Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. offers structured, autocallable notes linked to the Russell 2000®, EURO STOXX 50® and the State Street® Technology Select Sector SPDR® ETF (XLK), with expected maturity March 28, 2031 and monthly coupon observation dates beginning in April 2026.

Coupons of $9.50 per $1,000 (0.95% monthly, 11.4% annualized) are payable on a coupon payment date only if each underlier is >= 65% of its initial level. Notes are automatically called on quarterly call observation dates if each underlier is >= its initial level. At maturity, the cash payment depends on the lesser performing underlier: full principal if each underlier is >= 65%, principal only if any underlier is between 55% and 65%, and a proportional loss if any underlier is 55% (you could receive less than 55% of face amount if an underlier falls below 55%). The estimated value on the trade date is between $885 and $925 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc..

GS Finance Corp. is offering buffer‑linked notes tied to the S&P 500. The pricing supplement shows an aggregate face amount of $5,550,000 and a face amount of $1,000 per note. The notes pay no interest, mature on June 23, 2027 (determination date June 21, 2027), and are fully guaranteed by The Goldman Sachs Group, Inc.

Performance is measured from the trade date to the determination date. A 10% buffer (buffer level = 90% of the initial level) caps losses: if the final underlier level is ≥ the buffer level, holders receive a capped payment of $1,117 per $1,000 face amount; if below the buffer, holders lose ~1.1111% of face for each 1% decline below the buffer and could lose their entire investment. The notes carry issuer and guarantor credit risk, an underwriting discount of 0.94%, and a net proceed to issuer of 99.06% of face.

GS Finance Corp. is offering $3,375,450 aggregate face amount of Trigger Autocallable Contingent Yield Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay a quarterly contingent coupon of $0.27875 per $10 (up to 11.15% per annum) if each index meets its coupon barrier.

The notes are linked to the lesser performing of the Russell 2000® (initial level 2,478.642) and the EURO STOXX 50® (initial level 5,736.85). Coupon barriers are 70% of initial index levels and downside thresholds are 60%. Commencing September 18, 2026, the notes may be automatically called on quarterly observation dates if each index is at or above its initial level; maturity (determination) is March 18, 2031 and stated maturity date is March 21, 2031. If not called, principal repayment at maturity is contingent on the final level of the lesser performing index and can result in a loss up to the full investment.

GS Finance Corp. is offering Leveraged S&P 500® Index-Linked Notes due 2027, guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500® Index, provide 300% upside participation subject to a maximum settlement amount of $11.52 per $10 face amount, do not pay interest, and are principal‑at‑risk.

Trade date is March 24, 2026, original issue date March 27, 2026, determination date March 24, 2027 and stated maturity date March 29, 2027. If the final index level is below the initial level, holders lose pro rata principal and could lose their entire investment.

GS Finance Corp. is offering structured medium-term notes guaranteed by The Goldman Sachs Group, Inc. The offering totals $510,000 face amount and links cash payments to the S&P 500 Index. The notes pay no interest, have an upside participation rate of 225% and a buffer level of 90% (buffer amount 10%). If the notes are automatically called on the call observation date, holders receive $1,075 per $1,000 on the call payment date. If not called, the maturity cash settlement (determination date March 19, 2029, stated maturity March 22, 2029) depends on the final underlier level: upside payoff when the underlier rises, full principal at or above the buffer, and a downside formula using the buffer rate of 100% if the underlier falls below the buffer. The notes are issued at 100% of face with a 2% underwriting discount (net proceeds 98%) and are subject to issuer and guarantor credit risk and limited secondary-market liquidity.

GS Finance Corp. is offering principal-protected-linked notes tied to the EURO STOXX 50® Index with an aggregate face amount of $525,000. The notes pay no interest, may be automatically called on the March 31, 2027 call observation date for a fixed cash payment of $1,137.40 per $1,000 face amount, and otherwise mature on March 23, 2028. If not called, maturity cash depends on the final index level relative to the initial level of 5,736.85, with a 15% buffer (buffer level = 85%) and a buffer rate of approximately 117.65%. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.; they are subject to issuer and guarantor credit risk, limited secondary-market liquidity, uncertain U.S. federal income tax treatment, and a possibility of total loss of principal if the final index level is sufficiently low.

