation rate of 171.5% if the final underlier level exceeds the initial level. If the final underlier level is at or above 60% of the initial level you receive the face amount; if it is below 60% you suffer pro rata losses and could lose your entire investment. Terms note that the determination date and stated maturity are "subject to adjustment" as described in the supplement.

GS Finance Corp. is offering callable contingent coupon equity-linked notes due April 2028, fully guaranteed by The Goldman Sachs Group, Inc., linked to the Class A common stock of Palantir Technologies Inc. The notes pay a contingent monthly coupon only if the underlier's closing level on each observation date is ≥60% of the initial level, using a cumulative coupon formula that references $18.542 per coupon-observation increment. The issuer may redeem the notes on any coupon payment date beginning July 2026. At maturity, if the final underlier level is ≥60% of the initial level the cash settlement equals $1,000 per $1,000 face amount; if below 60% the cash settlement equals $1,000 × (1 + underlier return), meaning investors could lose their entire investment if the underlier falls to zero.

GS Finance Corp. priced $5,572,000 of Contingent Income Callable Securities due March 23, 2028, guaranteed by The Goldman Sachs Group, Inc., linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indices.

Each $1,000 security may pay a contingent quarterly coupon of $21.875 only if every underlying index closes at or above a 60.00% downside threshold on every index business day during the observation period. If not redeemed early, final payment equals $1,000 or $1,000 multiplied by the worst-performing index performance factor; losses can exceed 40.00% and could be total. Estimated value at pricing was $968 per $1,000; original issue price is $1,000.

GS Finance Corp. is offering non‑interest, principal‑protected‑style notes linked to an equally weighted basket of Amazon, Broadcom, Microsoft, NVIDIA, and Oracle. The notes have an expected stated maturity of April 3, 2031 and an automatic call feature beginning on March 29, 2027. The notes carry an upside participation rate of 150% and a trigger buffer level of 60% (i.e., a -40% break‑point). Estimated value on the trade date is expected to be between $885 and $935 per $1,000 face amount. Payments are subject to issuer and guarantor credit risk and to the calculation agent’s determinations.

GS Finance Corp. files a pricing supplement offering $1,175,000 of Buffered Digital S&P 500® Index-Linked Notes due March 23, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and reference the S&P 500 closing level from an initial index level 6,506.48 (trade date March 20, 2026) to the determination date March 20, 2028. For each $1,000 face amount the threshold settlement amount is $1,137.50; positive returns are capped by this threshold and upside participation is limited. A 25% buffer applies (buffer level = 75% of the initial level; buffer rate ≈ 133.33%); if the final index level is below the buffer level, losses can be substantial and you could lose your entire investment. The estimated value on the trade date is approximately $986 per $1,000 face amount; original issue price is 100% with an underwriting discount of 1.1% and net proceeds to the issuer of 98.9%. Payments are subject to the issuer’s and guarantor’s credit risk and to tax uncertainty.

GS Finance Corp. is offering $2,020,000 aggregate face amount of medium-term, cash-settled notes linked to the S&P 500® Index with a stated maturity of March 25, 2031. For each $1,000 face amount, the cash payment at maturity equals either: (1) $1,000 plus $1,000× the 107% upside participation × the underlier return if the final level is above the initial level; (2) $1,000 if the final level is between 60% and 100% of the initial level; or (3) $1,000 plus $1,000×(final−initial)/initial if the final level is below 60% (i.e., losses pro rata, potentially eliminating principal). The notes pay no interest and are fully guaranteed by The Goldman Sachs Group, Inc. Investors remain exposed to issuer/guarantor credit risk, market/volatility effects on the S&P 500, and uncertain U.S. federal tax treatment.

GS Finance Corp. is offering Market Linked Securities—leveraged, buffered, equity‑index linked notes linked to the S&P 500® Index with a stated maturity date of March 23, 2028. Each security has a $1,000 face amount, an original offering price of $1,000 and an estimated value at pricing of approximately $969 per $1,000 face amount. At maturity holders receive: (1) if the ending level > starting level, the face amount plus 150% of the percentage increase subject to a maximum return of 20.25% (maximum payment $1,202.50); (2) if the ending level falls up to 10% (the buffer) you receive the face amount; (3) if the ending level falls by more than 10% you suffer 1‑for‑1 losses on the excess (you may lose up to 90% of face). Payments are unsecured and subject to issuer and guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.. Pricing date: March 20, 2026; Calculation Day: March 20, 2028. The securities pay no interest or dividends and are designed to be held to maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured, cash-settled notes linked to the S&P 500® Futures Excess Return Index with an aggregate face amount of $1,302,000. The notes pay no interest and mature on March 25, 2031. Investors receive for each $1,000 face amount either: (1) $1,000 plus 187.5% of the underlier return if the final level is at or above the initial level; (2) $1,000 plus the absolute underlier return if the final level declines but stays at or above 85% of the initial level (a 15% buffer); or (3) a reduced amount tied to the buffer rate if the final level is below the buffer level, exposing investors to substantial principal loss. The underlier tracks E-mini S&P 500 futures (Bloomberg: SPXFP Index); price examples and tax, market‑liquidity and credit risks are disclosed in the supplement.

GS Finance Corp. is offering medium‑term notes linked to the S&P 500® Index with an aggregate face amount of $2,436,000. The notes pay no interest, may be automatically called on annual observation dates if the underlier is greater than or equal to the initial level, and mature on March 24, 2032 (determination date March 19, 2032). Call premium amounts range from 10.5% (first call) to 52.5% (fifth call); the maturity date premium amount is 63.00%. If not called, the maturity cash payment either equals $1,000 + $1,000×maturity premium when the final underlier is above the initial level or equals $1,000 + $1,000×underlier return if below; you could lose your entire investment if the final underlier is sufficiently below the initial level. Original issue price is 100% of face; underwriting discount is 0.8% (net proceeds 99.2%). The notes are senior unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to credit risk, limited secondary‑market liquidity, tax uncertainty, and model valuation differences cited herein.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering $30,997,000 of S&P 500®-linked buffered notes. The notes pay no interest and mature on April 7, 2027 with a determination date of April 2, 2027. For each $1,000 face amount, holders receive a capped payment of up to $1,085 if the final underlier level is greater than or equal to the buffer level (85% of the initial level). If the final underlier level is below the buffer level, losses are magnified by a buffer rate of approximately 117.65%, causing investors to lose about 1.1765% of face amount for every 1% decline below the buffer; investors could lose their entire principal. Trade date: March 20, 2026; original issue date: March 25, 2026. Underlier: S&P 500® Index. Original issue price: 100% of face amount; underwriting discount: 1%; net proceeds: 99% of face amount.

GS Finance Corp. priced a $12,000,000 offering of Contingent Income Buffered Auto-Callable Securities linked to the common stock of Freeport-McMoRan Inc.

The securities, unsecured notes guaranteed by The Goldman Sachs Group, Inc., mature on March 25, 2027 and pay a contingent monthly coupon only when the underlying stock closes at or above a buffer price equal to 70.00% of the initial share price. The initial share price is stated as $53.62 (closing price on March 19, 2026), and the contingent coupon calculation uses a stated multiplier of $18.309 per $1,000 principal across coupon observation dates.

If the securities are automatically called on any call observation date when the underlying closes at or above the initial share price, holders receive the $1,000 principal per $1,000 plus the contingent coupon then due. If not called, a final payment at maturity pays $1,000 if the final share price is at or above the buffer price; if below the buffer price, holders suffer downside exposure equal to approximately 1.4286% of principal for every 1.00% decline beyond the buffer (the disclosed downside factor).

GS Finance Corp. is offering $228,000 face amount of notes linked to the S&P 500® Index. The notes trade on March 20, 2026, have an original issue date of March 25, 2026, a determination date of March 20, 2028 and a stated maturity date of March 23, 2028.