GS Finance Corp. is offering contingent coupon, auto-callable equity-linked notes tied to Alphabet Inc. Class A (GOOGL) with an aggregate face amount of $2,345,000. The notes pay a quarterly contingent coupon of $33.50 per $1,000 (3.35% quarterly; up to 13.40% per annum) if the underlier is >= the coupon trigger level (70% of $307.69) on observation dates. The notes are auto‑callable on scheduled observation dates if the underlier is >= the initial underlier level ($307.69), in which case holders receive $1,000 plus any coupon then due. If not called, principal at maturity is 100% if the final underlier level is >= the trigger buffer level (70%); below that, maturity repayment equals $1,000 × underlier return, meaning investors could lose their entire investment. Trade date was March 18, 2026, original issue date March 23, 2026, and stated maturity is March 22, 2029. The notes are senior unsecured obligations of GS Finance Corp. and are fully guaranteed by The Goldman Sachs Group, Inc.; they carry issuer and guarantor credit risk, limited upside (100% of face at maturity), no shareholder rights, and uncertain U.S. tax treatment.

GS Finance Corp. and guarantor The Goldman Sachs Group, Inc. are offering structured notes linked to the common stocks of Tesla, Micron, Oracle and Broadcom with an aggregate face amount of $12,950,000 on the original issue date. The notes mature on March 25, 2031 and include an automatic call feature beginning on observation dates in March 2027. Coupons are monthly and binary: a $8.417 maximum coupon per $1,000 face amount (coupon trigger = 70% of each initial stock price) or a minimum coupon of $0.209 per $1,000. The estimated value at pricing was approximately $950 per $1,000 face amount; original issue price is 100% with an underwriting discount of 3.85%.

GS Finance Corp. proposes callable S&P 500® Futures Excess Return Index‑linked notes due (expected ~36 months) guaranteed by The Goldman Sachs Group, Inc. For each $1,000 face amount, payoff at maturity depends on the final underlier level versus the initial level: 175% upside participation if final ≥ initial; absolute positive return if final declines but remains ≥ 65% of initial; and a leveraged negative payoff if final < 65% (buffer rate ≈ 153.85%), which can result in a total loss of principal. The issuer may redeem on specified quarterly call dates at 100% plus a call premium (schedule provided). Notes do not bear interest; estimated value at trade date is between $925 and $955 per $1,000 face amount. Investors bear credit risk of GS Finance Corp. and Goldman Sachs, market‑timing risk tied to a futures‑based underlier (E‑mini S&P 500 futures), roll/contango risk, tax uncertainty, and limited secondary market liquidity.

GS Finance Corp. is offering buffered, principal-at-risk notes linked to the Invesco QQQ, Series 1 ETF (initial ETF level $594.90) maturing on September 23, 2027. The notes pay no interest and at maturity return an amount tied to the ETF return subject to a cap (maximum settlement $1,135 per $1,000 face) and a buffer that protects losses up to 15% (buffer level 85% of the initial level).

If the ETF return is positive or zero, holders participate up to the cap; if the ETF declines but remains >= the buffer level, holders receive the absolute decline as a positive payment; if the ETF falls below the buffer level, losses apply and the payoff equals the ETF return plus the 15% buffer. The estimated value on the trade date was approximately $964 per $1,000 face and the original issue price was 100% of face; underwriting discount was 2.1%. Payments are unsecured obligations of GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., exposing holders to issuer and guarantor credit risk.

GS Finance Corp. is offering autocallable contingent coupon index-linked notes due March 24, 2031, guaranteed by The Goldman Sachs Group, Inc.. Each $1,000 note may pay a contingent monthly coupon of $10.625 if all three underliers meet coupon triggers (70% of initial levels). The notes are linked to the Nasdaq-100, Russell 2000 and S&P 500 indices and include an automatic call if, on any call observation date, each underlier is at or above its initial level. At maturity, if not called, payment depends solely on the performance of the lesser performing underlier versus its initial level and could result in a total loss of principal. The offering disclosure highlights model valuation discounts versus issue price, market illiquidity risk, issuer/guarantor credit risk, and uncertain U.S. federal tax treatment.

GS Finance Corp. is offering fixed coupon, index‑linked notes due 2027, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Each note pays a fixed coupon of $6.667 per $1,000 (0.6667% monthly, ~8% per annum) and links principal at maturity to the lesser performing of the Nasdaq‑100 and S&P 500 measured from March 19, 2026 to the determination date (expected July 21, 2027). If the lesser performing index falls below 80% of its initial level (a -20% return), principal is reduced using a buffer rate of 1.25. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, below the original issue price.

GS Finance Corp. is offering non‑interest, downside‑buffered notes linked to the common stock of Roper Technologies, Inc. (index stock). The notes are expected to trade on March 25, 2026, have an original issue date expected March 30, 2026, and a stated maturity expected September 28, 2028.

Key terms: 125% upside participation up to a cap price of 152.8% of the initial price, a maximum settlement amount of $1,660 per $1,000 face amount, and a 10% buffer protecting declines up to 10%. Estimated value on the trade date is stated between $925 and $955 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc.

GS Finance Corp. is offering structured, cash‑settled notes fully guaranteed by The Goldman Sachs Group, Inc. The offering aggregates to $1,220,000 face amount and pays no interest. Each $1,000 face amount participates at an 250% upside with a 15% buffer (buffer level = 85% of the initial underlier level).

The underlier is the S&P 500® Futures Excess Return Index (futures‑based). Notes are automatically called if the underlier on the call observation date is ≥ the initial level; the call payment per $1,000 would be $1,180 on the call payment date. If not called, maturity pay depends on final underlier level on the determination date; substantial principal loss is possible if the final level falls below the buffer. Trade date: March 18, 2026; original issue date: March 23, 2026; stated maturity: March 25, 2031.

GS Finance Corp. offers structured, IBM-linked buffer notes with an aggregate face amount of $89,000. The notes reference the capital stock of International Business Machines Corporation (IBM) and pay at maturity based on the underlier's performance from the trade date to the determination date.

If the final underlier level is above the initial level, holders receive the face amount plus the underlier return. If the final level is between 79.2% (the trigger buffer level) and the initial level, holders receive the face amount. If the final level is below the trigger buffer level, holders suffer a proportional loss: a 1% loss for each 1% decline below the initial level, which could result in loss of the entire investment. The notes pay no interest and are guaranteed by The Goldman Sachs Group, Inc.

Key terms include trade date March 18, 2026, original issue date March 23, 2026, determination date March 20, 2028 and stated maturity March 23, 2028. Original issue price is 100% of face; underwriting discount is 1.85%, net proceeds to issuer 98.15%.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc., linked to the common stock of NVIDIA Corporation (NVDA). The notes have a face amount of $1,000 per note, trade date March 26, 2026, original issue date March 31, 2026, and stated maturity March 29, 2029.

Quarterly coupons are paid only if the closing level of NVDA on the coupon observation date is at or above a coupon trigger level of 60% of the initial underlier level. The notes are automatically called if NVDA closes at or above the initial underlier level on any call observation date. At maturity (if not called), principal is repaid in cash: $1,000 if the final underlier level is at or above the 60% trigger buffer; otherwise the cash settlement equals $1,000 × underlier return, exposing holders to potential loss of up to the full investment. Payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. offers contingent quarterly coupon, buffer-protected autocall notes linked to JPMorgan Chase & Co. stock. The notes pay a quarterly contingent coupon of $26.75 per $1,000 face amount when the underlier closes at or above 70% of the initial level. The notes are automatically called if the underlier closes at or above the initial level on any call observation date.

At maturity (if not called), each $1,000 face amount pays either $1,000 or an amount equal to $1,000 plus $1,000 times the underlier return; if the final underlier level is below 70%, principal is reduced proportionally and could be entirely lost. The notes are senior debt of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., sold at 100% of face with a 2% underwriting discount, and priced on the trade date March 18, 2026.

GS Finance Corp. is offering Trigger Autocallable Notes linked to an unequally weighted basket of five equity indices: EURO STOXX 50 (40.00%), Nikkei 225 (25.00%), FTSE 100 (17.50%), Swiss Market Index (10.00%) and S&P/ASX 200 (7.50%). The initial basket level is 100. The notes have an autocall barrier of 100.00% and a downside threshold of 75.00%. Trade date is March 20, 2026, original issue date March 25, 2026, determination date March 20, 2031 and stated maturity March 25, 2031.