For each $1,000 face amount, the cash settlement will be: (1) $1,000 plus the underlier return if the final level is >= the initial level, capped at a maximum upside settlement amount of $1,295; (2) $1,000 plus the absolute underlier return if the final level declines ≤ the buffer of 10% (buffer level = 90%); or (3) an amount that produces a loss if the final level is below the buffer, where losses can be a substantial portion of principal. The notes pay no interest and are fully guaranteed by The Goldman Sachs Group, Inc.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering equity‑linked notes tied to GOOGL, NVDA and MSFT with an aggregate face amount of $375,000 on the original issue date. The notes have a stated maturity of March 23, 2029 and an automatic call feature on the call observation date, March 22, 2027, if each index stock closes at or above its initial price. If automatically called, each $1,000 face amount pays $1,620 on the call payment date. If not called, the cash settlement at maturity is determined solely by the lesser performing index stock: positive linkage with a 300% upside participation rate when all final prices exceed initial prices; an absolute positive payoff when all final prices are ≥60% of initial prices; and downside exposure to the full negative return of the lesser performing stock if any final price is below 60% of its initial price.

GS Finance Corp. priced $2,377,000 of Dual Directional Buffered PLUS tied to the EURO STOXX 50® Index. The notes mature on March 23, 2028 and provide 150% leveraged upside of any positive index return (leverage factor 150%), subject to a maximum payment of $1,293.00 per $1,000 and a 10.00% buffer. If the final index value declines by ≤10.00% from the initial index value, holders receive principal plus the absolute index return (capped at +10.00%); declines beyond 10.00% produce a 1:1 loss, subject to a $100 minimum payment. Pricing date was March 20, 2026, original issue date March 25, 2026, and valuation date March 20, 2028. The estimated value at issuance was approximately $958 per $1,000, below the issue price; 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 contingent automatic-call notes linked to the Russell 2000® Index, the EURO STOXX 50® Index and the State Street® Utilities Select Sector SPDR® ETF (XLU). The notes mature on March 27, 2031 but may be automatically called beginning on March 22, 2027 if each underlier closes at or above its initial level on a call observation date; call premiums rise across sixteen scheduled call dates (first call premium 17.45%, later up to 82.8875%).

At maturity, if not called, payoff depends on the lesser performing underlier: full face amount plus a 87.25% maturity premium if all underliers finish at or above initial levels; return of $1,000 if all finish at or above 70% of initial levels but any is below initial; otherwise repayment depends on the lesser performing underlier return (losses possible, including complete loss). The trade date initial levels and key terms are specified, estimated value at pricing was approximately $935 per $1,000 face amount, original issue price 100%, underwriting discount 4.125%, net proceeds 95.875%. Credit risk of the issuer and guarantor applies.

GS Finance Corp. is offering structured, cash‑settled notes guaranteed by The Goldman Sachs Group, Inc. with an aggregate face amount of $2,654,000. The notes pay a contingent monthly coupon of 0.5834% per month (up to ~7.00% per annum) when each underlier is at or above a 60% coupon trigger on observation dates and are subject to an automatic call if all underliers are at or above their initial levels on any call observation date.

Payments at maturity depend on the lesser performing underlier (Nasdaq‑100, Russell 2000, S&P 500). If the lesser performing underlier ends below its 50% trigger buffer level, principal can be reduced proportionally — investors could lose their entire investment. Trade date: March 20, 2026; original issue date: March 25, 2026; stated maturity: March 27, 2029.

GS Finance Corp. is offering structured, non‑interest bearing notes linked to the Russell 2000® Index with an aggregate face amount of $345,000. For each $1,000 face amount, payment at maturity depends on the underlier return measured from the trade date to the determination date. If the final level is at or above the initial level, payoff equals principal plus the underlier return subject to a maximum upside settlement amount of $1,193 per $1,000 face. If the final level is below the initial level but within the buffer amount of 10% (buffer level = 90% of initial), the notes pay principal plus the absolute underlier return. If the final level is below the buffer level, investors absorb losses equal to 1% of face for each 1% decline beyond the buffer; large principal losses are possible. Trade date is March 20, 2026, original issue date March 25, 2026, determination date April 20, 2027, and stated maturity April 23, 2027. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and carry underwriting costs reflected in a net proceed of 99.275% of face. Pricing models used by GS&Co. value the notes below original issue price; market liquidity is not assured.