If a call observation date meets or exceeds the autocall barrier the notes are redeemed and each $10 face amount pays $10 plus the applicable call return (annualized range shown). If not called and the final basket level is below the downside threshold, principal is reduced proportionally to the basket return and you may lose your entire investment. Estimated note value at pricing is between $9.30 and $9.60 per $10 face amount. Minimum purchase is $1,000.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity-Linked Notes due 2027, fully guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Constellation Energy Corporation (Bloomberg: "CEG UW") and include an automatic call feature and monthly contingent coupons.

Key terms: trade date March 27, 2026, original issue date April 1, 2026, stated maturity April 30, 2027. Coupon is 1.35% monthly (16.20% potential annual), payable only if the underlier closes at or above a 56% coupon trigger on an observation date. If the final underlier level is below the 56% trigger buffer, the cash settlement equals $1,000 plus the underlier return and investors could lose their entire investment.

GS Finance Corp. is offering leveraged S&P 500® index-linked notes due 2030, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and pays no interest; maturity payment depends on the S&P 500 performance from the March 25, 2026 trade date to the March 25, 2030 determination date. If the final index level exceeds the initial level, holders receive 120% of the upside return on top of principal. If the final level is between 90% and the initial level, holders receive the face amount. If the final level falls more than the 10% trigger buffer, holders suffer a proportional loss of principal and could lose their entire investment. The notes are cash-settled, not exchange-listed, subject to issuer and guarantor credit risk, and may trade below purchase price in the secondary market.

GS Finance Corp. offers structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (Bloomberg: SPAR4V6). The notes have a face amount of $1,000 per note, an expected trade date of April 2, 2026, and an expected stated maturity date of April 7, 2031. Coupons may be paid quarterly only if the index closing level on a coupon observation date is at least 60% of the initial underlier level; otherwise no coupon is paid. The index applies a daily 6.0% per annum decrement, targets 40% volatility, and may use up to 500% leverage. The issuer may redeem the notes on specified coupon payment dates from April 2027 through January 2031 at $1,000 plus any coupon then due. The estimated value at issuance is expected to be between $885 and $925 per $1,000 face amount.

The Goldman Sachs Group, Inc. is offering Callable Fixed Rate Notes due 2031. The notes bear interest at 5.00% per annum from and including the original issue date (expected April 2, 2026) to but excluding the stated maturity date (expected April 2, 2031), with interest payable on expected April 2 and October 2 each year (first payment expected October 2, 2026).

The notes will be issued in book-entry form through DTC and are callable by the issuer in whole, but not in part, on each redemption date expected to be each January 2, April 2, July 2 and October 2 on or after April 2, 2027, at a price equal to 100% of principal plus accrued interest, with at least five business days' prior notice. Settlement is expected in New York on April 2, 2026. FATCA withholding will generally apply.

GS Finance Corp. offers Autocallable S&P 500® Index-Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, are subject to automatic early redemption on annual observation dates, and provide a capped upside with a 38.25% maturity premium if held to maturity.

The notes are callable if the closing level of the S&P 500 on a call observation date is greater than or equal to the initial level; call premiums are 12.75% on the first observation and 25.5% on the second. If not called, principal at maturity depends on the S&P 500 performance and can result in a total loss of principal.

GS Finance Corp. is offering Buffered S&P 500® Index‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes reference the S&P 500 Index, have a 20% buffer (buffer level = 80% of the initial level), a maximum settlement amount of at least $1,224 per $1,000 face amount, a trade date of March 27, 2026, original issue date of April 1, 2026, determination date of March 27, 2028, and stated maturity of March 30, 2028. The original issue price is 100%, underwriting discount 1.75%, and net proceeds to issuer 98.25%. Holders receive no interest; cash at maturity depends on the underlier return subject to the buffer, buffer rate (100%), and the stated cap; substantial principal loss is possible if the final underlier level is below the buffer level.