GS Finance Corp. is offering equity-linked, auto-callable securities tied to the common stock of Blackstone Inc. (underlying). Each security has a $1,000 face amount and an original offering price of $1,000. The pricing date is April 14, 2026 and the stated maturity is April 19, 2034. The securities pay no interest or dividends, are subject to automatic early redemption on specified call dates if the stock closing price meets call thresholds (first 20 call dates: 90.00% of the starting price; final call date: 60.00%), and otherwise deliver a maturity payment with 1-to-1 downside exposure to the underlying stock. Investors may lose up to 100.00% of the face amount. The estimated value at pricing is between $885 and $915 per $1,000 face amount. All payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. offers autocallable contingent coupon equity-linked notes due April 15, 2027, guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Snowflake Inc. (SNOW) and pay contingent quarterly coupons only if the underlier closes at or above 70% of the initial level on each coupon observation date.

If not called, maturity cash is paid per $1,000 face amount and depends on the final underlier level relative to a 70% buffer; downside exposure can eliminate most or all principal (examples show as low as ~25.714% of face). Trade date is March 27, 2026; original issue date is April 1, 2026.

GS Finance Corp. is offering $7,357,000 aggregate face amount of trigger autocallable notes due March 25, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to an unequally weighted basket: EURO STOXX 50 (40.00%), Nikkei 225 (25.00%), FTSE 100 (17.50%), SMI (10.00%) and S&P/ASX 200 (7.50%).

Key economics: initial basket level 100, autocall barrier 100%, downside threshold 75%, and an annualized call return notionally 9.50% (applying to staged call returns that rise to 47.50% at final observation). Trade date is March 20, 2026; original issue date is March 25, 2026. Notes pay no coupons; contingent repayment of principal applies only at maturity. Estimated value at pricing was approximately $9.54 per $10 face amount; original issue price was 100.00% of face amount.

GS Finance Corp. priced a capped, buffer-structured note linked to the S&P 500 Index with an aggregate face amount of $470,000. The notes pay no interest and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

For each $1,000 face amount, maturity payoff depends on the underlier return from the trade date (March 20, 2026) to the determination date (April 20, 2027): gains are passed through up to a $1,135 cap; declines up to a 10% buffer produce a positive absolute return; declines beyond the buffer produce losses pro rata. Stated maturity is April 23, 2027. Original issue price was 100% with an underwriting discount of 0.725%.

GS Finance Corp. is offering market-linked, auto-callable medium-term notes (face amount $1,000) guaranteed by The Goldman Sachs Group, Inc. The securities are linked to the lowest performing of ServiceNow, Inc. and Broadcom Inc.; if automatically called on the March 25, 2027 call date you receive the face amount plus a 50.00% call premium. If not called, maturity is March 23, 2029 and the maturity payment depends solely on the lowest performing underlying stock: you participate at an 317.00% upside rate if that lowest stock finishes above its starting price, receive the face amount if its decline is no more than 40%, or suffer 1-to-1 downside (loss up to 100%) if it falls more than 40%. The pricing date estimated value was approximately $953 per $1,000 face amount; original offering price is $1,000, with proceeds to issuer $974.25 per security.

GS Finance Corp. is offering $130,000 in S&P 500®-linked buffer notes, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and mature on September 23, 2027, with a determination date of September 20, 2027. For each $1,000 face amount the cash settlement at maturity depends on the S&P 500 final level versus the initial level of 6,506.48. A 10% buffer (buffer level = 90% of initial) protects small declines: a final index decline up to 10% produces a positive payout equal to the absolute index decline, while declines beyond the buffer cause proportional losses. Upside is capped at $1,207 per $1,000 face amount. The original issue price equals 100% of face and underwriting discount is 0.55%.