GS Finance Corp. is offering leveraged buffered notes linked to the EURO STOXX 50 with a trade date of April 2, 2026 and a stated maturity of October 7, 2027. For each $1,000 face amount the cash payment at maturity depends on the underlier return: if the final level is above the initial level you receive $1,000 plus the upside participation (at least 125%) times the underlier return; if the final level is between the initial level and the buffer level you receive $1,000; if the final level is below the buffer level (the buffer is 15%, or 85% of the initial level) you incur a loss equal to approximately 1.1765% of face amount per 1% decline below the buffer and could lose your entire investment. The notes pay no interest and are senior unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., exposing holders to the credit risk of both entities.

GS Finance Corp. is offering contingent income callable securities due March 30, 2028 backed by a guarantee of The Goldman Sachs Group, Inc. The notes reference the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indices and are principal-at-risk.

Key terms: expected pricing ~March 27, 2026 and original issue date April 1, 2026; stated principal amount per note $1,000; downside threshold = 75.00% of each index initial value. Contingent quarterly coupon (set at pricing) pays only if each index closes at or above its 75.00% threshold on every index business day in the prior observation period. Issuer may redeem at par on coupon dates from July 2, 2026 through December 30, 2027. Estimated value range at pricing: $925 to $985 per security; original issue price = 100% of principal (underwriting discount 2.00%).

GS Finance Corp. is offering Trigger Autocallable GEARS linked to the Nasdaq-100 Index®, due and guaranteed by The Goldman Sachs Group, Inc. The terms set the strike date as March 19, 2026, trade date March 20, 2026, original issue date March 25, 2026, a call observation date of March 29, 2027 and a determination date of March 19, 2031 with stated maturity March 24, 2031 (all dates subject to postponement).

The securities have an upside gearing of 1.50, an autocall barrier at 100.00% of the initial index level, a downside threshold at 75.00% of the initial index level and a call return of 14.00%. The estimated value at issuance is between $9.45 and $9.75 per $10 face amount; original issue price equals 100.00% of face amount. Investors face full downside market exposure at maturity below the downside threshold and are subject to issuer and guarantor credit risk.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Trigger Autocallable GEARS linked to the Nasdaq-100 Index. Each security has a $10 face amount and an upside gearing of 1.72, an autocall barrier of 100.00% and a downside threshold of 75.00%. Key dates: Strike date: March 19, 2026, Trade date: March 20, 2026, Original issue date: March 25, 2026, Call observation date: March 29, 2027, Determination date: March 19, 2031, Stated maturity: March 24, 2031. If called, payment = $10 plus 12.00% call return per $10. Estimated value at pricing is between $9.40 and $9.70 per $10 face; original issue price is 100.00% of face with an underwriting discount of 1.50%. Payments depend on index performance and the creditworthiness of GS Finance Corp. and Goldman Sachs.

GS Finance Corp. is offering callable, principal-at-risk notes linked to Invesco QQQ, Series 1, SPDR S&P 500 ETF and NVIDIA Corporation common stock with expected trade date March 20, 2026 and original issue date March 25, 2026. The notes pay a fixed monthly coupon of $10.834 per $1,000 face amount (1.0834% monthly, up to approximately 13% per annum) and are subject to automatic early redemption if each underlier is at or above its initial level on any annual call observation date.

If not called, the maturity payoff (expected September 27, 2027) depends solely on the lesser performing underlier: if each final level is at least 60% of its initial level, you receive $1,000 plus final coupon; if any underlier falls below 60%, the cash settlement equals $1,000 plus $1,000 times the lesser performing underlier return, which can result in a loss of principal (potentially the entire investment). The pricing models estimate the notes' value at issuance between $925 and $955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Contingent Income Auto-Callable Securities linked to the Class A common stock of Palantir Technologies Inc. ("PLTR").

Each security has a $1,000 principal amount, an expected pricing date of March 27, 2026, an expected original issue date of April 1, 2026, and an expected stated maturity date of April 2, 2029. The downside threshold is 50.00% of the initial share price. Contingent quarterly coupons equal to a formula using at least $43.25 (set on the pricing date) may be paid only if the underlying closing price on coupon observation dates is at or above the downside threshold. If not automatically called and the final share price is below the downside threshold, the maturity payment equals $1,000 × (final share price / initial share price), which could be substantially less than principal.

GS Finance Corp. is offering Medium‑Term Notes, Series F: equity index‑linked, market‑linked securities guaranteed by The Goldman Sachs Group, Inc. Each security has a $1,000 face amount, an original offering price of $1,000, and a stated maturity date of April 5, 2032 (calculation day March 31, 2032). The securities are linked to the MSCI EAFE Index, provide 150% upside participation up to a capped maximum return (at least 115.00%), protect principal only if the index decline is ≤ 30%, and expose investors to 1‑to‑1 downside beyond that threshold. The estimated value at pricing is $885–$915 per $1,000 face amount; underwriting discount is up to $43.70 per $1,000, with proceeds to issuer of $956.30 per security. All payments are subject to issuer and guarantor credit risk; these notes pay no periodic interest and are designed to be held to maturity.

The Goldman Sachs Group, Inc. is offering callable fixed rate medium-term notes that pay interest at 5.00% per annum from an original issue date expected to be March 31, 2026 until the stated maturity expected to be December 31, 2029.

Interest is payable quarterly on expected calendar quarter-ends, with the first payment expected on June 30, 2026. The issuer may redeem the notes in whole (but not in part) on scheduled quarterly redemption dates on or after September 30, 2026, at a price equal to 100% of principal plus accrued interest, with at least five business days’ prior notice.

GS Finance Corp. is offering autocallable, SPY-linked notes due 2031, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, participate at 100% in upside and will be automatically called if the underlier closes at or above its initial level on the call observation date, in which case each $1,000 face amount pays $1,140 on the call payment date. If not called, the cash settlement at maturity equals $1,000 plus any positive underlier return (100% participation) or $1,000 if the final underlier level is equal to or below the initial level. Trade date is March 25, 2026, original issue date March 30, 2026, call observation date March 27, 2028, call payment date March 30, 2028, determination date March 25, 2031, and stated maturity March 28, 2031. The underlier is the State Street SPDR S&P 500 ETF Trust (SPY). Issue price is 100% of face amount with an underwriting discount of 2.2% (net proceeds 97.8%).

The notes are subject to the credit risk of GS Finance Corp. and its guarantor, have limited upside on an early call (capped call payment), may have limited secondary-market liquidity, and are treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp. offers autocallable equity-linked notes due 2028 guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Oracle Corporation and feature an automatic call on the call observation date if the underlier closes at or above its initial level.

Key economics set on the trade date include a 100% upside participation, a 20% downside buffer (buffer level = 80% of the initial level) with a 100% buffer rate, and a capped call payment of $1,305 per $1,000 face amount if automatically called. The notes do not bear interest, are cash-settled, and are subject to the issuer and guarantor credit risk and various structural adjustments described herein.

GS Finance Corp. is offering a contingent‑repayment structured note ("Trigger GEARS") guaranteed by The Goldman Sachs Group, Inc. The securities reference the lesser performing of the Russell 2000® Index and the S&P 500® Index, trade date is March 20, 2026, original issue date is March 25, 2026, determination date is March 20, 2031, and stated maturity is March 25, 2031.

At maturity the cash settlement depends solely on the lesser performing index return multiplied by an upside gearing (expected between 1.30 and 1.401). Each index has a downside threshold equal to 75.00% of its initial level; if the lesser performing index closes below that threshold on the determination date, investors may lose part or all of principal. Payments are unsecured and subject to issuer and guarantor credit risk.

GS Finance Corp. is offering equity-linked Medium-Term Notes, Series F, due March 30, 2034, linked to the common stock of Blackstone Inc.. Each security has a $1,000 face amount and original offering price of $1,000. The securities are auto-callable on multiple scheduled call dates; call premiums increase per call date up to at least 138.00% on the final calculation day. If not called, holders have 1-to-1 downside exposure to the underlying stock and may lose up to 100.00% of the face amount. The estimated model value at pricing is between $885 and $915 per $1,000 face amount. All payments depend on the issuer and guarantor creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering Contingent Income Auto-Callable Securities linked to the Class A common stock of Alphabet Inc. The securities have a $1,000 principal amount per security, an expected pricing date of March 27, 2026, an original issue date of April 1, 2026, and an expected stated maturity date of April 2, 2029. Each coupon observation date can trigger a contingent quarterly coupon (set at least $26.75 per $1,000 if the closing price is ≥ the downside threshold). The downside threshold equals 60.00% of the initial share price; if the final share price is below that threshold, payment at maturity equals $1,000 × (final share price/initial share price), exposing investors to potential significant principal loss. The securities are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. Estimated model value at pricing is $910 to $970 per security and the underwriting discount is 2.25%.

The Goldman Sachs Group, Inc. is offering $7,000,000 of Callable Fixed Rate Notes due March 20, 2046.

The notes pay interest at 5.875% per annum from and including the original issue date March 20, 2026 with annual payments each March 20 (first payment March 20, 2027), and are callable in whole on each redemption date beginning March 20, 2028 at 100% plus accrued interest, with at least five business days’ notice. The offering settles on March 20, 2026 and will be issued in book-entry form through DTC.

GS Finance Corp. launches a contingent income auto-callable note linked to Palo Alto Networks stock due April 2, 2029. Each security has a $1,000 principal amount and may pay contingent quarterly coupons (minimum $28.375 scheduling formula) if the underlying stock stays at or above a 60.00% downside threshold on observation dates.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., expected to price on or about March 27, 2026 with original issue on April 1, 2026. Estimated secondary-model value is $905 to $965 per security; underwriting discount is 2.25%.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) offers principal-at-risk, non-interest notes linked to the common stock of Snowflake Inc. The notes have an automatic call on March 30, 2027 if the closing price of the index stock is >= the initial index stock price of $174.60, producing a capped cash payment of $1,354.5 per $1,000 face amount on the call payment date. If not called, maturity is March 22, 2028, and the cash settlement is based on the arithmetic average of closing prices on five averaging dates in March 2028, with a threshold settlement amount of $1,709 and a 100% upside participation. If the final averaged price falls below 60% of the initial price, investors suffer proportional principal losses and could lose their entire investment. The estimated value at pricing was approximately $976 per $1,000 face amount; original issue price is 100% with an underwriting discount of 1.5% and net proceeds of 98.5%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable S&P 500® Index-linked notes due 2028. The notes pay no interest and are linked to the S&P 500 Index with a 150% upside participation rate and a trigger buffer level of 80%. If the notes are automatically called as measured on the call observation date, GS Finance Corp. will pay $1,131.40 per $1,000 face amount on the call payment date. If not called, the cash settlement at maturity depends on the final underlier level: investors receive $1,000 plus upside when the final level exceeds the initial level, $1,000 when the final level is at or above the trigger buffer but at or below the initial level, and an amount equal to $1,000 times the underlier return when the final level is below the trigger buffer — which can result in a total loss of principal. Trade date is March 20, 2026, original issue date March 25, 2026, call observation date April 2, 2027, call payment date April 7, 2027, determination date and stated maturity date in March 2028. Original issue price is 100% of face amount with an underwriting discount of 1.5% and net proceeds of 98.5%.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity-Linked Notes due 2027, fully guaranteed by The Goldman Sachs Group, Inc., linked to the common stock of Constellation Energy Corporation (Bloomberg: CEG UW). The notes pay a contingent monthly coupon of $11.584 per $1,000 (1.1584% monthly; potential up to ≈13.9% per annum) if the underlier closes at or above a coupon trigger of 56% of the initial underlier level on each coupon observation date.

The notes are subject to an automatic call if the underlier closes at or above the initial underlier level on any call observation date; if called the issuer pays $1,000 per $1,000 face amount plus any coupon then due. If not called, the cash settlement at maturity is $1,000 if the final underlier level is ≥ the trigger buffer (56%), but declines linearly with the underlier below that level and can result in a total loss of principal. Trade date is March 27, 2026, original issue date April 1, 2026, and stated maturity April 30, 2027.

The Goldman Sachs Group, Inc. is issuing $16,500,000 of Callable Fixed Rate Notes due March 20, 2031. The notes bear interest at 4.50% per annum from and including the original issue date March 20, 2026, payable semiannually on March 20 and September 20, beginning September 20, 2026.

The issuer may redeem the notes in whole, but not in part, on each redemption date on or after March 20, 2029 (each March 20, June 20, September 20, and December 20) at a redemption price equal to 100% of principal plus accrued interest, with at least five business days’ prior notice. The offering carries an underwriting discount of 1.2% and will settle through DTC on March 20, 2026.

The Goldman Sachs Group, Inc. is offering floating rate notes tied to compounded SOFR with a spread of 1.05% per annum and a minimum interest rate of 0.00% per annum, with interest expected to be payable quarterly beginning June 26, 2026.

Interest is calculated using a daily compounded SOFR formula and the calculation agent is Goldman Sachs & Co. LLC. The notes have an expected original issue date of March 26, 2026 and an expected stated maturity date of March 26, 2029. Payments are unsecured obligations of the issuer and are subject to the issuer's credit risk and GS&Co.'s calculation‑agent discretion.

GS Finance Corp. is offering Buffered STOXX® Europe 600 Index‑Linked Notes due March 28, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at maturity depends on the STOXX® Europe 600 index performance from the trade date (expected March 23, 2026) to the determination date (expected March 23, 2029). For each $1,000 face amount, if the underlier return is positive you receive $1,000 plus 168.7% of the index return; if the final level is down up to 10% you receive $1,000; if the final level is down more than 10% the payment equals $1,000 plus $1,000 times (underlier return plus 10%), which can produce large principal losses.

The pricing supplement shows an estimated value at the trade date between $925 and $955 per $1,000 face amount and states the original issue price will exceed that estimated value. Payments are unsecured obligations of GS Finance Corp. and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering Leveraged Index Return Notes linked to the worst-performing of the EURO STOXX 50® and the Russell 2000®, with a term of approximately two years and maturity in March, 2028.

The notes have a $10 principal amount per unit, an estimated initial value of $9.25–$9.55 per $10 principal, a public offering price of $10.00 per unit, an underwriting discount of $0.25 per unit and net proceeds to GSFC of $9.75 per unit. The Participation Rate will be set on the pricing date in the range 190.00% to 210.00%. All payments occur at maturity and are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).

GS Finance Corp. is offering non‑interest bearing, equity‑linked notes due April 1, 2031 that pay a cash settlement tied to an equally weighted basket of six energy‑sector stocks measured from the trade date (expected March 27, 2026) to the determination date (expected March 27, 2031). The notes provide an 124.2% upside participation rate if the final basket level exceeds the initial level of 100. If the final basket level falls by up to 30% (to the 70% trigger buffer level) you receive the $1,000 face amount; declines beyond 30% expose holders to proportional downside and could result in losing the entire investment. The estimated value on the trade date is stated between $885 and $925 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor), and Goldman Sachs & Co. LLC acts as calculation agent and potential market maker.

GS Finance Corp. is offering Step Down Trigger Autocallable Notes guaranteed by The Goldman Sachs Group, Inc., linked to the least performing of the S&P 500®, Nasdaq-100® and EURO STOXX 50® indices. The trade date is March 27, 2026, original issue date March 31, 2026, determination date March 27, 2031, and stated maturity date April 1, 2031.

Notes are in $10 denominations and will be automatically called on quarterly observation dates beginning after about 12 months if the closing level of each index is at or above its autocall barrier. Call returns (set on the trade date) are based on a per‑annum rate between 10.10% and 11.00% at early dates, rising across potential call dates; sample amounts range from $11.01 to $15.50 per $10 if called. If not called, the cash settlement at maturity is linked to the lesser performing index return with a downside threshold of 75.00% of the initial index level; you could receive less than 75.00% of face value and could lose all of your investment. Estimated value at pricing is between $9.35 and $9.65 per $10; original issue price is 100.00% with an underwriting discount of 2.50%.

GS Finance Corp. is offering cash-settled notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER with an expected trade date of March 24, 2026 and an expected stated maturity of March 31, 2031. Coupon payments of $20 per $1,000 face amount (2% quarterly, up to 8% per annum) are payable on a coupon payment date only if the index closing level on the related observation date is at least 55% of the initial underlier level; otherwise no coupon is paid.

If the index closing level on any call observation date is at least 87% of the initial underlier level, the notes are automatically called and holders receive the face amount plus the accrued coupon on the call payment date. The index applies leverage (up to 500%), a maximum daily leverage change of 100%, and a daily 4.0% per annum decrement. The estimated value at pricing is between $885 and $925 per $1,000 face amount.